Segment Information

9 Months Ended

Sep. 30, 2023

Segment Reporting Disclosure [Text Block]

Segment Information

Our reportable business segments are primarily engaged in the electric and natural gas business. The remainder of our operations are presented as other, which primarily consists of unallocated corporate costs and unregulated activity.

We evaluate the performance of these segments based on utility margin. The accounting policies of the operating segments are the same as the parent except that the parent allocates some of its operating expenses to the operating segments according to a methodology designed by us for internal reporting purposes and involves estimates and assumptions.

Financial data for the business segments are as follows (in thousands):


Three Months Ended
September 30, 2023	Electric		Gas		Other		Eliminations		Total
Operating revenues	$	280,030	$	41,060	$	—	$	—	$	321,090
Fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion shown separately below)	77,995		10,948		—		—		88,943
Utility margin	202,035		30,112		—		—		232,147
Operating and maintenance	39,990		13,250		—		—		53,240
Administrative and general	20,682		8,249		424		—		29,355
Property and other taxes	33,740		9,574		(1,551)		—		41,763
Depreciation and depletion	43,230		8,929		—		—		52,159
Operating income (loss)	64,393		(9,890)		1,127		—		55,630
Interest expense, net	(21,300)		(4,426)		(2,999)		—		(28,725)
Other income (expense), net	3,380		1,328		(581)		—		4,127
Income tax (expense) benefit	(3,223)		(41)		1,567		—		(1,697)
Net income (loss)	$	43,250	$	(13,029)	$	(886)	$	—	$	29,335
Total assets	$	5,963,950	$	1,454,445	$	11,104	$	—	$	7,429,499
Capital expenditures	$	110,804	$	46,359	$	—	$	—	$	157,163


Three Months Ended
September 30, 2022	Electric		Gas		Other		Eliminations		Total
Operating revenues	$	292,270	$	42,798	$	—	$	—	$	335,068
Fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion shown separately below)	95,553		13,367		—		—		108,920
Utility margin	196,717		29,431		—		—		226,148
Operating and maintenance	40,914		13,740		—		—		54,654
Administrative and general	20,739		7,934		(527)		—		28,146
Property and other taxes	36,353		10,110		3		—		46,466
Depreciation and depletion	40,647		7,941		—		—		48,588
Operating income	58,064		(10,294)		524		—		48,294
Interest expense, net	(18,225)		(3,238)		(3,869)		—		(25,332)
Other income (expense), net	2,944		1,727		(514)		—		4,157
Income tax (expense) benefit	(1,006)		1,119		136		—		249
Net income (loss)	$	41,777	$	(10,686)	$	(3,723)	$	—	$	27,368
Total assets	$	5,741,879	$	1,365,896	$	6,438	$	—	$	7,114,213
Capital expenditures	$	122,522	$	29,379	$	—	$	—	$	151,901


Nine Months Ended
September 30, 2023	Electric		Gas		Other		Eliminations		Total
Operating revenues	$	804,604	$	261,530	$	—	$	—	$	1,066,134
Fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion shown separately below)	198,492		123,521		—		—		322,013
Utility margin	606,112		138,009		—		—		744,121
Operating and maintenance	123,771		40,170		—		—		163,941
Administrative and general	67,285		26,336		437		—		94,058
Property and other taxes	103,013		29,576		(1,546)		—		131,043
Depreciation and depletion	130,447		27,340		—		—		157,787
Operating income	181,596		14,587		1,109		—		197,292
Interest expense, net	(61,584)		(12,167)		(11,393)		—		(85,144)
Other income (expense), net	9,700		3,887		(661)		—		12,926
Income tax expense	(13,366)		(180)		(539)		—		(14,085)
Net income (loss)	$	116,346	$	6,127	$	(11,484)	$	—	$	110,989
Total assets	$	5,963,950	$	1,454,445	$	11,104	$	—	$	7,429,499
Capital expenditures	$	326,313	$	94,212	$	—	$	—	$	420,525


Nine Months Ended
September 30, 2022	Electric		Gas		Other		Eliminations		Total
Operating revenues	$	807,415	$	245,139	$	—	$	—	$	1,052,554
Fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion shown separately below)	230,872		108,122		—		—		338,994
Utility margin	576,543		137,017		—		—		713,560
Operating and maintenance	121,237		39,548		—		—		160,785
Administrative and general	63,591		23,757		(338)		—		87,010
Property and other taxes	109,204		30,998		7		—		140,209
Depreciation and depletion	121,256		24,449		—		—		145,705
Operating income	161,255		18,265		331		—		179,851
Interest expense, net	(56,031)		(9,951)		(7,099)		—		(73,081)
Other income (expense), net	7,245		4,669		(123)		—		11,791
Income tax (expense) benefit	(2,790)		(1,263)		1,756		—		(2,297)
Net income (loss)	$	109,679	$	11,720	$	(5,135)	$	—	$	116,264
Total assets	$	5,741,879	$	1,365,896	$	6,438	$	—	$	7,114,213
Capital expenditures	$	312,804	$	73,535	$	—	$	—	$	386,339

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

NORTHWESTERN CORP 10-Q