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v3.25.3

Revenue Recognition (Notes) | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenue from Contract with Customer [Text Block] | Revenue Recognition We recognize revenue when our performance obligations under contracts with customers have been satisfied, which generally occurs when our businesses have delivered or transported natural gas, electricity or propane to customers. We exclude sales taxes and other similar taxes from the transaction price. Typically, our customers pay for the goods and/or services we provide in the month following the satisfaction of our performance obligation. 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 Balances The timing of revenue recognition, customer billings and cash collections results in trade receivables and customer advances (contract liabilities) in our condensed consolidated balance sheets. 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 |
Our trade receivables are included in trade and other receivables in the condensed consolidated balance sheets. Our non-current contract assets are included in receivables and other deferred charges in the condensed consolidated balance sheets and primarily relate to operations and maintenance costs incurred by Eight Flags that have not yet been recovered through rates for the sale of electricity to our electric distribution operation pursuant to a long-term service agreement. At times, we receive advances or deposits from our customers before we satisfy our performance obligation, resulting in contract liabilities. Contract liabilities are included in other accrued liabilities in the condensed consolidated balance sheets and relate to non-refundable prepaid fixed fees for our propane distribution operation's retail offerings. Our performance obligation is satisfied over the term of the respective customer retail program on a ratable basis. For the three and nine months ended September 30, 2025 and 2024, the amounts recognized in revenue were not material. Remaining Performance Obligations Certain of our businesses have long-term fixed fee contracts with customers in which revenues are recognized when performance obligations are satisfied over the contract term. 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 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -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 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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