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Business Segments | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Business Segments | Business Segments AWR has three reportable segments: water, electric and contracted services. GSWC has one segment, water. On a stand-alone b asis, AWR has no material assets or liabilities other than its equity investments in its subsidiaries, note payables to bank, deferred taxes and intercompany note receivables. GSWC and BVES are CPUC regulated public utilities with business activities conducted in California. Activities of ASUS and its subsidiaries are conducted in California, Florida, Kansas, Maryland, Massachusetts, New Mexico, North Carolina, South Carolina, Texas and Virginia. Some of ASUS’s wholly owned subsidiaries are regulated by the state in which the subsidiary primarily conducts water and/or wastewater operations. Fees charged for operations and maintenance and renewal and replacement services are based upon the terms of the contracts with the U.S. government, which have been filed, as appropriate, with the commissions in the states in which ASUS’s subsidiaries are incorporated. In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-07 (Segment Reporting: Improvements to Reportable Segment Disclosures). The standard enhances reportable segment disclosures primarily through enhanced disclosures of significant segment expenses. Registrant evaluates the performance of its reportable segments based on segment net income (loss). Registrant’s chief operating decision maker is the chief executive officer. The chief operating decision maker uses segment net income (loss) as a financial measure as part of the annual operating budget and forecasting process to monitor monthly financial activities of its segments. This financial information is reviewed and evaluated by the chief operating decision maker in making segment operating, capital, and business decisions. The following tables present information by reportable segment and AWR (parent) that reconcile segment net income (loss) to total consolidated net income (loss) and segment assets to total consolidated assets. The utility plant balances are net of respective accumulated provisions for depreciation. The net property, plant and equipment of the electric segment is presented net of Contributions in Aid of Construction (CIAC). Capital additions reflect capital expenditures paid in cash and exclude U.S. government-funded and third-party prime funded capital expenditures for ASUS’s subsidiaries and property installed by developers and conveyed to GSWC and BVES.
|  | For The Three Months Ended March 31, 2025
|  |  |  |  |  |  |  | Total |  |  |  |
|  |  |  | Contracted |  | Reportable |  | AWR |  | Consolidated
(dollars in thousands) |  | Water |  | Electric |  | Services |  | Segments |  | Parent |  | AWR
Operating revenues |  | $ | 102,003 |  |  | $ | 15,002 |  |  | $ | 31,008 |  |  | $ | 148,013 |  |  | $ | — |  |  | $ | 148,013 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Supply costs |  | 25,423 |  |  | 4,065 |  |  | — |  |  | 29,488 |  |  | — |  |  | 29,488 |
Other operation |  | 6,675 |  |  | 1,241 |  |  | 2,574 |  |  | 10,490 |  |  | — |  |  | 10,490 |
Administrative and general |  | 17,657 |  |  | 3,098 |  |  | 6,119 |  |  | 26,874 |  |  | 1 |  |  | 26,875 |
Depreciation and amortization expense (1) |  | 9,824 |  |  | 885 |  |  | 873 |  |  | 11,582 |  |  | — |  |  | 11,582 |
Maintenance |  | 2,004 |  |  | 911 |  |  | 1,232 |  |  | 4,147 |  |  | — |  |  | 4,147 |
Property and other taxes |  | 5,624 |  |  | 686 |  |  | 642 |  |  | 6,952 |  |  | — |  |  | 6,952 |
ASUS construction expense |  | — |  |  | — |  |  | 12,933 |  |  | 12,933 |  |  | — |  |  | 12,933 |
Segment operating income (loss) |  | 34,796 |  |  | 4,116 |  |  | 6,635 |  |  | 45,547 |  |  | (1) |  |  | 45,546 |
Interest expense |  | (9,328) |  |  | (1,136) |  |  | (313) |  |  | (10,777) |  |  | (1,305) |  |  | (12,082) |
Interest income |  | 1,272 |  |  | 524 |  |  | 199 |  |  | 1,995 |  |  | 18 |  |  | 2,013 |
Gain (loss) on investments held in a trust |  | (586) |  |  | — |  |  | — |  |  | (586) |  |  | — |  |  | (586) |
Income tax expense (benefit) |  | 6,514 |  |  | 1,047 |  |  | 1,377 |  |  | 8,938 |  |  | (476) |  |  | 8,462 |
Other segment items income (expense) (2) |  | 266 |  |  | 169 |  |  | (20) |  |  | 415 |  |  | — |  |  | 415 |
Segment net income (loss) |  | $ | 19,906 |  |  | $ | 2,626 |  |  | $ | 5,124 |  |  | $ | 27,656 |  |  | $ | (812) |  |  | $ | 26,844 |
|  | For The Three Months Ended March 31, 2025
|  |  |  |  |  |  |  | Total |  |  |  |
|  |  |  | Contracted |  | Reportable |  | AWR |  | Consolidated
(dollars in thousands) |  | Water |  | Electric |  | Services |  | Segments |  | Parent |  | AWR
Capital additions (3) |  | $ | 57,858 |  |  | $ | 7,853 |  |  | $ | 1,854 |  |  | $ | 67,565 |  |  | $ | — |  |  | $ | 67,565 |
