Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Table Text Block]

A summary of property, plant and equipment by classification as of December 31, 2024 and 2023 is provided in the following table:


	As of December 31,
(in millions)	2024		2023
Property, plant and equipment
Regulated Energy
Natural gas distribution - Delmarva Peninsula and Florida	$	1,679.3	$	1,486.8
Natural gas transmission - Delmarva Peninsula, Pennsylvania, Ohio and Florida	819.5		788.2
Electric distribution	163.0		143.5
Unregulated Energy
Propane operations – Mid-Atlantic, North Carolina, South Carolina and Florida	201.6		194.9
Natural gas transmission and supply – Ohio	139.2		134.2
Electricity and steam generation	37.4		37.1
Mobile CNG and pipeline solutions	52.8		40.6
Sustainable energy investments, including renewable natural gas related investments	32.7		4.0
Other	29.9		30.3
Total property, plant and equipment	3,155.4		2,859.6
Less: Accumulated depreciation and amortization	(567.6)		(516.4)
Plus: Construction work in progress	148.1		113.2
Net property, plant and equipment	$	2,735.9	$	2,456.4

Annual Depreciation Rates Table [Table Text Block]

Depreciation and Accretion Included in Operations Expenses

We compute depreciation expense for our regulated operations by applying composite, annual rates, as approved by the respective regulatory bodies. Certain components of depreciation and accretion are reported in operations expenses, rather than as depreciation and amortization expense, in the accompanying consolidated statements of income in accordance with industry practice and regulatory requirements. Depreciation and accretion included in operations expenses consists of the accretion of the costs of removal for future retirements of utility assets, vehicle depreciation, computer software and hardware depreciation, and other minor amounts of depreciation expense. For the years ended December 31, 2024, 2023 and 2022, we reported $15.8 million, $11.9 million and $11.0 million, respectively, of depreciation and accretion in operations expenses.

The following table shows the average depreciation rates used for regulated operations during the years ended December 31, 2024, 2023 and 2022:


	2024	2023	2022
Natural gas distribution – Delmarva Peninsula (1)	2.1%	2.5%	2.5%
Natural gas distribution – Florida (2) (3)	2.7%	2.2%	2.5%
Natural gas transmission – Delmarva Peninsula	2.7%	2.7%	2.7%
Natural gas transmission – Florida	2.4%	2.4%	2.4%
Natural gas transmission – Ohio (4)	2.3%	5.0%	5.0%
Electric distribution	2.4%	2.4%	2.8%

(1) Average for 2024 includes the impact of the depreciation study that was approved by the Maryland PSC for Maryland and Sandpiper.

(2) Includes the impact of FCG beginning in 2024.

(3) Average for 2023 includes the impact of the depreciation study that was approved by the Florida PSC in connection with the natural gas base rate proceeding.

(4) 2024 rate excludes the impact of cumulative adjustments related to a change in useful lives of certain assets. Such adjustments were not material to the Company's results of operations for the year ended December 31, 2024.

Estimated Useful Life Of Assets Table [Table Text Block]

For our unregulated operations, we compute depreciation expense on a straight-line basis over the following estimated useful lives of the assets:


Asset Description			Useful Life
Propane distribution mains			10-37 years
Propane bulk plants and tanks			10-40 years
Propane equipment, meters and meter installations			5-33 years
Measuring and regulating station equipment			5-37 years
Natural gas pipelines			45 years
Natural gas right of ways			Perpetual
CHP plant			30 years
Natural gas processing equipment			20-25 years
Office furniture and equipment			3-10 years
Transportation equipment			4-20 years
Structures and improvements			5-45 years
Other			Various