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Business segment data (Tables)

12 Months Ended

Dec. 31, 2021

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


	2021		2020		2019
			(In thousands)
External operating revenues:
Regulated operations:
Electric	$	349,039	$	331,538	$	351,725
Natural gas distribution	971,364		847,651		865,222
Pipeline	69,940		69,957		62,357
	1,390,343		1,249,146		1,279,304
Non-regulated operations:
Pipeline	12,918		15,389		21,835
Construction materials and contracting	2,228,306		2,177,585		2,189,651
Construction services	2,049,082		2,090,685		1,845,896
Other	84		(55)		90
	4,290,390		4,283,604		4,057,472
Total external operating revenues	$	5,680,733	$	5,532,750	$	5,336,776
Intersegment operating revenues:
Regulated operations:
Electric	$	543	$	491	$	—
Natural gas distribution	576		534		—
Pipeline	58,989		57,977		56,037
	60,108		59,002		56,037
Non-regulated operations:
Pipeline	689		554		215
Construction materials and contracting	624		417		1,066
Construction services	2,555		5,038		3,370
Other	13,630		11,958		16,461
	17,498		17,967		21,112
Intersegment eliminations	(77,606)		(76,969)		(77,149)
Total intersegment operating revenues	$	—	$	—	$	—
Depreciation, depletion and amortization:
Electric	$	66,750	$	62,998	$	58,721
Natural gas distribution	86,065		84,580		79,564
Pipeline	20,569		21,669		21,220
Construction materials and contracting	100,974		89,626		77,450
Construction services	20,270		23,523		17,038
Other	4,586		2,704		2,024
Total depreciation, depletion and amortization	$	299,214	$	285,100	$	256,017
Operating income (loss):
Electric	$	66,335	$	63,434	$	64,039
Natural gas distribution	89,173		73,082		69,188
Pipeline	48,078		49,436		42,796
Construction materials and contracting	191,077		214,498		179,955
Construction services	145,754		147,644		126,426
Other	(6,198)		(3,169)		(1,184)
Total operating income	$	534,219	$	544,925	$	481,220


	2021		2020		2019
			(In thousands)
Interest expense:
Electric	$	26,712	$	26,699	$	25,334
Natural gas distribution	37,265		36,798		35,488
Pipeline	7,010		7,622		7,198
Construction materials and contracting	19,218		20,577		23,792
Construction services	3,540		4,095		5,331
Other	342		883		1,859
Intersegment eliminations	(103)		(155)		(415)
Total interest expense	$	93,984	$	96,519	$	98,587
Income tax expense (benefit):
Electric	$	(7,626)	$	(11,636)	$	(12,650)
Natural gas distribution	8,366		5,746		1,405
Pipeline	9,594		7,650		7,219
Construction materials and contracting	43,459		47,431		37,389
Construction services	35,426		35,797		29,973
Other	(299)		(398)		(57)
Total income tax expense	$	88,920	$	84,590	$	63,279

Net income (loss):
Regulated operations:
Electric	$	51,906	$	55,601	$	54,763
Natural gas distribution	51,596		44,049		39,517
Pipeline	39,583		35,453		28,255
	143,085		135,103		122,535
Non-regulated operations:
Pipeline	1,313		1,559		1,348
Construction materials and contracting	129,755		147,325		120,371
Construction services	109,402		109,721		92,998
Other	(5,824)		(3,181)		(2,086)
	234,646		255,424		212,631
Income from continuing operations	377,731		390,527		335,166
Income (loss) from discontinued operations, net of tax	400		(322)		287
Net income	$	378,131	$	390,205	$	335,453
Capital expenditures:
Electric	$	82,427	$	114,676	$	99,449
Natural gas distribution	170,411		193,048		206,799
Pipeline	234,803		62,224		71,477
Construction materials and contracting	417,524		191,635		190,092
Construction services	29,140		83,651		60,500
Other	1,501		3,045		8,181
Total capital expenditures (a)	$	935,806	$	648,279	$	636,498


	2021		2020		2019
			(In thousands)
Assets:
Electric (b)	$	1,810,695	$	2,123,693	$	1,680,194
Natural gas distribution (b)	2,929,519		2,302,770		2,574,965
Pipeline	913,945		703,377		677,482
Construction materials and contracting	2,161,653		1,798,493		1,684,161
Construction services	845,262		818,662		761,127
Other (c)	248,489		305,157		303,279
Assets held for sale	872		1,220		1,851
Total assets	$	8,910,435	$	8,053,372	$	7,683,059
Property, plant and equipment:
Electric (b)	$	2,295,646	$	2,323,403	$	2,227,145
Natural gas distribution (b)	3,015,164		2,868,853		2,688,123
Pipeline	1,051,868		821,697		834,215
Construction materials and contracting	2,347,696		2,028,476		1,910,562
Construction services	225,758		220,796		213,370
Other	36,717		37,545		35,213
Less accumulated depreciation, depletion and amortization	3,216,461		3,133,831		2,991,486
Net property, plant and equipment	$	5,756,388	$	5,166,939	$	4,917,142

(a)Capital expenditures for 2021, 2020 and 2019 include noncash transactions such as capital expenditure-related accounts payable, AFUDC and accrual of holdback payments in connection with acquisitions totaling $38.7 million, $(15.7) million and $4.8 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).