XML 81 R51.htm IDEA: XBRL DOCUMENT v3.22.4

Business segment data (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Information on the Company's businesses

Information on the Company's segments as of December 31 and for the years then ended was as follows:

			2022			2021			2020
						(In thousands)
External operating revenues:
Regulated operations:
Electric			$	376,579		$	349,039		$	331,538
Natural gas distribution			1,273,249			971,364			847,651
Pipeline			85,931			69,940			69,957
			1,735,759			1,390,343			1,249,146
Non-regulated operations:
Pipeline			10,636			12,918			15,389
Construction materials and contracting			2,533,713			2,228,306			2,177,585
Construction services			2,693,756			2,049,082			2,090,685
Other			—			84			(55)
			5,238,105			4,290,390			4,283,604
Total external operating revenues			$	6,973,864		$	5,680,733		$	5,532,750

			2022			2021			2020
						(In thousands)
Intersegment operating revenues:
Regulated operations:
Electric			$	494		$	543		$	491
Natural gas distribution			555			576			534
Pipeline			58,368			58,989			57,977
			59,417			60,108			59,002
Non-regulated operations:
Pipeline			644			689			554
Construction materials and contracting			1,016			624			417
Construction services			5,494			2,555			5,038
Other			17,605			13,630			11,958
			24,759			17,498			17,967
Total Intersegment operating revenues			$	84,176		$	77,606		$	76,969
Depreciation, depletion and amortization:
Electric			$	67,802		$	66,750		$	62,998
Natural gas distribution			89,466			86,065			84,580
Pipeline			26,857			20,569			21,669
Construction materials and contracting			117,798			100,974			89,626
Construction services			21,468			20,270			23,523
Other			4,435			4,586			2,704
Total depreciation, depletion and amortization			$	327,826		$	299,214		$	285,100
Operating income (loss):
Electric			$	79,655		$	66,335		$	63,434
Natural gas distribution			91,889			89,173			73,082
Pipeline			55,466			48,078			49,436
Construction materials and contracting			194,295			191,077			214,498
Construction services			164,644			145,754			147,644
Other			(11,996)			(6,198)			(3,169)
Total operating income			$	573,953		$	534,219		$	544,925
Interest expense:
Electric			$	28,526		$	26,712		$	26,699
Natural gas distribution			42,126			37,265			36,798
Pipeline			11,318			7,010			7,622
Construction materials and contracting			30,121			19,218			20,577
Construction services			6,354			3,540			4,095
Other			1,465			342			883
Intersegment eliminations			(637)			(103)			(155)
Total interest expense			$	119,273		$	93,984		$	96,519
Income tax expense (benefit):
Electric			$	(5,420)		$	(7,626)		$	(11,636)
Natural gas distribution			7,805			8,366			5,746
Pipeline			10,212			9,594			7,650
Construction materials and contracting			42,601			43,459			47,431
Construction services			40,788			35,426			35,797
Other			(1,203)			(299)			(398)
Total income tax expense			$	94,783		$	88,920		$	84,590

			2022			2021			2020
						(In thousands)
Net income (loss):
Regulated operations:
Electric			$	57,077		$	51,906		$	55,601
Natural gas distribution			45,171			51,596			44,049
Pipeline			35,357			39,583			35,453
			137,605			143,085			135,103
Non-regulated operations:
Pipeline			(69)			1,313			1,559
Construction materials and contracting			116,220			129,755			147,325
Construction services			124,781			109,402			109,721
Other			(11,261)			(5,824)			(3,181)
			229,671			234,646			255,424
Income from continuing operations			367,276			377,731			390,527
Discontinued operations, net of tax			213			400			(322)
Net income			$	367,489		$	378,131		$	390,205
Capital expenditures:
Electric			$	133,970		$	82,427		$	114,676
Natural gas distribution			240,064			170,411			193,048
Pipeline			61,923			234,803			62,224
Construction materials and contracting			181,917			417,524			191,635
Construction services			36,413			29,140			83,651
Other			2,272			1,501			3,045
Total capital expenditures (a)			$	656,559		$	935,806		$	648,279
Assets:
Electric (b)			$	1,856,258		$	1,810,695		$	2,123,693
Natural gas distribution (b)			3,214,452			2,929,519			2,302,770
Pipeline			961,893			913,945			703,377
Construction materials and contracting			2,268,970			2,161,653			1,798,493
Construction services			1,126,323			845,262			818,662
Other (c)			232,885			249,361			306,377
Total assets			$	9,660,781		$	8,910,435		$	8,053,372
Property, plant and equipment:
Electric (b)			$	2,276,613		$	2,295,646		$	2,323,403
Natural gas distribution (b)			3,208,060			3,015,164			2,868,853
Pipeline			1,108,141			1,051,868			821,697
Construction materials and contracting			2,489,408			2,347,696			2,028,476
Construction services			245,111			225,758			220,796
Other			36,705			36,717			37,545
Less accumulated depreciation, depletion and amortization			3,272,493			3,216,461			3,133,831
Net property, plant and equipment			$	6,091,545		$	5,756,388		$	5,166,939

(a)Capital expenditures for 2022, 2021 and 2020 include noncash transactions such as capital expenditure-related accounts payable, the issuance of the Company's equity securities in connection with an acquisition, AFUDC and accrual of holdback payments in connection with acquisitions totaling $1.7 million, $38.7 million and $(15.7) million, respectively.

(b)Includes allocations of common utility property.

(c)Includes assets not directly assignable to a business (i.e. cash and cash equivalents, certain accounts receivable, certain investments and other miscellaneous current and deferred assets).

Reconciliation of Revenue from Segments to Consolidated

A reconciliation of reportable segment operating revenues and assets to consolidated operating revenues and assets is as follows:

			2022			2021			2020
						(In thousands)
Operating revenues reconciliation:
Total reportable segment operating revenues			$	7,040,435		$	5,744,625		$	5,597,816
Other revenue			17,605			13,714			11,903
Elimination of intersegment operating revenues			(84,176)			(77,606)			(76,969)
Total consolidated operating revenues			$	6,973,864		$	5,680,733		$	5,532,750
Asset reconciliation:
Total reportable segment assets			$	9,491,679		$	8,717,563		$	7,816,848
Other assets			1,353,614			1,184,956			947,740
Elimination of intersegment receivables			(1,184,512)			(992,084)			(711,216)
Total consolidated assets			$	9,660,781		$	8,910,435		$	8,053,372

Reconciliation of Assets from Segment to Consolidated

A reconciliation of reportable segment operating revenues and assets to consolidated operating revenues and assets is as follows:

			2022			2021			2020
						(In thousands)
Operating revenues reconciliation:
Total reportable segment operating revenues			$	7,040,435		$	5,744,625		$	5,597,816
Other revenue			17,605			13,714			11,903
Elimination of intersegment operating revenues			(84,176)			(77,606)			(76,969)
Total consolidated operating revenues			$	6,973,864		$	5,680,733		$	5,532,750
Asset reconciliation:
Total reportable segment assets			$	9,491,679		$	8,717,563		$	7,816,848
Other assets			1,353,614			1,184,956			947,740
Elimination of intersegment receivables			(1,184,512)			(992,084)			(711,216)
Total consolidated assets			$	9,660,781		$	8,910,435		$	8,053,372

X

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

+ Details

Name:	us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

+ Details

Name:	us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

+ Details

Name:	us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_SegmentReportingAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration