XML 39 R28.htm IDEA: XBRL DOCUMENT
v3.25.3

Revenue Recognition (Tables) | 9 Months Ended
--- | ---
Sep. 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 nine months ended September 30, 2025 and 2024:
|  | Three Months Ended September 30, 2025 |  | Three Months Ended September 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 |  | $ | 10.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 10.9 |  |  | $ | 9.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 9.5 |
Florida natural gas distribution |  | 42.3 |  |  | — |  |  | — |  |  | 42.3 |  |  | 36.9 |  |  | — |  |  | — |  |  | 36.9 |
Florida City Gas |  | 40.8 |  |  | — |  |  | — |  |  | 40.8 |  |  | 33.4 |  |  | — |  |  | — |  |  | 33.4 |
FPU electric distribution |  | 30.7 |  |  | — |  |  | — |  |  | 30.7 |  |  | 29.9 |  |  | — |  |  | — |  |  | 29.9 |
Maryland natural gas (1) |  | 8.6 |  |  | — |  |  | — |  |  | 8.6 |  |  | 8.3 |  |  | — |  |  | — |  |  | 8.3 |
Total energy distribution |  | 133.3 |  |  | — |  |  | — |  |  | 133.3 |  |  | 118.0 |  |  | — |  |  | — |  |  | 118.0 |
Energy transmission |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aspire Energy |  | — |  |  | 6.0 |  |  | — |  |  | 6.0 |  |  | — |  |  | 4.6 |  |  | — |  |  | 4.6 |
Aspire Energy Express |  | 0.4 |  |  | — |  |  | — |  |  | 0.4 |  |  | 0.4 |  |  | — |  |  | — |  |  | 0.4 |
Eastern Shore |  | 20.7 |  |  | — |  |  | — |  |  | 20.7 |  |  | 19.6 |  |  | — |  |  | — |  |  | 19.6 |
Peninsula Pipeline |  | 14.6 |  |  | — |  |  | — |  |  | 14.6 |  |  | 8.9 |  |  | — |  |  | — |  |  | 8.9 |
Total energy transmission |  | 35.7 |  |  | 6.0 |  |  | — |  |  | 41.7 |  |  | 28.9 |  |  | 4.6 |  |  | — |  |  | 33.5 |
Energy generation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eight Flags |  | — |  |  | 4.9 |  |  | — |  |  | 4.9 |  |  | — |  |  | 4.3 |  |  | — |  |  | 4.3 |
Propane operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Propane delivery operations |  | — |  |  | 22.2 |  |  | — |  |  | 22.2 |  |  | — |  |  | 22.9 |  |  | — |  |  | 22.9 |
CNG / RNG Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marlin Gas Services |  | — |  |  | 6.7 |  |  | — |  |  | 6.7 |  |  | — |  |  | 3.8 |  |  | — |  |  | 3.8 |
Other RNG |  | — |  |  | 1.0 |  |  | — |  |  | 1.0 |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Total CNG / RNG Services |  | — |  |  | 7.7 |  |  | — |  |  | 7.7 |  |  | — |  |  | 3.9 |  |  | — |  |  | 3.9 |
Other Businesses and Eliminations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eliminations |  | (22.6) |  |  | (0.1) |  |  | (7.5) |  |  | (30.2) |  |  | (16.3) |  |  | (0.1) |  |  | (6.0) |  |  | (22.4) |
Total operating revenues (2) |  | $ | 146.4 |  |  | $ | 40.7 |  |  | $ | (7.5) |  |  | $ | 179.6 |  |  | $ | 130.6 |  |  | $ | 35.6 |  |  | $ | (6.0) |  |  | $ | 160.2 |
(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. See Note 5, Rates and Other Regulatory Activities, for additional information. (2) Total operating revenues for the three months ended September 30, 2025 include other revenue (revenues from sources other than contracts with customers) of $0.1 million and $0.1 million for our Regulated Energy and Unregulated Energy segments, respectively, and $0.2 million and $0.1 million for our Regulated Energy and Unregulated Energy segments for the three months ended September 30, 2024. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for the Maryland natural gas operations and late fees.
