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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
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, 2023 and 2022:
|  | Pension Benefits |  | Post-Retirement Medical Benefits
(dollars in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Change in Projected Benefit Obligation: |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 190,678 |  |  | $ | 259,751 |  |  | $ | 2,014 |  |  | $ | 2,686 |
Service cost |  | 3,196 |  |  | 5,644 |  |  | 130 |  |  | 129 |
Interest cost |  | 10,142 |  |  | 7,401 |  |  | 106 |  |  | 60 |
Actuarial (gain) loss |  | 8,525 |  |  | (72,710) |  |  | 49 |  |  | (570) |
Benefits/expenses paid |  | (9,578) |  |  | (9,408) |  |  | (334) |  |  | (291) |
Projected benefit obligation at end of year |  | $ | 202,963 |  |  | $ | 190,678 |  |  | $ | 1,965 |  |  | $ | 2,014 |
Changes in Plan Assets: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 186,906 |  |  | $ | 233,524 |  |  | $ | 11,240 |  |  | $ | 13,773 |
Actual return on plan assets |  | 25,031 |  |  | (40,299) |  |  | 1,921 |  |  | (2,242) |
Employer contributions |  | 2,946 |  |  | 3,089 |  |  | 265 |  |  | 263 |
Benefits/expenses paid |  | (9,578) |  |  | (9,408) |  |  | (599) |  |  | (554) |
Fair value of plan assets at end of year |  | $ | 205,305 |  |  | $ | 186,906 |  |  | $ | 12,827 |  |  | $ | 11,240 |
Funded Status: |  |  |  |  |  |  |  |
Overfunded/(underfunded) amount recognized |  | $ | 2,342 |  |  | $ | (3,772) |  |  | $ | 10,862 |  |  | $ | 9,226 |
|  | Pension Benefits |  | Post-Retirement Medical Benefits
(dollars in thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Amounts recognized on the balance sheets: |  |  |  |  |  |  |  |
Non-current assets |  | $ | 2,342 |  |  | $ | — |  |  | $ | 10,862 |  |  | $ | 9,226 |
Current liabilities |  | — |  |  | — |  |  | — |  |  | — |
Non-current liabilities |  | — |  |  | (3,772) |  |  | — |  |  | — |
Net amount recognized |  | $ | 2,342 |  |  | $ | (3,772) |  |  | $ | 10,862 |  |  | $ | 9,226 |
Amounts recognized in regulatory assets (liabilities) consist of: |  |  |  |  |  |  |  |
Prior service cost (credit) |  | $ | 1,454 |  |  | $ | 1,889 |  |  | $ | — |  |  | $ | — |
Net loss (gain) |  | (1,899) |  |  | 4,123 |  |  | (6,272) |  |  | (5,846) |
Regulatory assets (liabilities) |  | (445) |  |  | 6,012 |  |  | (6,272) |  |  | (5,846) |
Prefunded plan costs |  | (1,897) |  |  | (2,240) |  |  | (4,590) |  |  | (3,380) |
Net liability (asset) recognized |  | $ | (2,342) |  |  | $ | 3,772 |  |  | $ | (10,862) |  |  | $ | (9,226) |
Changes in plan assets and benefit obligations recognized in regulatory assets (liabilities): |  |  |  |  |  |  |  |
Regulatory asset (liability) at beginning of year |  | $ | 6,012 |  |  | $ | 25,691 |  |  | $ | (5,846) |  |  | $ | (9,839) |
Net (loss) gain |  | (6,023) |  |  | (19,245) |  |  | (1,395) |  |  | 2,259 |
New prior service cost |  | — |  |  | — |  |  | — |  |  | — |
Amortization of prior service (cost) credit |  | (434) |  |  | (434) |  |  | — |  |  | — |
Amortization of net gain (loss) |  | — |  |  | — |  |  | 969 |  |  | 1,734 |
Total change in regulatory asset (liability) |  | (6,457) |  |  | (19,679) |  |  | (426) |  |  | 3,993 |
