Business Description And Significant Accounting Policies (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Account Receivable Schedule |
Following is a summary of accounts receivable as of December 31:
|
|
|
|
|
|
|
|
2025 |
|
2024 |
|
|
(in millions) |
|
Billed Accounts Receivable |
$ |
223.3 |
|
$ |
201.5 |
|
Unbilled Revenue |
|
168.1 |
|
|
151.8 |
|
Less Allowance for Credit Losses |
|
(2.4 |
) |
|
(2.1 |
) |
Accounts Receivable, net |
$ |
389.0 |
|
$ |
351.2 |
|
|
| Financing Receivable, Current, Allowance for Credit Loss |
Changes to allowance for credit losses for the years ended December 31, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at
Beginning of Year |
|
Additions
Charged to Costs and Expenses |
|
Recoveries and
Other Additions |
|
Write-offs and
Other Deductions |
|
Balance at
End of Year |
|
|
(in millions) |
|
2025 |
$ |
2.1 |
|
$ |
7.2 |
|
$ |
3.9 |
|
$ |
(10.8 |
) |
$ |
2.4 |
|
2024 |
$ |
2.2 |
|
$ |
5.6 |
|
$ |
4.2 |
|
$ |
(9.9 |
) |
$ |
2.1 |
|
2023 |
$ |
3.0 |
|
$ |
8.7 |
|
$ |
4.1 |
|
$ |
(13.6 |
) |
$ |
2.2 |
|
|
| Materials, Supplies and Fuel |
The following amounts by major classification are included in Materials, supplies, and fuel on the accompanying Consolidated Balance Sheets as of December 31:
|
|
|
|
|
|
|
|
2025 |
|
2024 |
|
|
(in millions) |
|
Materials and supplies |
$ |
117.3 |
|
$ |
106.1 |
|
Fuel |
|
6.4 |
|
|
7.5 |
|
Natural gas in storage |
|
48.7 |
|
|
40.3 |
|
Total materials, supplies, and fuel |
$ |
172.4 |
|
$ |
153.9 |
|
|
| Property, Plant and Equipment (AFUDC) |
The following table presents AFUDC amounts for the years ended December 31:
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement Location |
2025 |
|
2024 |
|
2023 |
|
|
|
(in millions) |
|
AFUDC Debt |
Interest expense incurred, net of amounts capitalized |
$ |
12.9 |
|
$ |
8.7 |
|
$ |
6.0 |
|
AFUDC Equity |
Other income (expense), net |
|
10.7 |
|
|
4.0 |
|
|
0.4 |
|
|
| Goodwill |
As of December 31, 2025, and 2024, Goodwill balances were as follows:
|
|
|
|
|
|
|
|
|
|
|
Electric Utilities |
|
Gas Utilities |
|
Total |
|
|
(in millions) |
|
Goodwill |
$ |
257.3 |
|
$ |
1,042.2 |
|
$ |
1,299.5 |
|
|
| Intangible Assets |
Changes to intangible assets for the years ended December 31, were as follows:
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
2024 |
|
2023 |
|
|
(in millions) |
|
Intangible assets, net, beginning balance |
$ |
7.6 |
|
$ |
8.4 |
|
$ |
9.6 |
|
Additions |
|
— |
|
|
0.3 |
|
|
— |
|
Amortization expense (a) |
|
(1.2 |
) |
|
(1.1 |
) |
|
(1.2 |
) |
Intangible assets, net, ending balance |
$ |
6.4 |
|
$ |
7.6 |
|
$ |
8.4 |
|
(a)Amortization expense for existing intangible assets is expected to be $1.2 million for each year of the next five years.
|
| Schedule of Accrued Liabilities |
The following amounts by major classification are included in Accrued liabilities on the accompanying Consolidated Balance Sheets as of December 31:
|
|
|
|
|
|
|
|
2025 |
|
2024 |
|
|
(in millions) |
|
Accrued employee compensation, benefits and withholdings |
$ |
92.8 |
|
$ |
85.5 |
|
Accrued property taxes |
|
54.8 |
|
|
54.7 |
|
Customer deposits and prepayments |
|
59.0 |
|
|
55.6 |
|
Accrued interest |
|
57.2 |
|
|
56.4 |
|
Other (none of which is individually significant) |
|
58.8 |
|
|
50.0 |
|
Total accrued liabilities |
$ |
322.6 |
|
$ |
302.2 |
|
|
| Schedule of Earnings Per Share Reconciliation |
A reconciliation of share amounts used to compute earnings per share is as follows for the years ended December 31:
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
2024 |
|
2023 |
|
|
(in millions, except per share amounts) |
|
Net income available for common stock |
$ |
291.6 |
|
$ |
273.1 |
|
$ |
262.2 |
|
|
|
|
|
|
|
|
Weighted average shares - basic |
|
73.0 |
|
|
69.8 |
|
|
67.0 |
|
Dilutive effect of equity compensation |
|
0.2 |
|
|
0.1 |
|
|
0.1 |
|
Weighted average shares - diluted |
|
73.2 |
|
|
69.9 |
|
|
67.1 |
|
|
|
|
|
|
|
|
Net income available for common stock, per share - Diluted |
$ |
3.98 |
|
$ |
3.91 |
|
$ |
3.91 |
|
Anti-dilutive shares
|