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Business Segments
9 Months Ended
Sep. 30, 2025
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 note receivables from affiliate.
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 standard enhances reportable segment disclosures primarily through enhanced disclosures of significant segment expenses. 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 Three Months Ended September 30, 2025
Total
 Contracted ReportableAWRConsolidated
(dollars in thousands)WaterElectric ServicesSegmentsParentAWR
Operating revenues$132,323 $13,332 $37,061 $182,716 $— $182,716 
Less:
    Supply costs39,178 2,914 — 42,092 — 42,092 
    Other operation8,044 1,179 2,559 11,782 — 11,782 
    Administrative and general16,632 3,116 5,663 25,411 25,413 
    Depreciation and amortization expense (1)
10,085 934 915 11,934 — 11,934 
    Maintenance2,601 1,612 1,268 5,481 — 5,481 
    Property and other taxes6,364 727 680 7,771 — 7,771 
    ASUS construction expense— — 16,510 16,510 — 16,510 
Segment operating income (loss)49,419 2,850 9,466 61,735 (2)61,733 
    Interest expense
(8,552)(1,239)(52)(9,843)(1,868)(11,711)
    Interest income
511 334 207 1,052 12 1,064 
    Gain (loss) on investments held in a trust
2,474 — — 2,474 — 2,474 
    Income tax expense (benefit)
10,863 400 2,356 13,619 (694)12,925 
    Other segment items income (expense) (2)
309 172 (5)476 56 532 
Segment net income (loss)$33,298 $1,717 $7,260 $42,275 $(1,108)$41,167 
For The Three Months Ended September 30, 2025
Total
ContractedReportableAWRConsolidated
(dollars in thousands)WaterElectricServicesSegmentsParentAWR
Capital additions (3)
$47,518 $5,498 $1,630 $54,646 $— $54,646 
 For The Three Months Ended September 30, 2024
Total
 Contracted ReportableAWRConsolidated
(dollars in thousands)WaterElectric ServicesSegmentsParentAWR
Operating revenues$124,043 $9,040 $28,699 $161,782 $— $161,782 
Less:
    Supply costs35,656 2,456 — 38,112 — 38,112 
    Other operation7,807 797 2,417 11,021 — 11,021 
    Administrative and general16,554 2,042 5,602 24,198 24,200 
    Depreciation and amortization expense (1)
9,070 944 835 10,849 — 10,849 
    Maintenance2,209 183 1,327 3,719 — 3,719 
    Property and other taxes5,901 576 586 7,063 — 7,063 
    ASUS construction expense— — 11,750 11,750 — 11,750 
Segment operating income (loss)46,846 2,042 6,182 55,070 (2)55,068 
    Interest expense
(9,862)(1,357)(614)(11,833)(1,392)(13,225)
    Interest income
1,504 11 197 1,712 27 1,739 
    Gain (loss) on investments held in a trust
2,071 — — 2,071 — 2,071 
    Income tax expense (benefit)
9,228 135 1,425 10,788 (732)10,056 
    Other segment items income (expense) (2)
235 21 (19)237 — 237 
Segment net income (loss)$31,566 $582 $4,321 $36,469 $(635)$35,834 
For The Three Months Ended September 30, 2024
Total
ContractedReportableAWRConsolidated
(dollars in thousands)WaterElectricServicesSegmentsParentAWR
Capital additions (3)
$51,466 $11,862 $851 $64,179 $— $64,179 
  For The Nine Months Ended September 30, 2025
Total
 Contracted ReportableAWRConsolidated
(dollars in thousands)WaterElectric ServicesSegmentsParentAWR
Operating revenues$354,023 $41,262 $98,510 $493,795 $— $493,795 
Less:
    Supply costs98,560 9,940 — 108,500 — 108,500 
    Other operation23,519 3,499 7,564 34,582 — 34,582 
    Administrative and general50,241 9,862 17,402 77,505 77,510 
    Depreciation and amortization expense (1)
29,804 2,718 2,675 35,197 — 35,197 
    Maintenance7,429 4,248 4,080 15,757 — 15,757 
    Property and other taxes17,698 2,063 1,917 21,678 — 21,678 
