<SEC-DOCUMENT>0000766829-20-000166.txt : 20210108
<SEC-HEADER>0000766829-20-000166.hdr.sgml : 20210108
<ACCEPTANCE-DATETIME>20201204161955
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000766829-20-000166
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20201204

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SJW GROUP
		CENTRAL INDEX KEY:			0000766829
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				770066628
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		110 W. TAYLOR STREET
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95110
		BUSINESS PHONE:		4082797800

	MAIL ADDRESS:	
		STREET 1:		110 W. TAYLOR STREET
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SJW CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<title>Document</title></head><body><div id="i2135f574eca047e5b72c2b85ae5ce3e3_1"></div><div style="min-height:36pt;width:100%"><div><img alt="image1.jpg" src="image1.jpg" style="height:37px;margin-bottom:5pt;vertical-align:text-bottom;width:227px"></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Scott D. Karchmer</font></div><div><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Partner</font></div><div><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">+1.415.442.1091</font></div><div><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">scott.karchmer&#64;morganlewis.com</font></div></div><div style="margin-bottom:18pt"><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="margin-bottom:0.18pt"><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">December 4, 2020</font></div><div><font><br></font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">VIA EDGAR</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Mr. Craig Arakawa</font></div><div><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Ms. Joanna Lam</font></div><div><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Division of Corporation Finance</font></div><div><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Office of Energy &#38; Transportation</font></div><div><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">United States Securities and Exchange Commission</font></div><div><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">100 F Street, NE</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Washington, D.C. 20549</font></div><div><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.897%"><tr><td style="width:1.0%"></td><td style="width:4.541%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:93.259%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Re&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">SJW Group</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Form 10-K for the Year Ended December 31, 2019</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Filed March 2, 2020</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">File No. 001-08966</font></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Ladies and Gentlemen&#58;</font></div><div><font><br></font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">On behalf of SJW Group (the &#8220;</font><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">Company</font><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8221;), we submit this letter in response to the comment from the Staff (the &#8220;</font><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">Staff</font><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8221;) of the Division of Corporation Finance of the Securities and Exchange Commission (the &#8220;</font><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">Commission</font><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8221;) to the Company dated November 5, 2020 (the &#8220;</font><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">Comment Letter</font><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8221;) with respect to the Company&#8217;s Form&#160;10-K for the fiscal year ended December&#160;31, 2019 (&#8220;</font><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">Form&#160;10-K</font><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8221;), File No. 001-08966.  The numbered paragraph below restates in italics the numbered paragraph in the Comment Letter, and the discussion set out below such numbered paragraph is the Company&#8217;s response to the Staff&#8217;s comment.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">Form 10-K for the Year Ended December 31, 2019</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">Risks Related to Our Business, page 24</font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">1.</font><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%;padding-left:27pt">We note your risk factor disclosure indicates that you agreed to certain &#8220;ring-fencing&#8221; measures as part of the merger with CTWS.  You state that these measures may restrict your &#8220;ability to access assets of CTWS entities as dividends or intracompany loans to satisfy the debt or contractual obligations of any Non-CTWS Entity, including any indebtedness or other contractual obligations of SJW </font></div><div style="padding-left:36pt;text-indent:-36pt"><font><br></font></div><div style="text-indent:36pt"><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.897%"><tr><td style="width:1.0%"></td><td style="width:50.182%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:30.182%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.336%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Morgan, Lewis &#38; Bockius LLP</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:11pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">One Market</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">Spear Street Tower</font></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">San Francisco, CA 94105-1596</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">T&#58;  +1.415.442.1000</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">United States</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:7.5pt;font-weight:400;line-height:120%">F&#58;  +1.415.442.1001</font></td></tr></table></div><div><font><br></font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:36pt;width:100%"><div><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mr. Arakawa</font></div><div><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ms. Lam</font></div><div><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December 4, 2020</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Page 2</font></div></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="margin-bottom:0.12pt;padding-left:36pt;text-indent:-0.36pt"><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Group.