XML 24 R13.htm IDEA: XBRL DOCUMENT v3.24.3
Revenue Recognition (Notes)
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block] Revenue Recognition
We recognize revenue when our performance obligations under contracts with customers have been satisfied, which generally occurs when our businesses have delivered or transported natural gas, electricity or propane to customers. We exclude sales taxes and other similar taxes from the transaction price. Typically, our customers pay for the goods and/or services we provide in the month following the satisfaction of our performance obligation. The following tables display our revenue by major source based on product and service type for the three and nine months ended September 30, 2024 and 2023:
Three Months Ended September 30, 2024Three Months Ended September 30, 2023
(in thousands)Regulated EnergyUnregulated EnergyOther and EliminationsTotalRegulated EnergyUnregulated EnergyOther and EliminationsTotal
Energy distribution
Delaware natural gas division$9,479 $— $— $9,479 $9,793 $— $— $9,793 
Florida natural gas distribution
36,941 — — 36,941 38,323 — — 38,323 
Florida City Gas33,449 — — 33,449 — — — — 
FPU electric distribution29,856 — — 29,856 32,683 — — 32,683 
Maryland natural gas division 3,343 — — 3,343 3,447 — — 3,447 
Sandpiper natural gas/propane operations3,925 — — 3,925 3,748 — — 3,748 
Elkton Gas1,024 — — 1,024 1,011 — — 1,011 
Total energy distribution118,017 — — 118,017 89,005 — — 89,005 
Energy transmission
Aspire Energy— 4,576 — 4,576 — 4,798 — 4,798 
Aspire Energy Express373 — — 373 373 — — 373 
Eastern Shore19,538 — — 19,538 19,228 — — 19,228 
Peninsula Pipeline9,005 — — 9,005 7,904 — — 7,904 
Total energy transmission28,916 4,576 — 33,492 27,505 4,798 — 32,303 
Energy generation
Eight Flags— 4,242 — 4,242 — 4,437 — 4,437 
Propane operations
Propane delivery operations— 22,929 — 22,929 — 23,197 — 23,197 
CNG / RNG Services
Marlin Gas Services— 3,832 — 3,832 — 2,595 — 2,595 
Other RNG— 51 — 51 — — — — 
Total CNG / RNG Services— 3,883 — 3,883 — 2,595 — 2,595 
Other and eliminations
Eliminations(16,300)(63)(6,107)(22,470)(14,099)(57)(5,879)(20,035)
Other— 45 45 — — 45 45 
Total other and eliminations(16,300)(63)(6,062)(22,425)(14,099)(57)(5,834)(19,990)
Total operating revenues (1)
$130,633 $35,567 $(6,062)$160,138 $102,411 $34,970 $(5,834)$131,547 

