(12)Business Segment Information We are a holding company that, through our subsidiaries, conducts our operations through the following reportable segments: Electric Utilities and Gas Utilities. Certain unallocated corporate expenses that support our reportable segments are presented as Corporate and Other. Our operating segments, which are equivalent to our reportable segments, are based on our method of internal reporting, which is generally segregated by differences in products and services. All of our operations and assets are located within the United States. Our Electric Utilities segment includes the operating results of the regulated electric utility operations of Colorado Electric, South Dakota Electric, and Wyoming Electric, which supply regulated electric utility services to areas in Colorado, Montana, South Dakota, and Wyoming. We also own and operate non-regulated power generation and mining businesses that are vertically integrated with our Electric Utilities. Our Gas Utilities segment consists of the operating results of our regulated natural gas utility subsidiaries in Arkansas, Colorado, Iowa, Kansas, Nebraska, and Wyoming. Corporate and Other consists of certain unallocated expenses for administrative activities that support our operating segments. Corporate and Other also includes business development activities that are not part of our operating segments and inter-segment eliminations. Our Chief Executive Officer, who is considered to be our CODM, reviews financial information presented on an operating segment basis for purposes of making decisions, allocating resources, and assessing financial performance. Our CODM assesses the performance of our operating segments and decides how to allocate resources based on operating income. Our CODM reviews capital expenditures by operating segment rather than any individual or total asset amount. Segment information was as follows:
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Consolidating Income Statement |
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Three Months Ended June 30, 2025 |
Electric Utilities |
|
Gas Utilities |
|
Corporate
and Other |
|
Total |
|
|
(in millions) |
|
Revenue - |
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|
|
|
|
|
|
|
External Customers |
$ |
217.5 |
|
$ |
221.5 |
|
$ |
— |
|
$ |
439.0 |
|
Inter-segment |
|
2.4 |
|
|
1.5 |
|
|
(3.9 |
) |
|
— |
|
Total revenue |
|
219.9 |
|
|
223.0 |
|
|
(3.9 |
) |
|
439.0 |
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|
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|
|
|
|
|
|
Fuel, purchased power and cost of natural gas sold |
|
55.3 |
|
|
68.9 |
|
|
(0.2 |
) |
|
124.0 |
|
Operations and maintenance (a) - |
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|
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Direct |
|
36.1 |
|
|
38.9 |
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(1.7 |
) |
|
73.3 |
|
Allocated |
|
33.1 |
|
|
41.2 |
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|
— |
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|
74.3 |
|
Depreciation and amortization |
|
37.5 |
|
|
32.3 |
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|
— |
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|
69.8 |
|
Taxes other than income taxes |
|
8.9 |
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|
6.2 |
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— |
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|
15.1 |
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Operating income (loss) |
$ |
49.0 |
|
$ |
35.5 |
|
$ |
(2.0 |
) |
$ |
82.5 |
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Interest expense, net |
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|
(48.9 |
) |
Other income (expense), net |
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(0.4 |
) |
Income tax (expense) |
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(4.4 |
) |
Net income |
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28.8 |
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Net income attributable to non-controlling interest |
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(1.3 |
) |
Net income available for common stock |
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$ |
27.5 |
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Consolidating Income Statement |
|
Three Months Ended June 30, 2024 |
Electric Utilities |
|
Gas Utilities |
|
Corporate
and Other |
|
Total |
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(in millions) |
|
Revenue - |
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External Customers |
$ |
202.1 |
|
$ |
200.5 |
|
$ |
— |
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$ |
402.6 |
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Inter-segment |
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3.0 |
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|
1.5 |
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(4.5 |
) |
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— |
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Total revenue |
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205.1 |
|
|
202.0 |
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(4.5 |
) |
|
402.6 |
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Fuel, purchased power and cost of natural gas sold |
|
45.9 |
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|
61.3 |
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(0.1 |
) |
|
107.1 |
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Operations and maintenance (a) - |
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Direct |
|
37.4 |
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|
38.2 |
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(5.7 |
) |
|
69.9 |
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Allocated |
|
30.7 |
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|
41.1 |
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|
— |
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|
71.8 |
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Depreciation and amortization |
|
35.5 |
|
|
31.1 |
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|
— |
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|
66.6 |
|
Taxes other than income taxes |
|
9.3 |
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|
7.3 |
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— |
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|
16.6 |
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Operating income |
$ |
46.3 |
|
$ |
23.0 |
|
$ |
1.3 |
|
$ |
70.6 |
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Interest expense, net |
