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Segment Information | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Segment Information | Segment Information The classification of our business into three segments, Electric, Manufacturing and Plastics, is consistent with our business strategy, organizational structure and our internal reporting and review processes used by our chief operating decision maker to make decisions regarding allocation of resources, to assess operating performance and to make strategic decisions. Certain assets and costs are not allocated to our operating segments. Corporate operating costs include items such as corporate staff and overhead costs, the results of our captive insurance company and other items excluded from the measurement of operating segment performance. Corporate assets consist primarily of cash and cash equivalents, investments, prepaid expenses, and fixed assets. Corporate is not an operating segment, rather it is added to operating segment totals to reconcile to consolidated amounts. Information for each segment and our unallocated corporate costs for the three and nine months ended September 30, 2024 and 2023 are as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Operating Revenue |  |  |  |  |  |  |  |
Electric |  | $ | 130,380 |  |  | $ | 130,326 |  |  | $ | 384,696 |  |  | $ | 395,997 |
Manufacturing |  | 79,896 |  |  | 100,678 |  |  | 275,961 |  |  | 309,936 |
Plastics |  | 127,757 |  |  | 127,052 |  |  | 366,780 |  |  | 328,920 |
Total |  | $ | 338,033 |  |  | $ | 358,056 |  |  | $ | 1,027,437 |  |  | $ | 1,034,853 |
Net Income |  |  |  |  |  |  |  |
Electric |  | $ | 28,530 |  |  | $ | 24,565 |  |  | $ | 69,486 |  |  | $ | 67,420 |
Manufacturing |  | 2,174 |  |  | 7,446 |  |  | 14,271 |  |  | 20,276 |
Plastics |  | 54,479 |  |  | 59,162 |  |  | 161,829 |  |  | 148,240 |
Corporate |  | 296 |  |  | 801 |  |  | 1,226 |  |  | 488 |
Total |  | $ | 85,479 |  |  | $ | 91,974 |  |  | $ | 246,812 |  |  | $ | 236,424 |
The following provides the identifiable assets by segment and corporate assets as of September 30, 2024 and December 31, 2023:
(in thousands) | September 30, 2024 |  | December 31, 2023
Identifiable Assets |  |  |
Electric | $ | 2,692,929 |  |  | $ | 2,533,831 |
Manufacturing | 249,947 |  |  | 251,343 |
Plastics | 219,215 |  |  | 164,179 |
Corporate | 404,648 |  |  | 293,215 |
Total | $ | 3,566,739 |  |  | $ | 3,242,568 |

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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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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