v3.26.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Information about each segment, including significant expenses and net income of each segment, for the three months ended March 31, 2026 and 2025 are as follows:
Electric Segment
Three Months Ended March 31,
(in thousands)20262025
Operating Revenue$165,870 $149,720 
Production Fuel and Purchased Power47,786 45,191 
Operating and Maintenance Expenses50,255 48,881 
Depreciation and Amortization23,445 22,377 
Property Taxes4,462 4,228 
Interest Expense11,736 10,657 
Income Tax Benefit
(5,182)(4,008)
Other Segment Items(1)
(1,882)(2,314)
Net Income$35,250 $24,708 
(1) Other segment items include nonservice components of postretirement benefits, allowance for funds used during construction and other expenses (income).
Manufacturing Segment
Three Months Ended March 31,
(in thousands)20262025
Operating Revenue$89,559 $81,685 
Cost of Goods Sold71,201 68,516 
Selling, General, and Administrative Expenses12,229 10,743 
Interest Expense599 623 
Income Tax Expense1,247 272 
Other Segment Items— (1)
Net Income$4,283 $1,532 
Plastics Segment
Three Months Ended March 31,
(in thousands)20262025
Operating Revenue$91,597 $105,948 
Cost of Goods Sold40,015 40,087 
Selling, General, and Administrative Expenses6,879 6,985 
Interest Expense146 146 
Income Tax Expense11,619 15,293 
Other Segment Items(2)(2)
Net Income$32,940 $43,439 
Capital Expenditures and Identifiable Assets
The following provides capital expenditures for each reportable segment and our corporate cost center for the three months ended March 31, 2026 and 2025:
Three Months Ended March 31,
(in thousands)20262025
Capital Expenditures
Electric$177,087 $52,127 
Manufacturing4,395 2,289 
Plastics3,795 3,584 
Corporate4 12 
Total Capital Expenditures$185,281 $58,012 
The following provides the identifiable assets by segment and corporate assets as of March 31, 2026 and December 31, 2025:
(in thousands)March 31, 2026December 31, 2025
Identifiable Assets
Electric$3,205,077 $3,006,695 
Manufacturing262,088 243,737 
Plastics195,890 185,936 
Corporate489,754 527,911 
Total Identifiable Assets$4,152,809 $3,964,279 
Included below is a reconciliation of certain segment information and our unallocated corporate costs to consolidated amounts for the three months ended March 31, 2026 and 2025:
Three Months Ended March 31,
(in thousands)20262025
Depreciation and Amortization
Electric$23,445 $22,377 
Manufacturing4,787 5,424 
Plastics1,672 1,546 
Corporate75 28 
Total Depreciation and Amortization$29,979 $29,375 
Interest Expense
Total Interest Expense of Reportable Segments$12,481 $11,426 
Corporate Interest Expense155 127 
Total Interest Expense$12,636 $11,553 
Income Tax Expense (Benefit)
Total Income Tax Expense of Reportable Segments$7,684 $11,557 
Corporate Income Tax Benefit(2,808)(1,472)
Total Income Tax Expense
$4,876 $10,085 
Net Income
Total Net Income of Reportable Segments$72,473 $69,679 
Corporate Net Income (Loss)
137 (1,580)
Total Net Income$72,610 $68,099