Segment Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Information

Note 15: Segment Information

The Company’s operating segments are comprised of its businesses which generate revenue, incur expense and have separate financial information which is regularly used by management to make operating decisions, assess performance and allocate resources. The Company operates primarily through one reportable segment, the Regulated Businesses segment. The Regulated Businesses segment also includes inter-segment revenues, costs and interest which are eliminated to reconcile to the Consolidated Statements of Operations.

The Company also operates other businesses, primarily MSG, that do not meet the criteria of a reportable segment in accordance with GAAP and are collectively presented throughout this Form 10-Q within “Other,” which is consistent with how management assesses the results of these businesses. Other also includes corporate costs that are not allocated to the Company’s Regulated Businesses, interest income related to the secured seller promissory note from the sale of HOS, income from assets not associated with the Regulated Businesses, eliminations of inter-segment transactions and fair value adjustments related to acquisitions that have not been allocated to the Regulated Businesses segment. The adjustments related to the acquisitions are reported in Other as they are excluded from segment performance measures evaluated by management.

Presented in the tables below is summarized segment information:

	As of or for the Three Months Ended September 30, 2024
	Regulated Businesses		Other		Consolidated
Operating revenues	$	1,219	$	104	$	1,323
Depreciation and amortization	196		4		200
Total operating expenses, net	677		103		780
Interest expense	(107)		(25)		(132)
Interest income	6		16		22
Provision for income taxes	102		1		103
Net income (loss) attributable to common shareholders	356		(6)		350
Total assets	29,238		2,552		31,790
Cash paid for capital expenditures	683		—		683

	As of or for the Three Months Ended September 30, 2023
	Regulated Businesses		Other		Consolidated
Operating revenues	$	1,095	$	72	$	1,167
Depreciation and amortization	174		3		177
Total operating expenses, net	614		75		689
Interest expense	(92)		(25)		(117)
Interest income	7		16		23
Provision for income taxes	84		—		84
Net income (loss) attributable to common shareholders	331		(8)		323
Total assets	26,987		2,831		29,818
Cash paid for capital expenditures	619		7		626

	As of or for the Nine Months Ended September 30, 2024
	Regulated Businesses		Other		Consolidated
Operating revenues	$	3,204	$	279	$	3,483
Depreciation and amortization	569		12		581
Total operating expenses, net	1,909		256		2,165
Interest expense	(306)		(81)		(387)
Interest income	14		57		71
Provision for income taxes	233		11		244
Net income (loss) attributable to common shareholders	815		(3)		812
Total assets	29,238		2,552		31,790
Cash paid for capital expenditures	1,954		8		1,962

	As of or for the Nine Months Ended September 30, 2023
	Regulated Businesses		Other		Consolidated
Operating revenues	$	2,960	$	242	$	3,202
Depreciation and amortization	515		8		523
Total operating expenses, net	1,770		227		1,997
Interest expense	(269)		(73)		(342)
Interest income	14		38		52
Provision for income taxes	203		2		205
Net income (loss) attributable to common shareholders	783		(10)		773
Total assets	26,987		2,831		29,818
Cash paid for capital expenditures	1,765		14		1,779