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Business Segment Information
 12 Months Ended
Dec. 31, 2022
Segment Reporting Information, Additional Information [Abstract]  
Business Segment Information
(16)
BUSINESS SEGMENT INFORMATION

 

Our Chief Executive Officer, who is considered to be our CODM, reviews financial information presented on an operating segment basis for purposes of making decisions, allocating resources and assessing financial performance. Our operating segments are based on our method of internal reporting, which is generally segregated by differences in products and services. All of our operations and assets are located within the United States.

 

Our Electric Utilities segment includes the operating results of the regulated electric utility operations of Colorado Electric, South Dakota Electric, and Wyoming Electric, which supply regulated electric utility services to areas in Colorado, Montana, South Dakota and Wyoming. We also own and operate non-regulated power generation and mining businesses that are vertically integrated with our Electric Utilities.

 

Our Gas Utilities segment consists of the operating results of our regulated natural gas utility subsidiaries in Arkansas, Colorado, Iowa, Kansas, Nebraska and Wyoming.

 

Corporate and Other represents certain unallocated expenses for administrative activities that support our operating segments. Corporate and Other also includes business development activities that are not part of our operating segments.

 

Our CODM assesses the performance of our operating segments based on operating income. Our operating segments are equivalent to our reportable segments.

 

Segment information was as follows (in thousands):

 

 

 

Consolidating Income Statement

 

Year ended December 31, 2022

 

Electric Utilities

 

 

Gas Utilities

 

 

Corporate

 

 

Inter-Company
Eliminations

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contracts with customers

 

$

882,899

 

 

$

1,659,957

 

 

$

—

 

 

$

—

 

 

$

2,542,856

 

Other revenues

 

 

5,548

 

 

 

3,412

 

 

 

—

 

 

 

—

 

 

 

8,960

 

 

 

 

888,447

 

 

 

1,663,369

 

 

 

—

 

 

 

—

 

 

 

2,551,816

 

Inter-company operating revenue -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contracts with customers

 

 

11,715

 

 

 

5,292

 

 

 

538

 

 

 

(17,545

)

 

 

—

 

Other revenues

 

 

—

 

 

 

429

 

 

 

368,201

 

 

 

(368,630

)

 

 

—

 

 

 

 

11,715

 

 

 

5,721

 

 

 

368,739

 

 

 

(386,175

)

 

 

—

 

Total revenue

 

 

900,162

 

 

 

1,669,090

 

 

 

368,739

 

 

 

(386,175

)

 

 

2,551,816

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel, purchased power and cost of natural gas sold

 

 

266,284

 

 

 

965,108

 

 

 

(11

)

 

 

(831

)

 

 

1,230,550

 

Operations and maintenance, including taxes

 

 

283,654

 

 

 

345,143

 

 

 

309,773

 

 

 

(323,457

)

 

 

615,113

 

Depreciation, depletion and amortization

 

 

135,966

 

 

 

114,679

 

 

 

26,964

 

 

 

(26,700

)

 

 

250,909

 

Operating income (loss)

 

$

214,258

 

 

$

244,160

 

 

$

32,013

 

 

$

(35,187

)

 

$

455,244

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(160,989

)

Impairment of investment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—

 

Other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,708

 

Income tax benefit (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25,205

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

270,758

 

Net income attributable to non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,371

)

Net income available for common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

$

258,387

 

 

 

 

Consolidating Income Statement

 

Year ended December 31, 2021

 

Electric Utilities

 

 

Gas Utilities

 

 

Corporate

 

 

Inter-Company Eliminations

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contracts with customers

 

$

825,404

 

 

$

1,105,430

 

 

$

—

 

 

$

—

 

 

$

1,930,834

 

Other revenues

 

 

5,336

 

 

 

12,932

 

 

 

—

 

 

 

—

 

 

 

18,268

 

 

 

 

830,740

 

 

 

1,118,362

 

 

 

—

 

 

 

—

 

 

 

1,949,102

 

Inter-company operating revenue -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contracts with customers

 

 

11,518

 

 

 

6,110

 

 

 

196

 

 

 

(17,824

)

 

 

—

 

Other revenues

 

 

—

 

 

 

393

 

 

 

356,151

 

 

 

(356,544

)

 

 

—

 

 

 

 

11,518

 

 

 

6,503

 

 

 

356,347

 

 

 

(374,368

)

 

 

—

 

Total revenue

 

 

842,258

 

 

 

1,124,865

 

 

 

356,347

 

 

 

(374,368

)

 

 

1,949,102

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel, purchased power and cost of natural gas sold

 

 

248,018

 

 

 

494,738

 

 

 

96

 

 

 

(918

)

 

 

741,934

 

Operations and maintenance, including taxes

 

 

260,036

 

 

 

314,810

 

 

 

293,265

 

 

 

(306,325

)

 

 

561,786

 

Depreciation, depletion and amortization

 

 

131,528

 

 

 

104,160

 

 

 

26,838

 

 

 

(26,573

)

 

 

235,953

 

Operating income (loss)

 

$

202,676

 

 

$

211,157

 

 

$

36,148

 

 

$

(40,552

)

 

$

409,429

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(152,404

)

Impairment of investment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—

 

Other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,404

 

Income tax benefit (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,169

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

251,260

 

Net income attributable to non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14,516

)

Net income available for common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

$

236,744

 

 

 

 

Consolidating Income Statement

 

Year ended December 31, 2020

 

Electric Utilities

 

 

Gas Utilities

 

 

Corporate

 

 

Inter-Company Eliminations

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contracts with customers

 

$

721,108

 

 

$

959,696

 

 

$

—

 

 

$

—

 

 

$

1,680,804

 

Other revenues

 

 

6,175

 

 

 

9,962

 

 

 

—

 

 

 

—

 

 

 

16,137

 

 

 

 

727,283

 

 

 

969,658

 

 

 

—

 

 

 

—

 

 

 

1,696,941

 

Inter-company operating revenue -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contracts with customers

 

 

11,574

 

 

 

4,724

 

 

 

167

 

 

 

(16,465

)

 

 

—

 

Other revenues

 

 

—

 

 

 

288

 

 

 

352,976

 

 

 

(353,264

)

 

 

—

 

 

 

 

11,574

 

 

 

5,012

 

 

 

353,143

 

 

 

(369,729

)

 

 

—

 

Total revenue

 

 

738,857

 

 

 

974,670

 

 

 

353,143

 

 

 

(369,729

)

 

 

1,696,941

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel, purchased power and cost of natural gas sold

 

 

138,572

 

 

 

354,645

 

 

 

83

 

 

 

(896

)

 

 

492,404

 

Operations and maintenance, including taxes

 

 

265,679

 

 

 

303,577

 

 

 

284,501

 

 

 

(301,980

)

 

 

551,777

 

Depreciation, depletion and amortization

 

 

123,632

 

 

 

100,559

 

 

 

25,150

 

 

 

(24,884

)

 

 

224,457

 

Operating income (loss)

 

$

210,974

 

 

$

215,889

 

 

$

43,409

 

 

$

(41,969

)

 

$

428,303

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(143,470

)

Impairment of investment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,859

)

Other income (expense), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,293

)

Income tax benefit (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(32,918

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

242,763

 

Net income attributable to non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,155

)

Net income available for common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

$

227,608

 

 

Total Assets (net of intercompany eliminations) as of December 31,

 

2022

 

 

2021

 

Electric Utilities

 

$

3,929,721

 

 

$

3,796,662

 

Gas Utilities

 

 

5,578,282

 

 

 

5,246,370

 

Corporate and Other

 

 

110,227

 

 

 

88,864

 

Total assets

 

$

9,618,230

 

 

$

9,131,896

 

 

Capital Expenditures (a) for the years ended December 31,

 

2022

 

 

2021

 

 

2020

 

Electric Utilities

 

$

243,133

 

 

$

285,770

 

 

$

288,683

 

Gas Utilities

 

 

349,438

 

 

 

383,320

 

 

 

449,209

 

Corporate and Other

 

 

5,097

 

 

 

10,500

 

 

 

17,500

 

Total capital expenditures

 

$

597,668

 

 

$

679,590

 

 

$

755,392

 

 

(a)
Includes accruals for property, plant and equipment as disclosed in the Supplemental Cash Flow Information to the Consolidated Statement of Cash Flows.