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Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
Our business is comprised of three reportable segments: Electric, Manufacturing and Plastics, consistent with our business strategy, organizational structure, and internal reporting and review processes. Segment net income is the primary measure of segment profit or loss used by our chief operating decision maker in assessing segment performance and allocating resources to our segments.
Segment Profit or Loss
Information about each segment, including significant expenses and net income of each segment, for the three and six months ended June 30, 2025 and 2024 are as follows:
Electric Segment
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Operating Revenue$128,731 $112,828 $278,451 $254,317 
Production Fuel and Purchased Power31,789 21,573 76,980 61,789 
Operating and Maintenance Expenses46,804 44,652 95,685 92,630 
Depreciation and Amortization22,278 20,387 44,655 40,273 
Property Taxes4,227 3,619 8,455 7,986 
Interest Expense10,822 9,307 21,479 18,261 
Income Tax (Benefit) Expense(4,469)(1,401)(8,477)(225)
Other Segment Items(1)
(1,915)(3,794)(4,229)(7,353)
Net Income$19,195 $18,485 $43,903 $40,956 
(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 June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Operating Revenue$78,726 $96,684 $160,412 $196,065 
Cost of Goods Sold63,311 75,620 131,827 156,235 
Selling, General, and Administrative Expenses10,350 11,464 21,093 22,816 
Interest Expense627 631 1,249 1,202 
Income Tax Expense958 2,135 1,230 3,717 
Other Segment Items(1)(1)— (1)
Net Income$3,481 $6,835 $5,013 $12,096 
Plastics Segment
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Operating Revenue$125,586 $132,824 $231,533 $239,022 
Cost of Goods Sold46,929 44,998 87,016 82,809 
Selling, General, and Administrative Expenses6,623 5,737 13,608 10,821 
Interest Expense246 151 392 298 
Income Tax Expense18,684 21,327 33,977 37,771 
Other Segment Items— (1)(3)(27)
Net Income$53,104 $60,612 $96,543 $107,350 
Capital Expenditures and Identifiable Assets
The following provides capital expenditures for each reportable segment and our corporate cost center for the six months ended June 30, 2025 and 2024:
Six Months Ended June 30,
(in thousands)20252024
Capital Expenditures
Electric$114,038 $145,201 
Manufacturing4,674 15,708 
Plastics4,915 14,550 
Corporate612 69 
Total$124,239 $175,528 
The following provides the identifiable assets by segment and corporate assets as of June 30, 2025 and December 31, 2024:
(in thousands)June 30,
2025		December 31, 2024
Identifiable Assets
Electric$2,914,414 $2,785,522 
Manufacturing247,556 254,445 
Plastics221,253 186,043 
Corporate382,065 426,072 
Total$3,765,288 $3,652,082 
Corporate assets consist primarily of cash and cash equivalents, prepaid expenses and investments.
Reconciliation to Consolidated Amounts
Certain 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 is not an operating segment, rather it is added to operating segment totals to reconcile to consolidated amounts.
Included below is a reconciliation of certain segment information and our unallocated corporate costs to consolidated amounts for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Depreciation and Amortization
Electric$22,278 $20,387 $44,655 $40,273 
Manufacturing5,523 5,087 10,946 9,999 
Plastics1,588 1,133 3,135 2,208 
Corporate58 25 86 48 
Total
$29,447 $26,632 $58,822 $52,528 
Interest Expense
Total Interest Expense of Reportable Segments$11,695 $10,089 $23,120 $19,761 
Corporate Interest Expense25 113 153 291 
Total
$11,720 $10,202 $23,273 $20,052 
Income Tax Expense (Benefit)
Total Income Tax Expense of Reportable Segments$15,173 $22,061 $26,730 $41,263 
Corporate Income Tax Benefit(1,521)(1,469)(2,993)(2,863)
Total
$13,652 $20,592 $23,737 $38,400 
Net Income
Total Net Income of Reportable Segments$75,780 $85,932 $145,459 $160,402 
Corporate Net Income
1,948 1,063 368 931 
Total
$77,728 $86,995 $145,827 $161,333