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(42.6 |
) |
Other income (expense), net |
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|
0.4 |
|
Income tax (expense) |
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(3.7 |
) |
Net income |
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24.7 |
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Net income attributable to non-controlling interest |
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(1.9 |
) |
Net income available for common stock |
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$ |
22.8 |
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Consolidating Income Statement |
|
Six Months Ended June 30, 2025 |
Electric Utilities |
|
Gas Utilities |
|
Corporate
and Other |
|
Total |
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(in millions) |
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Revenue - |
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External Customers |
$ |
451.8 |
|
$ |
792.4 |
|
$ |
— |
|
$ |
1,244.2 |
|
Inter-segment |
|
4.8 |
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|
3.0 |
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(7.8 |
) |
|
— |
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Total revenue |
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456.6 |
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|
795.4 |
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(7.8 |
) |
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1,244.2 |
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Fuel, purchased power and cost of natural gas sold |
|
122.5 |
|
|
361.4 |
|
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(0.1 |
) |
|
483.8 |
|
Operations and maintenance (a) - |
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Direct |
|
71.8 |
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|
83.0 |
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(4.8 |
) |
|
150.0 |
|
Allocated |
|
66.2 |
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|
85.1 |
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— |
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|
151.3 |
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Depreciation and amortization |
|
74.6 |
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|
64.4 |
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|
— |
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|
139.0 |
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Taxes other than income taxes |
|
18.2 |
|
|
14.5 |
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|
— |
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|
32.7 |
|
Operating income (loss) |
$ |
103.3 |
|
$ |
187.0 |
|
$ |
(2.9 |
) |
$ |
287.4 |
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Interest expense, net |
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|
|
|
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|
(100.3 |
) |
Other income (expense), net |
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|
0.6 |
|
Income tax (expense) |
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(22.5 |
) |
Net income |
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|
165.2 |
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Net income attributable to non-controlling interest |
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(3.5 |
) |
Net income available for common stock |
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$ |
161.7 |
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Consolidating Income Statement |
|
Six Months Ended June 30, 2024 |
Electric Utilities |
|
Gas Utilities |
|
Corporate
and Other |
|
Total |
|
|
(in millions) |
|
Revenue - |
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|
External Customers |
$ |
421.4 |
|
$ |
707.6 |
|
$ |
— |
|
$ |
1,129.0 |
|
Inter-segment |
|
5.9 |
|
|
3.0 |
|
|
(8.9 |
) |
|
— |
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Total revenue |
|
427.3 |
|
|
710.6 |
|
|
(8.9 |
) |
|
1,129.0 |
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Fuel, purchased power and cost of natural gas sold |
|
100.8 |
|
|
323.2 |
|
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(0.3 |
) |
|
423.7 |
|
Operations and maintenance (a) - |
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Direct |
|
64.8 |
|
|
76.3 |
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|
(8.2 |
) |
|
132.9 |
|
Allocated |
|
60.7 |
|
|
81.6 |
|
|
— |
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|
142.3 |
|
Depreciation and amortization |
|
70.8 |
|
|
61.5 |
|
|
0.2 |
|
|
132.5 |
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Taxes other than income taxes |
|
19.3 |
|
|
14.3 |
|
|
— |
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|
33.6 |
|
Operating income (loss) |
$ |
110.9 |
|
$ |
153.7 |
|
$ |
(0.6 |
) |
$ |
264.0 |
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Interest expense, net |
|
|
|
|
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|
(86.7 |
) |
Other income (expense), net |
|
|
|
|
|
|
|
(0.5 |
) |
Income tax (expense) |
|
|
|
|
|
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|
(20.6 |
) |
Net income |
|
|
|
|
|
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|
156.2 |
|
Net income attributable to non-controlling interest |
|
|
|
|
|
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(5.6 |
) |
Net income available for common stock |
|
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$ |
150.6 |
|
(a)Direct and Allocated Operations and maintenance expenses for our operating segments are regularly provided to the CODM. Direct Operations and maintenance expense represents the costs incurred directly by our operating segments. Allocated Operations and maintenance expense represent costs incurred by BHSC for various direct and indirect support services provided to our operating segments. Pursuant to the BHSC Cost Allocation Manual, indirect cost allocations are determined in accordance with the Public Utility Holding Company Act of 2005.
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Capital Expenditures (a) for the six months ended June 30, |
2025 |
|
2024 |
|
|
(in millions) |
|
Electric Utilities |
$ |
211.8 |
|
$ |
185.6 |
|
Gas Utilities |
|
153.8 |
|
|
190.4 |
|
Corporate and Other |
|
4.3 |
|
|
4.8 |
|
Total capital expenditures |
$ |
369.9 |
|
$ |
380.8 |
|
(a)Includes accruals for property, plant, and equipment as disclosed in supplemental cash flow information in the Consolidated Statements of Cash Flows in the Consolidated Financial Statements. Capital expenditures are presented net of CIACs in the Consolidated Statements of Cash Flows.
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