LONG-TERM DEBT

12 Months Ended

Dec. 31, 2021

Long-term Debt, Unclassified [Abstract]

LONG-TERM DEBT

LONG-TERM DEBT

As of December 31, 2021 and 2020, long-term debt outstanding was:

	Series	Interest Rate		Maturity Date	2021		2020
First Mortgage Bonds	ZZZ	2.870	%	2051	$	130,000	$	—
	1	3.020	%	2061	150,000		—
	YYY	4.170	%	2059	200,000		200,000
	WWW	4.070	%	2049	100,000		100,000
	VVV	3.400	%	2029	100,000		100,000
	TTT	4.610	%	2056	10,000		10,000
	SSS	4.410	%	2046	40,000		40,000
	QQQ	3.330	%	2025	50,000		50,000
	RRR	4.310	%	2045	50,000		50,000
	PPP	5.500	%	2040	100,000		100,000
	AAA	7.280	%	2025	20,000		20,000
	BBB	6.770	%	2028	20,000		20,000
	CCC	8.150	%	2030	20,000		20,000
	DDD	7.130	%	2031	20,000		20,000
	EEE	7.110	%	2032	20,000		20,000
	GGG	5.290	%	2022	1,818		3,636
	HHH	5.290	%	2022	1,818		3,636
	III	5.540	%	2023	1,818		2,728
	OOO	6.020	%	2031	20,000		20,000
Total First Mortgage Bonds					1,055,454		780,000
California Department of Water Resources Loans		3.0%		2027 - 2039	4,832		5,148
Other long-term debt					6,039		5,569
Unamortized debt issuance costs					(5,339)		(4,490)
Total long-term debt, net of unamortized debt issuance costs					1,060,986		786,227
Less current maturities of long-term debt, net					5,192		5,127
Long-term debt, net					$	1,055,794	$	781,100

Maturities of long-term debt as of December 31, 2021 are as follows:

Year Ending December 31,	Long-term debt*
2022	$	4,917
2023	1,283
2024	376
2025	70,354
2026	356
Thereafter	983,312

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*    Excludes maturities for finance lease obligations. See note 15 for maturities for finance lease obligations.

On May 11, 2021, Cal Water completed the sale and issuance of $280.0 million in aggregate principal amount of First Mortgage Bonds (the Bonds) in a private placement. The Bonds consist of $130.0 million of 2.87% bonds, series ZZZ, maturing May 11, 2051, and $150.0 million of 3.02% bonds, series 1, maturing May 11, 2061. Interest on the bonds accrues semi-annually and is payable in arrears. The Bonds will rank equally with all of Cal Water’s other First Mortgage Bonds and will be secured by liens on Cal Water’s properties, subject to certain exceptions and permitted liens. Cal Water used the net proceeds from the sale of the Bonds to refinance existing indebtedness and for general corporate purposes. The Bonds were not registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

On October 4, 2011, Cal Water entered into a capital lease arrangement with the City of Hawthorne to operate the City's water system for a 15-year period. The $3.9 million and $4.6 million capital lease liability as of December 31, 2021 and 2020, respectively, is included in other long-term debt and current maturities set forth above.