Information by Business Segments

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Information by Business Segments

NOTE 15. 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 March 31, 2024:
Operating revenues	$	594,936		$	14,458	$	609,394		$	22		$	—		$	609,416
Resource costs		292,508			609		293,117			—			—			293,117
Other operating expenses		107,315			3,934		111,249			316			—			111,565
Depreciation and amortization		65,085			2,842		67,927			3			—			67,930
Income (loss) from operations		94,637			6,776		101,413			(297	)		—			101,116
Interest expense (2)		36,031			1,400		37,431			570			(440	)		37,561
Income tax expense		800			1,487		2,287			19			—			2,306
Net income		67,508			3,911		71,419			76			—			71,495
Capital expenditures (3)		117,244			1,465		118,709			—			—			118,709
For the three months ended March 31, 2023:
Operating revenues	$	460,142		$	14,363	$	474,505		$	126		$	—		$	474,631
Resource costs		192,137			791		192,928			—			—			192,928
Other operating expenses		101,389			3,589		104,978			1,011			—			105,989
Depreciation and amortization		62,464			2,724		65,188			31			—			65,219
Income (loss) from operations		70,559			6,958		77,517			(916	)		—			76,601
Interest expense (2)		34,074			1,452		35,526			347			(218	)		35,655
Income tax expense (benefit)		(7,948	)		1,539		(6,409	)		(219	)		—			(6,628	)
Net income (loss)		51,627			4,042		55,669			(824	)		—			54,845
Capital expenditures (3)		97,764			2,726		100,490			3			—			100,493
Total Assets:
As of March 31, 2024:	$	7,206,221		$	272,623	$	7,478,844		$	192,904		$	(22,764	)	$	7,648,984
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.