XML 87 R24.htm IDEA: XBRL DOCUMENT v3.25.3
Business segment data
 9 Months Ended
Sep. 30, 2025
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 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 the 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 and other coverages. In addition, the Other category includes certain assets, liabilities and tax adjustments of the holding company primarily associated with corporate functions. Also included are certain general and administrative costs (reflected in operation and maintenance expense) and interest expense, which were previously allocated to Everus, Fidelity and the refining business which do not meet the criteria for income (loss) from discontinued operations.
Discontinued operations includes Everus' operations and certain associated separation costs. 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 of the Notes to Consolidated Financial Statements in the 2024 Annual Report. Information on the Company's segments was as follows:
Three Months Ended September 30, 2025ElectricNatural gas distributionPipelineOtherConsolidated
(In thousands)
Operating revenues:
External operating revenues$117,662 $144,215 $53,159 $— $315,036 
Intersegment operating revenues138 92 4,269 182 4,681 
Purchased natural gas sold:
External purchased natural gas sold— 58,514 — — 58,514 
Intersegment purchased natural gas sold— 4,226 — — 4,226 
Electric fuel and purchased power41,098 — — — 41,098 
Operation and maintenance:
External operation and maintenance25,957 56,531 21,016 (1,742)101,762 
Intersegment operation and maintenance138 92 43 182 455 
Depreciation and amortization17,479 26,558 8,009 — 52,046 
Taxes, other than income4,713 13,375 3,688 — 21,776 
Other income:
External other income2,027 3,850 880 541 7,298 
Intersegment other income— — 122 1,565 1,687 
Interest expense:
External interest expense7,639 14,686 2,447 1,645 26,417 
Intersegment interest expense— — 1,687 — 1,687 
Income tax expense (benefit)1,339 (7,612)4,782 3,862 2,371 
Income (loss) from continuing operations21,464 (18,213)16,758 (1,659)18,350 
Discontinued operations, net of tax— — — (39)(39)
Net income (loss)
$21,464 $(18,213)$16,758 $(1,698)$18,311 
Three Months Ended September 30, 2024ElectricNatural gas distributionPipelineOtherConsolidated
(In thousands)
Operating revenues:
External operating revenues$108,468 $133,590 $47,635 $1 $289,694 
Intersegment operating revenues12 31 3,924 21 3,988 
Purchased natural gas sold:
External purchased natural gas sold— 53,377 — — 53,377 
Intersegment purchased natural gas sold— 3,888 — — 3,888 
Electric fuel and purchased power32,576 — — — 32,576 
Operation and maintenance:
External operation and maintenance23,359 54,785 18,969 4,098 101,211 
Intersegment operation and maintenance12 31 36 21 100 
Depreciation and amortization16,848 25,055 7,369 563 49,835 
Taxes, other than income3,606 11,180 3,006 57 17,849 
Other income:
External other income1,403 5,985 1,117 465 8,970 
Intersegment other income— — 237 3,794 4,031 
Interest expense:
External interest expense7,646 15,901 2,564 1,226 27,337 
Intersegment interest expense— — 1,097 2,934 4,031 
Income tax expense (benefit)1,544 (7,130)4,688 1,774 876 
Income (loss) from continuing operations
24,292 (17,481)15,184 (6,392)15,603 
Discontinued operations, net of tax— — — 49,012 49,012 
Net income (loss)
$24,292 $(17,481)$15,184 $42,620 $64,615 
Nine Months Ended September 30, 2025ElectricNatural gas distributionPipelineOtherConsolidated
(In thousands)
Operating revenues:
External operating revenues$327,808 $890,257 $122,990 $— $1,341,055 
Intersegment operating revenues457 278 47,401 540 48,676 
Purchased natural gas sold:
External purchased natural gas sold— 471,728 — — 471,728 
Intersegment purchased natural gas sold— 47,300 — — 47,300 
Electric fuel and purchased power119,737 — — — 119,737 
Operation and maintenance:
External operation and maintenance84,186 180,471 62,608 (1,569)325,696 
Intersegment operation and maintenance457 278 101 540 1,376 
Depreciation and amortization52,055 79,151 23,954 — 155,160 
Taxes, other than income14,176 60,938 10,585 — 85,699 
Other income:
External other income5,745 12,246 2,804 1,445 22,240 
Intersegment other income— — 334 3,613 3,947 
Interest expense:
External interest expense23,140 43,307 8,703 3,534 78,684 
Intersegment interest expense— — 3,947 — 3,947 
Income tax expense (benefit)(6,646)519 14,246 3,478 11,597 
Income from continuing operations46,905 19,089 49,385 (385)114,994 
Discontinued operations, net of tax— — — (938)(938)
Net income$46,905 $19,089 $49,385 $(1,323)$114,056 
Nine Months Ended September 30, 2024ElectricNatural gas distributionPipelineOtherConsolidated
(In thousands)
Operating revenues:
External operating revenues$315,385 $794,519 $112,518 $18 $1,222,440 
Intersegment operating revenues71 108 43,249 64 43,492 
Purchased natural gas sold:
External purchased natural gas sold— 406,569 — — 406,569 
Intersegment purchased natural gas sold— 42,958 — — 42,958 
Electric fuel and purchased power108,991 — — — 108,991 
Operation and maintenance:
External operation and maintenance69,989 169,034 56,461 13,296 308,780 
Intersegment operation and maintenance71 108 291 64 534 
Depreciation and amortization49,685 76,081 21,806 1,720 149,292 
Taxes, other than income13,222 55,130 9,108 271 77,731 
Other income:
External other income5,449 19,506 4,616 1,671 31,242 
Intersegment other income— — 692 12,253 12,945 
Interest expense:
External interest expense22,367 46,925 7,466 3,591 80,349 
Intersegment interest expense— — 3,949 8,996 12,945 
Income tax expense (benefit)(1,109)(253)14,493 (1,741)11,390 
Income (loss) from continuing operations
57,689 17,581 47,501 (12,191)110,580 
Discontinued operations, net of tax— — — 115,370 115,370 
Net income$57,689 $17,581 $47,501 $103,179 $225,950 
A reconciliation of reportable segment operating revenues to consolidated operating revenues is as follows:
Three Months EndedNine Months Ended
September 30,September 30,
2025 2024 2025 2024 
(In thousands)
Operating revenues reconciliation:
Total reportable segment operating revenues$319,535 $293,660 $1,389,191 $1,265,850 
Other revenue182 22 540 82 
Elimination of intersegment operating revenues(4,681)(3,988)(48,676)(43,492)
Total consolidated operating revenues$315,036 $289,694 $1,341,055 $1,222,440