0000766829-25-000009 | 10-K | XBRL Viewer

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Commitments (Details) $ / billionGallon in Thousands, $ in Thousands						1 Months Ended	3 Months Ended	12 Months Ended
	Jun. 12, 2024	May 19, 2023 gal	Nov. 07, 2020 $ / ft³ gal	Nov. 06, 2020	May 19, 2003	Oct. 31, 2024 USD ($) serviceConnection	Mar. 31, 2023	Dec. 31, 2024 USD ($) acre_foot employee $ / billionGallon $ / ft³ gal	Dec. 31, 2023 USD ($) gal	Dec. 31, 2022 USD ($) gal	Dec. 31, 2008 gal
Long-term Purchase Commitment [Line Items]
Purchased water \| $								$ 158,568	$ 135,982	$ 122,334
Number of service connections \| serviceConnection						4,700
Service agreement, term of contract						12 years
Service agreement, renewal term						8 years
Service agreement, upfront concession fee \| $						$ 22,100
Service agreement, annual rent expense \| $						$ 1,800
Union Member
Long-term Purchase Commitment [Line Items]
Collective bargaining agreement percent of wage increase for 2023							6.00%
Collective bargaining agreement percent of wage increase for 2024							3.50%
Collective bargaining agreement percent of wage increase for 2025							5.50%
SJW Group
Long-term Purchase Commitment [Line Items]
Number of employees \| employee								395
SJW Group \| Union Member
Long-term Purchase Commitment [Line Items]
Number of employees \| employee								241
RWA \| Capacity Agreement
Long-term Purchase Commitment [Line Items]
Current contract water rate \| $ / billionGallon								3,100
RWA \| Maximum \| Capacity Agreement
Long-term Purchase Commitment [Line Items]
Agreement to purchase water (in gallons of water) \| gal											1,000,000
MDC \| Capacity Agreement
Long-term Purchase Commitment [Line Items]
Current contract water rate \| $ / ft³								3.80
Agreement to purchase water (in gallons of water) \| gal		280,000,000
Purchase commitment period					50 years
Kennebec Water District
Long-term Purchase Commitment [Line Items]
Agreement to purchase water (in gallons of water) \| gal			50,000,000.00
Long-term purchase commitment, wholesale discount (in USD per hundred cubic feet) \| $ / ft³			0.20
Contract agreement, term			20 years	20 years
Tariff rate (in USD per hundred cubic feet) \| $ / ft³								1.51
International Union of Operating Engineers \| SJW Group
Long-term Purchase Commitment [Line Items]
Bargaining agreements, term							3 years
Santa Clara Valley Water District
Long-term Purchase Commitment [Line Items]
Master contract, negotiated term for delivery schedules								3 years
Water purchased (in gallons) \| gal								17,000,000,000.0	18,300,000,000	18,200,000,000
Purchased water \| $								$ 117,698	$ 111,173	$ 96,793
Reduction in delivery schedule, percent	23.00%
Minimum percent of delivery schedule to be purchased								90.00%
Minimum volume of water to be purchased (in gallons) \| gal								18,900,000,000
Cost of water to be purchased \| $								$ 135,975
Current contract water rate \| $ / billionGallon								7,194
Guadalupe-Blanco River Authority \| SJWTX, Inc.
Long-term Purchase Commitment [Line Items]
Long-term purchase commitment, minimum area required (in acre-feet of water) \| acre_foot								7,602
Notice period required for contract adjustment								60 days
Lower Colorado River Authority \| SJWTX, Inc.
Long-term Purchase Commitment [Line Items]
Long-term purchase commitment, minimum area required (in acre-feet of water) \| acre_foot								350

Summary of Significant Accounting Policies - Financial Instruments and Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Bank Owned Life Insurance	$ 8,944	$ 8,220
Value of life insurance contracts	$ 4,294	$ 3,937

Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reduction to its allowance for credit losses		$ 7,822
Regulatory Asset Reduction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reduction to its allowance for credit losses	$ 3,960
General and Administrative Expense
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reduction to its allowance for credit losses		$ 3,862
Reduction in allowance for credit losses, net of tax			$ 2,782
Reduction in allowance for credit loss, per diluted share (in dollars per share)			$ 0.08

Regulatory Matters

12 Months Ended

Dec. 31, 2024

Regulated Operations [Abstract]

Regulatory Matters

Regulation

Water Utility Services, excluding non-tariffed activities, are subject to rate regulation based on cost recovery and meets the criteria of accounting guidance for rate-regulated operations under ASC Topic 980, which affects the timing of the recognition of certain revenues and expenses. SJW Group’s consolidated financial statements reflect the actions of regulators in the rate-

making process. The rate-making process is intended to provide revenues sufficient to recover normal operating expenses, provide funds for replacement of water infrastructure and produce a fair and reasonable return on stockholder common equity.

Water Utility Services, excluding non-tariffed activities, recognizes regulatory assets for incurred costs that are deemed probable of recovery from customers. Also, Water Utility Services recognizes regulatory liabilities for amounts expected to be refunded to customers in the rate-making process and for amounts collected in advance of the related expenditures. Regulatory assets or liabilities are also recognized for special revenue programs such as WCMA and WRA in accordance with guidance on alternative revenue programs under ASC Topic 980. Application of ASC 980, including determining whether recovery is probable, requires significant judgment by management and includes assessing evidence that may exist prior to regulatory authorization, including regulatory rules and decisions, historical ratemaking practices, and other facts and circumstances that would indicate that recovery or refund is probable.

If the regulated utility determines that it is no longer probable that regulatory assets or liabilities would be recovered or refunded through the regulatory process, or if the utility ceased to be subject to rate regulation, the affected regulatory assets and liabilities would be derecognized with a corresponding adjustment to income in the period in which that determination was made.

SJWC has established balancing accounts for the purpose of tracking the under-collection or over-collection associated with expense changes and the revenue authorized by the CPUC to offset those expense changes. SJWC’s Full Cost Balancing Account (“FCBA”) tracks water supply costs and energy consumption. The Monterey Water Revenue Adjustment (“MWRAM”) balancing account tracks the difference between the revenue received for actual metered sales through the tiered volumetric rate and the revenue that would have been received with the same actual metered sales if a uniform rate would have been in effect.

SJWC also maintains memorandum accounts to track impacts due to catastrophic events, certain unforeseen water quality expenses related to new federal and state water quality standards, energy efficiency, water conservation, water tariffs, and other approved activities or as directed by the CPUC. The WCMA allows SJWC to track lost revenue, net of related water costs, associated with reduced sales due to water conservation and associated calls for water use reduction, both mandatory and voluntary. SJWC records the lost revenue captured in the WCMA balancing accounts, including amounts related to a 20-basis point reduction in the authorized return on equity per the terms of the WCMA. Applicable drought surcharges collected are used to offset the revenue losses tracked in the WCMA. Mandatory water conservation requirements from Santa Clara Valley Water District (“Valley Water”) ended on April 11, 2023, which also ended SJWC’s Mandatory Conservation Plan, that included drought allocations and surcharges. On October 2, 2023, the CPUC approved the continuation of WCMA and Water Conservation Expense Memorandum Account under the voluntary call for conservation effective April 20, 2023. All balancing accounts and memorandum accounts not included for recovery or refund in current customer rates will be reviewed by the CPUC in SJWC’s next general rate case or at the time an individual account balance reaches a threshold of 2% of authorized revenue, whichever occurs first. On December 19, 2024, the CPUC issued General Rate Case Decision No. 24-12-077, which approved a recovery of $15,792 in balancing and memorandum accounts from customers through a 12-month surcharge effective January 1, 2025.

CWC has been authorized by PURA to utilize WRA, a decoupling mechanism, to mitigate risks associated with changes in demand. The WRA is used to reconcile actual water demands with the demands projected in the most recent general rate case and allows the company to implement a surcharge or sur-credit as necessary to recover or refund the revenues approved in the general rate case. The WRA allows the company to defer, as a regulatory asset or liability, the amount by which actual revenues deviate from the revenues allowed in the most recent general rate proceedings.

Regulatory Assets and Liabilities

Regulatory assets and liabilities are comprised of the following as of December 31:


	2024		2023
Regulatory assets:
Income tax temporary differences (a) (q)	$	180,103	157,669
Unrecognized pensions and other postretirement benefits (b) (q)	3,177		24,593
Business combinations debt premium (c) (q)	12,313		14,855
Employee benefit costs (d) (q)	6,370		9,815
MWRAM (e)	9,985		9,361
Customer Assistance Program (“CAP”) balancing account (f)	6,599		5,457
Catastrophic event memorandum accounts (“CEMA”) (g)	986		4,819
2022 general rate case interim memorandum account (h)	3,392		4,571
Revenue adjustment mechanisms (n) (q)	5,024		—
Water supply costs (i)	—		583
Other (j)	14,278		8,463
Total regulatory assets	242,227		240,186
Less: current regulatory asset (k)	18,172		4,276
Total regulatory assets, less current portion	$	224,055	235,910
Regulatory liabilities:
Cost of removal (l)	$	364,398	346,418
Future income tax benefits due to customers (m)	84,128		88,610
Unrecognized pensions and other postretirement benefits (b)	27,872		20,196
Employee benefit costs (d)	1,137		—
Revenue adjustment mechanisms (n)	1,122		5,536
Water supply costs (i)	3,386		—
Other (o)	2,798		3,407
Total regulatory liabilities	484,841		464,167
Less: current regulatory liabilities (p)	1,122		3,059
Total regulatory liabilities, less current portion	$	483,719	461,108

___________________________________

(a)Consists primarily of temporary income tax differences that are flowed through to customers, which will be recovered in future rates as these temporary differences reverse. The company expects to recover regulatory assets related to plant depreciation income tax temporary differences over the lives of the plant assets, which are between 5 to 100 years.

(b)Represents actuarial losses and gains and prior service cost that have not yet been recognized as components of net periodic benefit cost for certain pension and other postretirement benefit plans.

(c)Consists of debt fair value adjustments recognized through purchase accounting for the completed merger with CTWS in 2019.

(d)Includes deferrals of pension and other postretirement benefit expense, cost of accrued benefits for vacation, and group health insurance.

(e)MWRAM is described in the previous section.

(f)Represents costs associated with SJWC’s CAP.

(g)The CPUC has authorized water utilities to activate CEMA accounts in order to track savings and costs related to SJWC’s response to catastrophic events, which includes external labor and materials, increases in bad debt from suspension of shutoffs for non-payment, waived deposits and reconnection fees, and divergence from actual versus authorized usage. The balances primarily relate to expenses associated with SJWC’s response to COVID-19, including bad debt.

(h)Represents the difference between revenues collected in interim rates in effect as of January 1, 2022 and revenues that would result from rates authorized in SJWC’s 2022 general rate case retroactive to January 1, 2022.

(i)Reflects primarily SJWC’s FCBA which tracks differences in actual water supply costs compared to amounts assumed in base rates, including applicable changes and variations in costs and quantities that affect the overall mix of the water supply.

(j)Other includes other balancing and memorandum accounts and regulatory mechanisms, deferred costs for certain information technology activities, asset retirement obligations, tank painting, well reconditioning and rate case expenses.

(k)As of December 31, 2024, primarily relates to SJWC’s balancing and memorandum account surcharge in accordance with Decision No. 24-12-077 and the current portion of CWC’s deferred well redevelopment and rate case costs. As of December 31, 2023, primarily relates to the current portion of MWRAM.

(l)Represents amounts collected in rates from customers for estimated costs to retire assets at the end of their expected useful lives before the costs are incurred.

(m)On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the "Tax Act”) was signed into law. The Tax Act included a reduction in the federal income tax rate from 35% to 21%. The rate reduction was effective on January 1, 2018 and resulted in a regulatory liability for the excess deferred income taxes. The benefit of amortization of excess deferred income taxes flows back to the customers under current normalization rules and agreed upon methods with the commissions.

(n)Consists of WRA and WCMA, which are described in the previous section.

(o)Other includes other balancing and memorandum accounts, other regulatory mechanisms and accrued tank painting costs.

(p)Primarily relates to the current portion of WRA.

(q)Generally not earning a return either by interest on the regulatory asset or as a component of rate base at the allowed rate of return.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Utility plant:
Land	$ 44,657	$ 41,415
Depreciable plant and equipment	4,249,314	3,967,911
Construction work in progress	179,486	106,980
Intangible assets	51,604	35,946
Total utility plant	4,525,061	4,152,252
Less accumulated depreciation and amortization	1,036,450	981,598
Net utility plant	3,488,611	3,170,654
Nonutility properties and real estate investments	1,314	13,350
Less accumulated depreciation and amortization	98	194
Net nonutility properties and real estate investments	1,216	13,156
Current assets:
Cash and cash equivalents	11,114	9,723
Accounts receivable:
Customers, net of allowances for uncollectible accounts of $1,172 and $6,551 in 2024 and 2023, respectively	68,679	67,870
Income tax	5,953	5,187
Other	7,059	3,684
Accrued unbilled revenue	60,847	49,543
Assets held for sale	0	40,850
Prepaid expenses	10,297	11,110
Current regulatory assets	18,172	4,276
Other current assets	8,593	6,146
Total current assets	190,714	198,389
Other assets:
Regulatory assets, less current portion	224,055	235,910
Investments	18,087	16,411
Postretirement benefit plans	66,422	33,794
Other intangible asset	0	28,386
Goodwill	640,311	640,311
Other	28,893	8,056
Total other assets	977,768	962,868
Total assets	4,658,309	4,345,067
Stockholders’ equity:
Common stock, $0.001 par value; authorized 70,000,000 shares in 2024 and 2023; issued and outstanding 33,629,169 shares in 2024 and 32,023,004 shares in 2023	34	32
Additional paid-in capital	827,796	736,191
Retained earnings	537,184	495,383
Accumulated other comprehensive income	1,960	1,791
Total stockholders’ equity	1,366,974	1,233,397
Long-term debt, less current portion	1,706,904	1,526,699
Total capitalization	3,073,878	2,760,096
Current liabilities:
Lines of credit	119,124	171,500
Current portion of long-term debt	3,648	48,975
Accrued groundwater extraction charges, purchased water and power	25,118	24,479
Accounts payable	56,256	46,121
Accrued interest	17,476	15,816
Accrued payroll	15,193	12,229
Current regulatory liabilities	1,122	3,059
Other current liabilities	23,236	20,795
Total current liabilities	261,173	342,974
Deferred income taxes	276,043	238,528
Advances for construction	155,397	146,582
Contributions in aid of construction	340,738	326,451
Postretirement benefit plans	45,063	46,836
Regulatory liabilities, less current portion	483,719	461,108
Other noncurrent liabilities	22,298	22,492
Commitments and contingencies
Total capitalization and liabilities	$ 4,658,309	$ 4,345,067

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2021		30,181,348
Beginning balance at Dec. 31, 2021	$ 1,034,519	$ 30	$ 606,392	$ 428,260	$ (163)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	73,828			73,828
Unrealized gain (loss) on investment, net of tax effect	(511)				(511)
Adjustment to pension benefit plans, net of taxes	2,151				2,151
Share-based compensation	4,641		4,791	(150)
Issuance of restricted and deferred stock units (in shares)		54,243
Issuance of restricted and deferred stock units	$ (1,354)		(1,354)
Employee stock purchase plan (in shares)	36,585	36,585
Employee stock purchase plan	$ 2,091		2,091
Common stock issuance, net of costs (in shares)		529,736
Common stock issuance, net of costs	39,085	$ 1	39,084
Dividends paid	(43,582)			(43,582)
Ending balance (in shares) at Dec. 31, 2022		30,801,912
Ending balance at Dec. 31, 2022	1,110,868	$ 31	651,004	458,356	1,477
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	84,987			84,987
Unrealized gain (loss) on investment, net of tax effect	530				530
Adjustment to pension benefit plans, net of taxes	(216)				(216)
Share-based compensation	4,592		4,647	(55)
Issuance of restricted and deferred stock units (in shares)		67,164
Issuance of restricted and deferred stock units	$ (2,259)		(2,259)
Employee stock purchase plan (in shares)	34,122	34,122
Employee stock purchase plan	$ 2,141		2,141
Common stock issuance, net of costs (in shares)		1,119,806
Common stock issuance, net of costs	80,659	$ 1	80,658
Dividends paid	$ (47,905)			(47,905)
Ending balance (in shares) at Dec. 31, 2023	32,023,004	32,023,004
Ending balance at Dec. 31, 2023	$ 1,233,397	$ 32	736,191	495,383	1,791
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	93,967			93,967
Unrealized gain (loss) on investment, net of tax effect	(442)				(442)
Adjustment to pension benefit plans, net of taxes	611				611
Share-based compensation	5,589		5,623	(34)
Issuance of restricted and deferred stock units (in shares)		41,023
Issuance of restricted and deferred stock units	$ (1,212)		(1,212)
Employee stock purchase plan (in shares)	42,853	42,853
Employee stock purchase plan	$ 2,188		2,188
Common stock issuance, net of costs (in shares)		1,522,289
Common stock issuance, net of costs	85,008	$ 2	85,006
Dividends paid	$ (52,132)			(52,132)
Ending balance (in shares) at Dec. 31, 2024	33,629,169	33,629,169
Ending balance at Dec. 31, 2024	$ 1,366,974	$ 34	$ 827,796	$ 537,184	$ 1,960

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Property, Plant and Equipment

The major components of depreciable plant and equipment as of December 31, 2024 and 2023 are as follows:


	2024		2023
Source of supply	$	228,621	207,537
Pumping plant	301,280		284,308
Water treatment plant	367,836		354,617
Transmission and distribution plant	3,015,978		2,820,358
General plant	335,599		301,091
Total depreciable plant and equipment	$	4,249,314	3,967,911

Depreciation is computed using the straight-line method over the estimated remaining service lives of groups of assets. The estimated service lives of depreciable plant and equipment are as follows:


			Useful Lives
Source of supply			20 to 100 years
Pumping plant			5 to 70 years
Water treatment plant			5 to 62 years
Transmission and distribution plant			10 to 100 years
General plant			5 to 68 years

Schedule of Real Estate Investments

The major components of nonutility properties and real estate investments are as follows as of December 31:


	2024		2023
Land	$	915	4,137
Wholesale water supply assets	—		8,465
Buildings and improvements	399		748

Subtotal	1,314		13,350
Less: accumulated depreciation and amortization	98		194
Total	$	1,216	13,156

The following represents the major components of the Tennessee warehouse building and land property recorded in assets held-for-sale on the Consolidated Balance Sheets as of December 31, 2023:


	2023
Land	$	13,170
Buildings and improvements	44,950

Subtotal	58,120
Less: accumulated depreciation and amortization	17,270
Total	$	40,850

Schedule of Estimated Refunds of Advances for Construction and Contributions in Aid of Construction

Estimated refunds for the next five years and thereafter are shown below:


	Estimated Refunds
2025	$	2,997
2026	2,898
2027	2,808
2028	2,741
2029	2,645
Thereafter	44,406

Schedule of Asset Retirement Obligations

As of December 31, 2024 and 2023, the asset retirement obligation is as follows:


	2024			2023
Estimated future retirement costs	$	4,303		4,198
Discount rate	6		%	6	%


Retirement obligation, present value	$	887		862

Schedule of Disaggregation of Revenue

Detail of SJW Group’s revenue components are as follows for the years ended December 31:


	2024		2023	2022
Revenue from contracts with customers	$	736,326	678,168	586,918
Alternative revenue programs, net	6,181		3,634	(1,312)
Other balancing and memorandum accounts and regulatory mechanisms, net	(153)		(17,123)	29,487
Rental income	6,085		5,684	5,605
	$	748,439	670,363	620,698

Benefit Plans - Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	$ 66,422	$ 33,794
Noncurrent liabilities	(45,063)	(46,836)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	61,231	30,671
Current liabilities	(2,308)	(2,365)
Noncurrent liabilities	(38,020)	(40,636)
Liabilities, net	20,903	(12,330)
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	5,191	3,123
Current liabilities	(146)	(113)
Noncurrent liabilities	(6,900)	(6,067)
Liabilities, net	$ (1,855)	$ (3,057)

- Definition

Amount of asset, recognized in statement of financial position, for overfunded defined benefit pension and other postretirement plans.

+ References + Details

Contingencies	12 Months Ended
Contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies SJW Group and its subsidiaries are subject to ordinary routine litigation incidental to its business. In October 2023, CWC, a subsidiary of SJW Group, was named as a defendant in a putative class action lawsuit alleging that the water provided by CWC contained contaminants. The case is currently pending in the State of Connecticut Superior Court. CWC is vigorously defending itself in this lawsuit. At this time, SJW Group is unable to provide a reasonable estimate of any loss. SJWC and CWC are plaintiffs in a lawsuit against manufacturers of certain PFAS compounds for damages, contribution and reimbursement of costs incurred and continuing to be incurred to address the presence of such PFAS compounds in public water supply systems owned and operated by these utility subsidiaries and throughout their respective service areas. The lawsuit is part of Multi-District Litigation (“MDL”), that commenced on December 7, 2018, in the United States District Court for the District of South Carolina. MWC has submitted timely claims as a settlement class member. On February 8, 2024, the MDL court approved settlements involving defendants The Chemours Company, Corteva, Inc., and DuPont de Nemours, Inc. to resolve claims brought in the MDL against them by public water systems, including SJWC and CWC. On March 29, 2024, the MDL court approved a similar settlement involving defendant 3M. On November 22, 2024, the MDL court approved settlements involving defendants Tyco Fire Products LP, Chemgaurd, Inc., and BASF Corporation. SJW Group is monitoring and evaluating the ongoing litigation and settlement activity with the PFAS manufacturers for potential impacts to the various claims that these utility subsidiaries have asserted.

