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Business Description And Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Accounts Receivable and Allowance for Doubtful Accounts

Following is a summary of accounts receivable as of December 31 (in millions):

 

2023

 

2022

 

Billed Accounts Receivable

$

198.5

 

$

267.6

 

Unbilled Revenue

 

154.0

 

 

243.6

 

Less Allowance for Credit Losses

 

(2.2

)

 

(3.0

)

Accounts Receivable, net

$

350.3

 

$

508.2

 

 
Financing Receivable, Current, Allowance for Credit Loss

Changes to allowance for credit losses for the years ended December 31, were as follows (in millions):

 

Balance at
Beginning of Year

 

Additions
Charged to Costs and Expenses

 

Recoveries and
Other Additions

 

Write-offs and
Other Deductions

 

Balance at
End of Year

 

2023

$

3.0

 

$

8.7

 

$

4.1

 

$

(13.6

)

$

2.2

 

2022

$

2.1

 

$

9.1

 

$

3.5

 

$

(11.7

)

$

3.0

 

2021

$

7.0

 

$

2.4

 

$

3.6

 

$

(10.9

)

$

2.1

 

 
Materials, Supplies and Fuel

The following amounts by major classification are included in Materials, supplies and fuel on the accompanying Consolidated Balance Sheets as of December 31 (in millions):

 

2023

 

2022

 

Materials and supplies

$

105.9

 

$

99.7

 

Fuel

 

7.7

 

 

3.1

 

Natural gas in storage

 

47.3

 

 

104.6

 

Total materials, supplies and fuel

$

160.9

 

$

207.4

 

 
Property, Plant and Equipment (AFUDC) The following table presents AFUDC amounts (in millions) for the years ended December 31:

 

Income Statement Location

2023

 

2022

 

2021

 

AFUDC Borrowed

Interest expense incurred, net of amounts capitalized

$

6.0

 

$

5.6

 

$

4.1

 

AFUDC Equity

Other income (expense), net

 

0.4

 

 

0.6

 

 

0.6

 
Goodwill

As of December 31, 2023 and 2022, Goodwill balances were as follows (in millions):

 

Electric Utilities

 

Gas Utilities

 

Total

 

Goodwill

$

257.3

 

$

1,042.2

 

$

1,299.5

 
Intangible Assets Changes to intangible assets for the years ended December 31, were as follows (in millions):

 

2023

 

2022

 

2021

 

Intangible assets, net, beginning balance

$

9.6

 

$

10.8

 

$

11.9

 

Amortization expense (a)

 

(1.2

)

 

(1.2

)

 

(1.1

)

Intangible assets, net, ending balance

$

8.4

 

$

9.6

 

$

10.8

 

 

(a)
Amortization expense for existing intangible assets is expected to be $1.2 million for each year of the next five years.
Schedule of Accrued Liabilities

The following amounts by major classification are included in Accrued liabilities on the accompanying Consolidated Balance Sheets as of December 31 (in millions):

 

2023

 

2022

 

Accrued employee compensation, benefits and withholdings

$

74.8

 

$

62.9

 

Accrued property taxes

 

52.7

 

 

52.4

 

Customer deposits and prepayments

 

76.0

 

 

47.7

 

Accrued interest

 

46.3

 

 

33.8

 

Other (none of which is individually significant)

 

43.5

 

 

46.7

 

Total accrued liabilities

$

293.3

 

$

243.5

 

 
Earnings Per Share of Common Stock

A reconciliation of share amounts used to compute earnings per share is as follows for the years ended December 31 (in millions, except earnings per share amounts):

 

2023

 

2022

 

2021

 

Net income available for common stock

$

262.2

 

$

258.4

 

$

236.7

 

 

 

 

 

 

 

Weighted average shares - basic

 

67.0

 

 

64.9

 

 

63.2

 

Dilutive effect of equity compensation

 

0.1

 

 

0.1

 

 

0.1

 

Weighted average shares - diluted

 

67.1

 

 

65.0

 

 

63.3

 

 

 

 

 

 

 

Net income available for common stock, per share - Diluted

$

3.91

 

$

3.97

 

$

3.74

 

 
Antidilutive Securities

The following securities were excluded from the diluted earnings per share computation for the years ended December 31 because of their anti-dilutive nature:

 

2023

 

2022

 

2021

 

Equity compensation

 

46,275

 

 

—

 

 

13,101

 

Anti-dilutive shares excluded from computation of earnings per share

 

46,275

 

 

—

 

 

13,101