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Segment Information
 12 Months Ended
Dec. 31, 2023
Segment Information [Abstract]  
Segment Information
4.
 
SEGMENT INFORMATION
Emera manages its reportable segments separately due in part to their different operating, regulatory and
geographical environments. Segments are reported based on each subsidiary’s contribution of revenues,
net income attributable to common shareholders and total assets, as reported to the Company’s chief
operating decision maker.
Florida
 
Canadian
Gas Utilities
Other
Inter-
Electric
Electric
and
Electric
Segment
millions of dollars
Utility
Utilities
Infrastructure
Utilities
Other
Eliminations
Total
For the year ended December 31, 2023
 
Operating revenues from
external customers (1)
$
 
3,548
$
 
1,671
$
 
1,510
$
 
526
$
 
308
$
 
-
 
$
 
7,563
Inter-segment revenues
(1)
 
8
-
 
 
14
-
 
 
31
(53)
 
-
 
 
Total operating revenues
 
3,556
 
1,671
 
1,524
 
526
 
339
(53)
 
7,563
Regulated fuel for generation
and purchased power
 
920
 
699
-
 
 
275
-
 
(13)
 
1,881
Regulated cost of natural gas
-
 
-
 
 
527
-
 
-
 
-
 
 
527
OM&G
 
830
 
384
 
405
 
130
 
151
(21)
 
1,879
Provincial, state and municipal
taxes
 
289
 
45
 
91
 
3
 
5
-
 
 
433
Depreciation and amortization
 
571
 
276
 
126
 
68
 
8
-
 
 
1,049
Income from equity
investments
-
 
 
109
 
21
 
4
 
12
-
 
 
146
Other income, net
 
69
 
32
 
11
 
7
 
20
 
19
 
158
Interest expense, net
(2)
 
271
 
170
 
129
 
23
 
332
-
 
 
925
Income tax expense
(recovery)
 
117
(9)
 
64
-
 
(44)
-
 
 
128
Non-controlling interest in
subsidiaries
-
 
-
 
-
 
 
1
-
 
-
 
 
1
Preferred stock dividends
-
 
-
 
-
 
-
 
 
66
-
 
 
66
Net income (loss) attributable
to common shareholders
$
 
627
$
 
247
$
 
214
$
 
37
$
(147)
$
-
 
$
 
978
Capital expenditures
$
 
1,736
$
 
450
$
 
664
$
 
63
$
 
8
$
-
 
$
 
2,921
As at December 31, 2023
Total assets
$
 
21,119
$
 
8,634
$
 
7,735
$
 
1,311
$
 
1,938
$
(1,257)
$
 
39,480
Investments subject to
significant influence
$
-
 
$
 
1,236
$
 
118
$
 
48
$
-
 
$
-
 
$
 
1,402
Goodwill
$
 
4,628
$
-
 
$
 
1,240
$
-
 
$
 
3
$
-
 
$
 
5,871
(1) All significant inter-company balances and transactions have been eliminated on consolidation except for certain transactions
between non-regulated and regulated entities. Management believes elimination of these transactions would understate PP&E,
OM&G, or regulated fuel for generation and purchased power. Inter-company
 
transactions that have not been eliminated are
measured at the amount of consideration established and agreed to by the related parties. Eliminated transactions are
 
included in
determining reportable segments.
(2) Segment net income is reported on a basis that includes internally allocated financing costs of $
95
 
million for the year ended
December 31, 2023, between the Florida Electric Utility,
 
Gas Utilities and Infrastructure and Other segments.
Florida
 
Canadian
Gas Utilities
Other
Inter-
Electric
Electric
and
Electric
Segment
millions of dollars
Utility
Utilities
Infrastructure
Utilities
Other
Eliminations
Total
For the year ended December 31, 2022
 
Operating revenues from
external customers
(1)
$
 
3,280
$
 
1,675
$
 
1,697
$
 
518
$
 
418
$
 
-
 
$
 
7,588
Inter-segment revenues
(1)
 
7
-
 
 
7
-
 
 
22
(36)
 
-
 
 
Total operating revenues
 
3,287
 
1,675
 
1,704
 
518
 
440
(36)
 
7,588
Regulated fuel for generation
and purchased power
 
1,086
 
803
-
 
 
290
-
 
(8)
 
2,171
Regulated cost of natural gas
-
 
-
 
 
800
-
 
-
 
-
 
 
800
OM&G
 
625
 
338
 
365
 
123
 
156
(11)
 
1,596
Provincial, state and municipal
taxes
 
235
 
43
 
83
 
3
 
3
-
 
 
367
Depreciation and amortization
 
507
 
259
 
118
 
61
 
7
-
 
 
952
Income from equity
investments
-
 
 
87
 
21
 
4
 
17
-
 
 
129
Other income (expenses), net
 
68
 
24
 
13
-
 
 
23
 
17
 
145
Interest expense, net
(2)
 
185
 
136
 
81
 
19
 
288
-
 
 
709
GBPC impairment charge
-
 
-
 
-
 
 
73
-
 
-
 
 
73
Income tax expense (recovery)
 
121
(8)
 
70
-
 
 
2
-
 
 
185
Non-controlling interest in
subsidiaries
-
 
-
 
-
 
 
1
-
 
-
 
 
1
Preferred stock dividends
-
 
-
 
-
 
-
 
 
63
-
 
 
63
Net income (loss) attributable
to common shareholders
$
 
596
$
 
215
$
 
221
$
(48)
$
(39)
$
-
 
$
 
945
Capital expenditures
$
 
1,425
$
 
507
$
 
574
$
 
63
$
 
6
$
-
 
$
 
2,575
As at December 31, 2022
Total assets
$
 
21,053
$
 
8,223
$
 
7,737
$
 
1,337
$
 
2,835
$
(1,443)
$
 
39,742
Investments subject to
significant influence
$
-
 
$
 
1,241
$
 
128
$
 
49
$
-
 
$
-
 
$
 
1,418
Goodwill
$
 
4,739
$
-
 
$
 
1,270
$
-
 
$
 
3
$
-
 
$
 
6,012
(1) All significant inter-company balances and transactions have been eliminated on consolidation except for certain transactions
between non-regulated and regulated entities. Management believes elimination of these transactions would understate PP&E,
OM&G, or regulated fuel for generation and purchased power. Inter-company
 
transactions that have not been eliminated are
measured at the amount of consideration established and agreed to by the related parties. Eliminated transactions are
 
included in
determining reportable segments.
(2) Segment net income is reported on a basis that includes internally allocated financing costs of $
13
 
million for the year ended
December 31, 2022, between the Gas Utilities and Infrastructure and Other segments.
Geographical Information
Revenues (based on country of origin of the product or service sold)
For the
Year ended December 31
millions of dollars
2023
2022
United States
 
5,310
$
 
5,346
Canada
 
1,727
 
1,725
Barbados
 
389
 
384
The Bahamas
 
137
 
122
Dominica
-
 
 
11
$
 
7,563
$
 
7,588
Property Plant and Equipment:
As at
 
December 31
December 31
millions of dollars
2023
2022
United States
$
 
18,588
$
 
17,382
Canada
 
4,878
 
4,689
Barbados
 
576
 
583
The Bahamas
 
334
 
342
$
 
24,376
$
 
22,996