- Definition

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 720
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.Y.Q4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480102/450-20-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.Y.Q2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480102/450-20-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/450-20/tableOfContent

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/450-30/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483049/450-30-50-1

+ Details

Lines of Credit - Narrative (Details)	Dec. 31, 2024 USD ($)	Dec. 31, 2023	Aug. 02, 2023	Feb. 06, 2023 USD ($)	Oct. 31, 2022 USD ($)	Aug. 02, 2022 USD ($)
Line of Credit Facility [Line Items]
Short-term debt, weighted average interest rate	6.08%	6.48%
Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 350,000,000
Revolving Credit Facility \| Line of Credit \| Credit Agreement
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity						$ 300,000,000
Capitalization ratio			0.70
Revolving Credit Facility \| Line of Credit \| CTWS Credit Agreement Maturing August 2028
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	10,000,000				$ 10,000,000
Revolving Credit Facility \| Line of Credit \| CTWS Credit Agreement Maturing May 2025
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 40,000,000			$ 40,000,000

Financial Statement Schedule - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities:
Net income	$ 93,967	$ 84,987	$ 73,828
Adjustments to reconcile net income to net cash used in operating activities:
Deferred income taxes	10,355	(8,510)	(3,244)
Stock-based compensation	5,623	4,647	4,791
Changes in operating assets and liabilities, net of acquired assets and liabilities:
Accounts payable and other current liabilities	4,241	492	(1,388)
Tax payable and other accrued taxes	(18,355)	(22,415)	(11,954)
Other changes, net	7,529	218	(1,339)
Net cash provided by operating activities	195,526	190,831	166,199
Investing activities:
Net cash used in investing activities	(340,095)	(322,272)	(244,328)
Financing activities:
Borrowings from lines of credit	242,000	146,415	158,779
Repayments of lines of credit	(295,260)	(134,493)	(62,197)
Repayments of long-term borrowings	(48,975)	(4,347)	(89,177)
Issuance of common stock, net of issuance costs	85,008	80,659	39,085
Dividends paid	(52,132)	(47,905)	(43,582)
Net cash provided by financing activities	145,960	128,820	78,354
Net change in cash and cash equivalents	1,391	(2,621)	225
Cash and cash equivalents, beginning of year	9,723	12,344	12,119
Cash and cash equivalents, end of year	11,114	9,723	12,344
Cash paid (refunded) during the year for:
Interest	69,744	64,608	58,974
Income taxes	(598)	23,020	6,853
SJW Group
Adjustments to reconcile net income to net cash used in operating activities:
Earnings from investment in subsidiaries	(108,918)	(95,808)	(88,510)
Deferred income taxes	(618)	718	(163)
Stock-based compensation	687	696	779
Changes in operating assets and liabilities, net of acquired assets and liabilities:
Accounts payable and other current liabilities	1,724	281	185
Intercompany receivables	(652)	(6,018)	(3,916)
Tax payable and other accrued taxes	452	1,550	6,883
Accrued interest	(31)	47	(15)
Return on capital from investments in subsidiaries	90,600	50,550	55,950
Other changes, net	532	607	500
Net cash provided by operating activities	77,743	37,610	45,521
Investing activities:
Proceeds to subsidiaries for notes receivable	(173,374)	(148,392)	(27,713)
Repayments from subsidiaries for notes receivable	169,001	91,740	20,634
Investments in subsidiaries	(97,000)	(25,500)	(25,892)
Net cash used in investing activities	(101,373)	(82,152)	(32,971)
Financing activities:
Borrowings from subsidiaries for notes payable	27,098	700	15,355
Repayments to subsidiaries for notes payable	(28,824)	(3,140)	(20,901)
Borrowings from lines of credit	35,000	10,000	0
Repayments of lines of credit	(42,000)	0	0
Issuance of common stock, net of issuance costs	85,008	80,659	39,085
Debt issuance costs	(82)	(46)	(224)
Dividends paid	(52,132)	(47,905)	(43,582)
Net cash provided by financing activities	24,068	40,268	(10,267)
Net change in cash and cash equivalents	438	(4,274)	2,283
Cash and cash equivalents, beginning of year	868	5,142	2,859
Cash and cash equivalents, end of year	1,306	868	5,142
Cash paid (refunded) during the year for:
Interest	17,919	17,465	17,512
Income taxes	0	(4,870)	(5,483)
Supplemental disclosure of non-cash activities:
Share-based compensation from investment in subsidiaries	$ 5,879	$ 3,778	$ 4,656

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Consolidation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of SJW Group, its wholly owned subsidiaries, and one variable interest entity in which one SJW Group subsidiary is the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. The accounting policies of SJW Group’s subsidiaries comply with the applicable uniform system of accounts prescribed by the respective regulators and conform to generally accepted accounting principles for rate-regulated public utilities.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Depreciable Utility Plant and Equipment and Allowance For Funds Used During Construction ("AFUDC")

Depreciation is computed using the straight-line method over the estimated remaining service lives of groups of assets. The estimated service lives of depreciable plant and equipment are as follows:


			Useful Lives
Source of supply			20 to 100 years
Pumping plant			5 to 70 years
Water treatment plant			5 to 62 years
Transmission and distribution plant			10 to 100 years
General plant			5 to 68 years

For the years 2024, 2023 and 2022, depreciation expense as a percentage of the beginning of the year balance of depreciable plant was 2.9%, 2.9% and 3.3%, respectively. Depreciation expense for utility plant for the years ended December 31, 2024, 2023 and 2022 was $111,575, $104,325 and $99,413, respectively. The cost of utility plant retired (less salvage) is charged to accumulated depreciation and no gain or loss is recognized. To the extent SJW Group recovers retirement costs through rates during the life of the associated asset and before the costs are incurred, these amounts result in a regulatory liability being reported based on the amounts previously recovered through customer rates until the costs to retire those assets are incurred.

Allowance For Funds Used During Construction (“AFUDC”)

AFUDC represents the capitalized costs of borrowed funds or a return on equity funds used to finance utility plant under construction and is capitalized as part of construction work in progress. AFUDC is recorded to the extent approved by the respective states’ utility regulators and is recovered through water rates as the utility plant depreciates. The amount of AFUDC debt capitalized in 2024, 2023 and 2022 was $3,524, $2,900 and $4,703, respectively. Interest on long-term debt is presented net of AFUDC debt capitalized on the Consolidated Statements of Comprehensive Income. The amount of AFUDC equity capitalized in 2024, 2023 and 2022 was $2,362, $2,114 and $1,551, respectively, reflected in “Other, net” on the Consolidated Statements of Comprehensive Income.

Intangible Assets

Finite-lived intangible assets are recorded at cost and are amortized using the straight-line method over the estimated useful life of the asset, ranging from 5 to 70 years. Indefinite-lived intangibles assets are not amortized, but instead are tested for impairment annually, or more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired. (see Note 8, “Intangible Assets”).

Nonutility Properties and Real Estate Investments

Nonutility properties and real estate investments are recorded at cost and consist primarily of land and buildings. Net gains and losses from the sale of nonutility properties and real estate investments are recorded as a component of other (expense) income and operating expense, respectively, in the Consolidated Statements of Comprehensive Income. Nonutility property is property that is neither used nor useful in providing water utility services to customers and is excluded from rate base for rate-setting purposes. SJWC recognizes gain or loss on the disposition of nonutility property in accordance with California Public Utilities Commission (“CPUC”) Code Section 790, whereby the net proceeds are reinvested back into property that is useful in providing water utility services to customers. CTWS and TWC do not have regulatory restrictions on the use of proceeds from the sale of nonutility property. There is no depreciation associated with Water Utility Services nonutility property as it is all undeveloped land.

Depreciation on buildings and improvements for real estate investments is computed using the straight-line method over the estimated useful lives of the assets, ranging from 7 to 39 years.

Business Combinations and Asset Acquisitions

SJW Group applies the provisions of Financial Accounting Standards Board (“FASB”) ASC Topic 805—“Business Combinations” for the accounting related to business and asset acquisitions. First, SJW Group applies the guidance in Topic 805 to determine whether a transaction represents a business combination or an acquisition of assets. If the transaction is a business combination, Topic 805 requires SJW Group to recognize separately from goodwill the assets acquired and the liabilities assumed at the acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. If the transaction is an acquisition of assets, the cost of the transaction, including transaction costs, is allocated to the individual assets acquired and liabilities assumed on a relative fair value basis without recognition of goodwill. While SJW Group uses best available estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date, such estimates are inherently uncertain and subject to refinement. For business combinations, Topic 805 provides for a measurement period from the acquisition date of up to one year, during which we may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to the Consolidated Statements of Comprehensive Income. Accounting for business combinations and asset acquisitions requires SJW Group to make significant estimates and assumptions, especially at the acquisition date, including estimates for intangible assets, contractual obligations assumed and pre-acquisition contingencies. Although SJW Group believes that the assumptions and estimates we make are reasonable and appropriate, they are based in part on historical experience and information obtained from the acquired company’s management and are inherently uncertain. Events and circumstances may occur that may affect the accuracy or validity of such assumptions, estimates or actual results. Examples of critical estimates in valuing certain of the intangible assets we have acquired include, but are not limited to: future expected cash flows from services; historical and expected customer attrition rates and anticipated growth in revenue from acquired

customers; the expected use of the acquired assets; and discount rates.

Impairment of Long-Lived Assets and Goodwill

In accordance with the requirements of FASB ASC Topic 360—“Property, Plant and Equipment,” the long-lived assets of SJW Group, including property, plant and equipment and finite-lived intangible assets, are reviewed for impairment when changes in circumstances or events indicate that the carrying amount of the assets may not be recoverable. In assessing qualitative factors, SJW Group considers the impact of these key factors: change in industry and competitive environment, financial performance, and other relevant company-specific events. When such changes in circumstances or events occur, the company assesses recoverability by determining whether the carrying value of such assets will be recovered through the undiscounted expected future cash flows. To the extent an impairment exists, the asset is written down to its estimated fair value with a corresponding charge to operations in the period in which the impairment is identified. No impairments occurred during 2024 and 2023.

Goodwill is not amortized but is tested for impairment annually on October 1st or more frequently if an event occurs or circumstances change that would, more likely than not, reduce the fair value of a reporting unit below its carrying amount. Indefinite-lived intangible assets, other than goodwill, are not amortized but are tested for impairment annually on October 1st or more frequently if an event occurs or circumstances change that would, more likely than not, reduce the fair value of indefinite-lived intangible assets below their carrying amount. In performing impairment tests of goodwill and indefinite-lived intangible assets, SJW Group first performs a qualitative assessment to determine whether it is necessary to perform the quantitative impairment test. In assessing the qualitative factors, SJW Group considers the impact of these key factors: change in industry and competitive environment, financial performance, macroeconomic conditions, and other relevant Company-specific events. If SJW Group determines that as a result of the qualitative assessment it is more likely than not (> 50% likelihood) that the fair value is less than carrying amount, then a quantitative test is performed. As of October 1, 2024, SJW Group performed qualitative assessments of both goodwill and indefinite-lived intangible assets and found no indicators of impairment and therefore did not perform quantitative impairment tests.

Cash and Cash Equivalents

Cash and cash equivalents primarily consisted of cash on deposit with banks and short-term, highly liquid investments with original maturities of three months or less.

Accounts Receivable

Financial Instruments and Investments

The following instruments are not measured at fair value on the company’s Consolidated Balance Sheets but require disclosure of fair values: cash and cash equivalents, accounts receivable, accounts payable, and lines of credit. The estimated fair value of such instruments approximates their carrying value as reported on the Consolidated Balance Sheets. The fair value of such financial instruments are determined using the income approach based on the present value of estimated future cash flows. The fair value of these instruments would be categorized as Level 2 in the fair value hierarchy, with the exception of cash and cash equivalents, which would be categorized as Level 1. The fair value of long-term debt is discussed in Note 6, “Long-Term Debt” and pension plan assets in Note 11, “Benefit Plans.”

Income Taxes

Income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recognized for the effect of temporary differences between financial and tax reporting. Deferred tax assets and liabilities are measured using current tax rates in effect. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date.

To the extent permitted by the regulators, investment tax credits resulting from public utility plant additions are deferred and amortized over the estimated useful lives of the related property. In addition, investment tax credits resulting from other asset additions are recognized in the year the property is put in service.

Advances for Construction and Contributions in Aid of Construction

In California, advances for construction received after 1981 are primarily refunded ratably over 40 years. In Connecticut and Maine, advances for construction are refunded as services are connected to the main over periods not exceeding 15 years and in Texas advances for construction are non-refundable.

Contributions in aid of construction represent funds or property received from developers that are not refundable under applicable regulations. Depreciation applicable to utility plant constructed with these contributions is charged to contributions in aid of construction.

Asset Retirement Obligations

Asset Retirement Obligation

SJW Group’s asset retirement obligation is recorded as a liability included in other non-current liabilities. It reflects principally the retirement costs of wells and other anticipated clean-up costs, which by law, must be remediated upon retirement.

Revenue

SJW Group recognizes revenue under ASC Topic 606—“Revenue from Contracts with Customers” for metered revenue of Water Utility Services, which includes billings to customers based on meter readings plus an estimate of water used between the customers’ last meter reading and the end of the accounting period. SJW Group satisfies its performance obligation upon delivery of water to the customer at which time the customer consumes the benefits provided by the company. The customer is generally billed on a quarterly, monthly, or bi-monthly basis after water delivery has occurred. The customer is charged both a service charge which is based upon meter size and covers a portion of the fixed costs of furnishing water to the customer and a consumption charge based on actual water usage. Unbilled revenue from the last meter reading date to the end of the accounting period is estimated based on the most recent usage patterns, production records and the effective tariff rates. As the company has the right to bill for services that it has provided, SJW Group estimates the dollar value of deliveries during the unbilled period and recognizes the associated revenue. Actual results could differ from those estimates, which may result in an adjustment to revenue when billed in a subsequent period.

SJW Group also recognizes revenue under ASC Topic 980-605-25—“Alternative Revenue Programs.” Under programs established by the CPUC and Public Utilities Regulatory Authority of Connecticut (“PURA”), allowing for automatic adjustment of future rates, the company recognizes revenue when it is objectively determinable, probable of recovery and expected to be collected within 24 months of the year-end in which the revenue is recognized. A reserve, based on an estimate of actual usage over the recovery period, is recorded for any amounts SJW Group estimates will not be collected within the 24-month period. SJW Group’s alternative revenue programs include SJWC’s Water Conservation Memorandum Account (“WCMA”) and CWC’s Water Rate Adjustment mechanism (“WRA”). See further discussion on WCMA and WRA in Note 3, “Regulatory Matters.”

SJW Group’s revenues also reflect the impact of other balancing and memorandum accounts and other regulatory mechanisms that are accounted for under FASB ASC Topic 980—“Regulated Operations.” Balancing and memorandum accounts are recognized when it is probable that future recovery of previously incurred costs or future refunds that are to be credited to customers will occur through the ratemaking process. See further discussion in Note 3, “Regulatory Matters.”

SJW Group also recognizes revenue from rental income, which represents lease rental income. Tenants pay monthly in accordance with lease agreements and SJW Group recognizes the income ratably over the lease term as this is the most representative of the pattern in which the benefit is expected to be derived from SJW Group’s underlying asset.

Revenue also includes a surcharge collected from regulated customers that is paid to the CPUC. This surcharge is recorded both in operating revenue and administrative and general expenses.

Share-Based Compensation

SJW Group calculates the fair value of service-based and performance-based restricted stock awards based on the grant date fair value of the company’s stock price reduced by the present value of the dividends expected to be declared on outstanding shares.

SJW Group utilizes the Monte Carlo valuation model, which requires the use of subjective assumptions, to compute the fair value of market-vesting restricted stock units.

The compensation cost for service-based restricted stock awards is charged to income on a straight-line basis over the requisite service period, which is the vesting period. For performance-based stock awards, compensation expense is charged to income on a straight-line basis over the requisite service period based on expected attainment of performance targets. Changes in the estimates of the expected attainment of performance targets will result in a change in the number of shares that are expected to vest which may cause a cumulative catch up for the amount of share-based compensation expense during each reporting period in which such estimates are altered. Forfeitures are accounted for as they occur.

Earnings Per Share

Earnings per Share

Basic earnings per share is calculated using income available to common stockholders, divided by the weighted average number of shares outstanding during the period. Diluted earnings per share is calculated using income available to common stockholders divided by the weighted average number of shares of common stock including both shares outstanding and shares potentially issuable in connection with restricted common stock awards under SJW Group’s long-term incentive plans, shares potentially issuable under the performance stock plans assumed through the business combination with CTWS, and shares potentially issuable under SJW Group’s employee stock purchase plans.

New Accounting Standards

Standard

Description

Date of Adoption

Application

Effect on the Consolidated Financial Statements

Accounting Standards Update (“ASU”) 2023-07 “Improvements to Reportable Segment Disclosures”

The ASU requires disclosure of significant segment expenses, extends certain annual disclosures to interim periods, and requires additional qualitative disclosures regarding the chief operating decision maker.

The ASU is effective for SJW Group beginning with its annual financial statements for the year ending December 31, 2024. Early adoption is permitted.

Retrospective

During the year ended December 31, 2024, SJW Group adopted ASU 2023-07, “Improvements to Reportable Segment Disclosures,” retrospectively. Refer to Note 13. Segment Reporting for the required disclosures.

ASU 2023-09 “Improvements to Income Tax Disclosures”

The ASU amends certain income tax disclosure requirements, including adding requirements to present the reconciliation of income tax expense computed at the statutory rate to actual income tax expense using both percentages and amounts and providing a disaggregation of income taxes paid. Further, certain disclosures are eliminated, including the current requirement to disclose information on changes in unrecognized tax benefits in the next 12 months.

The ASU is effective for SJW Group beginning with its annual financial statements for the year ending December 31, 2025. Early adoption is permitted.

Prospective, with retrospective application also permitted.

SJW Group is currently evaluating the requirements of ASU 2023-09.

ASU 2024-03 “Disaggregation of Income Statement Expenses”

The ASU requires disclosure, in the notes to the financial statements, of specified information about certain costs and expenses. The ASU requires disclosure of purchases of inventory, employee compensation, depreciation, and intangible asset amortization in interim and annual reporting periods. Further, other amounts already required to be disclosed in accordance with current U.S. GAAP would be included in the same disclosure as the other disaggregation requirements. Additionally, the ASU requires qualitative descriptions of amounts remaining in relevant expense captions that are not separately disaggregated quantitatively as well as disclosure of selling expenses in annual periods and an entity’s definition of selling expenses.

The ASU is effective for SJW Group for its annual financial statements for the year ending December 31, 2027 and for interim reporting periods for the year ending December 31, 2028. Early adoption is permitted.

Prospective, with retrospective application also permitted.

SJW Group is currently evaluating the requirements of ASU 2024-03.

Equity Plans - Restricted Stock and Deferred Restricted Stock Activity (Details) - Restricted stock and deferred restricted stock - Incentive Plan	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Restricted and Deferred Restricted Stock Awards Activity
Outstanding, beginning balance (in shares) \| shares	150,704
Granted (in shares) \| shares	116,598
Issued (in shares) \| shares	(62,011)
Forfeited (in shares) \| shares	(14,114)
Outstanding ending balance (in shares) \| shares	191,177
Vested (in shares) \| shares	32,021
Weighted- Average Grant- Date Fair Value
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 72.65
Granted (in dollars per share) \| $ / shares	56.18
Issued (in dollars per share) \| $ / shares	66.00
Forfeited (in dollars per share) \| $ / shares	64.60
Outstanding, ending balance (in dollars per share) \| $ / shares	65.36
Vested (in dollars per share) \| $ / shares	$ 70.59
Nonvested Restricted and Deferred Restricted Stock Awards Activity
Nonvested, beginning balance (in shares) \| shares	123,545
Granted (in shares) \| shares	116,598
Vested (in shares) \| shares	(70,366)
Forfeited (in shares) \| shares	(10,621)
Nonvested, ending balance (in shares) \| shares	159,156
Weighted- Average Grant- Date Fair Value
Nonvested, beginning balance (in dollars per share) \| $ / shares	$ 73.93
Granted (in dollars per share) \| $ / shares	56.18
Vested (in dollars per share) \| $ / shares	67.56
Forfeited (in dollars per share) \| $ / shares	65.54
Nonvested, ending balance (in dollars per share) \| $ / shares	$ 64.30

Benefit Plans - Plan Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 331,172	$ 306,711
Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	255,366	238,665
Significant Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	75,806	68,046
Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	195,840	188,579
Equity securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	195,840	188,579
Equity securities \| Significant Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Equity securities \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Cash and equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	12,977	11,038
Cash and equivalents \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	12,977	11,038
Cash and equivalents \| Significant Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Cash and equivalents \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fixed income
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	122,355	107,094
Fixed income \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	46,549	39,048
Fixed income \| Significant Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	75,806	68,046
Fixed income \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	307,947	285,504	$ 251,960
Pension Benefits \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 116,987	$ 101,498
Actual plan asset allocations as a percent of total plan assets	38.00%	36.00%
Pension Benefits \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 179,103	$ 174,155
Actual plan asset allocations as a percent of total plan assets	58.00%	61.00%
Pension Benefits \| Cash and equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 11,857	$ 9,851
Actual plan asset allocations as a percent of total plan assets	4.00%	3.00%
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 23,225	$ 21,207	$ 17,952
Other Postretirement Benefits \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 5,368	$ 5,596
Actual plan asset allocations as a percent of total plan assets	23.00%	26.00%
Other Postretirement Benefits \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 16,737	$ 14,424
Actual plan asset allocations as a percent of total plan assets	72.00%	68.00%
Other Postretirement Benefits \| Cash and equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 1,120	$ 1,187
Actual plan asset allocations as a percent of total plan assets	5.00%	6.00%

Summary of Significant Accounting Policies - Advances for Construction and Contributions in Aid of Construction (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Estimated Refunds of Advances for Construction [Abstract]
2025	$ 2,997
2026	2,898
2027	2,808
2028	2,741
2029	2,645
Thereafter	44,406
Advances for construction	155,397	$ 146,582
Customer advances for construction, non-refundable	64,920
Customer advances for construction, refunded on service connections	$ 31,983
Contract with customer, refund period	40 years
Contract with customer, fair value of advances	$ 43,718	$ 40,915

