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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024 and 2023:
|  | Pension Benefits |  | Post-Retirement Medical Benefits
(dollars in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Change in Projected Benefit Obligation: |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 202,963 |  |  | $ | 190,678 |  |  | $ | 1,965 |  |  | $ | 2,014 |
Service cost |  | 3,323 |  |  | 3,196 |  |  | 128 |  |  | 130 |
Interest cost |  | 10,241 |  |  | 10,142 |  |  | 98 |  |  | 106 |
Actuarial (gain) loss |  | (10,932) |  |  | 8,525 |  |  | (45) |  |  | 49 |
Benefits/expenses paid |  | (10,110) |  |  | (9,578) |  |  | (264) |  |  | (334) |
Projected benefit obligation at end of year |  | $ | 195,485 |  |  | $ | 202,963 |  |  | $ | 1,882 |  |  | $ | 1,965 |
Changes in Plan Assets: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 205,305 |  |  | $ | 186,906 |  |  | $ | 12,827 |  |  | $ | 11,240 |
Actual return on plan assets |  | 19,066 |  |  | 25,031 |  |  | 1,894 |  |  | 1,921 |
Employer contributions |  | 2,902 |  |  | 2,946 |  |  | 256 |  |  | 265 |
Benefits/expenses paid |  | (10,111) |  |  | (9,578) |  |  | (521) |  |  | (599) |
Fair value of plan assets at end of year |  | $ | 217,162 |  |  | $ | 205,305 |  |  | $ | 14,456 |  |  | $ | 12,827 |
Funded Status: |  |  |  |  |  |  |  |
Overfunded/(underfunded) amount recognized |  | $ | 21,677 |  |  | $ | 2,342 |  |  | $ | 12,574 |  |  | $ | 10,862 |
|  | Pension Benefits |  | Post-Retirement Medical Benefits
(dollars in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Amounts recognized on the balance sheets: |  |  |  |  |  |  |  |
Non-current assets |  | $ | 21,677 |  |  | $ | 2,342 |  |  | $ | 12,574 |  |  | $ | 10,862 |
Current liabilities |  | — |  |  | — |  |  | — |  |  | — |
Non-current liabilities |  | — |  |  | — |  |  | — |  |  | — |
Net amount recognized |  | $ | 21,677 |  |  | $ | 2,342 |  |  | $ | 12,574 |  |  | $ | 10,862 |
Amounts recognized in regulatory assets (liabilities) consist of: |  |  |  |  |  |  |  |
Prior service cost (credit) |  | $ | 1,020 |  |  | $ | 1,454 |  |  | $ | — |  |  | $ | — |
Net loss (gain) |  | (19,867) |  |  | (1,899) |  |  | (6,531) |  |  | (6,272) |
Regulatory assets (liabilities) |  | (18,847) |  |  | (445) |  |  | (6,531) |  |  | (6,272) |
Prefunded plan costs |  | (2,830) |  |  | (1,897) |  |  | (6,043) |  |  | (4,590) |
Net liability (asset) recognized |  | $ | (21,677) |  |  | $ | (2,342) |  |  | $ | (12,574) |  |  | $ | (10,862) |
Changes in plan assets and benefit obligations recognized in regulatory assets (liabilities): |  |  |  |  |  |  |  |
Regulatory asset (liability) at beginning of year |  | $ | (445) |  |  | $ | 6,012 |  |  | $ | (6,272) |  |  | $ | (5,846) |
Net loss (gain) |  | (17,968) |  |  | (6,023) |  |  | (1,371) |  |  | (1,395) |
New prior service cost |  | — |  |  | — |  |  | — |  |  | — |
Amortization of prior service (cost) credit |  | (434) |  |  | (434) |  |  | — |  |  | — |
Amortization of net gain (loss) |  | — |  |  | — |  |  | 1,112 |  |  | 969 |
Total change in regulatory asset (liability) |  | (18,402) |  |  | (6,457) |  |  | (259) |  |  | (426) |
Regulatory asset (liability) at end of year |  | $ | (18,847) |  |  | $ | (445) |  |  | $ | (6,531) |  |  | $ | (6,272) |
Net periodic pension costs |  | $ | 1,968 |  |  | $ | 3,289 |  |  | $ | (1,453) |  |  | $ | (1,210) |
Change in regulatory asset (liability) |  | (18,402) |  |  | (6,457) |  |  | (259) |  |  | (426) |
Total recognized in net periodic pension cost and regulatory asset (liability) |  | $ | (16,434) |  |  | $ | (3,168) |  |  | $ | (1,712) |  |  | $ | (1,636) |
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets: |  |  |  |  |  |  |  |
Projected benefit obligation |  | $195,485 |  | $202,963 |  | $1,882 |  | $1,965
Accumulated benefit obligation |  | $186,679 |  | $192,986 |  | N/A |  | N/A
Fair value of plan assets |  | $217,162 |  | $205,305 |  | $14,456 |  | $12,827
Weighted-average assumptions used to determine benefit obligations at December 31: |  |  |  |  |  |  |  |
Discount rate |  | 5.70 | % |  | 5.16 | % |  | 5.40 | % |  | 5.04 | %
Rate of compensation increase |  | * |  | * |  | N/A |  | N/A
•Age-graded ranging from 2.5% to 6.0%. The following provides a reconciliation of benefit obligations, funded status of the SERP, as well as a summary of significant estimates at December 31, 2024 and 2023:
(dollars in thousands) |  | 2024 |  | 2023
Change in Benefit Obligation: |  |  |  |
Benefit obligation at beginning of year |  | $ | 33,594 |  |  | $ | 30,807 |
Service cost |  | 1,430 |  |  | 1,248 |
Interest cost |  | 1,706 |  |  | 1,644 |
Actuarial loss (gain) |  | (1,028) |  |  | 840 |
Benefits paid |  | (944) |  |  | (945) |
Benefit obligation at end of year |  | $ | 34,758 |  |  | $ | 33,594 |
Changes in Plan Assets: |  |  |  |
Fair value of plan assets at beginning and end of year |  | — |  |  | — |
Funded Status: |  |  |  |
Net amount recognized as accrued cost |  | $ | (34,758) |  |  | $ | (33,594) |
(in thousands) |  | 2024 |  | 2023
Amounts recognized on the balance sheets: |  |  |  |
Current liabilities |  | $ | (942) |  |  | $ | (942) |
Non-current liabilities |  | (33,816) |  |  | (32,652) |
Net amount recognized |  | $ | (34,758) |  |  | $ | (33,594) |
Amounts recognized in regulatory assets consist of: |  |  |  |
Prior service cost |  | $ | — |  |  | $ | — |
Net loss |  | 1,855 |  |  | 2,869 |
Regulatory assets |  | 1,855 |  |  | 2,869 |
Unfunded accrued cost |  | 32,903 |  |  | 30,725 |
Net liability recognized |  | $ | 34,758 |  |  | $ | 33,594 |
Changes in plan assets and benefit obligations recognized in regulatory assets consist of: |  |  |  |
Regulatory asset at beginning of year |  | $ | 2,869 |  |  | $ | 1,995 |
Net (gain) loss |  | (1,028) |  |  | 840 |
Amortization of prior service credit |  | — |  |  | — |
Amortization of net gain (loss) |  | 14 |  |  | 34 |
Total change in regulatory asset |  | (1,014) |  |  | 874 |
Regulatory asset at end of year |  | $ | 1,855 |  |  | $ | 2,869 |
Net periodic pension cost |  | $ | 3,122 |  |  | $ | 2,858 |
Change in regulatory asset |  | (1,014) |  |  | 874 |
Total recognized in net periodic pension and regulatory asset |  | $ | 2,108 |  |  | $ | 3,732 |
Additional year-end information for plans with an accumulated benefit obligation in excess of plan assets: |  |  |  |
Projected benefit obligation |  | $ | 34,758 |  |  | $ | 33,594 |
Accumulated benefit obligation |  | 33,196 |  |  | 30,794 |
Fair value of plan assets |  | — |  |  | — |
Weighted-average assumptions used to determine benefit obligations: |  |  |  |
Discount rate |  | 5.66 | % |  | 5.15 | %
Rate of compensation increase |  | * |  | *
* Age graded from 4.0% to 4.5% 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 2024, 2023 and 2022 are as follows:
|  | Pension Benefits |  | Post-Retirement Medical Benefits
(dollars in thousands, except percent) |  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Components of Net Periodic Benefits Cost: |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $3,323 |  | $3,196 |  | $5,644 |  | $128 |  | $130 |  | $129
Interest cost |  | 10,241 |  | 10,142 |  | 7,401 |  | 98 |  | 106 |  | 60
Expected return on plan assets |  | (12,030) |  | (10,483) |  | (13,166) |  | (567) |  | (477) |  | (587)
Amortization of prior service cost (credit) |  | 434 |  | 434 |  | 434 |  | — |  | — |  | —
Amortization of actuarial (gain) loss |  | — |  | — |  | — |  | (1,112) |  | (969) |  | (1,734)
Net periodic pension cost under accounting standards |  | $1,968 |  | $3,289 |  | $313 |  | $(1,453) |  | $(1,210) |  | $(2,132)
Regulatory adjustment |  | — |  | (281) |  | — |  | — |  | — |  | —
Total expense recognized, before surcharges and allocation to overhead pool |  | $1,968 |  | $3,008 |  | $313 |  | $(1,453) |  | $(1,210) |  | $(2,132)
Weighted-average assumptions used to determine net periodic cost: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 5.16 | % |  | 5.41 | % |  | 2.89 | % |  | 5.04 | % |  | 5.34 | % |  | 2.46 | %
Expected long-term return on plan assets |  | 6.00 | % |  | 5.75 | % |  | 5.75 | % |  | * |  | * |  | *
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 2024 and 5.50% for union plan and 3.9% for non-union (net of income taxes) in 2023 and 2022. ** Age-graded ranging from 2.5% to 6.0%. The components of SERP expense, before allocation to the overhead pool, for 2024, 2023 and 2022 are as follows:
(dollars in thousands, except percent) |  | 2024 |  | 2023 |  | 2022
Components of Net Periodic Benefits Cost: |  |  |  |  |  |
Service cost |  | $ | 1,430 |  |  | $ | 1,248 |  |  | $ | 1,191 |
Interest cost |  | 1,706 |  |  | 1,644 |  |  | 1,022 |
Amortization of net (gain) loss |  | (14) |  |  | (34) |  |  | 580 |
Net periodic pension cost |  | $ | 3,122 |  |  | $ | 2,858 |  |  | $ | 2,793 |
Weighted-average assumptions used to determine net periodic cost: |  |  |  |  |  |
Discount rate |  | 5.15 | % |  | 5.42 | % |  | 2.87 | %
Rate of compensation increase |  | * |  | * |  | *
* A ge graded from 4.0% to 4.5% 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, 2024 and 2023, by asset category are as follows:
|  | Pension Benefits |  | Post-Retirement Medical Benefits
Asset Category |  | 2024 |  | 2023 |  | 2024 |  | 2023
Actual Asset Allocations: |  |  |  |  |  |  |  |
Equity securities |  | 56 | % |  | 56 | % |  | 59 | % |  | 60 | %
Debt securities |  | 39 | % |  | 39 | % |  | 40 | % |  | 39 | %
Real Estate Funds |  | 5 | % |  | 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, 2024 and 2023.
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, 2024 and 2023:
|  | Net Asset Value as of December 31, 2024
(dollars in thousands) |  | Fair Value |  | Unfunded Commitments |  | Redemption Frequency |  | Redemption Notice Period
Cash equivalents |  | $ | 939 |  |  | — |  |  | N/A |  | N/A
Fixed income fund |  | 84,394 |  |  | — |  |  | Daily |  | Daily
Equity securities: |  |  |  |  |  |  |  |
U.S. small/mid cap funds |  | 21,324 |  |  | — |  |  | Daily |  | Daily
U.S. large cap funds |  | 53,819 |  |  | — |  |  | Daily |  | Daily
International funds |  | 46,486 |  |  | — |  |  | Daily |  | Daily
Total equity funds |  | 121,629 |  |  | — |  |  |  |  |
Real estate funds |  | 10,200 |  |  | — |  |  | Daily |  | Daily
Total |  | $ | 217,162 |  |  | — |  |  |  |  |
|  | 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 |  |  | — |  |  |  |  |
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, 2024 and 2023:
|  | Fair Value as of December 31, 2024
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Fair Value of Post-Retirement Plan Assets: |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 110 |  |  | — |  |  | — |  |  | $ | 110 |
Fixed income |  | 5,818 |  |  | — |  |  | — |  |  | 5,818 |
U.S. equity securities |  | 8,528 |  |  | — |  |  | — |  |  | 8,528 |
Total investments measured at fair value |  | $ | 14,456 |  |  | — |  |  | — |  |  | $ | 14,456 |
|  | 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 |
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, 2024 and 2023:
|  | Fair Value as of December 31, 2024
(dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Fair Value of Assets held in Rabbi Trust: |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 11 |  |  | — |  |  | — |  |  | $ | 11 |
Fixed income securities |  | 16,698 |  |  | — |  |  | — |  |  | 16,698 |
Equity securities |  | 24,478 |  |  | — |  |  | — |  |  | 24,478 |
Total investments measured at fair value |  | $ | 41,187 |  |  | — |  |  | — |  |  | $ | 41,187 |
|  | 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 |
Schedule of estimated future benefit payments | Estimated future benefit payments at December 31, 2024 are as follows (in thousands):
| Pension Benefits |  | Post-Retirement Medical Benefits
2025 | $ | 11,235 |  |  | $ | 282 |
2026 | 11,686 |  |  | 285 |
2027 | 12,255 |  |  | 264 |
2028 | 12,775 |  |  | 242 |
2029 | 13,458 |  |  | 182 |
Thereafter | 72,271 |  |  | 693 |
Total | $ | 133,680 |  |  | $ | 1,948 |
Benefit Payments: Estimated future benefit payments for the SERP at December 31, 2024 are as follows (in thousands):
2025 | $ | 942 |
2026 | 2,656 |
2027 | 2,834 |
2028 | 2,806 |
2029 | 2,901 |
Thereafter | 14,489 |
Total | $ | 26,628 |

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