v3.24.0.1
Segmented Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segmented Information SEGMENTED INFORMATION
General
Fortis segments its business based on regulatory jurisdiction and service territory, as well as the information used by its CEO in deciding how to allocate resources. Segment performance is evaluated principally on net earnings attributable to common equity shareholders.

With the disposition of Aitken Creek in 2023 (Note 21), the Corporation's non-regulated business is now reported in the Corporate and Other segment. Comparative figures were reclassified to conform with the revised presentation.

Related-Party and Inter-Company Transactions
Related-party transactions are in the normal course of operations and are measured at the amount of consideration agreed to by the related parties. There were no material related-party transactions in 2023 or 2022.

The lease of gas storage capacity and gas sales from Aitken Creek to FortisBC Energy of $25 million in 2023 (2022 - $37 million) are inter-company transactions between non-regulated and regulated entities, which were not eliminated on consolidation.
Fortis periodically provides short-term financing to subsidiaries to support capital expenditures and seasonal working capital requirements, the impacts of which are eliminated on consolidation. As at December 31, 2023 and 2022, there were no inter-segment loans outstanding. Interest charged on inter-segment loans was not material in 2023 and 2022
RegulatedNon-RegulatedInter-
UNSCentralFortisBCFortisFortisBCOtherSub-Corporatesegment
($ millions)ITCEnergyHudsonEnergyAlbertaElectricElectrictotaland OthereliminationsTotal
Year ended December 31, 2023
Revenue2,085 3,006 1,360 1,955 738 528 1,761 11,433 84 — 11,517 
Energy supply costs— 1,290 499 760 — 153 1,069 3,771 — — 3,771 
Operating expenses494 776 601 408 180 127 231 2,817 72 — 2,889 
Depreciation and amortization416 361 113 309 265 96 204 1,764 9 — 1,773 
Operating income1,175 579 147 478 293 152 257 3,081 3 — 3,084 
Other income, net82 49 54 34 6 4 23 252 39 — 291 
Finance charges427 145 67 163 125 79 86 1,092 213 — 1,305 
Income tax expense208 83 29 74 12 9 26 441 (81)— 360 
Net earnings622 400 105 275 162 68 168 1,800 (90)— 1,710 
Non-controlling interests114 — — 1 — — 22 137 — — 137 
Preference share dividends— — — — — — — — 67 — 67 
Net earnings attributable to common equity shareholders508 400 105 274 162 68 146 1,663 (157)— 1,506 
Additions to property, plant and equipment and intangible assets1,103 916 341 593 608 126 466 4,153 16 — 4,169 
As at December 31, 2023
Goodwill8,127 1,830 597 913 228 235 254 12,184 — — 12,184 
Total assets24,269 12,784 5,371 9,225 5,962 2,715 5,227 65,553 401 (34)65,920 
Year ended December 31, 2022
Revenue1,906 2,758 1,325 2,084 680 487 1,652 10,892 151 — 11,043 
Energy supply costs— 1,213 525 1,055 — 141 1,013 3,947 5 — 3,952 
Operating expenses481 691 571 364 166 133 217 2,623 60 — 2,683 
Depreciation and amortization385 365 104 298 243 67 187 1,649 19 — 1,668 
Operating income1,040 489 125 367 271 146 235 2,673 67 — 2,740 
Other income, net48 22 59 22 5 6 14 176 (11)— 165 
Finance charges349 127 53 146 110 76 75 936 166 — 1,102 
Income tax expense184 56 28 39 15 12 22 356 (67)— 289 
Net earnings555 328 103 204 151 64 152 1,557 (43)— 1,514 
Non-controlling interests101 — — 1 — — 18 120 — — 120 
Preference share dividends— — — — — — — — 64 — 64 
Net earnings attributable to common equity shareholders454 328 103 203 151 64 134 1,437 (107)— 1,330 
Additions to property, plant and equipment and intangible assets1,212 709 293 589 510 130 393 3,836 29 — 3,865 
As at December 31, 2022
Goodwill8,318 1,873 612 913 228 235 258 12,437 27 — 12,464 
Total assets23,478 12,678 5,131 8,875 5,547 2,596 4,916 63,221 1,043 (12)64,252