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Note 18 - Segments of Business
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

(18)

SEGMENTS OF BUSINESS

 

As of June 30, 2024, our operations are divided into two primary reportable segments, Electric Operations and Coal Operations.  The remainder of our operations, which are not significant enough on a stand-alone basis to warrant treatment as an operating segment, are presented as "Corporate and Other and Eliminations" and primarily are comprised of unallocated corporate costs and activities, including a 50% interest in Sunrise Energy, LLC, which the Company accounts for using the equity method and our wholly-owned subsidiary Summit Terminal LLC, a logistics transport facility located on the Ohio River.

 

  

Three Months Ended June 30,

  

Six Months Ended June 30,

 
  

2024

  

2023

  

2024

  

2023

 
  

(in thousands)

  

(in thousands)

 

Operating revenues

                

Electric operations(i)

 $57,020  $71,103  $115,932  $163,597 

Coal operations

  46,429   113,098   113,299   208,371 

Corporate and other and eliminations

  (12,535)  (23,007)  (28,645)  (22,440)

Consolidated operating revenues

 $90,914  $161,194  $200,586  $349,528 
                 

Operating expenses

                

Electric operations

 $50,232  $61,847  $93,897  $135,636 

Coal operations

  57,750   86,735   136,077   168,920 

Corporate and other and eliminations

  (9,782)  (9,632)  (24,835)  (6,505)

Consolidated operating expenses

 $98,200  $138,950  $205,139  $298,051 
                 

Income (loss) from operations

                

Electric operations

 $6,788  $9,256  $22,035  $27,961 

Coal operations

  (11,321)  26,363   (22,778)  39,451 

Corporate and other and eliminations

  (2,753)  (13,375)  (3,810)  (15,935)

Consolidated income (loss) from operations

 $(7,286) $22,244  $(4,553) $51,477 
                 

Depreciation, depletion and amortization

                

Electric operations

 $4,698  $4,675  $9,395  $9,350 

Coal operations

  8,930   12,466   19,658   25,741 

Corporate and other and eliminations

  21   28   39   54 

Consolidated depreciation, depletion and amortization

 $13,649  $17,169  $29,092  $35,145 
                 

Assets

                

Electric operations

 $220,511  $216,665  $220,511  $216,665 

Coal operations

  367,807   387,653   367,807   387,653 

Corporate and other and eliminations

  6,851   (4,429)  6,851   (4,429)

Consolidated assets

 $595,169  $599,889  $595,169  $599,889 
                 

Capital expenditures

                

Electric operations

 $5,277  $2,683  $11,519  $3,526 

Coal operations

  7,560   14,445   16,192   27,084 

Corporate and other and eliminations

  333   —   333   — 

Consolidated capital expenditures

 $13,170  $17,128  $28,044  $30,610 

 

 

(i).

Electric operations revenue as of each period presented were comprised of the components noted below (in thousands):

 

  

Three Months Ended June 30,

  

Six Months Ended June 30,

 
  

2024

  

2023

  

2024

  

2023

 

Operating revenues:

                

Capacity revenue

 $16,873  $17,155  $28,646  $33,125 

Delivered energy

  27,893   34,307   62,087   77,382 

Amortization of contract liability

  12,080   19,555   24,868   52,902 

Other operating revenue

  174   86   331   188 

Total Electric Operations revenue:

 $57,020  $71,103  $115,932  $163,597