Benefit Plans - Fair Value of Plan Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 331,172	$ 306,711
Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	255,366	238,665
Significant Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	75,806	68,046
Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Executive Supplemental Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,812	2,833
Executive Supplemental Retirement Plan \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,812	2,833
Executive Supplemental Retirement Plan \| Significant Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Executive Supplemental Retirement Plan \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Executive Supplemental Retirement Plan \| Money market funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	28	71
Executive Supplemental Retirement Plan \| Money market funds \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	28	71
Executive Supplemental Retirement Plan \| Money market funds \| Significant Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Executive Supplemental Retirement Plan \| Money market funds \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Executive Supplemental Retirement Plan \| Mutual funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,062	2,053
Executive Supplemental Retirement Plan \| Mutual funds \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,062	2,053
Executive Supplemental Retirement Plan \| Mutual funds \| Significant Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Executive Supplemental Retirement Plan \| Mutual funds \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Executive Supplemental Retirement Plan \| Fixed income
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	722	709
Executive Supplemental Retirement Plan \| Fixed income \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	722	709
Executive Supplemental Retirement Plan \| Fixed income \| Significant Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Executive Supplemental Retirement Plan \| Fixed income \| Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0	$ 0

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Income Taxes - Federal Statutory Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income before income taxes	$ 102,937	$ 90,943	$ 82,324
Income Tax Statutory Rate Reconciliation [Abstract]
Income tax at federal statutory rate	21,617	19,098	17,288
Increase (decrease) in taxes attributable to:
State taxes, net of federal income tax benefit	6,488	6,001	5,328
Uncertain tax positions	(1,053)	(4,330)	1,483
Property flow-through	(14,793)	(9,045)	(13,091)
Reversal of excess deferred taxes recognized in regulatory liability	(3,227)	(3,625)	(3,885)
Pension flow-through	(530)	(597)	27
Stock-based compensation	192	(491)	(297)
Other items, net	276	(1,055)	1,643
Income tax expense	$ 8,970	$ 5,956	$ 8,496

Capitalization (Details) - USD ($) $ / shares in Units, $ in Thousands	2 Months Ended	12 Months Ended	35 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Oct. 28, 2024	Oct. 29, 2024	Dec. 31, 2023	Nov. 17, 2021
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized (in shares)	70,000,000	70,000,000			70,000,000
Common stock, par value (usd per share)	$ 0.001	$ 0.001			$ 0.001
Common stock, shares issued (in shares)	33,629,169	33,629,169			32,023,004
Common stock, shares outstanding (in shares)	33,629,169	33,629,169			32,023,004
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000			1,000,000
Preferred stock, par value (usd per share)	$ 0.001	$ 0.001			$ 0.001
Preferred stock, shares issued (in shares)	0	0			0
Preferred stock, shares outstanding (in shares)	0	0			0
At The Market Offering
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (usd per share)				$ 0.001		$ 0.001
Aggregate gross sales price (up to)				$ 200,000		$ 240,000
Shares issued in offering (in shares)	375,513	1,522,289	3,151,433
Weighted average price per share (in usd per share)	$ 55.46	$ 57.15	$ 67.80
Net proceeds from stock offering	$ 20,167	$ 85,008	$ 208,838
Total equity distribution	$ 179,175	$ 179,175

Long-Term Debt - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended
	Aug. 14, 2023	Aug. 31, 2023	Dec. 31, 2024	Dec. 06, 2024	Jul. 31, 2024	Dec. 31, 2023	Nov. 15, 2023	Feb. 06, 2023	Jul. 14, 2022
Debt Instrument [Line Items]
Fair value of long-term debt			$ 1,490,024			$ 1,394,412
KT Water Resource L. P.
Debt Instrument [Line Items]
Asset acquisition, post-closing production payment	$ 29,000
Asset acquisition, period of post-closing production payment	29 years
SJWC \| Senior notes \| 4.85% Senior Note, Series P
Debt Instrument [Line Items]
Aggregate principal amount									$ 70,000
Rate									4.85%
SJWC \| Senior notes \| 5.63% Senior Note, Series Q
Debt Instrument [Line Items]
Aggregate principal amount					$ 75,000
Rate					5.63%
CWC \| Senior notes \| 6.46% Senior Notes, Series 2023
Debt Instrument [Line Items]
Aggregate principal amount							$ 25,000
Rate							6.46%
CWC \| Senior notes \| 5.78% Senior Note, Series 2024
Debt Instrument [Line Items]
Aggregate principal amount					$ 50,000
Rate					5.78%
TWR \| KT Water Resource L. P.
Debt Instrument [Line Items]
Asset acquisition, post-closing production payment		$ 29,000
TWC \| Bank term loans \| 6.473% due on November 20, 2054
Debt Instrument [Line Items]
Rate				6.47%
Line Limit				$ 20,000
MWC \| Bank term loans \| 6.473% due on November 20, 2054
Debt Instrument [Line Items]
Rate				6.47%
Line Limit				$ 15,000
CTWS \| Bank term loans
Debt Instrument [Line Items]
Rate								4.09%
Significant Observable Inputs (Level 2)
Debt Instrument [Line Items]
Fair value of long-term debt			1,473,393			1,378,683
Significant Unobservable Inputs (Level 3)
Debt Instrument [Line Items]
Fair value of long-term debt			$ 16,631			$ 15,729

Organization and Operations	12 Months Ended
Organization and Operations	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Organization and Operations The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of SJW Group, its wholly owned subsidiaries, and one variable interest entity in which one SJW Group subsidiary is the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. The accounting policies of SJW Group’s subsidiaries comply with the applicable uniform system of accounts prescribed by the respective regulators and conform to generally accepted accounting principles for rate-regulated public utilities. SJW Group is a holding company that conducts its business through the following wholly owned subsidiaries: San Jose Water Company (“SJWC”), SJWTX Holdings, Inc., SJW Land Company, SJWNE LLC, and National Water Utility Service, LLC (“NWU”). SJWTX Holdings, Inc. is a holding company for its wholly owned subsidiaries, SJWTX, Inc., doing business as The Texas Water Company (“TWC”), Texas Water Operation Services, LLC (“TWOS”) and Texas Water Resources, LLC (“TWR”). SJWNE LLC is the holding company for Connecticut Water Service, Inc. (“CTWS”) whose wholly owned subsidiaries are The Connecticut Water Company (“CWC”), The Maine Water Company (“MWC”), New England Water Utility Services, Inc. (“NEWUS”), and Chester Realty, Inc. NWU is the contracting entity for shared services among the SJW Group affiliates formed in October 2024. SJW Group, through its wholly owned subsidiaries, primarily provides water utility and other related services in California, Connecticut, Maine and Texas. SJW Group has business in property management and real estate investment activity conducted by SJW Land Company and Chester Realty, Inc. TWC is a public utility in the business of providing water service in Bandera, Blanco, Comal, Hays, Kendall, Medina and Travis Counties in the growing region between San Antonio and Austin, Texas. TWC additionally provides wastewater service in Comal and Kendall counties. TWC also holds a 25% equity interest in Acequia Water Supply Corporation (“Acequia”). Acequia has been determined to be a variable interest entity within the scope of Accounting Standards Codification (“ASC”) Topic 810—“Consolidation” with TWC as the primary beneficiary. As a result, Acequia has been consolidated with TWC. TWOS was created for non-tariffed service operations and TWR was formed to hold wholesale water supply assets. Water sales are seasonal in nature and influenced by weather conditions. The timing of precipitation and climatic conditions can cause seasonal water consumption by customers to vary significantly. Revenue is generally higher in the warm, dry summer months when water usage and sales are greater and lower in the winter months when cooler temperatures and increased rainfall curtail water usage and sales.

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Advances and contributions	$ 26,744	$ 25,714
Unamortized investment tax credit	1,061	517
Pensions, postretirement benefits and stock-based compensation	12,529	17,844
Debt premium, net	3,446	4,157
California franchise tax	503	713
Deferred revenue	0	841
Tax related regulatory liability	23,112	24,358
Other	6,337	7,077
Total deferred tax assets	73,732	81,221
Deferred tax liabilities:
Utility plant	277,085	243,786
Pension and postretirement	9,068	13,247
Deferred gain and other-property	608	6,456
Regulatory asset - business combinations debt premium, net	3,446	4,157
Intangibles	2,443	2,693
Deferred revenue	1,418	0
Tax related regulatory asset	50,728	44,155
Other	4,979	5,255
Total deferred tax liabilities	349,775	319,749
Net deferred tax liabilities	$ 276,043	$ 238,528

Benefit Plans

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Benefit Plans

Pension Plans

SJW Group maintains noncontributory defined benefit pension plans for its eligible employees. SJWC employees hired before March 31, 2008 and CWC and MWC employees hired before January 1, 2009 are entitled to benefits under the pension plans based on the employee’s years of service and compensation. For SJWC employees hired on or after March 31, 2008, benefits are determined using a cash balance formula based upon compensation credits and interest credits for each employee. Effective January 1, 2023, TWC employees became eligible to participate under SJWC’s cash balance plan. Interest is credited based on the annual yield on 30-year Treasury bonds as of October for the preceding plan year with a minimum annual rate of 3.25% and a maximum annual rate of 6.00%. For the year ended December 31, 2024, the interest credits assumption was 4.00%. Certain employees hired before March 1, 2012, and covered by a plan merged into the CWC plan in 2013 are also entitled to benefits based on the employee’s years of service and compensation. CTWS employees hired on or after January 1, 2009 are entitled to an additional 1.5% of eligible compensation to their company sponsored savings plan. SJW Group does not have multi-employer plans.

The pension plans are administered by their respective committees where the investment strategy of the investments of the various pension and postretirement benefit plans are reviewed and approved to achieve the goals of income generation and long-term capital preservation. SJW Group engages third-party investment consultants and managers to assist with, among other things, asset allocation strategy, investment policy advice, performance monitoring, and investment manager due diligence. Individual investment decisions have been delegated by the pension plan committees to the investment managers who are also monitored by an investment consultant. Investment managers are not permitted to invest outside of the asset class or strategy under the pension plans’ investment guidelines. The committees ensure that the plans establish a target mix that is expected to achieve its investment objectives by assuring a broad diversification of investment assets among investment types, while minimizing volatility of the target asset mix, unless market conditions make such a change appropriate to reduce risk. The pension plans require a minimum portion of plan assets to be allocated to fixed income securities and provide guidelines and restrictions on equity investments for the assets.

Plan assets are marked to market at each measurement date, resulting in unrealized actuarial gains or losses. Unrealized actuarial gains and losses on pension assets are amortized over the expected future working lifetime of participants for actuarial expense calculation purposes.

Generally, it is expected of the investment managers that the performance of the assets held in the pension plans, computed on a total annual rate of return basis, should meet or exceed specific performance standards over a three-to-five-year period and/or full market cycle. These standards include specific absolute and risk-adjusted performance standards over a three-to-five-year period and/or full market cycle. The expected long-term rate of return on the pension plan assets is between 6.25% and 6.75% for the year ended December 31, 2024.

SJW Group calculates the market-related value of defined benefit pension plan assets, which is defined under FASB ASC Topic 715—“Compensation—Retirement Benefits,” as a balance used to calculate the expected return on plan assets, using fair value. The fair value is based on quoted prices in active markets for identical assets and significant observable inputs.

Certain senior management hired before March 31, 2008 for SJWC and January 1, 2009 for CWC are eligible to receive additional retirement benefits under the supplemental executive retirement plans and retirement contracts (collectively, “SERP”). SJWC’s senior management hired on or after March 31, 2008 are eligible to receive additional retirement benefits under SJWC’s Cash Balance Executive Supplemental Retirement Plan (“Cash Balance Executive Supplemental Retirement Plan”). Both of the plans are non-qualified plans in which only senior management and other designated members of management may participate. The annual cost of the plans has been included in the determination of the net periodic benefit cost shown below. The SERP and Cash Balance Executive Supplemental Retirement Plan had a projected benefit obligation of $40,328 and $43,001 as of December 31, 2024 and 2023, respectively, and net periodic pension cost of $3,879, $3,257 and $4,400 for 2024, 2023 and 2022, respectively. For the years ended December 31, 2024, 2023 and 2022, the amounts not recognized as a component of net periodic benefit cost was $169, $314, and $1,640, respectively, recorded as other comprehensive income on the consolidated financial statements. SJWC’s non-qualified plans are unfunded while CWC’s SERP is funded through investments consisting primarily of life insurance contracts and assets in a Rabbi Trust. As of December 31, 2024 and 2023, total investments made to fund CWC’s SERP were $7,336 and $6,843, respectively, which is included in “Investments” in SJW Group’s Consolidated Balance Sheets. The life insurance contracts are valued at cash surrender value of the policies as reported by the insurer. As of December 31, 2024 and 2023, the value of the life insurance contracts was $4,294 and $3,937, respectively.

The following tables summarize the fair values of the Rabbi Trust investment assets to fund CWC’s SERP by major categories as of December 31, 2024 and 2023:


			Fair Value Measurements at December 31, 2024
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Money market funds	$	28	28	—	—
Mutual funds	2,062		2,062	—	—
Fixed income	722		722	—	—
Total	$	2,812	2,812	—	—


			Fair Value Measurements at December 31, 2023
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Money market funds	$	71	71	—	—
Mutual funds	2,053		2,053	—	—
Fixed income	709		709	—	—
Total	$	2,833	2,833	—	—

Other Postretirement Benefits

In addition to providing pension and savings benefits, the company also provides health care and life insurance benefits for eligible retired employees under the respective employer-sponsored postretirement benefits other than pension plans. The benefits are paid by the company and not from plan assets due to limitations imposed by Internal Revenue Service.

Flexible Spending Plan

SJW Group sponsors flexible spending account plans for its employees for the purpose of providing eligible employees with the opportunity to choose from among the fringe benefits available under the plans. The flexible spending plan is intended to qualify as a cafeteria plan under the provisions of the Internal Revenue Code Section 125. The flexible spending plan allows employees to save pre-tax income in a Health Care Spending Account (“HCSA”) and/or a Dependent Care Spending Account (“DCSA”) to help defray the cost of out-of-pocket medical and dependent care expenses. The annual maximum limit under the HCSA and DCSA plans is $3.2 and $5, respectively.

Savings Plans for Employees

SJW Group also sponsors salary deferral plans which are defined contribution plans that allow employees to defer and contribute a portion of their earnings to the plan. Contributions, not to exceed set limits, are matched by the company. SJW Group contributions were $4,221, $3,902 and $3,003 in 2024, 2023 and 2022, respectively. All of the company’s contributions are invested at the direction of the employees in funds offered under the plans.

Special Deferral Election Plans and Deferral Election Program

SJW Group maintains a special deferral election plan and a deferred compensation plan and agreements for senior management and a deferral election program for non-employee directors allowing for the deferral of a portion of their earnings each year and to realize an investment return on those funds during the deferral period. Senior management and non-employee directors have to make an election on the deferral and distribution method of the deferrals before services are rendered. CWC’s deferred compensation plan allows the company to make discretionary contributions. Senior management and non-employee directors had deferred $8,216 and $8,148 under the plans as of December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, $6,276 and $6,223, respectively, of the total amount deferred is related to CWC agreements.

Assumptions Utilized on Actuarial Calculations

Net periodic cost for the defined benefit plans and other postretirement benefits was calculated using the following assumptions:


	Pension Benefits			Other Postretirement Benefits
	2024	2023	2022	2024	2023	2022
	%	%	%	%	%	%
Discount rate	4.99 - 5.03	4.95 - 5.24	2.65 - 2.82	4.95 - 5.01	4.96 - 5.21	2.61 - 2.76
Expected return on plan assets	6.25, 6.75	6.00, 6.75	6.50, 6.75	4.20, 6.25	4.20, 6.00	4.20, 6.00
Rate of compensation increase	4.50, 5.00	4.50, 5.00	4.00, 4.50	N/A	N/A	N/A

The expected rate of return on plan assets was determined based on a review of historical returns, for the pension plans and for medium- to large-sized defined benefit pension funds with similar asset allocations. This review generated separate expected returns for each asset class. These expected future returns were then blended based on the pension plans’ target asset allocations.

Benefit obligations for the defined benefit plans and other postretirement benefits were calculated using the following assumptions as of December 31:


	Pension Benefits		Other Postretirement Benefits
	2024	2023	2024	2023
	%	%	%	%
Discount rate	5.55 - 5.63	4.99 - 5.03	5.48 - 5.58	4.95 - 5.01
Rate of compensation increase	4.50 - 5.00	4.50 - 5.00	N/A	N/A

SJW Group utilized each plan’s projected benefit stream in conjunction with the FTSE Pension Discount Curve in determining the discount rate used in calculating the pension and other postretirement benefits liabilities at the measurement date.

SJW Group has adopted MP-2021, Mortality Improvement Scales to determine mortality assumptions. The tables and scales reflect increasing life expectancies of participants in the United States. See also “Reconciliation of Funded Status” below.

For other postretirement benefits, the assumed healthcare cost trend rate for 2025 is 8.00%, grading down gradually to 4.50% by 2032.

Net Periodic Pension Costs

Net periodic costs for the defined benefit plans and other postretirement benefits for the years ended December 31 was as follows:


	Pension Benefits				Other Postretirement Benefits
	2024		2023	2022	2024		2023	2022
Components of net periodic benefit cost
Service cost	$	6,662	7,569	9,359	$	665	638	1,032
Interest cost	14,451		14,234	10,708	1,181		1,268	883
Expected return on assets	(17,852)		(15,440)	(18,841)	(1,068)		(860)	(1,047)

Amortization of prior service cost	15		15	17	—		—	—
Amortization of actuarial (gain) loss	(71)		2,210	4,620	(643)		(350)	(115)
Recognition of significant event	—		—	(1,595)	—		—	—
Net periodic benefit cost	$	3,205	8,588	4,268	$	135	696	753

Reconciliation of Funded Status

For the defined benefit plans and other postretirement benefits, the benefit obligation is the projected benefit obligation and the accumulated benefit obligation, respectively. The projected benefit obligations and the funded status of the defined benefit pension and other postretirement plans as of December 31 were as follows:


	Pension Benefits			Other Postretirement Benefits
	2024		2023	2024		2023
Change in benefit obligation
Benefit obligation at beginning of year	$	297,834	289,123	$	24,264	25,830
Service cost	6,662		7,569	665		638
Interest cost	14,451		14,234	1,181		1,268


Actuarial loss (gain)	(14,816)		5,794	(146)		(2,645)
Implicit rate subsidy	—		—	(336)		(237)
Plan participants contributions	—		—	183		179
Administrative expenses paid	(146)		(137)	—		—
Benefits paid and settlements	(16,941)		(18,749)	(731)		(769)
Benefit obligation at end of year	$	287,044	297,834	$	25,080	24,264
Change in plan assets
Fair value of assets at beginning of year	$	285,504	251,960	$	21,207	17,952
Actual return on plan assets	31,523		41,285	2,879		3,136

Employer contributions	8,007		11,145	7		920
Plan participants contributions	—		—	183		179
Administrative expenses paid	(146)		(137)	(71)		(67)
Benefits paid and settlements	(16,941)		(18,749)	(980)		(913)
Fair value of plan assets at end of year	307,947		285,504	23,225		21,207
Funded status at end of year	$	20,903	(12,330)	$	(1,855)	(3,057)

For the year ended December 31, 2024, the net actuarial gain on the benefit obligation was related primarily to a gain from changes in the discount rate of $21,129 and a $6,005 loss from pension data changes. For the year ended December 31, 2023, the net actuarial gain of the benefit obligation was related primarily to a gain from changes of discount rate of $1,188 and a $1,993 loss from pension data changes.

The amounts recognized on the balance sheet as of December 31 were as follows:


	Pension Benefits			Other Postretirement Benefits
	2024		2023	2024		2023
Noncurrent assets	$	61,231	30,671	$	5,191	3,123
Current liabilities	(2,308)		(2,365)	(146)		(113)
Noncurrent liabilities	(38,020)		(40,636)	(6,900)		(6,067)
	$	20,903	(12,330)	$	(1,855)	(3,057)

As of December 31, 2024 and 2023, the accumulated benefit obligation of the defined benefit pension plans was $263,607 and $270,209, respectively.

The following table provides selected information about plans with projected benefit obligation and accumulated benefit obligation in excess of plan assets as of December 31:


	2024		2023
Pension Benefits:
Plans with projected benefit obligation in excess of plan assets:
Projected benefit obligation	$	40,328	$	43,001
Fair value of plan assets	—		—
Plans with accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation	38,053		39,652
Fair value of plan assets	—		—
Other Postretirement Benefits:
Plans with accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation	16,891		15,580
Fair value of plan assets	9,844		9,401

SJW Group recognizes regulatory assets and liabilities that represent actuarial losses and gains and prior service cost that have not yet been recognized as components of net periodic benefit cost for certain of its pension and other postretirement benefit plans, in accordance with ASC Topic 980. SJW Group recorded regulatory assets of $3,177 and $24,593 as of December 31, 2024 and 2023, respectively, and regulatory liabilities of $27,872 and $20,196 as of December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the amounts deferred in regulatory assets that have not yet been recognized as components of net periodic benefit cost include net loss of $3,150 and $24,552, respectively, and prior service cost of $27 and $41, respectively. As of December 31, 2024 and 2023, the amounts deferred in regulatory liabilities that have not yet been recognized as components of net periodic benefit cost include net gain of $27,872 and $20,196, respectively.

Plan Assets

Plan assets as of December 31 were as follows:


	Pension Benefits					Other Postretirement Benefits
	2024			2023		2024			2023
Fair value of assets at end of year:
Debt securities	$	116,987		101,498		$	5,368		5,596
	38		%	36	%	23		%	26	%
Equity securities	179,103			174,155		16,737			14,424
	58		%	61	%	72		%	68	%
Cash and equivalents	11,857			9,851		1,120			1,187
	4		%	3	%	5		%	6	%
Total	$	307,947		285,504		$	23,225		21,207

The following tables summarize the fair values of plan assets by major categories as of December 31, 2024 and 2023:


			Fair Value Measurements at December 31, 2024
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Cash and cash equivalents	$	12,977	12,977	—	—
Equity securities (a)	195,840		195,840	—	—
Fixed Income (b)	122,355		46,549	75,806	—
Total	$	331,172	255,366	75,806	—

___________________________________

(a)Actively managed portfolio of equity securities with the goal to exceed the benchmark performance.

(b)Actively managed portfolio of fixed income securities with the goal to exceed the benchmark performance


			Fair Value Measurements at December 31, 2023
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Cash and cash equivalents	$	11,038	11,038	—	—
Equity securities	188,579		188,579	—	—
Fixed Income	107,094		39,048	68,046	—
Total	$	306,711	238,665	68,046	—

In 2025, SJW Group expects to make required and discretionary cash contributions of up to $6,680 to the pension plans and other postretirement benefit plans.

