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REPORTING SEGMENT AND OTHER OPERATIONS DATA (Tables) | 6 Months Ended
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Mar. 31, 2022
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) | 2022 | 2021 | 2022 | 2021
Operating revenues |  |  |  |
Natural Gas Distribution |  |  |  |
External customers | $ | 463,474 |  | $ | 310,167 |  | $ | 737,909 |  | $ | 505,896 |
Intercompany | 338 |  | — |  | 675 |  | — |
Clean Energy Ventures |  |  |  |
External customers | 11,827 |  | 6,476 |  | 22,010 |  | 12,846 |
Energy Services |  |  |  |
External customers (1) | 411,069 |  | 459,766 |  | 776,857 |  | 687,115 |
Intercompany | 1,576 |  | 2,803 |  | 5,032 |  | 4,931 |
Storage and Transportation |  |  |  |
External customers | 12,805 |  | 13,257 |  | 24,389 |  | 25,704 |
Intercompany | 537 |  | 669 |  | 1,096 |  | 1,326 |
Subtotal | 901,626 |  | 793,138 |  | 1,567,968 |  | 1,237,818 |
Home Services and Other |  |  |  |
External customers | 13,141 |  | 12,521 |  | 26,993 |  | 24,931 |
Intercompany | 81 |  | 252 |  | 180 |  | 419 |
Eliminations | (2,532) |  | (3,724) |  | (6,983) |  | (6,676) |
Total | $ | 912,316 |  | $ | 802,187 |  | $ | 1,588,158 |  | $ | 1,256,492 |
Depreciation and amortization |  |  |  |
Natural Gas Distribution | $ | 23,344 |  | $ | 19,475 |  | $ | 46,237 |  | $ | 38,644 |
Clean Energy Ventures | 5,311 |  | 4,685 |  | 10,544 |  | 10,118 |
Energy Services (2) | 32 |  | 13 |  | 60 |  | 55 |
Storage and Transportation | 2,571 |  | 2,364 |  | 4,704 |  | 5,004 |
Subtotal | 31,258 |  | 26,537 |  | 61,545 |  | 53,821 |
Home Services and Other | 203 |  | 227 |  | 407 |  | 487 |
Eliminations | (26) |  | 84 |  | (124) |  | (98) |
Total | $ | 31,435 |  | $ | 26,848 |  | $ | 61,828 |  | $ | 54,210 |
Interest income (3) |  |  |  |
Natural Gas Distribution | $ | 191 |  | $ | 76 |  | $ | 384 |  | $ | 158 |
Clean Energy Ventures | — |  | 240 |  | — |  | 240 |
Storage and Transportation | 381 |  | 851 |  | 758 |  | 1,545 |
Subtotal | 572 |  | 1,167 |  | 1,142 |  | 1,943 |
Home Services and Other | 147 |  | 127 |  | 302 |  | 259 |
Eliminations | (231) |  | (237) |  | (455) |  | (476) |
Total | $ | 488 |  | $ | 1,057 |  | $ | 989 |  | $ | 1,726 |
(1)Includes sales to Canada for the Energy Services segment, which are immaterial. (2)The amortization of acquired wholesale energy contracts is excluded above and is included in natural 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) | 2022 | 2021 | 2022 | 2021
Interest expense, net of capitalized interest |  |  |  |
Natural Gas Distribution | $ | 10,764 |  | $ | 9,006 |  | $ | 21,759 |  | $ | 17,980 |
Clean Energy Ventures | 5,395 |  | 5,266 |  | 10,822 |  | 10,300 |
Energy Services | 795 |  | 575 |  | 1,470 |  | 1,255 |
Storage and Transportation | 1,847 |  | 3,578 |  | 3,983 |  | 7,560 |
Subtotal | 18,801 |  | 18,425 |  | 38,034 |  | 37,095 |
Home Services and Other | 125 |  | 1,728 |  | 369 |  | 2,844 |
Total | $ | 18,926 |  | $ | 20,153 |  | $ | 38,403 |  | $ | 39,939 |
Income tax provision (benefit) |  |  |  |
Natural Gas Distribution | $ | 29,689 |  | $ | 15,622 |  | $ | 42,893 |  | $ | 23,989 |
Clean Energy Ventures | (1,952) |  | (2,714) |  | (3,998) |  | (5,800) |
Energy Services | (790) |  | 23,128 |  | 19,715 |  | 35,250 |
