XML 38 R27.htm IDEA: XBRL DOCUMENT
v3.25.3

Segment Information (Tables) | 9 Months Ended
--- | ---
Sep. 30, 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 and nine months ended September 30, 2025 and 2024 are as follows: Electric Segment
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Operating Revenue | $ | 138,597 |  |  | $ | 130,380 |  |  | $ | 417,048 |  |  | $ | 384,696 |
Production Fuel and Purchased Power | 34,937 |  |  | 25,726 |  |  | 111,917 |  |  | 87,516 |
Operating and Maintenance Expenses | 41,144 |  |  | 43,737 |  |  | 136,830 |  |  | 136,367 |
Depreciation and Amortization | 22,433 |  |  | 20,741 |  |  | 67,087 |  |  | 61,014 |
Property Taxes | 4,333 |  |  | 3,705 |  |  | 12,788 |  |  | 11,691 |
Interest Expense | 10,891 |  |  | 10,274 |  |  | 32,370 |  |  | 28,534 |
Income Tax (Benefit) Expense | (701) |  |  | 948 |  |  | (9,178) |  |  | 723 |
Other Segment Items(1) | (1,748) |  |  | (3,281) |  |  | (5,977) |  |  | (10,635) |
Net Income | $ | 27,308 |  |  | $ | 28,530 |  |  | $ | 71,211 |  |  | $ | 69,486 |
(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 September 30, |  | Nine Months Ended September 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Operating Revenue | $ | 76,951 |  |  | $ | 79,896 |  |  | $ | 237,363 |  |  | $ | 275,961 |
Cost of Goods Sold | 61,283 |  |  | 68,360 |  |  | 193,108 |  |  | 224,595 |
Selling, General, and Administrative Expenses | 9,978 |  |  | 8,853 |  |  | 31,071 |  |  | 31,667 |
Interest Expense | 633 |  |  | 664 |  |  | 1,882 |  |  | 1,865 |
Income Tax Expense | 1,141 |  |  | (154) |  |  | 2,371 |  |  | 3,563 |
Other Segment Items | — |  |  | (1) |  |  | 1 |  |  | — |
Net Income | $ | 3,916 |  |  | $ | 2,174 |  |  | $ | 8,930 |  |  | $ | 14,271 |
Plastics Segment
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Operating Revenue | $ | 110,015 |  |  | $ | 127,757 |  |  | $ | 341,548 |  |  | $ | 366,780 |
Cost of Goods Sold | 44,139 |  |  | 47,056 |  |  | 131,155 |  |  | 129,867 |
Selling, General, and Administrative Expenses | 6,919 |  |  | 6,956 |  |  | 20,526 |  |  | 17,777 |
Interest Expense | 146 |  |  | 146 |  |  | 539 |  |  | 444 |
Income Tax Expense | 15,317 |  |  | 19,166 |  |  | 49,294 |  |  | 56,938 |
Other Segment Items | (1) |  |  | (46) |  |  | (4) |  |  | (75) |
Net Income | $ | 43,495 |  |  | $ | 54,479 |  |  | $ | 140,038 |  |  | $ | 161,829 |
Capital Expenditures and Identifiable Assets The following provides capital expenditures for each reportable segment and our corporate cost center for the nine months ended September 30, 2025 and 2024:
| Nine Months Ended September 30,
(in thousands) | 2025 |  | 2024
Capital Expenditures |  |  |
Electric | $ | 199,618 |  |  | $ | 215,056 |
Manufacturing | 6,763 |  |  | 25,034 |
Plastics | 6,336 |  |  | 19,580 |
Corporate | 612 |  |  | 80 |
Total | $ | 213,329 |  |  | $ | 259,750 |
The following provides the identifiable assets by segment and corporate assets as of September 30, 2025 and December 31, 2024:
(in thousands) | September 30, 2025 |  | December 31, 2024
Identifiable Assets |  |  |
Electric | $ | 2,924,509 |  |  | $ | 2,785,522 |
Manufacturing | 251,906 |  |  | 254,445 |
Plastics | 210,180 |  |  | 186,043 |
Corporate | 457,228 |  |  | 426,072 |
Total | $ | 3,843,823 |  |  | $ | 3,652,082 |
Included below is a reconciliation of certain segment information and our unallocated corporate costs to consolidated amounts for the three and nine months ended September 30, 2025 and 2024:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Depreciation and Amortization |  |  |  |  |  |  |
Electric | $ | 22,433 |  |  | $ | 20,741 |  |  | $ | 67,087 |  |  | $ | 61,014 |
Manufacturing | 5,411 |  |  | 5,199 |  |  | 16,357 |  |  | 15,199 |
Plastics | 1,636 |  |  | 1,086 |  |  | 4,771 |  |  | 3,293 |
Corporate | 74 |  |  | 25 |  |  | 161 |  |  | 73 |
Total | $ | 29,554 |  |  | $ | 27,051 |  |  | $ | 88,376 |  |  | $ | 79,579 |
Interest Expense |  |  |  |  |  |  |
Total Interest Expense of Reportable Segments | $ | 11,670 |  |  | $ | 11,084 |  |  | $ | 34,791 |  |  | $ | 30,843 |
Corporate Interest Expense | 120 |  |  | 89 |  |  | 272 |  |  | 382 |
Total | $ | 11,790 |  |  | $ | 11,173 |  |  | $ | 35,063 |  |  | $ | 31,225 |
Income Tax Expense (Benefit) |  |  |  |  |  |  |
Total Income Tax Expense of Reportable Segments | $ | 15,757 |  |  | $ | 19,960 |  |  | $ | 42,487 |  |  | $ | 61,224 |
Corporate Income Tax Benefit | (2,940) |  |  | (1,283) |  |  | (5,934) |  |  | (4,147) |
Total | $ | 12,817 |  |  | $ | 18,677 |  |  | $ | 36,553 |  |  | $ | 57,077 |
Net Income |  |  |  |  |  |  |
Total Net Income of Reportable Segments | $ | 74,719 |  |  | $ | 85,183 |  |  | $ | 220,179 |  |  | $ | 245,586 |
Corporate Net Income | 3,573 |  |  | 296 |  |  | 3,940 |  |  | 1,226 |
Total | $ | 78,292 |  |  | $ | 85,479 |  |  | $ | 224,119 |  |  | $ | 246,812 |

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 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration