Business Segments

12 Months Ended

Dec. 31, 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 other than its equity investments in its subsidiaries, note payables to banks, deferred income taxes and intercompany note receivables.

GSWC and BVES are CPUC regulated public utilities with business activities 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.

In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-07 (Segment Reporting: Improvements to Reportable Segment Disclosures). The new standard enhanced reportable segment disclosures and expanded the disclosures required for reportable segments in annual and interim consolidated financial statements, primarily through enhanced disclosures of significant segment expenses. Registrant adopted the new guidance of this standard on its segment disclosures and have applied the disclosures retrospectively to prior periods presented in the tables below.

Registrant evaluates the performance of its reportable segments based on segment net income (loss). Registrant’s chief operating decision maker is the chief executive officer. The chief operating decision maker uses segment net income (loss) as a financial measure as part of the annual operating budget and forecasting process to monitor monthly financial activities of its segments. This financial information is reviewed and evaluated by the chief operating decision maker in making segment operating, capital, and business decisions.

The following tables present information by reportable segment and AWR (parent) that reconcile segment net income (loss) to total consolidated net income (loss) and segment assets to total consolidated assets. The utility plant balances are net of respective accumulated provisions for depreciation. The net property, plant and equipment of the electric segment is presented net of Contributions in Aid of Construction (CIAC). Capital additions reflect capital expenditures paid in cash and exclude U.S. government-funded and third-party prime funded capital expenditures for ASUS’s subsidiaries and property installed by developers and conveyed to GSWC and BVES.

	For The Year Ended December 31, 2024
							Total
					Contracted		Reportable		AWR		Consolidated
(dollars in thousands)	Water		Electric		Services		Segments		Parent		AWR
Operating revenues	$	417,410	$	51,645	$	126,404	$	595,459	$	—	$	595,459
Less:
Supply costs	111,823		11,357		—		123,180		—		123,180
Other operation	28,349		3,424		9,545		41,318		—		41,318
Administrative and general	64,510		13,241		23,183		100,934		7		100,941
Depreciation and amortization expense (1)	37,187		3,160		3,300		43,647		—		43,647
Maintenance	9,788		5,901		4,566		20,255		—		20,255
Property and other taxes	22,233		2,399		2,459		27,091		—		27,091
ASUS construction expense	—		—		54,544		54,544		—		54,544
Segment operating income (loss)	143,520		12,163		28,807		184,490		(7)		184,483
Interest expense	(38,532)		(3,812)		(2,166)		(44,510)		(5,872)		(50,382)
Interest income	6,018		976		782		7,776		98		7,874
Gain (loss) on investments held in a trust	5,293		—		—		5,293		—		5,293
Income tax expense (benefit)	22,869		2,541		6,699		32,109		(1,936)		30,173
Other segment items income (expense) (2)	1,033		968		(82)		1,919		254		2,173
Segment net income (loss)	94,463		7,754		20,642		122,859		(3,591)		119,268
	For The Year Ended December 31, 2024
							Total
					Contracted		Reportable		AWR		Consolidated
(dollars in thousands)	Water		Electric		Services		Segments		Parent		AWR
Capital additions (3)	197,355		29,980		4,625		231,960		—		231,960

	For The Year Ended December 31, 2023
							Total
					Contracted		Reportable		AWR		Consolidated
(dollars in thousands)	Water		Electric		Services		Segments		Parent		AWR
Operating revenues	$	433,473	$	41,832	$	120,394	$	595,699	$	—	$	595,699
Less:
Supply costs	120,382		11,554		—		131,936		—		131,936
Other operation	29,064		4,057		7,150		40,271		—		40,271
Administrative and general	59,313		8,745		20,431		88,489		(216)		88,273
Depreciation and amortization expense (1)	35,886		3,256		3,261		42,403		—		42,403
Maintenance	9,906		924		3,388		14,218		—		14,218
Property and other taxes	19,845		2,100		2,101		24,046		—		24,046
ASUS construction expense	—		—		57,912		57,912		—		57,912
Other	(100)		—		—		(100)		—		(100)
Segment operating income (loss)	159,177		11,196		26,151		196,524		216		196,740
Interest expense	(31,283)		(3,298)		(2,127)		(36,708)		(6,054)		(42,762)
Interest income	5,557		1,060		806		7,423		(7)		7,416
Gain (loss) on investments held in a trust	5,008		—		—		5,008		—		5,008
Income tax expense (benefit)	35,689		1,515		6,109		43,313		(1,714)		41,599
Other segment items income (expense) (2)	(62)		36		(125)		(151)		269		118
Segment net income (loss)	102,708		7,479		18,596		128,783		(3,862)		124,921
	For The Year Ended December 31, 2023
							Total
					Contracted		Reportable		AWR		Consolidated
(dollars in thousands)	Water		Electric		Services		Segments		Parent		AWR
Capital additions (3)	160,939		25,372		2,229		188,540		—		188,540

