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v3.25.2

Revenue Recognition (Tables) | 6 Months Ended
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Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
Disaggregation of Revenue [Table Text Block] | The following tables display our revenue by major source based on product and service type for the three and six months ended June 30, 2025 and 2024:
|  | Three Months Ended June 30, 2025 |  | Three Months Ended June 30, 2024
(in millions) |  | Regulated Energy |  | Unregulated Energy |  | Other Businesses and Eliminations |  | Total |  | Regulated Energy |  | Unregulated Energy |  | Other Businesses and Eliminations |  | Total
Energy distribution |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Delaware natural gas division |  | $ | 15.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 15.5 |  |  | $ | 13.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 13.4 |
Florida natural gas distribution |  | 46.6 |  |  | — |  |  | — |  |  | 46.6 |  |  | 40.0 |  |  | — |  |  | — |  |  | 40.0 |
Florida City Gas |  | 39.5 |  |  | — |  |  | — |  |  | 39.5 |  |  | 32.5 |  |  | — |  |  | — |  |  | 32.5 |
FPU electric distribution |  | 26.2 |  |  | — |  |  | — |  |  | 26.2 |  |  | 22.5 |  |  | — |  |  | — |  |  | 22.5 |
Maryland natural gas division (1) |  | 10.7 |  |  | — |  |  | — |  |  | 10.7 |  |  | 9.9 |  |  | — |  |  | — |  |  | 9.9 |
Total energy distribution |  | 138.5 |  |  | — |  |  | — |  |  | 138.5 |  |  | 118.3 |  |  | — |  |  | — |  |  | 118.3 |
Energy transmission |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aspire Energy |  | — |  |  | 8.4 |  |  | — |  |  | 8.4 |  |  | — |  |  | 5.3 |  |  | — |  |  | 5.3 |
Aspire Energy Express |  | 0.3 |  |  | — |  |  | — |  |  | 0.3 |  |  | 0.3 |  |  | — |  |  | — |  |  | 0.3 |
Eastern Shore |  | 21.2 |  |  | — |  |  | — |  |  | 21.2 |  |  | 19.9 |  |  | — |  |  | — |  |  | 19.9 |
Peninsula Pipeline |  | 11.8 |  |  | — |  |  | — |  |  | 11.8 |  |  | 8.1 |  |  | — |  |  | — |  |  | 8.1 |
Total energy transmission |  | 33.3 |  |  | 8.4 |  |  | — |  |  | 41.7 |  |  | 28.3 |  |  | 5.3 |  |  | — |  |  | 33.6 |
Energy generation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eight Flags |  | — |  |  | 4.6 |  |  | — |  |  | 4.6 |  |  | — |  |  | 4.4 |  |  | — |  |  | 4.4 |
Propane operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Propane delivery operations |  | — |  |  | 26.5 |  |  | — |  |  | 26.5 |  |  | — |  |  | 28.0 |  |  | — |  |  | 28.0 |
CNG / RNG Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marlin Gas Services |  | — |  |  | 7.3 |  |  | — |  |  | 7.3 |  |  | — |  |  | 3.7 |  |  | — |  |  | 3.7 |
Other RNG |  | — |  |  | 1.1 |  |  | — |  |  | 1.1 |  |  | — |  |  | — |  |  | — |  |  | — |
Total CNG / RNG Services |  | — |  |  | 8.4 |  |  | — |  |  | 8.4 |  |  | — |  |  | 3.7 |  |  | — |  |  | 3.7 |
Other Businesses and Eliminations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eliminations |  | (20.0) |  |  | — |  |  | (6.9) |  |  | (26.9) |  |  | (15.9) |  |  | — |  |  | (5.8) |  |  | (21.7) |
Total operating revenues (2) |  | $ | 151.8 |  |  | $ | 47.9 |  |  | $ | (6.9) |  |  | $ | 192.8 |  |  | $ | 130.7 |  |  | $ | 41.4 |  |  | $ | (5.8) |  |  | $ | 166.3 |
(1) In accordance with the Maryland PSC approval of our natural gas base rate proceeding, effective April 2025, our natural gas distribution businesses in Maryland (Maryland natural gas division, Sandpiper Energy and Elkton Gas) are now consolidated for rate-making and other purposes and are reflected on a consolidated basis for all periods presented consistent with the final rate order. (2) Total operating revenues for the three months ended June 30, 2025 include other revenue (revenues from sources other than contracts with customers) of $1.0 million and $0.1 million for our Regulated Energy and Unregulated Energy segments, respectively, and $0.1 million for both our Regulated Energy and Unregulated Energy segments for the three months ended June 30, 2024. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for the Maryland division and Sandpiper Energy and late fees.
