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SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT | 12 Months Ended
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Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT | CONDENSED BALANCE SHEETS
|  | December 31,
(in thousands) |  | 2024 |  | 2023
Assets |  |  |  |
Cash and equivalents |  | $ | 5,913 |  |  | $ | 3,547 |
Prepayments and other current assets |  | — |  |  | 116 |
Income taxes receivable |  | 51 |  |  | 39 |
Intercompany note receivables |  | 22,004 |  |  | 39,044 |
Total current assets |  | 27,968 |  |  | 42,746 |
Investments in subsidiaries |  | 1,006,781 |  |  | 870,020 |
Deferred taxes and other assets |  | 10,983 |  |  | 10,135 |
Total assets |  | $ | 1,045,732 |  |  | $ | 922,901 |
Liabilities and Capitalization |  |  |  |
Income taxes payable |  | 3,281 |  |  | 2,422 |
Other liabilities |  | 235 |  |  | 577 |
Total current liabilities |  | 3,516 |  |  | 2,999 |
Notes payable to bank |  | 120,000 |  |  | 141,500 |
Deferred taxes and other liabilities |  | 2,165 |  |  | 2,293 |
Total other liabilities |  | 122,165 |  |  | 143,793 |
Common shareholders’ equity |  | 920,051 |  |  | 776,109 |
Total capitalization |  | 920,051 |  |  | 776,109 |
Total liabilities and capitalization |  | $ | 1,045,732 |  |  | $ | 922,901 |
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) |  | 2024 |  | 2023 |  | 2022
Operating revenues and other income |  | $ | — |  |  | $ | — |  |  | $ | — |
Operating expenses and other expenses |  | 5,527 |  |  | 5,576 |  |  | 2,093 |
Loss before equity in earnings of subsidiaries and income taxes |  | (5,527) |  |  | (5,576) |  |  | (2,093) |
Equity in earnings of subsidiaries |  | 122,859 |  |  | 128,783 |  |  | 79,892 |
Income before income taxes |  | 117,332 |  |  | 123,207 |  |  | 77,799 |
Income tax benefit |  | (1,936) |  |  | (1,714) |  |  | (597) |
Net income |  | $ | 119,268 |  |  | $ | 124,921 |  |  | $ | 78,396 |
Weighted Average Number of Common Shares Outstanding |  | 37,464 |  |  | 36,976 |  |  | 36,955 |
Basic Earnings Per Common Share |  | $ | 3.17 |  |  | $ | 3.37 |  |  | $ | 2.12 |
Weighted Average Number of Diluted Common Shares Outstanding |  | 37,583 |  |  | 37,077 |  |  | 37,039 |
Fully Diluted Earnings per Common Share |  | $ | 3.17 |  |  | $ | 3.36 |  |  | $ | 2.11 |
Dividends Paid Per Common Share |  | $ | 1.791 |  |  | $ | 1.655 |  |  | $ | 1.525 |
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) |  | 2024 |  | 2023 |  | 2022
Cash Flows From Operating Activities |  | $ | 47,069 |  |  | $ | 67,041 |  |  | $ | 56,398 |
Cash Flows From Investing Activities: |  |  |  |  |  |
Loans (made to)/repaid from, wholly-owned subsidiaries |  | 17,000 |  |  | 121,000 |  |  | (81,000) |
Increase in investment of subsidiary |  | (62,000) |  |  | (10,000) |  |  | — |
Net cash provided (used) by investing activities |  | (45,000) |  |  | 111,000 |  |  | (81,000) |
Cash Flows From Financing Activities: |  |  |  |  |  |
Proceeds from issuance of Common Shares, net of issuance costs |  | 88,814 |  |  | — |  |  | — |
Net changes in notes payable to banks |  | (21,500) |  |  | (113,392) |  |  | 81,000 |
Dividends paid |  | (67,017) |  |  | (61,195) |  |  | (56,356) |
Net cash provided (used) by financing activities |  | 297 |  |  | (174,587) |  |  | 24,644 |
Net change in cash and cash equivalents |  | 2,366 |  |  | 3,454 |  |  | 42 |
Cash and equivalents at beginning of period |  | 3,547 |  |  | 93 |  |  | 51 |
Cash and equivalents at the end of period |  | $ | 5,913 |  |  | $ | 3,547 |  |  | $ | 93 |
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 executed in June 2023, described below, AWR (parent) had a credit facility with borrowing capacity 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 note 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 support of their operations as described below. On December 30, 2024, GSWC issued 2.7586 Common Shares to AWR for total proceeds of approximately $40.0 million. GSWC used the proceeds from the stock issuance to pay down outstanding borrowings under its revolving credit facility and to fund its operations and capital expenditures. In September 2024, BVES issued eleven Common Shares to AWR for total proceeds of $22.0 million. BVES used the proceeds from the stock issuance to pay down outstanding borrowings under its revolving credit facility and to fund its operations and capital expenditures. In January 2023, GSWC issued one 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 $0.6 million. The syndicated credit facility replaced AWR (parents)’s previous credit agreement with a sole bank where it had a borrowing capacity of $280.0 million. Funds from the new facility were used to pay-off in full all outstanding borrowings under AWR (parent)’s prior credit facility. AWR’s new credit agreement provided for a $150.0 million unsecured revolving credit facility to support AWR (parent) and ASUS. Under AWR’s credit agreement, the borrowing capacity may be expanded up to an additional amount of $75 million, subject to the lenders’ approval. On November 6, 2023, AWR’s credit facility was amended to increase the borrowing capacity from $150.0 million to $165.0 million to provide additional support to ASUS and AWR (parent). 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. 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. As of December 31, 2024, outstanding borrowings under its credit facility of $120.0 million have been classified as a non-current liability 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 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, 2024, AWR (parent) had a debt ratio of 0.51 to 1.00. AWR (parent)'s borrowing activities (excluding letters of credit) for the years ended December 31, 2024 and 2023 were as foll ows:
|  | December 31,
(in thousands, except percent) |  | 2024 |  | 2023
Balance Outstanding at December 31, |  | $ | 120,000 |  |  | $ | 141,500 |
Interest Rate at December 31, |  | 5.44 | % |  | 6.45 | %
Average Amount Outstanding |  | $ | 122,896 |  |  | $ | 156,533 |
Weighted Average Annual Interest Rate |  | 6.29 | % |  | 5.92 | %
Maximum Amount Outstanding |  | $ | 145,500 |  |  | $ | 257,500 |
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 amounts of $51.1 million, $71.4 million and $56.4 million were paid to AWR (parent) by its wholly owned subsidiaries during the years ended December 31, 2024, 2023 and 2022, 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/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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