10-Q Filing

CALIFORNIA WATER SERVICE GROUP CIK: 1035201 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001035201-21-000006`
Period End Date	20210331
Filing Date	20210429
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	cwt-20210331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 48 Cash Flow Statement 62

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	68.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	68.00M	shares	Point-in-time
Utility plant	`PublicUtilitiesPropertyPlantAndEquipmentPlantInService`	$3.89B	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	50.84M	shares	Point-in-time
Utility plant	`PublicUtilitiesPropertyPlantAndEquipmentPlantInService`	$3.95B	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	50.33M	shares	Point-in-time
Less accumulated depreciation and amortization	`PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation`	$1.24B	USD	Point-in-time
Less accumulated depreciation and amortization	`PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation`	$1.27B	USD	Point-in-time
Net utility plant	`PublicUtilitiesPropertyPlantAndEquipmentNet`	$2.68B	USD	Point-in-time
Net utility plant	`PublicUtilitiesPropertyPlantAndEquipmentNet`	$2.65B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$44.55M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$84.39M	USD	Point-in-time
Customers, net	`AccountsReceivableNetCurrent`	$44.02M	USD	Point-in-time
Customers, net	`AccountsReceivableNetCurrent`	$39.65M	USD	Point-in-time
Regulatory balancing accounts	`RegulatoryAssetsCurrent`	$97.82M	USD	Point-in-time
Regulatory balancing accounts	`RegulatoryAssetsCurrent`	$96.24M	USD	Point-in-time
Other, net	`NontradeReceivablesCurrent`	$20.33M	USD	Point-in-time
Other, net	`NontradeReceivablesCurrent`	$19.47M	USD	Point-in-time
Unbilled revenue, net	`ReceivablesLongTermContractsOrPrograms`	$33.95M	USD	Point-in-time
Unbilled revenue, net	`ReceivablesLongTermContractsOrPrograms`	$34.07M	USD	Point-in-time
Materials and supplies at weighted average cost	`PublicUtilitiesInventory`	$8.83M	USD	Point-in-time
Materials and supplies at weighted average cost	`PublicUtilitiesInventory`	$9.20M	USD	Point-in-time
Taxes, prepaid expenses, and other assets	`TaxesPrepaidExpensesAndOtherAssetsCurrent`	$17.96M	USD	Point-in-time
Taxes, prepaid expenses, and other assets	`TaxesPrepaidExpensesAndOtherAssetsCurrent`	$17.93M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$302.40M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$266.02M	USD	Point-in-time
Regulatory assets	`RegulatoryAssetsNoncurrent`	$325.38M	USD	Point-in-time
Regulatory assets	`RegulatoryAssetsNoncurrent`	$328.34M	USD	Point-in-time
Goodwill	`Goodwill`	$31.39M	USD	Point-in-time
Goodwill	`Goodwill`	$31.84M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$124.41M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$120.46M	USD	Point-in-time
Total other assets	`TotalOtherAssets`	$477.67M	USD	Point-in-time
Total other assets	`TotalOtherAssets`	$484.13M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$3.39B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$3.47B	USD	Point-in-time
Common stock, $0.01 par value; 68,000 shares authorized, 50,835 and 50,334 outstanding in 2021 and 2020, respectively	`CommonStockValue`	$508.00K	USD	Point-in-time
Common stock, $0.01 par value; 68,000 shares authorized, 50,835 and 50,334 outstanding in 2021 and 2020, respectively	`CommonStockValue`	$503.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$471.70M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$448.63M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$457.60M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$472.21M	USD	Point-in-time
Total common stockholders equity	`StockholdersEquity`	$779.91M	USD	Point-in-time
Total common stockholders equity	`StockholdersEquity`	$755.14M	USD	Point-in-time
Total common stockholders equity	`StockholdersEquity`	$921.34M	USD	Point-in-time
Total common stockholders equity	`StockholdersEquity`	$929.80M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$781.10M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$780.95M	USD	Point-in-time
Total capitalization	`CapitalizationLongtermDebtAndEquity`	$1.71B	USD	Point-in-time
Total capitalization	`CapitalizationLongtermDebtAndEquity`	$1.70B	USD	Point-in-time
Current maturities of long-term debt, net	`LongTermDebtCurrent`	$5.13M	USD	Point-in-time
Current maturities of long-term debt, net	`LongTermDebtCurrent`	$5.14M	USD	Point-in-time
Short-term borrowings	`ShortTermBorrowings`	$370.00M	USD	Point-in-time
Short-term borrowings	`ShortTermBorrowings`	$435.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$131.72M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$120.55M	USD	Point-in-time
Regulatory balancing accounts	`RegulatoryLiabilityCurrent`	$34.22M	USD	Point-in-time
Regulatory balancing accounts	`RegulatoryLiabilityCurrent`	$34.64M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$6.18M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$14.73M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$45.84M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$41.04M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$588.71M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$655.47M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$275.99M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$276.03M	USD	Point-in-time
