American Water Works Q2 2024 10-Q Filed

TL;DR

AWK filed its Q2 10-Q. Financials and ops details inside.

AI Summary

American Water Works Company, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter and the first half of the year. Key financial data and operational updates are detailed within the filing.

Why It Matters

This filing provides investors with the latest financial performance and operational details for American Water Works, a major utility provider, impacting its stock valuation and future investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Players & Entities

• American Water Works Company, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — Period of report
• 20240731 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share AWK New York Stock Exchange

Filing Documents

• awk-20240630.htm (10-Q) — 1639KB
• a2024q2ex-101_directorxsug.htm (EX-10.1) — 25KB
• a2024q2ex-311.htm (EX-31.1) — 9KB
• a2024q2ex-312.htm (EX-31.2) — 9KB
• a2024q2ex-321.htm (EX-32.1) — 4KB
• a2024q2ex-322.htm (EX-32.2) — 4KB
• image_0.jpg (GRAPHIC) — 8KB
• 0001410636-24-000134.txt ( ) — 9051KB
• awk-20240630.xsd (EX-101.SCH) — 73KB
• awk-20240630_cal.xml (EX-101.CAL) — 90KB
• awk-20240630_def.xml (EX-101.DEF) — 314KB
• awk-20240630_lab.xml (EX-101.LAB) — 671KB
• awk-20240630_pre.xml (EX-101.PRE) — 476KB
• awk-20240630_htm.xml (XML) — 1487KB

Forward-Looking Statements

Forward-Looking Statements 1

Financial Information

Part I. Financial Information

Consolidated Financial Statements

Item 1. Consolidated Financial Statements 4

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 37

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 50

Controls and Procedures

Item 4. Controls and Procedures 50

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 52

Risk Factors

Item 1A. Risk Factors 53

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 53

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 53

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 54

Other Information

Item 5. Other Information 54

Exhibits

Item 6. Exhibits 54

Signatures

Signatures 56 * * * Throughout this Quarterly Report on Form 10-Q ("Form 10-Q"), unless the context otherwise requires, references to the "Company" and "American Water" mean American Water Works Company, Inc. and all of its subsidiaries, taken together as a whole. References to the "parent company" mean American Water Works Company, Inc., without its subsidiaries. The Company maintains a website at https://amwater.com, an Investor Relations website at https://ir.amwater.com, and a Diversity and Inclusion website at https://diversityataw.com. Information contained on the Company's websites, including its Sustainability Report, its Inclusion, Diversity and Equity Report, and other reports or documents, shall not be deemed incorporated into, or to be a part of, this report, and any website references included herein are not intended to be made through active hyperlinks. i Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS American Water Works Company, Inc. and Subsidiary Companies Consolidated Balance Sheets (Unaudited) (In millions, except share and per share data) June 30, 2024 December 31, 2023 ASSETS Property, plant and equipment $ 33,364 $ 32,189 Accumulated depreciation ( 6,832 ) ( 6,751 ) Property, plant and equipment, net 26,532 25,438 Current assets: Cash and cash equivalents 48 330 Restricted funds 50 34 Accounts receivable, net of allowance for uncollectible accounts of $ 48 and $ 51 , respectively 393 339 Income tax receivable 17 86 Unbilled revenues 337 302 Materials and supplies 111 112 Other 209 186 Total current assets 1,165 1,389 Regulatory and other long-term assets: Regulatory assets 1,138 1,106 Secured seller promissory note from the sale of the Homeowner Services Group 795 720 Operating lease right-of-use assets 90 86 Goodwill 1,143 1,143 Other 352 416 Total regulatory and other long-term assets 3,518 3,471 Total assets $ 31,215 $ 30,298 The accompanying notes are an integral part of these Consolidated Financial Statements. 4 Table of Contents American Water Works Company, Inc. and Subsidiary Companies Consolidated Balance Sheets (Unaudited) (In millions, except share and per share data) June 30, 2024 December 31, 2023 CAPITALIZATION AND LIABILITIES Capitalization: Common stock ($ 0.01 par value; 500,000,000 shares authorized; 200,314,008 and 200,144,968 shares issued, respectively) $ 2 $ 2 Paid-in-capital 8,578 8,550 Retained earnings 1,971 1,659 Accumulated other comprehensive loss ( 7 ) ( 26 ) Treasury stock, at cost ( 5,451,187 and 5,414,867 shares, respectively) ( 392 ) ( 388 ) Total common shareholders' equity 10,152 9,797 Long-term debt 12,553 11,715 Redeemable preferred stock at redemption value 3 3 Total long-term debt 12,556 11,718 Total capitalization 22,708 21,515 Current liabilities: Short-term debt — 179 Current portion of long-term debt 575 475 Accoun

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) (Unless otherwise noted, in millions, except per share data) Note 1: Basis of Presentation The unaudited Consolidated Financial Statements included in this report include the accounts of American Water Works Company, Inc. and all of its subsidiaries (the "Company" or "American Water"), in which a controlling interest is maintained after the elimination of intercompany balances and transactions. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial reporting, and the rules and regulations for reporting on Quarterly Reports on Form 10-Q ("Form 10-Q"). Accordingly, they do not contain certain information and disclosures required by GAAP for comprehensive financial statements. In the opinion of management, all adjustments necessary for a fair statement of the financial position as of June 30, 2024, and the results of operations and cash flows for all periods presented, have been made. All adjustments are of a normal, recurring nature, except as otherwise disclosed. The unaudited Consolidated Financial Statements and Notes included in this report should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2023 ("Form 10-K"), which provides a more complete discussion of the Company's accounting policies, financial position, operating results and other

View Full Filing

View this 10-Q filing on SEC EDGAR