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Long-Term Debt | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt Long-term debt as of December 31 was as follows:
Description | Rate |  | Maturity |  | 2023 |  | 2022
SJW Group Senior notes (a) | 2.47% - 3.53% |  | 2029 - 2039 |  | 560,000 |  |  | 560,000 |
SJWC: |  |  |  |  |  |  |
Senior notes (a) | 3.00% - 7.37% |  | 2024 - 2053 |  | 470,000 |  |  | 400,000 |
California Pollution Control Financing Authority Revenue Bond | 4.75% |  | 2046 |  | 70,000 |  |  | 70,000 |
Total SJWC |  |  |  |  | 540,000 |  |  | 470,000 |
CTWS bank term loans | 4.09%, 4.15% |  | 2027, 2037 |  | 16,457 |  |  | 18,444 |
CWC: |  |  |  |  |  |  |
Connecticut Innovations Revenue Bonds, variable rate |  |  | 2028 - 2029 |  | 22,050 |  |  | 22,050 |
Senior notes (a) | 3.07% - 4.71% |  | 2037 - 2052 |  | 195,000 |  |  | 195,000 |
Bank term loans | 4.04% - 4.75% |  | 2028 - 2036 |  | 96,295 |  |  | 96,295 |
Total CWC |  |  |  |  | 313,345 |  |  | 313,345 |
TWC: |  |  |  |  |  |  |
Senior note (a) | 6.27% |  | 2036 |  | 15,000 |  |  | 15,000 |
Bank term loans | 4.01% - 5.54% |  | 2041, 2052 |  | 45,000 |  |  | 45,000 |
Total TWC |  |  |  |  | 60,000 |  |  | 60,000 |
TWR seller financing debt | 5.61% |  | 2053 |  | 29,000 |  |  | — |
MWC: |  |  |  |  |  |  |
State revolving fund loans | 0.00% - 2.23% |  | 2023 - 2048 |  | 14,239 |  |  | 15,699 |
Other First Mortgage Bond | 8.95% |  | 2024 |  | 900 |  |  | 1,800 |
Bank term loans | 3.89% - 5.51% |  | 2024 - 2043 |  | 49,500 |  |  | 49,500 |
Total MWC |  |  |  |  | 64,639 |  |  | 66,999 |
Total debt |  |  |  |  | 1,583,441 |  |  | 1,488,788 |
Unamortized debt premium and discount, net |  |  |  |  | 1,583 |  |  | 17,396 |
Unamortized debt issuance costs |  |  |  |  | (9,350) |  |  | (9,859) |
Current portion |  |  |  |  | (48,975) |  |  | (4,360) |
Total long-term debt, less current portion |  |  |  |  | $ | 1,526,699 |  |  | 1,491,965 |
___________________________________ (a)Senior notes held by institutional investors are unsecured obligations of SJW Group, SJWC, CWC, TWC and MWC and require interest-only payments until maturity. To minimize issuance costs, the companies’ debt has primarily been placed privately. The following is a table of the consolidated company’s schedule of principal payments:
Year |
2024 | 48,975 |
2025 | 3,648 |
2026 | 23,740 |
2027 | 2,995 |
2028 | 44,486 |
Thereafter | 1,459,597 |
The estimated fair value of long-term debt as of December 31, 2023 and 2022 was $1,394,412 and $1,294,354, respectively, and was determined using a discounted cash flow analysis, based on the current rates for similar financial instruments of the same duration and creditworthiness of the company. Of the total fair value of long-term debt, $1,378,683 would be categorized as Level 2 in the fair value hierarchy and $15,729 would be categorized as Level 3 in the fair value hierarchy. SJWC On July 14, 2022, SJWC entered into a note purchase agreement with certain affiliates of New York Life Insurance, Metropolitan Life Insurance, Northwestern Mutual Life Insurance, and John Hancock Life Insurance (collectively the “Purchasers”), pursuant to which the company sold an aggregate principal amount of $70,000 of its 4.85% Senior Notes, Series P (“Series P Notes”) to the Purchasers. The Series P Notes are unsecured obligations of SJWC and are due on February 1, 2053. Interest is payable semi-annually in arrears on February 1st and August 1st of each year. The note purchase agreement contains customary affirmative and negative covenants for as long as the Series P Notes are outstanding. The Series P Notes are also subject to customary events of default. The closing of the note purchase agreement occurred on January 25, 2023. CWC On June 28, 2022, CWC entered into a note purchase agreement with certain affiliates of New York Life Insurance Company, pursuant to which CWC sold an aggregate principal amount of $25,000 of its 4.71% Senior Notes, Series 2022, due 2052. The closing of the note purchase agreement occurred on December 14, 2022. The Series 2022 Notes are unsecured obligations of CWC. Interest is payable semi-annually in arrears on June 15th and December 15th of each year. On November 15, 2023, CWC entered into a note purchase agreement with certain affiliates of American United Life Insurance, The State Life Insurance, Mutual of Omaha Insurance, and United of Omaha Life Insurance, pursuant to which the company sold an aggregate principal amount of $25,000 of its 6.46% Senior Notes, Series 2023 (“Series 2023 Notes”). The Series 2023 Notes are unsecured obligations of CWC and are due on January 1, 2054. Interest is payable semi-annually in arrears on January 15th and July 15th of each year. The closing of the notes purchase agreement occurred on January 22, 2024. TWC On October 31, 2022, TWC entered into a credit with a commercial bank, pursuant to an existing master loan agreement under which the commercial bank issued TWC a promissory note on the same date with an aggregate principal amount of $15,000 at a fixed interest rate of 5.54% due on May 30, 2052. The notes are unsecured obligations of TWC. Interest is payable quarterly in arrears on the 20th day of January, April, July and October of each year. TWR In August 2023, TWR closed on an asset acquisition that included an obligation for a post-closing production payment of $29,000 to the seller over a period of up to 29 years. The repayment schedule is based on the quantity of groundwater produced from the acquired wells, subject to certain provisions in the purchase agreement. The difference between the gross obligation of $29,000 and the fair value at the date of acquisition is reflected as a debt discount and is being amortized as interest expense using the effective interest method over the life of the obligation. MWC On April 6, 2022, MWC entered into a credit agreement with a commercial bank, pursuant to an existing master loan agreement under which the commercial bank issued MWC a promissory note on the same date with an aggregate principal amount of $15,000 at a fixed interest rate of 4.54%, due May 31, 2042. The notes are unsecured obligations of MWC. Interest is payable quarterly in arrears on the 20th day of January, April, July and October of each year. Proceeds from the borrowing were received on May 13, 2022. Financial Covenants The debt and credit agreements of SJW Group and its subsidiaries contain various financial and other covenants. Non-compliance with these covenants could result in accelerated due dates and termination of the agreements. In addition, the credit agreements contain customary representations and warranties and subject to customary events of default, which may result in outstanding notes becoming immediately due and payable. As of December 31, 2023, SJW Group and its subsidiaries were in compliance with all covenants related to its long-term debt agreements.

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