The table below provides information about the Company’s single business segment, including significant segment expenses, and includes reconciliation to Consolidated Net Income (dollars in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Total revenues |
|
$ |
814 |
|
|
$ |
807 |
|
|
$ |
1,693 |
|
|
$ |
1,735 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Purchased power and fuel |
|
|
296 |
|
|
|
294 |
|
|
|
657 |
|
|
|
662 |
|
Operating and maintenance expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Generation, transmission and distribution |
|
|
112 |
|
|
|
114 |
|
|
|
222 |
|
|
|
224 |
|
Administrative and other |
|
|
90 |
|
|
|
96 |
|
|
|
196 |
|
|
|
192 |
|
Total operating and maintenance expense |
|
|
202 |
|
|
|
210 |
|
|
|
418 |
|
|
|
416 |
|
Depreciation and amortization |
|
|
143 |
|
|
|
139 |
|
|
|
287 |
|
|
|
279 |
|
Taxes other than income taxes |
|
|
52 |
|
|
|
46 |
|
|
|
103 |
|
|
|
92 |
|
Total operating expenses |
|
|
693 |
|
|
|
689 |
|
|
|
1,465 |
|
|
|
1,449 |
|
Income from operations |
|
|
121 |
|
|
|
118 |
|
|
|
228 |
|
|
|
286 |
|
Interest expense, net: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
64 |
|
|
|
60 |
|
|
|
126 |
|
|
|
120 |
|
Allowance for borrowed funds used during construction |
|
|
(3 |
) |
|
|
(3 |
) |
|
|
(5 |
) |
|
|
(7 |
) |
Total interest expense, net |
|
|
61 |
|
|
|
57 |
|
|
|
121 |
|
|
|
113 |
|
Other income, net: |
|
|
20 |
|
|
|
13 |
|
|
|
27 |
|
|
|
23 |
|
Income before income taxes |
|
|
80 |
|
|
|
74 |
|
|
|
134 |
|
|
|
196 |
|
Income tax expense |
|
|
12 |
|
|
|
12 |
|
|
|
21 |
|
|
|
34 |
|
Net income |
|
$ |
68 |
|
|
$ |
62 |
|
|
$ |
113 |
|
|
$ |
162 |
|
Certain additional financial information relating to the Company’s single business segment was as follows (dollars in millions):
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
Total assets |
|
$ |
13,643 |
|
|
$ |
13,230 |
|
Equity method investments |
|
|
21 |
|
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
Capital expenditures |
|
|
(635 |
) |
|
|
(596 |
) |
|