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Segmented Information | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segmented Information | SEGMENTED INFORMATION Fortis' CEO is considered the chief operating decision maker ("CODM") for purposes of reviewing segment performance. Fortis segments its business based on regulatory jurisdiction and service territory, as well as the information used by the CODM in deciding how to allocate resources. Segment performance is evaluated principally on net earnings attributable to common equity shareholders, and this measure is used consistently in the evaluation of actual segment performance as well as in the Corporation’s business plan and forecasting processes. Related-Party and Inter-Company Transactions Related-party transactions are in the normal course of operations and are measured at the amount of consideration agreed to by the related parties. There were no material related-party transactions in 2024 or 2023. As of December 31, 2024, accounts receivable included $18 million due from Belize Electricity (December 31, 2023 - $8 million). Fortis periodically provides short-term financing to subsidiaries to support capital expenditures and seasonal working capital requirements, the impacts of which are eliminated on consolidation. As at December 31, 2024 and 2023, there were no inter-segment loans outstanding. Interest charged on inter-segment loans was not material in 2024 and 2023
| Regulated |  | Non-Regulated | Inter- |
|  | UNS | Central | FortisBC | Fortis | FortisBC | Other | Sub- |  | Corporate | segment |
($ millions) | ITC | Energy | Hudson | Energy | Alberta | Electric | Electric | total |  | and Other | eliminations | Total
Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Revenue | 2,229 |  | 3,007 |  | 1,372 |  | 1,665 |  | 817 |  | 545 |  | 1,838 |  | 11,473 |  |  | 35 |  | — |  | 11,508 |
Energy supply costs | — |  | 1,183 |  | 393 |  | 423 |  | — |  | 155 |  | 1,095 |  | 3,249 |  |  | — |  | — |  | 3,249 |
Operating expenses | 530 |  | 798 |  | 659 |  | 418 |  | 195 |  | 141 |  | 250 |  | 2,991 |  |  | 49 |  | — |  | 3,040 |
Depreciation and amortization | 448 |  | 404 |  | 134 |  | 337 |  | 291 |  | 88 |  | 218 |  | 1,920 |  |  | 7 |  | — |  | 1,927 |
Operating income | 1,251 |  | 622 |  | 186 |  | 487 |  | 331 |  | 161 |  | 275 |  | 3,313 |  |  | (21) |  | — |  | 3,292 |
Other income, net | 96 |  | 51 |  | 58 |  | 45 |  | 11 |  | 6 |  | 29 |  | 296 |  |  | (8) |  | — |  | 288 |
Finance charges | 483 |  | 155 |  | 79 |  | 155 |  | 135 |  | 81 |  | 93 |  | 1,181 |  |  | 225 |  | — |  | 1,406 |
Income tax expense | 200 |  | 70 |  | 37 |  | 83 |  | 26 |  | 14 |  | 23 |  | 453 |  |  | (107) |  | — |  | 346 |
Net earnings | 664 |  | 448 |  | 128 |  | 294 |  | 181 |  | 72 |  | 188 |  | 1,975 |  |  | (147) |  | — |  | 1,828 |
Non-controlling interests | 122 |  | — |  | — |  | 1 |  | — |  | — |  | 25 |  | 148 |  |  | — |  | — |  | 148 |
Preference share dividends | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |  | 74 |  | — |  | 74 |
Net earnings attributable to common equity shareholders | 542 |  | 448 |  | 128 |  | 293 |  | 181 |  | 72 |  | 163 |  | 1,827 |  |  | (221) |  | — |  | 1,606 |
Additions to property, plant and equipment and intangible assets | 1,456 |  | 1,151 |  | 431 |  | 1,035 |  | 554 |  | 132 |  | 454 |  | 5,213 |  |  | 5 |  | — |  | 5,218 |
As at December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Goodwill | 8,828 |  | 1,987 |  | 649 |  | 913 |  | 231 |  | 235 |  | 269 |  | 13,112 |  |  | — |  | — |  | 13,112 |
Total assets | 27,202 |  | 14,690 |  | 6,278 |  | 10,156 |  | 6,181 |  | 2,807 |  | 5,810 |  | 73,124 |  |  | 374 |  | (12) |  | 73,486 |
Year ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Revenue | 2,085 |  | 3,006 |  | 1,360 |  | 1,955 |  | 738 |  | 528 |  | 1,761 |  | 11,433 |  |  | 84 |  | — |  | 11,517 |
Energy supply costs | — |  | 1,290 |  | 499 |  | 760 |  | — |  | 153 |  | 1,069 |  | 3,771 |  |  | — |  | — |  | 3,771 |
Operating expenses | 494 |  | 776 |  | 601 |  | 408 |  | 180 |  | 127 |  | 231 |  | 2,817 |  |  | 72 |  | — |  | 2,889 |
Depreciation and amortization | 416 |  | 361 |  | 113 |  | 309 |  | 265 |  | 96 |  | 204 |  | 1,764 |  |  | 9 |  | — |  | 1,773 |
Operating income | 1,175 |  | 579 |  | 147 |  | 478 |  | 293 |  | 152 |  | 257 |  | 3,081 |  |  | 3 |  | — |  | 3,084 |
Other income, net | 82 |  | 49 |  | 54 |  | 34 |  | 6 |  | 4 |  | 23 |  | 252 |  |  | 39 |  | — |  | 291 |
Finance charges | 427 |  | 145 |  | 67 |  | 163 |  | 125 |  | 79 |  | 86 |  | 1,092 |  |  | 213 |  | — |  | 1,305 |
Income tax expense | 208 |  | 83 |  | 29 |  | 74 |  | 12 |  | 9 |  | 26 |  | 441 |  |  | (81) |  | — |  | 360 |
Net earnings | 622 |  | 400 |  | 105 |  | 275 |  | 162 |  | 68 |  | 168 |  | 1,800 |  |  | (90) |  | — |  | 1,710 |
Non-controlling interests | 114 |  | — |  | — |  | 1 |  | — |  | — |  | 22 |  | 137 |  |  | — |  | — |  | 137 |
Preference share dividends | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  |  | 67 |  | — |  | 67 |
Net earnings attributable to common equity shareholders | 508 |  | 400 |  | 105 |  | 274 |  | 162 |  | 68 |  | 146 |  | 1,663 |  |  | (157) |  | — |  | 1,506 |
Additions to property, plant and equipment and intangible assets | 1,103 |  | 916 |  | 341 |  | 593 |  | 608 |  | 126 |  | 466 |  | 4,153 |  |  | 16 |  | — |  | 4,169 |
As at December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Goodwill | 8,127 |  | 1,830 |  | 597 |  | 913 |  | 228 |  | 235 |  | 254 |  | 12,184 |  |  | — |  | — |  | 12,184 |
Total assets | 24,269 |  | 12,784 |  | 5,371 |  | 9,225 |  | 5,962 |  | 2,715 |  | 5,227 |  | 65,553 |  |  | 401 |  | (34) |  | 65,920 |

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