CONDENSED INCOME STATEMENTS (Unaudited) | Three Months Ended June 30 | Six Months Ended June 30 | ||||||
(in millions) | 2026 | 2025 | 2026 | 2025 | ||||
Operating revenues | $ | 31.1 | $ | 32.5 | $ | 130.6 | $ | 131.8 |
Operating expenses | ||||||||
Cost of natural gas | 8.4 | 9.4 | 66.1 | 66.7 | ||||
Other operation and maintenance | 11.3 | 11.1 | 24.2 | 24.3 | ||||
Depreciation and amortization | 5.7 | 5.4 | 11.3 | 10.8 | ||||
Property and revenue taxes | 0.9 | 1.0 | 1.8 | 2.0 | ||||
Total operating expenses | 26.3 | 26.9 | 103.4 | 103.8 | ||||
Operating income | 4.8 | 5.6 | 27.2 | 28.0 | ||||
Other income, net | 0.3 | 0.4 | 0.6 | 0.7 | ||||
Interest expense | 1.8 | 1.9 | 3.9 | 4.0 | ||||
Other expense | (1.5) | (1.5) | (3.3) | (3.3) | ||||
Income before income taxes | 3.3 | 4.1 | 23.9 | 24.7 | ||||
Income tax expense | 0.9 | 1.1 | 6.6 | 6.8 | ||||
Net income | $ | 2.4 | $ | 3.0 | $ | 17.3 | $ | 17.9 |
CONDENSED BALANCE SHEETS (Unaudited) June 30 December 31
(in millions, except share amounts) | 2026 | 2025 |
Assets | ||
Current assets | ||
Cash and cash equivalents | $ - | $ 0.1 |
Accounts receivable and unbilled revenues, net of reserves of $1.7 and $2.0, respectively | 25.9 | 57.3 |
Accounts receivable from related parties | 1.9 | 2.8 |
Materials, supplies, and inventories | 16.8 | 25.1 |
Prepayments | 0.6 | 1.6 |
Other | 5.3 | 4.0 |
Current assets | 50.5 | 90.9 |
Long-term assets | ||
Property, plant, and equipment, net of accumulated depreciation and amortization of $297.9 and | ||
$291.7, respectively | 582.8 | 575.6 |
Regulatory assets | 50.3 | 51.0 |
Other postretirement employee benefit assets | 18.1 | 17.6 |
Other | 2.5 | 1.9 |
Long-term assets | 653.7 | 646.1 |
Total assets | $ 704.2 | $ 737.0 |
Liabilities and Shareholder's Equity | ||
Current liabilities | ||
Short-term debt to related party | $ 31.9 | $ 30.1 |
Current portion of long-term debt | 28.0 | - |
Accounts payable | 16.9 | 25.3 |
Accounts payable to related parties | 5.6 | 6.0 |
Accrued taxes | 4.4 | 5.5 |
Customer credit balances | 6.0 | 8.6 |
Other | 12.1 | 10.6 |
Current liabilities | 104.9 | 86.1 |
Long-term liabilities | ||
Long-term debt | 148.4 | 176.3 |
Deferred income taxes | 94.3 | 92.7 |
Regulatory liabilities | 74.1 | 73.5 |
Environmental remediation liabilities | 30.5 | 31.4 |
Pension obligations | 14.5 | 14.0 |
Asset retirement obligations | 27.9 | 27.4 |
Other | 6.6 | 5.9 |
Long-term liabilities | 396.3 | 421.2 |
Commitments and contingencies | ||
Shareholder's equity Common stock, without par value, 5,000,000 shares authorized; 3,625,887 shares issued and | ||
outstanding | 103.1 | 95.0 |
Retained earnings | 99.9 | 134.7 |
Shareholder's equity | 203.0 | 229.7 |
Total liabilities and shareholder's equity | $ 704.2 | $ 737.0 |
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) Six Months Ended June 30
(in millions) | 2026 | 2025 | ||
Operating activities | ||||
Net income | $ | 17.3 | $ | 17.9 |
Reconciliation to cash provided by operating activities | ||||
Depreciation and amortization | 11.3 | 10.8 | ||
Deferred income taxes and investment tax credits, net | 1.0 | 11.5 | ||
Settlement of asset retirement obligations | (0.3) | (0.2) | ||
Manufactured gas plant remediation costs | (1.1) | (1.4) | ||
Change in - | ||||
Accounts receivable and unbilled revenues, net | 32.3 | 16.0 | ||
Materials, supplies, and inventories | 8.3 | 9.0 | ||
Amounts recoverable from customers | 0.4 | 3.9 | ||
Prepayments | 1.0 | 2.6 | ||
Accounts payable | (6.0) | (5.8) | ||
Accrued taxes | (1.1) | 1.0 | ||
Customer credit balances | (2.6) | (2.7) | ||
Amounts refundable to customers | 1.6 | 3.3 | ||
Collateral on deposit | (2.0) | 0.7 | ||
Other current liabilities | (0.7) | 1.1 | ||
Other, net | (0.4) | 2.7 | ||
Net cash provided by operating activities | 59.0 | 70.4 | ||
Investing activities | ||||
Capital expenditures | (17.4) | (15.8) | ||
Other, net | 0.5 | (0.3) | ||
Net cash used in investing activities | (16.9) | (16.1) | ||
Financing activities | ||||
Short-term debt to related party, net | 1.8 | (24.5) | ||
Equity contribution from parent | 8.0 | - | ||
Payment of dividends to parent | (52.0) | (30.0) | ||
Net cash used in financing activities | (42.2) | (54.5) | ||
Net change in cash and cash equivalents | (0.1) | (0.2) | ||
Cash and cash equivalents at beginning of period | 0.1 | 0.2 | ||
Cash and cash equivalents at end of period | $ | - | $ | - |
Supplemental cash flow information | ||||
Cash paid for interest | $ | 3.9 | $ | 3.9 |
Cash paid (received) for income taxes, net | 4.3 | (8.9) |