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Revenue from contracts with customers
9 Months Ended
Sep. 30, 2025
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.
Under 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.
The Company recognizes revenue from the sale of emissions allowances allocated under the environmental programs in certain states. The Company has the right to payment when the allowances are sold at auction. Revenue is recognized on a point in time basis within the quarter that the auction is held. The revenues associated with the sale of these allowances are deferred as a component of the respective jurisdiction’s regulatory liability for environmental compliance. For more information on the Company’s regulatory assets and liabilities, see Note 10.
Disaggregation
In the following tables, 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 15.
Three Months Ended September 30, 2025ElectricNatural gas
distribution
PipelineOtherTotal
(In thousands)
Residential utility sales$35,730 $64,225 $— $— $99,955 
Commercial utility sales52,492 45,581 — — 98,073 
Industrial utility sales9,525 7,873 — — 17,398 
Other utility sales1,949 — — — 1,949 
Natural gas transportation— 16,292 47,239 — 63,531 
Natural gas storage— — 5,680 — 5,680 
Other19,118 7,983 4,439 182 31,722 
Intersegment eliminations(138)(92)(4,269)(182)(4,681)
Revenues from contracts with customers118,676 141,862 53,089 — 313,627 
Other revenues(1,014)2,353 70 — 1,409 
Total external operating revenues$117,662 $144,215 $53,159 $— $315,036 
Three Months Ended September 30, 2024ElectricNatural gas
distribution
PipelineOtherTotal
(In thousands)
Residential utility sales$37,076 $61,928 $— $— $99,004 
Commercial utility sales46,648 37,687 — — 84,335 
Industrial utility sales9,702 6,869 — — 16,571 
Other utility sales2,045 — — — 2,045 
Natural gas transportation— 15,279 41,936 — 57,215 
Natural gas storage— — 6,053 — 6,053 
Other16,182 9,736 3,537 22 29,477 
Intersegment eliminations(12)(31)(3,924)(21)(3,988)
Revenues from contracts with customers111,641 131,468 47,602 290,712 
Other revenues(3,173)2,122 33 — (1,018)
Total external operating revenues$108,468 $133,590 $47,635 $$289,694 
Nine Months Ended September 30, 2025ElectricNatural gas
distribution
PipelineOtherTotal
(In thousands)
Residential utility sales$103,984 $453,501 $— $— $557,485 
Commercial utility sales144,397 303,611 — — 448,008 
Industrial utility sales27,936 32,433 — — 60,369 
Other utility sales5,592 — — — 5,592 
Natural gas transportation— 49,816 142,612 — 192,428 
Natural gas storage— — 16,882 — 16,882 
Other53,832 43,086 10,778 540 108,236 
Intersegment eliminations(457)(278)(47,401)(540)(48,676)
Revenues from contracts with customers335,284 882,169 122,871 — 1,340,324 
Other revenues
(7,476)8,088 119 — 731 
Total external operating revenues$327,808 $890,257 $122,990 $— $1,341,055 
Nine Months Ended September 30, 2024ElectricNatural gas
distribution
PipelineOtherTotal
(In thousands)
Residential utility sales$107,735 $431,721 $— $— $539,456 
Commercial utility sales129,783 264,091 — — 393,874 
Industrial utility sales32,809 30,716 — — 63,525 
Other utility sales6,046 — — — 6,046 
Natural gas transportation— 43,194 128,979 — 172,173 
Natural gas storage— — 16,766 — 16,766 
Other44,998 18,705 9,903 82 73,688 
Intersegment eliminations(71)(108)(43,249)(64)(43,492)
Revenues from contracts with customers321,300 788,319 112,399 18 1,222,036 
Revenues out of scope(5,915)6,200 119 — 404 
Total external operating revenues$315,385 $794,519 $112,518 $18 $1,222,440 
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, storage 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 two years, respectively.
At September 30, 2025, the Company's remaining performance obligations were $552.1 million. The Company expects to recognize the following revenue amounts in future periods related to these remaining performance obligations: $87.5 million within the next 12 months or less; $80.7 million within the next 13 to 24 months; and $383.9 million in 25 months or more.