Regulatory asset (liability) at end of year |  | $ | (445) |  |  | $ | 6,012 |  |  | $ | (6,272) |  |  | $ | (5,846) |
Net periodic pension costs |  | $ | 3,289 |  |  | $ | 313 |  |  | $ | (1,210) |  |  | $ | (2,132) |
Change in regulatory asset (liability) |  | (6,457) |  |  | (19,679) |  |  | (426) |  |  | 3,993 |
Total recognized in net periodic pension cost and regulatory asset (liability) |  | $ | (3,168) |  |  | $ | (19,366) |  |  | $ | (1,636) |  |  | $ | 1,861 |
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets: |  |  |  |  |  |  |  |
Projected benefit obligation |  | $ | 202,963 |  |  | $ | 190,678 |  |  | $ | 1,965 |  |  | $ | 2,014 |
Accumulated benefit obligation |  | $ | 192,986 |  |  | $ | 181,376 |  |  | N/A |  | N/A
Fair value of plan assets |  | $ | 205,305 |  |  | $ | 186,906 |  |  | $ | 12,827 |  |  | $ | 11,240 |
Weighted-average assumptions used to determine benefit obligations at December 31: |  |  |  |  |  |  |  |
Discount rate |  | 5.16 | % |  | 5.41 | % |  | 5.04 | % |  | 5.34 | %
Rate of compensation increase |  | * |  | * |  | N/A |  | N/A
•Age-graded ranging from 2.5% to 7.0%. The following provides a reconciliation of benefit obligations, funded status of the SERP, as well as a summary of significant estimates at December 31, 2023 and 2022:
(dollars in thousands) |  | 2023 |  | 2022
Change in Benefit Obligation: |  |  |  |
Benefit obligation at beginning of year |  | $ | 30,807 |  |  | $ | 36,089 |
Service cost |  | 1,248 |  |  | 1,191 |
Interest cost |  | 1,644 |  |  | 1,022 |
Actuarial loss (gain) |  | 840 |  |  | (6,522) |
Benefits paid |  | (945) |  |  | (973) |
Benefit obligation at end of year |  | $ | 33,594 |  |  | $ | 30,807 |
Changes in Plan Assets: |  |  |  |
Fair value of plan assets at beginning and end of year |  | — |  |  | — |
Funded Status: |  |  |  |
Net amount recognized as accrued cost |  | $ | (33,594) |  |  | $ | (30,807) |
(in thousands) |  | 2023 |  | 2022
Amounts recognized on the balance sheets: |  |  |  |
Current liabilities |  | $ | (942) |  |  | $ | (942) |
Non-current liabilities |  | (32,652) |  |  | (29,865) |
Net amount recognized |  | $ | (33,594) |  |  | $ | (30,807) |
Amounts recognized in regulatory assets consist of: |  |  |  |
Prior service cost |  | $ | — |  |  | $ | — |
Net loss |  | 2,869 |  |  | 1,995 |
Regulatory assets |  | 2,869 |  |  | 1,995 |
Unfunded accrued cost |  | 30,725 |  |  | 28,812 |
Net liability recognized |  | $ | 33,594 |  |  | $ | 30,807 |
Changes in plan assets and benefit obligations recognized in regulatory assets consist of: |  |  |  |
Regulatory asset at beginning of year |  | $ | 1,995 |  |  | $ | 9,097 |
Net gain (loss) |  | 840 |  |  | (6,522) |
Amortization of prior service credit |  | — |  |  | — |
Amortization of net gain (loss) |  | 34 |  |  | (580) |
Total change in regulatory asset |  | 874 |  |  | (7,102) |
Regulatory asset at end of year |  | $ | 2,869 |  |  | $ | 1,995 |
Net periodic pension cost |  | $ | 2,858 |  |  | $ | 2,793 |
Change in regulatory asset |  | 874 |  |  | (7,102) |
Total recognized in net periodic pension and regulatory asset |  | $ | 3,732 |  |  | $ | (4,309) |
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets: |  |  |  |
Projected benefit obligation |  | $ | 33,594 |  |  | $ | 30,807 |
Accumulated benefit obligation |  | 30,794 |  |  | 28,157 |
