Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 27, 2018 | |
Entity Information [Line Items] | ||
Entity registrant name | MDU RESOURCES GROUP INC | |
Entity central index key | 67,716 | |
Current fiscal year end date | --12-31 | |
Entity filer category | Large Accelerated Filer | |
Document type | 10-Q | |
Document period end date | Jun. 30, 2018 | |
Document fiscal year focus | 2,018 | |
Document fiscal period focus | Q2 | |
Amendment flag | false | |
Entity common stock, shares outstanding | 196,018,324 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |||
Operating revenues: | ||||||
Operating revenues: | $ 1,064,597 | $ 1,067,639 | $ 2,040,890 | $ 2,005,565 | ||
Operating expenses: | ||||||
Operation and maintenance: | 822,084 | 821,948 | 1,422,940 | 1,380,491 | ||
Purchased natural gas sold | 56,228 | 57,668 | 238,196 | 250,617 | ||
Depreciation, depletion and amortization | 53,553 | 51,658 | 106,282 | 102,983 | ||
Taxes, other than income | 40,757 | 40,953 | 89,610 | 88,391 | ||
Electric fuel and purchased power | 17,983 | 16,752 | 40,494 | 38,638 | ||
Total operating expenses | 990,605 | 988,979 | 1,897,522 | 1,861,120 | ||
Operating income | 73,992 | 78,660 | 143,368 | 144,445 | ||
Other income | 1,599 | 1,801 | 2,181 | 4,144 | ||
Interest expense | 20,800 | 20,766 | 41,246 | 41,068 | ||
Income before income taxes | 54,791 | 59,695 | 104,303 | 107,521 | ||
Income taxes | 10,716 | 15,290 | [1] | 18,267 | 27,478 | [1] |
Income from continuing operations | 44,075 | 44,405 | 86,036 | 80,043 | ||
Income (loss) from discontinued operations, net of tax (Note 10) | (273) | (3,190) | [1] | 203 | (1,504) | [1] |
Net income | 43,802 | 41,215 | 86,239 | 78,539 | ||
Loss on redemption of preferred stocks | 0 | 600 | 0 | 600 | ||
Dividends declared on preferred stocks | 0 | 0 | 0 | 171 | ||
Earnings on common stock | $ 43,802 | $ 40,615 | $ 86,239 | $ 77,768 | ||
Earnings per common share - basic: | ||||||
Earnings before discontinued operations | $ 0.22 | $ 0.22 | $ 0.44 | $ 0.41 | ||
Discontinued operations, net of tax | 0 | (0.01) | 0 | (0.01) | ||
Earnings per common share - basic | 0.22 | 0.21 | 0.44 | 0.40 | ||
Earnings per common share - diluted: | ||||||
Earnings before discontinued operations | 0.22 | 0.22 | 0.44 | 0.40 | ||
Discontinued operations, net of tax | 0 | (0.01) | 0 | 0 | ||
Earnings per common share - diluted | 0.22 | 0.21 | 0.44 | 0.40 | ||
Dividends declared per common share | $ 0.1975 | $ 0.1925 | $ 0.3950 | $ 0.3850 | ||
Weighted average common shares outstanding - basic | 195,524 | 195,304 | 195,415 | 195,304 | ||
Weighted average common shares outstanding - diluted | 196,169 | 195,973 | 196,077 | 195,993 | ||
Regulated operations [Member] | ||||||
Operating revenues: | ||||||
Operating revenues: | $ 226,684 | $ 225,485 | $ 651,143 | $ 659,100 | ||
Operating expenses: | ||||||
Operation and maintenance: | 83,928 | 78,125 | 170,042 | 157,677 | ||
Nonregulated operations [Member] | ||||||
Operating revenues: | ||||||
Operating revenues: | 837,913 | 842,154 | 1,389,747 | 1,346,465 | ||
Operating expenses: | ||||||
Operation and maintenance: | $ 738,156 | $ 743,823 | $ 1,252,898 | $ 1,222,814 | ||
[1] | Includes the eliminations for the presentation of income tax adjustments between continuing and discontinued operations. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net income | $ 43,802 | $ 41,215 | $ 86,239 | $ 78,539 |
Other comprehensive income (loss): | ||||
Reclassification adjustment for loss on derivative instruments included in net income, net of tax of $53 and $56 for the three months ended and $109 and $112 for the six months ended in 2018 and 2017, respectively | 95 | 92 | 187 | 183 |