(1) Total operating revenues for the three months ended September 30, 2024 include other revenue (revenues from sources other than contracts with customers) of $0.2 million and $0.1 million for our Regulated and Unregulated Energy segments, respectively, and $0.1 million and $0.1 million for our Regulated and Unregulated Energy segments, respectively, for the three months ended September 30, 2023. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for the Maryland division and Sandpiper Energy and late fees.
Nine Months Ended September 30, 2024Nine Months Ended September 30, 2023
(in thousands)Regulated EnergyUnregulated EnergyOther and EliminationsTotalRegulated EnergyUnregulated EnergyOther and EliminationsTotal
Energy distribution
Delaware natural gas division$54,800 $— $— $54,800 $60,809 $— $— $60,809 
Florida natural gas distribution
124,814 — — 124,814 125,446 — — 125,446 
Florida City Gas101,820 — — 101,820 — — — — 
FPU electric distribution72,366 — — 72,366 78,455 — — 78,455 
Maryland natural gas division 17,879 — — 17,879 20,331 — — 20,331 
Sandpiper natural gas/propane operations14,880 — — 14,880 14,909 — — 14,909 
Elkton Gas5,191 — — 5,191 6,454 — — 6,454 
Total energy distribution391,750 — — 391,750 306,404 — — 306,404 
Energy transmission
Aspire Energy— 23,515 — 23,515 — 24,478 — 24,478 
Aspire Energy Express1,110 — — 1,110 1,106 — — 1,106 
Eastern Shore60,664 — — 60,664 59,530 — — 59,530 
Peninsula Pipeline25,066 — — 25,066 22,408 — — 22,408 
Total energy transmission86,840 23,515 — 110,355 83,044 24,478 — 107,522 
Energy generation
Eight Flags— 13,261 — 13,261 — 14,269 — 14,269 
Propane operations
Propane delivery operations— 112,541 — 112,541 — 110,492 — 110,492 
CNG / RNG Services
Marlin Gas Services— 10,907 — 10,907 — 9,834 — 9,834 
Other RNG— 51 — 51 — — — — 
Total CNG / RNG Services— 10,958 — 10,958 — 9,834 — 9,834 
Other and eliminations
Eliminations(48,906)(186)(17,755)(66,847)(43,626)(187)(19,575)(63,388)
Other— — 136 136 — — 136 136 
Total other and eliminations(48,906)(186)(17,619)(66,711)(43,626)(187)(19,439)(63,252)
Total operating revenues (1)
$429,684 $160,089 $(17,619)$572,154 $345,822 $158,886 $(19,439)$485,269 

(1) Total operating revenues for the nine months ended September 30, 2024 include other revenue (revenues from sources other than contracts with customers) of $0.9 million and $0.3 million for our Regulated and Unregulated Energy segments, respectively, and $0.9 million and $0.3 million for our Regulated and Unregulated Energy segments, respectively, for the nine months ended September 30, 2023. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for the Maryland division and Sandpiper Energy and late fees.
Contract Balances
The timing of revenue recognition, customer billings and cash collections results in trade receivables, unbilled receivables (contract assets), and customer advances (contract liabilities) in our condensed consolidated balance sheets. The balances of our trade receivables, contract assets, and contract liabilities as of September 30, 2024 and December 31, 2023 were as follows:
Trade ReceivablesContract Assets (Current)Contract Assets (Non-current)Contract Liabilities (Current)
(in thousands)
Balance at 12/31/2023$67,741 $18 $3,524 $1,022 
Balance at 9/30/2024
47,744 18 3,133 1,243 
Increase (Decrease)$(19,997)$— $(391)$221 
Our trade receivables are included in trade and other receivables in the condensed consolidated balance sheets. Our current contract assets are included in other current assets in the condensed consolidated balance sheets. Our non-current contract assets are included in receivables and other deferred charges in the condensed consolidated balance sheets and primarily relate to operations and maintenance costs incurred by Eight Flags that have not yet been recovered through rates for the sale of electricity to our electric distribution operation pursuant to a long-term service agreement.
At times, we receive advances or deposits from our customers before we satisfy our performance obligation, resulting in contract liabilities. Contract liabilities are included in other accrued liabilities in the condensed consolidated balance sheets and relate to non-refundable prepaid fixed fees for our propane distribution operation's retail offerings. Our performance obligation is satisfied over the term of the respective customer retail program on a ratable basis. For the three and nine months ended September 30, 2024 and 2023, the amounts recognized in revenue were not material.

Remaining Performance Obligations
Certain of our businesses have long-term fixed fee contracts with customers in which revenues are recognized when performance obligations are satisfied over the contract term. Revenue for these businesses for the remaining performance obligations, at September 30, 2024, are expected to be recognized as follows:
(in thousands)2024202520262027202820292030 and thereafter
Eastern Shore and Peninsula Pipeline$9,154 $33,144 $29,072 $25,578 $23,499 $21,294 $125,881 
Natural gas distribution operations2,679 10,549 10,073 8,602 8,598 8,555 26,406 
FPU electric distribution187 749 364 364 364 — — 
Total revenue contracts with remaining performance obligations$12,020 $44,442 $39,509 $34,544 $32,461 $29,849 $152,287