AMERICAN STATES WATER COAWR
AMERICAN STATES WATER CO Segments Disclosure
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 other than its equity investments in its subsidiaries, note payables to banks, deferred income taxes and note receivables from an affiliate.
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 new standard enhanced reportable segment disclosures and expanded the disclosures required for reportable segments in annual and interim consolidated financial statements, primarily through enhanced disclosures of significant segment expenses. Registrant adopted the new guidance of this standard on its segment disclosures and have applied the disclosures retrospectively to prior periods presented in the tables below. 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 Year Ended December 31, 2025 | ||||||||||||||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||||||||||||
Contracted | Reportable | AWR | Consolidated | |||||||||||||||||||||||||||||||||||
| (dollars in thousands) | Water | Electric | Services | Segments | Parent | AWR | ||||||||||||||||||||||||||||||||
| Operating revenues | $ | 464,114 | $ | 57,217 | $ | 136,742 | $ | 658,073 | $ | — | $ | 658,073 | ||||||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||||||||||||||
Supply costs | 133,693 | 13,192 | — | 146,885 | — | 146,885 | ||||||||||||||||||||||||||||||||
| Other operation | 32,181 | 4,674 | 10,186 | 47,041 | — | 47,041 | ||||||||||||||||||||||||||||||||
Administrative and general | 66,637 | 12,601 | 23,567 | 102,805 | 6 | 102,811 | ||||||||||||||||||||||||||||||||
Depreciation and amortization expense (1) | 40,336 | 3,856 | 3,592 | 47,784 | — | 47,784 | ||||||||||||||||||||||||||||||||
| Maintenance | 10,286 | 5,773 | 5,604 | 21,663 | — | 21,663 | ||||||||||||||||||||||||||||||||
| Property and other taxes | 22,617 | 2,804 | 2,587 | 28,008 | — | 28,008 | ||||||||||||||||||||||||||||||||
| ASUS construction expense | — | — | 60,606 | 60,606 | — | 60,606 | ||||||||||||||||||||||||||||||||
| Segment operating income (loss) | 158,364 | 14,317 | 30,600 | 203,281 | (6) | 203,275 | ||||||||||||||||||||||||||||||||
| Interest expense | (35,747) | (4,288) | (620) | (40,655) | (6,121) | (46,776) | ||||||||||||||||||||||||||||||||
| Interest income | 3,245 | 1,542 | 809 | 5,596 | 54 | 5,650 | ||||||||||||||||||||||||||||||||
Gain (loss) on investments held in a trust | 5,511 | — | — | 5,511 | — | 5,511 | ||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | 31,550 | 2,475 | 7,314 | 41,339 | (1,983) | 39,356 | ||||||||||||||||||||||||||||||||
Other segment items income (expense) (2) | 1,123 | 519 | (18) | 1,624 | 514 | 2,138 | ||||||||||||||||||||||||||||||||
| Segment net income (loss) | $ | 100,946 | $ | 9,615 | $ | 23,457 | $ | 134,018 | $ | (3,576) | $ | 130,442 | ||||||||||||||||||||||||||
| For The Year Ended December 31, 2025 | ||||||||||||||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||||||||||||
Contracted | Reportable | AWR | Consolidated | |||||||||||||||||||||||||||||||||||
| (dollars in thousands) | Water | Electric | Services | Segments | Parent | AWR | ||||||||||||||||||||||||||||||||
Capital additions (3) | $ | 202,967 | $ | 27,860 | $ | 5,995 | $ | 236,822 | $ | — | $ | 236,822 | ||||||||||||||||||||||||||
| For The Year Ended December 31, 2024 | ||||||||||||||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||||||||||||
Contracted | Reportable | AWR | Consolidated | |||||||||||||||||||||||||||||||||||
| (dollars in thousands) | Water | Electric | Services | Segments | Parent | AWR | ||||||||||||||||||||||||||||||||
| Operating revenues | $ | 417,410 | $ | 51,645 | $ | 126,404 | $ | 595,459 | $ | — | $ | 595,459 | ||||||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||||||||||||||
| Supply costs | 111,823 | 11,357 | — | 123,180 | — | 123,180 | ||||||||||||||||||||||||||||||||
| Other operation | 28,349 | 3,424 | 9,545 | 41,318 | — | 41,318 | ||||||||||||||||||||||||||||||||
Administrative and general | 64,510 | 13,241 | 23,183 | 100,934 | 7 | 100,941 | ||||||||||||||||||||||||||||||||
| Depreciation and amortization expense (1) | 37,187 | 3,160 | 3,300 | 43,647 | — | 43,647 | ||||||||||||||||||||||||||||||||
| Maintenance | 9,788 | 5,901 | 4,566 | 20,255 | — | 20,255 | ||||||||||||||||||||||||||||||||
| Property and other taxes | 22,233 | 2,399 | 2,459 | 27,091 | — | 27,091 | ||||||||||||||||||||||||||||||||
| ASUS construction expense | — | — | 54,544 | 54,544 | — | 54,544 | ||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
| Segment operating income (loss) | 143,520 | 12,163 | 28,807 | 184,490 | (7) | 184,483 | ||||||||||||||||||||||||||||||||
| Interest expense | (38,532) | (3,812) | (2,166) | (44,510) | (5,872) | (50,382) | ||||||||||||||||||||||||||||||||
| Interest income | 6,018 | 976 | 782 | 7,776 | 98 | 7,874 | ||||||||||||||||||||||||||||||||
