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Defined Benefit Plan (Tables)

9 Months Ended

Sep. 30, 2019

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs

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 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

Schedule of Allocation of Plan Assets

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.

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- References

No definition available.

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- Definition

Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(5)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

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- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

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