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Defined Benefit Plan | 9 Months Ended
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Sep. 30, 2019
Retirement Benefits [Abstract] |
DEFINED BENEFIT PLAN | Defined Benefit Plan San Jose Water Company sponsors a noncontributory defined benefit retirement 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 on compensation credits and interest credits for each employee. Officers hired before March 31, 2008, are eligible to receive additional retirement benefits under San Jose Water Company’s Executive Supplemental Retirement Plan, and officers hired on or after March 31, 2008, are eligible to receive additional retirement benefits under the San Jose Water Company’s Cash Balance Executive Supplemental Retirement Plan. Both plans are non-qualified plans in which only officers and other designated members of management of San Jose Water Company may participate. San Jose Water 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 retirement plan, its Executive Supplemental Retirement Plan, Cash Balance Executive Supplemental Retirement Plan and Social Welfare Plan for the three and nine months ended September 30, 2019, and 2018 are as follows:
| Three months ended September 30, |  | Nine months ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Service cost | $ | 1,479 |  |  | 1,601 |  |  | $ | 4,437 |  |  | 4,804 |
Interest cost | 2,113 |  |  | 1,876 |  |  | 6,338 |  |  | 5,629 |
Other cost | 1,117 |  |  | 1,139 |  |  | 3,352 |  |  | 3,417 |
Expected return on assets | (2,310 | ) |  | (2,426 | ) |  | (6,929 | ) |  | (7,279 | )
| $ | 2,399 |  |  | 2,190 |  |  | $ | 7,198 |  |  | 6,571 |
The components of net periodic benefit cost have been recorded in the consolidated statements of comprehensive income as follows:
| Three months ended September 30, |  | Nine months ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Other production expenses | $ | 370 |  |  | 424 |  |  | $ | 1,110 |  |  | 1,273 |
Administrative and general expense | 837 |  |  | 898 |  |  | 2,526 |  |  | 2,695 |
Maintenance expense | 271 |  |  | 279 |  |  | 813 |  |  | 836 |
Pension non-service costs | 921 |  |  | 589 |  |  | 2,749 |  |  | 1,767 |
| $ | 2,399 |  |  | 2,190 |  |  | $ | 7,198 |  |  | 6,571 |
The following tables summarize the fair values of plan assets by major categories as of September 30, 2019, and December 31, 2018:
|  |  | Fair Value Measurements at September 30, 2019
|  |  |  |  | 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 | — |  | $ | 7,884 |  |  | $ | 7,884 |  |  | $ | — |  |  | $ | — |
Actively Managed (a): |  |  |  |  |  |  |  |  |
All Cap Equity | Russell 3000 Value |  | 6,667 |  |  | 6,667 |  |  | — |  |  | — |
U.S. Large Cap Equity | Russell 1000, Russell 1000 Growth, Russell 1000 Value |  | 53,141 |  |  | 53,141 |  |  | — |  |  | — |
U.S. Mid Cap Equity | Russell Mid Cap, Russell Mid Cap Growth, Russell Mid Cap Value |  | 10,179 |  |  | 10,179 |  |  | — |  |  | — |
U.S. Small Cap Equity | Russell 2000, Russell 2000 Growth, Russell 2000 Value |  | 10,373 |  |  | 10,373 |  |  | — |  |  | — |
Non-U.S. Large Cap Equity | MSCI EAFE |  | 5,638 |  |  | 5,638 |  |  | — |  |  | — |
REIT | NAREIT - Equity REIT’S |  | 7,779 |  |  | — |  |  | 7,779 |  |  | — |
Fixed Income (b) | (b) |  | 53,331 |  |  | — |  |  | 53,331 |  |  | — |
Total |  |  | $ | 154,992 |  |  | $ | 93,882 |  |  | $ | 61,110 |  |  | $ | — |
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 and cash 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, 2018
|  |  |  |  | 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 | — |  | $ | 8,136 |  |  | $ | 8,136 |  |  | $ | — |  |  | $ | — |
Actively Managed (a): |  |  |  |  |  |  |  |  |
All Cap Equity | Russell 3000 Value |  | 5,670 |  |  | 5,632 |  |  | 38 |  |  | — |
U.S. Large Cap Equity | Russell 1000, Russell 1000 Growth, Russell 1000 Value |  | 47,040 |  |  | 47,040 |  |  | — |  |  | — |
U.S. Mid Cap Equity | Russell Mid Cap, Russell Mid Cap Growth, Russell Mid Cap Value |  | 8,372 |  |  | 8,372 |  |  | — |  |  | — |
U.S. Small Cap Equity | Russell 2000, Russell 2000 Growth, Russell 2000 Value |  | 8,528 |  |  | 8,528 |  |  | — |  |  | — |
Non-U.S. Large Cap Equity | MSCI EAFE |  | 4,969 |  |  | 4,969 |  |  | — |  |  | — |
REIT | NAREIT - Equity REIT’S |  | 5,889 |  |  | — |  |  | 5,889 |  |  | — |
Fixed Income (b) | (b) |  | 44,855 |  |  | — |  |  | 44,855 |  |  | — |
Total |  |  | $ | 133,459 |  |  | $ | 82,677 |  |  | $ | 50,782 |  |  | $ | — |
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 and cash 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 2019, San Jose Water Company expects to make required and discretionary cash contributions of up to $8,337 to the pension plans and Social Welfare Plan. For the three and nine months ended September 30, 2019, San Jose Water Company has made $3,854 contributions to such plans.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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