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Information by Business Segments
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Information by Business Segments

NOTE 16. 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 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, 2024:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

383,746

 

 

$

9,819

 

 

$

393,565

 

 

$

177

 

 

$

—

 

 

$

393,742

 

Resource costs

 

 

140,669

 

 

 

1,364

 

 

 

142,033

 

 

 

—

 

 

 

—

 

 

 

142,033

 

Other operating expenses

 

 

103,106

 

 

 

4,192

 

 

 

107,298

 

 

 

316

 

 

 

—

 

 

 

107,614

 

Depreciation and amortization

 

 

65,024

 

 

 

2,862

 

 

 

67,886

 

 

 

3

 

 

 

—

 

 

 

67,889

 

Income (loss) from operations

 

 

47,738

 

 

 

1,172

 

 

 

48,910

 

 

 

(142

)

 

 

—

 

 

 

48,768

 

Interest expense (2)

 

 

35,762

 

 

 

1,433

 

 

 

37,195

 

 

 

674

 

 

 

(543

)

 

 

37,326

 

Income tax benefit

 

 

(39

)

 

 

(62

)

 

 

(101

)

 

 

(377

)

 

 

—

 

 

 

(478

)

Net income (loss)

 

 

19,803

 

 

 

41

 

 

 

19,844

 

 

 

(1,357

)

 

 

—

 

 

 

18,487

 

Capital expenditures (3)

 

 

143,938

 

 

 

10,283

 

 

 

154,221

 

 

 

—

 

 

 

—

 

 

 

154,221

 

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 nine months ended September 30, 2024:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

1,369,496

 

 

$

35,495

 

 

$

1,404,991

 

 

$

239

 

 

$

—

 

 

$

1,405,230

 

Resource costs

 

 

576,302

 

 

 

3,174

 

 

 

579,476

 

 

 

—

 

 

 

—

 

 

 

579,476

 

Other operating expenses

 

 

315,953

 

 

 

12,185

 

 

 

328,138

 

 

 

990

 

 

 

—

 

 

 

329,128

 

Depreciation and amortization

 

 

195,082

 

 

 

8,560

 

 

 

203,642

 

 

 

8

 

 

 

—

 

 

 

203,650

 

Income (loss) from operations

 

 

194,127

 

 

 

10,772

 

 

 

204,899

 

 

 

(759

)

 

 

—

 

 

 

204,140

 

Interest expense (2)

 

 

106,828

 

 

 

4,248

 

 

 

111,076

 

 

 

1,886

 

 

 

(1,495

)

 

 

111,467

 

Income tax expense (benefit)

 

 

1,475

 

 

 

1,799

 

 

 

3,274

 

 

 

(951

)

 

 

—

 

 

 

2,323

 

Net income (loss)

 

 

111,246

 

 

 

5,061

 

 

 

116,307

 

 

 

(3,467

)

 

 

—

 

 

 

112,840

 

Capital expenditures (3)

 

 

389,098

 

 

 

16,330

 

 

 

405,428

 

 

 

—

 

 

 

—

 

 

 

405,428

 

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

 

Total Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2024:

 

$

7,336,820

 

 

$

275,967

 

 

$

7,612,787

 

 

$

194,801

 

 

$

(26,705

)

 

$

7,780,883

 

As of December 31, 2023:

 

$

7,262,704

 

 

$

269,683

 

 

$

7,532,387

 

 

$

191,665

 

 

$

(21,575

)

 

$

7,702,477

 
(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.