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Business segment data | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Business segment data | Business segment data The Company's reportable segments are those that are based on the Company's method of internal reporting, which generally segregates the strategic business units due to differences in products, services and regulation. The internal reporting of these operating segments is defined based on the reporting and review process used by the Company's chief executive officer. The Company's operations are located within the United States. The electric segment generates, transmits and distributes electricity in Montana, North Dakota, South Dakota and Wyoming. The natural gas distribution segment distributes natural gas in those states, as well as in Idaho, Minnesota, Oregon and Washington. These operations also supply related value-added services. The pipeline segment provides natural gas transportation and underground storage services through a regulated pipeline system primarily in the Rocky Mountain and northern Great Plains regions of the United States. This segment also provides non-regulated cathodic protection services. The construction services segment provides a full spectrum of construction services through its electrical and mechanical and transmission and distribution specialty contracting services across the United States. These specialty contracting services are provided to utilities, manufacturing, transportation, commercial, industrial, institutional, renewable and governmental customers. Its electrical and mechanical contracting services include construction and maintenance of electrical and communication wiring and infrastructure, fire suppression systems, and mechanical piping and services. Its transmission and distribution contracting services include construction and maintenance of overhead and underground electrical, gas and communication infrastructure, as well as manufacturing and supplying transmission and distribution line construction equipment and tools. The Other category includes the activities of Centennial Capital, which, through its subsidiary InterSource Insurance Company, insures various types of risks as a captive insurer for certain of the Company's subsidiaries. The function of the captive insurer is to fund the self-insured layers of the insured Company's general liability, automobile liability, pollution liability and other coverages. Centennial Capital also owns certain real and personal property. In addition, the Other category includes certain assets, liabilities and tax adjustments of the holding company primarily associated with corporate functions, as well as costs associated with the announced strategic initiatives. Also included are certain general and administrative costs (reflected in operation and maintenance expense) and interest expense, which were previously allocated to the refining business, Fidelity and Knife River which do not meet the criteria for income (loss) from discontinued operations. Discontinued operations includes Knife River's operations, strategic initiative costs and interest on debt facilities repaid in connection with the Knife River separation. For the comparative periods below, Knife River's operations are only reflected through May 2023, whereas 2022 includes the full three and nine months from Knife River's operations. Discontinued operations also includes the supporting activities of Fidelity other than certain general and administrative costs and interest expense as described above. The information below follows the same accounting policies as described in Note 2 of the Notes to Consolidated Financial Statements in the 2022 Annual Report. Information on the Company's segments was as follows:
| Three Months Ended | Nine Months Ended
| September 30, | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |
| (In thousands)
External operating revenues: |  |  |  |
Regulated operations: |  |  |  |
Electric | $ | 108,089 |  | $ | 99,283 |  | $ | 294,775 |  | $ | 278,518 |
Natural gas distribution | 134,896 |  | 132,145 |  | 919,487 |  | 793,142 |
Pipeline | 36,549 |  | 32,346 |  | 79,697 |  | 69,347 |
| 279,534 |  | 263,774 |  | 1,293,959 |  | 1,141,007 |
Non-regulated operations: |  |  |  |
Pipeline | 3,855 |  | 3,712 |  | 9,389 |  | 7,650 |
Construction services | 717,406 |  | 735,001 |  | 2,218,672 |  | 1,970,694 |
Other | — |  | — |  | — |  | — |
| 721,261 |  | 738,713 |  | 2,228,061 |  | 1,978,344 |
Total external operating revenues | $ | 1,000,795 |  | $ | 1,002,487 |  | $ | 3,522,020 |  | $ | 3,119,351 |
Intersegment operating revenues: |  |  |  |
Regulated operations: |  |  |  |
Electric | $ | 27 |  | $ | 34 |  | $ | 82 |  | $ | 102 |
Natural gas distribution | 69 |  | 69 |  | 208 |  | 206 |
Pipeline | 3,666 |  | 3,508 |  | 37,624 |  | 36,845 |
| 3,762 |  | 3,611 |  | 37,914 |  | 37,153 |
Non-regulated operations: |  |  |  |
Pipeline | 35 |  | 73 |  | 265 |  | 464 |
Construction services | — |  | 2,037 |  | — |  | 4,391 |
Other | 1,689 |  | 1,472 |  | 6,412 |  | 4,368 |
| 1,724 |  | 3,582 |  | 6,677 |  | 9,223 |
Total intersegment operating revenues | $ | 5,486 |  | $ | 7,193 |  | $ | 44,591 |  | $ | 46,376 |
Operating income (loss): |  |  |  |
Electric | $ | 28,718 |  | $ | 30,395 |  | $ | 71,372 |  | $ | 53,764 |
Natural gas distribution | (15,258) |  | (16,688) |  | 45,674 |  | 38,929 |
Pipeline | 17,767 |  | 14,963 |  | 44,693 |  | 39,448 |
Construction services | 50,091 |  | 34,949 |  | 139,619 |  | 110,588 |
Other | 3,286 |  | (2,617) |  | (16,201) |  | (11,726) |
Total operating income | $ | 84,604 |  | $ | 61,002 |  | $ | 285,157 |  | $ | 231,003 |
Income (loss) from continuing operations: |  |  |  |
Regulated operations: |  |  |  |
Electric | $ | 20,942 |  | $ | 21,596 |  | $ | 53,887 |  | $ | 37,476 |
Natural gas distribution | (17,764) |  | (18,058) |  | 18,007 |  | 10,758 |
Pipeline | 11,450 |  | 9,381 |  | 29,029 |  | 25,015 |
| 14,628 |  | 12,919 |  | 100,923 |  | 73,249 |
Non-regulated operations: |  |  |  |
Pipeline | 508 |  | 779 |  | 337 |  | (179) |
Construction services | 35,975 |  | 29,248 |  | 105,951 |  | 86,596 |
Other | 27,107 |  | (577) |  | 102,515 |  | (12,769) |
| 63,590 |  | 29,450 |  | 208,803 |  | 73,648 |
Income from continuing operations | 78,218 |  | 42,369 |  | 309,726 |  | 146,897 |
Discontinued operations, net of tax | (3,289) |  | 105,602 |  | (65,752) |  | 103,504 |
Net income | $ | 74,929 |  | $ | 147,971 |  | $ | 243,974 |  | $ | 250,401 |
A reconciliation of reportable segment operating revenues to consolidated operating revenues is as follows:
| Three Months Ended | Nine Months Ended
| September 30, | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |
| (In thousands)
Operating revenues reconciliation: |  |  |  |
Total reportable segment operating revenues | $ | 1,004,592 |  | $ | 1,008,208 |  | $ | 3,560,199 |  | $ | 3,161,359 |
Other revenue | 1,689 |  | 1,472 |  | 6,412 |  | 4,368 |
Elimination of intersegment operating revenues | (5,486) |  | (7,193) |  | (44,591) |  | (46,376) |
Total consolidated operating revenues | $ | 1,000,795 |  | $ | 1,002,487 |  | $ | 3,522,020 |  | $ | 3,119,351 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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