Segment and Related Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment and Related Information

(20)          Segment and Related Information

Our reportable business segments are primarily engaged in the electric and natural gas business. The remainder of our operations are presented as other, which primarily consists of unallocated corporate costs and unregulated activity.

We evaluate the performance of these segments based on utility margin. The accounting policies of the operating segments are the same as the parent except that the parent allocates some of its operating expenses to the operating segments according to a methodology designed by management for internal reporting purposes and involves estimates and assumptions.

Financial data for the business segments for the twelve months ended are as follows (in thousands):

December 31, 2021	Electric		Gas		Other		Eliminations		Total
Operating revenues	$	1,052,182	$	320,134	$	—	$	—	$	1,372,316
Fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion shown separately below)	294,820		130,728		—		—		425,548
Utility Margin	757,362		189,406		—		—		946,768
Operating and maintenance	156,383		51,920		—		—		208,303
Administrative and general	72,641		27,550		1,682		—		101,873
Property and other taxes	134,910		38,526		8		—		173,444
Depreciation and depletion	154,626		32,841		—		—		187,467
Operating income (loss)	238,802		38,569		(1,690)		—		275,681
Interest expense, net	(82,678)		(6,083)		(4,913)		—		(93,674)
Other income, net	3,676		3,046		1,530		—		8,252
Income tax (expense) benefit	(2,512)		(2,640)		1,733		—		(3,419)
Net income (loss)	$	157,288	$	32,892	$	(3,340)	$	—	$	186,840
Total assets	$	5,432,578	$	1,342,031	$	5,834	$	—	$	6,780,443
Capital expenditures	$	354,775	$	79,553	$	—	$	—	$	434,328

December 31, 2020	Electric		Gas		Other		Eliminations		Total
Operating revenues	$	940,815	$	257,855	$	—	$	—	$	1,198,670
Fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion shown separately below)	236,581		69,609		—		—		306,190
Utility margin	704,234		188,246		—		—		892,480
Operating and maintenance	149,220		53,771		—		—		202,991
Administrative and general	69,602		26,311		(1,789)		—		94,124
Property and other taxes	140,621		38,887		9		—		179,517
Depreciation and depletion	147,968		31,676		—		—		179,644
Operating income	196,823		37,601		1,780		—		236,204
Interest expense, net	(85,487)		(6,341)		(4,984)		—		(96,812)
Other income (expense), net	4,867		2,704		(2,718)		—		4,853
Income tax benefit (expense)	11,282		(2,426)		2,114		—		10,970
Net income (loss)	$	127,485	$	31,538	$	(3,808)	$	—	$	155,215
Total assets(1)	$	5,126,589	$	1,251,240	$	11,620	$	—	$	6,389,449
Capital expenditures	$	324,369	$	81,393	$	—	$	—	$	405,762

___________________________

(1) Subsequent to the issuance of our Annual Report on Form 10-K for the year ended December 31, 2020, we determined that Total Assets - Electric and Total Assets - Gas had been incorrectly reported due to an error in the allocation methodology utilized to calculate assets by segment. As a result, the December 31, 2020 Total Assets - Electric and Total Assets - Gas amounts have been corrected from the amounts previously reported to reflect an increase of Total Assets - Electric and a decrease of Total Assets - Gas of $488.3 million. The correction had no impact on net income or the presentation of total assets on the consolidated balance sheets and was determined not to be material.

December 31, 2019	Electric		Gas		Other		Eliminations		Total
Operating revenues	$	981,178	$	276,732	$	—	$	—	$	1,257,910
Fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion shown separately below)	239,589		78,431		—		—		318,020
Utility margin	741,589		198,301		—		—		939,890
Operating and maintenance	155,285		53,767		—		—		209,052
Administrative and general	77,139		28,965		3,073		—		109,177
Property and other taxes	134,686		37,192		10		—		171,888
Depreciation and depletion	143,262		29,661		—		—		172,923
Operating income (loss)	231,217		48,716		(3,083)		—		276,850
Interest expense, net	(78,809)		(6,218)		(10,041)		—		(95,068)
Other (expense) income, net	(1,365)		(814)		2,592		—		413
Income tax (expense) benefit	(6,079)		493		25,511		—		19,925
Net income	$	144,964	$	42,177	$	14,979	$	—	$	202,120
Total assets	$	4,808,011	$	1,270,811	$	4,664	$	—	$	6,083,486
Capital expenditures	$	241,190	$	74,826	$	—	$	—	$	316,016