Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment information as of and for the three months ended March 31, 2024, consisted of:


Three Months Ended March 31, 2024	Networks		Renewables		Other (a)		Avangrid Consolidated
(Millions)
Revenue - external	$	2,017	$	400	$	—	$	2,417
Revenue - intersegment	1		—		(1)		—
Depreciation and amortization	178		118		2		298
Operating income (loss)	353		60		(6)		407
Earnings from equity method investments	4		2		—		6
Interest expense, net of capitalization	89		4		32		125
Income tax expense (benefit)	57		(6)		(31)		20
Adjusted net income (loss)	268		84		(11)		341
Capital expenditures	691		179		2		872
As of March 31, 2024
Property, plant and equipment	22,068		11,243		12		33,323
Equity method investments	188		648		—		836
Total assets	$	31,238	$	14,114	$	(290)	$	45,062

(a) Includes Corporate and intersegment eliminations.

Segment information for the three months ended March 31, 2023 and as of December 31, 2023, consisted of:


Three Months Ended March 31, 2023	Networks		Renewables		Other (a)		Avangrid Consolidated
(Millions)
Revenue - external	$	2,076	$	390	$	—	$	2,466

Depreciation and amortization	174		105		1		280
Operating income (loss)	277		(10)		(2)		265
Earnings (losses) from equity method investments	4		(2)		—		2
Interest expense, net of capitalization	70		6		19		95
Income tax expense (benefit)	44		(34)		(28)		(18)
Adjusted net income (loss)	195		51		1		248
Capital expenditures	609		227		—		836
As of December 31, 2023
Property, plant and equipment	21,692		11,153		12		32,857
Equity method investments	186		532		—		718
Total assets	$	30,413	$	14,538	$	(962)	$	43,989

(a) Includes Corporate and intersegment eliminations.

Schedule of Reconciliation of Adjusted Net Income to Net Income

Reconciliation of Adjusted Net Income to Net Income attributable to Avangrid for the three months ended March 31, 2024 and 2023, respectively, is as follows:


	Three Months Ended March 31,
		2024		2023
(Millions)
Adjusted Net Income Attributable to Avangrid, Inc.		$	341	$	248
Adjustments:
Mark-to-market adjustments - Renewables (1)		17		(4)
Accelerated depreciation from repowering (2)		(3)		—
Income tax impact of adjustments		(4)		1
Net Income Attributable to Avangrid, Inc.		$	351	$	245

(1)Mark-to-market earnings relates to earnings impacts from changes in the fair value of Renewables' derivative instruments associated with electricity and natural gas.

(2)Represents the amount of accelerated depreciation derived from the repowering of wind farms in Renewables.