For cash and cash equivalents, accounts receivable, accounts payable and short-term debt, the carrying amount is assumed to approximate fair value due to the short-term nature of these items.

Investments held in a Rabbi Trust for the supplemental executive retirement plan (“SERP”) are measured at fair value and totaled $47.1 million as of March 31, 2026 and $48.4 million as of December 31, 2025. All equity investments in the Rabbi Trust are Level 1 investments in mutual funds. The investments held in the Rabbi Trust are included in “Other Property and Investments” on Registrant’s balance sheets.

The table below estimates the fair value of long-term debt held by AWR and GSWC, respectively. The fair values as of March 31, 2026 and December 31, 2025 were determined using rates for similar financial instruments of the same duration utilizing Level 2 methods and assumptions. Changes in the assumptions will produce different results.


	March 31, 2026				December 31, 2025
(dollars in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial liabilities:
Long-term debt—AWR (1)	$	794,185	$	776,792	$	794,310	$	790,820

	March 31, 2026				December 31, 2025
(dollars in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial liabilities:
Long-term debt—GSWC (2)	$	709,185	$	690,889	$	709,310	$	703,319

(1) Excludes debt issuance costs of approximately $3.2 million and $3.4 million as of March 31, 2026 and December 31, 2025, respectively.

(2) Excludes debt issuance costs of approximately $2.9 million and $3.0 million as of March 31, 2026 and December 31, 2025, respectively.