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Business Segment Data
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Business Segment Data Business Segment Data
The Company's reportable segments are those that are based on the Company's method of internal reporting, which generally segregates the strategic business units due to differences in products, services and regulation. The internal reporting of these operating segments is defined based on the reporting and review process used by the Company's chief executive officer. The Company's operations are located within the United States.
The electric segment generates, transmits and distributes electricity in Montana, North Dakota, South Dakota and Wyoming. The natural gas distribution segment distributes natural gas in those states, as well as in Idaho, Minnesota, Oregon and Washington. These operations also supply related value-added services.
The pipeline segment provides natural gas transportation and underground storage services through a regulated pipeline system primarily in the Rocky Mountain and northern Great Plains regions of the United States. This segment also provides non-regulated cathodic protection services.
The construction services segment provides a full spectrum of construction services through its electrical and mechanical and transmission and distribution specialty contracting services across the United States. These specialty contracting services are provided to utilities, manufacturing, transportation, commercial, industrial, institutional, renewable and governmental customers. Its electrical and mechanical contracting services include construction and maintenance of electrical and communication wiring and infrastructure, fire suppression systems, and mechanical piping and services. Its transmission and distribution contracting services include construction and maintenance of overhead and underground electrical, gas and communication infrastructure, as well as manufacturing and supplying transmission and distribution line construction equipment and tools.
The Other category includes the activities of Centennial Capital, which, through its subsidiary InterSource Insurance Company, insures various types of risks as a captive insurer for certain of the Company's subsidiaries. The function of the captive insurer is to fund the self-insured layers of the insured Company's general liability, automobile liability, pollution liability and other coverages. Centennial Capital also owns certain real and personal property. In addition, the Other category includes certain assets, liabilities and tax adjustments of the holding company primarily associated with corporate functions, as well as the gain on the tax-free exchange of the retained shares in Knife River and costs associated with certain strategic initiatives. Also included are certain general and administrative costs (reflected in operation and maintenance expense) and interest expense, which were previously allocated to the refining business, Fidelity and Knife River and do not meet the criteria for income (loss) from discontinued operations.
Discontinued operations includes Knife River's operations and its associated separation costs and interest on debt facilities repaid in connection with the Knife River separation. For the comparative periods below, Knife River's operations are only reflected through May 2023, whereas 2022 and 2021 include the full year from Knife River's operations. Discontinued operations also includes the supporting activities of Fidelity other than certain general and administrative costs and interest expense as described above.
The information below follows the same accounting policies as described in Note 2. Information on the Company's segments as of December 31 and for the years then ended was as follows:
 20232022 2021 
 (In thousands)
External operating revenues:   
Regulated operations:
Electric$400,901 $376,936 $349,412 
Natural gas distribution1,287,121 1,273,530 971,640 
Pipeline101,615 85,931 69,940 
 1,789,637 1,736,397 1,390,992 
Non-regulated operations:
Pipeline13,457 10,764 13,126 
Construction services2,854,246 2,694,623 2,050,234 
Other— — 84 
 2,867,703 2,705,387 2,063,444 
