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Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Long-term debt as of December 31 was as follows:
Description | Rate |  | Maturity |  | 2025 |  | 2024
H2O America Senior notes (a) | 2.47% - 3.53% |  | 2029 - 2039 |  | $ | 560,000 |  |  | 560,000 |
SJWC: |  |  |  |  |  |  |
Senior notes (a) | 3.00% - 7.20% |  | 2026 - 2055 |  | 560,000 |  |  | 505,000 |
California Pollution Control Financing Authority Revenue Bond | 4.75% |  | 2046 |  | 70,000 |  |  | 70,000 |
Total SJWC |  |  |  |  | 630,000 |  |  | 575,000 |
CTWS bank term loans | 4.09%, 4.15% |  | 2027, 2037 |  | 12,212 |  |  | 14,389 |
CWC: |  |  |  |  |  |  |
Connecticut Innovations Revenue Bonds, variable rate |  |  | 2028 - 2029 |  | 22,050 |  |  | 22,050 |
Senior notes (a) | 3.07% - 6.46% |  | 2037 - 2055 |  | 330,000 |  |  | 270,000 |
State revolving fund loans | 2.00% |  | 2044 |  | 308 |  |  | 327 |
Bank term loans | 4.04% - 4.75% |  | 2028 - 2036 |  | 96,295 |  |  | 96,295 |
Total CWC |  |  |  |  | 448,653 |  |  | 388,672 |
TWC: |  |  |  |  |  |  |
Senior note (a) | 6.27% |  | 2036 |  | 15,000 |  |  | 15,000 |
Bank term loans | 4.01% - 6.68% |  | 2041 - 2055 |  | 105,000 |  |  | 65,000 |
Seller financing debt | (b) |  | 2053 |  | 29,000 |  |  | 29,000 |
Total TWC |  |  |  |  | 149,000 |  |  | 109,000 |
MWC: |  |  |  |  |  |  |
State revolving fund loans | 0.00% - 2.23% |  | 2026 - 2054 |  | 16,336 |  |  | 12,763 |
Bank term loans | 3.89% - 6.47% |  | 2026 - 2055 |  | 85,000 |  |  | 60,000 |
Total MWC |  |  |  |  | 101,336 |  |  | 72,763 |
Total debt |  |  |  |  | 1,901,201 |  |  | 1,719,824 |
Unamortized debt premium and discount, net |  |  |  |  | (1,644) |  |  | (56) |
Unamortized debt issuance costs |  |  |  |  | (9,234) |  |  | (9,216) |
Current portion |  |  |  |  | (23,504) |  |  | (3,648) |
Total long-term debt, less current portion |  |  |  |  | $ | 1,866,819 |  |  | 1,706,904 |
___________________________________ (a)Senior notes held by institutional investors are unsecured obligations of H2O America, SJWC, CWC, TWC and MWC and require interest-only payments until maturity. To minimize issuance costs, the companies’ debt has primarily been placed privately. (b)Debt does not contain a stated interest rate but is discounted using an effective rate of 5.61%.
Schedule of Maturities of Long-term Debt | The following is a table of the consolidated company’s schedule of principal payments:
Year |
2026 | $ | 23,950 |
2027 | 3,207 |
2028 | 44,699 |
2029 | 325,624 |
2030 | 53,201 |
Thereafter | 1,450,520 |
The following is a table of the H2O America’s schedule of principal payments on long-term debt:
Year |
2026 | $ | — |
2027 | — |
2028 | — |
2029 | 310,000 |
2030 | 50,000 |
Thereafter | 200,000 |

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