	The Year Ended December 31, 2022
							Total
					Contracted		Reportable		AWR		Consolidated
(dollars in thousands)	Water		Electric		Services		Segments		Parent		AWR
Operating revenues	$	340,602	$	39,986	$	110,940	$	491,528	$	—	$	491,528
Less:
Supply costs	98,228		11,682		—		109,910		—		109,910
Other operation	28,117		3,311		6,667		38,095		—		38,095
Administrative and general	58,358		7,901		19,923		86,182		8		86,190
Depreciation and amortization expense (1)	34,805		2,792		3,718		41,315		—		41,315
Maintenance	9,559		723		3,110		13,392		—		13,392
Property and other taxes	19,080		1,837		1,977		22,894		—		22,894
ASUS construction expense	—		—		53,171		53,171		—		53,171
Other	—		—		(75)		(75)		—		(75)
Segment operating income (loss)	92,455		11,740		22,449		126,644		(8)		126,636
Interest expense	(22,742)		(1,225)		(743)		(24,710)		(2,317)		(27,027)
Interest income	1,083		394		875		2,352		(26)		2,326
Gain (loss) on investments held in a trust	(5,177)		—		—		(5,177)		—		(5,177)
Income tax expense (benefit)	16,346		2,439		5,476		24,261		(597)		23,664
Other segment items income (expense) (2)	4,497		406		141		5,044		258		5,302
Segment net income (loss)	53,770		8,876		17,246		79,892		(1,496)		78,396
	The Year Ended December 31, 2022
							Total
					Contracted		Reportable		AWR		Consolidated
(dollars in thousands)	Water		Electric		Services		Segments		Parent		AWR
Capital additions (3)	146,730		18,069		1,441		166,240		—		166,240

____________________________

(1)      Depreciation computed on regulated utilities’ transportation equipment is recorded in other operating expenses and totaled $0.6 million, $0.9 million and $0.4 million for the years ended December 31, 2024, 2023 and 2022, respectively.

(2)    Other segment items primarily consist of a) non-service cost components related to GSWC’s benefit plans, and b) AFUDC on BVES capital projects.

(3)     Capital additions reflect capital expenditures paid in cash and exclude U.S. government-funded and third-party prime funded capital expenditures for ASUS's subsidiaries and property installed by developers and conveyed to GSWC and BVES.

The following table reconciles segment net property, plant and equipment to total consolidated assets (in thousands):

	As Of  December 31, 2024
							Total
					Contracted		Reportable		AWR		Less		Consolidated
	Water		Electric		Services		Segments		Parent		Eliminations		AWR
Total net property, plant and equipment (4)	$	1,911,369	$	170,349	$	17,907	$	2,099,625	$	—	$	—	$	2,099,625
Other assets	220,612		50,048		126,279		396,939		1,045,732		(1,042,087)		400,584
Total consolidated assets	$	2,131,981	$	220,397	$	144,186	$	2,496,564	$	1,045,732	$	(1,042,087)	$	2,500,209
	As Of  December 31, 2023
							Total
					Contracted		Reportable		AWR		Less		Consolidated
	Water		Electric		Services		Segments		Parent		Eliminations		AWR
Total net property, plant and equipment (4)	$	1,735,534	$	140,279	$	16,467	$	1,892,280	$	—	$	—	$	1,892,280
Other assets	180,621		35,241		133,863		349,725		922,901		(918,784)		353,842
Total consolidated assets	$	1,916,155	$	175,520	$	150,330	$	2,242,005	$	922,901	$	(918,784)	$	2,246,122
(4) The utility plant balances are net of respective accumulated provisions for depreciation.