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v3.25.3

Segment Information | 9 Months Ended
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Sep. 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 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 |
Corporate assets consist primarily of cash and cash equivalents, investments, and prepaid expenses. 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 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 |

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- Definition The entire disclosure for reporting segments including data and tables. 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