Benefits expected to be paid in the next five years and in the aggregate for the five years thereafter are:


	Pension Plans		Other Postretirement Benefit Plans
2025	$	17,730	$	1,765
2026	23,536		1,840
2027	19,615		1,910
2028	19,526		1,874
2029	20,233		1,841
2030 - 2034	109,784		9,656

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Unrealized gain (loss) on investment, tax expense (benefit)	$ (163)	$ 166	$ (188)
Adjustment to pension benefit plans, tax expense (benefit)	$ 0	$ 80	$ 793

Segment Reporting (Details) - USD ($) $ in Thousands	12 Months Ended
Segment Reporting (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Operating revenue	$ 748,439	$ 670,363	$ 620,698
Less:
Production expenses	292,022	256,200	232,790
Administrative and general	105,830	98,656	95,404
Maintenance	31,301	25,729	30,734
Property taxes and other non-income taxes	35,928	34,475	32,572
Depreciation and amortization	112,855	105,868	104,417
Interest on long-term debt and other interest expense	71,390	66,144	58,062
(Gain) loss on sale of nonutility property	0	0	(6,197)
Provision (benefit) for income taxes	8,970	5,956	8,496
Other	(3,824)	(7,652)	(9,408)
Net income	93,967	84,987	73,828
Capital expenditures	377,237	312,871	242,350
Assets	4,658,309	4,345,067
Operating Segments \| Water Utility Services
Segment Reporting Information [Line Items]
Operating revenue	732,580	652,045	603,000
Less:
Production expenses	286,763	251,898	228,806
Administrative and general	97,420	93,255	90,874
Maintenance	29,249	23,972	29,063
Property taxes and other non-income taxes	35,223	33,469	31,184
Depreciation and amortization	111,709	104,329	99,412
Interest on long-term debt and other interest expense	47,485	42,743	37,958
(Gain) loss on sale of nonutility property			(6,197)
Provision (benefit) for income taxes	17,134	11,293	12,756
Other	(920)	(4,279)	(6,524)
Net income	108,517	95,365	85,668
Capital expenditures	377,208	288,627	241,719
Assets	4,567,182	4,199,610
Other Services
Segment Reporting Information [Line Items]
Operating revenue	15,859	18,318	17,698
Less:
Production expenses	5,259	4,302	3,984
Administrative and general	2,632	2,777	2,565
Maintenance	2,052	1,757	1,671
Property taxes and other non-income taxes	317	926	923
Depreciation and amortization	253	646	4,112
Interest on long-term debt and other interest expense	521	329	0
(Gain) loss on sale of nonutility property			0
Provision (benefit) for income taxes	1,569	2,213	1,161
Other	191	(121)	(52)
Net income	3,065	5,489	3,334
Capital expenditures	29	24,244	631
Assets	25,053	87,316
Unallocated Corporate
Segment Reporting Information [Line Items]
Operating revenue	0	0	0
Less:
Production expenses	0	0	0
Administrative and general	5,778	2,624	1,965
Maintenance	0	0	0
Property taxes and other non-income taxes	388	80	465
Depreciation and amortization	893	893	893
Interest on long-term debt and other interest expense	23,384	23,072	20,104
(Gain) loss on sale of nonutility property			0
Provision (benefit) for income taxes	(9,733)	(7,550)	(5,421)
Other	(3,095)	(3,252)	(2,832)
Net income	(17,615)	(15,867)	(15,174)
Capital expenditures	0	0	$ 0
Assets	$ 66,074	$ 58,141

Financial Statement Schedule

12 Months Ended

Dec. 31, 2024

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,
	2024		2023
Assets

Investments in subsidiaries	$	1,877,922	1,753,250

Current assets:
Cash and cash equivalents	1,306		868
Intercompany receivables	1,473		2,239

Intercompany notes receivable	74,119		69,746
Other current assets	1,177		243
Total current assets	78,075		73,096
Other assets


Other	222		193
Total other assets	222		193
Total assets	$	1,956,219	1,826,539

Capitalization and Liabilities
Capitalization:
Stockholders’ equity:
Common stock, $0.001 par value; authorized 70,000,000 shares in 2024 and 2023; issued and outstanding 33,629,169 shares in 2024 and 32,023,004 shares in 2023	$	34	32
Additional paid-in capital	827,796		736,191
Retained earnings	537,184		495,383
Accumulated other comprehensive income	1,960		1,791
Total stockholders’ equity	1,366,974		1,233,397
Long-term debt, less current portion	557,430		557,028
Total capitalization	1,924,404		1,790,425
Current liabilities:
Line of credit	3,000		10,000
Intercompany payables	2,210		—
Intercompany notes payable	—		1,726
Accounts payable	1,588		—
Accrued interest	3,224		3,255
Income tax payable	16,871		16,427
Other current liabilities	765		629
Total current liabilities	27,658		32,037
Deferred income taxes	2,488		3,099

Other noncurrent liabilities	1,669		978
Total capitalization and liabilities	$	1,956,219	1,826,539

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)


	2024		2023	2022
Operating revenue	$	—	—	—
Operating expense:
Administrative and general	5,568		2,239	1,977
Property taxes and other non-income taxes	388		80	93


Total operating expense	5,956		2,319	2,070
Operating loss	(5,956)		(2,319)	(2,070)
Other (expense) income:
Interest on long-term debt and other interest expense	(18,022)		(17,692)	(17,795)


Interest income on intercompany notes receivable	6,756		3,862	81
Other, net	(3,456)		1,034	(421)
Loss before income taxes and equity earnings from subsidiaries	(20,678)		(15,115)	(20,205)
Income tax benefit	(5,727)		(4,294)	(5,523)
Equity earnings from subsidiaries, net of taxes	108,918		95,808	88,510
SJW Group net income	93,967		84,987	73,828
Other comprehensive income, net	169		314	1,640
SJW Group comprehensive income	$	94,136	85,301	75,468

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)


	2024		2023	2022
Operating activities:
Net income	$	93,967	84,987	73,828
Adjustments to reconcile net income to net cash used in operating activities:
Earnings from investment in subsidiaries	(108,918)		(95,808)	(88,510)

Deferred income taxes	(618)		718	(163)
Stock-based compensation	687		696	779


Changes in operating assets and liabilities, net of acquired assets and liabilities:
Accounts payable and other current liabilities	1,724		281	185
Intercompany receivables	(652)		(6,018)	(3,916)
Tax payable and other accrued taxes	452		1,550	6,883
Accrued interest	(31)		47	(15)
Return on capital from investments in subsidiaries	90,600		50,550	55,950

Other changes, net	532		607	500
Net cash provided by operating activities	77,743		37,610	45,521
Investing activities:
Proceeds to subsidiaries for notes receivable	(173,374)		(148,392)	(27,713)
Repayments from subsidiaries for notes receivable	169,001		91,740	20,634
Investments in subsidiaries	(97,000)		(25,500)	(25,892)


Net cash used in investing activities	(101,373)		(82,152)	(32,971)
Financing activities:
Borrowings from subsidiaries for notes payable	27,098		700	15,355
Repayments to subsidiaries for notes payable	(28,824)		(3,140)	(20,901)
Borrowings from lines of credit	35,000		10,000	—
Repayments of lines of credit	(42,000)		—	—


Issuance of common stock, net of issuance costs	85,008		80,659	39,085
Debt issuance costs	(82)		(46)	(224)
Dividends paid	(52,132)		(47,905)	(43,582)

Net cash provided (used in) by financing activities	24,068		40,268	(10,267)
Net change in cash and cash equivalents	438		(4,274)	2,283
Cash and cash equivalents, beginning of year	868		5,142	2,859
Cash and cash equivalents, end of year	$	1,306	868	5,142
Cash paid (refunded) during the year for:
Interest	$	17,919	17,465	17,512
Income taxes	$	—	(4,870)	(5,483)
Supplemental disclosure of non-cash activities:
Share-based compensation from investment in subsidiaries	$	5,879	3,778	4,656

See Accompanying Notes to Schedule I

FINANCIAL STATEMENT SCHEDULE

Schedule I

SJW Group (Parent Only)

NOTES TO CONDENSED FINANCIAL STATEMENTS

Years ended December 31, 2024, 2023 and 2022

(Dollars in thousands, except share and per share data)

Financing Activities

See Note 5, “Lines of Credit” and Note 6, “Long-term Debt” for additional information on SJW Group’s revolving credit facility and outstanding debt.

The following is a table of the SJW Group’s schedule of principal payments on long-term debt:


Year
2025	$	—
2026	—
2027	—
2028	—
2029	310,000
Thereafter	250,000

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 the issuance 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 6, “Long-term Debt” to SJW Group and Subsidiaries Notes to Consolidated Financial Statements. In addition, 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 PURA and the Maine Public Utilities Commission in connection with the acquisition of CTWS.

As of December 31, 2024, the restricted net assets of SJW Group’s subsidiaries were approximately $494,699 or 36% of consolidated net assets of SJW Group.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Operating revenue	$ 748,439	$ 670,363	$ 620,698
Production Expenses:
Purchased water	158,568	135,982	122,334
Power	11,457	9,602	8,889
Groundwater extraction charges	73,146	62,980	56,158
Other production expenses	48,851	47,636	45,409
Total production expenses	292,022	256,200	232,790
Administrative and general	105,830	98,656	95,404
Maintenance	31,301	25,729	30,734
Property taxes and other non-income taxes	35,928	34,475	32,572
Depreciation and amortization	112,855	105,868	104,417
Gain on sale of nonutility properties	0	0	(6,197)
Total operating expense	577,936	520,928	489,720
Operating income	170,503	149,435	130,978
Other (expense) income:
Interest on long-term debt and other interest expense	(71,390)	(66,144)	(58,062)
Pension non-service credit (cost)	3,769	(1,230)	5,023
Other, net	55	8,882	4,385
Income before income taxes	102,937	90,943	82,324
Provision for income taxes	8,970	5,956	8,496
Net income	93,967	84,987	73,828
Other comprehensive income:
Unrealized (loss) gain on investment, net of taxes of $(163) in 2024, $166 in 2023 and $(188) in 2022	(442)	530	(511)
Adjustment to pension benefit plans, net of taxes of $0 in 2024, $80 in 2023 and $793 in 2022	611	(216)	2,151
Comprehensive income	$ 94,136	$ 85,301	$ 75,468
Earnings per share
—Basic (in dollars per share)	$ 2.87	$ 2.69	$ 2.44
—Diluted (in dollars per share)	$ 2.87	$ 2.68	$ 2.43
Weighted average shares outstanding
—Basic (shares)	32,701,292	31,575,197	30,304,557
—Diluted (shares)	32,779,573	31,663,274	30,423,735

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The components of income tax expense were:


	2024		2023	2022
Current:
Federal	$	(1,828)	10,185	8,570
State	443		4,281	3,170
Deferred:
Federal	11,063		(8,871)	(3,223)
State	(708)		361	(21)
	$	8,970	5,956	8,496

The following table reconciles income tax expense to the amount computed by applying the federal statutory rate to income before income taxes of $102,937, $90,943 and $82,324 in 2024, 2023 and 2022, respectively:


	2024		2023	2022
Income tax at federal statutory rate	$	21,617	19,098	17,288
Increase (decrease) in taxes attributable to:
State taxes, net of federal income tax benefit	6,488		6,001	5,328

Uncertain tax positions	(1,053)		(4,330)	1,483
Property flow-through	(14,793)		(9,045)	(13,091)


Reversal of excess deferred taxes recognized in regulatory liability	(3,227)		(3,625)	(3,885)
Pension flow-through	(530)		(597)	27
Stock-based compensation	192		(491)	(297)

Other items, net	276		(1,055)	1,643
	$	8,970	5,956	8,496

The components of the net deferred tax liability as of December 31 was as follows:


	2024		2023
Deferred tax assets:
Advances and contributions	$	26,744	25,714
Unamortized investment tax credit	1,061		517
Pensions, postretirement benefits and stock-based compensation	12,529		17,844
Debt premium, net	3,446		4,157
California franchise tax	503		713

Deferred revenue	—		841
Tax related regulatory liability	23,112		24,358
Other	6,337		7,077


Total deferred tax assets	73,732		81,221
Deferred tax liabilities:
Utility plant	277,085		243,786
Pension and postretirement	9,068		13,247
Deferred gain and other-property	608		6,456
Regulatory asset - business combinations debt premium, net	3,446		4,157
Intangibles	2,443		2,693
Deferred revenue	1,418		—
Tax related regulatory asset	50,728		44,155


Other	4,979		5,255
Total deferred tax liabilities	349,775		319,749
Net deferred tax liabilities	$	276,043	238,528

Management evaluates the realizability of deferred tax assets based on all available evidence, both positive and negative. The realization of deferred tax assets is dependent on our ability to generate sufficient future taxable income during periods in which the deferred tax assets are expected to reverse. Based on all available evidence, management believes it is more likely than not that SJW Group will realize the benefits of its deferred tax assets. Net operating loss carryforwards expire beginning in 2032 and ending in 2043. As of December 31, 2024, the estimated amount of net operating loss carryforwards available to offset future taxable income for Connecticut purposes is $21,692. The estimated state tax credit carryforwards are $970, which will expire beginning in 2025 and ending in 2048.

The change in the net deferred tax liabilities of $37,515 in 2024 resulted from other non-cash items primarily consisting of regulatory assets and liabilities relating to income tax temporary differences.

The total amount of unrecognized tax benefits, before the impact of deductions for state taxes, excluding interest and penalties was $3,707 and $4,511 as of December 31, 2024 and 2023, respectively. The amount of tax benefits, net of any federal benefits for state taxes that would impact the effective rate, if recognized, is approximately $3,150 and $4,048 as of December 31, 2024 and 2023, respectively.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	2024		2023	2022
Balance at beginning of year	$	4,511	9,004	7,961
Increase related to tax positions taken during the current year	658		231	1,549
Increase related to tax positions taken during a prior year	380		364	—
Reductions related to statute expiration	(1,701)		(1,191)	(284)
Reductions related to tax positions taken in a prior year	(141)		(3,897)	(222)

Balance at end of year	$	3,707	4,511	9,004

The decrease in gross unrecognized tax benefits in 2024 was primarily due to expiry of statute of limitations.

The decrease in gross unrecognized tax benefits in 2023 was primarily due to the release of uncertain tax position reserve relating to repairs tax deductions. In April 2023, the IRS issued additional tax guidance that has allowed SJW Group to revisit certain historical income tax reserves. Pursuant to the issuance of this guidance, which provided additional clarification regarding some of the uncertain tax areas, the company re-evaluated the risk relating to repair deductions. The result of the analysis led to a release of uncertain tax position reserve. The release relates to repairs expenditures which are more likely than not to be sustained on audit. The net release due to re-evaluation of the reserve was $3,125.

SJW Group’s policy is to classify interest and penalties associated with unrecognized tax benefits, if any, in tax expense. Accrued interest expense, net of the benefit of tax deductions which would be available on the payment of such interest, is approximately $316 as of December 31, 2024. SJW Group has not accrued any penalties for unrecognized tax benefits. The amount of interest recognized in 2024 was a decrease to expense of $139.

SJW Group currently does not expect uncertain tax positions to change significantly over the next 12 months.

SJW Group files U.S. federal income tax returns and income tax returns in various states and is subject to ordinary statute of limitation of three years for federal and three or four years for different state returns. However, due to tax attribute carryforwards, SJW Group is subject to examination for tax years 2012 forward for state returns of CTWS and its subsidiaries. The statute of limitations for SJW Group returns is closed for these extended years and remains open for 2021 and forward for federal and 2020 or 2021 and forward for different states.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Long-Term Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Feb. 06, 2023
Debt Instrument [Line Items]
Total debt	$ 1,719,824	$ 1,583,441
Unamortized debt premium and discount, net	(56)	1,583
Unamortized debt issuance costs	(9,216)	(9,350)
Current portion	(3,648)	(48,975)
Total long-term debt, less current portion	1,706,904	1,526,699
SJW Group
Debt Instrument [Line Items]
Total long-term debt, less current portion	557,430	557,028
SJW Group \| Senior notes
Debt Instrument [Line Items]
Total debt	$ 560,000	560,000
SJW Group \| Senior notes \| Minimum
Debt Instrument [Line Items]
Rate	2.47%
SJW Group \| Senior notes \| Maximum
Debt Instrument [Line Items]
Rate	3.53%
SJWC \| California Pollution Control Financing Authority Revenue Bond
Debt Instrument [Line Items]
Total debt	$ 575,000	540,000
SJWC \| Senior notes
Debt Instrument [Line Items]
Total debt	$ 505,000	470,000
SJWC \| Senior notes \| Minimum
Debt Instrument [Line Items]
Rate	3.00%
SJWC \| Senior notes \| Maximum
Debt Instrument [Line Items]
Rate	7.20%
SJWC \| Public Utility, Bonds \| California Pollution Control Financing Authority Revenue Bond
Debt Instrument [Line Items]
Total debt	$ 70,000	70,000
SJWC \| Public Utility, Bonds \| California Pollution Control Financing Authority Revenue Bond \| Minimum
Debt Instrument [Line Items]
Rate	4.75%
SJWC \| Public Utility, Bonds \| California Pollution Control Financing Authority Revenue Bond \| Maximum
Debt Instrument [Line Items]
Rate	4.75%
CTWS \| Bank term loans
Debt Instrument [Line Items]
Rate			4.09%
Total debt	$ 14,389	16,457
CTWS \| Bank term loans \| Minimum
Debt Instrument [Line Items]
Rate	4.09%
CTWS \| Bank term loans \| Maximum
Debt Instrument [Line Items]
Rate	4.15%
CWC
Debt Instrument [Line Items]
Total debt	$ 388,672	313,345
CWC \| Senior notes
Debt Instrument [Line Items]
Total debt	$ 270,000	195,000
CWC \| Senior notes \| Minimum
Debt Instrument [Line Items]
Rate	3.07%
CWC \| Senior notes \| Maximum
Debt Instrument [Line Items]
Rate	6.46%
CWC \| Public Utility, Bonds \| Connecticut Innovations Revenue Bonds, variable rate
Debt Instrument [Line Items]
Total debt	$ 22,050	22,050
CWC \| Bank term loans
Debt Instrument [Line Items]
Total debt	$ 96,295	96,295
CWC \| Bank term loans \| Minimum
Debt Instrument [Line Items]
Rate	4.04%
CWC \| Bank term loans \| Maximum
Debt Instrument [Line Items]
Rate	4.75%
CWC \| Revolving Fund Loan \| State revolving fund loans
Debt Instrument [Line Items]
Rate	2.00%
Total debt	$ 327	0
TWC
Debt Instrument [Line Items]
Total debt	109,000	60,000
TWC \| Senior notes
Debt Instrument [Line Items]
Total debt	$ 15,000	15,000
TWC \| Senior notes \| Minimum
Debt Instrument [Line Items]
Rate	6.27%
TWC \| Senior notes \| Maximum
Debt Instrument [Line Items]
Rate	6.27%
TWC \| Bank term loans
Debt Instrument [Line Items]
Total debt	$ 65,000	45,000
TWC \| Bank term loans \| Minimum
Debt Instrument [Line Items]
Rate	4.01%
TWC \| Bank term loans \| Maximum
Debt Instrument [Line Items]
Rate	6.47%
TWC \| Seller financing debt
Debt Instrument [Line Items]
Total debt	$ 29,000	0
Interest rate effective percentage	5.61%
TWR \| Seller financing debt
Debt Instrument [Line Items]
Total debt	$ 0	29,000
Interest rate effective percentage	5.61%
MWC
Debt Instrument [Line Items]
Total debt	$ 72,763	64,639
MWC \| Public Utility, Bonds \| Other First Mortgage Bond
Debt Instrument [Line Items]
Rate	8.95%
Total debt	$ 0	900
MWC \| Bank term loans
Debt Instrument [Line Items]
Total debt	$ 60,000	49,500
MWC \| Bank term loans \| Minimum
Debt Instrument [Line Items]
Rate	3.89%
MWC \| Bank term loans \| Maximum
Debt Instrument [Line Items]
Rate	6.47%
MWC \| Revolving Fund Loan \| State revolving fund loans
Debt Instrument [Line Items]
Total debt	$ 12,763	$ 14,239
MWC \| Revolving Fund Loan \| State revolving fund loans \| Minimum
Debt Instrument [Line Items]
Rate	0.00%
MWC \| Revolving Fund Loan \| State revolving fund loans \| Maximum
Debt Instrument [Line Items]
Rate	2.23%

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Income Tax Contingency [Line Items]
Change in net deferred tax liabilities	$ 37,515
Unrecognized tax benefits before impact of deductions for state taxes, excluding interest and penalties	3,707	$ 4,511
Unrecognized tax benefits that would impact effective tax rate	3,150	4,048
Unrecognized tax benefits, decrease resulting from re-evaluation of reserve		$ 3,125
Accrued interest, expense net of the benefit of tax deductions	316
Cumulative reduction in unrecognized tax benefits, due to lapsing of statutes of limitations	139
Connecticut
Income Tax Contingency [Line Items]
Operating loss carryforwards	21,692
Tax credit carryforward	$ 970

Summary of Significant Accounting Policies - Nonutility Properties and Real Estate Investments (Details)			3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($)	Oct. 29, 2021 USD ($) property	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Aug. 31, 2023 well
Components of Real Estate Investments [Abstract]
Land				$ 915,000	$ 4,137,000
Wholesale water supply assets				0	8,465,000
Buildings and improvements				399,000	748,000
Subtotal				1,314,000	13,350,000
Less: accumulated depreciation and amortization				98,000	194,000
Total				1,216,000	13,156,000
Impairment of long-lived asset				0	0
Proceeds receivable from sale of real estate investments				2,801,000	0
Number of wells acquired \| well							8
Indefinite life water rights reclassified from other intangible assets to utility plant intangible assets			$ 28,386,000
Nonutility property reclassified to utility plant			$ 11,684,000
Warehouse Building
Components of Real Estate Investments [Abstract]
Impairment of long-lived asset	$ 0
Tennessee Properties
Components of Real Estate Investments [Abstract]
Land					13,170,000
Buildings and improvements					44,950,000
Subtotal					58,120,000
Less: accumulated depreciation and amortization					17,270,000
Total					$ 40,850,000
Proceeds from sale of productive assets				44,000,000
Gain (loss) on disposition of assets				$ (969,000)
SJWC
Components of Real Estate Investments [Abstract]
Number of properties sold \| property		2
Proceeds from sale of real estate held-for-investment		$ 13,150,000
Gain on sale of asset						$ 7,230,000
Properties selling expenses						277,000
Deferred gains on sales of properties						$ 5,442,000
Building and Building Improvements \| Minimum
Components of Real Estate Investments [Abstract]
Estimated useful life				7 years
Building and Building Improvements \| Maximum
Components of Real Estate Investments [Abstract]
Estimated useful life				39 years

Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 1,429	$ 1,310	$ 3,869
Future Amortization of Intangible Assets
2025	1,395
2026	1,395
2027	1,395
2028	1,395
2029	1,395
Thereafter	1,395
Purchase premium customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets	13,400	13,400
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Intangible assets	9,818	15,746
Service Agreements
Finite-Lived Intangible Assets [Line Items]
Intangible assets	4,292
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets	1,400
Contractual Rights
Finite-Lived Intangible Assets [Line Items]
Intangible assets	1,040
Indefinite-lived water rights
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived water rights	$ 28,386	$ 0

Summary of Significant Accounting Policies - Impairments of Long-Lived Assets and Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Impairment of long-lived asset	$ 0	$ 0
Goodwill, impairment loss	$ 0	$ 0	$ 0

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2024	Feb. 20, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	001-8966
Entity Registrant Name	SJW GROUP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0066628
Entity Address, Address Line One	110 West Taylor Street,
Entity Address, City or Town	San Jose,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95110
City Area Code	(408)
Local Phone Number	279-7800
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	SJW
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 1.7
Entity Common Stock, Shares Outstanding		33,671,362
Documents Incorporated by Reference	Portions of the registrant’s Proxy Statement relating to the registrant’s Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K where indicated.
Entity Central Index Key	0000766829
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Acquisitions	12 Months Ended
Acquisitions	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	Acquisitions KT Water On January 13, 2023, TWC reached an agreement to acquire KT Water Development Ltd. (“KT Water Development”) and SJWTX Holdings, Inc. reached an agreement to acquire KT Water Resources L.P. (“KT Water Resources”). The agreement between SJWTX Holdings, Inc. and KT Water Resources, LP, was assigned to TWR prior to closing. KT Water Development was an investor-owned water utility providing water to approximately 1,725 people through over 570 service connections in the Rockwall Ranch subdivision in southern Comal County, Texas. KT Water Resources was a wholesale groundwater resource supplier to KT Water Development formed to develop wholesale water supplies for the fast-growing utilities of Comal County, Texas. The Public Utility Commission of Texas (“PUCT”) approved the proposed KT Water Development acquisition on July 24, 2023. The acquisition of KT Water Resources did not require PUCT approval. Both transactions closed on August 14, 2023. Further information regarding each of the acquisitions is set forth below. KT Water Development The purchase price of KT Water Development was $7,338, all of which was cash, and was determined in accordance with a fair market value process defined under the Texas Water Code. The transaction was accounted for as a business combination in accordance with ASC Topic 805. The transaction consideration was allocated to utility plant. The final purchase price allocation was completed during the quarter ended March 31, 2024, with no change from the preliminary purchase price allocation. Transaction costs were not material. The results of KT Water Development have been included in SJW Group’s consolidated statements of comprehensive income since the acquisition date and were not material. Pro forma financial information has not been presented because the acquisition was not material to SJW Group’s consolidated financial statements. KT Water Resources The total purchase price of KT Water Resources was $39,891, consisting of a $24,491 up-front cash payment and an obligation for a post-closing production payment with an acquisition date fair value of $15,400. Considering transaction costs of $170, the total cost of the acquisition was $40,061. The KT Water Resources acquisition was accounted for as an asset acquisition in accordance with ASC Topic 805. The total cost was allocated as follows based on the fair values of the assets acquired: $28,386 to other intangible asset, $11,684 to nonutility property, and $9 to other current liabilities. The other intangible asset represents indefinite-lived water rights. The nonutility property consists of wells, land, easements, and construction work in progress. The post-closing production payment represents an obligation to pay a total amount of $29,000 to the seller over a period 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 fair value of the post-closing payment as of the acquisition date was determined by discounting forecasted repayments based on management’s estimates of future groundwater production. The difference between the fair value of $15,400 and the gross obligation of $29,000 was recorded as a debt discount and is being amortized as interest expense using the effective interest method over the life of the obligation. The post-closing production payment obligation is classified as long-term debt in the Consolidated Balance Sheets. In connection with a transaction in the third quarter of 2024, TWC purchased these assets from TWR for use in utility operations and assumed the post-closing payment obligation.

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Certain allocated assets, such as goodwill, revenue and expenses have been included in the reportable segment amounts. Certain corporate costs and expenses are not allocated to Water Utility Services or Other Services and are shown separately to reconcile to the applicable consolidated amounts.


	For the year ended December 31, 2024
	Reportable Segment
	Water Utility Services		Other Services (1)	Unallocated Corporate (2)	Consolidated
Operating revenue	$	732,580	15,859	—	748,439

Less:
Production expenses	286,763		5,259	—	292,022
Administrative and general	97,420		2,632	5,778	105,830
Maintenance	29,249		2,052	—	31,301
Property taxes and other non-income taxes	35,223		317	388	35,928
Depreciation and amortization	111,709		253	893	112,855
Interest on long-term debt and other interest expense	47,485		521	23,384	71,390

Provision (benefit) for income taxes	17,134		1,569	(9,733)	8,970
Other (3)	(920)		191	(3,095)	(3,824)
Net income (loss)	$	108,517	3,065	(17,615)	93,967

Capital expenditures	$	377,208	29	—	377,237


	For the year ended December 31, 2023
	Reportable Segment
	Water Utility Services		Other Services (1)	Unallocated Corporate (2)	Consolidated
Operating revenue	$	652,045	18,318	—	670,363

Less:
Production expenses	251,898		4,302	—	256,200
Administrative and general	93,255		2,777	2,624	98,656
Maintenance	23,972		1,757	—	25,729
Property taxes and other non-income taxes	33,469		926	80	34,475
Depreciation and amortization	104,329		646	893	105,868
Interest on long-term debt and other interest expense	42,743		329	23,072	66,144

Provision (benefit) for income taxes	11,293		2,213	(7,550)	5,956
Other (3)	(4,279)		(121)	(3,252)	(7,652)
Net income (loss)	$	95,365	5,489	(15,867)	84,987

Capital expenditures	$	288,627	24,244	—	312,871


	For the year ended December 31, 2022
	Reportable Segment
	Water Utility Services		Other Services (1)	Unallocated Corporate (2)	Consolidated
Operating revenue	$	603,000	17,698	—	620,698

Less:
Production expenses	228,806		3,984	—	232,790
Administrative and general	90,874		2,565	1,965	95,404
Maintenance	29,063		1,671	—	30,734
Property taxes and other non-income taxes	31,184		923	465	32,572
Depreciation and amortization	99,412		4,112	893	104,417
Interest on long-term debt and other interest expense	37,958		—	20,104	58,062
(Gain) loss on sale of nonutility property	(6,197)		—	—	(6,197)
Provision (benefit) for income taxes	12,756		1,161	(5,421)	8,496
Other (3)	(6,524)		(52)	(2,832)	(9,408)
Net income (loss)	$	85,668	3,334	(15,174)	73,828

Capital expenditures	$	241,719	631	—	242,350

___________________________________

(1) The “Other Services” category includes the accounts of SJW Land Co, Chester Reality, Inc., SJWC’s Cupertino service concession arrangement operations, TWOS, TWR, and NEWUS, on a stand-alone basis.

(2) The “Unallocated Corporate” category includes the accounts of SJW Group, SJWNE LLC, SJWTX Holdings, Inc., CTWS, NWU on a stand-alone basis.

(3) Primarily comprised of pension non-service credit (cost) and items of miscellaneous non-operating income (expense).

SJW Group’s assets for the Water Utility Services reportable segment and all other are as follows as of December 31:


	2024		2023
Water Utility Services (reportable segment)	$	4,567,182	4,199,610
Other Services	25,053		87,316
Unallocated Corporate	66,074		58,141
Total assets	$	4,658,309	4,345,067

Long-Term Debt - Schedule of Maturities of Long-term Debt (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 3,664
2026	23,757
2027	3,011
2028	44,502
2029	325,425
Thereafter	$ 1,319,465

Summary of Significant Accounting Policies - Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Revenue from contracts with customers	$ 736,326	$ 678,168	$ 586,918
Alternative revenue programs, net	6,181	3,634	(1,312)
Other balancing and memorandum accounts and regulatory mechanisms, net	(153)	(17,123)	29,487
Rental income	6,085	5,684	5,605
Operating revenue	748,439	670,363	620,698
Regulated operating revenue, water surcharge	$ 3,668	$ 4,085	$ 6,121

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The components of income tax expense were:


	2024		2023	2022
Current:
Federal	$	(1,828)	10,185	8,570
State	443		4,281	3,170
Deferred:
Federal	11,063		(8,871)	(3,223)
State	(708)		361	(21)
	$	8,970	5,956	8,496

Schedule of Effective Income Tax Rate Reconciliation


	2024		2023	2022
Income tax at federal statutory rate	$	21,617	19,098	17,288
Increase (decrease) in taxes attributable to:
State taxes, net of federal income tax benefit	6,488		6,001	5,328

Uncertain tax positions	(1,053)		(4,330)	1,483
Property flow-through	(14,793)		(9,045)	(13,091)


Reversal of excess deferred taxes recognized in regulatory liability	(3,227)		(3,625)	(3,885)
Pension flow-through	(530)		(597)	27
Stock-based compensation	192		(491)	(297)

Other items, net	276		(1,055)	1,643
	$	8,970	5,956	8,496

Schedule of Deferred Tax Assets and Liabilities

The components of the net deferred tax liability as of December 31 was as follows:


	2024		2023
Deferred tax assets:
Advances and contributions	$	26,744	25,714
Unamortized investment tax credit	1,061		517
Pensions, postretirement benefits and stock-based compensation	12,529		17,844
Debt premium, net	3,446		4,157
California franchise tax	503		713

Deferred revenue	—		841
Tax related regulatory liability	23,112		24,358
Other	6,337		7,077


Total deferred tax assets	73,732		81,221
Deferred tax liabilities:
Utility plant	277,085		243,786
Pension and postretirement	9,068		13,247
Deferred gain and other-property	608		6,456
Regulatory asset - business combinations debt premium, net	3,446		4,157
Intangibles	2,443		2,693
Deferred revenue	1,418		—
Tax related regulatory asset	50,728		44,155


Other	4,979		5,255
Total deferred tax liabilities	349,775		319,749
Net deferred tax liabilities	$	276,043	238,528

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	2024		2023	2022
Balance at beginning of year	$	4,511	9,004	7,961
Increase related to tax positions taken during the current year	658		231	1,549
Increase related to tax positions taken during a prior year	380		364	—
Reductions related to statute expiration	(1,701)		(1,191)	(284)
Reductions related to tax positions taken in a prior year	(141)		(3,897)	(222)

Balance at end of year	$	3,707	4,511	9,004

Financial Statement Schedule - Narrative (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Condensed Financial Information Disclosure [Abstract]
Restricted net assets, subsidiaries	$ 494,699
Restricted net assets, subsidiaries, percent of consolidated assets	36.00%

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Unrealized gain (loss) on investment, tax expense (benefit)	$ (163)	$ 166	$ (188)
Adjustment to pension benefit plans, tax expense (benefit)	$ 0	$ 80	$ 793
Common stock, dividends per share, paid (usd per share)	$ 1.60	$ 1.52	$ 1.44

Financial Statement Schedule - Condensed Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]
Operating revenue	$ 748,439	$ 670,363	$ 620,698
Operating expense:
Administrative and general	105,830	98,656	95,404
Property taxes and other non-income taxes	35,928	34,475	32,572
Total operating expense	577,936	520,928	489,720
Operating income	170,503	149,435	130,978
Other (expense) income:
Interest on long-term debt and other interest expense	(71,390)	(66,144)	(58,062)
Other, net	55	8,882	4,385
Income before income taxes	102,937	90,943	82,324
Income Tax Expense (Benefit)	8,970	5,956	8,496
Net income	93,967	84,987	73,828
Other comprehensive income, net	169	314	1,640
Comprehensive income	94,136	85,301	75,468
SJW Group
Condensed Financial Statements, Captions [Line Items]
Operating revenue	0	0	0
Operating expense:
Administrative and general	5,568	2,239	1,977
Property taxes and other non-income taxes	388	80	93
Total operating expense	5,956	2,319	2,070
Operating income	(5,956)	(2,319)	(2,070)
Other (expense) income:
Interest on long-term debt and other interest expense	(18,022)	(17,692)	(17,795)
Interest income on intercompany notes receivable	6,756	3,862	81
Other, net	(3,456)	1,034	(421)
Income before income taxes	(20,678)	(15,115)	(20,205)
Income Tax Expense (Benefit)	(5,727)	(4,294)	(5,523)
Equity earnings from subsidiaries, net of taxes	108,918	95,808	88,510
Subsidiaries
Other (expense) income:
Equity earnings from subsidiaries, net of taxes	$ 108,918	$ 95,808	$ 88,510

Lines of Credit (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Line of Credit Facilities

A summary of the line of credit agreements as of December 31, 2024 and 2023 are as follows:


		2024				2023
	Maturity Date	Line Limit		Amounts Outstanding	Unused Portion	Amounts Outstanding
Syndicated credit agreement:	August 2, 2029
SJW Group		$	50,000	3,000	47,000	10,000
SJWC		140,000		44,000	96,000	56,000
CTWS		90,000		30,000	60,000	53,000
TWC		20,000		—	20,000	2,500
Total syndicated credit agreement		300,000		77,000	223,000	121,500
CTWS credit agreement	August 2, 2028	10,000		2,124	7,876	10,000
CTWS credit agreement	May 15, 2025	40,000		40,000	—	40,000
		$	350,000	119,124	230,876	171,500

Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Utility plant intangible assets consist of $28,386 of indefinite-lived water rights, $13,400 related to the purchase premium for customer relationships, and other intangibles of $9,818 as of December 31, 2024. Other intangibles primarily consist of $4,292 for service area expansions and other by TWC, $1,400 for customer relationships and $1,040 incurred in conjunction with Valley Water water contracts related to the operation of SJWC. In connection with a transaction in the third quarter of 2024, TWC purchased all assets from TWR for use in utility operations. Accordingly, SJW Group reclassified $28,386 related to indefinite life water rights from other intangible assets to utility plant intangible assets.

Amortization expense for the intangible assets was $1,429, $1,310 and $3,869 for the years ended December 31, 2024, 2023 and 2022, respectively. Amortization expense for 2025 through 2029 and thereafter is anticipated to be approximately $1,395 per year.

The components of intangible assets as of December 31, 2024 and 2023 are as follows:


	2024		2023
Utility Plant Intangible Assets:
Indefinite-lived water rights	$	28,386	—
Purchase premium customer relationships	13,400		13,400
Concession fees	—		6,800
Other intangibles	9,818		15,746
Utility plant intangible assets	51,604		35,946
Less: Accumulated amortization
Purchase premium customer relationships	4,667		3,774
Concession fees	—		6,754
Other intangibles	4,858		10,361
Utility plant net intangible assets	$	42,079	15,057
Other Intangible Asset:
Indefinite-lived water rights	$	—	$	28,386

Commitments	12 Months Ended
Commitments	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments	Commitments SJWC purchases water from Valley Water under terms of a master contract expiring in 2051. Delivery schedules for purchased water are based on a contract year beginning July 1, and are negotiated every three years under terms of the master contract with Valley Water. For the years ended December 31, 2024, 2023 and 2022, SJWC purchased from Valley Water 17.0 billion gallons ($117,698), 18.3 billion gallons ($111,173) and 18.2 billion gallons ($96,793), respectively, of contract water. On June 12, 2024, the Valley Water Board of Directors approved treated water deliveries reflecting the contractual delivery schedule reduced by 23% through June 30, 2025. Based on current prices and estimated deliveries, SJWC is committed to purchase from Valley Water a minimum of 90% of the reduced delivery schedule, or 18.9 billion gallons ($135,975) of water at the current contract water rate of $7.194 million per billion gallons for the year ending December 31, 2025. Additionally, SJWC purchases non-contract water from Valley Water on an “as needed” basis if the water supply is available. SJWC operates the Cupertino municipal water system under a service concession arrangement. The system is adjacent to the SJWC service area and has approximately 4,700 service connections. The original agreement commenced in October 1997 and expired on September 30, 2024. Effective October 2024, SJWC entered into a new 12-year agreement with the City of Cupertino subject to an additional term of eight years if agreed to by the parties. SJWC paid an upfront concession fee of $22.1 million in 2024 and agreed to pay, beginning in 2024, an annual investment rent of $1.8 million, subject to annual adjustment based on a specified construction cost index. The concession fees are amortized as reductions to operating revenue over the applicable contract term and the annual investment rent payments are amortized as reductions to operating revenue over the annual period to which they relate. Under the terms of the agreement, SJWC assumes responsibility for all maintenance and operating costs of the system, while receiving all payments for water service. CWC is able, but under no obligation, to purchase up to one million gallons of water per day from the South Central Connecticut Regional Water Authority (“RWA”), at the then-current wholesale rates per the agreement, $3.1 million per billion gallons as of December 31, 2024. CWC has an agreement with The Metropolitan District (“MDC”) to purchase water from MDC to serve the Unionville system. The agreement became effective on October 6, 2000 and has a term of fifty years beginning May 19, 2003, the date the water supply facilities related to the agreement were placed in service. CWC agrees to purchase 0.28 billion gallons of water annually from MDC. The rate charged by the MDC at December 31, 2024 was three dollars and eighty cents per hundred cubic feet. TWC has long-term contracts with the GBRA. The terms of the agreements expire in 2037, 2040, 2044 and 2050, respectively. The agreements, which are take-or-pay contracts, provide TWC with 7,602 acre-feet per year of water supply from Canyon Lake. The water rate may be adjusted by GBRA at any time, provided they give TWC a 60-day written notice on the proposed adjustment. TWC also has raw water supply agreements with the Lower Colorado River Authority and West Travis County Public Utility Agency expiring in 2059 and 2046, respectively, to provide for 350 acre-feet of water per year from Lake Austin and the Colorado River, respectively, at prices that may be adjusted periodically by the agencies. MWC has an agreement with the Kennebec Water District for potable water service. The agreement has been in place for 20 years and was extended on November 7, 2020 for a new term of up to 20 years. MWC guarantees a minimum consumption of 0.05 billion gallons of water annually. Water sales to MWC are billed at a wholesale discount of twenty cents per hundred cubic feet of water below Kennebec Water District's tariffed rates. The current tariff rate was one dollar and fifty-one cents per hundred cubic feet as of December 31, 2024. As of December 31, 2024, SJWC had 395 employees, of whom 241 were members of unions. In the first quarter of 2023, SJWC executed three-year bargaining agreements with the International Union of Operating Engineers (“OE”), representing certain employees in the engineering department, and the Utility Workers of America (“UWUA”), representing the majority of all nonadministrative employees at SJWC covering the period from January 1, 2023 through December 31, 2025. The agreements include a 6% wage increase provided in 2023, 3.5% in 2024 and 5.5% in 2025 for union employees.

Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 6,662	$ 7,569	$ 9,359
Interest cost	14,451	14,234	10,708
Expected return on assets	(17,852)	(15,440)	(18,841)
Amortization of prior service cost	15	15	17
Amortization of actuarial (gain) loss	(71)	2,210	4,620
Recognition of significant event	0	0	(1,595)
Net periodic benefit cost	3,205	8,588	4,268
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	665	638	1,032
Interest cost	1,181	1,268	883
Expected return on assets	(1,068)	(860)	(1,047)
Amortization of prior service cost	0	0	0
Amortization of actuarial (gain) loss	(643)	(350)	(115)
Recognition of significant event	0	0	0
Net periodic benefit cost	$ 135	$ 696	$ 753

Benefit Plans - Narrative (Details) - USD ($)	12 Months Ended
Benefit Plans - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Adjustment to pension benefit plans, net of taxes	$ (611,000)	$ 216,000	$ (2,151,000)
Value of life insurance contracts	4,294,000	3,937,000
Annual maximum contribution limit under Health Care Spending Account plan	3,200
Annual maximum contribution limit under Dependent Care Spending Account plan	5,000
Employer contributions to deferral plan	$ 4,221,000	3,902,000	3,003,000
Health care cost trend rate assumed, next fiscal year	8.00%
Ultimate health care cost trend rate	4.50%
Actuarial gain (loss), discount rate change	$ 21,129,000	1,188,000
Actuarial gain (loss), data and other changes	(6,005,000)	(1,993,000)
Defined benefit plan, accumulated benefit obligation	263,607,000	270,209,000
Unrecognized pensions and other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Regulatory liabilities	27,872,000	20,196,000
Other comprehensive income (loss), defined benefit plan, gain (loss) arising during period	27,872,000	20,196,000
Unrecognized pensions and other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Regulatory assets	3,177,000	24,593,000
Other comprehensive income (loss), defined benefit plan, gain (loss) arising during period	(3,150,000)	(24,552,000)
Other comprehensive (income) loss, defined benefit plan, prior service cost (credit)	27,000	41,000
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	287,044,000	297,834,000	289,123,000
Net periodic pension cost	3,205,000	8,588,000	4,268,000
Total investments made to fund SERP	8,007,000	11,145,000
Executive Supplemental Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	40,328,000	43,001,000
Net periodic pension cost	3,879,000	3,257,000	4,400,000
Adjustment to pension benefit plans, net of taxes	169,000	314,000	$ 1,640,000
Total investments made to fund SERP	$ 7,336,000	$ 6,843,000
Minimum
Defined Benefit Plan Disclosure [Line Items]
Period for performance standards	3 years
Minimum \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost, expected return on plan assets	6.25%	6.00%	6.50%
Maximum
Defined Benefit Plan Disclosure [Line Items]
Period for performance standards	5 years
Estimated required and discretionary employer cash contributions	$ 6,680,000
Maximum \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost, expected return on plan assets	6.75%	6.75%	6.75%
CTWS Employees
Defined Benefit Plan Disclosure [Line Items]
Rate of compensation increase to company sponsored savings plan	1.50%
Executives and Non-employee Directors \| Deferred compensation arrangement with individual, by type of compensation, pension and other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Deferrals by executives and non-employee directors	$ 8,216,000	$ 8,148,000
Executives and Non-employee Directors \| Deferred compensation arrangement with individual, by type of compensation, pension and other postretirement benefits \| CWC
Defined Benefit Plan Disclosure [Line Items]
Deferrals by executives and non-employee directors	$ 6,276,000	$ 6,223,000

Benefit Plans - Actuarial Calculation Assumptions (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Minimum \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost, discount rate	4.99%	4.95%	2.65%
Net periodic benefit cost, expected return on plan assets	6.25%	6.00%	6.50%
Net periodic benefit cost, rate of compensation increase	4.50%	4.50%	4.00%
Benefit obligations, discount rate	5.55%	4.99%
Benefit obligations, rate of compensation increase	4.50%	4.50%
Minimum \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost, discount rate	4.95%	4.96%	2.61%
Net periodic benefit cost, expected return on plan assets	4.20%	4.20%	4.20%
Benefit obligations, discount rate	5.48%	4.95%
Maximum \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost, discount rate	5.03%	5.24%	2.82%
Net periodic benefit cost, expected return on plan assets	6.75%	6.75%	6.75%
Net periodic benefit cost, rate of compensation increase	5.00%	5.00%	4.50%
Benefit obligations, discount rate	5.63%	5.03%
Benefit obligations, rate of compensation increase	5.00%	5.00%
Maximum \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost, discount rate	5.01%	5.21%	2.76%
Net periodic benefit cost, expected return on plan assets	6.25%	6.00%	6.00%
Benefit obligations, discount rate	5.58%	5.01%

Equity Plans

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Equity Plans

Common Stock

SJW Group’s long-term incentive plans provide employees, non-employee board members or the board of directors of any parent or subsidiary, consultants, and other independent advisors who provide services to the company or subsidiary the opportunity to acquire an equity interest in SJW Group. SJW Group also maintains stock plans in connection with its acquisition of CTWS which are no longer granting new stock awards. In addition, shares are issued to employees under SJW Group’s employee stock purchase plan.