&#8221;  Please tell us how you determined that it was not necessary to provide condensed parent company financial information and other data in a financial statement schedule in accordance with Rules 5-04 and 12-04 of Regulation S-X and related disclosures required by Rule 4-08(e)(3)(i) and (ii) of Regulation S-X.</font></div><div><font><br></font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">In response to the Staff&#8217;s comment, the Company respectfully acknowledges that Rules 5-04 and 12-04 of Regulation S-X require condensed parent company financial information and other data in a financial statement schedule to be provided when the restricted net assets of consolidated subsidiaries exceed 25% of consolidated net assets of the Company as of the end of the most recently completed fiscal year.  The related disclosures in Rule 4-08(e)(3)(i) and (ii) of Regulation S-X are required to be provided only when material.  Rule 2.02(dd) of Regulation S-X defines &#8220;restricted net assets&#8221; as &#8220;that amount of the registrant&#8217;s proportionate share of net assets of consolidated subsidiaries (after intercompany eliminations) which as of the end of the most recent fiscal year may not be transferred to the parent company by subsidiaries in the form of loans, advances or cash dividends without the consent of a third party (</font><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">i.e.</font><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">, lender, regulatory agency, foreign government, etc.)&#8221; and notes that &#8220;&#91;n&#93;ot all limitations on transferability of assets are considered to be restrictions for purposes of this rule, which considers only specific third party restrictions on the ability of subsidiaries to transfer funds outside of the entity.&#8221;</font></div><div style="padding-left:36pt"><font><br></font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">As of the filing of the Form 10-K for the year ended December 31, 2019, the purchase accounting for the Company&#8217;s acquisition of Connecticut Water Service, Inc. (CTWS), the parent company of The Connecticut Water Company and The Maine Water Company, was preliminary.  In connection with responding to the Staff&#8217;s comment, the Company performed the calculation of restricted net assets of the Company&#8217;s consolidated subsidiaries, applying push down accounting that included the final CTWS purchase accounting adjustments to determine the appropriate amount of restricted net assets of its subsidiaries.  After taking into account the effects of the push-down accounting, including the allocation of approximately $628 million of goodwill to the Company&#8217;s subsidiaries, based upon the Company&#8216;s interpretation of the Staff guidance in Question 1 of Section 2 of Part K of Topic 6 of the Codification of the Staff Bulletins, the Company&#8217;s calculations show that such subsidiaries&#8217; restricted net assets were approximately 26% of the Company&#8217;s consolidated net assets as of the end of the fiscal year ended December 31, 2019.  Given the requirements contained in Rules 5-04, 12-04 and 4-08(e)(3)(i) and (ii) of Regulation S-X, the Company hereby confirms that it will include in the Company&#8217;s Form&#160;10-K for the fiscal year ended December&#160;31, 2020, the condensed parent company financial information and other data in a financial statement schedule in accordance with Rules 5-04 and 12-04 of Regulation S-X and the related disclosures in accordance with Rule 4-08(e)(3)(i) and (ii) of Regulation S-X for the year ended December 31, 2019.  If the restricted net assets of the Company&#8217;s consolidated subsidiaries continue to exceed 25% of the Company&#8217;s consolidated net assets as of December 31, 2020, the condensed parent company financial information and other data in a financial statement schedule as well as related disclosures for the year ended December 31, 2020 will also be included in the Company&#8217;s Form 10-K for the year ended December 31, 2020.</font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:36pt;width:100%"><div><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mr. Arakawa</font></div><div><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ms. Lam</font></div><div><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December 4, 2020</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Page 3</font></div></div><div style="text-indent:36pt"><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">We would greatly appreciate any assistance the Staff can provide in obtaining an expeditious review of this response letter.  Please contact the undersigned at 415.254.0963 or Jim Lynch, Chief Financial Officer of the Company, at 408.930.1390 with any questions regarding the foregoing.</font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.897%"><tr><td style="width:1.0%"></td><td style="width:51.378%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:46.422%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Very truly yours,</font></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#47;s&#47; Scott D. Karchmer</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Scott D. Karchmer</font></td></tr></table></div><div><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.897%"><tr><td style="width:1.0%"></td><td style="width:5.224%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:92.576%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">cc&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">James P. Lynch, Chief Financial Officer, SJW Group</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Albert Lung, Morgan, Lewis &#38; Bockius LLP</font></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Tahoma',sans-serif;font-size:11pt;font-weight:400;line-height:120%">SDK</font></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div style="padding-left:216pt;text-indent:36pt"><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div></div></div></body></html>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
