XML 29 R12.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Long-Term Debt | 12 Months Ended
--- | ---
Dec. 31, 2018
Debt Disclosure [Abstract] |
Long-term Debt | Long-Term Debt Long-term debt as of December 31 was as follows:
Description | Due Date |  | 2018 |  | 2017
Senior notes, San Jose Water Company: |  |  |  |  |
Series A 8.58% | 2022 |  | $ | 20,000 |  |  | 20,000 |
Series B 7.37% | 2024 |  | 30,000 |  |  | 30,000 |
Series C 9.45% | 2020 |  | 10,000 |  |  | 10,000 |
Series D 7.15% | 2026 |  | 15,000 |  |  | 15,000 |
Series E 6.81% | 2028 |  | 15,000 |  |  | 15,000 |
Series F 7.20% | 2031 |  | 20,000 |  |  | 20,000 |
Series G 5.93% | 2033 |  | 20,000 |  |  | 20,000 |
Series H 5.71% | 2037 |  | 20,000 |  |  | 20,000 |
Series I 5.93% | 2037 |  | 20,000 |  |  | 20,000 |
Series J 6.54% | 2024 |  | 10,000 |  |  | 10,000 |
Series K 6.75% | 2039 |  | 20,000 |  |  | 20,000 |
Series L 5.14% | 2044 |  | 50,000 |  |  | 50,000 |
SJWTX, Inc. Series A 6.27% | 2036 |  | 15,000 |  |  | 15,000 |
SJW Group Series A 4.35% | 2021 |  | 50,000 |  |  | 50,000 |
Total senior notes |  |  | $ | 315,000 |  |  | 315,000 |
California Pollution Control Financing Authority Revenue Bonds 5.10%, San Jose Water Company | 2040 |  | 50,000 |  |  | 50,000 |
California Pollution Control Financing Authority Revenue Bonds 4.75%, San Jose Water Company | 2046 |  | 70,000 |  |  | 70,000 |
Total debt |  |  | $ | 435,000 |  |  | 435,000 |
Less: |  |  |  |  |
Unamortized debt issuance costs related to debt above |  |  | 3,576 |  |  | 3,908 |
Current portion |  |  | — |  |  | — |
Total long-term debt, less current portion |  |  | $ | 431,424 |  |  | 431,092 |
Senior notes held by institutional investors are unsecured obligations of SJW Group, San Jose Water Company and SJWTX, Inc. and require interest-only payments until maturity. To minimize issuance costs, the companies’ debt has primarily been placed privately. The senior note agreements of San Jose Water Company generally have terms and conditions that restrict the Company from issuing additional funded debt if: (1) the funded debt would exceed 66-2/3% of total capitalization, and (2) net income available for interest charges for the trailing 12-calendar-month period would be less than 175% of interest charges. As of December 31, 2018, San Jose Water Company was not restricted from issuing future indebtedness as a result of these terms and conditions. The senior note agreement of SJWTX, Inc. has terms and conditions that restrict SJWTX, Inc. from issuing additional funded debt if: (1) the funded debt would exceed 66-2/3% of total capitalization, and (2) net income available for interest charges for the trailing 12-calendar-month period would be less than 175% of interest charges. In addition, SJW Group is a guarantor of SJWTX, Inc.’s senior note which has terms and conditions that restrict SJW Group from issuing additional funded debt if: (1) the funded consolidated debt would exceed 66-2/3% of total capitalization, and (2) the minimum net worth of SJW Group becomes less than $125,000 plus 30% of Water Utility Services cumulative net income, since December 31, 2005. As of December 31, 2018, SJWTX, Inc. and SJW Group were not restricted from issuing future indebtedness as a result of these terms and conditions. The senior note agreement of SJW Group has terms and conditions that restrict SJW Group from issuing additional funded debt if: (1) the funded consolidated debt would exceed 66-2/3% of total capitalization, and (2) the minimum net worth of SJW Group becomes less than $175,000 plus 30% of Water Utility Services cumulative net income, since June 30, 2011. As of December 31, 2018, SJW Group was not restricted from issuing future indebtedness as a result of these terms and conditions. San Jose Water Company has obligations pursuant to loan agreements with the California Pollution Control Financing Activity (“CPCFA”) totaling $120,000 in aggregate principal amounts of CPCFA revenue bonds outstanding as of December 31, 2018. The loan agreements contain affirmative and negative covenants customary for loan agreements relating to revenue bonds, containing, among other things, certain disclosure obligations, the tax exempt status of the interest on the bonds and limitations, and prohibitions on the transfer of projects funded by the loan proceeds and assignment of the loan agreements. As of December 31, 2018, San Jose Water Company was in compliance with all such covenants. The fair value of long-term debt as of December 31, 2018 and 2017 was approximately $490,148 and $537,646, respectively, and was determined using a discounted cash flow analysis, based on the current rates for similar financial instruments of the same duration and creditworthiness of the Company. The fair value of long-term debt would be categorized as Level 2 of the fair value hierarchy.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration