XML 37 R23.htm IDEA: XBRL DOCUMENT
v3.25.2

Segment Information | 6 Months Ended
--- | ---
Jun. 30, 2025
Segment Information [Abstract] |
Segment Information | Note 13 – Segment Information The Company identifies a business as an operating segment if: i) it engages in business activities from which it may earn revenues and incur expenses; ii) its operating results are regularly reviewed by the chief operating decision maker (“CODM”), who is the Company’s Chief Executive Officer, to make decisions about resources to be allocated to the segment and assess its performance; and iii) it has available discrete financial information. The CODM reviews financial information, such as budget-to-actual variances and comparisons against prior period, at the operating segment level, and uses that information when making decisions about the allocation of operating and capital resources to each segment. The CODM evaluates the performance of the Company’s reportable segments based on a number of factors, the primary measure being the net income (loss) of each segment. 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 the Company’s natural gas utility companies, which provide natural gas distribution to retail, commercial, and industrial customers. In addition to the Company’s two reportable segments, the Company includes two operating segments within the Other category below. These segments are not quantitatively significant and are comprised of its non-regulated natural gas operations and Aqua Resources. 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 and reconciliations to consolidated amounts. 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 |  | Three Months Ended
|  | June 30, 2025 |  | June 30, 2024
|  | Regulated Water |  | Regulated Natural Gas |  | Total Reportable Segments |  | Other and Elims |  | Consolidated |  | Regulated Water |  | Regulated Natural Gas |  | Total Reportable Segments |  | Other and Elims |  | Consolidated
Revenues from external customers |  | $ | 332,282 |  | $ | 176,761 |  | $ | 509,043 |  | $ | 5,864 |  | $ | 514,907 |  | $ | 302,479 |  | $ | 127,801 |  | $ | 430,280 |  | $ | 4,126 |  | $ | 434,406
Intersegment revenues |  |  | - |  |  | 560 |  |  | 560 |  |  | (560) |  |  | - |  |  | - |  |  | 387 |  |  | 387 |  |  | (387) |  |  | -
Total operating revenues |  | $ | 332,282 |  | $ | 177,321 |  | $ | 509,603 |  | $ | 5,304 |  | $ | 514,907 |  | $ | 302,479 |  | $ | 128,188 |  | $ | 430,667 |  | $ | 3,739 |  | $ | 434,406
Operations and maintenance expense |  | $ | 100,149 |  | $ | 49,786 |  | $ | 149,935 |  | $ | (1,425) |  | $ | 148,510 |  | $ | 95,575 |  | $ | 49,709 |  | $ | 145,284 |  | $ | (2,772) |  | $ | 142,512
Purchased gas |  | $ | - |  | $ | 53,532 |  | $ | 53,532 |  | $ | 3,203 |  | $ | 56,735 |  | $ | - |  | $ | 32,680 |  | $ | 32,680 |  | $ | 1,048 |  | $ | 33,728
Depreciation and amortization |  | $ | 64,731 |  | $ | 38,299 |  | $ | 103,030 |  | $ | 489 |  | $ | 103,519 |  | $ | 57,625 |  | $ | 32,632 |  | $ | 90,257 |  | $ | 389 |  | $ | 90,646
Taxes other than income taxes |  | $ | 17,655 |  | $ | 2,491 |  | $ | 20,146 |  | $ | 726 |  | $ | 20,872 |  | $ | 16,425 |  | $ | 5,103 |  | $ | 21,528 |  | $ | 705 |  | $ | 22,233
Interest expense, net |  | $ | 37,032 |  | $ | 25,833 |  | $ | 62,865 |  | $ | 16,643 |  | $ | 79,508 |  | $ | 34,450 |  | $ | 20,869 |  | $ | 55,319 |  | $ | 17,450 |  | $ | 72,769
Allowance for funds used during construction |  | $ | (5,622) |  | $ | (1,405) |  | $ | (7,027) |  | $ | - |  | $ | (7,027) |  | $ | (3,962) |  | $ | (1,267) |  | $ | (5,229) |  | $ | - |  | $ | (5,229)
Gain on sale of other assets |  | $ | (256) |  | $ | - |  | $ | (256) |  | $ | - |  | $ | (256) |  | $ | (197) |  | $ | - |  | $ | (197) |  | $ | (6) |  | $ | (203)
