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SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT | CONDENSED BALANCE SHEETS
|  | December 31,
(in thousands) |  | 2023 |  | 2022
Assets |  |  |  |
Cash and equivalents |  | $ | 3,547 |  |  | $ | 93 |
Prepayments and other current assets |  | 116 |  |  | — |
Income taxes receivable |  | 39 |  |  | 20 |
Intercompany note receivables |  | 39,044 |  |  | 159,582 |
Total current assets |  | 42,746 |  |  | 159,695 |
Investments in subsidiaries |  | 870,020 |  |  | 799,802 |
Deferred taxes and other assets |  | 10,135 |  |  | 9,891 |
Total assets |  | $ | 922,901 |  |  | $ | 969,388 |
Liabilities and Capitalization |  |  |  |
Notes payable to bank |  | $ | — |  |  | $ | 255,500 |
Income taxes payable |  | 2,422 |  |  | 2,158 |
Other liabilities |  | 577 |  |  | 454 |
Total current liabilities |  | 2,999 |  |  | 258,112 |
Notes payable to bank |  | 141,500 |  |  | — |
Deferred taxes and other liabilities |  | 2,293 |  |  | 1,727 |
Total other liabilities |  | 143,793 |  |  | 1,727 |
Common shareholders’ equity |  | 776,109 |  |  | 709,549 |
Total capitalization |  | 776,109 |  |  | 709,549 |
Total liabilities and capitalization |  | $ | 922,901 |  |  | $ | 969,388 |
The accompanying condensed notes are an integral part of these condensed financial statements. CONDENSED STATEMENTS OF INCOME
|  | For the Years Ended December 31,
(In thousands, except per share amounts) |  | 2023 |  | 2022 |  | 2021
Operating revenues and other income |  | $ | — |  |  | $ | — |  |  | $ | — |
Operating expenses and other expenses |  | 5,576 |  |  | 2,093 |  |  | 542 |
Loss before equity in earnings of subsidiaries and income taxes |  | (5,576) |  |  | (2,093) |  |  | (542) |
Equity in earnings of subsidiaries |  | 128,783 |  |  | 79,892 |  |  | 94,808 |
Income before income taxes |  | 123,207 |  |  | 77,799 |  |  | 94,266 |
Income tax benefit |  | (1,714) |  |  | (597) |  |  | (81) |
Net income |  | $ | 124,921 |  |  | $ | 78,396 |  |  | $ | 94,347 |
Weighted Average Number of Common Shares Outstanding |  | 36,976 |  |  | 36,955 |  |  | 36,921 |
Basic Earnings Per Common Share |  | $ | 3.37 |  |  | $ | 2.12 |  |  | $ | 2.55 |
Weighted Average Number of Diluted Common Shares Outstanding |  | 37,077 |  |  | 37,039 |  |  | 37,010 |
Fully Diluted Earnings per Common Share |  | $ | 3.36 |  |  | $ | 2.11 |  |  | $ | 2.55 |
Dividends Paid Per Common Share |  | $ | 1.655 |  |  | $ | 1.525 |  |  | $ | 1.400 |
The accompanying condensed notes are an integral part of these condensed financial statements. CONDENSED STATEMENTS OF CASH FLOWS
|  | For the Years Ended December 31,
(in thousands) |  | 2023 |  | 2022 |  | 2021
Cash Flows From Operating Activities |  | $ | 67,041 |  |  | $ | 56,398 |  |  | $ | 36,799 |
Cash Flows From Investing Activities: |  |  |  |  |  |
Loans (made to)/repaid from, wholly-owned subsidiaries |  | 121,000 |  |  | (81,000) |  |  | (46,000) |
Increase in investment of subsidiary |  | (10,000) |  |  | — |  |  | — |
Net cash provided (used) by investing activities |  | 111,000 |  |  | (81,000) |  |  | (46,000) |
Cash Flows From Financing Activities: |  |  |  |  |  |
Net borrowings on notes payable to banks |  | (113,392) |  |  | 81,000 |  |  | 60,500 |
Proceeds from note payable to GSWC |  | — |  |  | — |  |  | (26,000) |
Repayment of note payable to GSWC |  | — |  |  | — |  |  | 26,000 |
Dividends paid |  | (61,195) |  |  | (56,356) |  |  | (51,689) |
Net cash provided (used) by financing activities |  | (174,587) |  |  | 24,644 |  |  | 8,811 |
Net change in cash and cash equivalents |  | 3,454 |  |  | 42 |  |  | (390) |
Cash and equivalents at beginning of period |  | 93 |  |  | 51 |  |  | 441 |
Cash and equivalents at the end of period |  | $ | 3,547 |  |  | $ | 93 |  |  | $ | 51 |
The accompanying condensed notes are an integral part of these condensed financial statements. Note 1 — Basis of Presentation The accompanying condensed financial statements of AWR (parent) should be read in conjunction with the consolidated financial statements and notes thereto of American States Water Company and subsidiaries (“Registrant”) included in Part II, Item 8 of this Form 10-K. AWR’s (parent) significant accounting policies are consistent with those of Registrant and its wholly owned subsidiaries, Golden State Water Company (“GSWC”), Bear Valley Electric Service, Inc. (“BVES”) and American States Utility Services, Inc. (“ASUS”), except that all subsidiaries are accounted for as equity method investments. Related-Party Transactions: As further discussed in Note 2 — Notes Payable to Banks, AWR (parent) currently has access to a $165.0 million syndicated credit facility. AWR (parent) borrows under this facility and provides funds to ASUS in support of their operations and itself. Prior to the new credit agreement in June 2023, described below, AWR (parent) had a credit facility with access of up to $280.0 million and had provided funds to both GSWC and ASUS in support of their operations. Any amounts owed to AWR (parent) for borrowings under this facility are reflected as intercompany receivables on the Condensed Balance Sheets. The interest rate charged to its subsidiaries is sufficient to cover