Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Accumulated Other Comprehensive Income (Loss)

STOCKHOLDERS' EQUITY

Common Stock Issuances

In November 2023, in connection with our acquisition of FCG, we completed an overnight offering resulting in the issuance of 4.4 million shares of our common stock at a price per share of $82.72 (net of underwriter discounts and commissions). We received net proceeds of $366.4 million which were used to partially finance the acquisition.

We maintain effective shelf registration statements with the SEC for the issuance of common stock in various types of equity offerings, including pursuant to our DRIP and ATM program. Depending on our capital needs and subject to market conditions, we may issue additional shares under the direct stock purchase component of the DRIP in addition to other possible debt and equity offerings. In November 2024, we established a new ATM program under which we may sell shares of our common stock up to an aggregate offering price of $100.0 million. This current ATM program is active through November 2027. For the years ended December 31, 2025 and 2024, we received net proceeds of $123.2 million and $72.5 million, respectively, associated with shares issued under the DRIP and our ATM program.

Accumulated Other Comprehensive Income (Loss)

Defined benefit pension and postretirement plan items, unrealized gains (losses) of our propane swap agreements designated as commodity contract cash flow hedges, and the unrealized gains (losses) of our interest rate swap agreements designated as cash flow hedges are the components of our accumulated other comprehensive income (loss). The following tables present the changes in the balances of accumulated other comprehensive income (loss) components for the years ended December 31, 2025 and 2024. All amounts in the following tables are presented net of tax.


	Defined Benefit Pension and Postretirement Plan Items		Commodity Contract Cash Flow Hedges		Interest Rate Swap Cash Flow Hedges		Total
(in millions)
As of December 31, 2023	$	(2.6)	$	(0.3)	$	0.1	$	(2.8)
Other comprehensive income (loss) before reclassifications	0.5		1.4		0.5		2.4
Amounts reclassified from accumulated other comprehensive income (loss)	—		(0.7)		(0.6)		(1.3)
Net current-period other comprehensive income (loss)	0.5		0.7		(0.1)		1.1

As of December 31, 2024	(2.1)		0.4		—		(1.7)
Other comprehensive income (loss) before reclassifications	0.4		(0.5)		(0.3)		(0.4)
Amounts reclassified from accumulated other comprehensive income (loss)	—		(0.4)		(0.2)		(0.6)
Net current-period other comprehensive income (loss)	0.4		(0.9)		(0.5)		(1.0)

As of December 31, 2025	$	(1.7)	$	(0.5)	$	(0.5)	$	(2.7)

Deferred gains or losses for our commodity contract and interest rate swap cash flow hedges are recognized in earnings upon settlement and are included in the effects of gains and losses from derivative instruments. See Note 8, Derivative Instruments, for additional details. Amortization of the net loss related to the defined benefit pension plan and postretirement plans is included in the computation of net periodic costs (benefits). See Note 15, Employee Benefit Plans, for additional details.