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Segment Information
 9 Months Ended
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)2025202420252024
Operating Revenue$138,597 $130,380 $417,048 $384,696 
Production Fuel and Purchased Power34,937 25,726 111,917 87,516 
Operating and Maintenance Expenses41,144 43,737 136,830 136,367 
Depreciation and Amortization22,433 20,741 67,087 61,014 
Property Taxes4,333 3,705 12,788 11,691 
Interest Expense10,891 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)2025202420252024
Operating Revenue$76,951 $79,896 $237,363 $275,961 
Cost of Goods Sold61,283 68,360 193,108 224,595 
Selling, General, and Administrative Expenses9,978 8,853 31,071 31,667 
Interest Expense633 664 1,882 1,865 
Income Tax Expense1,141 (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)2025202420252024
Operating Revenue$110,015 $127,757 $341,548 $366,780 
Cost of Goods Sold44,139 47,056 131,155 129,867 
Selling, General, and Administrative Expenses6,919 6,956 20,526 17,777 
Interest Expense146 146 539 444 
Income Tax Expense15,317 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)20252024
Capital Expenditures
Electric$199,618 $215,056 
Manufacturing6,763 25,034 
Plastics6,336 19,580 
Corporate612 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 
Manufacturing251,906 254,445 
Plastics210,180 186,043 
Corporate457,228 426,072 
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)2025202420252024
Depreciation and Amortization
Electric$22,433 $20,741 $67,087 $61,014 
Manufacturing5,411 5,199 16,357 15,199 
Plastics1,636 1,086 4,771 3,293 
Corporate74 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 Expense120 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