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Business segment data
 3 Months Ended
Mar. 31, 2025
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 CODM, the chief executive officer. The Company's operations are located within the United States.
The Company's CODM regularly reviews discrete financial information of each reportable segment and uses net income to assess the performance of each reportable segment. The CODM uses this information to assess performance and make decisions about resources to be allocated to each reportable segment, including capital and personnel. The information provided to the CODM is prepared at the reportable segment level in quarterly financial packages and on a more summarized basis monthly. Budget and forecast information is also provided to the CODM at the reportable segment level.
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 FERC regulated pipeline system primarily in the Rocky Mountain and northern Great Plains regions of the United States. This segment also provides non-regulated energy-related services, including cathodic protection.
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 and other coverages. In addition, the Other category includes certain assets, liabilities and tax adjustments of the holding company primarily associated with corporate functions. Also included are certain general and administrative costs (reflected in operation and maintenance expense) and interest expense, which were previously allocated to Everus, Fidelity and the refining business which do not meet the criteria for income (loss) from discontinued operations.
Discontinued operations includes Everus' operations and certain associated separation costs. 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 2024 Annual Report. Information on the Company's segments was as follows:
Three Months Ended March 31, 2025ElectricNatural gas distributionPipelineOtherConsolidated
(In thousands)
Operating revenues:
External operating revenues$112,261 $539,248 $23,323 $1 $674,833 
Intersegment operating revenues178 94 33,337 178 33,787 
Operation and maintenance:
External operation and maintenance28,407 63,484 19,239 (83)111,047 
Intersegment operation and maintenance178 94 14 178 464 
Purchased natural gas sold:
External purchased natural gas sold— 317,157 — — 317,157 
Intersegment purchased natural gas sold— 33,323 — — 33,323 
Electric fuel and purchased power43,748 — — — 43,748 
Depreciation and amortization17,183 26,122 7,956 — 51,261 
Taxes, other than income4,815 30,628 3,314 — 38,757 
Other income:
External other income992 3,301 307 397 4,997 
Intersegment other income— — 123 986 1,109 
Interest expense:
External interest expense7,887 14,876 3,121 938 26,822 
Intersegment interest expense— — 1,109 — 1,109 
Income tax expense (benefit)(3,731)12,301 5,127 (5,126)8,571 
Income from continuing operations
14,944 44,658 17,210 5,655 82,467 
Discontinued operations, net of tax— — — (502)(502)
Net income$14,944 $44,658 $17,210 $5,153 $81,965 
Three Months Ended March 31, 2024ElectricNatural gas distributionPipelineOtherConsolidated
(In thousands)
Operating revenues:
External operating revenues$107,743 $459,484 $21,032 $16 $588,275 
Intersegment operating revenues12 41 30,290 21 30,364 
Purchased natural gas sold:
External purchased natural gas sold— 258,602 — — 258,602 
Intersegment purchased natural gas sold— 30,245 — — 30,245 
Electric fuel and purchased power39,723 — — — 39,723 
Operation and maintenance:
External operation and maintenance23,530 59,330 18,414 6,340 107,614 
Intersegment operation and maintenance12 41 45 21 119 
Depreciation and amortization16,616 25,478 7,119 554 49,767 
Taxes, other than income5,086 27,591 3,094 142 35,913 
Other income:
External other income1,982 8,170 769 988 11,909 
Intersegment other income— — 123 4,388 4,511 
Interest expense:
External interest expense7,495 15,660 2,193 1,163 26,511 
Intersegment interest expense— — 1,781 2,730 4,511 
Income tax expense (benefit)(594)10,678 4,510 (7,275)7,319 
Income from continuing operations
17,869 40,070 15,058 1,738 74,735 
Discontinued operations, net of tax— — — 26,163 26,163 
Net income$17,869 $40,070 $15,058 $27,901 $100,898 
A reconciliation of reportable segment operating revenues to consolidated operating revenues is as follows:
Three Months Ended
March 31,
2025 2024 
(In thousands)
Operating revenues reconciliation:
Total reportable segment operating revenues$708,441 $618,602 
Other revenue179 37 
Elimination of intersegment operating revenues(33,787)(30,364)
Total consolidated operating revenues$674,833 $588,275