v3.26.1
Business Segment Information (Tables)
6 Months Ended
Jun. 30, 2026
Segment Reporting, Other Disclosure [Abstract]  
Segment information included in Consolidated Statements of Income

Segment information was as follows:

 

Consolidating Income Statement

 

Three Months Ended June 30, 2026

Electric Utilities

 

Gas Utilities

 

Total Reportable Segments

 

Corporate
and Other

 

Total

 

 

(in millions)

 

Revenue -

 

 

 

 

 

 

 

 

 

External Customers

$

223.8

 

$

229.0

 

$

452.8

 

$

 

$

452.8

 

Inter-segment

 

2.5

 

 

1.5

 

 

4.0

 

 

(4.0

)

 

 

Total revenue

 

226.3

 

 

230.5

 

 

456.8

 

 

(4.0

)

 

452.8

 

 

 

 

 

 

 

 

 

 

 

Fuel, purchased power and cost of natural gas sold

 

49.7

 

 

63.9

 

 

113.6

 

 

(0.1

)

 

113.5

 

Operations and maintenance (a) -

 

 

 

 

 

 

 

 

 

 

Direct

 

33.4

 

 

41.3

 

 

74.7

 

 

3.3

 

 

78.0

 

Allocated

 

32.1

 

 

40.4

 

 

72.5

 

 

 

 

72.5

 

Depreciation and amortization

 

40.9

 

 

34.4

 

 

75.3

 

 

 

 

75.3

 

Taxes other than income taxes

 

9.1

 

 

7.4

 

 

16.5

 

 

 

 

16.5

 

Total operating expenses

 

165.2

 

 

187.4

 

 

352.6

 

 

3.2

 

 

355.8

 

Operating income (loss)

$

61.1

 

$

43.1

 

$

104.2

 

$

(7.2

)

$

97.0

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

(51.6

)

Other income (expense), net

 

 

 

 

 

 

 

 

 

0.2

 

Income tax (expense)

 

 

 

 

 

 

 

 

 

(5.2

)

Net income

 

 

 

 

 

 

 

 

 

40.4

 

Net income attributable to non-controlling interest

 

 

 

 

 

 

 

 

(2.2

)

Net income available for common stock

 

 

 

 

 

 

 

 

$

38.2

 

 

Consolidating Income Statement

 

Three Months Ended June 30, 2025

Electric Utilities

 

Gas Utilities

 

Total Reportable Segments

 

Corporate
and Other

 

Total

 

 

(in millions)

 

Revenue -

 

 

 

 

 

 

 

 

 

 

External Customers

$

217.5

 

$

221.5

 

$

439.0

 

$

 

$

439.0

 

Inter-segment

 

2.4

 

 

1.5

 

 

3.9

 

 

(3.9

)

 

 

Total revenue

 

219.9

 

 

223.0

 

 

442.9

 

 

(3.9

)

 

439.0

 

 

 

 

 

 

 

 

 

 

 

Fuel, purchased power and cost of natural gas sold

 

55.3

 

 

68.9

 

 

124.2

 

 

(0.2

)

 

124.0

 

Operations and maintenance (a) -

 

 

 

 

 

 

 

 

 

 

Direct

 

36.1

 

 

38.9

 

 

75.0

 

 

(1.7

)

 

73.3

 

Allocated

 

33.1

 

 

41.2

 

 

74.3

 

 

 

 

74.3

 

Depreciation and amortization

 

37.5

 

 

32.3

 

 

69.8

 

 

 

 

69.8

 

Taxes other than income taxes

 

8.9

 

 

6.2

 

 

15.1

 

 

 

 

15.1

 

Total operating expenses

 

170.9

 

 

187.5

 

 

358.4

 

 

(1.9

)

 

356.5

 

Operating income

$

49.0

 

$

35.5

 

$

84.5

 

$

(2.0

)

$

82.5

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

(48.9

)

Other income (expense), net

 

 

 

 

 

 

 

 

 

(0.4

)

Income tax (expense)

 

 

 

 

 

 

 

 

 

(4.4

)

Net income

 

 

 

 

 

 

 

 

 

28.8

 

Net income attributable to non-controlling interest

 

 

 

 

 

 

 

 

(1.3

)

Net income available for common stock

 

 

 

 

 

 

 

 

$

27.5

 

 

 

Consolidating Income Statement

 

Six Months Ended June 30, 2026

Electric Utilities

 

Gas Utilities

 

Total Reportable Segments

 

Corporate
and Other

 

Total

 

(in millions)

 

Revenue -

 

 

 

 

 

 

 

 

 

 

External Customers

$

462.8

 

$

770.7

 

$

1,233.5

 

$

 

$

1,233.5

 

Inter-segment

 

5.1

 

 

2.9

 

 

8.0

 

 

(8.0

)

 

 

Total revenue

 

467.9

 

 

773.6

 

 

1,241.5

 

 

(8.0

)

 

1,233.5

 

 

 

 

 

 

 

 

 

 

 

Fuel, purchased power and cost of natural gas sold

 

116.5

 

 

335.1

 

 

451.6

 

 

(0.3

)

 

451.3

 

Operations and maintenance (a) -

 

 

 

 

 

 

 

 

 

 

Direct

 

66.5

 

 

81.7

 

 

148.2

 

 

1.5

 

 

149.7

 

Allocated

 

65.0

 

 

83.9

 

 

148.9

 

 

 

 

148.9

 

Depreciation and amortization

 

81.4

 

 

68.7

 

 

150.1

 

 

 

 

150.1

 

Taxes other than income taxes

 

18.3

 

 

16.2

 

 

34.5

 

 

 

 

34.5

 

Total operating expenses

 

347.7

 

 

585.6

 

 

933.3

 

 

1.2

 

 

934.5

 

Operating income (loss)

$

120.2

 

$

188.0

 

$

308.2

 

$

(9.2

)

$

299.0

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

(103.5

)

Other income, net

 

 

 

 

 

 

 

 

 

0.8

 

Income tax (expense)

 

 

 

 

 

 

 

 

 

(22.8

)

Net income

 

 

 

 

 

 

 

 

 

173.5

 

Net income attributable to non-controlling interest

 

 

 

 

 

 

 

 

(4.3

)

Net income available for common stock

 

 

 

 

 

 

 

 

$

169.2

 

 

Consolidating Income Statement

 

Six Months Ended June 30, 2025

Electric Utilities

 

Gas Utilities

 

Total Reportable Segments

 

Corporate
and Other

 

Total

 

(in millions)

 

Revenue -

 

 

 

 

 

 

 

 

 

 

External Customers

$

451.8

 

$

792.4

 

$

1,244.2

 

$

 

$

1,244.2

 

Inter-segment

 

4.8

 

 

3.0

 

 

7.8

 

 

(7.8

)

 

 

Total revenue

 

456.6

 

 

795.4

 

 

1,252.0

 

 

(7.8

)

 

1,244.2

 

 

 

 

 

 

 

 

 

 

 

Fuel, purchased power and cost of natural gas sold

 

122.5

 

 

361.4

 

 

483.9

 

 

(0.1

)

 

483.8

 

Operations and maintenance (a) -

 

 

 

 

 

 

 

 

 

 

Direct

 

71.8

 

 

83.0

 

 

154.8

 

 

(4.8

)

 

150.0

 

Allocated

 

66.2

 

 

85.1

 

 

151.3

 

 

 

 

151.3

 

Depreciation and amortization

 

74.6

 

 

64.4

 

 

139.0

 

 

 

 

139.0

 

Taxes other than income taxes

 

18.2

 

 

14.5

 

 

32.7

 

 

 

 

32.7

 

Total operating expenses

 

353.3

 

 

608.4

 

 

961.7

 

 

(4.9

)

 

956.8

 

Operating income (loss)

$

103.3

 

$

187.0

 

$

290.3

 

$

(2.9

)

$

287.4

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

 

 

 

 

(100.3

)

Other income, net

 

 

 

 

 

 

 

 

 

0.6

 

Income tax (expense)

 

 

 

 

 

 

 

 

 

(22.5

)

Net income

 

 

 

 

 

 

 

 

 

165.2

 

Net income attributable to non-controlling interest

 

 

 

 

 

 

 

 

(3.5

)

Net income available for common stock

 

 

 

 

 

 

 

 

$

161.7

 

 

(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.
Segment information included in Consolidated Balance Sheets

Capital Expenditures (a) for the six months ended June 30,

2026

 

2025

 

 

(in millions)

 

Electric Utilities

$

399.3

 

$

211.8

 

Gas Utilities

 

179.0

 

 

153.8

 

Corporate and Other

 

4.9

 

 

4.3

 

Total capital expenditures

$

583.2

 

$

369.9

 

 

(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.