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Financial Statement Schedule
 12 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
Financial Statement Schedule
FINANCIAL STATEMENT SCHEDULE
Schedule I
SJW Group (Parent Only)
CONDENSED BALANCE SHEETS
(in thousands, except share and per share data)

 December 31,
 20202019
Assets
Investments in subsidiaries$1,536,106 1,466,110 
Current assets:
Cash and cash equivalents436 1,035 
Intercompany receivables258 — 
Income tax receivable— 7,491 
Intercompany notes receivable15,680 6,727 
Other current assets124 — 
16,498 15,253 
Other assets
Other— 13 
— 13 
$1,552,604 1,481,376 




























See Accompanying Notes to Schedule I
FINANCIAL STATEMENT SCHEDULE
Schedule I
SJW Group (Parent Only)
CONDENSED BALANCE SHEETS
(in thousands, except share and per share data)
 
 December 31,
 20202019
Capitalization and Liabilities
Capitalization:
Stockholders’ equity:
Common stock, $0.001 par value; authorized 70,000,000 shares in 2020 and 2019; issued and outstanding 28,556,605 shares in 2020 and 28,456,508 shares in 2019$29 28 
Additional paid-in capital510,158 506,639 
Retained earnings408,037 383,191 
Accumulated other comprehensive income(1,064)126 
Total stockholders’ equity917,160 889,984 
Long-term debt, less current portion555,824 555,820 
1,472,984 1,445,804 
Current liabilities:
Current portion of long-term debt49,929 — 
Intercompany payables— 2,349 
Intercompany notes payable19,540 24,465 
Accounts payable170 1,042 
Accrued interest3,195 3,748 
Income tax payable3,268 — 
Other current liabilities252 912 
76,354 32,516 
Deferred income taxes2,623 1,994 
Other noncurrent liabilities643 1,062 
Commitments and contingencies— — 
$1,552,604 1,481,376 

















See Accompanying Notes to Schedule I
FINANCIAL STATEMENT SCHEDULE
Schedule I
SJW Group (Parent Only)
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Years ended December 31 (in thousands)

202020192018
Operating revenue$— — — 
Operating expense:
Administrative and general3,110 8,130 2,312 
Property taxes and other non-income taxes250 250 250 
Merger related expenses— 14,849 18,610 
Total operating expense3,360 23,229 21,172 
Operating loss(3,360)(23,229)(21,172)
Other (expense) income:
Interest on long-term debt, mortgage and other interest expense(19,430)(6,615)(2,264)
Interest income on money market fund— 6,536 155 
Other, net(250)89 (248)
Loss before income taxes and equity earnings from subsidiaries(23,040)(23,219)(23,529)
Benefit for income taxes(6,414)(1,431)(6,917)
Equity earnings from subsidiaries, net of taxes78,141 45,191 55,379 
SJW Group net income61,515 23,403 38,767 
Other comprehensive (loss) income, net(1,190)126 — 
SJW Group comprehensive income$60,325 23,529 38,767 


















See Accompanying Notes to Schedule I
FINANCIAL STATEMENT SCHEDULE
Schedule I
SJW Group (Parent Only)
CONDENSED STATEMENTS OF CASH FLOWS
Years ended December 31 (in thousands)
202020192018
Operating activities:
Net income$61,515 23,403 38,767 
Adjustments to reconcile net income to net cash used in operating activities:
Earnings from investment in subsidiaries(78,141)(45,191)(55,379)
Deferred income taxes162 4,606 (5,565)
Share-based compensation466 141 44 
Other non-cash, net— — 423 
Changes in operating assets and liabilities, net of acquired assets and liabilities:
Accounts payable and other current liabilities(1,532)255 1,039 
Intercompany receivables(2,607)2,045 209 
Tax receivable and accrued taxes10,759 (6,779)(5,592)
Accrued interest(553)3,742 — 
Return on capital from investments in subsidiaries47,800 28,600 20,750 
Other changes, net367 808 36 
Net cash provided by (used in) operating activities38,236 11,630 (5,268)
Investing activities:
Proceeds to subsidiaries for notes receivable (10,353)(102,522)(2,030)
Repayments from subsidiaries for notes receivable1,400 95,795 17,458 
Investments in subsidiaries(37,952)(62,262)— 
Payments for business acquisition— (837,903)— 
Proceeds from sale of equity investments— — 4,112 
Net cash (used in) provided by investing activities(46,905)(906,892)19,540 
Financing activities:
Borrowings from subsidiaries for notes payable54,837 29,865 12,705 
Repayments to subsidiaries for notes payable(59,762)(17,705)(3,358)
Long-term borrowings50,000 510,000 — 
Issuance of common stock, net of issuance costs— — 411,385 
Debt issuance costs(496)(3,957)— 
Dividends paid(36,509)(34,134)(23,074)
Other changes, net— (10)— 
Net cash provided by financing activities8,070 484,059 397,658 
Net change in cash and cash equivalents(599)(411,203)411,930 
Cash and cash equivalents, beginning of year1,035 412,238 308 
Cash and cash equivalents, end of year$436 1,035 412,238 
Cash paid during the year for:
Interest$19,442 2,203 2,175 
Income taxes$3,466 689 824 
Supplemental disclosure of non-cash activities:
Share-based compensation from investment in subsidiaries$2,894 4,663 (714)




See Accompanying Notes to Schedule I
FINANCIAL STATEMENT SCHEDULE
Schedule I
SJW Group (Parent Only)
NOTES TO CONDENSED FINANCIAL STATEMENTS
Years ended December 31, 2020, 2019 and 2018
(Dollars in thousands, except share and per share data)

Restrictions on Dividends and Other Distributions
SJW Group is a legal entity separate and distinct from its various subsidiaries. As a holding company with no significant operations of its own, SJW Group’s principal sources of funds are dividends or other distributions from its operating subsidiaries, borrowings and sales of equity. The rights of SJW Group and, consequently, its creditors and shareholders, to participate in any distribution of assets of any of its subsidiaries are subject to certain prior claims of creditors of such subsidiary.
The abilities of certain of SJW Group’s subsidiaries to transfer funds to SJW Group in the form of cash dividends, loans or advances are subject to certain contractual and regulatory restrictions. SJW Group and its subsidiaries are subject to debt covenants that could limit their respective abilities to pay dividends. For a discussion on these covenants, see Note 4 to SJW Group and Subsidiaries Notes to Consolidated Financial Statements. In addition, Connecticut Water Service, Inc. (“CTWS”) and its regulated subsidiaries are prohibited from paying dividends if not in compliance with minimum equity requirements under commitments made by SJW Group as part of the approval granted by the Connecticut Public Utilities Regulatory Authority and the Maine Public Utilities Commission in connection with the merger with CTWS.
As of December 31, 2020, the restricted net assets of SJW Group’s subsidiaries was approximately $283,807 or 31% of consolidated net assets of SJW Group.