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Equity | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
Equity | Equity On April 29, 2022, the Company entered into an equity distribution agreement to sell shares of its common stock having an aggregate gross sales price of up to $350.0 million from time to time depending on market conditions through an at-the-market equity program over the following three years. The Company intends to use the net proceeds from these sales, after deducting commissions and offering expenses, for general corporate purposes, which may include working capital, construction and acquisition expenditures, investments and repurchases, and redemptions of securities. The Company sold 1,638,977 shares of common stock through its at-the-market equity program and raised proceeds of $86.5 million, net of $0.9 million in commissions paid under the equity distribution agreement, during the nine months ended September 30, 2024. During the nine months ended September 30, 2023, the Company sold 2,025,891 shares of common stock through its at-the-market equity program and raised proceeds of $112.7 million, net of $1.1 million in sales commissions. The Company’s changes in total equity for the three and nine months ended September 30, 2024 and 2023 were as follows:
| Three Months Ended September 30, 2024
| Common Stock |  | Additional Paid-in Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Loss |  | Noncontrolling Interest |  | Total Equity
| Shares |  | Amount |  |  |  |  |
| (In thousands)
Balance at June 30, 2024 | 58,825 |  |  | $ | 588 |  |  | $ | 929,376 |  |  | $ | 627,705 |  |  | $ | (13,068) |  |  | $ | 3,090 |  |  | $ | 1,547,691 |
Net income (loss) | — |  |  | — |  |  | — |  |  | 60,680 |  |  | — |  |  | (126) |  |  | 60,554 |
Issuance of common stock | 650 |  |  | 7 |  |  | 36,085 |  |  | — |  |  | — |  |  | — |  |  | 36,092 |
Repurchase of common stock | (2) |  |  | — |  |  | (104) |  |  | — |  |  | — |  |  | — |  |  | (104) |
Dividends paid on common stock ($0.28 per share) | — |  |  | — |  |  | — |  |  | (16,472) |  |  | — |  |  | — |  |  | (16,472) |
Other comprehensive income, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | 3,871 |  |  | — |  |  | 3,871 |
Investment in business with noncontrolling interest | — |  |  | — |  |  | (79) |  |  | — |  |  | — |  |  | 79 |  |  | — |
Balance at September 30, 2024 | 59,473 |  |  | $ | 595 |  |  | $ | 965,278 |  |  | $ | 671,913 |  |  | $ | (9,197) |  |  | $ | 3,043 |  |  | $ | 1,631,632 |
| Nine Months Ended September 30, 2024
| Common Stock |  | Additional Paid-in Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Loss |  | Noncontrolling Interest |  | Total Equity
| Shares |  | Amount |  |  |  |  |
| (In thousands)
Balance at January 1, 2024 | 57,724 |  |  | $ | 577 |  |  | $ | 876,583 |  |  | $ | 549,573 |  |  | $ | — |  |  | $ | 3,579 |  |  | $ | 1,430,312 |
Net income (loss) | — |  |  | — |  |  | — |  |  | 171,148 |  |  | — |  |  | (527) |  |  | 170,621 |
Issuance of common stock | 1,778 |  |  | 18 |  |  | 90,514 |  |  | — |  |  | — |  |  | — |  |  | 90,532 |
Repurchase of common stock | (29) |  |  | — |  |  | (1,339) |  |  | — |  |  | — |  |  | — |  |  | (1,339) |
Dividends paid on common stock ($0.28 per share) | — |  |  | — |  |  | — |  |  | (48,808) |  |  | — |  |  | — |  |  | (48,808) |
Other comprehensive loss, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | (9,197) |  |  | — |  |  | (9,197) |
Investment in business with noncontrolling interest | — |  |  | — |  |  | (480) |  |  | — |  |  | — |  |  | 480 |  |  | — |
Distribution to noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (489) |  |  | (489) |
Balance at September 30, 2024 | 59,473 |  |  | $ | 595 |  |  | $ | 965,278 |  |  | $ | 671,913 |  |  | $ | (9,197) |  |  | $ | 3,043 |  |  | $ | 1,631,632 |
In Cal Water’s 2021 GRC decision that was issued in March of 2024, supplemental executive retirement plan (SERP) expenses were not approved to be recovered from customers for the years 2023, 2024 and 2025. Without regulatory recovery, Cal Water no longer meets the regulatory asset recognition criteria to record the unrecognized prior service costs and actuarial gain and loss amounts related to the SERP as a regulatory asset. The Company has applied compensation recognition guidance and recorded the unrecognized prior service costs and actuarial gains and losses to other comprehensive loss. In the third quarter of 2024, the Company recorded the associated tax effects of $3.8 million related to the $13.7 million of other comprehensive loss, which is Cal Water’s cumulative portion of the regulatory asset recorded to other comprehensive loss in the first quarter of 2024. See Note 11 for further details on changes in accumulated other comprehensive loss.
| Three Months Ended September 30, 2023
| Common Stock |  | Additional Paid-in Capital |  | Retained Earnings |  |  |  | Noncontrolling Interest |  | Total Equity
| Shares |  | Amount |  |  |  |  |
| (In thousands)
Balance at June 30, 2023 | 57,702 |  |  | $ | 577 |  |  | $ | 873,923 |  |  | $ | 515,016 |  |  |  |  | $ | 4,451 |  |  | $ | 1,393,967 |
Net income (loss) | — |  |  | — |  |  | — |  |  | 34,438 |  |  |  |  | (113) |  |  | 34,325 |
Issuance of common stock | 11 |  |  | — |  |  | 1,796 |  |  | — |  |  |  |  | — |  |  | 1,796 |
Repurchase of common stock | (2) |  |  | — |  |  | (90) |  |  | — |  |  |  |  | — |  |  | (90) |
Dividends paid on common stock ($0.26 per share) | — |  |  | — |  |  | — |  |  | (15,003) |  |  |  |  | — |  |  | (15,003) |
Investment in business with noncontrolling interest | — |  |  | — |  |  | 11 |  |  | — |  |  |  |  | (11) |  |  | — |
Balance at September 30, 2023 | 57,711 |  |  | $ | 577 |  |  | $ | 875,640 |  |  | $ | 534,451 |  |  |  |  | $ | 4,327 |  |  | $ | 1,414,995 |
| Nine Months Ended September 30, 2023
| Common Stock |  | Additional Paid-in Capital |  | Retained Earnings |  |  |  | Noncontrolling Interest |  | Total Equity
| Shares |  | Amount |  |  |  |  |
| (In thousands)
Balance at January 1, 2023 | 55,598 |  |  | $ | 556 |  |  | $ | 760,336 |  |  | $ | 556,698 |  |  |  |  | $ | 4,804 |  |  | $ | 1,322,394 |
Net income (loss) | — |  |  | — |  |  | — |  |  | 21,783 |  |  |  |  | (345) |  |  | 21,438 |
Issuance of common stock | 2,144 |  |  | 21 |  |  | 115,658 |  |  | — |  |  |  |  | — |  |  | 115,679 |
Repurchase of common stock | (31) |  |  | — |  |  | (198) |  |  | — |  |  |  |  | — |  |  | (198) |
Dividends paid on common stock ($0.26 per share) | — |  |  | — |  |  | — |  |  | (44,030) |  |  |  |  | — |  |  | (44,030) |
Investment in business with noncontrolling interest | — |  |  | — |  |  | (156) |  |  | — |  |  |  |  | 156 |  |  | — |
Distribution to noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  |  |  | (288) |  |  | (288) |
Balance at September 30, 2023 | 57,711 |  |  | $ | 577 |  |  | $ | 875,640 |  |  | $ | 534,451 |  |  |  |  | $ | 4,327 |  |  | $ | 1,414,995 |

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