XML 26 R16.htm IDEA: XBRL DOCUMENT v3.23.2
Segment Information
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Segment Information Segment Information
We use the management approach to identify operating segments. We organize our business around differences in regulatory environment and the operating results of each segment are regularly reviewed by the chief operating decision maker, our Chief Executive Officer, in order to make decisions about resources and to assess performance.
Our operations are entirely domestic and are comprised of two reportable segments:
•Regulated Energy. Includes energy distribution and transmission services (natural gas distribution, natural gas transmission and electric distribution operations). All operations in this segment are regulated, as to their rates and services, by the PSC having jurisdiction in each operating territory or by the FERC in the case of Eastern Shore.
•Unregulated Energy. Includes energy transmission, energy generation (the operations of our Eight Flags' CHP plant), propane distribution operations, mobile compressed natural gas distribution and pipeline solutions operations, and project development activities related to our sustainable energy initiatives. Also included in this segment are other unregulated energy services, such as energy-related merchandise sales and heating, ventilation and air conditioning, plumbing and electrical services. These operations are unregulated as to their rates and services.

The remainder of our operations are presented as “Other businesses and eliminations,” which consists of unregulated subsidiaries that own real estate leased to Chesapeake Utilities, as well as certain corporate costs not allocated to other operations.
The following table presents financial information about our reportable segments:

Three Months EndedSix Months Ended
June 30,June 30,
2023202220232022
(in thousands)
Operating Revenues, Unaffiliated Customers
Regulated Energy$100,657 $91,830 $242,279 $215,888 
Unregulated Energy34,936 47,640 111,443 146,462 
Total operating revenues, unaffiliated customers$135,593 $139,470 $353,722 $362,350 
Intersegment Revenues (1)
Regulated Energy$484 $363 $1,132 $4,196 
Unregulated Energy5,816 5,823 12,473 7,819 
Other businesses45 85 91 691 
Total intersegment revenues$6,345 $6,271 $13,696 $12,706 
Operating Income
Regulated Energy$29,291 $25,841 $66,916 $60,539 
Unregulated Energy(993)560 16,252 20,613 
Other businesses and eliminations48 68 93 182 
Operating income28,346 26,469 83,261 81,334 
Other income, net831 2,584 1,107 3,498 
Interest charges6,964 5,825 14,196 11,164 
Income Before Income Taxes22,213 23,228 70,172 73,668 
Income Taxes6,080 6,177 17,695 19,683 
Net Income$16,133 $17,051 $52,477 $53,985 
    
(1) All significant intersegment revenues are billed at market rates and have been eliminated from consolidated operating revenues.

(in thousands)June 30, 2023December 31, 2022
Identifiable Assets
Regulated Energy segment$1,707,605 $1,716,255 
Unregulated Energy segment 448,217 463,239 
Other businesses and eliminations48,668 35,543 
Total Identifiable Assets $2,204,490 $2,215,037