Business Segment Data (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Segment Reporting Information, by Segment

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


	2023		2022		2021
			(In thousands)
External operating revenues:
Regulated operations:
Electric	$	400,901	$	376,936	$	349,412
Natural gas distribution	1,287,121		1,273,530		971,640
Pipeline	101,615		85,931		69,940
	1,789,637		1,736,397		1,390,992
Non-regulated operations:
Pipeline	13,457		10,764		13,126
Construction services	2,854,246		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


	2023		2022		2021
			(In thousands)
Intersegment operating revenues:
Regulated operations:
Electric	$	274	$	137	$	170
Natural gas distribution	416		274		300
Pipeline	62,211		58,369		58,989
	62,901		58,780		59,459
Non-regulated operations:
Pipeline	329		515		481
Construction services	143		4,627		1,403
Other	7,941		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 distribution	95,300		89,466		86,065
Pipeline	26,811		26,857		20,569
Construction services	23,148		21,468		20,270
Other	4,086		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 distribution	92,181		91,889		89,173
Pipeline	69,162		55,466		48,078
Construction services	190,541		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 distribution	57,601		42,126		37,265
Pipeline	13,270		10,102		6,705
Construction services	10,057		165		(130)
Other	18,964		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 distribution	6,927		7,805		8,366
Pipeline	12,409		10,522		9,672
Construction services	46,968		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 distribution	48,520		45,171		51,596
Pipeline	46,233		36,253		39,796
	166,312		138,501		143,298


	2023		2022		2021
			(In thousands)
Non-regulated operations:
Pipeline	1,142		(59)		1,327
Construction services	142,444		129,460		112,176
Other	170,527		(17,134)		(14,279)
	314,113		112,267		99,224
Income from continuing operations	480,425		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 distribution	274,836		240,064		170,411
Pipeline	115,903		61,923		234,803
Construction services	35,096		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
Pipeline	1,045,704		961,893		913,945
Construction services	1,106,570		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
Pipeline	1,218,387		1,108,141		1,051,868
Construction services	259,849		245,111		225,758
Other	31,654		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).

Reconciliation of Revenue from Segments to Consolidated

A reconciliation of reportable segment operating revenues and assets to consolidated operating revenues and assets is as follows:


	2023		2022		2021
			(In thousands)
Operating revenues reconciliation:
Total reportable segment operating revenues	$	4,720,713	$	4,505,706	$	3,515,695
Other revenue	7,941		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 assets	726,600		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

Reconciliation of Assets from Segment to Consolidated

A reconciliation of reportable segment operating revenues and assets to consolidated operating revenues and assets is as follows:


	2023		2022		2021
			(In thousands)
Operating revenues reconciliation:
Total reportable segment operating revenues	$	4,720,713	$	4,505,706	$	3,515,695
Other revenue	7,941		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 assets	726,600		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