XML 16 R9.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Defined Benefit Plan | 3 Months Ended
--- | ---
Mar. 31, 2014
Compensation and Retirement Disclosure [Abstract] |
DEFINED BENEFIT PLAN | Defined Benefit Plan San Jose Water Company sponsors a noncontributory defined benefit pension plan for its eligible employees. Employees hired before March 31, 2008 are entitled to receive retirement benefits using a formula based on the employee's three highest years of compensation (whether or not consecutive). For employees hired on or after March 31, 2008, benefits are determined using a cash balance formula based upon compensation credits and interest credits for each employee. Officers hired before March 31, 2008 are eligible to receive additional retirement benefits under the Executive Supplemental Retirement Plan, and officers hired on or after March 31, 2008 are eligible to receive additional retirement benefits under the Cash Balance Executive Supplemental Retirement Plan. Both plans are non-qualified plans in which only officers and other designated members of management may participate. The Company also provides health care and life insurance benefits for retired employees under the San Jose Water Company Social Welfare Plan. The components of net periodic benefit costs for San Jose Water Company's pension plan, its Executive Supplemental Retirement Plan, Cash Balance Executive Supplemental Retirement Plan and Social Welfare Plan for the three months ended March 31, 2014 and 2013 are as follows:
| Three months ended March 31,
| 2014 |  | 2013
Service cost | $ | 1,059 |  |  | 1,239 |
Interest cost | 1,651 |  |  | 1,475 |
Other cost | 632 |  |  | 1,208 |
Expected return on assets | (1,667 | ) |  | (1,380 | )
| $ | 1,675 |  |  | 2,542 |
The following tables summarize the fair values of plan assets by major categories as of March 31, 2014 and December 31, 2013:
|  |  | Fair Value Measurements at March 31, 2014
|  |  |  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Observable Inputs |  | Significant Unobservable Inputs
Asset Category | Benchmark |  | Total |  | (Level 1) |  | (Level 2) |  | (Level 3)
Cash and cash equivalents |  |  | $ | 4,191 |  |  | $ | 4,191 |  |  | $ | — |  |  | $ | — |
Actively Managed (a): |  |  |  |  |  |  |  |  |
All Cap Equity | Russell 3000 Value |  | 2,533 |  |  | 2,510 |  |  | 23 |  |  | — |
U.S. Large Cap Equity | Russell 1000, Russell 1000 Growth, Russell 1000 Value |  | 34,283 |  |  | 34,283 |  |  | — |  |  | — |
U.S. Mid Cap Equity | Russell Mid Cap, Russell Mid Cap Growth, Russell Mid Cap Value |  | 5,627 |  |  | 5,627 |  |  | — |  |  | — |
U.S. Small Cap Equity | Russell 2000, Russell 2000 Growth, Russell 2000 Value |  | 3,068 |  |  | 3,068 |  |  | — |  |  | — |
Non-U.S. Large Cap Equity | MSCI EAFE |  | 5,005 |  |  | 5,005 |  |  | — |  |  | — |
REIT | NAREIT - Equity REIT'S |  | 4,325 |  |  | — |  |  | 4,325 |  |  | — |
Fixed Income (b) | (b) |  | 36,528 |  |  | — |  |  | 36,528 |  |  | — |
Total |  |  | $ | 95,560 |  |  | $ | 54,684 |  |  | $ | 40,876 |  |  | $ | — |
The Plan has a current target allocation of 55% invested in a diversified array of equity securities to provide long-term capital appreciation and 45% invested in a diversified array of fixed income securities to provide preservation of capital plus generation of income.
(a) | Actively managed portfolio of securities with the goal to exceed the stated benchmark performance.
(b) | Actively managed portfolio of fixed income securities with the goal to exceed the Barclays 1-5 Year Government/Credit, Barclays Intermediate Government/Credit, and Merrill Lynch Preferred Stock Fixed Rate.
|  |  | Fair Value Measurements at December 31, 2013
|  |  |  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Observable Inputs |  | Significant Unobservable Inputs
Asset Category | Benchmark |  | Total |  | (Level 1) |  | (Level 2) |  | (Level 3)
Cash and cash equivalents |  |  | $ | 9,127 |  |  | $ | 9,127 |  |  | $ | — |  |  | $ | — |
Actively Managed (a): |  |  |  |  |  |  |  |  |
All Cap Equity | Russell 3000 Vaue |  | 283 |  |  | 266 |  |  | 17 |  |  | — |
U.S. Large Cap Equity | Russell 1000, Russell 1000 Growth, Russell 1000 Value |  | 32,286 |  |  | 32,286 |  |  | — |  |  | — |
U.S. Mid Cap Equity | Russell Mid Cap, Russell Mid Cap Growth, Russell Mid Cap Value |  | 5,551 |  |  | 5,551 |  |  | — |  |  | — |
U.S. Small Cap Equity | Russell 2000, Russell 2000 Growth, Russell 2000 Value |  | 3,236 |  |  | 3,236 |  |  | — |  |  | — |
Non-U.S. Large Cap Equity | MSCI EAFE |  | 5,066 |  |  | 5,066 |  |  | — |  |  | — |
REIT | NAREIT - Equity REIT'S |  | 3,913 |  |  | — |  |  | 3,913 |  |  | — |
Fixed Income (b) | (b) |  | 35,891 |  |  | — |  |  | 35,891 |  |  | — |
Total |  |  | $ | 95,353 |  |  | $ | 55,532 |  |  | $ | 39,821 |  |  | $ | — |
The Plan has a current target allocation of 55% invested in a diversified array of equity securities to provide long-term capital appreciation and 45% invested in a diversified array of fixed income securities to provide preservation of capital plus generation of income.
(a) | Actively managed portfolio of securities with the goal to exceed the stated benchmark performance.
(b) | Actively managed portfolio of fixed income securities with the goal to exceed the Barclays 1-5 Year Government/Credit, Barclays Intermediate Government/Credit, and Merrill Lynch Preferred Stock Fixed Rate.
In 2014, San Jose Water Company expects to make required and discretionary cash contributions of up to $7,800 to the pension plans and Social Welfare Plan. There have been no contributions to the pension plans and Social Welfare Plan for the three months ended March 31, 2014.

X
- Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration