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Information by Business Segments
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Information by Business Segments

NOTE 17. INFORMATION BY BUSINESS SEGMENTS

The business segment presentation reflects the basis used by the Company's management to analyze performance and determine the allocation of resources. The Company's management evaluates performance based on income (loss) from operations before income taxes as well as net income (loss). The accounting policies of the segments are the same as those described in the summary of significant accounting policies. Avista Utilities' business is managed based on the total regulated utility operation; therefore, it is considered one segment. AEL&P is a separate reportable business segment, as it has separate financial reports reviewed in detail by the Chief Operating Decision Maker and its operations and risks are sufficiently different from Avista Utilities and the other businesses at AERC that it cannot be aggregated with any other operating segments. The Other category, which is not a reportable segment, includes other investments and operations of various subsidiaries, as well as certain other operations of Avista Capital.

The following table presents information for each of the Company’s business segments (dollars in thousands):

 

 

Avista
Utilities

 

 

Alaska
Electric
Light and
Power
Company

 

 

Total Utility

 

 

Other

 

 

Intersegment
Eliminations
(1)

 

 

Total

 

For the three months ended September 30, 2023:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

369,673

 

 

$

9,851

 

 

$

379,524

 

 

$

102

 

 

$

—

 

 

$

379,626

 

Resource costs

 

 

146,793

 

 

 

1,489

 

 

 

148,282

 

 

 

—

 

 

 

—

 

 

 

148,282

 

Other operating expenses

 

 

98,609

 

 

 

3,860

 

 

 

102,469

 

 

 

603

 

 

 

—

 

 

 

103,072

 

Depreciation and amortization

 

 

64,125

 

 

 

2,735

 

 

 

66,860

 

 

 

45

 

 

 

—

 

 

 

66,905

 

Income (loss) from operations

 

 

37,081

 

 

 

1,552

 

 

 

38,633

 

 

 

(546

)

 

 

—

 

 

 

38,087

 

Interest expense (2)

 

 

33,896

 

 

 

1,456

 

 

 

35,352

 

 

 

538

 

 

 

(406

)

 

 

35,484

 

Income tax expense (benefit)

 

 

(3,845

)

 

 

36

 

 

 

(3,809

)

 

 

23

 

 

 

—

 

 

 

(3,786

)

Net income

 

 

13,498

 

 

 

288

 

 

 

13,786

 

 

 

930

 

 

 

—

 

 

 

14,716

 

Capital expenditures (3)

 

 

127,666

 

 

 

4,865

 

 

 

132,531

 

 

 

—

 

 

 

—

 

 

 

132,531

 

For the three months ended September 30, 2022:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

349,655

 

 

$

9,637

 

 

$

359,292

 

 

$

154

 

 

$

—

 

 

$

359,446

 

Resource costs

 

 

146,384

 

 

 

1,400

 

 

 

147,784

 

 

 

—

 

 

 

—

 

 

 

147,784

 

Other operating expenses

 

 

98,062

 

 

 

3,639

 

 

 

101,701

 

 

 

1,041

 

 

 

—

 

 

 

102,742

 

Depreciation and amortization

 

 

60,780

 

 

 

2,704

 

 

 

63,484

 

 

 

32

 

 

 

—

 

 

 

63,516

 

Income (loss) from operations

 

 

18,660

 

 

 

1,661

 

 

 

20,321

 

 

 

(919

)

 

 

—

 

 

 

19,402

 

Interest expense (2)

 

 

28,214

 

 

 

1,489

 

 

 

29,703

 

 

 

243

 

 

 

(111

)

 

 

29,835

 

Income tax expense (benefit)

 

 

197

 

 

 

21

 

 

 

218

 

 

 

(61

)

 

 

—

 

 

 

157

 

Net income (loss)

 

 

(5,987

)

 

 

228

 

 

 

(5,759

)

 

 

(39

)

 

 

—

 

 

 

(5,798

)

Capital expenditures (3)

 

 

116,809

 

 

 

3,854

 

 

 

120,663

 

 

 

—

 

 

 

—

 

 

 

120,663

 

For the nine months ended September 30 2023:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

1,198,419

 

 

$

35,408

 

 

$

1,233,827

 

 

$

367

 

 

$

—

 

 

$

1,234,194

 

Resource costs

 

 

478,947

 

 

 

3,507

 

 

 

482,454

 

 

 

—

 

 

 

—

 

 

 

482,454

 

Other operating expenses

 

 

299,274

 

 

 

11,244

 

 

 

310,518

 

 

 

2,363

 

 

 

—

 

 

 

312,881

 

Depreciation and amortization

 

 

190,008

 

 

 

8,188

 

 

 

198,196

 

 

 

76

 

 

 

—

 

 

 

198,272

 

Income (loss) from operations

 

 

148,897

 

 

 

11,671

 

 

 

160,568

 

 

 

(2,072

)

 

 

—

 

 

 

158,496

 

Interest expense (2)

 

 

102,014

 

 

 

4,360

 

 

 

106,374

 

 

 

1,333

 

 

 

(942

)

 

 

106,765

 

Income tax expense (benefit)

 

 

(17,349

)

 

 

2,048

 

 

 

(15,301

)

 

 

(923

)

 

 

—

 

 

 

(16,224

)

Net income (loss)

 

 

83,935

 

 

 

5,689

 

 

 

89,624

 

 

 

(2,579

)

 

 

—

 

 

 

87,045

 

Capital expenditures (3)

 

 

347,264

 

 

 

12,013

 

 

 

359,277

 

 

 

—

 

 

 

—

 

 

 

359,277

 

For the nine months ended September 30 2022:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

1,167,042

 

 

$

32,597

 

 

$

1,199,639

 

 

$

419

 

 

$

—

 

 

$

1,200,058

 

Resource costs

 

 

489,029

 

 

 

3,020

 

 

 

492,049

 

 

 

—

 

 

 

—

 

 

 

492,049

 

Other operating expenses

 

 

289,828

 

 

 

10,882

 

 

 

300,710

 

 

 

4,907

 

 

 

—

 

 

 

305,617

 

Depreciation and amortization

 

 

180,765

 

 

 

8,102

 

 

 

188,867

 

 

 

94

 

 

 

—

 

 

 

188,961

 

Income (loss) from operations

 

 

121,476

 

 

 

9,760

 

 

 

131,236

 

 

 

(4,582

)

 

 

—

 

 

 

126,654

 

Interest expense (2)

 

 

81,864

 

 

 

4,463

 

 

 

86,327

 

 

 

508

 

 

 

(121

)

 

 

86,714

 

Income tax expense (benefit)

 

 

(14,728

)

 

 

1,070

 

 

 

(13,658

)

 

 

1,980

 

 

 

—

 

 

 

(11,678

)

Net income

 

 

65,241

 

 

 

4,292

 

 

 

69,533

 

 

 

7,687

 

 

 

—

 

 

 

77,220

 

Capital expenditures (3)

 

 

324,123

 

 

 

7,186

 

 

 

331,309

 

 

 

756

 

 

 

—

 

 

 

332,065

 

Total Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2023:

 

$

7,026,484

 

 

$

271,192

 

 

$

7,297,676

 

 

$

190,853

 

 

$

(18,499

)

 

$

7,470,030

 

As of December 31, 2022:

 

$

6,976,164

 

 

$

264,322

 

 

$

7,240,486

 

 

$

187,027

 

 

$

(10,163

)

 

$

7,417,350

 
(1)
Intersegment eliminations reported as interest expense represent intercompany interest.
(2)
Including interest expense to affiliated trusts.
(3)
The capital expenditures for the other businesses are included in other investing activities on the Condensed Consolidated Statements of Cash Flows.