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Segment Information | 9 Months Ended
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Sep. 30, 2024
Segment Information [Abstract] |
Segment Information | Note 13 – Segment Information The Company has eleven operating segments and two reportable segments. The Regulated Water segment is comprised of eight operating segments representing its water and wastewater regulated utility companies, which are organized by the states where the Company provides water and wastewater services. The eight water and wastewater utility operating segments are aggregated into one reportable segment, because each of these operating segments has the following similarities: economic characteristics, nature of services, production processes, customers, water distribution or wastewater collection methods, and the nature of the regulatory environment. The Regulated Natural Gas segment is comprised of one operating segment representing natural gas utility companies, acquired in the Peoples Gas Acquisition, for which the Company provides natural gas distribution services. In addition to the Company’s two reportable segments, we include two of our operating segments within the Other category below. These segments are not quantitatively significant and are comprised of our non-regulated natural gas operations and Aqua Resources. Our non-regulated natural gas operations consist of utility service line protection solutions and repair services to households and the operation of gas marketing and production entities. Aqua Resources offers, through a third party, water and sewer service line protection solutions and repair services to households. In addition to these segments, Other is comprised of business activities not included in the reportable segments, corporate costs that have not been allocated to the Regulated Water and Regulated Natural Gas segments, and intersegment eliminations. Corporate costs include general and administrative expenses, and interest expense. The Company reports these corporate costs within Other as they relate to corporate-focused responsibilities and decisions and are not included in internal measures of segment operating performance used by the Company to measure the underlying performance of the operating segments. The following table presents information about the Company’s reportable segments. Asset information by segment is not utilized for purposes of assessing performance or allocating resources, and, as a result, such information is not presented.
|  | Three Months Ended - September 30, 2024 |  | Three Months Ended - September 30, 2023
|  | Regulated Water |  | Regulated Natural Gas |  | Other |  | Consolidated |  | Regulated Water |  | Regulated Natural Gas |  | Other |  | Consolidated
Operating revenues |  | $ | 334,477 |  | $ | 96,731 |  | $ | 4,047 |  | $ | 435,255 |  | $ | 310,591 |  | $ | 94,798 |  | $ | 5,866 |  | $ | 411,255
Operations and maintenance expense |  |  | 96,369 |  |  | 49,002 |  |  | (1,003) |  |  | 144,368 |  |  | 98,695 |  |  | 50,006 |  |  | (1,683) |  |  | 147,018
Purchased gas |  |  | - |  |  | 17,603 |  |  | 1,492 |  |  | 19,095 |  |  | - |  |  | 14,408 |  |  | 2,182 |  |  | 16,590
Depreciation and amortization |  |  | 57,877 |  |  | 34,318 |  |  | 406 |  |  | 92,601 |  |  | 54,695 |  |  | 31,141 |  |  | 199 |  |  | 86,035
Interest expense, net (a) |  |  | 35,094 |  |  | 22,121 |  |  | 18,237 |  |  | 75,452 |  |  | 30,867 |  |  | 19,405 |  |  | 17,376 |  |  | 67,648
Allowance for funds used during construction |  |  | (4,326) |  |  | (1,267) |  |  | - |  |  | (5,593) |  |  | (4,643) |  |  | (812) |  |  | - |  |  | (5,455)
Provision for income taxes (benefit) |  |  | 19,289 |  |  | 228 |  |  | (3,677) |  |  | 15,840 |  |  | 16,186 |  |  | (16,905) |  |  | (2,992) |  |  | (3,711)
Net income (loss) |  |  | 112,275 |  |  | (30,660) |  |  | (12,213) |  |  | 69,402 |  |  | 99,916 |  |  | (9,776) |  |  | (10,064) |  |  | 80,076
|  | Nine Months Ended - September 30, 2024 |  | Nine Months Ended - September 30, 2023
|  | Regulated Water |  | Regulated Natural Gas |  | Other |  | Consolidated |  | Regulated Water |  | Regulated Natural Gas |  | Other |  | Consolidated
Operating revenues |  | $ | 916,850 |  |  | 549,250 |  | $ | 15,630 |  | $ | 1,481,730 |  | $ | 871,563 |  | $ | 675,076 |  | $ | 27,766 |  | $ | 1,574,405
Operations and maintenance expense |  |  | 282,627 |  |  | 144,628 |  |  | (3,475) |  |  | 423,780 |  |  | 274,724 |  |  | 148,270 |  |  | (4,474) |  |  | 418,520
Purchased gas |  |  | - |  |  | 175,825 |  |  | 6,673 |  |  | 182,498 |  |  | - |  |  | 295,929 |  |  | 18,909 |  |  | 314,838
Depreciation and amortization |  |  | 172,696 |  |  | 99,361 |  |  | 994 |  |  | 273,051 |  |  | 161,393 |  |  | 93,457 |  |  | 640 |  |  | 255,490
Interest expense, net (a) |  |  | 104,334 |  |  | 68,346 |  |  | 47,825 |  |  | 220,505 |  |  | 91,103 |  |  | 67,894 |  |  | 48,712 |  |  | 207,709
Allowance for funds used during construction |  |  | (11,976) |  |  | (3,527) |  |  | - |  |  | (15,503) |  |  | (12,529) |  |  | (2,038) |  |  | - |  |  | (14,567)
Provision for income taxes (benefit) |  |  | 54,604 |  |  | (38,752) |  |  | (8,790) |  |  | 7,062 |  |  | 45,559 |  |  | (73,703) |  |  | (7,467) |  |  | (35,611)
Net income (loss) |  |  | 263,859 |  |  | 177,563 |  |  | (30,863) |  |  | 410,559 |  |  | 267,345 |  |  | 127,400 |  |  | (31,967) |  |  | 362,778
Capital expenditures |  |  | 495,259 |  |  | 436,807 |  |  | 432 |  |  | 932,498 |  |  | 493,851 |  |  | 377,562 |  |  | 3,078 |  |  | 874,491
(a)The regulated water and regulated natural gas segments report interest expense that includes long-term debt that was pushed-down to the regulated operating subsidiaries from Essential Utilities, Inc.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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