v3.26.1
Revenue Recognition (Notes)
 3 Months Ended
Mar. 31, 2026
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 months ended March 31, 2026 and 2025:

Three Months Ended March 31, 2026Three Months Ended March 31, 2025
(in millions)Regulated EnergyUnregulated EnergyOther Businesses and EliminationsTotalRegulated EnergyUnregulated EnergyOther Businesses and EliminationsTotal
Energy distribution
Delaware natural gas distribution$54.1 $— $— $54.1 $42.3 $— $— $42.3 
FPU natural gas distribution
58.9 — — 58.9 51.3 — — 51.3 
Florida City Gas65.6 — — 65.6 43.6 — — 43.6 
FPU electric distribution27.6 — — 27.6 23.2 — — 23.2 
Maryland natural gas distribution (1)
28.4 — — 28.4 25.3 — — 25.3 
Total energy distribution234.6 — — 234.6 185.7 — — 185.7 
Energy transmission
Aspire Energy— 26.3 — 26.3 — 19.2 — 19.2 
Aspire Energy Express0.4 — — 0.4 0.4 — — 0.4 
Eastern Shore24.2 — — 24.2 22.7 — — 22.7 
Peninsula Pipeline16.8 — — 16.8 10.0 — — 10.0 
Total energy transmission41.4 26.3 — 67.7 33.1 19.2 — 52.3 
Energy generation
Eight Flags— 5.9 — 5.9 — 4.7 — 4.7 
Propane operations
Propane delivery operations— 73.3 — 73.3 — 74.7 — 74.7 
CNG / RNG Services
Marlin Gas Services— 7.4 — 7.4 — 7.2 — 7.2 
Other RNG— 0.9 — 0.9 — 1.0 — 1.0 
Total CNG / RNG Services— 8.3 — 8.3 — 8.2 — 8.2 
Other Businesses and Eliminations
Eliminations(26.7)(0.1)(9.9)(36.7)(19.2)(0.1)(7.6)(26.9)
Total operating revenues (2)
$249.3 $113.7 $(9.9)$353.1 $199.6 $106.7 $(7.6)$298.7 
(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 March 31, 2026 include other revenue (revenues from sources other than contracts with customers) of $1.5 million loss and $0.1 million for our Regulated Energy and Unregulated Energy segments, respectively, and $0.5 million loss and $0.1 million for our Regulated Energy and Unregulated Energy segments, respectively, for the three months ended March 31, 2025. 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, 2025 and March 31, 2026 were as follows:
Trade ReceivablesContract Assets (Current)Contract Assets (Non-current)Contract Liabilities (Current)
(in millions)
Balance at 12/31/2025$92.2 $— $2.9 $1.3 
Balance at 3/31/2026
108.6 — 2.8 1.0 
Increase (Decrease)$16.4 $— $(0.1)$(0.3)
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 months ended March 31, 2026 and 2025, 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 March 31, 2026, are expected to be recognized as follows:
(in millions)2026202720282029203020312032 and thereafter
Eastern Shore and Peninsula Pipeline$29.5 $36.5 $34.1 $31.4 $25.3 $18.4 $142.5 
Natural gas distribution operations9.3 9.7 9.8 9.7 9.7 4.9 24.7 
FPU electric distribution0.7 0.9 0.9 0.9 0.9 0.9 — 
Total revenue contracts with remaining performance obligations$39.5 $47.1 $44.8 $42.0 $35.9 $24.2 $167.2