AWR (parent)’s interest cost under the credit facility. AWR may, from time to time, also make equity investments in its subsidiaries. In October 2020, AWR (parent) issued an interest-bearing promissory note to GSWC, which expired in May 2023. Under the terms of the note, AWR (parent) was permitted to borrow from GSWC amounts up to $30.0 million for working capital purposes. AWR (parent) agreed to pay any unpaid principal amounts outstanding under this note, plus accrued interest. During 2021, AWR (parent) borrowed and repaid a total of $26.0 million from GSWC under the terms of the note. There were no borrowings or repayments made during 2022 and 2023. As of December 31, 2023 and 2022, there were no amounts outstanding under this note. In January 2023, the Board of Directors approved the issuance of one GSWC Common Share to AWR (parent) for $10.0 million. In January 2023, GSWC issued $130.0 million in unsecured long-term notes in a private placement. GSWC used the proceeds from both the issuance of equity and long-term debt to pay-off all intercompany borrowings from AWR (parent). AWR (parent) guarantees performance of ASUS’s contracts with the U.S. government and agrees to provide necessary resources, including financing, which are necessary to assure the complete and satisfactory performance of such contracts. Note 2 — Note Payable to Banks On June 28, 2023, AWR (parent) entered into a new credit agreement with a term of five years provided by a syndicate of banks and financial institutions. The credit agreement will mature on June 28, 2028. In connection with the new credit agreement, AWR (parent) incurred legal and other fees totaling $632,000. The syndicated credit facility replaced AWR (parents)’s previous credit agreement with a sole bank where it had a borrowing capacity of $280.00 million. Funds from the new facilities were used to pay-off in full all outstanding borrowings under AWR (parent)’s prior credit facility. The new credit agreement provides for a $150.0 million unsecured revolving credit facility. Under the credit agreement, the borrowing capacity may be expanded up to an additional amount of $75 million, subject to the lenders’ approval. The aggregate amount that may be outstanding under letters of credit is $10.0 million. Loans may be obtained under the credit facilities at the option of AWR (parent) and bear interest at rates based on either a base rate plus an applicable margin or an adjusted term SOFR determined by the SOFR administrator, currently the Federal Reserve Bank of New York, plus an applicable margin. The applicable margin depends upon AWR’s credit ratings. On November 6, 2023, the credit facility was amended to increase the borrowing capacity from $150.0 million to $165.0 million. In connection with the increase in borrowing capacity, the amendment also provides for the addition of a new bank to the existing syndicate group participating in AWR’s credit facility. As of December 31, 2023, outstanding borrowings under its credit facility of $141.5 million have been classified as non-current liabilities on its Condensed Balance Sheet. The credit agreement contains affirmative and negative covenants and events of default customary for credit facilities of this type, including, among other things, affirmative covenants relating to compliance with law and material contracts, and negative covenants relating to additional in indebtedness, liens, investments, restricted payments and asset sales by AWR (parent) and its subsidiaries, other than BVES. AWR (parent) is not permitted to have a consolidated total capitalization ratio (as defined in the credit agreement), excluding BVES, greater than 0.65 to 1.00 at the end of any quarter. Default under any indebtedness of any subsidiary of AWR (parent), other than BVES, will result in a default under its credit agreement. As of December 31, 2023, AWR (parent) had a debt ratio of 0.54 to 1.00. AWR (parent)'s borrowing activities (excluding letters of credit) for the years ended December 31, 2023 and 2022 were as follows:
|  | December 31,
(in thousands, except percent) |  | 2023 |  | 2022
Balance Outstanding at December 31, |  | $ | 141,500 |  |  | $ | 255,500 |
Interest Rate at December 31, |  | 6.45 | % |  | 5.07 | %
Average Amount Outstanding |  | $ | 156,533 |  |  | $ | 213,758 |
Weighted Average Annual Interest Rate |  | 5.92 | % |  | 2.56 | %
Maximum Amount Outstanding |  | $ | 257,500 |  |  | $ | 255,500 |
Note 3 — Income Taxes AWR (parent) receives a tax benefit for expenses incurred at the parent-company level. AWR (parent) also recognizes the effect of AWR’s consolidated California unitary apportionment, which is beneficial or detrimental depending on a combination of the profitability of AWR’s consolidated non-California activities as well as the proportion of its consolidated California sales to total sales. Note 4 — Dividend from Subsidiaries Cash dividends in the amount of $71.4 million, $56.4 million and $38.3 million were paid to AWR (parent) by its wholly owned subsidiaries during the years ended December 31, 2023, 2022 and 2021, respectively.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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