Information by Business Segments

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Information by Business Segments

NOTE 24. 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 year ended    December 31, 2023
Operating revenues	$	1,702,857		$	48,139	$	1,750,996		$	558		$	—		$	1,751,554
Resource costs		698,546			3,826		702,372			—			—			702,372
Other operating expenses		398,523			15,085		413,608			2,760			—			416,368
Depreciation and amortization		254,401			10,928		265,329			80			—			265,409
Income (loss) from operations		242,678			17,294		259,972			(2,282	)		—			257,690
Interest expense (2)		136,924			5,852		142,776			1,881			(1,358	)		143,299
Income tax expense (benefit)		(35,353	)		3,315		(32,038	)		(1,592	)		—			(33,630	)
Net income (loss)		167,016			8,937		175,953			(4,773	)		—			171,180
Capital expenditures (3)		484,716			13,921		498,637			—			—			498,637
For the year ended    December 31, 2022
Operating revenues	$	1,663,815		$	45,704	$	1,709,519		$	688		$	—		$	1,710,207
Resource costs		732,298			3,564		735,862			—			—			735,862
Other operating expenses		390,597			14,568		405,165			11,603			—			416,768
Depreciation and amortization		242,198			10,819		253,017			125			—			253,142
Income (loss) from operations		185,582			15,700		201,282			(11,040	)		—			190,242
Interest expense (2)		112,213			5,960		118,173			791			(272	)		118,692
Income tax expense (benefit)		(27,368	)		2,337		(25,031	)		7,840			—			(17,191	)
Net income		117,901			7,545		125,446			29,730			—			155,176
Capital expenditures (3)		443,373			8,622		451,995			834			—			452,829
For the year ended    December 31, 2021
Operating revenues	$	1,392,999		$	45,366	$	1,438,365		$	571		$	—		$	1,438,936
Resource costs		493,289			3,834		497,123			—			—			497,123
Other operating expenses		352,241			13,884		366,125			5,927			—			372,052
Depreciation and amortization		221,552			10,363		231,915			261			—			232,176
Income (loss) from operations		217,663			16,186		233,849			(5,617	)		—			228,232
Interest expense (2)		99,629			6,096		105,725			522			(95	)		106,152
Income tax expense		6,029			2,763		8,792			3,239			—			12,031
Net income		125,558			7,224		132,782			14,552			—			147,334
Capital expenditures (3)		435,887			4,052		439,939			1,270			—			441,209
Total Assets:
As of December 31, 2023	$	7,262,704		$	269,683	$	7,532,387		$	191,665		$	(21,575	)	$	7,702,477
As of December 31, 2022		6,976,164			264,322		7,240,486			187,027			(10,163	)		7,417,350
As of December 31, 2021		6,458,244			265,422		6,723,666			132,158			(2,241	)		6,853,583

(1)Intersegment eliminations reported as interest expense represent intercompany interest. Intersegment eliminations reported as assets represent intersegment accounts receivable.

(2)Including interest expense to affiliated trusts.

(3)The capital expenditures for the other businesses are included in other investing activities on the Consolidated Statements of Cash Flows.