Segment Information

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segment Information

Note 15: Segment Information

The Company’s operating segments are comprised of the revenue-generating components of its businesses for which separate financial information is internally produced and regularly used by management to make operating decisions, assess performance and allocate resources. The Company operates its businesses primarily through one reportable segment, the Regulated Businesses segment. “Market-Based Businesses and Other” includes market-based businesses that, individually, do not meet the criteria of a reportable segment in accordance with GAAP, corporate costs that are not allocated to the Company’s operating segments, eliminations of inter-segment transactions and fair value adjustments and associated income and deductions related to acquisitions that have not been allocated to the operating segments for evaluation of performance and allocation of resource purposes. The adjustments related to the acquisitions are reported in Market-Based Businesses and Other as they are excluded from segment performance measures evaluated by management.

As a result of the sale of HOS, the categories which were previously shown as “Market-Based Businesses” and “Other” have been combined and shown as “Market-Based Businesses and Other.” Segment results for the three and six months ended June 30, 2021 have been adjusted retrospectively to reflect this change.

Presented in the tables below is summarized segment information:

	As of or for the Three Months Ended June 30, 2022
	Regulated Businesses		Market-Based Businesses and Other		Consolidated
Operating revenues	$	865	$	72	$	937
Depreciation and amortization	157		6		163
Total operating expenses, net	546		64		610
Interest expense	(76)		(30)		(106)
Interest income	—		12		12
Income before income taxes	266		4		270
Provision for income taxes	47		5		52
Net income (loss) attributable to common shareholders	219		(1)		218
Total assets	23,864		2,710		26,574
Cash paid for capital expenditures	568		3		571

	As of or for the Three Months Ended June 30, 2021
	Regulated Businesses		Market-Based Businesses and Other		Consolidated
Operating revenues	$	857	$	142	$	999
Depreciation and amortization	151		7		158
Total operating expenses, net	552		117		669
Interest expense	(72)		(29)		(101)
Interest income	—		—		—
Income (loss) before income taxes	257		(6)		251
Provision for income taxes	42		2		44
Net income (loss) attributable to common shareholders	215		(8)		207
Total assets	22,445		2,507		24,952
Cash paid for capital expenditures	406		4		410

	As of or for the Six Months Ended June 30, 2022
	Regulated Businesses		Market-Based Businesses and Other		Consolidated
Operating revenues	$	1,643	$	136	$	1,779
Depreciation and amortization	312		9		321
Total operating expenses, net	1,084		122		1,206
Interest expense	(146)		(60)		(206)
Interest income	—		25		25
Income before income taxes	462		1		463
Provision for income taxes	83		4		87
Net income (loss) attributable to common shareholders	379		(3)		376
Total assets	23,864		2,710		26,574
Cash paid for capital expenditures	990		5		995

	As of or for the Six Months Ended June 30, 2021
	Regulated Businesses		Market-Based Businesses and Other		Consolidated
Operating revenues	$	1,612	$	275	$	1,887
Depreciation and amortization	298		17		315
Total operating expenses, net	1,095		233		1,328
Interest expense	(143)		(56)		(199)
Interest income	—		—		—
Income (loss) before income taxes	420		(14)		406
Provision (benefit) for income taxes	70		(4)		66
Net income (loss) attributable to common shareholders	350		(10)		340
Total assets	22,445		2,507		24,952
Cash paid for capital expenditures	744		8		752