On April 26, 2023, SJW Group adopted the successor plans, the 2023 Long-Term Incentive Plan and the 2023 Employee Stock Purchase Plan, to replace the Amended and Restated Long-Term Incentive Plan (the “Predecessor Incentive Plan”) and the 2014 Employee Stock Purchase Plan (the “Predecessor ESPP”), respectively. The Predecessor Incentive Plan terminated on April 23, 2023 and the Predecessor ESPP terminated on July 31, 2023. Each outstanding award under the Predecessor Incentive Plan will remain outstanding under the Predecessor Incentive Plan and shall be governed solely by the terms of the documents evidencing such awards. The 2023 Long-Term Incentive Plan reserves a total of 1,142,000 shares of SJW Group’s common

stock for issuance to employees, non-employee board members or the board of directors of any parent or subsidiary, consultants, and other independent advisors who provide services to the SJW Group and its subsidiaries. The 2023 Employee Stock Purchase Plan reserves for a total of 500,000 shares of SJW Group’s common stock for issuance for eligible employees to purchase common stock at a discount through accumulated payroll deductions. Remaining reserves for both of the predecessor plans were terminated with the adoption of the successor plans.

A participant in the plans generally may not receive plan awards covering an aggregate of more than 600,000 shares of common stock in any calendar year. Additionally, awards granted under the plans may be conditioned upon the attainment of specified Company performance goals. The types of awards included in the plans are restricted stock awards, restricted stock units, performance shares, or other share-based awards. In addition, shares are issued to employees under the employee stock purchase plan (“ESPP”) that was approved by SJW Group stockholders.

As of December 31, 2024, 2023 and 2022, 1,142,770, 1,080,759 and 1,013,782 shares have been issued pursuant to the plans, and 191,177, 150,704 and 162,502 shares are issuable upon the vesting of outstanding restricted stock units, performance-based stock units, and deferred restricted stock units for the years ended 2024, 2023 and 2022, respectively. The remaining shares available for issuance under the plans are 1,030,998 as of December 31, 2024. The compensation costs charged to income is recognized on a straight-line basis over the requisite service period.

A summary of compensation costs charged to income and proceeds from share-based compensation, which are recorded to additional paid-in capital and common stock, by award type, are presented below for the years ended December 31:


	2024		2023	2022
Compensation costs charged to income:
ESPP	$	557	378	369
Restricted stock and deferred restricted stock	5,066		4,269	4,422
Total compensation costs charged to income	$	5,623	4,647	4,791
ESPP proceeds	$	2,188	2,141	2,091

Restricted Stock and Deferred Restricted Stock

A summary of SJW Group’s outstanding restricted and deferred restricted stock awards under the Plan as of December 31, 2024, and changes during the year ended December 31, 2024, are presented below:


	Units	Weighted- Average Grant- Date Fair Value
Outstanding as of January 1, 2024	150,704	$	72.65
Granted	116,598	$	56.18
Issued	(62,011)	$	66.00
Forfeited	(14,114)	$	64.60
Outstanding as of December 31, 2024	191,177	$	65.36
Shares vested as of December 31, 2024	32,021	$	70.59

A summary of the status of SJW Group’s nonvested restricted and deferred restricted stock awards under the plans as of December 31, 2024, and changes during the year ended December 31, 2024, are presented below:


	Units	Weighted- Average Grant- Date Fair Value
Nonvested as of January 1, 2024	123,545	$	73.93
Granted	116,598	$	56.18
Vested	(70,366)	$	67.56
Forfeited	(10,621)	$	65.54
Nonvested as of December 31, 2024	159,156	$	64.30

Total fair value of restricted stock awards for all plans that were vested for the years ended 2024, 2023 and 2022 were $4,788, $4,170 and $4,369, respectively. As of December 31, 2024, the total unrecognized compensation costs related to restricted and

deferred restricted stock plans amounted to $5,485. This cost is expected to be recognized over a weighted-average period of 1.72 years.

For the years ended December 31, 2024, 2023 and 2022, 33,670, 15,955 and 11,551, respectively, of performance-based and market-based restricted stock awards were issued upon the attainment of certain performance metrics and service-based vesting under the Plan. Based upon actual attainment relative to the target performance metric, the number of shares issuable can range between 0% to 150% of the target number of shares for performance-based restricted stock awards, or between 0% and 200% of the target number of shares for market-based restricted stock awards. As of December 31, 2024, 30,770 performance-based and market-based restricted stock awards vested and 29,199 remained outstanding.

Employee Stock Purchase Plan

The ESPP allows eligible employees to purchase shares of SJW Group’s common stock at 85% of the fair value of shares on the purchase date. Under the ESPP, employees can designate up to a maximum of 10% of their base compensation for the purchase of shares of common stock, subject to certain restrictions. A total of 500,000 shares of SJW Group’s common stock have been reserved for issuance under the ESPP. The remaining shares available for issuance under the ESPP are 457,147 as of December 31, 2024.

For the year ended December 31, 2024, 2023 and 2022, a total of 42,853, 34,122 and 36,585 shares, respectively, were issued under the ESPP. The plan has no look-back provisions.

Lines of Credit

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Lines of Credit

SJW Group and its subsidiaries have unsecured line of credit agreements where borrowings are used to refinance existing debt, for working capital, and for general corporate purposes. A summary of the line of credit agreements as of December 31, 2024 and 2023 are as follows:


		2024				2023
	Maturity Date	Line Limit		Amounts Outstanding	Unused Portion	Amounts Outstanding
Syndicated credit agreement:	August 2, 2029
SJW Group		$	50,000	3,000	47,000	10,000
SJWC		140,000		44,000	96,000	56,000
CTWS		90,000		30,000	60,000	53,000
TWC		20,000		—	20,000	2,500
Total syndicated credit agreement		300,000		77,000	223,000	121,500
CTWS credit agreement	August 2, 2028	10,000		2,124	7,876	10,000
CTWS credit agreement	May 15, 2025	40,000		40,000	—	40,000
		$	350,000	119,124	230,876	171,500

SJW Group, SJWC, TWC, and CTWS have entered into a $300,000 credit agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as Administrative Agent (“JP Morgan”), Wells Fargo Bank, National Association, as Documentation Agent, and a syndicate of banks dated August 2, 2022. Proceeds of borrowings under the Credit Agreement will be used for refinancing existing debt, working capital, and general corporate purposes. The Credit Agreement had a maturity date of August

2, 2027. On August 2, 2023, SJW Group, SJWC, TWC, and CTWS entered into the First Amendment to the Credit Agreement with JPMorgan Chase Bank which provided for, among other matters, an extension of the maturity date from August 2, 2027 to August 2, 2028. On August 2, 2024, SJW Group, SJWC, TWC, and CTWS entered into the Second Amendment to the Credit Agreement with JPMorgan Chase Bank which provided for, among other matters, an extension of the maturity date from August 2, 2028 to August 2, 2029.

Under the terms of the Credit Agreement, each of SJW Group, SJWC, TWC, and CTWS is a borrower with several and not joint liability. Each borrower has an initial borrowing entitlement, or sublimit, which can be periodically adjusted from time to time as set forth in the Credit Agreement. The initial sublimit of each borrower is as presented in the table above.

Borrowings under the Credit Agreement bear interest at either the Alternative Base Rate (as defined in the Credit Agreement and hereinafter referred to as “ABR”) or the Adjusted Term Secured Overnight Financing Rate (as defined in the Credit Agreement and hereinafter referred to as “SOFR”). ABR borrowings (which are borrowings bearing interest at a rate determined by reference to ABR) will bear interest at a rate per annum equal to ABR plus the applicable rate. SOFR borrowings (which are borrowings bearing interest at a rate determined by reference to SOFR) will bear interest at a rate per annum equal to SOFR plus the applicable rate. The applicable rate and pricing is variable depending on credit ratings of the borrower.

The Credit Agreement includes a financial covenant that requires each of the borrowers to maintain its funded debt to capitalization ratio at or below 70%.

On October 31, 2022, CTWS and Citizens Bank, National Association, entered into a fifth modification to the amended and restated revolving credit facility of $10,000 to update the interest rate from London Interbank Offered Rate (“LIBOR”) plus the applicable rate to SOFR plus the applicable rate.

On February 6, 2023, CTWS modified its existing $40,000 credit agreement with CoBank to update the interest rate from LIBOR plus the applicable rate to SOFR plus the applicable rate.

The weighted-average interest rate on short-term borrowings outstanding at December 31, 2024 was 6.08% compared to 6.48% at December 31, 2023.

All of SJW Group’s and subsidiaries’ lines of credit contain customary representations, warranties and events of default, as well as certain restrictive covenants customary for facilities of this type, including restrictions on indebtedness, liens, acquisitions and investments, restricted payments, asset sales, and fundamental changes. The lines of credit also include certain customary financial covenants such as a funded debt to capitalization ratio and a minimum interest coverage ratio. As of December 31, 2024, SJW Group and its subsidiaries were in compliance with all covenants on the lines of credit.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Acquisitions (Details) $ in Thousands		12 Months Ended
Acquisitions (Details) $ in Thousands	Aug. 14, 2023 USD ($) serviceConnection people	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Seller financing in asset acquisition, net of discount		$ 0	$ 15,400	$ 0
KT Water Resource L. P.
Business Acquisition [Line Items]
Asset acquisition, consideration transferred before transaction costs	$ 39,891
Payments to acquire productive assets	24,491
Seller financing in asset acquisition, net of discount	15,400
Asset acquisition, transaction cost	170
Asset acquisition, consideration transferred	40,061
Asset acquisition, other intangible asset	28,386
Asset acquisition, nonutility property	11,684
Asset acquisition, other current liabilities	9
Asset acquisition, post-closing production payment	$ 29,000
Asset acquisition, period of post-closing production payment	29 years
KT Water Development Ltd
Business Acquisition [Line Items]
Payments for business acquisition	$ 7,338
Texas Water \| KT Water Development Ltd
Business Acquisition [Line Items]
Number of people served from acquisition \| people	1,725
Texas Water \| KT Water Development Ltd \| Southern Comal County, Texas
Business Acquisition [Line Items]
Number of service connections from acquisition \| serviceConnection	570

Summary of Significant Accounting Policies - Earnings per Share (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive restricted common stock units excluded from computation of earnings per share (in shares)	8,075	14,193	25,127

Equity Plans - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Equity Plans - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Apr. 26, 2023
Option Indexed to Issuer's Equity [Line Items]
Fair value of restricted stock awards	$ 4,788	$ 4,170	$ 4,369
Performance-based and market-based restricted stock awards issued (in shares)	33,670	15,955	11,551
Performance-based and market-based restricted stock awards vested (in shares)	30,770
Performance-based and market-based restricted stock awards outstanding (in shares)	29,199
Employee stock purchase plan (in shares)	42,853	34,122	36,585
Restricted stock and deferred restricted stock
Option Indexed to Issuer's Equity [Line Items]
Share-based payment arrangement, nonvested award, cost not yet recognized, amount	$ 5,485
Period for recognition of compensation cost	1 year 8 months 19 days
Performance Shares \| Minimum
Option Indexed to Issuer's Equity [Line Items]
Range of shares issuable	0.00%
Performance Shares \| Maximum
Option Indexed to Issuer's Equity [Line Items]
Range of shares issuable	150.00%
Market-based RSU \| Minimum
Option Indexed to Issuer's Equity [Line Items]
Range of shares issuable	0.00%
Market-based RSU \| Maximum
Option Indexed to Issuer's Equity [Line Items]
Range of shares issuable	200.00%
Incentive Plan
Option Indexed to Issuer's Equity [Line Items]
Remaining shares available for issuance (in shares)				1,142,000
Incentive Plan \| Restricted stock and deferred restricted stock
Option Indexed to Issuer's Equity [Line Items]
Remaining shares available for issuance (in shares)	1,030,998
Shares issuable under the plan upon exercise of outstanding awards (in shares)	191,177
Incentive Plan \| Common Stock
Option Indexed to Issuer's Equity [Line Items]
Maximum number of shares per employee (in shares)	600,000
Shares issued pursuant to the plan (in shares)	1,142,770	1,080,759	1,013,782
Shares issuable under the plan upon exercise of outstanding awards (in shares)		150,704	162,502
Employee Stock Purchase Plan
Option Indexed to Issuer's Equity [Line Items]
Purchase price of common stock to employees under the plan, percent	85.00%
Maximum percent of base salary employees can designate for share purchase under the plan	10.00%
Employee Stock Purchase Plan \| Common Stock
Option Indexed to Issuer's Equity [Line Items]
Remaining shares available for issuance (in shares)	457,147
Number of shares reserved for issuance under the plan (in shares)	500,000

Regulatory Matters - Regulatory Assets, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Regulatory assets:
Total regulatory assets	$ 242,227	$ 240,186
Less: current regulatory asset	18,172	4,276
Regulatory assets, less current portion	224,055	235,910
Regulatory liabilities:
Regulatory Liabilities	484,841	464,167
Less: current regulatory liabilities	1,122	3,059
Total regulatory liabilities, less current portion	$ 483,719	461,108
Minimum
Regulatory liabilities:
General plant	5 years
Maximum
Regulatory liabilities:
General plant	68 years
Estimated service lives of assets	100 years
Cost of removal
Regulatory liabilities:
Regulatory Liabilities	$ 364,398	346,418
Future income tax benefits due to customers
Regulatory liabilities:
Regulatory Liabilities	84,128	88,610
Unrecognized pensions and other postretirement benefits
Regulatory liabilities:
Regulatory Liabilities	27,872	20,196
Employee benefit costs
Regulatory liabilities:
Regulatory Liabilities	1,137	0
Revenue adjustment mechanisms
Regulatory liabilities:
Regulatory Liabilities	1,122	5,536
Water supply costs
Regulatory liabilities:
Regulatory Liabilities	3,386	0
Other
Regulatory liabilities:
Regulatory Liabilities	2,798	3,407
Future income tax benefits due to customers
Regulatory assets:
Total regulatory assets	180,103	157,669
Unrecognized pensions and other postretirement benefits
Regulatory assets:
Total regulatory assets	3,177	24,593
Business combinations debt premium
Regulatory assets:
Total regulatory assets	12,313	14,855
Employee benefit costs
Regulatory assets:
Total regulatory assets	6,370	9,815
MWRAM
Regulatory assets:
Total regulatory assets	9,985	9,361
Customer Assistance Program (“CAP”) balancing account
Regulatory assets:
Total regulatory assets	6,599	5,457
Catastrophic event memorandum accounts (“CEMA”)
Regulatory assets:
Total regulatory assets	986	4,819
2022 general rate case interim memorandum account
Regulatory assets:
Total regulatory assets	3,392	4,571
Revenue adjustment mechanisms
Regulatory assets:
Total regulatory assets	5,024	0
Water supply costs
Regulatory assets:
Total regulatory assets	0	583
Other
Regulatory assets:
Total regulatory assets	$ 14,278	$ 8,463

Capitalization	12 Months Ended
Capitalization	Dec. 31, 2024
Equity [Abstract]
Capitalization	Capitalization SJW Group is authorized to issue 70,000,000 shares of common stock of $0.001 par value per share. At December 31, 2024 and 2023, 33,629,169 and 32,023,004, respectively, shares of common stock were issued and outstanding. As of December 31, 2024 and 2023, 1,000,000 shares of preferred stock of $0.001 par value per share were authorized for SJW Group. At December 31, 2024 and 2023, no shares of preferred stock were issued or outstanding. In March 2023, SJW Group entered into Amendment No. 1 to the equity distribution agreement (the “Equity Distribution Agreement”), dated November 17, 2021, between SJW Group and J.P. Morgan Securities LLC, Janney Montgomery Scott LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC, pursuant to which the company offered and sold shares of its common stock, $0.001 par value per share, from time to time in “at-the-market” offerings, having an aggregate gross sales price of up to $240,000. The Equity Distribution Agreement was replaced by a new equity distribution agreement in October 2024, as discussed below. Through the Equity Distribution Agreement, SJW Group issued and sold 3,151,433 shares of common stock at a weighted average price of $67.80 for a total net proceeds of $208,838 over the life of the agreement. On October 29, 2024, SJW Group entered into an equity distribution agreement (the, “New Equity Distribution Agreement”) with BofA Securities, Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC, pursuant to which the company may offer and sell shares of its common stock, $0.001 par value per share, from time to time in “at-the-market” offerings, having an aggregate gross sales price of up to $200,000. Since the inception of the New Equity Distribution Agreement, SJW Group has issued and sold 375,513 shares of common stock at a weighted average price of $55.46 for a total net proceeds of $20,167 and has $179,175 of aggregate gross sales price of shares remaining to issue under the New Equity Distribution Agreement as of December 31, 2024. For the year ended December 31, 2024, SJW Group issued and sold a total of 1,522,289 shares of common stock with a weighted average price of $57.15 per share and received $85,008 in net proceeds under the aforementioned equity distribution agreements.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Balance at beginning of year	$ 4,511	$ 9,004	$ 7,961
Increase related to tax positions taken during the current year	658	231	1,549
Increase related to tax positions taken during a prior year	380	364	0
Reductions related to statute expiration	(1,701)	(1,191)	(284)
Reductions related to tax positions taken in a prior year	(141)	(3,897)	(222)
Balance at end of year	$ 3,707	$ 4,511	$ 9,004

Valuation and Qualifying Accounts and Reserves

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Valuation and Qualifying Accounts and Reserves

SJW Group and Subsidiaries

FINANCIAL STATEMENT SCHEDULE

Schedule II

VALUATION AND QUALIFYING ACCOUNTS AND RESERVES

Years ended December 31, 2024, 2023 and 2022

(in thousands)


Description	2024		2023	2022
Allowance for doubtful accounts:
Balance, beginning of period	$	6,551	5,753	4,600

(Credited) charged to expense	(1,338)		3,594	1,195
(Credited) charged to regulatory asset	(3,960)		1,628	265
Accounts written off	(3,874)		(5,479)	(2,248)
Recoveries of accounts written off	3,793		1,055	1,941
Balance, end of period	$	1,172	6,551	5,753
Reserve for litigation and claims:
Balance, beginning of period	$	1,888	1,768	607
Charged to expense	206		971	1,583
Revision to accrual, due to settlements	(39)		(166)	(62)
Payments	(1,440)		(685)	(360)
Balance, end of period	$	615	1,888	1,768

Equity Plans - Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation costs charged to income:	$ 5,623	$ 4,647	$ 4,791
Restricted stock and deferred restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation costs charged to income:	5,066	4,269	4,422
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation costs charged to income:	557	378	369
ESPP proceeds	$ 2,188	$ 2,141	$ 2,091

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Utility Plant Intangible Assets:
Utility plant intangible assets	$ 51,604	$ 35,946
Utility plant net intangible assets	42,079	15,057
Other intangible asset	0	28,386
Purchase premium customer relationships
Utility Plant Intangible Assets:
Intangible assets	13,400	13,400
Accumulated amortization of intangible assets	4,667	3,774
Concession fees
Utility Plant Intangible Assets:
Intangible assets	0	6,800
Accumulated amortization of intangible assets	0	6,754
Other intangibles
Utility Plant Intangible Assets:
Intangible assets	9,818	15,746
Accumulated amortization of intangible assets	4,858	10,361
Indefinite-lived water rights
Utility Plant Intangible Assets:
Indefinite-lived water rights	$ 28,386	$ 0

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income	$ 93,967	$ 84,987	$ 73,828

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies - Property, Plant and Equipment and Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Major components of depreciable plant and equipment [Abstract]
Source of supply	$ 228,621	$ 207,537
Pumping plant	301,280	284,308
Water treatment plant	367,836	354,617
Transmission and distribution plant	3,015,978	2,820,358
General plant	335,599	301,091
Total depreciable plant and equipment	$ 4,249,314	$ 3,967,911
Useful Lives
Depreciation expense as percentage of beginning of year balance of depreciable plant	2.90%	2.90%	3.30%
Capitalized interest costs	$ 3,524	$ 2,900	$ 4,703
Equity funds capitalized	2,362	2,114	1,551
Water Plant
Useful Lives
Depreciation	$ 111,575	$ 104,325	$ 99,413
Minimum
Useful Lives
Source of supply	20 years
Pumping plant	5 years
Water treatment plant	5 years
Transmission and distribution plant	10 years
General plant	5 years
Useful life of intangible assets	5 years
Maximum
Useful Lives
Source of supply	100 years
Pumping plant	70 years
Water treatment plant	62 years
Transmission and distribution plant	100 years
General plant	68 years
Useful life of intangible assets	70 years