|  | For The Three Months Ended March 31, 2024
|  |  |  |  |  |  |  | Total |  |  |  |
|  |  |  |  |  | Contracted |  | Reportable |  | AWR |  | Consolidated
(dollars in thousands) |  | Water |  | Electric |  | Services |  | Segments |  |  |  | AWR
Operating revenues |  | $ | 90,265 |  |  | $ | 12,205 |  |  | $ | 32,781 |  |  | $ | 135,251 |  |  | $ | — |  |  | $ | 135,251 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Supply costs |  | 21,430 |  |  | 3,741 |  |  | — |  |  | 25,171 |  |  | — |  |  | 25,171 |
Other operation |  | 6,580 |  |  | 989 |  |  | 2,054 |  |  | 9,623 |  |  | — |  |  | 9,623 |
Administrative and general |  | 16,977 |  |  | 2,483 |  |  | 5,886 |  |  | 25,346 |  |  | 1 |  |  | 25,347 |
Depreciation and amortization expense (1) |  | 9,034 |  |  | 884 |  |  | 804 |  |  | 10,722 |  |  | — |  |  | 10,722 |
Maintenance |  | 1,828 |  |  | 373 |  |  | 1,024 |  |  | 3,225 |  |  | — |  |  | 3,225 |
Property and other taxes |  | 5,249 |  |  | 594 |  |  | 644 |  |  | 6,487 |  |  | — |  |  | 6,487 |
ASUS construction expense |  | — |  |  | — |  |  | 15,702 |  |  | 15,702 |  |  | — |  |  | 15,702 |
Segment operating income (loss) |  | 29,167 |  |  | 3,141 |  |  | 6,667 |  |  | 38,975 |  |  | (1) |  |  | 38,974 |
Interest expense |  | (9,392) |  |  | (1,196) |  |  | (520) |  |  | (11,108) |  |  | (1,747) |  |  | (12,855) |
Interest income |  | 1,511 |  |  | 331 |  |  | 203 |  |  | 2,045 |  |  | 25 |  |  | 2,070 |
Gain (loss) on investments held in a trust |  | 2,070 |  |  | — |  |  | — |  |  | 2,070 |  |  | — |  |  | 2,070 |
Income tax expense (benefit) |  | 5,824 |  |  | 560 |  |  | 1,560 |  |  | 7,944 |  |  | (548) |  |  | 7,396 |
Other segment items income (expense) (2) |  | 262 |  |  | 26 |  |  | (16) |  |  | 272 |  |  | — |  |  | 272 |
Segment net income (loss) |  | $ | 17,794 |  |  | $ | 1,742 |  |  | $ | 4,774 |  |  | $ | 24,310 |  |  | $ | (1,175) |  |  | $ | 23,135 |
|  | For The Three Months Ended March 31, 2024
|  |  |  |  |  |  |  | Total |  |  |  |
|  |  |  |  |  | Contracted |  | Reportable |  | AWR |  | Consolidated
(dollars in thousands) |  | Water |  | Electric |  | Services |  | Segments |  |  |  | AWR
Capital additions (3) |  | $ | 41,278 |  |  | $ | 5,216 |  |  | $ | 1,056 |  |  | $ | 47,550 |  |  | $ | — |  |  | $ | 47,550 |
(1) Depreciation computed on regulated utilities’ transportation equipment is recorded in other operating expenses and totaled $0.3 million and $0.2 million for the three months ended March 31, 2025 and 2024, respectively. (2) Other segment items primarily consist of a) non-service cost components related to GSWC’s benefit plans, and b) AFUDC on BVES capital projects. (3) Capital additions reflect capital expenditures paid in cash and exclude U.S. government-funded and third-party prime funded capital expenditures for ASUS’s subsidiaries and property installed by developers and conveyed to GSWC and BVES. The following tables reconciles segment net property, plant and equipment to total consolidated assets (in thousands):
|  | As Of March 31, 2025
|  |  |  |  |  |  |  | Total |  |  |  |  |  |
|  |  |  |  |  | Contracted |  | Reportable |  | AWR |  | Less |  | Consolidated
|  | Water |  | Electric |  | Services |  | Segments |  | Parent |  | Eliminations |  | AWR
Total net property, plant and equipment (4) |  | $ | 1,944,898 |  |  | $ | 173,805 |  |  | $ | 18,788 |  |  | $ | 2,137,491 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,137,491 |
Other assets |  | 216,093 |  |  | 58,059 |  |  | 131,803 |  |  | 405,955 |  |  | 1,067,797 |  |  | (1,065,790) |  |  | 407,962 |
Total consolidated assets |  | $ | 2,160,991 |  |  | $ | 231,864 |  |  | $ | 150,591 |  |  | $ | 2,543,446 |  |  | $ | 1,067,797 |  |  | $ | (1,065,790) |  |  | $ | 2,545,453 |
|  | As Of December 31, 2024
|  |  |  |  |  |  |  | Total |  |  |  |  |  |
|  |  |  |  |  | Contracted |  | Reportable |  | AWR |  | Less |  | Consolidated
|  | Water |  | Electric |  | Services |  | Segments |  | Parent |  | Eliminations |  | AWR
Total net property, plant and equipment (4) |  | $ | 1,911,369 |  |  | $ | 170,349 |  |  | $ | 17,907 |  |  | $ | 2,099,625 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,099,625 |
Other assets |  | 220,612 |  |  | 50,048 |  |  | 126,279 |  |  | 396,939 |  |  | 1,045,732 |  |  | (1,042,087) |  |  | 400,584 |
Total consolidated assets |  | $ | 2,131,981 |  |  | $ | 220,397 |  |  | $ | 144,186 |  |  | $ | 2,496,564 |  |  | $ | 1,045,732 |  |  | $ | (1,042,087) |  |  | $ | 2,500,209 |
(4) The utility plant balances are net of respective accumulated provisions for depreciation.

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- Definition The entire disclosure for reporting segments including data and tables. 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