Lines of Credit and Long-Term Liabilities |
6 Months Ended |
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Jun. 30, 2026 | |
| Debt Disclosure [Abstract] | |
| Lines of Credit and Long-Term Liabilities | Lines of Credit and Long-Term Liabilities H2O America’s contractual obligations and commitments include senior notes, bank term loans, revenue bonds, state revolving fund loans, lines of credit, and other obligations. Lines of Credit The weighted average interest rate on short-term borrowings outstanding at June 30, 2026 was 4.71%, compared to 4.75% at December 31, 2025. As of June 30, 2026, the borrowing capacity of the lines of credit was $367.7 million, which excludes a $0.9 million standby letter of credit issued on behalf of H2O America Risk Solutions and guaranteed by H2O America under the Syndicated Credit Agreement. Long-Term Debt On November 12, 2025, SJWC entered into a Note Purchase Agreement with certain institutional investors. Under the agreement, SJWC issued an aggregate principal amount of $70.0 million of senior notes in two series consisting of $55.0 million of 5.83% Senior Notes, Series R ("Series R Notes"), and $15.0 million of 5.91% Senior Notes, Series S ("Series S Notes"). The issuance of the Series S Notes was subject to approval by the CPUC which closed on May 14, 2026. The Series S Notes are unsecured obligations of SJWC and are due on November 1, 2055. Interest is payable semi-annually in arrears on May 1st and November 1st of each year, commencing November 1, 2026. The balance of long-term debt outstanding, net of unamortized debt issuance costs and debt premium and discount, as of June 30, 2026 and December 31, 2025 was $1,881.5 million and $1,866.8 million, respectively. The current portion of long-term debt as of June 30, 2026 and December 31, 2025 was $8.6 million and $23.5 million, respectively. The debt and credit agreements of H2O America 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 debt and credit agreements contain customary representations and warranties and are subject to customary events of default, which may result in outstanding debt becoming immediately due and payable. As of June 30, 2026, H2O America and its subsidiaries were in compliance with all covenants related to its debt and credit agreements.
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