Business Segments (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of reporting segments information

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, 2025
							Total
					Contracted		Reportable		AWR		Consolidated
(dollars in thousands)	Water		Electric		Services		Segments		Parent		AWR
Operating revenues	$	464,114	$	57,217	$	136,742	$	658,073	$	—	$	658,073
Less:
Supply costs	133,693		13,192		—		146,885		—		146,885
Other operation	32,181		4,674		10,186		47,041		—		47,041
Administrative and general	66,637		12,601		23,567		102,805		6		102,811
Depreciation and amortization expense (1)	40,336		3,856		3,592		47,784		—		47,784
Maintenance	10,286		5,773		5,604		21,663		—		21,663
Property and other taxes	22,617		2,804		2,587		28,008		—		28,008
ASUS construction expense	—		—		60,606		60,606		—		60,606
Segment operating income (loss)	158,364		14,317		30,600		203,281		(6)		203,275

Interest expense	(35,747)		(4,288)		(620)		(40,655)		(6,121)		(46,776)
Interest income	3,245		1,542		809		5,596		54		5,650
Gain (loss) on investments held in a trust	5,511		—		—		5,511		—		5,511
Income tax expense (benefit)	31,550		2,475		7,314		41,339		(1,983)		39,356
Other segment items income (expense) (2)	1,123		519		(18)		1,624		514		2,138
Segment net income (loss)	$	100,946	$	9,615	$	23,457	$	134,018	$	(3,576)	$	130,442

	For The Year Ended December 31, 2025
							Total
					Contracted		Reportable		AWR		Consolidated
(dollars in thousands)	Water		Electric		Services		Segments		Parent		AWR
Capital additions (3)	$	202,967	$	27,860	$	5,995	$	236,822	$	—	$	236,822


	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
Other	—		—		—		—		—		—
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


	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

	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

____________________________

(1) Depreciation computed on regulated utilities’ transportation equipment is recorded in other operating expenses and totaled $1.1 million, $0.6 million and $0.9 million for the years ended December 31, 2025, 2024 and 2023, respectively.

(2) Other segment items primarily consist of a) non-service cost components related to GSWC’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.

Schedule of reconciliation of total utility plant (a key figure for rate-making) to total consolidated assets

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


	As Of December 31, 2025
							Total
					Contracted		Reportable		AWR		Less		Consolidated
	Water		Electric		Services		Segments		Parent		Eliminations		AWR
Total net property, plant and equipment (4)	$	2,083,684	$	192,416	$	20,219	$	2,296,319	$	—	$	—	$	2,296,319
Other assets	232,178		61,928		126,437		420,543		1,176,760		(1,178,530)		418,773
Total consolidated assets	$	2,315,862	$	254,344	$	146,656	$	2,716,862	$	1,176,760	$	(1,178,530)	$	2,715,092

	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

(4) The utility plant balances are net of respective accumulated provisions for depreciation.