|  | Nine Months Ended September 30, 2025 |  | Nine Months Ended September 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 |  | $ | 68.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 68.7 |  |  | $ | 54.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 54.8 |
Florida natural gas distribution |  | 140.2 |  |  | — |  |  | — |  |  | 140.2 |  |  | 124.8 |  |  | — |  |  | — |  |  | 124.8 |
Florida City Gas |  | 123.9 |  |  | — |  |  | — |  |  | 123.9 |  |  | 101.8 |  |  | — |  |  | — |  |  | 101.8 |
FPU electric distribution |  | 80.1 |  |  | — |  |  | — |  |  | 80.1 |  |  | 72.4 |  |  | — |  |  | — |  |  | 72.4 |
Maryland natural gas (1) |  | 44.6 |  |  | — |  |  | — |  |  | 44.6 |  |  | 38.0 |  |  | — |  |  | — |  |  | 38.0 |
Total energy distribution |  | 457.5 |  |  | — |  |  | — |  |  | 457.5 |  |  | 391.8 |  |  | — |  |  | — |  |  | 391.8 |
Energy transmission |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aspire Energy |  | — |  |  | 33.6 |  |  | — |  |  | 33.6 |  |  | — |  |  | 23.5 |  |  | — |  |  | 23.5 |
Aspire Energy Express |  | 1.1 |  |  | — |  |  | — |  |  | 1.1 |  |  | 1.1 |  |  | — |  |  | — |  |  | 1.1 |
Eastern Shore |  | 64.6 |  |  | — |  |  | — |  |  | 64.6 |  |  | 60.7 |  |  | — |  |  | — |  |  | 60.7 |
Peninsula Pipeline |  | 36.4 |  |  | — |  |  | — |  |  | 36.4 |  |  | 25.0 |  |  | — |  |  | — |  |  | 25.0 |
Total energy transmission |  | 102.1 |  |  | 33.6 |  |  | — |  |  | 135.7 |  |  | 86.8 |  |  | 23.5 |  |  | — |  |  | 110.3 |
Energy generation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eight Flags |  | — |  |  | 14.2 |  |  | — |  |  | 14.2 |  |  | — |  |  | 13.3 |  |  | — |  |  | 13.3 |
Propane operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Propane delivery operations |  | — |  |  | 123.4 |  |  | — |  |  | 123.4 |  |  | — |  |  | 112.5 |  |  | — |  |  | 112.5 |
CNG / RNG Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marlin Gas Services |  | — |  |  | 21.2 |  |  | — |  |  | 21.2 |  |  | — |  |  | 10.9 |  |  | — |  |  | 10.9 |
Other RNG |  | — |  |  | 3.1 |  |  | — |  |  | 3.1 |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Total CNG / RNG Services |  | — |  |  | 24.3 |  |  | — |  |  | 24.3 |  |  | — |  |  | 11.0 |  |  | — |  |  | 11.0 |
Other Businesses and Eliminations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eliminations |  | (61.8) |  |  | (0.2) |  |  | (22.0) |  |  | (84.0) |  |  | (48.9) |  |  | (0.2) |  |  | (17.6) |  |  | (66.7) |
Total operating revenues (2) |  | $ | 497.8 |  |  | $ | 195.3 |  |  | $ | (22.0) |  |  | $ | 671.1 |  |  | $ | 429.7 |  |  | $ | 160.1 |  |  | $ | (17.6) |  |  | $ | 572.2 |
(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. See Note 5, Rates and Other Regulatory Activities, for additional information. (2) Total operating revenues for the nine months ended September 30, 2025 include other revenue (revenues from sources other than contracts with customers) of $0.6 million and $0.3 million for our Regulated Energy and Unregulated Energy segments, respectively, and $0.9 million and $0.3 million for our Regulated Energy and Unregulated Energy segments, respectively, for the nine months ended September 30, 2024. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for the Maryland natural gas operations 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 September 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 9/30/2025 |  | 69.2 |  |  | — |  |  | 3.0 |  |  | 1.4 |
Increase (Decrease) |  | $ | 3.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | Revenue for these businesses for the remaining performance obligations, at September 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 | $ | 10.7 |  |  | $ | 37.4 |  |  | $ | 33.5 |  |  | $ | 31.1 |  |  | $ | 28.7 |  |  | $ | 22.9 |  |  | $ | 109.9 |
Natural gas distribution operations | 3.6 |  |  | 11.3 |  |  | 9.1 |  |  | 10.0 |  |  | 9.9 |  |  | 9.9 |  |  | 29.1 |
FPU electric distribution | 0.2 |  |  | 1.0 |  |  | 0.6 |  |  | 0.6 |  |  | 0.6 |  |  | — |  |  | — |
Total revenue contracts with remaining performance obligations | $ | 14.5 |  |  | $ | 49.7 |  |  | $ | 43.2 |  |  | $ | 41.7 |  |  | $ | 39.2 |  |  | $ | 32.8 |  |  | $ | 139.0 |

X
- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 + Details
Name: | us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of expected timing for satisfying remaining performance obligation. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(1) -SubTopic 10 -Topic 606 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 + Details
Name: | us-gaap_RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration