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Condensed Consolidating Financial Statements | 9 Months Ended
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Sep. 30, 2020
Condensed Financial Information Disclosure [Abstract] |
Condensed Consolidating Financial Statements | Condensed Consolidating Financial Statements On November 17, 2010, Cal Water issued $100.0 million aggregate principal amount of 5.50% First Mortgage Bonds due 2040, all of which is fully and unconditionally guaranteed by the Company. As a result of this guarantee arrangement, the Company is required to present the following condensed consolidating financial information. The investments in affiliates are accounted for and presented using the “equity method” of accounting. The following tables present the Condensed Consolidating Balance Sheets as of September 30, 2020 and December 31, 2019, the Condensed Consolidating Statements of Income for the three and nine months ended September 30, 2020 and 2019, and the Condensed Consolidating Statements of Cash Flows for the nine months ended September 30, 2020 and 2019 of (i) California Water Service Group, the guarantor of the First Mortgage Bonds and the parent company; (ii) California Water Service Company, the issuer of the First Mortgage Bonds and a 100% owned consolidated subsidiary of California Water Service Group; and (iii) the other 100% owned non-guarantor consolidated subsidiaries of California Water Service Group. No other subsidiary of the Company guarantees the securities. CALIFORNIA WATER SERVICE GROUP CONDENSED CONSOLIDATING BALANCE SHEET As of September 30, 2020 (In thousands)
| Parent Company |  | Cal Water |  | All Other Subsidiaries |  | Consolidating Adjustments |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |
Utility plant: |  |  |  |  |  |  |  |  |
Utility plant | $ | 1,318 |  |  | $ | 3,559,329 |  |  | $ | 281,744 |  |  | $ | (7,197) |  |  | $ | 3,835,194 |
Less accumulated depreciation and amortization | (1,177) |  |  | (1,151,266) |  |  | (88,676) |  |  | 2,239 |  |  | (1,238,880) |
Net utility plant | 141 |  |  | 2,408,063 |  |  | 193,068 |  |  | (4,958) |  |  | 2,596,314 |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 16,679 |  |  | 85,877 |  |  | 10,756 |  |  | — |  |  | 113,312 |
Receivables and unbilled revenue, net | — |  |  | 160,479 |  |  | 8,636 |  |  | — |  |  | 169,115 |
Receivables from affiliates | 26,962 |  |  | 942 |  |  | 261 |  |  | (28,165) |  |  | — |
Other current assets | 272 |  |  | 20,933 |  |  | 2,132 |  |  | — |  |  | 23,337 |
Total current assets | 43,913 |  |  | 268,231 |  |  | 21,785 |  |  | (28,165) |  |  | 305,764 |
Other assets: |  |  |  |  |  |  |  |  |
Regulatory assets | — |  |  | 479,613 |  |  | 4,822 |  |  | — |  |  | 484,435 |
Investments in affiliates | 917,901 |  |  | — |  |  | — |  |  | (917,901) |  |  | — |
Long-term affiliate notes receivable | 32,659 |  |  | — |  |  | — |  |  | (32,659) |  |  | — |
Other assets | 2,349 |  |  | 84,154 |  |  | 33,636 |  |  | (218) |  |  | 119,921 |
Total other assets | 952,909 |  |  | 563,767 |  |  | 38,458 |  |  | (950,778) |  |  | 604,356 |
TOTAL ASSETS | $ | 996,963 |  |  | $ | 3,240,061 |  |  | $ | 253,311 |  |  | $ | (983,901) |  |  | $ | 3,506,434 |
CAPITALIZATION AND LIABILITIES |  |  |  |  |  |  |  |  |
Capitalization: |  |  |  |  |  |  |  |  |
Common stockholders’ equity | $ | 890,192 |  |  | $ | 805,444 |  |  | $ | 117,633 |  |  | $ | (923,077) |  |  | $ | 890,192 |
Affiliate long-term debt | — |  |  | — |  |  | 32,659 |  |  | (32,659) |  |  | — |
Long-term debt, net | — |  |  | 784,715 |  |  | 340 |  |  | — |  |  | 785,055 |
Total capitalization | 890,192 |  |  | 1,590,159 |  |  | 150,632 |  |  | (955,736) |  |  | 1,675,247 |
Current liabilities: |  |  |  |  |  |  |  |  |
Current maturities of long-term debt, net | — |  |  | 21,763 |  |  | 120 |  |  | — |  |  | 21,883 |
Short-term borrowings | 105,100 |  |  | 270,000 |  |  | — |  |  | — |  |  | 375,100 |
Payables to affiliates | — |  |  | 2,940 |  |  | 25,225 |  |  | (28,165) |  |  | — |
Accounts payable | — |  |  | 123,129 |  |  | 4,029 |  |  | — |  |  | 127,158 |
Accrued expenses and other liabilities | 31 |  |  | 73,913 |  |  | 5,738 |  |  | — |  |  | 79,682 |
Total current liabilities | 105,131 |  |  | 491,745 |  |  | 35,112 |  |  | (28,165) |  |  | 603,823 |
Deferred income taxes | 1,640 |  |  | 235,791 |  |  | 8,025 |  |  | — |  |  | 245,456 |
Pension and postretirement benefits other than pensions | — |  |  | 261,081 |  |  | — |  |  | — |  |  | 261,081 |
Regulatory liabilities and other | — |  |  | 251,230 |  |  | 5,824 |  |  | — |  |  | 257,054 |
Advances for construction | — |  |  | 196,324 |  |  | 529 |  |  | — |  |  | 196,853 |
Contributions in aid of construction | — |  |  | 213,731 |  |  | 53,189 |  |  | — |  |  | 266,920 |
TOTAL CAPITALIZATION AND LIABILITIES | $ | 996,963 |  |  | $ | 3,240,061 |  |  | $ | 253,311 |  |  | $ | (983,901) |  |  | $ | 3,506,434 |
CALIFORNIA WATER SERVICE GROUP CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2019 (In thousands)
| Parent Company |  | Cal Water |  | All Other Subsidiaries |  | Consolidating Adjustments |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |
Utility plant: |  |  |  |  |  |  |  |  |
Utility plant | $ | 1,318 |  |  | $ | 3,332,331 |  |  | $ | 224,033 |  |  | $ | (7,197) |  |  | $ | 3,550,485 |
Less accumulated depreciation and amortization | (1,107) |  |  | (1,079,627) |  |  | (65,561) |  |  | 2,180 |  |  | (1,144,115) |
Net utility plant | 211 |  |  | 2,252,704 |  |  | 158,472 |  |  | (5,017) |  |  | 2,406,370 |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 3,096 |  |  | 29,098 |  |  | 10,459 |  |  | — |  |  | 42,653 |
Receivables and unbilled revenue, net | — |  |  | 114,999 |  |  | 4,350 |  |  | — |  |  | 119,349 |
Receivables from affiliates | 25,803 |  |  | 3,621 |  |  | 209 |  |  | (29,633) |  |  | — |
Other current assets | 90 |  |  | 20,615 |  |  | 2,005 |  |  | — |  |  | 22,710 |
Total current assets | 28,989 |  |  | 168,333 |  |  | 17,023 |  |  | (29,633) |  |  | 184,712 |
Other assets: |  |  |  |  |  |  |  |  |
Regulatory assets | — |  |  | 428,639 |  |  | 4,683 |  |  | — |  |  | 433,322 |
Investments in affiliates | 777,170 |  |  | — |  |  | — |  |  | (777,170) |  |  | — |
Long-term affiliate notes receivable | 30,060 |  |  | — |  |  | — |  |  | (30,060) |  |  | — |
Other assets | 409 |  |  | 81,591 |  |  | 5,125 |  |  | (221) |  |  | 86,904 |
Total other assets | 807,639 |  |  | 510,230 |  |  | 9,808 |  |  | (807,451) |  |  | 520,226 |
TOTAL ASSETS | $ | 836,839 |  |  | $ | 2,931,267 |  |  | $ | 185,303 |  |  | $ | (842,101) |  |  | $ | 3,111,308 |
CAPITALIZATION AND LIABILITIES |  |  |  |  |  |  |  |  |
Capitalization: |  |  |  |  |  |  |  |  |
Common stockholders’ equity | $ | 779,906 |  |  | $ | 700,784 |  |  | 81,604 |  |  | $ | (782,388) |  |  | $ | 779,906 |
Affiliate long-term debt | — |  |  | — |  |  | 30,060 |  |  | (30,060) |  |  | — |
Long-term debt, net | — |  |  | 786,310 |  |  | 444 |  |  | — |  |  | 786,754 |
Total capitalization | 779,906 |  |  | 1,487,094 |  |  | 112,108 |  |  | (812,448) |  |  | 1,566,660 |
Current liabilities: |  |  |  |  |  |  |  |  |
Current maturities of long-term debt, net | — |  |  | 21,732 |  |  | 136 |  |  | — |  |  | 21,868 |
Short-term borrowings | 55,100 |  |  | 120,000 |  |  | — |  |  | — |  |  | 175,100 |
Payables to affiliates | — |  |  | 6,115 |  |  | 23,518 |  |  | (29,633) |  |  | — |
Accounts payable | — |  |  | 104,419 |  |  | 4,044 |  |  | — |  |  | 108,463 |
Accrued expenses and other liabilities | 313 |  |  | 50,569 |  |  | 2,408 |  |  | — |  |  | 53,290 |
Total current liabilities | 55,413 |  |  | 302,835 |  |  | 30,106 |  |  | (29,633) |  |  | 358,721 |
Deferred income taxes | 1,520 |  |  | 217,847 |  |  | 3,243 |  |  | (20) |  |  | 222,590 |
Pension and postretirement benefits other than pensions | — |  |  | 258,907 |  |  | — |  |  | — |  |  | 258,907 |
Regulatory and other liabilities | — |  |  | 264,434 |  |  | 7,397 |  |  | — |  |  | 271,831 |
Advances for construction | — |  |  | 190,568 |  |  | 494 |  |  | — |  |  | 191,062 |
Contributions in aid of construction | — |  |  | 209,582 |  |  | 31,955 |  |  | — |  |  | 241,537 |
TOTAL CAPITALIZATION AND LIABILITIES | $ | 836,839 |  |  | $ | 2,931,267 |  |  | $ | 185,303 |  |  | $ | (842,101) |  |  | $ | 3,111,308 |
CALIFORNIA WATER SERVICE GROUP CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the nine months ended September 30, 2020 (In thousands)
| Parent Company |  | Cal Water |  | All Other Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Operating activities: |  |  |  |  |  |  |  |  |
Net income | $ | 81,334 |  |  | $ | 76,855 |  |  | $ | 4,139 |  |  | $ | (80,994) |  |  | $ | 81,334 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
Equity earnings of subsidiaries | (81,036) |  |  | — |  |  | — |  |  | 81,036 |  |  | — |
Dividends received from affiliates | 31,177 |  |  | — |  |  | — |  |  | (31,177) |  |  | — |
Depreciation and amortization | 70 |  |  | 70,604 |  |  | 4,935 |  |  | (59) |  |  | 75,550 |
Changes in value of life insurance contracts | — |  |  | (621) |  |  | — |  |  | — |  |  | (621) |
Allowance for equity funds used during construction | — |  |  | (4,292) |  |  | — |  |  | — |  |  | (4,292) |
Changes in operating assets and liabilities | (463) |  |  | (17,633) |  |  | (311) |  |  | — |  |  | (18,407) |
Other changes in noncurrent assets and liabilities | 3,262 |  |  | (42,184) |  |  | 2,005 |  |  | 17 |  |  | (36,900) |
Net cash provided by operating activities | 34,344 |  |  | 82,729 |  |  | 10,768 |  |  | (31,177) |  |  | 96,664 |
Investing activities: |  |  |  |  |  |  |  |  |
Utility plant expenditures | — |  |  | (212,288) |  |  | (8,973) |  |  | — |  |  | (221,261) |
