Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Revenue from Contracts with Customers

Revenue is recognized when a performance obligation is satisfied by transferring control over a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. The Company is considered an agent for certain taxes collected from customers. As such, the Company presents revenues net of these taxes at the time of sale to be remitted to governmental authorities, including sales and use taxes.

As part of the adoption of ASC 606 - Revenue from Contracts with Customers, the Company elected the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the Company otherwise would have recognized is 12 months or less.

Disaggregation

In the following table, revenue is disaggregated by the type of customer or service provided. The Company believes this level of disaggregation best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The table also includes a reconciliation of the disaggregated revenue by reportable segments. For more information on the Company's business segments, see Note 17.

Year ended December 31, 2024	Electric		Natural gas distribution		Pipeline		Other		Total
	(In thousands)
Residential utility sales	$	140,054	$	646,049	$	—	$	—	$	786,103
Commercial utility sales	171,760		399,087		—		—		570,847
Industrial utility sales	42,883		42,588		—		—		85,471
Other utility sales	7,910		—		—		—		7,910
Natural gas transportation	—		60,645		174,623		—		235,268
Natural gas storage	—		—		23,690		—		23,690
Other	59,288		40,703		13,139		195		113,325
Intersegment eliminations	(72)		(130)		(69,222)		(195)		(69,619)
Revenues from contracts with customers	421,823		1,188,942		142,230		—		1,752,995
Other revenues	(7,417)		12,033		367		—		4,983
Total external operating revenues	$	414,406	$	1,200,975	$	142,597	$	—	$	1,757,978

Year ended December 31, 2023	Electric		Natural gas distribution		Pipeline		Other		Total
	(In thousands)
Residential utility sales	$	136,274	$	724,600	$	—	$	—	$	860,874
Commercial utility sales	170,321		442,507		—		—		612,828
Industrial utility sales	43,063		45,205		—		—		88,268
Other utility sales	7,270		—		—		—		7,270
Natural gas transportation	—		52,465		145,297		—		197,762
Natural gas storage	—		—		18,254		—		18,254
Other	54,508		15,141		13,874		119		83,642
Intersegment eliminations	(138)		(301)		(62,533)		(119)		(63,091)
Revenues from contracts with customers	411,298		1,279,617		114,892		—		1,805,807
Other revenues	(10,261)		7,619		187		—		(2,455)
Total external operating revenues	$	401,037	$	1,287,236	$	115,079	$	—	$	1,803,352

Year ended December 31, 2022	Electric		Natural gas distribution		Pipeline		Other		Total
	(In thousands)
Residential utility sales	$	138,634	$	718,191	$	—	$	—	$	856,825
Commercial utility sales	146,182		453,802		—		—		599,984
Industrial utility sales	43,766		41,710		—		—		85,476
Other utility sales	7,597		—		—		—		7,597
Natural gas transportation	—		48,886		129,290		—		178,176
Natural gas storage	—		—		14,583		—		14,583
Other	45,608		13,617		11,450		86		70,761
Intersegment eliminations	(58)		(216)		(58,884)		(86)		(59,244)
Revenues from contracts with customers	381,729		1,275,990		96,439		—		1,754,158
Other revenues	(4,714)		(2,402)		256		—		(6,860)
Total external operating revenues	$	377,015	$	1,273,588	$	96,695	$	—	$	1,747,298

Remaining performance obligations

The remaining performance obligations at the pipeline segment include firm transportation and storage contracts with fixed pricing and fixed volumes. The Company has applied the practical expedient that does not require additional disclosures for contracts with an original duration of less than 12 months to certain firm transportation and non-regulated contracts. The Company's firm transportation and storage contracts included in the remaining performance obligations have weighted average remaining durations of less than five years and one year, respectively.

At December 31, 2024, the Company's remaining performance obligations were $606.5 million. The Company expects to recognize the following revenue amounts in future periods related to these remaining performance obligations: $82.1 million within the next 12 months or less; $81.5 million within the next 13 to 24 months; and $442.9 million in 25 months or more.