Pension and postretirement benefits other than pensions	`OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent`	$115.58M	USD	Point-in-time
Pension and postretirement benefits other than pensions	`OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent`	$111.93M	USD	Point-in-time
Regulatory liabilities and other	`RegulatoryAndOtherLiabilities`	$251.85M	USD	Point-in-time
Regulatory liabilities and other	`RegulatoryAndOtherLiabilities`	$247.81M	USD	Point-in-time
Advances for construction	`ContractWithCustomerRefundLiabilityNoncurrent`	$195.62M	USD	Point-in-time
Advances for construction	`ContractWithCustomerRefundLiabilityNoncurrent`	$197.72M	USD	Point-in-time
Contributions in aid of construction	`ContributionsInAidOfConstruction`	$268.05M	USD	Point-in-time
Contributions in aid of construction	`ContributionsInAidOfConstruction`	$267.77M	USD	Point-in-time
Commitments and contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
TOTAL CAPITALIZATION AND LIABILITIES	`LiabilitiesAndStockholdersEquity`	$3.47B	USD	Point-in-time
TOTAL CAPITALIZATION AND LIABILITIES	`LiabilitiesAndStockholdersEquity`	$3.39B	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Operating revenue	`RegulatedOperatingRevenueWater`	$125.56M	USD	1 Quarter
Operating revenue	`RegulatedOperatingRevenueWater`	$147.74M	USD	1 Quarter
Water production costs	`UtilitiesOperatingExpenseProductsAndServices`	$53.98M	USD	1 Quarter
Water production costs	`UtilitiesOperatingExpenseProductsAndServices`	$54.83M	USD	1 Quarter
Administrative and general	`GeneralAndAdministrativeExpense`	$30.37M	USD	1 Quarter
Administrative and general	`GeneralAndAdministrativeExpense`	$29.68M	USD	1 Quarter
Other operations	`UtilitiesOperatingExpenseOther`	$17.91M	USD	1 Quarter
Other operations	`UtilitiesOperatingExpenseOther`	$13.97M	USD	1 Quarter
Maintenance	`UtilitiesOperatingExpenseMaintenance`	$6.77M	USD	1 Quarter
Maintenance	`UtilitiesOperatingExpenseMaintenance`	$7.07M	USD	1 Quarter
Depreciation and amortization	`UtilitiesOperatingExpenseDepreciationAndAmortization`	$27.05M	USD	1 Quarter
Depreciation and amortization	`UtilitiesOperatingExpenseDepreciationAndAmortization`	$24.49M	USD	1 Quarter
Income taxes	`UtilitiesOperatingExpenseIncomeTaxExpenseBenefit`	$-3.94M	USD	1 Quarter
Income taxes	`UtilitiesOperatingExpenseIncomeTaxExpenseBenefit`	$-101.00K	USD	1 Quarter
Property and other taxes	`UtilitiesOperatingExpensePropertyandOtherTaxes`	$7.23M	USD	1 Quarter
Property and other taxes	`UtilitiesOperatingExpensePropertyandOtherTaxes`	$8.00M	USD	1 Quarter
Total operating expenses	`UtilitiesOperatingIncomeExpense`	$132.49M	USD	1 Quarter
Total operating expenses	`UtilitiesOperatingIncomeExpense`	$144.82M	USD	1 Quarter
Net operating income	`OperatingIncomeLoss`	$-6.92M	USD	1 Quarter
Net operating income	`OperatingIncomeLoss`	$2.92M	USD	1 Quarter
Non-regulated revenue	`UnregulatedOperatingRevenue`	$3.83M	USD	1 Quarter
Non-regulated revenue	`UnregulatedOperatingRevenue`	$5.57M	USD	1 Quarter
Non-regulated expenses	`OtherNonoperatingExpense`	$4.76M	USD	1 Quarter
Non-regulated expenses	`OtherNonoperatingExpense`	$8.45M	USD	1 Quarter
Other components of net periodic benefit cost	`DefinedBenefitPlanOtherCosts`	$1.43M	USD	1 Quarter
Other components of net periodic benefit cost	`DefinedBenefitPlanOtherCosts`	$-2.98M	USD	1 Quarter
Allowance for equity funds used during construction	`PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions`	$544.00K	USD	1 Quarter
Allowance for equity funds used during construction	`PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions`	$1.61M	USD	1 Quarter
Income tax (expense) benefit on other income and expenses	`UtilitiesNonregulatedExpenseIncomeTaxExpenseBenefit`	$-913.00K	USD	1 Quarter
Income tax (expense) benefit on other income and expenses	`UtilitiesNonregulatedExpenseIncomeTaxExpenseBenefit`	$358.00K	USD	1 Quarter
Net other income	`OtherNonoperatingIncomeExpense`	$3.98M	USD	1 Quarter
Net other income	`OtherNonoperatingIncomeExpense`	$-3.53M	USD	1 Quarter
Interest expense	`InterestExpenseDebt`	$10.80M	USD	1 Quarter
Interest expense	`InterestExpenseDebt`	$10.22M	USD	1 Quarter
Allowance for borrowed funds used during construction	`InterestCostsCapitalizedAdjustment`	$944.00K	USD	1 Quarter
Allowance for borrowed funds used during construction	`InterestCostsCapitalizedAdjustment`	$294.00K	USD	1 Quarter
Net interest expense	`InterestCostsIncurred`	$9.93M	USD	1 Quarter
Net interest expense	`InterestCostsIncurred`	$9.85M	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-20.31M	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.03M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.06	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.42	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.42	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.06	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	50.44M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	48.58M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	48.58M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	50.44M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-20.31M	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.03M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$25.09M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$27.67M	USD	1 Quarter
Change in value of life insurance contracts	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$349.00K	USD	1 Quarter
Change in value of life insurance contracts	`LifeInsuranceCorporateOrBankOwnedChangeInValue`	$-4.72M	USD	1 Quarter
Allowance for equity funds used during construction	`PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions`	$544.00K	USD	1 Quarter
Allowance for equity funds used during construction	`PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions`	$1.61M	USD	1 Quarter
Receivables and unbilled revenue	`IncreaseDecreaseInReceivables`	$-7.26M	USD	1 Quarter
Receivables and unbilled revenue	`IncreaseDecreaseInReceivables`	$-6.26M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-10.22M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-7.38M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$152.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$3.77M	USD	1 Quarter
Other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$3.32M	USD	1 Quarter
Other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$12.37M	USD	1 Quarter
Other changes in noncurrent assets and liabilities	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$2.02M	USD	1 Quarter
Other changes in noncurrent assets and liabilities	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$3.25M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.07M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$29.98M	USD	1 Quarter
Utility plant expenditures	`PaymentsToAcquireWaterAndWasteWaterSystems`	$65.27M	USD	1 Quarter
Utility plant expenditures	`PaymentsToAcquireWaterAndWasteWaterSystems`	$66.82M	USD	1 Quarter
Payment for investment	`PaymentsToAcquireEquityMethodInvestments`	-	USD	1 Quarter
Payment for investment	`PaymentsToAcquireEquityMethodInvestments`	$2.90M	USD	1 Quarter
Refund of investment	`ProceedsFromRefundsOfEquityMethodInvestments`	$1.00M	USD	1 Quarter
Refund of investment	`ProceedsFromRefundsOfEquityMethodInvestments`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-68.72M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-65.27M	USD	1 Quarter
Short-term borrowings	`ProceedsFromShortTermDebt`	$105.00M	USD	1 Quarter
Short-term borrowings	`ProceedsFromShortTermDebt`	$170.00M	USD	1 Quarter
Repayment of short-term borrowings	`RepaymentsOfShortTermDebt`	$40.00M	USD	1 Quarter
Repayment of short-term borrowings	`RepaymentsOfShortTermDebt`	$10.00M	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$197.00K	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$176.00K	USD	1 Quarter
Advances and contributions in aid of construction	`ProceedsFromContributionInAidOfConstructionFinancingActivities`	$6.43M	USD	1 Quarter
Advances and contributions in aid of construction	`ProceedsFromContributionInAidOfConstructionFinancingActivities`	$6.47M	USD	1 Quarter
Refunds of advances for construction	`RepaymentsOfAdvancesForConstruction`	$2.71M	USD	1 Quarter
Refunds of advances for construction	`RepaymentsOfAdvancesForConstruction`	$2.16M	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$1.42M	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$1.37M	USD	1 Quarter
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$6.51M	USD	1 Quarter
Issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$23.18M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$10.31M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$11.58M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$78.76M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$158.90M	USD	1 Quarter
Change in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$97.70M	USD	1 Quarter
Change in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$40.02M	USD	1 Quarter
Cash, cash equivalents, and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$141.00M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$45.13M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$85.15M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$43.30M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$141.00M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$45.13M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$85.15M	USD	Point-in-time
Cash, cash equivalents, and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$43.30M	USD	Point-in-time
Cash paid for interest (net of amounts capitalized)	`InterestPaidNet`	$1.23M	USD	1 Quarter
Cash paid for interest (net of amounts capitalized)	`InterestPaidNet`	$909.00K	USD	1 Quarter
Accrued payables for investments in utility plant	`NoncashOrPartNoncashAcquisitionPayablesAssumed1`	$48.55M	USD	1 Quarter
Accrued payables for investments in utility plant	`NoncashOrPartNoncashAcquisitionPayablesAssumed1`	$38.02M	USD	1 Quarter
Utility plant contribution by developers	`UtilityPlantContributionByDevelopers`	$8.01M	USD	1 Quarter
Utility plant contribution by developers	`UtilityPlantContributionByDevelopers`	$5.90M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.