v3.26.3
Segment Information
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Information
Note 15: Segment Information
The Company’s operating segments are comprised of its businesses which generate revenue, incur expense and have separate financial information which is regularly used by the chief operating decision maker to make operating decisions, assess performance and allocate resources. The Company operates its businesses primarily through one reportable segment, the Regulated Businesses segment. The Regulated Businesses segment also includes inter-segment revenues, costs and interest which are eliminated to reconcile to the Consolidated Statements of Operations.
The Company also operates other businesses, primarily MSG, that do not meet the criteria of a reportable segment in accordance with GAAP and are collectively presented throughout this Form 10-Q within “Other,” which is consistent with how management assesses the results of these businesses. Other also includes corporate costs that are not allocated to the Company’s Regulated Businesses, interest income related to the secured seller promissory note from the sale of HOS, income from assets not associated with the Regulated Businesses, eliminations of inter-segment transactions and fair value adjustments related to acquisitions that have not been allocated to the Regulated Businesses segment. The adjustments related to the acquisitions are reported in Other as they are excluded from segment performance measures evaluated by management.
The Company’s chief operating decision maker is the President and Chief Executive Officer. The chief operating decision maker uses segment net income or loss to evaluate profit generated from segment assets when making decisions about allocating resources. The chief operating decision maker also uses segment net income to monitor budget versus actual results to assess the performance of the segment.
Presented in the tables below is summarized segment information:
As of or for the Three Months Ended September 30, 2026
Regulated BusinessesOtherConsolidated
Operating revenues$1,403 $107 $1,510 
Less:
Operation and maintenance (a)440 91 531 
Other segment items (b)68 3 71 
Depreciation and amortization242 3 245 
Interest expense131 36 167 
Interest income(1)(2)(3)
Provision for (benefit from) income taxes116 (4)112 
Net income (loss) attributable to common shareholders$407 $(20)$387 
Total assets$35,136 $2,091 $37,227 
Cash paid for capital expenditures$879 $9 $888 
(a)Significant segment expense.
(b)Other segment items included in segment net income includes General taxes, Other operating expenses, Non-operating benefit costs, net, and Other income (expense), net, primarily Allowance for other funds used during construction.
As of or for the Three Months Ended September 30, 2025
Regulated BusinessesOtherConsolidated
Operating revenues$1,343 $108 $1,451 
Less:
Operation and maintenance (a)433 90 523 
Other segment items (b)70 3 73 
Depreciation and amortization224 2 226 
Interest expense122 36 158 
Interest income(1)(22)(23)
Provision for income taxes112 3 115 
Net income (loss) attributable to common shareholders$383 $(4)$379 
Total assets$31,874 $2,874 $34,748 
Cash paid for capital expenditures$792 $5 $797 
(a)Significant segment expense.
(b)Other segment items included in segment net income includes General taxes, Other operating expenses, Non-operating benefit costs, net, and Other income (expense), net, primarily Allowance for other funds used during construction.
As of or for the Nine Months Ended September 30, 2026
Regulated BusinessesOtherConsolidated
Operating revenues$3,782 $290 $4,072 
Less:
Operation and maintenance (a)1,266 239 1,505 
Other segment items (b)204 (1)203 
Depreciation and amortization714 8 722 
Interest expense384 113 497 
Interest income(5)(13)(18)
Provision for (benefit from) income taxes273 (8)265 
Net income (loss) attributable to common shareholders$946 $(48)$898 
Total assets$35,136 $2,091 $37,227 
Cash paid for capital expenditures$2,388 $19 $2,407 
(a)Significant segment expense.
(b)Other segment items included in segment net income includes General taxes, Other operating expenses, Non-operating benefit costs, net, and Other income (expense), net, primarily Allowance for other funds used during construction.
As of or for the Nine Months Ended September 30, 2025
Regulated BusinessesOtherConsolidated
Operating revenues$3,570 $299 $3,869 
Less:
Operation and maintenance (a)1,234 237 1,471 
Other segment items (b)205 4 209 
Depreciation and amortization654 9 663 
Interest expense352 101 453 
Interest income(3)(64)(67)
Provision for income taxes256 11 267 
Net income attributable to common shareholders$872 $1 $873 
Total assets$31,874 $2,874 $34,748 
Cash paid for capital expenditures$2,070 $8 $2,078 
(a)Significant segment expense.
(b)Other segment items included in segment net income includes General taxes, Other operating expenses, Non-operating benefit costs, net, and Other income (expense), net, primarily Allowance for other funds used during construction.