Segment Information

3 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

Segment Information

We manage and review our consolidated operations through the following reportable segments:

•The distribution segment is comprised of our regulated natural gas distribution and related sales operations in eight states.

•The pipeline and storage segment is comprised primarily of the regulated pipeline and storage operations of our Atmos Pipeline-Texas division and our natural gas transmission operations in Louisiana.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies found in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024.

Income statements and capital expenditures for the three months ended December 31, 2024 and 2023 by segment are presented in the following tables:

	Three Months Ended December 31, 2024
	Distribution		Pipeline and Storage		Eliminations		Consolidated
	(In thousands)
Operating revenues from external parties	$	1,108,569	$	67,430	$	—	$	1,175,999
Intersegment revenues	766		187,960		(188,726)		—
Total operating revenues	1,109,335		255,390		(188,726)		1,175,999
Purchased gas cost	422,570		(58)		(188,464)		234,048
Operation and maintenance expense	154,514		52,792		(262)		207,044
Depreciation and amortization expense	133,627		46,906		—		180,533
Taxes, other than income	82,576		12,318		—		94,894
Operating income	316,048		143,432		—		459,480
Other non-operating income	10,084		14,550		—		24,634
Interest charges	34,249		18,676		—		52,925
Income before income taxes	291,883		139,306		—		431,189
Income tax expense	51,670		27,661		—		79,331
Net income	$	240,213	$	111,645	$	—	$	351,858
Capital expenditures	$	625,649	$	265,542	$	—	$	891,191

	Three Months Ended December 31, 2023
	Distribution		Pipeline and Storage		Eliminations		Consolidated
	(In thousands)
Operating revenues from external parties	$	1,104,619	$	53,848	$	—	$	1,158,467
Intersegment revenues	719		157,321		(158,040)		—
Total operating revenues	1,105,338		211,169		(158,040)		1,158,467
Purchased gas cost	496,662		4		(157,797)		338,869
Operation and maintenance expense	127,615		38,973		(243)		166,345
Depreciation and amortization expense	119,685		44,923		—		164,608
Taxes, other than income	80,895		8,645		—		89,540
Operating income	280,481		118,624		—		399,105
Other non-operating income	5,839		12,047		—		17,886
Interest charges	34,581		17,294		—		51,875
Income before income taxes	251,739		113,377		—		365,116
Income tax expense	30,302		23,522		—		53,824
Net income	$	221,437	$	89,855	$	—	$	311,292
Capital expenditures	$	539,158	$	230,492	$	—	$	769,650

Balance sheet information at December 31, 2024 and September 30, 2024 by segment is presented in the following tables:

	December 31, 2024
	Distribution		Pipeline and Storage		Eliminations		Consolidated
	(In thousands)
Net property, plant and equipment	$	16,942,174	$	6,019,869	$	—	$	22,962,043
Total assets	$	25,623,410	$	6,341,439	$	(5,467,756)	$	26,497,093

	September 30, 2024
	Distribution		Pipeline and Storage		Eliminations		Consolidated
	(In thousands)
Net property, plant and equipment	$	16,372,659	$	5,831,708	$	—	$	22,204,367
Total assets	$	24,328,877	$	6,181,558	$	(5,315,970)	$	25,194,465