Business segment data (Tables)

12 Months Ended

Dec. 31, 2020

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


	2020		2019		2018
			(In thousands)
External operating revenues:
Regulated operations:
Electric	$	331,538	$	351,725	$	335,123
Natural gas distribution	847,651		865,222		823,247
Pipeline	69,957		62,357		54,857
	1,249,146		1,279,304		1,213,227
Non-regulated operations:
Pipeline	15,389		21,835		23,161
Construction materials and contracting	2,177,585		2,189,651		1,925,185
Construction services	2,090,685		1,845,896		1,369,772
Other	(55)		90		207
	4,283,604		4,057,472		3,318,325
Total external operating revenues	$	5,532,750	$	5,336,776	$	4,531,552


	2020		2019		2018
			(In thousands)
Intersegment operating revenues:
Regulated operations:
Electric	$	491	$	—	$	—
Natural gas distribution	534		—		—
Pipeline	57,977		56,037		50,580
	59,002		56,037		50,580
Non-regulated operations:
Pipeline	554		215		325
Construction materials and contracting	417		1,066		669
Construction services	5,038		3,370		1,681
Other	11,958		16,461		11,052
	17,967		21,112		13,727
Intersegment eliminations	(76,969)		(77,149)		(64,307)
Total intersegment operating revenues	$	—	$	—	$	—
Depreciation, depletion and amortization:
Electric	$	62,998	$	58,721	$	50,982
Natural gas distribution	84,580		79,564		72,486
Pipeline	21,669		21,220		17,896
Construction materials and contracting	89,626		77,450		61,158
Construction services	23,523		17,038		15,728
Other	2,704		2,024		1,955
Total depreciation, depletion and amortization	$	285,100	$	256,017	$	220,205
Operating income (loss):
Electric	$	63,434	$	64,039	$	65,148
Natural gas distribution	73,082		69,188		72,336
Pipeline	49,436		42,796		36,128
Construction materials and contracting	214,498		179,955		141,426
Construction services	147,644		126,426		86,764
Other	(3,169)		(1,184)		(79)
Total operating income	$	544,925	$	481,220	$	401,723
Interest expense:
Electric	$	26,699	$	25,334	$	25,860
Natural gas distribution	36,798		35,488		30,768
Pipeline	7,622		7,198		5,964
Construction materials and contracting	20,577		23,792		17,290
Construction services	4,095		5,331		3,551
Other	883		1,859		2,762
Intersegment eliminations	(155)		(415)		(1,581)
Total interest expense	$	96,519	$	98,587	$	84,614
Income tax expense (benefit):
Electric	$	(11,636)	$	(12,650)	$	(6,482)
Natural gas distribution	5,746		1,405		4,075
Pipeline	7,650		7,219		2,677
Construction materials and contracting	47,431		37,389		28,357
Construction services	35,797		29,973		20,000
Other	(398)		(57)		(1,142)
Total income expense	$	84,590	$	63,279	$	47,485


	2020		2019		2018
			(In thousands)
Net income (loss):
Regulated operations:
Electric	$	55,601	$	54,763	$	47,000
Natural gas distribution	44,049		39,517		37,732
Pipeline	35,453		28,255		26,905
	135,103		122,535		111,637
Non-regulated operations:
Pipeline	1,559		1,348		1,554
Construction materials and contracting	147,325		120,371		92,647
Construction services	109,721		92,998		64,309
Other	(3,181)		(2,086)		(761)
	255,424		212,631		157,749
Income from continuing operations	390,527		335,166		269,386
Income (loss) from discontinued operations, net of tax	(322)		287		2,932
Net income	$	390,205	$	335,453	$	272,318
Capital expenditures:
Electric	$	114,676	$	99,449	$	186,105
Natural gas distribution	193,048		206,799		205,896
Pipeline	62,224		71,477		70,057
Construction materials and contracting	191,635		190,092		280,396
Construction services	83,651		60,500		25,081
Other	3,045		8,181		1,768
Total capital expenditures (a)	$	648,279	$	636,498	$	769,303

Assets:
Electric (b)	$	2,123,693	$	1,680,194	$	1,613,822
Natural gas distribution (b)	2,302,770		2,574,965		2,375,871
Pipeline	703,377		677,482		616,959
Construction materials and contracting	1,798,493		1,684,161		1,508,032
Construction services	818,662		761,127		604,798
Other (c)	305,157		303,279		266,111
Assets held for sale	1,220		1,851		2,517
Total assets	$	8,053,372	$	7,683,059	$	6,988,110
Property, plant and equipment:
Electric (b)	$	2,323,403	$	2,227,145	$	2,148,569
Natural gas distribution (b)	2,868,853		2,688,123		2,499,093
Pipeline	821,697		834,215		764,959
Construction materials and contracting	2,028,476		1,910,562		1,768,006
Construction services	220,796		213,370		188,586
Other	37,545		35,213		28,108
Less accumulated depreciation, depletion and amortization	3,133,831		2,991,486		2,818,644
Net property, plant and equipment	$	5,166,939	$	4,917,142	$	4,578,677

(a) Capital expenditures for 2020, 2019 and 2018 include noncash transactions such as the issuance of the Company's equity securities in connection with acquisitions, capital expenditure-related accounts payable, AFUDC and accrual of holdback payments in connection with acquisitions totaling $(15.7) million, $4.8 million and $33.4 million, respectively.

(b) Includes allocations of common utility property.

(c) 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).