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Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

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 three months ended March 31, 2025 and 2024 are as follows:

Electric Segment

			Three Months Ended March 31,
(in thousands)			2025						2024
Operating Revenue			$	149,720					$	141,488
Production Fuel and Purchased Power			45,191						40,215
Operating and Maintenance Expenses			48,881						47,977
Depreciation and Amortization			22,377						19,887
Property Taxes			4,228						4,367
Interest Expense			10,657						8,954
Income Tax (Benefit) Expense			(4,008)						1,175
Other Segment Items(1)			(2,314)						(3,557)
Net Income			$	24,708					$	22,470
(1) Other segment items includes nonservice components of postretirement benefits, allowance for funds used during construction and other expenses (income).

Manufacturing Segment

			Three Months Ended March 31,
(in thousands)			2025						2024
Operating Revenue			$	81,685					$	99,380
Cost of Goods Sold			68,516						80,615
Selling, General, and Administrative Expenses			10,743						11,352
Interest Expense			623						571
Income Tax Expense			272						1,582
Other Segment Items			(1)						(1)
Net Income			$	1,532					$	5,261

Plastics Segment

			Three Months Ended March 31,
(in thousands)			2025						2024
Operating Revenue			$	105,948					$	106,200
Cost of Goods Sold			40,087						37,810
Selling, General, and Administrative Expenses			6,985						5,085
Interest Expense			146						147
Income Tax Expense			15,293						16,445
Other Segment Items			(2)						(27)
Net Income			$	43,439					$	46,740

Capital Expenditures and Identifiable Assets

The following provides capital expenditures for each reportable segment and our corporate cost center for the three months ended March 31, 2025 and 2024:

			Three Months Ended March 31,
(in thousands)			2025						2024
Capital Expenditures
Electric			$	52,127					$	61,866
Manufacturing			2,289						5,495
Plastics			3,584						6,673
Corporate			12						10
Total			$	58,012					$	74,044

The following provides the identifiable assets by segment and corporate assets as of March 31, 2025 and December 31, 2024:

(in thousands)			March 31, 2025						December 31, 2024
Identifiable Assets
Electric			$	2,814,226					$	2,785,522
Manufacturing			256,143						254,445
Plastics			209,737						186,043
Corporate			416,688						426,072
Total			$	3,696,794					$	3,652,082

Included below is a reconciliation of certain segment information and our unallocated corporate costs to consolidated amounts for the three months ended March 31, 2025 and 2024:

			Three Months Ended March 31,
(in thousands)			2025						2024
Depreciation and Amortization
Electric			$	22,377					$	19,887
Manufacturing			5,424						4,912
Plastics			1,546						1,075
Corporate			28						23
Total			$	29,375					$	25,897
Interest Expense
Total Interest Expense of Reportable Segments			$	11,426					$	9,672
Corporate Interest Expense			127						178
Total			$	11,553					$	9,850
Income Tax Expense (Benefit)
Total Income Tax Expense of Reportable Segments			$	11,557					$	19,202
Corporate Income Tax Benefit			(1,472)						(1,394)
Total			$	10,085					$	17,808
Net Income (Loss)
Total Net Income of Reportable Segments			$	69,679					$	74,471
Corporate Net Loss			(1,580)						(133)
Total			$	68,099					$	74,338

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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