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Business Combination Business Combination | 9 Months Ended
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Sep. 30, 2020
Business Combinations [Abstract] |
BUSINESS COMBINATION | Business Combination On October 9, 2019, SJW Group completed the merger with CTWS, a company that provides water service throughout Connecticut and Maine. In addition, CTWS has a real estate company in Connecticut which provides property management services. SJW Group acquired all of the outstanding stock of CTWS for $70.00 per share in cash (without interest and less any applicable withholding taxes). The total cash purchase price was approximately $838,476, less cash received of $3,011, and approximately $6,384 related to outstanding awards of restricted stock units and deferred share units assumed in connection with the merger. The following table summarizes the purchase price and recording of fair values of assets acquired and liabilities assumed as of the acquisition date and subsequent adjustments as of September 30, 2020.
| Amounts Previously Recognized as of Acquisition Date (a) |  | Measurement Period Adjustments |  | Amounts Recognized as of Acquisition Date (as Adjusted)
Assets acquired: |  |  |  |  |
Utility plant, net | $ | 750,703 |  |  | $ | — |  |  | $ | 750,703 |
Nonutility plant | 848 |  |  | — |  |  | 848 |
Current assets | 42,673 |  |  | (1,167 | ) |  | 41,506 |
Investments | 12,489 |  |  | — |  |  | 12,489 |
Regulatory assets and deferred charges, less current portion | 83,132 |  |  | (4,307 | ) |  | 78,825 |
Other intangible assets | 17,181 |  |  | — |  |  | 17,181 |
Other assets | 2,592 |  |  | — |  |  | 2,592 |
Goodwill | 626,523 |  |  | (1,222 | ) |  | 625,301 |
Total assets acquired | 1,536,141 |  |  | (6,696 | ) |  | 1,529,445 |
Liabilities assumed: |  |  |  |  |
Long-term debt | 281,009 |  |  | — |  |  | 281,009 |
Current liabilities, including maturities of long-term debt | 125,772 |  |  | 25 |  |  | 125,797 |
Deferred income taxes | 107,789 |  |  | (7,145 | ) |  | 100,644 |
Postretirement benefit plans | 31,789 |  |  | — |  |  | 31,789 |
Contributions in aid of construction and construction advances | 137,327 |  |  | — |  |  | 137,327 |
Other long-term liabilities | 10,607 |  |  | 424 |  |  | 11,031 |
Total liabilities assumed | 694,293 |  |  | (6,696 | ) |  | 687,597 |
Assumed equity | $ | 841,848 |  |  | $ | — |  |  | $ | 841,848 |
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(a) | As previously reported in the SJW Group’s 10-K for the period ended December 31, 2019.
Other intangible assets primarily consists of customer relationships. The goodwill balance is primarily attributable to assembled workforce and diversification of markets both from a geographic and regulatory perspective. We do not expect the goodwill recognized in connection with the transaction will be deductible for income tax purposes. The company analyzed and revalued the acquired opening deferred tax asset and liability balances within the measurement period which resulted in a decrease to goodwill of $1,222 during the third quarter of 2020. There was no impact associated with the measurement period adjustments to the condensed consolidated statement of comprehensive income for the nine months ended September 30, 2020. Goodwill is not amortized but is tested for impairment annually, as of the first day of the fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not, reduce the fair value of a reporting unit below its carrying amount. SJW Group first performs a qualitative assessment to determine whether it is necessary to perform the quantitative impairment test. In assessing the qualitative factors, SJW Group considers the impact of these key factors: change in industry and competitive environment, financial performance, macroeconomic conditions, and other relevant Company-specific events. If SJW Group determines that as a result of the qualitative assessment it is more likely than not (> 50% likelihood) that the fair value is less than carrying amount, then a quantitative test is performed.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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