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Business segment data | 6 Months Ended
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Jun. 30, 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 June 30, 2025 | Electric |  | Natural gas distribution |  | Pipeline |  | Other |  | Consolidated
| (In thousands)
Operating revenues: |  |  |  |  |  |  |  |  |
External operating revenues | $ | 97,886 |  |  | $ | 206,794 |  |  | $ | 46,507 |  |  | $ | (1) |  |  | $ | 351,186 |
Intersegment operating revenues | 140 |  |  | 92 |  |  | 9,796 |  |  | 180 |  |  | 10,208 |
Purchased natural gas sold: |  |  |  |  |  |  |  |  |
External purchased natural gas sold | — |  |  | 96,057 |  |  | — |  |  | — |  |  | 96,057 |
Intersegment purchased natural gas sold | — |  |  | 9,751 |  |  | — |  |  | — |  |  | 9,751 |
Electric fuel and purchased power | 34,891 |  |  | — |  |  | — |  |  | — |  |  | 34,891 |
Operation and maintenance: |  |  |  |  |  |  |  |  |
External operation and maintenance | 29,823 |  |  | 60,456 |  |  | 22,352 |  |  | 256 |  |  | 112,887 |
Intersegment operation and maintenance | 140 |  |  | 92 |  |  | 45 |  |  | 180 |  |  | 457 |
Depreciation and amortization | 17,393 |  |  | 26,471 |  |  | 7,989 |  |  | — |  |  | 51,853 |
Taxes, other than income | 4,648 |  |  | 16,935 |  |  | 3,583 |  |  | — |  |  | 25,166 |
Other income: |  |  |  |  |  |  |  |  |
External other income | 2,726 |  |  | 5,095 |  |  | 1,616 |  |  | 508 |  |  | 9,945 |
Intersegment other income | — |  |  | — |  |  | 90 |  |  | 1,061 |  |  | 1,151 |
Interest expense: |  |  |  |  |  |  |  |  |
External interest expense | 7,614 |  |  | 13,745 |  |  | 3,135 |  |  | 951 |  |  | 25,445 |
Intersegment interest expense | — |  |  | — |  |  | 1,151 |  |  | — |  |  | 1,151 |
Income tax expense (benefit) | (4,254) |  |  | (4,170) |  |  | 4,337 |  |  | 4,742 |  |  | 655 |
Income (loss) from continuing operations | 10,497 |  |  | (7,356) |  |  | 15,417 |  |  | (4,381) |  |  | 14,177 |
Discontinued operations, net of tax | — |  |  | — |  |  | — |  |  | (397) |  |  | (397) |
Net income (loss) | $ | 10,497 |  |  | $ | (7,356) |  |  | $ | 15,417 |  |  | $ | (4,778) |  |  | $ | 13,780 |
Three Months Ended June 30, 2024 | Electric |  | Natural gas distribution |  | Pipeline |  | Other |  | Consolidated
| (In thousands)
Operating revenues: |  |  |  |  |  |  |  |  |
External operating revenues | $ | 99,173 |  |  | $ | 201,445 |  |  | $ | 43,851 |  |  | $ | 2 |  |  | $ | 344,471 |
Intersegment operating revenues | 48 |  |  | 35 |  |  | 9,035 |  |  | 20 |  |  | 9,138 |
Purchased natural gas sold: |  |  |  |  |  |  |  |  |
External purchased natural gas sold | — |  |  | 94,591 |  |  | — |  |  | — |  |  | 94,591 |
Intersegment purchased natural gas sold | — |  |  | 8,825 |  |  | — |  |  | — |  |  | 8,825 |
Electric fuel and purchased power | 36,692 |  |  | — |  |  | — |  |  | — |  |  | 36,692 |
Operation and maintenance: |  |  |  |  |  |  |  |  |
External operation and maintenance | 23,100 |  |  | 54,919 |  |  | 19,079 |  |  | 2,857 |  |  | 99,955 |
Intersegment operation and maintenance | 48 |  |  | 35 |  |  | 210 |  |  | 20 |  |  | 313 |
Depreciation and amortization | 16,220 |  |  | 25,548 |  |  | 7,318 |  |  | 604 |  |  | 49,690 |
Taxes, other than income | 4,530 |  |  | 16,358 |  |  | 3,007 |  |  | 74 |  |  | 23,969 |
Other income: |  |  |  |  |  |  |  |  |
External other income | 2,065 |  |  | 5,350 |  |  | 2,729 |  |  | 219 |  |  | 10,363 |
Intersegment other income | — |  |  | — |  |  | 332 |  |  | 4,071 |  |  | 4,403 |
Interest expense: |  |  |  |  |  |  |  |  |
External interest expense | 7,226 |  |  | 15,364 |  |  | 2,708 |  |  | 1,202 |  |  | 26,500 |
Intersegment interest expense | — |  |  | — |  |  | 1,071 |  |  | 3,332 |  |  | 4,403 |
Income tax expense (benefit) | (2,057) |  |  | (3,803) |  |  | 5,295 |  |  | 3,760 |  |  | 3,195 |
Income (loss) from continuing operations | 15,527 |  |  | (5,007) |  |  | 17,259 |  |  | (7,537) |  |  | 20,242 |
Discontinued operations, net of tax | — |  |  | — |  |  | — |  |  | 40,194 |  |  | 40,194 |
Net income (loss) | $ | 15,527 |  |  | $ | (5,007) |  |  | $ | 17,259 |  |  | $ | 32,657 |  |  | $ | 60,436 |
Six Months Ended June 30, 2025 | Electric |  | Natural gas distribution |  | Pipeline |  | Other |  | Consolidated
| (In thousands)
Operating revenues: |  |  |  |  |  |  |  |  |
External operating revenues | $ | 210,147 |  |  | $ | 746,041 |  |  | $ | 69,831 |  |  | $ | — |  |  | $ | 1,026,019 |
Intersegment operating revenues | 318 |  |  | 187 |  |  | 43,132 |  |  | 358 |  |  | 43,995 |
Purchased natural gas sold: |  |  |  |  |  |  |  |  |
External purchased natural gas sold | — |  |  | 413,214 |  |  | — |  |  | — |  |  | 413,214 |
Intersegment purchased natural gas sold | — |  |  | 43,074 |  |  | — |  |  | — |  |  | 43,074 |
Electric fuel and purchased power | 78,639 |  |  | — |  |  | — |  |  | — |  |  | 78,639 |
Operation and maintenance: |  |  |  |  |  |  |  |  |
External operation and maintenance | 58,230 |  |  | 123,939 |  |  | 41,592 |  |  | 173 |  |  | 223,934 |
Intersegment operation and maintenance | 318 |  |  | 187 |  |  | 58 |  |  | 358 |  |  | 921 |
Depreciation and amortization | 34,576 |  |  | 52,593 |  |  | 15,945 |  |  | — |  |  | 103,114 |
Taxes, other than income | 9,463 |  |  | 47,563 |  |  | 6,897 |  |  | — |  |  | 63,923 |
Other income: |  |  |  |  |  |  |  |  |
External other income | 3,718 |  |  | 8,396 |  |  | 1,923 |  |  | 905 |  |  | 14,942 |
Intersegment other income | — |  |  | — |  |  | 213 |  |  | 2,047 |  |  | 2,260 |
Interest expense: |  |  |  |  |  |  |  |  |
External interest expense | 15,501 |  |  | 28,621 |  |  | 6,256 |  |  | 1,889 |  |  | 52,267 |
Intersegment interest expense | — |  |  | — |  |  | 2,260 |  |  | — |  |  | 2,260 |
Income tax expense (benefit) | (7,985) |  |  | 8,131 |  |  | 9,464 |  |  | (384) |  |  | 9,226 |
Income from continuing operations | 25,441 |  |  | 37,302 |  |  | 32,627 |  |  | 1,274 |  |  | 96,644 |
Discontinued operations, net of tax | — |  |  | — |  |  | — |  |  | (899) |  |  | (899) |
Net income | $ | 25,441 |  |  | $ | 37,302 |  |  | $ | 32,627 |  |  | $ | 375 |  |  | $ | 95,745 |
Six Months Ended June 30, 2024 | Electric |  | Natural gas distribution |  | Pipeline |  | Other |  | Consolidated
| (In thousands)
Operating revenues: |  |  |  |  |  |  |  |  |
External operating revenues | $ | 206,916 |  |  | $ | 660,930 |  |  | $ | 64,883 |  |  | $ | 17 |  |  | $ | 932,746 |
Intersegment operating revenues | 60 |  |  | 76 |  |  | 39,325 |  |  | 42 |  |  | 39,503 |
Purchased natural gas sold: |  |  |  |  |  |  |  |  |
External purchased natural gas sold | — |  |  | 353,192 |  |  | — |  |  | — |  |  | 353,192 |
Intersegment purchased natural gas sold | — |  |  | 39,071 |  |  | — |  |  | — |  |  | 39,071 |
Electric fuel and purchased power | 76,415 |  |  | — |  |  | — |  |  | — |  |  | 76,415 |
Operation and maintenance: |  |  |  |  |  |  |  |  |
External operation and maintenance | 46,631 |  |  | 114,249 |  |  | 37,494 |  |  | 9,196 |  |  | 207,570 |
Intersegment operation and maintenance | 59 |  |  | 76 |  |  | 254 |  |  | 43 |  |  | 432 |
Depreciation and amortization | 32,836 |  |  | 51,026 |  |  | 14,436 |  |  | 1,158 |  |  | 99,456 |
Taxes, other than income | 9,616 |  |  | 43,950 |  |  | 6,102 |  |  | 215 |  |  | 59,883 |
Other income: |  |  |  |  |  |  |  |  |
External other income | 4,047 |  |  | 13,521 |  |  | 3,498 |  |  | 1,207 |  |  | 22,273 |
Intersegment other income | — |  |  | — |  |  | 455 |  |  | 8,459 |  |  | 8,914 |
Interest expense: |  |  |  |  |  |  |  |  |
External interest expense | 14,722 |  |  | 31,024 |  |  | 4,901 |  |  | 2,365 |  |  | 53,012 |
Intersegment interest expense | — |  |  | — |  |  | 2,852 |  |  | 6,062 |  |  | 8,914 |
Income tax expense (benefit) | (2,652) |  |  | 6,876 |  |  | 9,805 |  |  | (3,515) |  |  | 10,514 |
Income (loss) from continuing operations | 33,396 |  |  | 35,063 |  |  | 32,317 |  |  | (5,799) |  |  | 94,977 |
Discontinued operations, net of tax | — |  |  | — |  |  | — |  |  | 66,357 |  |  | 66,357 |
Net income | $ | 33,396 |  |  | $ | 35,063 |  |  | $ | 32,317 |  |  | $ | 60,558 |  |  | $ | 161,334 |
A reconciliation of reportable segment operating revenues to consolidated operating revenues is as follows:
| Three Months Ended | Six Months Ended
| June 30, | June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |
| (In thousands)
Operating revenues reconciliation: |  |  |  |
Total reportable segment operating revenues | $ | 361,215 |  | $ | 353,587 |  | $ | 1,069,656 |  | $ | 972,190 |
Other revenue | 179 |  | 22 |  | 358 |  | 59 |
Elimination of intersegment operating revenues | (10,208) |  | (9,138) |  | (43,995) |  | (39,503) |
Total consolidated operating revenues | $ | 351,186 |  | $ | 344,471 |  | $ | 1,026,019 |  | $ | 932,746 |

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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 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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