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Business Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting Information, Additional Information [Abstract]  
Business Segment Information

(16) BUSINESS SEGMENT INFORMATION

 

We are a holding company that, through our subsidiaries, conducts our operations through the following reportable segments: Electric Utilities and Gas Utilities. Certain unallocated corporate expenses that support our reportable segments are presented as Corporate and Other.

 

Our operating segments, which are equivalent to our reportable 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 consists of 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 and inter-segment eliminations.

 

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 CODM assesses the performance of our operating segments and decides how to allocate resources based on operating income. Our CODM reviews capital expenditures by operating segment rather than any individual or total asset amount.

 

Segment information was as follows:

 

Consolidating Income Statement

 

Year Ended December 31, 2024

Electric Utilities

 

Gas Utilities

 

Corporate
and Other

 

Total

 

 

(in millions)

 

Revenue -

 

 

 

 

 

 

 

 

External Customers

$

864.4

 

$

1,263.3

 

$

—

 

$

2,127.7

 

Inter-segment

 

11.7

 

 

6.1

 

 

(17.8

)

 

—

 

Total revenue

 

876.1

 

 

1,269.4

 

 

(17.8

)

 

2,127.7

 

 

 

 

 

 

 

 

 

Fuel, purchased power and cost of natural gas sold

 

206.4

 

 

524.3

 

 

(0.4

)

 

730.3

 

Operations and maintenance (a) -

 

 

 

 

 

 

 

 

Direct

 

127.5

 

 

155.4

 

 

(16.3

)

 

266.6

 

Allocated

 

125.1

 

 

165.3

 

 

—

 

 

290.4

 

Depreciation, depletion and amortization

 

145.3

 

 

124.7

 

 

0.1

 

 

270.1

 

Taxes other than income taxes

 

38.8

 

 

28.4

 

 

—

 

 

67.2

 

Operating income (loss)

$

233.0

 

$

271.3

 

$

(1.2

)

$

503.1

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

(181.7

)

Other income (expense), net

 

 

 

 

 

 

 

(1.4

)

Income tax (expense)

 

 

 

 

 

 

 

(36.3

)

Net income

 

 

 

 

 

 

 

283.7

 

Net income attributable to non-controlling interest

 

 

 

 

 

 

 

(10.6

)

Net income available for common stock

 

 

 

 

 

 

$

273.1

 

 

Consolidating Income Statement

 

Year Ended December 31, 2023

Electric Utilities

 

Gas Utilities

 

Corporate
and Other

 

Total

 

 

(in millions)

 

Revenue -

 

 

 

 

 

 

 

 

External Customers

$

853.6

 

$

1,477.7

 

$

—

 

$

2,331.3

 

Inter-segment

 

11.4

 

 

6.5

 

 

(17.9

)

 

—

 

Total revenue

 

865.0

 

 

1,484.2

 

 

(17.9

)

 

2,331.3

 

 

 

 

 

 

 

 

 

Fuel, purchased power and cost of natural gas sold

 

200.1

 

 

783.2

 

 

(0.4

)

 

982.9

 

Operations and maintenance (a) -

 

 

 

 

 

 

 

 

Direct

 

112.2

 

 

162.2

 

 

(12.9

)

 

261.5

 

Allocated

 

124.0

 

 

166.5

 

 

—

 

 

290.5

 

Depreciation, depletion and amortization

 

142.6

 

 

113.9

 

 

0.3

 

 

256.8

 

Taxes other than income taxes

 

37.3

 

 

29.6

 

 

—

 

 

66.9

 

Operating income (loss)

$

248.8

 

$

228.8

 

$

(4.9

)

$

472.7

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

(167.9

)

Other income (expense), net

 

 

 

 

 

 

 

(3.2

)

Income tax (expense)

 

 

 

 

 

 

 

(25.6

)

Net income

 

 

 

 

 

 

 

276.0

 

Net income attributable to non-controlling interest

 

 

 

 

 

 

 

(13.8

)

Net income available for common stock

 

 

 

 

 

 

$

262.2

 

 

Consolidating Income Statement

 

Year Ended December 31, 2022

Electric Utilities

 

Gas Utilities

 

Corporate
and Other

 

Total

 

 

(in millions)

 

Revenue -

 

 

 

 

 

 

 

 

External Customers

$

888.4

 

$

1,663.4

 

$

—

 

$

2,551.8

 

Inter-segment

 

11.8

 

 

5.7

 

 

(17.5

)

 

—

 

Total revenue

 

900.2

 

 

1,669.1

 

 

(17.5

)

 

2,551.8

 

 

 

 

 

 

 

 

 

Fuel, purchased power and cost of natural gas sold

 

266.3

 

 

965.1

 

 

(0.8

)

 

1,230.6

 

Operations and maintenance (a) -

 

 

 

 

 

 

 

 

Direct

 

124.0

 

 

158.5

 

 

(13.7

)

 

268.8

 

Allocated

 

120.8

 

 

158.8

 

 

—

 

 

279.6

 

Depreciation, depletion and amortization

 

135.9

 

 

114.7

 

 

0.3

 

 

250.9

 

Taxes other than income taxes

 

38.9

 

 

27.8

 

 

—

 

 

66.7

 

Operating income (loss)

$

214.3

 

$

244.2

 

$

(3.3

)

$

455.2

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

(161.0

)

Other income (expense), net

 

 

 

 

 

 

 

1.8

 

Income tax (expense)

 

 

 

 

 

 

 

(25.2

)

Net income

 

 

 

 

 

 

 

270.8

 

Net income attributable to non-controlling interest

 

 

 

 

 

 

 

(12.4

)

Net income available for common stock

 

 

 

 

 

 

$

258.4

 

 

(a)
Direct and Allocated Operations and maintenance expenses for our operating segments are regularly provided to the CODM. Direct expenses represents the costs incurred directly by our operating segments. Allocated expenses represent costs incurred by BHSC for various direct and indirect support services provided to our operating segments. Pursuant to the BHSC Cost Allocation Manual, indirect cost allocations are determined in accordance with PUHCA 2005.

 

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

2024

 

2023

 

2022

 

 

(in millions)

 

Electric Utilities

$

381.9

 

$

210.7

 

$

243.1

 

Gas Utilities

 

402.7

 

 

371.9

 

 

349.5

 

Corporate and Other

 

13.0

 

 

7.3

 

 

5.1

 

Total capital expenditures

$

797.6

 

$

589.9

 

$

597.7

 

 

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