Fair value of plan assets |  | — |  |  | — |
Weighted-average assumptions used to determine benefit obligations: |  |  |  |
Discount rate |  | 5.15 | % |  | 5.42 | %
Rate of compensation increase |  | * |  | *
* Age graded from 4.0% to 5.5% 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 2023, 2022 and 2021 are as follows:
|  | Pension Benefits |  | Post-Retirement Medical Benefits
(dollars in thousands, except percent) |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Components of Net Periodic Benefits Cost: |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $3,196 |  | $5,644 |  | $6,316 |  | $130 |  | $129 |  | $149
Interest cost |  | 10,142 |  | 7,401 |  | 6,833 |  | 106 |  | 60 |  | 110
Expected return on plan assets |  | (10,483) |  | (13,166) |  | (12,541) |  | (477) |  | (587) |  | (537)
Amortization of prior service cost (credit) |  | 434 |  | 434 |  | 434 |  | — |  | — |  | —
Amortization of actuarial (gain) loss |  | — |  | — |  | 3,817 |  | (969) |  | (1,734) |  | (1,417)
Net periodic pension cost under accounting standards |  | $3,289 |  | $313 |  | $4,859 |  | $(1,210) |  | $(2,132) |  | $(1,695)
Regulatory adjustment |  | (281) |  | — |  | (1,277) |  | — |  | — |  | —
Total expense recognized, before surcharges and allocation to overhead pool |  | $3,008 |  | $313 |  | $3,582 |  | $(1,210) |  | $(2,132) |  | $(1,695)
Weighted-average assumptions used to determine net periodic cost: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 5.41 | % |  | 2.89 | % |  | 2.55 | % |  | 5.34 | % |  | 2.46 | % |  | 2.20 | %
Expected long-term return on plan assets |  | 5.75 | % |  | 5.75 | % |  | 6.00 | % |  | * |  | * |  | *
Rate of compensation increase |  | ** |  | ** |  | ** |  | N/A |  | N/A |  | N/A
*5.50% for union plan and 3.9% for non-union (net of income taxes) in 2023 and 2022 and 5.75% for union plan and 4.0% for non-union (net of income taxes) in 2021. ** Age-graded ranging from 2.5% to 7.0%. The components of SERP expense, before allocation to the overhead pool, for 2023, 2022 and 2021 are as follows:
(dollars in thousands, except percent) |  | 2023 |  | 2022 |  | 2021
Components of Net Periodic Benefits Cost: |  |  |  |  |  |
Service cost |  | $ | 1,248 |  |  | $ | 1,191 |  |  | $ | 1,392 |
Interest cost |  | 1,644 |  |  | 1,022 |  |  | 915 |
Amortization of net (gain) loss |  | (34) |  |  | 580 |  |  | 1,678 |
Net periodic pension cost |  | $ | 2,858 |  |  | $ | 2,793 |  |  | $ | 3,985 |
Weighted-average assumptions used to determine net periodic cost: |  |  |  |  |  |
Discount rate |  | 5.42 | % |  | 2.87 | % |  | 2.52 | %
Rate of compensation increase |  | * |  | * |  | *
* Age graded from 4.0% to 5.5% 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, 2023 and 2022, by asset category are as follows:
|  | Pension Benefits |  | Post-Retirement Medical Benefits
Asset Category |  | 2023 |  | 2022 |  | 2023 |  | 2022
Actual Asset Allocations: |  |  |  |  |  |  |  |
Equity securities |  | 56 | % |  | 56 | % |  | 60 | % |  | 59 | %
Debt securities |  | 39 | % |  | 39 | % |  | 39 | % |  | 39 | %
Real Estate Funds |  | 5 | % |  | 5 | % |  | — | % |  | — | %
Cash equivalents |  | — | % |  | — | % |  | 1 | % |  | 2 | %
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, 2023 and 2022.
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, 2023 and 2022:
|  | Net Asset Value as of December 31, 2023
(dollars in thousands) |  | Fair Value |  | Unfunded Commitments |  | Redemption Frequency |  | Redemption Notice Period
Cash equivalents |  | $ | 814 |  |  | — |  |  | N/A |  | N/A
Fixed income fund |  | 80,737 |  |  | — |  |  | Daily |  | Daily
Equity securities: |  |  |  |  |  |  |  |
U.S. small/mid cap funds |  | 19,162 |  |  | — |  |  | Daily |  | Daily
U.S. large cap funds |  | 49,770 |  |  | — |  |  | Daily |  | Daily
International funds |  | 45,377 |  |  | — |  |  | Daily |  | Daily
Total equity funds |  | 114,309 |  |  | — |  |  |  |  |
Real estate funds |  | 9,445 |  |  | — |  |  | Daily |  | Daily
Total |  | $ | 205,305 |  |  | — |  |  |  |  |
|  | Net Asset Value as of December 31, 2022
(dollars in thousands) |  | Fair Value |  | Unfunded Commitments |  | Redemption Frequency |  | Redemption Notice Period
Cash equivalents |  | $ | 801 |  |  | — |  |  | N/A |  | N/A
Fixed income fund |  | 73,863 |  |  | — |  |  | Daily |  | Daily
Equity securities: |  |  |  |  |  |  |  |
U.S. small/mid cap funds |  | 17,136 |  |  | — |  |  | Daily |  | Daily
U.S. large cap funds |  | 44,572 |  |  | — |  |  | Daily |  | Daily
International funds |  | 42,239 |  |  | — |  |  | Daily |  | Daily
Total equity funds |  | 103,947 |  |  |  |  |  |  |
Real estate funds |  | 8,295 |  |  | — |  |  | Daily |  | Daily
Total |  | $ | 186,906 |  |  | — |  |  |  |  |
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, 2023 and 2022:
|  | Fair Value as of December 31, 2023
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Fair Value of Post-Retirement Plan Assets: |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 189 |  |  | — |  |  | — |  |  | $ | 189 |
Fixed income |  | 5,001 |  |  | — |  |  | — |  |  | 5,001 |
U.S. equity securities |  | 7,637 |  |  | — |  |  | — |  |  | 7,637 |
Total investments measured at fair value |  | $ | 12,827 |  |  | — |  |  | — |  |  | $ | 12,827 |
|  | Fair Value as of December 31, 2022
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Fair Value of Post-Retirement Plan Assets: |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 215 |  |  | — |  |  | — |  |  | $ | 215 |
Fixed income |  | 4,380 |  |  | — |  |  | — |  |  | 4,380 |
U.S. equity securities |  | 6,645 |  |  | — |  |  | — |  |  | 6,645 |
Total investments measured at fair value |  | $ | 11,240 |  |  | — |  |  | — |  |  | $ | 11,240 |
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, 2023 and 2022:
|  | Fair Value as of December 31, 2023
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Fair Value of Assets held in Rabbi Trust: |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 6 |  |  | — |  |  | — |  |  | $ | 6 |
Fixed income securities |  | 13,676 |  |  | — |  |  | — |  |  | 13,676 |
Equity securities |  | 20,461 |  |  | — |  |  | — |  |  | 20,461 |
Total investments measured at fair value |  | $ | 34,143 |  |  | — |  |  | — |  |  | $ | 34,143 |
|  | Fair Value as of December 31, 2022
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Fair Value of Assets held in Rabbi Trust: |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 9 |  |  | — |  |  | — |  |  | $ | 9 |
Fixed income securities |  | 10,962 |  |  | — |  |  | — |  |  | 10,962 |
Equity securities |  | 16,560 |  |  | — |  |  | — |  |  | 16,560 |
Total investments measured at fair value |  | $ | 27,531 |  |  | — |  |  | — |  |  | $ | 27,531 |
Schedule of estimated future benefit payments | Estimated future benefit payments at December 31, 2023 are as follows (in thousands):
| Pension Benefits |  | Post-Retirement Medical Benefits
2024 | $ | 10,604 |  |  | $ | 295 |
2025 | 11,089 |  |  | 279 |
2026 | 11,539 |  |  | 276 |
2027 | 12,075 |  |  | 252 |
2028 | 12,568 |  |  | 226 |
Thereafter | 70,006 |  |  | 713 |
Total | $ | 127,881 |  |  | $ | 2,041 |
Benefit Payments: Estimated future benefit payments for the SERP at December 31, 2023 are as follows (in thousands):
2024 | $ | 942 |
2025 | 2,344 |
2026 | 2,519 |
2027 | 2,630 |
2028 | 2,604 |
Thereafter | 13,551 |
Total | $ | 24,590 |

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