v3.26.3
Segment Information
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
We use the management approach to identify operating segments. We organize our business around differences in regulatory environment and/or products or services, and the operating results of each segment are regularly reviewed by the chief operating decision maker, our President and Chief Executive Officer ("CEO"), in order to make decisions about resources and to assess performance.
Our operations are entirely domestic and are comprised of two reportable segments:
•Regulated Energy. Includes regulated energy distribution and transmission services (natural gas distribution, natural gas transmission and electric distribution operations). All operations in this segment are regulated, as to their rates and services, by the PSC having jurisdiction in each operating territory or by the FERC in the case of Eastern Shore.
•Unregulated Energy. Includes unregulated energy transmission, energy generation (the operations of our Eight Flags' CHP plant), propane distribution operations, mobile compressed natural gas distribution and pipeline solutions operations, and sustainable energy investments including renewable natural gas-related investments. Also included in this segment are other unregulated energy services, such as energy-related merchandise sales and heating, ventilation and air conditioning, plumbing and electrical services. These operations are unregulated as to their rates and services.

The remainder of our operations are presented as “Other Businesses and Eliminations,” which consists of unregulated subsidiaries that own real estate leased to the Company, as well as certain corporate costs not allocated to other operations.

The following tables present information about our reportable segments:
Three Months Ended September 30,
20262025
(in millions)RegulatedUnregulated
Other Businesses and Eliminations (1)
TotalRegulatedUnregulated
Other Businesses and Eliminations (1)
Total
Operating revenues, unaffiliated customers$164.2 $31.5 $0.1 $195.8 $145.8 $33.8 $— $179.6 
Intersegment revenues (2)
0.8 6.3 (7.1)— 0.6 6.9 (7.5)— 
165.0 37.8 (7.0)195.8 146.4 40.7 (7.5)179.6 
Less:
Natural gas, propane and electric costs38.7 15.3 (6.9)47.1 31.7 18.3 (7.6)42.4 
Operations and maintenance expenses 45.1 22.6 — 67.7 39.7 19.9 0.1 59.7 
Depreciation and amortization17.4 5.7 (0.1)23.0 18.2 5.1 — 23.3 
Other segment items (3)
8.3 1.1 — 9.4 7.9 1.3 — 9.2 
Segment operating income (loss)$55.5 $(6.9)$— 48.6 $48.9 $(3.9)$— 45.0 
Other income, net0.4 0.2 
Interest charges19.0 18.2 
Income before income taxes30.0 27.0 
Income taxes8.4 7.6 
Net Income$21.6 $19.4 
Capital expenditures$112.5 $8.5 $30.2 $151.2 $108.1 $9.6 $5.1 $122.8 
(1) Other revenues and other operating income (loss) amounts are attributable to eliminations and unregulated subsidiaries that own real estate leased to the Company.
(2) All significant intersegment revenues are billed at market rates and have been eliminated from consolidated revenues.
(3) Other segment items for each reportable segment include: Regulated - Other taxes and transaction and transition costs related to the integration of FCG; Unregulated - Other taxes.

Nine Months Ended September 30,
20262025
(in millions)RegulatedUnregulated
Other Businesses and Eliminations (1)
TotalRegulatedUnregulated
Other Businesses and Eliminations (1)
Total
Operating revenues, unaffiliated customers$576.6 $174.1 $0.1 $750.8 $496.4 $174.7 $— $671.1 
Intersegment revenues (2)
2.0 22.6 (24.6)— 1.4 20.6 (22.0)— 
578.6 196.7 (24.5)750.8 497.8 195.3 (22.0)671.1 
Less:
Natural gas, propane and electric costs179.9 90.2 (24.4)245.7 137.3 93.4 (22.0)208.7 
Operations and maintenance expenses 140.8 67.1 (0.2)207.7 122.1 61.9 — 184.0 
Depreciation and amortization50.8 16.7 (0.1)67.4 52.6 15.1 — 67.7 
Other segment items (3)
25.2 3.9 — 29.1 24.6 4.0 — 28.6 
Segment operating income$181.9 $18.8 $0.2 200.9 $161.2 $20.9 $— 182.1 
Other income, net0.9 1.2 
Interest charges56.1 54.1 
Income before income taxes145.7 129.2 
Income taxes39.4 35.0 
Net Income$106.3 $94.2 
Capital expenditures$320.3 $30.6 $61.9 $412.8 $295.7 $32.1 $7.8 $335.6 
(1) Other revenues and other operating income (loss) amounts are attributable to eliminations and unregulated subsidiaries that own real estate leased to the Company.
(2) All significant intersegment revenues are billed at market rates and have been eliminated from consolidated revenues.
(3) Other segment items for each reportable segment include: Regulated - Other taxes and transaction and transition costs related to the integration of FCG; Unregulated - Other taxes.

(in millions)September 30, 2026December 31, 2025
Identifiable Assets
Regulated Energy segment$3,697.1 $3,425.3 
Unregulated Energy segment 479.9 495.0 
Other businesses and eliminations140.4 74.5 
Total identifiable assets $4,317.4 $3,994.8