Storage and Transportation | 714 |  | 873 |  | 1,057 |  | 1,519 |
Subtotal | 27,661 |  | 36,909 |  | 59,667 |  | 54,958 |
Home Services and Other | 256 |  | (59) |  | 502 |  | 59 |
Eliminations | 893 |  | 2,207 |  | (552) |  | 1,481 |
Total | $ | 28,810 |  | $ | 39,057 |  | $ | 59,617 |  | $ | 56,498 |
Equity in earnings of affiliates |  |  |  |
Storage and Transportation | $ | 1,256 |  | $ | 3,386 |  | $ | 2,312 |  | $ | 6,579 |
Eliminations | (487) |  | (582) |  | (968) |  | (1,100) |
Total | $ | 769 |  | $ | 2,804 |  | $ | 1,344 |  | $ | 5,479 |
Net financial earnings (loss) |  |  |  |
Natural Gas Distribution | $ | 102,783 |  | $ | 80,541 |  | $ | 153,863 |  | $ | 130,008 |
Clean Energy Ventures | (6,491) |  | (8,872) |  | (13,312) |  | (19,146) |
Energy Services | 29,940 |  | 96,528 |  | 47,507 |  | 98,028 |
Storage and Transportation | 4,625 |  | 4,711 |  | 7,587 |  | 8,219 |
Subtotal | 130,857 |  | 172,908 |  | 195,645 |  | 217,109 |
Home Services and Other | 451 |  | 747 |  | 898 |  | 685 |
Eliminations | (1,102) |  | (3,051) |  | (567) |  | (2,533) |
Total | $ | 130,206 |  | $ | 170,604 |  | $ | 195,976 |  | $ | 215,261 |
Capital expenditures |  |  |  |
Natural Gas Distribution | $ | 52,000 |  | $ | 97,239 |  | $ | 125,464 |  | $ | 176,485 |
Clean Energy Ventures | 41,176 |  | 18,549 |  | 66,556 |  | 40,884 |
Storage and Transportation | 43,673 |  | 20,094 |  | 109,048 |  | 27,707 |
Subtotal | 136,849 |  | 135,882 |  | 301,068 |  | 245,076 |
Home Services and Other | 163 |  | 125 |  | 242 |  | 811 |
Total | $ | 137,012 |  | $ | 136,007 |  | $ | 301,310 |  | $ | 245,887 |
Investments in (return of capital from) equity investees |  |  |  |
Storage and Transportation | $ | (4,000) |  | $ | 196 |  | $ | (4,000) |  | $ | 482 |
Total | $ | (4,000) |  | $ | 196 |  | $ | (4,000) |  | $ | 482 |
Schedule of Assets for Business Segments and Business Operations | The Company's assets for the various reporting segments and business operations are detailed below:
(Thousands) | March 31, 2022 | September 30, 2021
Assets at end of period: |  |
Natural Gas Distribution | $ | 3,844,036 |  | $ | 3,707,461 |
Clean Energy Ventures | 970,599 |  | 914,788 |
Energy Services | 248,112 |  | 365,423 |
Storage and Transportation | 965,615 |  | 862,407 |
Subtotal | 6,028,362 |  | 5,850,079 |
Home Services and Other | 136,300 |  | 162,134 |
Intercompany assets (1) | (294,658) |  | (289,935) |
Total | $ | 5,870,004 |  | $ | 5,722,278 |
(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:
| Three Months Ended | Six Months Ended
| March 31, | March 31,
(Thousands) | 2022 | 2021 | 2022 | 2021
Net financial earnings | $ | 130,206 |  | $ | 170,604 |  | $ | 195,976 |  | $ | 215,261 |
Less: |  |  |  |
Unrealized loss (gain) on derivative instruments and related transactions | 42,022 |  | 29,255 |  | (40,169) |  | (8,235) |
Tax effect | (9,980) |  | (6,954) |  | 9,556 |  | 1,958 |
Effects of economic hedging related to natural gas inventory | 1,155 |  | (7,209) |  | 24,732 |  | (14,741) |
Tax effect | (274) |  | 1,713 |  | (5,877) |  | 3,503 |
NFE tax adjustment | 1,248 |  | 3,990 |  | 387 |  | 1,922 |
Net income | $ | 96,035 |  | $ | 149,809 |  | $ | 207,347 |  | $ | 230,854 |

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