Other segment items (b) |  | $ | 273 |  | $ | (127) |  | $ | 146 |  | $ | 501 |  | $ | 647 |  | $ | 379 |  | $ | 9 |  | $ | 388 |  | $ | 313 |  | $ | 701
Provision for income taxes (benefit) |  | $ | 17,840 |  | $ | (8,604) |  | $ | 9,236 |  | $ | (4,664) |  | $ | 4,572 |  | $ | 14,505 |  | $ | (9,830) |  | $ | 4,675 |  | $ | (2,811) |  | $ | 1,864
Net income (loss) |  | $ | 100,480 |  | $ | 17,516 |  | $ | 117,996 |  | $ | (10,169) |  | $ | 107,827 |  | $ | 87,679 |  | $ | (1,717) |  | $ | 85,962 |  | $ | (10,577) |  | $ | 75,385
|  | Six Months Ended |  | Six Months Ended
|  | June 30, 2025 |  | June 30, 2024
|  | Regulated Water |  | Regulated Natural Gas |  | Total Reportable Segments |  | Other and Elims |  | Consolidated |  | Regulated Water |  | Regulated Natural Gas |  | Total Reportable Segments |  | Other and Elims |  | Consolidated
Revenues from external customers |  | $ | 633,130 |  | $ | 646,212 |  | $ | 1,279,342 |  | $ | 19,191 |  | $ | 1,298,533 |  | $ | 582,372 |  | $ | 451,133 |  | $ | 1,033,505 |  | $ | 12,970 |  | $ | 1,046,475
Intersegment revenues |  |  | - |  |  | 1,906 |  |  | 1,906 |  |  | (1,906) |  |  | - |  |  | - |  |  | 1,386 |  |  | 1,386 |  |  | (1,386) |  |  | -
Total operating revenues |  | $ | 633,130 |  | $ | 648,118 |  | $ | 1,281,248 |  | $ | 17,285 |  | $ | 1,298,533 |  | $ | 582,372 |  | $ | 452,519 |  | $ | 1,034,891 |  | $ | 11,584 |  | $ | 1,046,475
Operations and maintenance expense |  | $ | 189,567 |  | $ | 105,461 |  | $ | 295,028 |  | $ | (8,694) |  | $ | 286,334 |  | $ | 186,258 |  | $ | 95,626 |  | $ | 281,884 |  | $ | (2,472) |  | $ | 279,412
Purchased gas |  | $ | - |  | $ | 230,491 |  | $ | 230,491 |  | $ | 10,885 |  | $ | 241,376 |  | $ | - |  | $ | 158,222 |  | $ | 158,222 |  | $ | 5,181 |  | $ | 163,403
Depreciation and amortization |  | $ | 125,360 |  | $ | 76,638 |  | $ | 201,998 |  | $ | 898 |  | $ | 202,896 |  | $ | 114,819 |  | $ | 65,043 |  | $ | 179,862 |  | $ | 588 |  | $ | 180,450
Taxes other than income taxes |  | $ | 33,247 |  | $ | 8,245 |  | $ | 41,492 |  | $ | 2,259 |  | $ | 43,751 |  | $ | 32,749 |  | $ | 12,323 |  | $ | 45,072 |  | $ | 2,185 |  | $ | 47,257
Interest expense, net |  | $ | 73,595 |  | $ | 51,973 |  | $ | 125,568 |  | $ | 35,776 |  | $ | 161,344 |  | $ | 69,240 |  | $ | 46,225 |  | $ | 115,465 |  | $ | 29,588 |  | $ | 145,053
Allowance for funds used during construction |  | $ | (10,354) |  | $ | (2,505) |  | $ | (12,859) |  | $ | - |  | $ | (12,859) |  | $ | (7,650) |  | $ | (2,260) |  | $ | (9,910) |  | $ | - |  | $ | (9,910)
Gain on sale of other assets (a) |  | $ | (493) |  | $ | - |  | $ | (493) |  | $ | - |  | $ | (493) |  | $ | (241) |  | $ | (91,581) |  | $ | (91,822) |  | $ | (6) |  | $ | (91,828)
Other segment items (b) |  | $ | 537 |  | $ | (254) |  | $ | 283 |  | $ | 308 |  | $ | 591 |  | $ | 299 |  | $ | (322) |  | $ | (23) |  | $ | 282 |  | $ | 259
Provision for income taxes (benefit) |  | $ | 13,269 |  | $ | (28,952) |  | $ | (15,683) |  | $ | (340) |  | $ | (16,023) |  | $ | 35,315 |  | $ | (38,980) |  | $ | (3,665) |  | $ | (5,113) |  | $ | (8,778)
Net income (loss) |  | $ | 208,402 |  | $ | 207,021 |  | $ | 415,423 |  | $ | (23,807) |  | $ | 391,616 |  | $ | 151,583 |  | $ | 208,223 |  | $ | 359,806 |  | $ | (18,649) |  | $ | 341,157
Capital expenditures |  | $ | 316,378 |  | $ | 296,251 |  | $ | 612,629 |  | $ | - |  | $ | 612,629 |  | $ | 302,085 |  | $ | 246,783 |  | $ | 548,868 |  | $ | - |  | $ | 548,868
(a) Refer to Note 4 – Dispositions for additional information. (b) Other segment items mainly consists of the non-service cost component of pension and other postretirement benefits for our regulated segments.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration