Business Segments (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of reporting segments information

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, 2026
							Total
					Contracted		Reportable		AWR		Consolidated
(dollars in thousands)	Water		Electric		Services		Segments		Parent		AWR
Operating revenues	$	113,110	$	18,657	$	37,424	$	169,191	$	—	$	169,191
Less:
Supply costs	30,261		4,397		—		34,658		—		34,658
Other operation	7,144		1,341		2,783		11,268		—		11,268
Administrative and general	17,754		3,666		6,732		28,152		2		28,154
Depreciation and amortization expense (1)	10,659		1,066		959		12,684		—		12,684
Maintenance	2,074		2,250		1,376		5,700		—		5,700
Property and other taxes	6,520		822		681		8,023		—		8,023
ASUS construction expense	—		—		17,333		17,333		—		17,333
Segment operating income (loss)	38,698		5,115		7,560		51,373		(2)		51,371

Interest expense	(9,392)		(1,253)		(71)		(10,716)		(1,391)		(12,107)
Interest income	478		290		200		968		8		976
Gain (loss) on investments held in a trust	(1,272)		—		—		(1,272)		—		(1,272)
Income tax expense (benefit)	7,564		884		1,889		10,337		(465)		9,872
Other segment items income (expense) (2)	735		45		15		795		57		852
Segment net income (loss)	$	21,683	$	3,313	$	5,815	$	30,811	$	(863)	$	29,948

	For The Three Months Ended March 31, 2026
							Total
					Contracted		Reportable		AWR		Consolidated
(dollars in thousands)	Water		Electric		Services		Segments		Parent		AWR
Capital additions (3)	$	42,244	$	4,932	$	1,875	$	49,051	$	—	$	49,051


	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

(1) Depreciation computed on regulated utilities’ transportation equipment is recorded in other operating expenses and totaled $0.3 million for each of the three months ended March 31, 2026 and 2025.

(2) Other segment items primarily consist of a) non-service cost components related to Registrant’s benefit plans, and b) AFUDC (equity) on certain BVES capital projects while under construction.

(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.

Schedule of reconciliation of total utility plant (a key figure for rate-making) to total consolidated assets

The following tables reconcile segment net property, plant and equipment to total consolidated assets (in thousands):


	As of March 31, 2026
							Total
					Contracted		Reportable		AWR		Less		Consolidated
	Water		Electric		Services		Segments		Parent		Eliminations		AWR
Total net property, plant and equipment (4)	$	2,114,302	$	194,252	$	21,139	$	2,329,693	$	—	$	—	$	2,329,693
Other assets	220,008		58,765		123,628		402,401		1,180,569		(1,178,523)		404,447
Total consolidated assets	$	2,334,310	$	253,017	$	144,767	$	2,732,094	$	1,180,569	$	(1,178,523)	$	2,734,140

	As of December 31, 2025
							Total
					Contracted		Reportable		AWR		Less		Consolidated
	Water		Electric		Services		Segments		Parent		Eliminations		AWR
Total net property, plant and equipment (4)	$	2,083,684	$	192,416	$	20,219	$	2,296,319	$	—	$	—	$	2,296,319
Other assets	232,178		61,928		126,437		420,543		1,176,760		(1,178,530)		418,773
Total consolidated assets	$	2,315,862	$	254,344	$	146,656	$	2,716,862	$	1,176,760	$	(1,178,530)	$	2,715,092

(4) The utility plant balances are net of respective accumulated provisions for depreciation.