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Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Property, Plant and Equipment [Table Text Block] A summary of property, plant and equipment by classification as of December 31, 2023 and 2022 is provided in the following table:
As of December 31,
(in thousands)20232022
Property, plant and equipment
Regulated Energy
Natural gas distribution - Delmarva Peninsula and Florida (1)
$1,486,796 $925,501 
Natural gas transmission - Delmarva Peninsula, Pennsylvania, Ohio and Florida788,185 741,865 
Electric distribution143,513 135,633 
Unregulated Energy
Propane operations – Mid-Atlantic, North Carolina, South Carolina and Florida194,918 185,090 
Natural gas transmission and supply – Ohio134,192 128,620 
Electricity and steam generation37,064 36,886 
Mobile CNG and pipeline solutions40,558 38,543 
Sustainable energy investments, including renewable natural gas4,076 4,076 
Other30,309 29,890 
Total property, plant and equipment2,859,611 2,226,104 
Less: Accumulated depreciation and amortization(516,429)(462,926)
Plus: Construction work in progress113,192 47,295 
Net property, plant and equipment$2,456,374 $1,810,473 
(1) Includes amounts attributable to the acquisition of FCG. See Note 4 for additional details on the acquisition.
Annual Depreciation Rates Table [Table Text Block]
Depreciation and Accretion Included in Operations Expenses
We compute depreciation expense for our regulated operations by applying composite, annual rates, as approved by the respective regulatory bodies. Certain components of depreciation and accretion are reported in operations expenses, rather than as depreciation and amortization expense, in the accompanying consolidated statements of income in accordance with industry practice and regulatory requirements. Depreciation and accretion included in operations expenses consists of the accretion of the costs of removal for future retirements of utility assets, vehicle depreciation, computer software and hardware depreciation, and other minor amounts of depreciation expense. For the years ended December 31, 2023, 2022 and 2021, we reported $11.9 million, $11.0 million and $10.2 million, respectively, of depreciation and accretion in operations expenses.
The following table shows the average depreciation rates used for regulated operations during the years ended December 31, 2023, 2022 and 2021:
202320222021
Natural gas distribution – Delmarva Peninsula2.5%2.5%2.5%
Natural gas distribution – Florida (1) (2)
2.2%2.5%2.5%
Natural gas transmission – Delmarva Peninsula2.7%2.7%2.7%
Natural gas transmission – Florida2.4%2.4%2.3%
Natural gas transmission – Ohio5.0%5.0%N/A
Electric distribution2.4%2.8%2.8%
(1) Excludes the acquisition of FCG which was completed on November 30, 2023.
(2) Average for 2023 includes the impact of the depreciation study that was approved by the Florida PSC in connection with the natural gas base rate proceeding.
Estimated Useful Life Of Assets Table [Table Text Block]
For our unregulated operations, we compute depreciation expense on a straight-line basis over the following estimated useful lives of the assets:
Asset DescriptionUseful Life
Propane distribution mains10-37 years
Propane bulk plants and tanks10-40 years
Propane equipment, meters and meter installations5-33 years
Measuring and regulating station equipment5-37 years
Natural gas pipelines45 years
Natural gas right of waysPerpetual
CHP plant30 years
Natural gas processing equipment20-25 years
Office furniture and equipment3-10 years
Transportation equipment4-20 years
Structures and improvements5-45 years
OtherVarious