| Gain (loss) on investments held in a trust | 5,293 | — | — | 5,293 | — | 5,293 | ||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | 22,869 | 2,541 | 6,699 | 32,109 | (1,936) | 30,173 | ||||||||||||||||||||||||||||||||
| Other segment items income (expense) (2) | 1,033 | 968 | (82) | 1,919 | 254 | 2,173 | ||||||||||||||||||||||||||||||||
| Segment net income (loss) | $ | 94,463 | $ | 7,754 | $ | 20,642 | $ | 122,859 | $ | (3,591) | $ | 119,268 | ||||||||||||||||||||||||||
| For The Year Ended December 31, 2024 | ||||||||||||||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||||||||||||
Contracted | Reportable | AWR | Consolidated | |||||||||||||||||||||||||||||||||||
| (dollars in thousands) | Water | Electric | Services | Segments | Parent | AWR | ||||||||||||||||||||||||||||||||
Capital additions (3) | $ | 197,355 | $ | 29,980 | $ | 4,625 | $ | 231,960 | $ | — | $ | 231,960 | ||||||||||||||||||||||||||
| The Year Ended December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||||||||||||
Contracted | Reportable | AWR | Consolidated | |||||||||||||||||||||||||||||||||||
| (dollars in thousands) | Water | Electric | Services | Segments | Parent | AWR | ||||||||||||||||||||||||||||||||
| Operating revenues | $ | 433,473 | $ | 41,832 | $ | 120,394 | $ | 595,699 | $ | — | $ | 595,699 | ||||||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||||||||||||||
| Supply costs | 120,382 | 11,554 | — | 131,936 | — | 131,936 | ||||||||||||||||||||||||||||||||
| Other operation | 29,064 | 4,057 | 7,150 | 40,271 | — | 40,271 | ||||||||||||||||||||||||||||||||
Administrative and general | 59,313 | 8,745 | 20,431 | 88,489 | (216) | 88,273 | ||||||||||||||||||||||||||||||||
| Depreciation and amortization expense (1) | 35,886 | 3,256 | 3,261 | 42,403 | — | 42,403 | ||||||||||||||||||||||||||||||||
| Maintenance | 9,906 | 924 | 3,388 | 14,218 | — | 14,218 | ||||||||||||||||||||||||||||||||
| Property and other taxes | 19,845 | 2,100 | 2,101 | 24,046 | — | 24,046 | ||||||||||||||||||||||||||||||||
| ASUS construction expense | — | — | 57,912 | 57,912 | — | 57,912 | ||||||||||||||||||||||||||||||||
Other | (100) | — | — | (100) | — | (100) | ||||||||||||||||||||||||||||||||
| Segment operating income (loss) | 159,177 | 11,196 | 26,151 | 196,524 | 216 | 196,740 | ||||||||||||||||||||||||||||||||
| Interest expense | (31,283) | (3,298) | (2,127) | (36,708) | (6,054) | (42,762) | ||||||||||||||||||||||||||||||||
| Interest income | 5,557 | 1,060 | 806 | 7,423 | (7) | 7,416 | ||||||||||||||||||||||||||||||||
Gain (loss) on investments held in a trust | 5,008 | — | — | 5,008 | — | 5,008 | ||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | 35,689 | 1,515 | 6,109 | 43,313 | (1,714) | 41,599 | ||||||||||||||||||||||||||||||||
| Other segment items income (expense) (2) | (62) | 36 | (125) | (151) | 269 | 118 | ||||||||||||||||||||||||||||||||
| Segment net income (loss) | $ | 102,708 | $ | 7,479 | $ | 18,596 | $ | 128,783 | $ | (3,862) | $ | 124,921 | ||||||||||||||||||||||||||
| The Year Ended December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||||||||||||
Contracted | Reportable | AWR | Consolidated | |||||||||||||||||||||||||||||||||||
| (dollars in thousands) | Water | Electric | Services | Segments | Parent | AWR | ||||||||||||||||||||||||||||||||
Capital additions (3) | $ | 160,939 | $ | 25,372 | $ | 2,229 | $ | 188,540 | $ | — | $ | 188,540 | ||||||||||||||||||||||||||
____________________________
(1) Depreciation computed on regulated utilities’ transportation equipment is recorded in other operating expenses and totaled $1.1 million, $0.6 million and $0.9 million for the years ended December 31, 2025, 2024 and 2023, respectively.
(2) Other segment items primarily consist of a) non-service cost components related to GSWC’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.
The following table reconciles segment net property, plant and equipment to total consolidated assets (in thousands):
| 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 | |||||||||||||||||||||||||||
| As Of December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
| Total | |||||||||||||||||||||||||||||||||||||||||
Contracted | Reportable | AWR | Less | Consolidated | |||||||||||||||||||||||||||||||||||||
| Water | Electric | Services | Segments | Parent | Eliminations | AWR | |||||||||||||||||||||||||||||||||||
Total net property, plant and equipment (4) | $ | 1,911,369 | $ | 170,349 | $ | 17,907 | $ | 2,099,625 | $ | — | $ | — | $ | 2,099,625 | |||||||||||||||||||||||||||
| Other assets | 220,612 | 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. | |||||||||||||||||||||||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 22, 2021 | |
| 2019 | Feb 24, 2020 | |
| 2018 | Feb 25, 2019 | |
| 2017 | Feb 26, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 24, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.