Segment and Related Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment and Related Information

(20) Segment and Related Information

Our reportable segments are engaged in the electric and gas utility businesses. Our Electric segment includes the aggregated operating segment results of the regulated electric utility operations of Montana and South Dakota. Our Gas segment includes the aggregated operating segment results of the regulated gas utility operations of Montana, South Dakota, and Nebraska.

Our CODM, who is our Chief Executive Officer, uses segment net income to evaluate if our operating segments are earning their authorized rate of return and in the annual budget and forecasting process. Our CODM uses segment net income to determine how to allocate capital resources between our operating segments and when to allocate the resources necessary to file for rate reviews. The accounting policies of the operating segments are the same as those described within Note 2 – Significant Accounting Policies. Segment asset and capital expenditure information is not provided for our reportable segments. As an integrated electric and gas utility, we operate significant assets that are not dedicated to a specific reportable segment.

Financial data for the business segments for the twelve months ended are as follows (in thousands):

December 31, 2024	Electric		Gas		Total
Operating revenues	$	1,200,701	$	313,197	$	1,513,898
Fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion shown separately below)	329,578		104,238		433,816
Operating, general, and administrative	270,145		92,211		362,356
Property and other taxes	126,470		37,386		163,856
Depreciation and depletion	189,987		37,648		227,635
Interest expense, net	(99,250)		(27,740)		(126,990)
Other income, net	18,082		5,803		23,885
Income tax (expense) benefit	(20,892)		7,963		(12,929)
Segment net income	$	182,461	$	27,740	$	210,201
Reconciliation to consolidated net income
Other, net(1)					13,910
Consolidated net income					$	224,111

December 31, 2023	Electric		Gas		Total
Operating revenues	$	1,068,833	$	353,310	$	1,422,143
Fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion shown separately below)	262,755		157,507		420,262
Operating, general, and administrative	249,549		87,153		336,702
Property and other taxes	120,289		34,323		154,612
Depreciation and depletion	174,071		36,403		210,474
Interest expense, net	(84,089)		(15,719)		(99,808)
Other income, net	11,580		3,344		14,924
Income tax (expense) benefit	(14,196)		4,627		(9,569)
Segment net income	$	175,464	$	30,176	$	205,640
Reconciliation to consolidated net income
Other, net(1)					(11,509)
Consolidated net income					$	194,131

December 31, 2022	Electric		Gas		Total
Operating revenues	$	1,106,565	$	371,272	$	1,477,837
Fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion shown separately below)	324,434		167,577		492,011
Operating, general, and administrative	250,203		84,631		334,834
Property and other taxes	149,781		42,734		192,515
Depreciation and depletion	162,404		32,616		195,020
Interest expense, net	(74,420)		(13,030)		(87,450)
Other income, net	12,491		6,399		18,890
Income tax benefit (expense)	798		(3,108)		(2,310)
Segment net income	$	158,612	$	33,975	$	192,587
Reconciliation to consolidated net income
Other, net(1)					(9,579)
Consolidated net income					$	183,008

(1) Consists of unallocated corporate costs and some limited unregulated activity within the energy industry.