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REPORTING SEGMENT AND OTHER OPERATIONS DATA (Tables) | 6 Months Ended
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Mar. 31, 2019
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | Information related to the Company's various reporting segments and other operations is detailed below:
| Three Months Ended | Six Months Ended
| March 31, | March 31,
(Thousands) | 2019 | 2018 | 2019 | 2018
Operating revenues |  |  |  |
Natural Gas Distribution |  |  |  |
External customers | $ | 301,420 |  | $ | 317,064 |  | $ | 501,385 |  | $ | 526,851 |
Clean Energy Ventures |  |  |  |
External customers | 11,360 |  | 12,866 |  | 26,257 |  | 26,862 |
Energy Services |  |  |  |
External customers (1) | 541,794 |  | 681,475 |  | 1,126,754 |  | 1,153,646 |
Intercompany | 6,031 |  | 43,838 |  | 8,338 |  | 49,648 |
Subtotal | 860,605 |  | 1,055,243 |  | 1,662,734 |  | 1,757,007 |
Home Services and Other |  |  |  |
External customers | 11,681 |  | 7,638 |  | 23,626 |  | 16,989 |
Intercompany | 652 |  | 623 |  | 1,197 |  | 1,229 |
Eliminations | (6,683 | ) | (44,461 | ) | (9,535 | ) | (50,877 | )
Total | $ | 866,255 |  | $ | 1,019,043 |  | $ | 1,678,022 |  | $ | 1,724,348 |
Depreciation and amortization |  |  |  |
Natural Gas Distribution | $ | 13,972 |  | $ | 13,353 |  | $ | 27,868 |  | $ | 26,136 |
Clean Energy Ventures | 8,091 |  | 8,928 |  | 16,014 |  | 17,863 |
Energy Services (2) | 25 |  | 15 |  | 52 |  | 29 |
Midstream | 2 |  | 2 |  | 3 |  | 3 |
Subtotal | 22,090 |  | 22,298 |  | 43,937 |  | 44,031 |
Home Services and Other | 222 |  | 189 |  | 443 |  | 377 |
Eliminations | (1 | ) | (27 | ) | (237 | ) | (94 | )
Total | $ | 22,311 |  | $ | 22,460 |  | $ | 44,143 |  | $ | 44,314 |
Interest income (3) |  |  |  |
Natural Gas Distribution | $ | 181 |  | $ | 131 |  | $ | 380 |  | $ | 250 |
Energy Services | 14 |  | 106 |  | 14 |  | 106 |
Midstream | 945 |  | 771 |  | 2,001 |  | 1,435 |
Subtotal | 1,140 |  | 1,008 |  | 2,395 |  | 1,791 |
Home Services and Other | 669 |  | 354 |  | 1,105 |  | 558 |
Eliminations | (1,390 | ) | (1,168 | ) | (2,882 | ) | (2,099 | )
Total | $ | 419 |  | $ | 194 |  | $ | 618 |  | $ | 250 |
(1) | Includes sales to Canada, which are immaterial.
(2) | The amortization of acquired wholesale energy contracts is excluded above and is included in gas purchases - nonutility on the Unaudited Condensed Consolidated Statements of Operations.
(3) | Included in other income, net on the Unaudited Condensed Consolidated Statements of Operations.
| Three Months Ended | Six Months Ended
| March 31, | March 31,
(Thousands) | 2019 | 2018 | 2019 | 2018
Interest expense, net of capitalized interest |  |  |  |
Natural Gas Distribution | $ | 5,762 |  | $ | 6,523 |  | $ | 11,865 |  | $ | 13,059 |
Clean Energy Ventures | 4,657 |  | 4,344 |  | 10,085 |  | 8,552 |
Energy Services | 1,624 |  | 1,203 |  | 3,511 |  | 2,460 |
Midstream | 565 |  | 385 |  | 1,108 |  | 694 |
Subtotal | 12,608 |  | 12,455 |  | 26,569 |  | 24,765 |
Home Services and Other | 611 |  | 21 |  | 1,003 |  | 111 |
Eliminations | (710 | ) | (678 | ) | (1,577 | ) | (1,173 | )
Total | $ | 12,509 |  | $ | 11,798 |  | $ | 25,995 |  | $ | 23,703 |
Income tax provision (benefit) |  |  |  |
Natural Gas Distribution | $ | 12,266 |  | $ | 17,991 |  | $ | 18,096 |  | $ | 29,695 |
Clean Energy Ventures | (14,042 | ) | (12,722 | ) | (37,246 | ) | (86,710 | )
Energy Services | (1,388 | ) | 23,965 |  | 8,256 |  | 37,708 |
Midstream | 1,219 |  | 3,131 |  | 2,181 |  | (9,712 | )
