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Business Segment Data
 12 Months Ended
Dec. 31, 2024
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 activities 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 CODM, the chief executive officer. The Company's operations are located within the United States.
The Company’s CODM regularly reviews discrete financial information of each reportable segment and uses net income to assess performance of each reportable segment. The CODM uses this information to assess performance and make decisions about resources to be allocated to each reportable segment, including capital and personnel. The information provided to the CODM is prepared at the reportable segment level in quarterly financial packages and on a more summarized basis monthly. Budget and forecast information is also provided to the CODM at the reportable segment level.
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 FERC regulated pipeline system primarily in the Rocky Mountain and northern Great Plains regions of the United States. This segment also provides non-regulated energy-related services, including cathodic protection.
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 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 Knife River, Everus, Fidelity and the refining business and did not meet the criteria for discontinued operations.
Discontinued operations includes the results of operations for Knife River and Everus and certain associated separation costs, including interest on certain debt facilities repaid in connection with the separations. For the comparative periods below, Everus' operations are only reflected through October 2024 compared to the full year in 2023 and 2022 and Knife River's operations are only reflected through May 2023, compared to the full year in 2022. 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:
Year ended December 31, 2024ElectricNatural gas distributionPipelineOtherConsolidated
(In thousands)
Operating revenues:
External operating revenues$414,406 $1,200,975 $142,597 $— $1,757,978 
Intersegment operating revenues72 130 69,222 195 69,619 
Operation and maintenance:
External operation and maintenance94,897 231,087 75,456 13,051 414,491 
Intersegment operation and maintenance72 130 324 195 721 
Purchased natural gas sold:
External purchased natural gas sold— 630,403 — — 630,403 
Intersegment purchased natural gas sold— 68,898 — — 68,898 
Electric fuel and purchased power
141,148 — — — 141,148 
Depreciation and amortization66,524 101,958 29,362 2,234 200,078 
Taxes, other than income17,605 76,042 12,175 394 106,216 
Other income:
External other income
8,205 25,509 5,850 1,803 41,367 
Intersegment other income
— — 655 14,798 15,453 
Interest expense:
External interest expense30,058 63,185 10,862 4,242 108,347 
Intersegment interest expense— — 4,633 10,820 15,453 
Income tax expense (benefit)
(2,414)7,974 17,470 (5,441)17,589 
Income (loss) from continuing operations
74,793 46,937 68,042 (8,699)181,073 
Discontinued operations, net of tax— — — 100,035 100,035 
Net income$74,793 $46,937 $68,042 $91,336 $281,108 
Capital expenditures (a)
$110,812 $286,152 $126,806 $1,728 $525,498 
Assets$1,976,912 
(b)
$3,730,532 (b)$1,151,317 $180,057 
(c)
$7,038,818 
Property, plant and equipment$2,480,816 (b)$3,731,093 (b)$1,338,006 $4,148 $7,554,063 
Accumulated depreciation and amortization
$716,736 
(b)
$1,139,223 
(b)
$351,045 $2,767 $2,209,771 
(a)Capital expenditures include noncash transactions such as capital expenditure-related accounts payable and AFUDC totaling $7.1 million.
(b)Includes allocations of common utility property for the Electric and Natural gas distribution segments.
(c)Other includes 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).
Year ended December 31, 2023ElectricNatural gas distributionPipelineOtherConsolidated
(In thousands)
Operating revenues:
External operating revenues$401,037 $1,287,236 $115,079 $— $1,803,352 
Intersegment operating revenues138 301 62,533 119 63,091 
Operation and maintenance:
External operation and maintenance92,521 219,481 70,386 24,693 407,081 
Intersegment operation and maintenance138 301 431 119 989 
Purchased natural gas sold:
External purchased natural gas sold— 742,965 — — 742,965 
Intersegment purchased natural gas sold— 62,102 — — 62,102 
Electric fuel and purchased power
134,779 — — — 134,779 
Depreciation and amortization64,253 95,300 26,811 4,086 190,450 
Taxes, other than income16,695 75,207 10,822 409 103,133 
Realized gain on tax-free exchange of the retained shares in Knife River— — — 186,556 186,556 
Other income:
External other income5,815 20,867 3,675 3,097 33,454 
Intersegment other income— — 217 13,431 13,648 
Interest expense:
External interest expense28,064 57,601 9,428 9,531 104,624 
Intersegment interest expense— — 3,842 9,806 13,648 
Income tax expense (benefit)
(1,019)6,927 12,409 (8,104)10,213 
Income from continuing operations
71,559 48,520 47,375 162,663 330,117 
Discontinued operations, net of tax— — (457)85,047 84,590 
Net income$71,559 $48,520 $46,918 $247,710 $414,707 
Capital expenditures (a)
$109,805 $274,836 $115,903 $(2,825)$497,719 
Assets$1,955,644 
(b)
$3,532,142 
(b)
$1,045,704 $1,299,669 
(c)
$7,833,159 
Property, plant and equipment
$2,369,039 
(b)
$3,462,187 
(b)
$1,218,387 $31,654 $7,081,267 
Accumulated depreciation and amortization
$660,438 
(b)
$1,068,037 
(b)
$328,010 $19,890 $2,076,375 
(a)Capital expenditures include noncash transactions such as capital expenditure-related accounts payable and AFUDC totaling $(13.6) million.
(b)Includes allocations of common utility property for the Electric and Natural gas distribution segments.
(c)Other includes assets of discontinued operations 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).
Year ended December 31, 2022ElectricNatural gas distributionPipelineOtherConsolidated
(In thousands)
Operating revenues:
External operating revenues$377,015 $1,273,588 $96,695 $— $1,747,298 
Intersegment operating revenues58 216 58,884 86 59,244 
Operation and maintenance:
External operation and maintenance93,236 205,009 60,300 21,406 379,951 
Intersegment operation and maintenance58 216 638 86 998 
Purchased natural gas sold:
External purchased natural gas sold— 757,883 — — 757,883 
Intersegment purchased natural gas sold— 58,246 — — 58,246 
Electric fuel and purchased power
119,405 — — — 119,405 
Depreciation and amortization67,802 89,466 26,857 4,435 188,560 
Taxes, other than income16,917 71,095 12,318 299 100,629 
Other income:
External other income528 3,213 1,272 (1,753)3,260 
Intersegment other income— — 80 556 636 
Interest expense:
External interest expense28,526 42,126 9,966 65 80,683 
Intersegment interest expense— — 136 500 636 
Income tax expense (benefit)
(5,420)7,805 10,522 (6,712)6,195 
Income (loss) from continuing operations
57,077 45,171 36,194 (21,190)117,252 
Discontinued operations, net of tax— — (906)251,143 250,237 
Net income$57,077 $45,171 $35,288 $229,953 $367,489 
Capital expenditures (a)
$133,970 $240,064 $61,923 $2,272 $438,229 
Assets$1,856,258 
(b)
$3,214,452 
(b)
$961,893 $3,628,178 
(c)
$9,660,781 
Property, plant and equipment
$2,276,613 
(b)
$3,208,059 
(b)
$1,108,141 $36,705 $6,629,518 
Accumulated depreciation and amortization
$625,813 
(b)
$1,009,788 
(b)
$308,516 $19,143 $1,963,260 
(a)Capital expenditures include noncash transactions such as capital expenditure-related accounts payable and AFUDC totaling $4.4 million.
(b)Includes allocations of common utility property for the Electric and Natural gas distribution segments.
(c)Other includes assets of discontinued operations 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:
20242023 2022 
(In thousands)
Operating revenues reconciliation:
Total reportable segment operating revenues$1,827,402 $1,866,324 $1,806,456 
Other revenue195 119 86 
Elimination of intersegment operating revenues(69,619)(63,091)(59,244)
Total consolidated operating revenues$1,757,978 $1,803,352 $1,747,298 
Asset reconciliation:
Total reportable segment assets$6,892,959 $6,564,962 $6,061,151 
Other assets525,258 1,847,432 4,784,142 
Elimination of intersegment receivables(379,399)(579,235)(1,184,512)
Total consolidated assets$7,038,818 $7,833,159 $9,660,781