XML 34 R14.htm IDEA: XBRL DOCUMENT v3.25.0.1
Segmented Information
 12 Months Ended
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 - $8 million).
Fortis periodically provides short-term financing to subsidiaries to support capital expenditures and seasonal working capital requirements, the impacts of which are eliminated on consolidation. As at December 31, 2024 and 2023, there were no inter-segment loans outstanding. Interest charged on inter-segment loans was not material in 2024 and 2023
RegulatedNon-RegulatedInter-
UNSCentralFortisBCFortisFortisBCOtherSub-Corporatesegment
($ millions)ITCEnergyHudsonEnergyAlbertaElectricElectrictotaland OthereliminationsTotal
Year ended December 31, 2024
Revenue2,229 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 expenses530 798 659 418 195 141 250 2,991 49 — 3,040 
Depreciation and amortization448 404 134 337 291 88 218 1,920 7 — 1,927 
Operating income1,251 622 186 487 331 161 275 3,313 (21)— 3,292 
Other income, net96 51 58 45 11 6 29 296 (8)— 288 
Finance charges483 155 79 155 135 81 93 1,181 225 — 1,406 
Income tax expense200 70 37 83 26 14 23 453 (107)— 346 
Net earnings664 448 128 294 181 72 188 1,975 (147)— 1,828 
Non-controlling interests122 — — 1 — — 25 148 — — 148 
Preference share dividends— — — — — — — — 74 — 74 
Net earnings attributable to common equity shareholders542 448 128 293 181 72 163 1,827 (221)— 1,606 
Additions to property, plant and equipment and intangible assets1,456 1,151 431 1,035 554 132 454 5,213 5 — 5,218 
As at December 31, 2024
Goodwill8,828 1,987 649 913 231 235 269 13,112 — — 13,112 
Total assets27,202 14,690 6,278 10,156 6,181 2,807 5,810 73,124 374 (12)73,486 
Year ended December 31, 2023
Revenue2,085 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 expenses494 776 601 408 180 127 231 2,817 72 — 2,889 
Depreciation and amortization416 361 113 309 265 96 204 1,764 9 — 1,773 
Operating income1,175 579 147 478 293 152 257 3,081 3 — 3,084 
Other income, net82 49 54 34 6 4 23 252 39 — 291 
Finance charges427 145 67 163 125 79 86 1,092 213 — 1,305 
Income tax expense208 83 29 74 12 9 26 441 (81)— 360 
Net earnings622 400 105 275 162 68 168 1,800 (90)— 1,710 
Non-controlling interests114 — — 1 — — 22 137 — — 137 
Preference share dividends— — — — — — — — 67 — 67 
Net earnings attributable to common equity shareholders508 400 105 274 162 68 146 1,663 (157)— 1,506 
Additions to property, plant and equipment and intangible assets1,103 916 341 593 608 126 466 4,153 16 — 4,169 
As at December 31, 2023
Goodwill8,127 1,830 597 913 228 235 254 12,184 — — 12,184 
Total assets24,269 12,784 5,371 9,225 5,962 2,715 5,227 65,553 401 (34)65,920