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REPORTING SEGMENT AND OTHER OPERATIONS DATA (Tables) | 12 Months Ended
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Sep. 30, 2022
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | Information related to the Company’s various reporting segments and other business operations is detailed below:
(Thousands) |  |  |
Fiscal Years Ended September 30, | 2022 | 2021 | 2020
Operating revenues |  |  |
Natural Gas Distribution |  |  |
External customers | $ | 1,127,417 |  | $ | 731,796 |  | $ | 729,923 |
Intercompany | 1,350 |  | — |  | — |
Clean Energy Ventures |  |  |
External customers | 128,280 |  | 95,275 |  | 102,617 |
Energy Services |  |  |
External customers (1) | 1,529,178 |  | 1,228,846 |  | 1,029,303 |
Intercompany | 94 |  | (426) |  | 1,116 |
Storage and Transportation |  |  |
External customers | 65,286 |  | 49,252 |  | 42,015 |
Intercompany | 2,449 |  | 1,768 |  | 2,713 |
Subtotal | 2,854,054 |  | 2,106,511 |  | 1,907,687 |
Home Services and Other |  |  |
External customers | 55,818 |  | 51,444 |  | 49,810 |
Intercompany | 364 |  | 785 |  | 1,207 |
Eliminations | (4,257) |  | (2,127) |  | (5,036) |
Total | $ | 2,905,979 |  | $ | 2,156,613 |  | $ | 1,953,668 |
Depreciation and amortization |  |  |
Natural Gas Distribution | $ | 94,579 |  | $ | 80,045 |  | $ | 71,883 |
Clean Energy Ventures | 21,396 |  | 20,567 |  | 25,329 |
Energy Services (2) | 148 |  | 111 |  | 123 |
Storage and Transportation | 12,302 |  | 9,960 |  | 9,293 |
Subtotal | 128,425 |  | 110,683 |  | 106,628 |
Home Services and Other | 824 |  | 980 |  | 1,032 |
Eliminations | — |  | (276) |  | (292) |
Total | $ | 129,249 |  | $ | 111,387 |  | $ | 107,368 |
Interest income (3) |  |  |
Natural Gas Distribution | $ | 895 |  | $ | 85 |  | $ | 538 |
Clean Energy Ventures | — |  | 241 |  | 240 |
Energy Services | 16 |  | 11 |  | 99 |
Storage and Transportation | 2,110 |  | 2,243 |  | 3,510 |
Subtotal | 3,021 |  | 2,580 |  | 4,387 |
Home Services and Other | 944 |  | 522 |  | 8,633 |
Eliminations | (1,249) |  | (935) |  | (10,061) |
Total | $ | 2,716 |  | $ | 2,167 |  | $ | 2,959 |
(1)Includes sales to Canada for Energy Services, which are $2.4 million, $75,000 and $584,000 in the fiscal years ended September 30, 2022, 2021 and 2020, respectively. (2)The amortization of acquired wholesale energy contracts is excluded above and is included in natural gas purchases - nonutility on the Consolidated Statements of Operations. (3)Included in other income, net on the Consolidated Statements of Operations.