Organization and Operations (Details)	12 Months Ended
Organization and Operations (Details)	Dec. 31, 2024 entity subsidiary
Public Utilities, General Disclosures [Line Items]
Number of variable interest entities \| entity	1
SJWC
Public Utilities, General Disclosures [Line Items]
Number of subsidiaries that are primary beneficiaries \| subsidiary	1
Variable Interest Entity, Not Primary Beneficiary
Public Utilities, General Disclosures [Line Items]
Ownership percentage in acequia water supply corporation	25.00%

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	San Jose, California
Auditor Firm ID	34

Lines of Credit - Schedule of Lines of Credit (Details) - Revolving Credit Facility - Line of Credit - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Feb. 06, 2023	Oct. 31, 2022
Line of Credit Facility [Line Items]
Line Limit	$ 350,000,000
Amounts Outstanding	119,124,000	$ 171,500,000
Unused Portion	230,876,000
Syndicated Credit Agreement
Line of Credit Facility [Line Items]
Line Limit	300,000,000
Amounts Outstanding	77,000,000	121,500,000
Unused Portion	223,000,000
SJW Group Credit Agreement Maturing August 2028
Line of Credit Facility [Line Items]
Line Limit	50,000,000
Amounts Outstanding	3,000,000	10,000,000
Unused Portion	47,000,000
SJWC Credit Agreement Maturing August 2028
Line of Credit Facility [Line Items]
Line Limit	140,000,000
Amounts Outstanding	44,000,000	56,000,000
Unused Portion	96,000,000
CTWS Credit Agreement Maturing August 2028
Line of Credit Facility [Line Items]
Line Limit	90,000,000
Amounts Outstanding	30,000,000	53,000,000
Unused Portion	60,000,000
SJWTX Credit Agreement Maturing August 2028
Line of Credit Facility [Line Items]
Line Limit	20,000,000
Amounts Outstanding	0	2,500,000
Unused Portion	20,000,000
CTWS Credit Agreement Maturing August 2028
Line of Credit Facility [Line Items]
Line Limit	10,000,000			$ 10,000,000
Amounts Outstanding	2,124,000	10,000,000
Unused Portion	7,876,000
CTWS Credit Agreement Maturing May 2025
Line of Credit Facility [Line Items]
Line Limit	40,000,000		$ 40,000,000
Amounts Outstanding	40,000,000	$ 40,000,000
Unused Portion	$ 0

Benefit Plans - Reconciliation of Funded Status (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Change in plan assets
Fair value of assets at beginning of year	$ 306,711
Fair value of plan assets at end of year	331,172	$ 306,711
Pension Benefits
Change in benefit obligation
Benefit obligation at beginning of year	297,834	289,123
Service cost	6,662	7,569	$ 9,359
Interest cost	14,451	14,234	10,708
Actuarial loss (gain)	(14,816)	5,794
Implicit rate subsidy	0	0
Plan participants contributions	0	0
Administrative expenses paid	(146)	(137)
Benefits paid and settlements	(16,941)	(18,749)
Benefit obligation at end of year	287,044	297,834	289,123
Change in plan assets
Fair value of assets at beginning of year	285,504	251,960
Actual return on plan assets	31,523	41,285
Employer contributions	8,007	11,145
Plan participants contributions	0	0
Administrative expenses paid	(146)	(137)
Benefits paid and settlements	(16,941)	(18,749)
Fair value of plan assets at end of year	307,947	285,504	251,960
Funded status at end of year	20,903	(12,330)
Other Postretirement Benefits
Change in benefit obligation
Benefit obligation at beginning of year	24,264	25,830
Service cost	665	638	1,032
Interest cost	1,181	1,268	883
Actuarial loss (gain)	(146)	(2,645)
Implicit rate subsidy	(336)	(237)
Plan participants contributions	183	179
Administrative expenses paid	0	0
Benefits paid and settlements	(731)	(769)
Benefit obligation at end of year	25,080	24,264	25,830
Change in plan assets
Fair value of assets at beginning of year	21,207	17,952
Actual return on plan assets	2,879	3,136
Employer contributions	7	920
Plan participants contributions	183	179
Administrative expenses paid	(71)	(67)
Benefits paid and settlements	(980)	(913)
Fair value of plan assets at end of year	23,225	21,207	$ 17,952
Funded status at end of year	$ (1,855)	$ (3,057)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Long-Term Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt as of December 31 was as follows:


Description	Rate		Maturity	2024		2023

SJW Group Senior notes (a)	2.47% - 3.53%		2029 - 2039	$	560,000	560,000
SJWC:
Senior notes (a)	3.00% - 7.20%		2026 - 2054	505,000		470,000
California Pollution Control Financing Authority Revenue Bond	4.75%		2046	70,000		70,000
Total SJWC				575,000		540,000
CTWS bank term loans	4.09%, 4.15%		2027, 2037	14,389		16,457
CWC:
Connecticut Innovations Revenue Bonds, variable rate			2028 - 2029	22,050		22,050
Senior notes (a)	3.07% - 6.46%		2037 - 2054	270,000		195,000
State revolving fund loans	2.00%		2044	327		—
Bank term loans	4.04% - 4.75%		2028 - 2036	96,295		96,295
Total CWC				388,672		313,345
TWC:
Senior note (a)	6.27%		2036	15,000		15,000
Bank term loans	4.01% - 6.47%		2041 - 2054	65,000		45,000
Seller financing debt	(b)		2053	29,000		—
Total TWC				109,000		60,000
TWR seller financing debt	(b)		2053	—		29,000
MWC:
State revolving fund loans	0.00% - 2.23%		2025 - 2048	12,763		14,239
Other First Mortgage Bond	8.95	%	2024	—		900
Bank term loans	3.89% - 6.47%		2026 - 2054	60,000		49,500
Total MWC				72,763		64,639
Total debt				1,719,824		1,583,441
Unamortized debt premium and discount, net				(56)		1,583

Unamortized debt issuance costs				(9,216)		(9,350)
Current portion				(3,648)		(48,975)
Total long-term debt, less current portion				$	1,706,904	1,526,699

___________________________________

(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.

(b)Debt does not contain a stated interest rate but is discounted using an effective rate of 5.61%.

The following is a table of the consolidated company’s schedule of principal payments:


Year
2025	$	3,664
2026	23,757
2027	3,011
2028	44,502
2029	325,425
Thereafter	1,319,465

The estimated fair value of long-term debt as of December 31, 2024 and 2023 was $1,490,024 and $1,394,412, 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. As of December 31, 2024, $1,473,393 of the total fair value of long-term debt would be categorized as Level 2 in the fair value hierarchy, and $16,631 would be categorized as Level 3. As of December 31, 2023, $1,378,683 of the total fair value of long-term debt was categorized as Level 2 in the fair value hierarchy, and $15,729 was categorized as Level 3.

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 closing of the note purchase agreement occurred on January 25, 2023.

On July 31, 2024, SJWC entered into and closed a note purchase agreement with certain institutional investors, pursuant to which the company sold an aggregate principal amount of $75,000 of its 5.63% Senior Notes, Series Q (“Series Q Notes”). The Series Q Notes are unsecured obligations of SJWC and are due on July 31, 2054. Interest is payable semi-annually in arrears on January 31st and July 31st of each year.

CWC

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 15, 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.

On July 31, 2024, CWC entered into a note purchase agreement with certain institutional investors, pursuant to which the company sold an aggregate principal amount of $50,000 of its 5.78% Senior Notes, Series 2024 (“Series 2024 Notes”). The Series 2024 Notes are unsecured obligations of CWC and are due on July 31, 2054. Interest is payable semi-annually in arrears on January 31st and July 31st of each year. The closing of the notes purchase agreement occurred in August 2024.

TWC and 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. During the third quarter of 2024, TWC assumed the obligation in connection with an asset purchase agreement pursuant to which TWC acquired all of the net assets of TWR.

On December 6, 2024, TWC issued a promissory note to a national cooperative bank under an existing master loan agreement for a principal amount of $20,000 at a fixed interest rate of 6.47%. This note is an unsecured obligation of TWC due on November 20, 2054. Interest is payable quarterly in arrears on the 20th day of January, April, July and October of each year. In January 2025, TWC amended the existing master loan agreement to modify one of the financial covenants. All of the other terms and conditions remain the same.

MWC

On December 6, 2024, MWC issued a promissory note to a national cooperative bank under an existing master loan agreement for a principal amount of $15,000 at a fixed interest rate of 6.47%. This note is an unsecured obligation of MWC due on November 20, 2054. Interest is payable quarterly in arrears on the 20th day of January, April, July and October of each year.

CTWS

On February 6, 2023, CTWS entered into a third amendment to the amended and restated promissory note and supplement with CoBank to update the one of the stated terms regarding one of interest rate options from LIBOR plus the applicable rate to SOFR plus the applicable rate. CTWS previously locked the interest rate under this agreement to 4.09%, such that this amendment has no impact.

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, 2024, SJW Group and its subsidiaries were in compliance with all covenants related to its long-term debt agreements.

Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Allowance for doubtful accounts:
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance, beginning of period	$ 6,551	$ 5,753	$ 4,600
(Credited) charged to expense	(1,338)	3,594	1,195
(Credited) charged to regulatory asset	(3,960)	1,628	265
Accounts written off	(3,874)	(5,479)	(2,248)
Recoveries of accounts written off	3,793	1,055	1,941
Balance, end of period	1,172	6,551	5,753
Reserve for litigation and claims:
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance, beginning of period	1,888	1,768	607
(Credited) charged to expense	206	971	1,583
Accounts written off	(39)	(166)	(62)
Payments	(1,440)	(685)	(360)
Balance, end of period	$ 615	$ 1,888	$ 1,768

Financial Statement Schedule - Condensed Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 11,114	$ 9,723	$ 12,344	$ 12,119
Other current assets	8,593	6,146
Total current assets	190,714	198,389
Other assets
Other	28,893	8,056
Total other assets	977,768	962,868
Total assets	4,658,309	4,345,067
Stockholders’ equity:
Common stock, $0.001 par value; authorized 70,000,000 shares in 2024 and 2023; issued and outstanding 33,629,169 shares in 2024 and 32,023,004 shares in 2023	34	32
Additional paid-in capital	827,796	736,191
Retained earnings	537,184	495,383
Accumulated other comprehensive income	1,960	1,791
Total stockholders’ equity	1,366,974	1,233,397	1,110,868	1,034,519
Long-term debt, less current portion	1,706,904	1,526,699
Total capitalization	3,073,878	2,760,096
Current liabilities:
Line of credit	119,124	171,500
Accounts payable	56,256	46,121
Accrued interest	17,476	15,816
Other current liabilities	23,236	20,795
Total current liabilities	261,173	342,974
Deferred income taxes	276,043	238,528
Other noncurrent liabilities	22,298	22,492
Total capitalization and liabilities	$ 4,658,309	$ 4,345,067
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	70,000,000	70,000,000
Common stock, shares issued (in shares)	33,629,169	32,023,004
Common stock, shares outstanding (in shares)	33,629,169	32,023,004
SJW Group
Assets
Investments in subsidiaries	$ 1,877,922	$ 1,753,250
Current assets:
Cash and cash equivalents	1,306	868	$ 5,142	$ 2,859
Intercompany receivables	1,473	2,239
Intercompany notes receivable	74,119	69,746
Other current assets	1,177	243
Total current assets	78,075	73,096
Other assets
Other	222	193
Total other assets	222	193
Total assets	1,956,219	1,826,539
Stockholders’ equity:
Common stock, $0.001 par value; authorized 70,000,000 shares in 2024 and 2023; issued and outstanding 33,629,169 shares in 2024 and 32,023,004 shares in 2023	34	32
Additional paid-in capital	827,796	736,191
Retained earnings	537,184	495,383
Accumulated other comprehensive income	1,960	1,791
Total stockholders’ equity	1,366,974	1,233,397
Long-term debt, less current portion	557,430	557,028
Total capitalization	1,924,404	1,790,425
Current liabilities:
Line of credit	3,000	10,000
Intercompany payables	2,210	0
Intercompany notes payable	0	1,726
Accounts payable	1,588	0
Accrued interest	3,224	3,255
Income tax payable	16,871	16,427
Other current liabilities	765	629
Total current liabilities	27,658	32,037
Deferred income taxes	2,488	3,099
Other noncurrent liabilities	1,669	978
Total capitalization and liabilities	$ 1,956,219	$ 1,826,539

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Use of Estimates

Depreciable Utility Plant and Equipment

The major components of depreciable plant and equipment as of December 31, 2024 and 2023 are as follows:


	2024		2023
Source of supply	$	228,621	207,537
Pumping plant	301,280		284,308
Water treatment plant	367,836		354,617
Transmission and distribution plant	3,015,978		2,820,358
General plant	335,599		301,091
Total depreciable plant and equipment	$	4,249,314	3,967,911

Depreciation is computed using the straight-line method over the estimated remaining service lives of groups of assets. The estimated service lives of depreciable plant and equipment are as follows:


			Useful Lives
Source of supply			20 to 100 years
Pumping plant			5 to 70 years
Water treatment plant			5 to 62 years
Transmission and distribution plant			10 to 100 years
General plant			5 to 68 years

Allowance For Funds Used During Construction (“AFUDC”)

Intangible Assets

Nonutility Properties and Real Estate Investments

The major components of nonutility properties and real estate investments are as follows as of December 31:


	2024		2023
Land	$	915	4,137
Wholesale water supply assets	—		8,465
Buildings and improvements	399		748

Subtotal	1,314		13,350
Less: accumulated depreciation and amortization	98		194
Total	$	1,216	13,156

Depreciation on buildings and improvements for real estate investments is computed using the straight-line method over the estimated useful lives of the assets, ranging from 7 to 39 years.

In March 2023, SJW Land Company entered into a broker agreement to sell its warehouse buildings and land property located in Knoxville, Tennessee. The company reclassified the Tennessee properties from held-and-used to held-for-sale at March 31, 2023. The company recorded the Tennessee properties at the lower of their carrying value or estimated fair value less cost to sell, and also stopped recording depreciation on assets held for sale. SJW Group’s broker provided the estimated fair value of the Tennessee properties. No impairment was recorded as the estimated fair value less cost to sell exceeded carrying value.

In 2024, in two separate transactions, SJW Land Company completed the sale of the Tennessee properties for an aggregate of $44,000. The net pre-tax loss associated with these transactions for the year ended December 31, 2024 was $969 and is included in the “Other, net” line on the consolidated statements of comprehensive income. A portion of the proceeds from these sales totaling $2,801 is being held in escrow pending completion of certain post-closing obligations. Following these two transactions, SJW Group does not have any other assets classified as held for sale.

The sale of the Tennessee properties does not represent a strategic shift that has or will have a major effect on SJW Group; therefore, the sale does not qualify for treatment as a discontinued operation.

The following represents the major components of the Tennessee warehouse building and land property recorded in assets held-for-sale on the Consolidated Balance Sheets as of December 31, 2023:


	2023
Land	$	13,170
Buildings and improvements	44,950

Subtotal	58,120
Less: accumulated depreciation and amortization	17,270
Total	$	40,850

On October 29, 2021, SJWC sold two nonutility properties located in San Jose, California for $13,150. For the year ended December 31, 2022, SJW Group recognized the pre-tax gain on the sale of nonutility properties of $7,230, after selling expenses of $277 for one of the properties sold, and a gain of $5,442 which was deferred in 2021 pending the CPUC review. On February 15, 2022, the CPUC review was complete and SJWC recognized the deferred gain on sale of nonutility property in 2022.

In August 2023, a non-regulated subsidiary, TWR, acquired eight wells and the associated water rights of KT Water Resources, LLC, as discussed in Note 14, “Acquisitions.” In connection with a transaction in the third quarter of 2024, TWC purchased these assets from TWR for use in utility operations. Accordingly, SJW Group reclassified $28,386 related to indefinite-lived water rights from other intangible assets to utility plant intangible assets and $11,684 from nonutility property to utility plant.

Business Combinations and Asset Acquisitions

customers; the expected use of the acquired assets; and discount rates. See Note 14, “Acquisitions” for further information on business combinations and asset acquisitions.

Impairment of Long-Lived Assets and Goodwill

Cash and Cash Equivalents

Cash and cash equivalents primarily consisted of cash on deposit with banks and short-term, highly liquid investments with original maturities of three months or less.

Accounts Receivable

Accounts receivable are recorded at the invoiced amounts. The allowance for uncollectible accounts is SJW Group’s best estimate of credit losses in its existing accounts receivable and is determined based on current expected losses. The estimate is based on historical loss information adjusted for current conditions. Accounts balances are written off against the allowance when it is probable the receivable will not be recovered or is over a certain number of days outstanding. During the second quarter of 2024, SJW Group recorded a reduction to its allowance for credit losses of $7,822, of which $3,960 resulted in a reduction to regulatory assets and $3,862 was recorded through administrative and general expense ($2,782 net of tax or $0.08 per diluted share).

Financial Instruments and Investments

SJW Group has investments in company owned life insurance which are valued at cash surrender value of the policies as reported by the insurer. The value of these contracts is based principally on a referenced pool of investment funds that actively redeem shares, are observable and measurable, and are presented in “Investments” on SJW Group’s Consolidated Balance Sheets. As of December 31, 2024 and 2023, the value of the company owned life insurance was $8,944 and $8,220, respectively, of which $4,294 and $3,937, respectively, was related to assets to fund CTWS’ supplemental retirement plan agreements. See discussion on pension plans in Note 11, “Benefit Plans.”

Income Taxes

Advances for Construction and Contributions in Aid of Construction


	Estimated Refunds
2025	$	2,997
2026	2,898
2027	2,808
2028	2,741
2029	2,645
Thereafter	44,406

As of December 31, 2024, advances for construction totaled $155,397 including $64,920 in non-refundable advances and $31,983 in advances that will be refunded based on service connections made, though the timing of these refunds cannot be estimated. As of December 31, 2024 and 2023, the fair value of the advances for construction refunded ratably over 40 years is $43,718 and $40,915, respectively.

Asset Retirement Obligation

As of December 31, 2024 and 2023, the asset retirement obligation is as follows:


	2024			2023
Estimated future retirement costs	$	4,303		4,198
Discount rate	6		%	6	%


Retirement obligation, present value	$	887		862

Revenue

Detail of SJW Group’s revenue components are as follows for the years ended December 31:


	2024		2023	2022
Revenue from contracts with customers	$	736,326	678,168	586,918
Alternative revenue programs, net	6,181		3,634	(1,312)
Other balancing and memorandum accounts and regulatory mechanisms, net	(153)		(17,123)	29,487
Rental income	6,085		5,684	5,605
	$	748,439	670,363	620,698

Revenue also includes a surcharge collected from regulated customers that is paid to the CPUC. This surcharge is recorded both in operating revenue and administrative and general expenses. For the years ended December 31, 2024, 2023 and 2022, the surcharge was $3,668, $4,085 and $6,121, respectively.

Share-Based Compensation

SJW Group utilizes the Monte Carlo valuation model, which requires the use of subjective assumptions, to compute the fair value of market-vesting restricted stock units.

Earnings per Share

Related-Party Transaction

The Force for Good Foundation, established in 2024, is a non-consolidated not-for-profit corporation funded by SJW Group that plans to make contributions to selected charitable organizations. For the year ended December 31, 2024, SJW Group made

contributions of $3,000, which are included as an expense in the “Other, net” line of the Consolidated Statements of Comprehensive Income.

New Accounting Standards

Standard

Description

Date of Adoption

Application

Effect on the Consolidated Financial Statements

Accounting Standards Update (“ASU”) 2023-07 “Improvements to Reportable Segment Disclosures”

The ASU is effective for SJW Group beginning with its annual financial statements for the year ending December 31, 2024. Early adoption is permitted.

Retrospective

ASU 2023-09 “Improvements to Income Tax Disclosures”

The ASU is effective for SJW Group beginning with its annual financial statements for the year ending December 31, 2025. Early adoption is permitted.

Prospective, with retrospective application also permitted.

SJW Group is currently evaluating the requirements of ASU 2023-09.

ASU 2024-03 “Disaggregation of Income Statement Expenses”

Prospective, with retrospective application also permitted.

SJW Group is currently evaluating the requirements of ASU 2024-03.

Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

SJW Group’s single reportable segment provides water utility and utility-related services to its customers through SJW Group’s subsidiaries, SJWC, CWC, TWC, MWC, and Acequia, which are aggregated and referred to as “Water Utility Services.” Water Utility Services’ activities are water utility operations with both regulated and non-tariffed businesses. Other business activities that do not comprise separately reportable segments primarily include SJWC’s City of Cupertino service concession arrangement operations, property management and investment activity conducted by SJW Land Company and Chester Realty, Inc., contract water and sewer operations and other water-related services provided by NEWUS and are referred to as “Other Services.”

SJW Group’s operating segments have been determined based on information used by the chief operating decision maker. SJW Group’s chief operating decision maker (“CODM”) includes the Chairman, President, and Chief Executive Officer; the Chief Financial Officer and Treasurer; the Chief Operating Officer; the Senior Vice President and Chief Administrative Officer; and the Vice President and General Counsel. However, ultimate decision-making authority rests with the Chairman, President, and Chief Executive Officer. The CODM reviews financial information presented on a consolidated basis that is accompanied by certain disaggregated information about operating revenue, expenses, net income, and total assets. The CODM uses the net income to assess the financial performance of the segments and allocate resources (including employees, financial, or capital resources) in the budgeting and forecasting process.