Subtotal | (1,945 | ) | 32,365 |  | (8,713 | ) | (29,019 | )
Home Services and Other | (659 | ) | (1,281 | ) | (851 | ) | 10,417 |
Eliminations | (348 | ) | (183 | ) | (349 | ) | (665 | )
Total | $ | (2,952 | ) | $ | 30,901 |  | $ | (9,913 | ) | $ | (19,267 | )
Equity in earnings of affiliates |  |  |  |
Midstream | $ | 3,998 |  | $ | 4,068 |  | $ | 7,799 |  | $ | 8,197 |
Eliminations | (627 | ) | (875 | ) | (1,267 | ) | (1,740 | )
Total | $ | 3,371 |  | $ | 3,193 |  | $ | 6,532 |  | $ | 6,457 |
Net financial earnings (loss) |  |  |  |
Natural Gas Distribution | $ | 68,546 |  | $ | 60,442 |  | $ | 100,259 |  | $ | 94,551 |
Clean Energy Ventures | 21,730 |  | 10,051 |  | 31,935 |  | 81,301 |
Energy Services | 19,304 |  | 72,832 |  | 27,674 |  | 93,106 |
Midstream | 4,498 |  | 1,315 |  | 8,149 |  | 18,826 |
Subtotal | 114,078 |  | 144,640 |  | 168,017 |  | 287,784 |
Home Services and Other | (1,581 | ) | (2,488 | ) | (1,505 | ) | (10,204 | )
Eliminations | (80 | ) | (90 | ) | (2 | ) | (185 | )
Total | $ | 112,417 |  | $ | 142,062 |  | $ | 166,510 |  | $ | 277,395 |
Capital expenditures |  |  |  |
Natural Gas Distribution | $ | 79,341 |  | $ | 55,397 |  | $ | 139,096 |  | $ | 102,787 |
Clean Energy Ventures | 20,394 |  | 40,605 |  | 52,520 |  | 58,992 |
Midstream | (1,689 | ) | — |  | — |  | — |
Subtotal | 98,046 |  | 96,002 |  | 191,616 |  | 161,779 |
Home Services and Other | 5,055 |  | 1,846 |  | 5,786 |  | 3,159 |
Total | $ | 103,101 |  | $ | 97,848 |  | $ | 197,402 |  | $ | 164,938 |
Investments in equity investees |  |  |  |
Midstream | $ | 1,457 |  | $ | 3,975 |  | $ | 1,457 |  | $ | 11,177 |
Total | $ | 1,457 |  | $ | 3,975 |  | $ | 1,457 |  | $ | 11,177 |
Reconciliation of Consolidated NFE to Consolidated Net Income | A reconciliation of consolidated NFE to consolidated net income is as follows:
| Three Months Ended | Six Months Ended
| March 31, | March 31,
(Thousands) | 2019 | 2018 | 2019 | 2018
Net financial earnings (1) | $ | 112,417 |  | $ | 142,062 |  | $ | 166,510 |  | $ | 277,395 |
Less: |  |  |  |
Unrealized loss (gain) on derivative instruments and related transactions | 10,226 |  | (11,608 | ) | (707 | ) | 23,246 |
Tax effect | (2,435 | ) | 4,716 |  | 149 |  | (3,343 | )
Effects of economic hedging related to natural gas inventory | 22,367 |  | 6,125 |  | 756 |  | (19,262 | )
Tax effect | (5,316 | ) | (1,715 | ) | (180 | ) | 6,529 |
NFE tax adjustment | 14,002 |  | 4,278 |  | 6,671 |  | 6,260 |
Net income (1) | $ | 73,573 |  | $ | 140,266 |  | $ | 159,821 |  | $ | 263,965 |
(1) | Includes income tax benefit related to the Tax Act of $967,000 and $58.5 million, for the three and six months ended March 31, 2018, respectively.
Reconciliation of Assets from Segment to Consolidated | The Company's assets for the various business segments and business operations are detailed below:
(Thousands) | March 31, 2019 | September 30, 2018
Assets at end of period: |  |
Natural Gas Distribution | $ | 2,790,221 |  | $ | 2,663,054 |
Clean Energy Ventures (1) | 721,162 |  | 865,018 |
Energy Services | 320,476 |  | 396,852 |
Midstream | 218,557 |  | 242,069 |
Subtotal | 4,050,416 |  | 4,166,993 |
Home Services and Other | 195,381 |  | 114,732 |
Intercompany assets (2) | (155,824 | ) | (138,061 | )
Total | $ | 4,089,973 |  | $ | 4,143,664 |
(1) | Includes assets held for sale of $206.9 million for September 30, 2018.
(2) | Consists of transactions between subsidiaries that are eliminated and reclassified in consolidation.

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