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Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Information about each segment, including significant expenses and net income of each segment, for the years ended December 31, 2024, 2023 and 2022 are as follows:

Electric Segment

(in thousands)			2024						2023						2022
Operating Revenue			$	524,515					$	528,359					$	549,699
Production Fuel and Purchased Power			122,506						138,631						165,391
Operating and Maintenance Expenses			190,422						191,263						181,378
Depreciation and Amortization			82,136						75,330						72,050
Property Taxes			15,662						16,614						17,742
Interest Expense			38,216						33,864						31,950
Income Tax Expense (Benefit)			(1,544)						1,648						5,065
Other Segment Items(1)			(13,846)						(13,415)						(3,851)
Net Income			$	90,963					$	84,424					$	79,974
(1) Other segment items includes nonservice components of postretirement benefits, allowance for funds used during construction, and other expenses (income).

Manufacturing Segment

(in thousands)			2024						2023						2022
Operating Revenue			$	342,592					$	402,781					$	397,983
Cost of Goods Sold			283,390						324,245						327,228
Selling, General, and Administrative Expenses			40,110						49,396						41,690
Interest Expense			2,516						2,295						2,796
Income Tax Expense			2,895						5,390						5,321
Other Segment Items			—						1						(2)
Net Income			$	13,681					$	21,454					$	20,950

Plastics Segment

(in thousands)			2024						2023						2022
Operating Revenue			$	463,441					$	418,026					$	512,527
Cost of Goods Sold			166,628						143,521						227,571
Selling, General, and Administrative Expenses			24,908						20,103						20,378
Interest Expense			590						602						585
Income Tax Expense			70,644						66,066						68,688
Other Segment Items			(76)						(14)						(69)
Net Income			$	200,747					$	187,748					$	195,374

Capital Expenditures and Identifiable Assets

The following provides capital expenditures for each reportable segment and our corporate cost center for the years ended December 31, 2024, 2023 and 2022:

(in thousands)			2024						2023						2022
Capital Expenditures
Electric			301,454						240,695						147,869
Manufacturing			32,159						23,284						17,954
Plastics			24,749						23,029						5,245
Corporate			288						126						66
Total			$	358,650					$	287,134					$	171,134

The following provides the identifiable assets by segment and corporate assets as of December 31, 2024 and 2023:

(in thousands)			2024						2023
Identifiable Assets
Electric			$	2,785,522					$	2,533,831
Manufacturing			254,445						251,343
Plastics			186,043						164,179
Corporate			426,072						293,215
Total			$	3,652,082					$	3,242,568

Included below is a reconciliation of certain segment information and our unallocated corporate costs to consolidated amounts for the years ended December 31, 2024, 2023 and 2022:

(in thousands)			2024						2023						2022
Depreciation and Amortization
Electric			$	82,136					$	75,330					$	72,050
Manufacturing			20,393						18,495						16,202
Plastics			4,494						4,027						4,205
Corporate			98						102						140
Total			107,121						97,954						92,597
Interest Expense
Total Interest Expense of Reportable Segments			41,322						36,761						35,331
Corporate Interest Expense			493						916						685
Total			41,815						37,677						36,016
Income Tax Expense (Benefit)
Total Income Tax Expense of Reportable Segments			71,995						73,104						79,074
Corporate Income Tax Benefit			(6,765)						(3,806)						(5,723)
Total			65,230						69,298						73,351
Net Income (Loss)
Total Net Income of Reportable Segments			305,391						293,626						296,298
Corporate Net Income (Loss)			(3,729)						565						(12,114)
Total			301,662						294,191						284,184

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
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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- References

No definition available.

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