|  | Six Months Ended June 30, 2025 |  | Six Months Ended June 30, 2024
(in millions) |  | Regulated Energy |  | Unregulated Energy |  | Other Businesses and Eliminations |  | Total |  | Regulated Energy |  | Unregulated Energy |  | Other Businesses and Eliminations |  | Total
Energy distribution |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Delaware natural gas division |  | $ | 57.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 57.8 |  |  | $ | 45.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 45.3 |
Florida natural gas distribution |  | 97.9 |  |  | — |  |  | — |  |  | 97.9 |  |  | 87.9 |  |  | — |  |  | — |  |  | 87.9 |
Florida City Gas |  | 83.1 |  |  | — |  |  | — |  |  | 83.1 |  |  | 68.4 |  |  | — |  |  | — |  |  | 68.4 |
FPU electric distribution |  | 49.4 |  |  | — |  |  | — |  |  | 49.4 |  |  | 42.5 |  |  | — |  |  | — |  |  | 42.5 |
Maryland natural gas division (1) |  | 36.0 |  |  | — |  |  | — |  |  | 36.0 |  |  | 29.7 |  |  | — |  |  | — |  |  | 29.7 |
Total energy distribution |  | 324.2 |  |  | — |  |  | — |  |  | 324.2 |  |  | 273.8 |  |  | — |  |  | — |  |  | 273.8 |
Energy transmission |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aspire Energy |  | — |  |  | 27.6 |  |  | — |  |  | 27.6 |  |  | — |  |  | 18.9 |  |  | — |  |  | 18.9 |
Aspire Energy Express |  | 0.7 |  |  | — |  |  | — |  |  | 0.7 |  |  | 0.7 |  |  | — |  |  | — |  |  | 0.7 |
Eastern Shore |  | 43.9 |  |  | — |  |  | — |  |  | 43.9 |  |  | 41.1 |  |  | — |  |  | — |  |  | 41.1 |
Peninsula Pipeline |  | 21.8 |  |  | — |  |  | — |  |  | 21.8 |  |  | 16.1 |  |  | — |  |  | — |  |  | 16.1 |
Total energy transmission |  | 66.4 |  |  | 27.6 |  |  | — |  |  | 94.0 |  |  | 57.9 |  |  | 18.9 |  |  | — |  |  | 76.8 |
Energy generation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eight Flags |  | — |  |  | 9.3 |  |  | — |  |  | 9.3 |  |  | — |  |  | 9.0 |  |  | — |  |  | 9.0 |
Propane operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Propane delivery operations |  | — |  |  | 101.2 |  |  | — |  |  | 101.2 |  |  | — |  |  | 89.6 |  |  | — |  |  | 89.6 |
CNG / RNG Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marlin Gas Services |  | — |  |  | 14.5 |  |  | — |  |  | 14.5 |  |  | — |  |  | 7.1 |  |  | — |  |  | 7.1 |
Other RNG |  | — |  |  | 2.1 |  |  | — |  |  | 2.1 |  |  | — |  |  | — |  |  | — |  |  | — |
Total CNG / RNG Services |  | — |  |  | 16.6 |  |  | — |  |  | 16.6 |  |  | — |  |  | 7.1 |  |  | — |  |  | 7.1 |
Other Businesses and Eliminations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eliminations |  | (39.2) |  |  | (0.1) |  |  | (14.5) |  |  | (53.8) |  |  | (32.6) |  |  | (0.1) |  |  | (11.6) |  |  | (44.3) |
Total operating revenues (2) |  | $ | 351.4 |  |  | $ | 154.6 |  |  | $ | (14.5) |  |  | $ | 491.5 |  |  | $ | 299.1 |  |  | $ | 124.5 |  |  | $ | (11.6) |  |  | $ | 412.0 |
(1) In accordance with the Maryland PSC approval of our natural gas base rate proceeding, effective April 2025, our natural gas distribution businesses in Maryland (Maryland natural gas division, Sandpiper Energy and Elkton Gas) are now consolidated for rate-making and other purposes and are reflected on a consolidated basis for all periods presented consistent with the final rate order. (2) Total operating revenues for the six months ended June 30, 2025 include other revenue (revenues from sources other than contracts with customers) of $0.5 million and $0.2 million for our Regulated Energy and Unregulated Energy segments, respectively, and $0.7 million and $0.2 million for our Regulated Energy and Unregulated Energy segments, respectively, for the six months ended June 30, 2024. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for the Maryland division and Sandpiper Energy and late fees.
Contract with Customer, Asset and Liability [Table Text Block] | The balances of our trade receivables, contract assets, and contract liabilities as of December 31, 2024 and June 30, 2025 were as follows:
|  | Trade Receivables |  | Contract Assets (Current) |  | Contract Assets (Non-current) |  | Contract Liabilities (Current)
(in millions) |  |  |  |  |  |  |  |
Balance at 12/31/2024 |  | $ | 66.2 |  |  | $ | — |  |  | $ | 3.0 |  |  | $ | 1.2 |
Balance at 6/30/2025 |  | 75.7 |  |  | — |  |  | 2.9 |  |  | 0.7 |
Increase (Decrease) |  | $ | 9.5 |  |  | $ | — |  |  | $ | (0.1) |  |  | $ | (0.5) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | Revenue for these businesses for the remaining performance obligations, at June 30, 2025, are expected to be recognized as follows:
(in millions) | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | 2031 and thereafter
Eastern Shore and Peninsula Pipeline | $ | 18.9 |  |  | $ | 36.7 |  |  | $ | 33.0 |  |  | $ | 30.8 |  |  | $ | 28.5 |  |  | $ | 22.8 |  |  | $ | 109.6 |
Natural gas distribution operations | 6.1 |  |  | 11.7 |  |  | 9.4 |  |  | 10.2 |  |  | 10.2 |  |  | 10.1 |  |  | 29.1 |
FPU electric distribution | 0.5 |  |  | 1.0 |  |  | 0.6 |  |  | 0.6 |  |  | 0.6 |  |  | — |  |  | — |
Total revenue contracts with remaining performance obligations | $ | 25.5 |  |  | $ | 49.4 |  |  | $ | 43.0 |  |  | $ | 41.6 |  |  | $ | 39.3 |  |  | $ | 32.9 |  |  | $ | 138.7 |

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