Previously, SJW Group presented a separate reportable segment for Real Estate Services and also presented a disaggregation of regulated and non-tariffed activities within the Water Utility Services reportable segment. Considering the sale of the Tennessee properties, as discussed in Note 2, which were part of the Real Estate Services segment, management has updated its segment presentation and has recast the prior periods presented to conform with the current period presentation. Under the current presentation, the activities of Water Utility Services previously presented as “non-tariffed” are generally presented as “Other Services” along with the real estate activity. Certain allocated assets, such as goodwill, revenue and expenses have been included in the reportable segment amounts. Certain corporate costs and expenses are not allocated to Water Utility Services or Other Services and are shown separately to reconcile to the applicable consolidated amounts.


	For the year ended December 31, 2024
	Reportable Segment
	Water Utility Services		Other Services (1)	Unallocated Corporate (2)	Consolidated
Operating revenue	$	732,580	15,859	—	748,439

Less:
Production expenses	286,763		5,259	—	292,022
Administrative and general	97,420		2,632	5,778	105,830
Maintenance	29,249		2,052	—	31,301
Property taxes and other non-income taxes	35,223		317	388	35,928
Depreciation and amortization	111,709		253	893	112,855
Interest on long-term debt and other interest expense	47,485		521	23,384	71,390

Provision (benefit) for income taxes	17,134		1,569	(9,733)	8,970
Other (3)	(920)		191	(3,095)	(3,824)
Net income (loss)	$	108,517	3,065	(17,615)	93,967

Capital expenditures	$	377,208	29	—	377,237


	For the year ended December 31, 2023
	Reportable Segment
	Water Utility Services		Other Services (1)	Unallocated Corporate (2)	Consolidated
Operating revenue	$	652,045	18,318	—	670,363

Less:
Production expenses	251,898		4,302	—	256,200
Administrative and general	93,255		2,777	2,624	98,656
Maintenance	23,972		1,757	—	25,729
Property taxes and other non-income taxes	33,469		926	80	34,475
Depreciation and amortization	104,329		646	893	105,868
Interest on long-term debt and other interest expense	42,743		329	23,072	66,144

Provision (benefit) for income taxes	11,293		2,213	(7,550)	5,956
Other (3)	(4,279)		(121)	(3,252)	(7,652)
Net income (loss)	$	95,365	5,489	(15,867)	84,987

Capital expenditures	$	288,627	24,244	—	312,871


	For the year ended December 31, 2022
	Reportable Segment
	Water Utility Services		Other Services (1)	Unallocated Corporate (2)	Consolidated
Operating revenue	$	603,000	17,698	—	620,698

Less:
Production expenses	228,806		3,984	—	232,790
Administrative and general	90,874		2,565	1,965	95,404
Maintenance	29,063		1,671	—	30,734
Property taxes and other non-income taxes	31,184		923	465	32,572
Depreciation and amortization	99,412		4,112	893	104,417
Interest on long-term debt and other interest expense	37,958		—	20,104	58,062
(Gain) loss on sale of nonutility property	(6,197)		—	—	(6,197)
Provision (benefit) for income taxes	12,756		1,161	(5,421)	8,496
Other (3)	(6,524)		(52)	(2,832)	(9,408)
Net income (loss)	$	85,668	3,334	(15,174)	73,828

Capital expenditures	$	241,719	631	—	242,350

___________________________________

(2) The “Unallocated Corporate” category includes the accounts of SJW Group, SJWNE LLC, SJWTX Holdings, Inc., CTWS, NWU on a stand-alone basis.

(3) Primarily comprised of pension non-service credit (cost) and items of miscellaneous non-operating income (expense).

SJW Group’s assets for the Water Utility Services reportable segment and all other are as follows as of December 31:


	2024		2023
Water Utility Services (reportable segment)	$	4,567,182	4,199,610
Other Services	25,053		87,316
Unallocated Corporate	66,074		58,141
Total assets	$	4,658,309	4,345,067

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt as of December 31 was as follows:


Description	Rate		Maturity	2024		2023

SJW Group Senior notes (a)	2.47% - 3.53%		2029 - 2039	$	560,000	560,000
SJWC:
Senior notes (a)	3.00% - 7.20%		2026 - 2054	505,000		470,000
California Pollution Control Financing Authority Revenue Bond	4.75%		2046	70,000		70,000
Total SJWC				575,000		540,000
CTWS bank term loans	4.09%, 4.15%		2027, 2037	14,389		16,457
CWC:
Connecticut Innovations Revenue Bonds, variable rate			2028 - 2029	22,050		22,050
Senior notes (a)	3.07% - 6.46%		2037 - 2054	270,000		195,000
State revolving fund loans	2.00%		2044	327		—
Bank term loans	4.04% - 4.75%		2028 - 2036	96,295		96,295
Total CWC				388,672		313,345
TWC:
Senior note (a)	6.27%		2036	15,000		15,000
Bank term loans	4.01% - 6.47%		2041 - 2054	65,000		45,000
Seller financing debt	(b)		2053	29,000		—
Total TWC				109,000		60,000
TWR seller financing debt	(b)		2053	—		29,000
MWC:
State revolving fund loans	0.00% - 2.23%		2025 - 2048	12,763		14,239
Other First Mortgage Bond	8.95	%	2024	—		900
Bank term loans	3.89% - 6.47%		2026 - 2054	60,000		49,500
Total MWC				72,763		64,639
Total debt				1,719,824		1,583,441
Unamortized debt premium and discount, net				(56)		1,583

Unamortized debt issuance costs				(9,216)		(9,350)
Current portion				(3,648)		(48,975)
Total long-term debt, less current portion				$	1,706,904	1,526,699

___________________________________

(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
2025	$	3,664
2026	23,757
2027	3,011
2028	44,502
2029	325,425
Thereafter	1,319,465

The following is a table of the SJW Group’s schedule of principal payments on long-term debt:


Year
2025	$	—
2026	—
2027	—
2028	—
2029	310,000
Thereafter	250,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ (1,828)	$ 10,185	$ 8,570
State	443	4,281	3,170
Deferred:
Federal	11,063	(8,871)	(3,223)
State	(708)	361	(21)
Income tax expense	$ 8,970	$ 5,956	$ 8,496

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Summary of Significant Accounting Policies - Related-Party Transaction (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Other, net	$ 55	$ 8,882	$ 4,385
Related Party
Related Party Transaction [Line Items]
Other, net	$ 3,000

Regulatory Matters (Tables)

12 Months Ended

Dec. 31, 2024

Regulated Operations [Abstract]

Schedule of Regulatory Assets, Net

Regulatory assets and liabilities are comprised of the following as of December 31:


	2024		2023
Regulatory assets:
Income tax temporary differences (a) (q)	$	180,103	157,669
Unrecognized pensions and other postretirement benefits (b) (q)	3,177		24,593
Business combinations debt premium (c) (q)	12,313		14,855
Employee benefit costs (d) (q)	6,370		9,815
MWRAM (e)	9,985		9,361
Customer Assistance Program (“CAP”) balancing account (f)	6,599		5,457
Catastrophic event memorandum accounts (“CEMA”) (g)	986		4,819
2022 general rate case interim memorandum account (h)	3,392		4,571
Revenue adjustment mechanisms (n) (q)	5,024		—
Water supply costs (i)	—		583
Other (j)	14,278		8,463
Total regulatory assets	242,227		240,186
Less: current regulatory asset (k)	18,172		4,276
Total regulatory assets, less current portion	$	224,055	235,910
Regulatory liabilities:
Cost of removal (l)	$	364,398	346,418
Future income tax benefits due to customers (m)	84,128		88,610
Unrecognized pensions and other postretirement benefits (b)	27,872		20,196
Employee benefit costs (d)	1,137		—
Revenue adjustment mechanisms (n)	1,122		5,536
Water supply costs (i)	3,386		—
Other (o)	2,798		3,407
Total regulatory liabilities	484,841		464,167
Less: current regulatory liabilities (p)	1,122		3,059
Total regulatory liabilities, less current portion	$	483,719	461,108

___________________________________

(c)Consists of debt fair value adjustments recognized through purchase accounting for the completed merger with CTWS in 2019.

(d)Includes deferrals of pension and other postretirement benefit expense, cost of accrued benefits for vacation, and group health insurance.

(e)MWRAM is described in the previous section.

(f)Represents costs associated with SJWC’s CAP.

(l)Represents amounts collected in rates from customers for estimated costs to retire assets at the end of their expected useful lives before the costs are incurred.

(n)Consists of WRA and WCMA, which are described in the previous section.

(o)Other includes other balancing and memorandum accounts, other regulatory mechanisms and accrued tank painting costs.

(p)Primarily relates to the current portion of WRA.

(q)Generally not earning a return either by interest on the regulatory asset or as a component of rate base at the allowed rate of return.

Benefit Plans - Benefits Expected to be Paid in Next Five Years (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Pension Benefits
Expected Future Benefit Payments [Abstract]
2025	$ 17,730
2026	23,536
2027	19,615
2028	19,526
2029	20,233
2030 - 2034	109,784
Other Postretirement Benefits
Expected Future Benefit Payments [Abstract]
2025	1,765
2026	1,840
2027	1,910
2028	1,874
2029	1,841
2030 - 2034	9,656
Maximum
Defined Benefit Plan Disclosure [Line Items]
Estimated required and discretionary employer cash contributions	$ 6,680

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities:
Net income	$ 93,967	$ 84,987	$ 73,828
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	115,050	108,138	106,439
Deferred income taxes	10,355	(8,510)	(3,244)
Stock-based compensation	5,623	4,647	4,791
Allowance for equity funds used during construction	(2,362)	(2,114)	(1,551)
Loss (gain) on sale of nonutility properties and other assets	572	0	(6,197)
Changes in operating assets and liabilities, net of acquired assets and liabilities:
Accounts receivable and accrued unbilled revenue	(12,663)	(10,869)	(8,222)
Accounts payable and other current liabilities	4,241	492	(1,388)
Accrued groundwater extraction charges, purchased water and power	639	4,772	2,507
Tax receivable and payable, and other accrued taxes	(18,355)	(22,415)	(11,954)
Postretirement benefits	(4,400)	(1,549)	(7,108)
Regulatory assets and liabilities excluding income tax temporary differences and postretirement benefits	(1,812)	12,278	1,714
Up-front service concession payments	(23,900)	0	0
Other noncurrent assets and liabilities	21,042	20,756	17,923
Other changes, net	7,529	218	(1,339)
Net cash provided by operating activities	195,526	190,831	166,199
Investing activities:
Company-funded	(353,029)	(271,772)	(218,784)
Contributions in aid of construction	(24,179)	(16,855)	(22,935)
Additions to nonutility assets and real estate investments	(29)	(24,244)	(631)
Payments for business acquisitions	0	(7,537)	(433)
Cost to retire utility plant, net of salvage	(3,430)	(2,097)	(2,520)
Proceeds from sale of assets	40,572	233	975
Net cash used in investing activities	(340,095)	(322,272)	(244,328)
Financing activities:
Borrowings from lines of credit	242,000	146,415	158,779
Repayments of lines of credit	(295,260)	(134,493)	(62,197)
Long-term borrowings	185,329	70,000	55,000
Repayments of long-term borrowings	(48,975)	(4,347)	(89,177)
Dividends paid	(52,132)	(47,905)	(43,582)
Receipts of advances and contributions in aid of construction	33,070	22,425	23,820
Refunds of advances for construction	(2,963)	(2,763)	(2,859)
Issuance of common stock, net of issuance costs	85,008	80,659	39,085
Other changes, net	(117)	(1,171)	(515)
Net cash provided by financing activities	145,960	128,820	78,354
Net change in cash and cash equivalents	1,391	(2,621)	225
Cash and cash equivalents, beginning of year	9,723	12,344	12,119
Cash and cash equivalents, end of year	11,114	9,723	12,344
Cash paid (refunded) during the year for:
Interest	73,268	67,508	63,677
Interest, net of amounts capitalized	69,744	64,608	58,974
Income taxes	(598)	23,020	6,853
Supplemental disclosure of non-cash activities:
Accrued payables for additions to utility plant	41,692	35,904	22,561
Utility property installed by developers	2,465	3,341	2,433
Proceeds receivable from sale of real estate investments	2,801	0
Accrued selling expenses on sale of real estate investments	2,177	0
Seller financing in asset acquisition, net of discount	$ 0	$ 15,400	$ 0

Financial Statement Schedule - Schedule of Principal Payments on Long-Term Debt (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Condensed Financial Statements, Captions [Line Items]
2025	$ 3,664
2026	23,757
2027	3,011
2028	44,502
2029	325,425
Thereafter	1,319,465
SJW Group
Condensed Financial Statements, Captions [Line Items]
2025	0
2026	0
2027	0
2028	0
2029	310,000
Thereafter	$ 250,000

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Allowance for uncollectible accounts	$ 1,172	$ 6,551
Capitalization:
Common stock, par value (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	70,000,000	70,000,000
Common stock, shares issued (in shares)	33,629,169	32,023,004
Common stock, shares outstanding (in shares)	33,629,169	32,023,004

Financial Statement Schedule (Tables)

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Schedule of Maturities of Long-term Debt

The following is a table of the consolidated company’s schedule of principal payments:


Year
2025	$	3,664
2026	23,757
2027	3,011
2028	44,502
2029	325,425
Thereafter	1,319,465

The following is a table of the SJW Group’s schedule of principal payments on long-term debt:


Year
2025	$	—
2026	—
2027	—
2028	—
2029	310,000
Thereafter	250,000

Equity Plans (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan


	2024		2023	2022
Compensation costs charged to income:
ESPP	$	557	378	369
Restricted stock and deferred restricted stock	5,066		4,269	4,422
Total compensation costs charged to income	$	5,623	4,647	4,791
ESPP proceeds	$	2,188	2,141	2,091

Schedule of Restricted and Deferred Restricted Stock Awards


	Units	Weighted- Average Grant- Date Fair Value
Outstanding as of January 1, 2024	150,704	$	72.65
Granted	116,598	$	56.18
Issued	(62,011)	$	66.00
Forfeited	(14,114)	$	64.60
Outstanding as of December 31, 2024	191,177	$	65.36
Shares vested as of December 31, 2024	32,021	$	70.59

Schedule of Nonvested Restricted Stock Units Activity


	Units	Weighted- Average Grant- Date Fair Value
Nonvested as of January 1, 2024	123,545	$	73.93
Granted	116,598	$	56.18
Vested	(70,366)	$	67.56
Forfeited	(10,621)	$	65.54
Nonvested as of December 31, 2024	159,156	$	64.30

Summary of Significant Accounting Policies - Asset Retirement Obligation (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Estimated future retirement costs	$ 4,303	$ 4,198
Discount rate	6.00%	6.00%
Retirement obligation, present value	$ 887	$ 862

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The components of intangible assets as of December 31, 2024 and 2023 are as follows:


	2024		2023
Utility Plant Intangible Assets:
Indefinite-lived water rights	$	28,386	—
Purchase premium customer relationships	13,400		13,400
Concession fees	—		6,800
Other intangibles	9,818		15,746
Utility plant intangible assets	51,604		35,946
Less: Accumulated amortization
Purchase premium customer relationships	4,667		3,774
Concession fees	—		6,754
Other intangibles	4,858		10,361
Utility plant net intangible assets	$	42,079	15,057
Other Intangible Asset:
Indefinite-lived water rights	$	—	$	28,386

Benefit Plans - Schedule of Accumulated and Projected Benefit Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Pension Benefits
Plans with projected benefit obligation in excess of plan assets:
Projected benefit obligation	$ 40,328	$ 43,001
Fair value of plan assets	0	0
Plans with accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation	38,053	39,652
Fair value of plan assets	0	0
Other Postretirement Benefits
Plans with accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation	16,891	15,580
Fair value of plan assets	$ 9,844	$ 9,401

Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Schedule of Allocation of Plan Assets

The following tables summarize the fair values of the Rabbi Trust investment assets to fund CWC’s SERP by major categories as of December 31, 2024 and 2023:


			Fair Value Measurements at December 31, 2024
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Money market funds	$	28	28	—	—
Mutual funds	2,062		2,062	—	—
Fixed income	722		722	—	—
Total	$	2,812	2,812	—	—


			Fair Value Measurements at December 31, 2023
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Money market funds	$	71	71	—	—
Mutual funds	2,053		2,053	—	—
Fixed income	709		709	—	—
Total	$	2,833	2,833	—	—

Plan assets as of December 31 were as follows:


	Pension Benefits					Other Postretirement Benefits
	2024			2023		2024			2023
Fair value of assets at end of year:
Debt securities	$	116,987		101,498		$	5,368		5,596
	38		%	36	%	23		%	26	%
Equity securities	179,103			174,155		16,737			14,424
	58		%	61	%	72		%	68	%
Cash and equivalents	11,857			9,851		1,120			1,187
	4		%	3	%	5		%	6	%
Total	$	307,947		285,504		$	23,225		21,207

The following tables summarize the fair values of plan assets by major categories as of December 31, 2024 and 2023:


			Fair Value Measurements at December 31, 2024
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Cash and cash equivalents	$	12,977	12,977	—	—
Equity securities (a)	195,840		195,840	—	—
Fixed Income (b)	122,355		46,549	75,806	—
Total	$	331,172	255,366	75,806	—

___________________________________

(a)Actively managed portfolio of equity securities with the goal to exceed the benchmark performance.

(b)Actively managed portfolio of fixed income securities with the goal to exceed the benchmark performance


			Fair Value Measurements at December 31, 2023
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Cash and cash equivalents	$	11,038	11,038	—	—
Equity securities	188,579		188,579	—	—
Fixed Income	107,094		39,048	68,046	—
Total	$	306,711	238,665	68,046	—

Schedule of Assumptions Used

Net periodic cost for the defined benefit plans and other postretirement benefits was calculated using the following assumptions:


	Pension Benefits			Other Postretirement Benefits
	2024	2023	2022	2024	2023	2022
	%	%	%	%	%	%
Discount rate	4.99 - 5.03	4.95 - 5.24	2.65 - 2.82	4.95 - 5.01	4.96 - 5.21	2.61 - 2.76
Expected return on plan assets	6.25, 6.75	6.00, 6.75	6.50, 6.75	4.20, 6.25	4.20, 6.00	4.20, 6.00
Rate of compensation increase	4.50, 5.00	4.50, 5.00	4.00, 4.50	N/A	N/A	N/A

Benefit obligations for the defined benefit plans and other postretirement benefits were calculated using the following assumptions as of December 31:


	Pension Benefits		Other Postretirement Benefits
	2024	2023	2024	2023
	%	%	%	%
Discount rate	5.55 - 5.63	4.99 - 5.03	5.48 - 5.58	4.95 - 5.01
Rate of compensation increase	4.50 - 5.00	4.50 - 5.00	N/A	N/A

Schedule of Net Benefit Costs

Net periodic costs for the defined benefit plans and other postretirement benefits for the years ended December 31 was as follows:


	Pension Benefits				Other Postretirement Benefits
	2024		2023	2022	2024		2023	2022
Components of net periodic benefit cost
Service cost	$	6,662	7,569	9,359	$	665	638	1,032
Interest cost	14,451		14,234	10,708	1,181		1,268	883
Expected return on assets	(17,852)		(15,440)	(18,841)	(1,068)		(860)	(1,047)

Amortization of prior service cost	15		15	17	—		—	—
Amortization of actuarial (gain) loss	(71)		2,210	4,620	(643)		(350)	(115)
Recognition of significant event	—		—	(1,595)	—		—	—
Net periodic benefit cost	$	3,205	8,588	4,268	$	135	696	753

Schedule of Net Funded Status

The projected benefit obligations and the funded status of the defined benefit pension and other postretirement plans as of December 31 were as follows:


	Pension Benefits			Other Postretirement Benefits
	2024		2023	2024		2023
Change in benefit obligation
Benefit obligation at beginning of year	$	297,834	289,123	$	24,264	25,830
Service cost	6,662		7,569	665		638
Interest cost	14,451		14,234	1,181		1,268


Actuarial loss (gain)	(14,816)		5,794	(146)		(2,645)
Implicit rate subsidy	—		—	(336)		(237)
Plan participants contributions	—		—	183		179
Administrative expenses paid	(146)		(137)	—		—
Benefits paid and settlements	(16,941)		(18,749)	(731)		(769)
Benefit obligation at end of year	$	287,044	297,834	$	25,080	24,264
Change in plan assets
Fair value of assets at beginning of year	$	285,504	251,960	$	21,207	17,952
Actual return on plan assets	31,523		41,285	2,879		3,136

Employer contributions	8,007		11,145	7		920
Plan participants contributions	—		—	183		179
Administrative expenses paid	(146)		(137)	(71)		(67)
Benefits paid and settlements	(16,941)		(18,749)	(980)		(913)
Fair value of plan assets at end of year	307,947		285,504	23,225		21,207
Funded status at end of year	$	20,903	(12,330)	$	(1,855)	(3,057)

Schedule of Amounts Recognized in Balance Sheet

The amounts recognized on the balance sheet as of December 31 were as follows:


	Pension Benefits			Other Postretirement Benefits
	2024		2023	2024		2023
Noncurrent assets	$	61,231	30,671	$	5,191	3,123
Current liabilities	(2,308)		(2,365)	(146)		(113)
Noncurrent liabilities	(38,020)		(40,636)	(6,900)		(6,067)
	$	20,903	(12,330)	$	(1,855)	(3,057)

Schedule of Accumulated and Projected Benefit Obligations

The following table provides selected information about plans with projected benefit obligation and accumulated benefit obligation in excess of plan assets as of December 31:


	2024		2023
Pension Benefits:
Plans with projected benefit obligation in excess of plan assets:
Projected benefit obligation	$	40,328	$	43,001
Fair value of plan assets	—		—
Plans with accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation	38,053		39,652
Fair value of plan assets	—		—
Other Postretirement Benefits:
Plans with accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation	16,891		15,580
Fair value of plan assets	9,844		9,401

Schedule of Expected Benefit Payments

Benefits expected to be paid in the next five years and in the aggregate for the five years thereafter are:


	Pension Plans		Other Postretirement Benefit Plans
2025	$	17,730	$	1,765
2026	23,536		1,840
2027	19,615		1,910
2028	19,526		1,874
2029	20,233		1,841
2030 - 2034	109,784		9,656

Regulatory Matters - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 19, 2024	Dec. 31, 2024
Regulated Operations [Abstract]
Reduction in authorized return of equity		0.20%
Authorized revenue, threshold percentage		2.00%
Balancing and memorandum revenue account, refunds (collections)	$ 15,792