Business segment data (Tables)

12 Months Ended

Dec. 31, 2019

Information on the Company's segments as of December 31 and for the years then ended was as follows:



	2019			2018			2017
				(In thousands)
External operating revenues:
Regulated operations:
Electric	$	351,725		$	335,123		$	342,805
Natural gas distribution	865,222			823,247			848,388
Pipeline and midstream	62,357			54,857			53,566
	1,279,304			1,213,227			1,244,759
Nonregulated operations:
Pipeline and midstream	21,835			23,161			19,602
Construction materials and contracting	2,189,651			1,925,185			1,811,964
Construction services	1,845,896			1,369,772			1,366,317
Other	90			207			709
	4,057,472			3,318,325			3,198,592
Total external operating revenues	$	5,336,776		$	4,531,552		$	4,443,351
Intersegment operating revenues:
Regulated operations:
Electric	$	—		$	—		$	—
Natural gas distribution	—			—			—
Pipeline and midstream	56,037			50,580			48,867
	56,037			50,580			48,867
Nonregulated operations:
Pipeline and midstream	215			325			178
Construction materials and contracting	1,066			669			565
Construction services	3,370			1,681			1,285
Other	16,461			11,052			7,165
	21,112			13,727			9,193
Intersegment eliminations	(77,149		)	(64,307		)	(58,060		)
Total intersegment operating revenues	$	—		$	—		$	—
Depreciation, depletion and amortization:
Electric	$	58,721		$	50,982		$	47,715
Natural gas distribution	79,564			72,486			69,381
Pipeline and midstream	21,220			17,896			16,788
Construction materials and contracting	77,450			61,158			55,862
Construction services	17,038			15,728			15,739
Other	2,024			1,955			2,001
Total depreciation, depletion and amortization	$	256,017		$	220,205		$	207,486
Operating income (loss):
Electric	$	64,039		$	65,148		$	79,902
Natural gas distribution	69,188			72,336			84,239
Pipeline and midstream	42,796			36,128			36,004
Construction materials and contracting	179,955			141,426			143,230
Construction services	126,426			86,764			81,292
Other	(1,184		)	(79		)	(619		)
Total operating income	$	481,220		$	401,723		$	424,048



	2019			2018			2017
				(In thousands)
Interest expense:
Electric	$	25,334		$	25,860		$	25,377
Natural gas distribution	35,488			30,768			31,234
Pipeline and midstream	7,198			5,964			4,990
Construction materials and contracting	23,792			17,290			14,778
Construction services	5,331			3,551			3,742
Other	1,859			2,762			3,564
Intersegment eliminations	(415		)	(1,581		)	(897		)
Total interest expense	$	98,587		$	84,614		$	82,788
Income taxes:
Electric	$	(12,650	)	$	(6,482	)	$	7,699
Natural gas distribution	1,405			4,075			22,756
Pipeline and midstream	7,219			2,677			12,281
Construction materials and contracting	37,389			28,357			5,405
Construction services	29,973			20,000			25,558
Other	(57		)	(1,142		)	(1,809		)
Intersegment eliminations	—			—			(6,849		)
Total income taxes	$	63,279		$	47,485		$	65,041
Earnings on common stock:
Regulated operations:
Electric	$	54,763		$	47,000		$	49,366
Natural gas distribution	39,517			37,732			32,225
Pipeline and midstream	28,255			26,905			20,620
	122,535			111,637			102,211
Nonregulated operations:
Pipeline and midstream	1,348			1,554			(127		)
Construction materials and contracting	120,371			92,647			123,398
Construction services	92,998			64,309			53,306
Other	(2,086		)	(761		)	(1,422		)
	212,631			157,749			175,155
Intersegment eliminations (a)	—			—			6,849
Earnings on common stock before income (loss) from discontinued operations	335,166			269,386			284,215
Income (loss) from discontinued operations, net of tax (a)	287			2,932			(3,783		)
Earnings on common stock	$	335,453		$	272,318		$	280,432
Capital expenditures:
Electric	$	99,449		$	186,105		$	109,107
Natural gas distribution	206,799			205,896			146,981
Pipeline and midstream	71,477			70,057			31,054
Construction materials and contracting	190,092			280,396			44,302
Construction services	60,500			25,081			18,630
Other	8,181			1,768			1,850
Total capital expenditures (b)	$	636,498		$	769,303		$	351,924



	2019		2018		2017
			(In thousands)
Assets:
Electric (c)	$	1,680,194	$	1,613,822	$	1,470,922
Natural gas distribution (c)	2,574,965		2,375,871		2,201,081
Pipeline and midstream	677,482		616,959		566,295
Construction materials and contracting	1,684,161		1,508,032		1,238,696
Construction services	761,127		604,798		591,382
Other (d)	303,279		266,111		261,419
Assets held for sale	1,851		2,517		4,871
Total assets	$	7,683,059	$	6,988,110	$	6,334,666
Property, plant and equipment:
Electric (c)	$	2,227,145	$	2,148,569	$	1,982,264
Natural gas distribution (c)	2,688,123		2,499,093		2,319,845
Pipeline and midstream	834,215		764,959		700,284
Construction materials and contracting	1,910,562		1,768,006		1,560,048
Construction services	213,370		188,586		177,265
Other	35,213		28,108		31,123
Less accumulated depreciation, depletion and amortization	2,991,486		2,818,644		2,691,641
Net property, plant and equipment	$	4,917,142	$	4,578,677	$	4,079,188


(a)	Includes eliminations for the presentation of income tax adjustments between continuing and discontinued operations.


(b)	Capital expenditures for 2019, 2018 and 2017 include noncash transactions such as the issuance of the Company's equity securities in connection with acquisitions, capital expenditure-related accounts payable and AFUDC, totaling $4.8 million, $33.4 million and $10.5 million, respectively.


(c)	Includes allocations of common utility property.


(d)	Includes assets not directly assignable to a business (i.e. cash and cash equivalents, certain accounts receivable, certain investments and other miscellaneous current and deferred assets).