    ASUS construction expense— — 42,333 42,333 — 42,333 
Segment operating income (loss)126,772 8,932 22,539 158,243 (5)158,238 
    Interest expense
(27,145)(3,577)(544)(31,266)(4,635)(35,901)
    Interest income
2,719 1,208 608 4,535 40 4,575 
    Gain (loss) on investments held in a trust
4,636 — — 4,636 — 4,636 
    Income tax expense (benefit)
26,473 1,532 5,332 33,337 (1,715)31,622 
    Other segment items income (expense) (2)
835 488 (13)1,310 465 1,775 
Segment net income (loss)$81,344 $5,519 $17,258 $104,121 $(2,420)$101,701 
 For The Nine Months Ended September 30, 2025
Total
ContractedReportableAWRConsolidated
(dollars in thousands)WaterElectricServicesSegmentsParentAWR
Capital additions (3)
$148,597 $19,480 $5,050 $173,127 $— $173,127 
 For The Nine Months Ended September 30, 2024
Total
 Contracted ReportableAWRConsolidated
(dollars in thousands)WaterElectric ServicesSegmentsParentAWR
Operating revenues$324,732 $29,948 $97,681 $452,361 $— $452,361 
Less:
    Supply costs86,842 8,687 — 95,529 — 95,529 
    Other operation21,829 2,716 6,832 31,377 — 31,377 
    Administrative and general49,464 6,745 16,820 73,029 73,034 
    Depreciation and amortization expense (1)
27,147 2,721 2,473 32,341 — 32,341 
    Maintenance6,247 961 3,271 10,479 — 10,479 
    Property and other taxes16,625 1,702 1,835 20,162 — 20,162 
    ASUS construction expense— — 43,649 43,649 — 43,649 
Segment operating income (loss)116,578 6,416 22,801 145,795 (5)145,790 
    Interest expense
(28,970)(3,810)(1,687)(34,467)(4,750)(39,217)
    Interest income
4,589 648 592 5,829 73 5,902 
    Gain (loss) on investments held in a trust
5,116 — — 5,116 — 5,116 
    Income tax expense (benefit)
23,539 656 5,307 29,502 (1,691)27,811 
    Other segment items income (expense) (2)
781 68 (53)796 257 1,053 
Segment net income (loss)$74,555 $2,666 $16,346 $93,567 $(2,734)$90,833 
For The Nine Months Ended September 30, 2024
Total
ContractedReportableAWRConsolidated
(dollars in thousands)WaterElectricServicesSegmentsParentAWR
Capital additions (3)
$147,093 $23,023 $3,361 $173,477 $— $173,477 

(1)   Depreciation computed on regulated utilities’ transportation equipment is recorded in other operating expenses and totaled $0.2 million for each of the three months ended September 30, 2025 and 2024, and totaled $0.7 million and $0.5 million for the nine months ended September 30, 2025 and 2024, respectively.
(2) Other segment items primarily consist of a) non-service cost components related to Registrant’s benefit plans, and b) AFUDC (equity) on certain BVES capital projects while under construction.
(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 tables reconciles segment net property, plant and equipment to total consolidated assets (in thousands):
As of September 30, 2025
Total
 ContractedReportableAWRLessConsolidated
 WaterElectricServicesSegmentsParentEliminationsAWR
Total net property, plant and equipment (4)
$2,035,102 $185,573 $20,194 $2,240,869 $— $— $2,240,869 
Other assets230,445 57,516 122,951 410,912 1,132,684 (1,129,192)414,404 
Total consolidated assets$2,265,547 $243,089 $143,145 $2,651,781 $1,132,684 $(1,129,192)$2,655,273 
As of December 31, 2024
Total
ContractedReportableAWRLessConsolidated
WaterElectricServicesSegmentsParentEliminationsAWR
Total net property, plant and equipment (4)
$1,911,369 $170,349 $17,907 $2,099,625 $— $— $2,099,625 
Other assets220,612 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 
(4) The utility plant balances are net of respective accumulated provisions for depreciation.