v3.25.2
Business Segments
 6 Months Ended
Jun. 30, 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 basis, 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 June 30, 2025
Total
 Contracted ReportableAWRConsolidated
(dollars in thousands)WaterElectric ServicesSegmentsParentAWR
Operating revenues$119,697 $12,928 $30,441 $163,066 $— $163,066 
Less:
    Supply costs33,959 2,961 — 36,920 — 36,920 
    Other operation8,800 1,079 2,431 12,310 — 12,310 
    Administrative and general15,952 3,648 5,620 25,220 2 25,222 
    Depreciation and amortization expense (1)
9,895 899 887 11,681 — 11,681 
    Maintenance2,824 1,725 1,580 6,129 — 6,129 
    Property and other taxes5,710 650 595 6,955 — 6,955 
    ASUS construction expense— — 12,890 12,890 — 12,890 
Segment operating income (loss)42,557 1,966 6,438 50,961 (2)50,959 
    Interest expense
(9,265)(1,202)(179)(10,646)(1,462)(12,108)
    Interest income
936 350 202 1,488 10 1,498 
    Gain (loss) on investments held in a trust
2,748 — — 2,748 — 2,748 
    Income tax expense (benefit)
9,096 85 1,599 10,780 (545)10,235 
    Other segment items income (expense) (2)
260 147 12 419 409 828 
Segment net income (loss)$28,140 $1,176 $4,874 $34,190 $(500)$33,690 
For The Three Months Ended June 30, 2025
Total
ContractedReportableAWRConsolidated
(dollars in thousands)WaterElectricServicesSegmentsParentAWR
Capital additions (3)
$43,221 $6,129 $1,566 $50,916 $— $50,916 
 For The Three Months Ended June 30, 2024
Total
 Contracted ReportableAWRConsolidated
(dollars in thousands)WaterElectric ServicesSegmentsAWR
Operating revenues$110,424 $8,703 $36,201 $155,328 $— $155,328 
Less:
    Supply costs29,756 2,490 — 32,246 — 32,246 
    Other operation7,442 930 2,361 10,733 — 10,733 
    Administrative and general15,933 2,220 5,332 23,485 2 23,487 
    Depreciation and amortization expense (1)
9,043 893 834 10,770 — 10,770 
    Maintenance2,210 405 920 3,535 — 3,535 
    Property and other taxes5,475 532 605 6,612 — 6,612 
    ASUS construction expense— — 16,197 16,197 — 16,197 
Segment operating income (loss)40,565 1,233 9,952 51,750 (2)51,748 
    Interest expense
(9,716)(1,257)(553)(11,526)(1,611)(13,137)
    Interest income
1,574 306 192 2,072 21 2,093 
    Gain (loss) on investments held in a trust
976 — — 976 — 976 
    Income tax expense (benefit)
8,487 (39)2,322 10,770 (411)10,359 
    Other segment items income (expense) (2)
283 21 (18)286 257 543 
Segment net income (loss)$25,195 $342 $7,251 $32,788 $(924)$31,864 
For The Three Months Ended June 30, 2024
Total
ContractedReportableAWRConsolidated
(dollars in thousands)WaterElectricServicesSegmentsAWR
Capital additions (3)
$54,349 $5,945 $1,454 $61,748 $— $61,748 
  For The Six Months Ended June 30, 2025
Total
 Contracted ReportableAWRConsolidated
(dollars in thousands)WaterElectric ServicesSegmentsParentAWR
Operating revenues$221,700 $27,930 $61,449 $311,079 $— $311,079 
Less:
    Supply costs59,382 7,026 — 66,408 — 66,408 
    Other operation15,475 2,320 5,005 22,800 — 22,800 
    Administrative and general33,609 6,746 11,739 52,094 3 52,097 
    Depreciation and amortization expense (1)
19,719 1,784 1,760 23,263 — 23,263 
    Maintenance4,828 2,636 2,812 10,276 — 10,276 
    Property and other taxes11,334 1,336 1,237 13,907 — 13,907 
    ASUS construction expense— — 25,823 25,823 — 25,823 
Segment operating income (loss)77,353 6,082 13,073 96,508 (3)96,505 
    Interest expense
(18,593)(2,338)(492)(21,423)(2,767)(24,190)
    Interest income
2,208 874 401 3,483 28 3,511 
    Gain (loss) on investments held in a trust
2,161 — — 2,161 — 2,161 
    Income tax expense (benefit)
15,610 1,132 2,976 19,718 (1,021)18,697 
    Other segment items income (expense) (2)
527 316 (8)835 409 1,244 
Segment net income (loss)$48,046 $3,802 $9,998 $61,846 $(1,312)$60,534 
For The Six Months Ended June 30, 2025
Total
ContractedReportableAWRConsolidated
(dollars in thousands)WaterElectricServicesSegmentsParentAWR
Capital additions (3)
$101,079 $13,982 $3,420 $118,481 $— $118,481 
 For The Six Months Ended June 30, 2024
Total
 Contracted ReportableAWRConsolidated
(dollars in thousands)WaterElectric ServicesSegmentsAWR
Operating revenues$200,689 $20,908 $68,982 $290,579 $— $290,579 
Less:
    Supply costs51,186 6,231 — 57,417 — 57,417 
    Other operation14,022 1,919 4,415 20,356 — 20,356 
    Administrative and general32,910 4,703 11,218 48,831 3 48,834 
    Depreciation and amortization expense (1)
18,077 1,777 1,638 21,492 — 21,492 
    Maintenance4,038 778 1,944 6,760 — 6,760 
    Property and other taxes10,724 1,126 1,249 13,099 — 13,099 
    ASUS construction expense— — 31,899 31,899 — 31,899 
Segment operating income (loss)69,732 4,374 16,619 90,725 (3)90,722 
    Interest expense
(19,108)(2,453)(1,073)(22,634)(3,358)(25,992)
    Interest income
3,085 637 395 4,117 46 4,163 
    Gain (loss) on investments held in a trust
3,046 — — 3,046 — 3,046 
    Income tax expense (benefit)
14,311 521 3,882 18,714 (959)17,755 
    Other segment items income (expense) (2)
545 47 (34)558 257 815 
Segment net income (loss)$42,989 $2,084 $12,025 $57,098 $(2,099)$54,999 
For The Six Months Ended June 30, 2024
Total
ContractedReportableAWRConsolidated
(dollars in thousands)WaterElectricServicesSegmentsAWR
Capital additions (3)
$95,627 $11,161 $2,510 $109,298 $— $109,298 

(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 June 30, 2025 and 2024, and totaled $0.5 million and $0.3 million for the six months ended June 30, 2025 and 2024, respectively.
(2) Other segment items primarily consist of a) non-service cost components related to Registrant’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 June 30, 2025
Total
 ContractedReportableAWRLessConsolidated
 WaterElectricServicesSegmentsParentEliminationsAWR
Total net property, plant and equipment (4)
$1,994,354 $179,543 $19,684 $2,193,581 $— $— $2,193,581 
Other assets236,216 53,671 124,212 414,099 1,120,236 (1,117,382)416,953 
Total consolidated assets$2,230,570 $233,214 $143,896 $2,607,680 $1,120,236 $(1,117,382)$2,610,534 
As of December 31, 2024
Total
ContractedReportableAWRLessConsolidated
WaterElectricServicesSegmentsParentEliminationsAWR
Total net property, plant and equipment (4)
$1,911,369 $170,349 $17,907 $2,099,625 $— $— $2,099,625 
Other assets220,612 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.