Segment Reporting

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

H2O America’s single reportable segment provides water utility and utility-related services to its customers through H2O America’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.”

H2O America’s operating segments have been determined based on information used by the chief operating decision maker. H2O America’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.

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. As previously disclosed, H2O America updated its segment presentation in the fourth quarter of 2024. Accordingly, prior period information has been recast to conform with the current period presentation.

The following tables set forth information relating to H2O America's reportable segment and other business activities:

	For the three months ended June 30, 2025
	Reportable Segment
	Water Utility Services		Other Services (1)	Unallocated Corporate (2)	Consolidated
Operating revenue	$	194,674	3,581	—	198,255
Less:
Production expenses	79,324		1,545	—	80,869
Administrative and general	24,967		252	3,576	28,795
Maintenance	6,745		725	—	7,470
Property taxes and other non-income taxes	8,506		9	(9)	8,506
Depreciation and amortization	28,485		34	231	28,750
Interest on long-term debt and other interest expense	12,719		—	5,403	18,122
Provision (benefit) for income taxes	6,706		283	(2,319)	4,670
Other (3)	(1,748)		(38)	(1,816)	(3,602)
Net income (loss)	$	28,970	771	(5,066)	24,675
Capital expenditures	$	132,058	—	—	132,058

	For the three months ended June 30, 2024
	Reportable Segment
	Water Utility Services		Other Services (1)	Unallocated Corporate (2)	Consolidated
Operating revenue	$	172,046	4,128	—	176,174
Less:
Production expenses	69,176		1,293	1	70,470
Administrative and general	19,292		820	356	20,468
Maintenance	7,261		620	—	7,881
Property taxes and other non-income taxes	8,463		20	(64)	8,419
Depreciation and amortization	28,057		86	223	28,366
Interest on long-term debt and other interest expense	12,037		224	6,033	18,294
Provision (benefit) for income taxes	5,325		233	(1,834)	3,724
Other (3)	(1,570)		583	(1,157)	(2,144)
Net income (loss)	$	24,005	249	(3,558)	20,696
Capital expenditures	$	96,636	—	—	96,636

	For the six months ended June 30, 2025
	Reportable Segment
	Water Utility Services		Other Services (1)	Unallocated Corporate (2)	Consolidated
Operating revenue	$	359,830	6,024	—	365,854
Less:
Production expenses	137,309		2,527	—	139,836
Administrative and general	51,718		812	4,025	56,555
Maintenance	13,748		1,221	—	14,969
Property taxes and other non-income taxes	17,715		(50)	36	17,701
Depreciation and amortization	56,517		61	454	57,032
Interest on long-term debt and other interest expense	25,758		—	10,636	36,394
Provision (benefit) for income taxes	12,012		509	(4,380)	8,141
Other (3)	(2,870)		(137)	(2,993)	(6,000)
Net income (loss)	$	47,923	1,081	(7,778)	41,226
Capital expenditures	$	216,403	—	—	216,403

	For the six months ended June 30, 2024
	Reportable Segment
	Water Utility Services		Other Services (1)	Unallocated Corporate (2)	Consolidated
Operating revenue	$	316,961	8,595	—	325,556
Less:
Production expenses	120,213		2,051	—	122,264
Administrative and general	43,142		1,630	1,484	46,256
Maintenance	13,504		1,064	—	14,568
Property taxes and other non-income taxes	17,053		258	(62)	17,249
Depreciation and amortization	56,118		172	446	56,736
Interest on long-term debt and other interest expense	23,579		445	11,854	35,878
Provision (benefit) for income taxes	9,021		817	(3,883)	5,955
Other (3)	(4,455)		575	(1,865)	(5,745)
Net income (loss)	$	38,786	1,583	(7,974)	32,395
Capital expenditures	$	170,147	—	—	170,147

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(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 H2O America, 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).

H2O America’s assets for the Water Utility Services reportable segment and all other are as follows as of:

	June 30, 2025		December 31, 2024
Water Utility Services (reportable segment)	$	4,728,012	4,567,182
Other Services	27,994		25,053
Unallocated Corporate	90,920		66,074
Total assets	$	4,846,926	4,658,309