Business Segments

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Business Segments

Business Segments

AWR has three reportable segments: water, electric and contracted services. GSWC has one segment, water. On a stand-alone basis, AWR has no material assets or liabilities other than its equity investments in its subsidiaries, note payables to bank, deferred taxes and intercompany note receivables.  

All GSWC and BVES business activities are conducted in California. Activities of ASUS and its subsidiaries are conducted in California, Florida, Kansas, Maryland, Massachusetts, New Mexico, North Carolina, South Carolina, Texas and Virginia. Some of ASUS’s wholly owned subsidiaries are regulated by the state in which the subsidiary primarily conducts water and/or wastewater operations. Fees charged for operations and maintenance and renewal and replacement services are based upon the terms of the contracts with the U.S. government, which have been filed, as appropriate, with the commissions in the states in which ASUS’s subsidiaries are incorporated.

The tables below set forth information relating to AWR’s operating segments and AWR (parent). The utility plant balances are net of respective accumulated provisions for depreciation. Capital additions reflect capital expenditures paid in cash and exclude U.S. government-funded and third-party prime contractor funded capital expenditures for ASUS, and property installed by developers and conveyed to GSWC and BVES.

	As Of And For The Three Months Ended September 30, 2024
					Contracted		AWR		Consolidated
(dollars in thousands)	Water		Electric		Services		Parent		AWR
Operating revenues	$	124,043	$	9,040	$	28,699	$	—	$	161,782
Operating income (loss)	46,846		2,042		6,182		(2)		55,068
Interest expense (income), net	8,358		1,346		417		1,365		11,486
Net property, plant and equipment	1,861,431		161,788		17,370		—		2,040,589
Depreciation and amortization expense (1)	9,070		944		835		—		10,849
Income tax expense (benefit)	9,228		135		1,425		(732)		10,056
Capital additions	51,466		11,862		851		—		64,179

	As Of And For The Three Months Ended September 30, 2023
					Contracted		AWR		Consolidated
(dollars in thousands)	Water		Electric		Services		Parent		AWR
Operating revenues	$	116,231	$	8,956	$	26,509	$	—	$	151,696
Operating income (loss)	43,243		2,049		6,204		255		51,751
Interest expense (income), net	6,775		760		394		1,637		9,566
Net property, plant and equipment	1,696,923		137,299		16,249		—		1,850,471
Depreciation and amortization expense (1)	8,610		776		798		—		10,184
Income tax expense (benefit)	8,830		(154)		1,430		(559)		9,547
Capital additions	37,349		9,947		186		—		47,482

	As Of And For The Nine Months Ended September 30, 2024
					Contracted		AWR		Consolidated
(dollars in thousands)	Water		Electric		Services		Parent		AWR
Operating revenues	$	324,732	$	29,948	$	97,681	$	—	$	452,361
Operating income (loss)	116,578		6,416		22,801		(5)		145,790
Interest expense (income), net	24,381		3,162		1,095		4,677		33,315
Net property, plant and equipment	1,861,431		161,788		17,370		—		2,040,589
Depreciation and amortization expense (1)	27,147		2,721		2,473		—		32,341
Income tax expense (benefit)	23,539		656		5,307		(1,691)		27,811
Capital additions	147,093		23,023		3,361		—		173,477

	As Of And For The Nine Months Ended September 30, 2023
					Contracted		AWR		Consolidated
(dollars in thousands)	Water		Electric		Services		Parent		AWR
Operating revenues	$	345,851	$	30,688	$	93,980	$	—	$	470,519
Operating income (loss)	134,006		7,783		19,854		218		161,861
Interest expense (income), net	18,784		1,987		948		4,389		26,108
Net property, plant and equipment	1,696,923		137,299		16,249		—		1,850,471
Depreciation and amortization expense (1)	26,890		2,283		2,472		—		31,645
Income tax expense (benefit)	29,674		794		4,621		(1,586)		33,503
Capital additions	113,921		20,985		1,225		—		136,131

(1)      Depreciation computed on GSWC’s and BVES’s transportation equipment is recorded in other operation expenses and totaled $0.2 million for each of the three month periods ended September 30, 2024 and 2023, and totaled $0.5 million and $0.7 million for the nine months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2023, additional depreciation expense on GSWC’s transportation equipment of $0.2 million was recorded that relates to the cumulative retroactive impact for the full year of 2022 approved in the CPUC’s final decision issued in June 2023 in GSWC’s general rate case that included an increase to the transportation equipment composite depreciation rates that were retroactive to January 1, 2022.

The following table reconciles total net property, plant and equipment (a key figure for ratemaking) to total consolidated assets (in thousands):

	September 30,
	2024		2023
Total net property, plant and equipment	$	2,040,589	$	1,850,471
Other assets	380,035		354,758
Total consolidated assets	$	2,420,624	$	2,205,229