Total external operating revenues$4,657,340 $4,441,784 $3,454,436 
 20232022 2021 
 (In thousands)
Intersegment operating revenues:   
Regulated operations:
Electric$274 $137 $170 
Natural gas distribution416 274 300 
Pipeline62,211 58,369 58,989 
62,901 58,780 59,459 
Non-regulated operations:
Pipeline329 515 481 
Construction services143 4,627 1,403 
Other7,941 5,840 4,522 
8,413 10,982 6,406 
Total Intersegment operating revenues$71,314 $69,762 $65,865 
Depreciation and amortization:
   
Electric$64,253 $67,802 $66,750 
Natural gas distribution95,300 89,466 86,065 
Pipeline26,811 26,857 20,569 
Construction services23,148 21,468 20,270 
Other4,086 4,435 4,586 
Total depreciation and amortization
$213,598 $210,028 $198,240 
Operating income (loss):
Electric$92,789 $79,655 $66,335 
Natural gas distribution92,181 91,889 89,173 
Pipeline69,162 55,466 48,078 
Construction services190,541 164,644 145,754 
Other(18,695)(21,655)(18,289)
Total operating income$425,978 $369,999 $331,051 
Interest expense:   
Electric$28,064 $28,526 $26,712 
Natural gas distribution57,601 42,126 37,265 
Pipeline13,270 10,102 6,705 
Construction services10,057 165 (130)
Other18,964 415 260 
Intersegment eliminations(13,648)(636)(103)
Total interest expense$114,308 $80,698 $70,709 
Income tax expense (benefit):   
Electric$(1,019)$(5,420)$(7,626)
Natural gas distribution6,927 7,805 8,366 
Pipeline12,409 10,522 9,672 
Construction services46,968 42,298 36,322 
Other(5,812)(5,444)(3,190)
Total income tax expense$59,473 $49,761 $43,544 
Net income (loss):   
Regulated operations:
Electric$71,559 $57,077 $51,906 
Natural gas distribution48,520 45,171 51,596 
Pipeline46,233 36,253 39,796 
166,312 138,501 143,298 
 20232022 2021 
 (In thousands)
Non-regulated operations:
Pipeline1,142 (59)1,327 
Construction services142,444 129,460 112,176 
Other170,527 (17,134)(14,279)
314,113 112,267 99,224 
Income from continuing operations480,425 250,768 242,522 
Discontinued operations, net of tax(65,718)116,721 135,609 
Net income$414,707 $367,489 $378,131 
Capital expenditures:   
Electric$109,805 $133,970 $82,427 
Natural gas distribution274,836 240,064 170,411 
Pipeline115,903 61,923 234,803 
Construction services35,096 36,413 29,140 
Other(2,825)2,272 1,501 
Total capital expenditures (a)$532,815 $474,642 $518,282 
Assets:   
Electric (b)$1,955,644 $1,856,258 $1,810,695 
Natural gas distribution (b)3,532,142 3,214,452 2,929,519 
Pipeline1,045,704 961,893 913,945 
Construction services1,106,570 1,126,323 845,262 
Other (c)193,099 2,501,855 2,411,014 
Total assets$7,833,159 $9,660,781 $8,910,435 
Property, plant and equipment:   
Electric (b)$2,369,039 $2,276,613 $2,295,646 
Natural gas distribution (b)3,462,187 3,208,059 3,015,164 
Pipeline1,218,387 1,108,141 1,051,868 
Construction services259,849 245,111 225,758 
Other31,654 36,705 36,717 
Less accumulated depreciation and amortization
2,220,206 2,098,298 2,119,074 
Net property, plant and equipment$5,120,910 $4,776,331 $4,506,079 
(a)Capital expenditures for 2023, 2022 and 2021 include noncash transactions such as capital expenditure-related accounts payable and AFUDC totaling $13.1 million, $(3.8) million and $30.6 million, respectively.
(b)Includes allocations of common utility property.
(c)Includes assets of discontinued operations in 2022 and 2021 and assets not directly assignable to a business (i.e. cash, cash equivalents and restricted cash, certain accounts receivable, certain investments and other miscellaneous current and deferred assets).
A reconciliation of reportable segment operating revenues and assets to consolidated operating revenues and assets is as follows:
20232022 2021 
(In thousands)
Operating revenues reconciliation:
Total reportable segment operating revenues$4,720,713 $4,505,706 $3,515,695 
Other revenue7,941 5,840 4,606 
Elimination of intersegment operating revenues(71,314)(69,762)(65,865)
Total consolidated operating revenues$4,657,340 $4,441,784 $3,454,436 
Asset reconciliation:
Total reportable segment assets$7,685,794 $7,205,711 $6,535,988 
Other assets726,600 3,639,582 3,366,531 
Elimination of intersegment receivables(579,235)(1,184,512)(992,084)
Total consolidated assets$7,833,159 $9,660,781 $8,910,435