Stockholders' Equity

Common Stock Issuances

At-the-Market Equity Program (ATM Program)

We maintain effective shelf registration statements with the SEC for the issuance of common stock in various types of equity offerings, including pursuant to our DRIP/DSPP and ATM program. Depending on our capital needs and subject to market conditions, we may issue additional shares under the direct stock purchase component of the DRIP/DSPP in addition to other possible debt and equity offerings.

Following the expiration of our previous ATM program, in September 2026, we established a new ATM program under which we may sell through the managers or forward sellers, as applicable, shares of our common stock up to an aggregate offering price of $225.0 million, subject to an effective shelf registration statement. The ATM program may also utilize forward sales agreements, which can be settled at our discretion. In connection with any forward sale agreement, the forward purchaser will borrow shares from third parties and, through its affiliated forward seller, sell shares of our common stock equal to the number of shares underlying that forward sale agreement. We will not initially receive any proceeds from the sale of such borrowed shares. Upon settlement under the forward sale agreements, we may elect, at our discretion, one of three settlement methods: (i) physical settlement, where we would issue and deliver shares of our common stock to the forward purchaser in exchange for cash proceeds equal to the product of the then-applicable forward sale price and the number of shares being settled; (ii) cash settlement, where a cash payment would be made by or to us based on the difference between the applicable forward sale price and the volume-weighted average price of our common stock during the applicable unwind period; or (iii) net share settlement, where we would deliver or receive shares of our common stock based on such difference. Physical settlement will also apply under certain other circumstances specified in the forward sale agreements. We expect to physically settle the forward sale agreements by delivery of shares of our common stock, and as such, intend to account for any forward sale agreements as equity instruments. The forward sale price will initially equal the volume-weighted average of the sales prices at which the forward sellers sold the borrowed shares, less a forward selling commission of up to 2 percent. The forward sale price will be subject to daily adjustment based on the overnight bank funding rate less an agreed-upon spread and will be reduced by amounts related to expected dividends on our common stock during the term of the applicable forward sale agreement.

For the nine months ended September 30, 2026 and 2025, we received net proceeds of $36.6 million and $76.3 million, respectively, associated with shares issued under the DRIP/DSPP as well as shares issued under our prior ATM program. For the nine months ended September 30, 2026, we did not issue any shares under our new ATM program.

Accumulated Other Comprehensive Loss

Defined benefit pension and postretirement plan items, unrealized gains (losses) of our propane swap agreements designated as commodity contract cash flow hedges, and the unrealized gains (losses) of our interest rate swap agreements designated as cash flow hedges are the components of our accumulated other comprehensive income (loss). The following tables present the changes in the balances of accumulated other comprehensive income (loss)

components for the nine months ended September 30, 2026 and 2025. All amounts in the following tables are presented net of tax.


	Defined Benefit		Commodity		Interest Rate
	Pension and		Contract		Swap
	Postretirement		Cash Flow		Cash Flow
	Plan Items		Hedges		Hedges		Total
(in millions)
As of December 31, 2025	$	(1.7)	$	(0.5)	$	(0.5)	$	(2.7)
Other comprehensive income (loss) before reclassifications	—		1.7		1.1		2.8
Amounts reclassified from accumulated other comprehensive loss	—		(0.2)		0.1		(0.1)
Net current-period other comprehensive income (loss)	—		1.5		1.2		2.7

As of September 30, 2026	$	(1.7)	$	1.0	$	0.7	$	—



As of December 31, 2024	$	(2.1)	$	0.4	$	—	$	(1.7)
Other comprehensive income (loss) before reclassifications	—		—		(0.8)		(0.8)
Amounts reclassified from accumulated other comprehensive loss	—		(0.5)		(0.2)		(0.7)
Net current-period other comprehensive income (loss)	—		(0.5)		(1.0)		(1.5)
As of September 30, 2025	$	(2.1)	$	(0.1)	$	(1.0)	$	(3.2)

Deferred gains or losses for our commodity contract and interest rate swap cash flow hedges are recognized in earnings upon settlement and are included in the effects of gains and losses from derivative instruments. See Note 13, Derivative Instruments, for additional information. Amortization of the net loss related to the defined benefit pension plan and postretirement plans is included in the computation of net periodic cost (benefits). See Note 11, Employee Benefit Plans, for additional information.