(Thousands) |  |  |
Fiscal Years Ended September 30, | 2022 | 2021 | 2020
Interest expense, net of capitalized interest |  |  |
Natural Gas Distribution | $ | 46,394 |  | $ | 36,405 |  | $ | 30,975 |
Clean Energy Ventures | 21,968 |  | 22,548 |  | 20,253 |
Energy Services | 4,725 |  | 2,204 |  | 3,276 |
Storage and Transportation | 12,097 |  | 13,348 |  | 13,124 |
Subtotal | 85,184 |  | 74,505 |  | 67,628 |
Home Services and Other | 646 |  | 4,054 |  | 10,327 |
Eliminations | — |  | — |  | (10,358) |
Total | $ | 85,830 |  | $ | 78,559 |  | $ | 67,597 |
Income tax provision (benefit) |  |  |
Natural Gas Distribution | $ | 40,141 |  | $ | 19,054 |  | $ | 27,021 |
Clean Energy Ventures | 11,361 |  | 5,048 |  | 11,034 |
Energy Services | 21,776 |  | 18,371 |  | (3,615) |
Storage and Transportation | 1,879 |  | (10,043) |  | 4,247 |
Subtotal | 75,157 |  | 32,430 |  | 38,687 |
Home Services and Other | 1,059 |  | (196) |  | (2,478) |
Eliminations | (21) |  | 1,052 |  | 285 |
Total | $ | 76,195 |  | $ | 33,286 |  | $ | 36,494 |
Equity in earnings (loss) of affiliates |  |  |
Storage and Transportation | $ | 9,865 |  | $ | (81,072) |  | $ | 15,903 |
Eliminations | (1,688) |  | (2,140) |  | (1,592) |
Total | $ | 8,177 |  | $ | (83,212) |  | $ | 14,311 |
Net financial earnings (loss) |  |  |
Natural Gas Distribution | $ | 140,124 |  | $ | 107,375 |  | $ | 126,902 |
Clean Energy Ventures | 39,403 |  | 16,789 |  | 22,111 |
Energy Services | 39,121 |  | 71,117 |  | (7,873) |
Storage and Transportation | 22,454 |  | 13,046 |  | 18,311 |
Subtotal | 241,102 |  | 208,327 |  | 159,451 |
Home Services and Other | (781) |  | (826) |  | 5,784 |
Eliminations | — |  | 211 |  | 98 |
Total | $ | 240,321 |  | $ | 207,712 |  | $ | 165,333 |
Capital expenditures |  |  |
Natural Gas Distribution | $ | 298,374 |  | $ | 426,628 |  | $ | 290,040 |
Clean Energy Ventures | 146,676 |  | 87,852 |  | 133,841 |
Storage and Transportation | 151,988 |  | 107,500 |  | 20,998 |
Subtotal | 597,038 |  | 621,980 |  | 444,879 |
Home Services and Other | 1,390 |  | 2,630 |  | 3,230 |
Total | $ | 598,428 |  | $ | 624,610 |  | $ | 448,109 |
(Return of capital from) investments in equity investees |  |  |
Storage and Transportation | $ | (5,479) |  | $ | 690 |  | $ | 2,117 |
Total | $ | (5,479) |  | $ | 690 |  | $ | 2,117 |
Schedule of Assets for Business Segments and Other Business Operations | The Company’s assets for the various reporting segments and other business operations are detailed below:
(Thousands) | 2022 | 2021 | 2020
Assets at end of period: |  |  |
Natural Gas Distribution | $ | 4,030,686 |  | $ | 3,707,461 |  | $ | 3,531,477 |
Clean Energy Ventures | 1,015,065 |  | 914,788 |  | 814,277 |
Energy Services | 333,064 |  | 365,423 |  | 244,836 |
Storage and Transportation | 999,520 |  | 862,407 |  | 844,799 |
Subtotal | 6,378,335 |  | 5,850,079 |  | 5,435,389 |
Home Services and Other | 159,068 |  | 162,134 |  | 138,375 |
Intercompany assets (1) | (275,987) |  | (289,935) |  | (257,287) |
Total | $ | 6,261,416 |  | $ | 5,722,278 |  | $ | 5,316,477 |
(1)Consists of transactions between subsidiaries that are eliminated and reclassified in consolidation.
Reconciliation of Consolidated NFE to Consolidated Net Income | A reconciliation of consolidated NFE to consolidated net income is as follows:
(Thousands) | 2022 | 2021 | 2020
Net financial earnings | $ | 240,321 |  | $ | 207,712 |  | $ | 165,333 |
Less: |  |  |
Unrealized (gain) loss on derivative instruments and related transactions | (59,906) |  | 54,203 |  | (9,644) |
Tax effect | 14,248 |  | (12,887) |  | 2,296 |
Effects of economic hedging related to natural gas inventory | 19,939 |  | (42,405) |  | 12,690 |
Tax effect | (4,738) |  | 10,078 |  | (3,016) |
(Gain on) impairment of equity method investment | (5,521) |  | 92,000 |  | — |
Tax effect | 1,377 |  | (11,167) |  | — |
Net income | $ | 274,922 |  | $ | 117,890 |  | $ | 163,007 |

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