Business acquisition, net of cash acquired | (1,950) |  |  | — |  |  | (37,594) |  |  | — |  |  | (39,544) |
Investment in affiliates | (90,871) |  |  | — |  |  | — |  |  | 90,871 |  |  | — |
Changes in affiliate advances | 2,238 |  |  | 2,679 |  |  | (145) |  |  | (4,772) |  |  | — |
Issuance of affiliate short-term borrowings | (3,500) |  |  | — |  |  | — |  |  | 3,500 |  |  | — |
Issuance of affiliate long-term borrowings | (4,076) |  |  | — |  |  | — |  |  | 4,076 |  |  | — |
Reduction of affiliates long-term debt | 1,580 |  |  | — |  |  | — |  |  | (1,580) |  |  | — |
Purchase of life insurance contracts | — |  |  | (2,335) |  |  | — |  |  | — |  |  | (2,335) |
Net cash used in investing activities | (96,579) |  |  | (211,944) |  |  | (46,712) |  |  | 92,095 |  |  | (263,140) |
Financing Activities: |  |  |  |  |  |  |  |  |
Short-term borrowings | 50,000 |  |  | 220,000 |  |  | — |  |  | — |  |  | 270,000 |
Repayment of short-term borrowings | — |  |  | (70,000) |  |  | — |  |  | — |  |  | (70,000) |
Investment from affiliates | — |  |  | 57,266 |  |  | 33,605 |  |  | (90,871) |  |  | — |
Changes in affiliate advances | — |  |  | (3,175) |  |  | (1,597) |  |  | 4,772 |  |  | — |
Proceeds from affiliate short-term borrowings | — |  |  | — |  |  | 3,500 |  |  | (3,500) |  |  | — |
Proceeds from affiliate long-term borrowings | — |  |  | — |  |  | 4,076 |  |  | (4,076) |  |  | — |
Repayment of affiliates long-term borrowings | — |  |  | — |  |  | (1,580) |  |  | 1,580 |  |  | — |
Repayment of long-term debt | — |  |  | (1,415) |  |  | (120) |  |  | — |  |  | (1,535) |
Advances and contributions in aid of construction | — |  |  | 19,735 |  |  | 127 |  |  | — |  |  | 19,862 |
Refunds of advances for construction | — |  |  | (7,015) |  |  | (2) |  |  | — |  |  | (7,017) |
Repurchase of common stock | (1,578) |  |  | — |  |  | — |  |  | — |  |  | (1,578) |
Issuance of common stock | 58,573 |  |  | — |  |  | — |  |  | — |  |  | 58,573 |
Dividends paid to non-affiliates | (31,177) |  |  | — |  |  | — |  |  | — |  |  | (31,177) |
Dividends paid to affiliates | — |  |  | (29,461) |  |  | (1,716) |  |  | 31,177 |  |  | — |
Net cash provided by financing activities | 75,818 |  |  | 185,935 |  |  | 36,293 |  |  | (60,918) |  |  | 237,128 |
Change in cash, cash equivalents, and restricted cash | 13,583 |  |  | 56,720 |  |  | 349 |  |  | — |  |  | 70,652 |
Cash, cash equivalents, and restricted cash at beginning of period | 3,096 |  |  | 29,679 |  |  | 10,523 |  |  | — |  |  | 43,298 |
Cash, cash equivalents, and restricted cash at end of period | $ | 16,679 |  |  | $ | 86,399 |  |  | $ | 10,872 |  |  | — |  |  | $ | 113,950 |
CALIFORNIA WATER SERVICE GROUP CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the nine months ended September 30, 2019 (In thousands)
| Parent Company |  | Cal Water |  | All Other Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Operating activities: |  |  |  |  |  |  |  |  |
Net income | $ | 51,780 |  |  | $ | 47,116 |  |  | $ | 4,363 |  |  | $ | (51,479) |  |  | $ | 51,780 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
Equity earnings of subsidiaries | (51,523) |  |  | — |  |  | — |  |  | 51,523 |  |  | — |
Dividends received from affiliates | 28,507 |  |  | — |  |  | — |  |  | (28,507) |  |  | — |
Depreciation and amortization | 70 |  |  | 63,975 |  |  | 4,539 |  |  | (62) |  |  | 68,522 |
Changes in value of life insurance contracts | — |  |  | (3,433) |  |  | — |  |  | — |  |  | (3,433) |
Allowance for equity funds used during construction | — |  |  | (5,087) |  |  | — |  |  | — |  |  | (5,087) |
Changes in operating assets and liabilities | 194 |  |  | (6,744) |  |  | 1,509 |  |  | — |  |  | (5,041) |
Other changes in noncurrent assets and liabilities | 5,239 |  |  | 14,560 |  |  | 1,785 |  |  | 18 |  |  | 21,602 |
Net cash provided by operating activities | 34,267 |  |  | 110,387 |  |  | 12,196 |  |  | (28,507) |  |  | 128,343 |
Investing activities: |  |  |  |  |  |  |  |  |
Utility plant expenditures | — |  |  | (185,883) |  |  | (9,059) |  |  | — |  |  | (194,942) |
Changes in affiliate advances | (3,199) |  |  | 3,534 |  |  | (320) |  |  | (15) |  |  | — |
Issuance of affiliate short-term borrowings | (4,300) |  |  | — |  |  | — |  |  | 4,300 |  |  | — |
Reduction of affiliates long-term debt | 1,462 |  |  | — |  |  | — |  |  | (1,462) |  |  | — |
Purchase of life insurance contracts | — |  |  | (2,216) |  |  | — |  |  | — |  |  | (2,216) |
Net cash used in investing activities | (6,037) |  |  | (184,565) |  |  | (9,379) |  |  | 2,823 |  |  | (197,158) |
Financing Activities: |  |  |  |  |  |  |  |  |
Short-term borrowings | — |  |  | 210,000 |  |  | — |  |  | — |  |  | 210,000 |
Repayment of short-term borrowings | — |  |  | (120,000) |  |  | — |  |  | — |  |  | (120,000) |
Changes in affiliate advances | (17) |  |  | 4,419 |  |  | (4,417) |  |  | 15 |  |  | — |
Proceeds from affiliate short-term borrowings | — |  |  | — |  |  | 4,300 |  |  | (4,300) |  |  | — |
Repayment of affiliates long-term borrowings | — |  |  | — |  |  | (1,462) |  |  | 1,462 |  |  | — |
Issuance of long-term debt, net of expenses | — |  |  | 398,431 |  |  | — |  |  | — |  |  | 398,431 |
Repayment of long-term debt | — |  |  | (401,417) |  |  | (213) |  |  | — |  |  | (401,630) |
Advances and contributions in aid for construction | — |  |  | 21,176 |  |  | 90 |  |  | — |  |  | 21,266 |
Refunds of advances for construction | — |  |  | (5,560) |  |  | — |  |  | — |  |  | (5,560) |
Repurchase of common stock | (2,355) |  |  | — |  |  | — |  |  | — |  |  | (2,355) |
Issuance of common stock | 1,278 |  |  | — |  |  | — |  |  | — |  |  | 1,278 |
Dividends paid to non-affiliates | (28,507) |  |  | — |  |  | — |  |  | — |  |  | (28,507) |
Dividends paid to affiliates | — |  |  | (27,419) |  |  | (1,088) |  |  | 28,507 |  |  | — |
Net cash (used in) provided by financing activities | (29,601) |  |  | 79,630 |  |  | (2,790) |  |  | 25,684 |  |  | 72,923 |
Change in cash, cash equivalents, and restricted cash | (1,371) |  |  | 5,452 |  |  | 27 |  |  | — |  |  | 4,108 |
Cash, cash equivalents, and restricted cash at beginning of period | 3,779 |  |  | 34,238 |  |  | 9,698 |  |  | — |  |  | 47,715 |
Cash, cash equivalents, and restricted cash at end of period | $ | 2,408 |  |  | $ | 39,690 |  |  | $ | 9,725 |  |  | — |  |  | $ | 51,823 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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