Postretirement liability adjustment: | ||||
Amortization of postretirement liability losses included in net periodic benefit cost (credit), net of tax of $145 and $190 for the three months ended and $300 and $406 for the six months ended in 2018 and 2017, respectively | 449 | 312 | 867 | 669 |
Reclassification of postretirement liability adjustment from regulatory asset, net of tax of $0 and $0 for the three months ended and $0 and $(725) for the six months ended in 2018 and 2017, respectively | 0 | 0 | 0 | (917) |
Postretirement liability adjustment | 449 | 312 | 867 | (248) |
Foreign currency translation adjustment: | ||||
Foreign currency translation adjustment recognized during the period, net of tax of $(13) and $(9) for the three months ended and $(14) and $(3) for the six months ended in 2018 and 2017, respectively | (59) | (15) | (61) | (6) |
Reclassification adjustment for foreign currency translation adjustment included in net income, net of tax of $75 and $0 for the three months ended and $75 and $0 for the six months ended in 2018 and 2017, respectively | 249 | 0 | 249 | 0 |
Foreign currency translation adjustment | 190 | (15) | 188 | (6) |
Net unrealized gain (loss) on available-for-sale investments: | ||||
Net unrealized loss on available-for-sale investments arising during the period, net of tax of $(12) and $(13) for the three months ended and $(39) and $(28) for the six months ended in 2018 and 2017, respectively | (43) | (24) | (148) | (51) |
Reclassification adjustment for loss on available-for-sale investments included in net income, net of tax of $10 and $17 for the three months ended and $17 and $36 for the six months ended in 2018 and 2017, respectively | 34 | 31 | 64 | 66 |
Net unrealized gain (loss) on available-for-sale investments | (9) | 7 | (84) | 15 |
Other comprehensive income (loss) | 725 | 396 | 1,158 | (56) |
Comprehensive income attributable to common stockholders | $ 44,527 | $ 41,611 | $ 87,397 | $ 78,483 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income - Parenthetical - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Reclassification adjustment for loss on derivative instruments included in net income, tax | $ 53 | $ 56 | $ 109 | $ 112 |
Amortization of postretirement liability losses included in net periodic benefit cost (credit), tax | 145 | 190 | 300 | 406 |
Reclassification of postretirement liability adjustment from regulatory asset, tax | 0 | 0 | 0 | (725) |
Foreign currency translation adjustments recognized during the period, tax | (13) | (9) | (14) | (3) |
Reclassification of foreign currency translation adjustment | 75 | 0 | 75 | 0 |
Net unrealized gain (loss) on available-for-sale investments arising during the period, tax | (12) | (13) | (39) | (28) |
Reclassification adjustment for loss on available-for-sale investments included in net income, tax | $ 10 | $ 17 | $ 17 | $ 36 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Current assets: | |||
Cash and cash equivalents | $ 41,659 | $ 34,599 | $ 40,048 |
Receivables, net | 743,687 | 727,030 | 661,771 |
Inventories | 278,239 | 226,583 | 249,870 |
Prepayments and other current assets | 52,035 | 81,304 | 63,953 |
Current assets held for sale | 572 | 479 | 328 |
Total current assets | 1,116,192 | 1,069,995 | 1,015,970 |
Investments | 140,053 | 137,613 | 131,726 |
Property, plant and equipment | 6,975,919 | 6,770,829 | 6,591,382 |
Less accumulated depreciation, depletion and amortization | 2,758,163 | 2,691,641 | 2,638,098 |
Net property, plant and equipment | 4,217,756 | 4,079,188 | 3,953,284 |
Deferred charges and other assets: | |||
Goodwill | 642,374 | 631,791 | 631,791 |
Other intangible assets, net | 4,190 | 3,837 | 4,785 |
Other | 409,407 | 407,850 | 416,759 |
Noncurrent assets held for sale | 3,998 | 4,392 | 76,183 |
Total deferred charges and other assets | 1,059,969 | 1,047,870 | 1,129,518 |
Total assets | 6,533,970 | 6,334,666 | 6,230,498 |
Current liabilities: | |||
Long-term debt due within one year | 109,199 | 148,499 | 83,499 |
Accounts payable | 330,926 | 312,327 | 279,211 |
Taxes payable | 47,803 | 42,537 | 55,037 |
Dividends payable | 38,714 | 38,573 | 37,596 |
Accrued compensation | 53,933 | 72,919 | 52,951 |
Other accrued liabilities | 208,696 | 186,010 | 181,030 |
Current liabilities held for sale | 11,713 | 11,993 | 4,481 |
Total current liabilities | 800,984 | 812,858 | 693,805 |
Long-term debt | 1,743,711 | 1,566,354 | 1,677,977 |
Deferred credits and other liabilities: | |||
Deferred income taxes | 362,896 | 347,271 | 668,239 |
Other | 1,175,301 | 1,179,140 | 887,525 |
Total deferred credits and other liabilities | 1,538,197 | 1,526,411 | 1,555,764 |
Commitments and contingencies | |||
Stockholders' equity: | |||
Authorized - 500,000,000 shares, $1.00 par value Shares issued - 196,557,245 at June 30, 2018 and 195,843,297 at June 30, 2017 and December 31, 2017 | 196,557 | 195,843 | 195,843 |
Other paid-in capital | 1,245,858 | 1,233,412 | 1,231,892 |
Retained earnings | 1,056,424 | 1,040,748 | 914,632 |
Accumulated other comprehensive loss | (44,135) | (37,334) | (35,789) |
Treasury stock at cost - 538,921 shares | (3,626) | (3,626) | (3,626) |
Total stockholders' equity | 2,451,078 | 2,429,043 | 2,302,952 |
Total liabilities and stockholders' equity | $ 6,533,970 | $ 6,334,666 | $ 6,230,498 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Stockholders' equity attributable to parent [Abstract] | |||
Common stock, shares issued | 196,557,245 | 195,843,297 | 195,843,297 |
Treasury shares | 538,921 | 538,921 | 538,921 |
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Common stock, par value | $ 1 | $ 1 | $ 1 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Preferred stock | Common stock | Other paid-in capital | Retained earnings | Accumulated other comprehensive loss | Treasury stock |
Balance (in shares) | 150,000 | ||||||
Balance (in shares) | 195,843,297 | ||||||
Treasury stock (in shares) | (538,921) | ||||||
Balance (in shares) | 0 | ||||||
Balance (in shares) | 195,843,297 | 195,843,297 | |||||
Treasury stock (in shares) | (538,921) | (538,921) | |||||
Balance at Dec. 31, 2016 | $ 2,316,244 | $ 15,000 | $ 195,843 | $ 1,232,478 | $ 912,282 | $ (35,733) | $ (3,626) |
Net income | 78,539 | 78,539 | |||||
Other comprehensive income | (56) | (56) | |||||
Dividends declared on preferred stocks | (171) | (171) | |||||
Dividends declared on common stock | (75,192) | (75,192) | |||||
Stock-based compensation | 1,629 | 1,855 | (226) | ||||
Repurchase of common stock | (64,384) | ||||||
Repurchase of common stock | (1,684) | $ (1,684) | |||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | (2,441) | ||||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings (in shares) | 64,384 | ||||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | $ 1,684 | ||||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | (757) | ||||||
Redemption of preferred stock (shares) | (150,000) | ||||||
Redemption of preferred stock | $ (15,000) | ||||||
Redemption of preferred stock | (600) | (600) | |||||
Redemption of preferred stock | $ (15,600) | ||||||
Balance (in shares) at Jun. 30, 2017 | 0 | ||||||
Balance (in shares) at Jun. 30, 2017 | 195,843,297 | 195,843,297 | |||||
Treasury stock (in shares) at Jun. 30, 2017 | 538,921 | 538,921 | |||||
Balance at Jun. 30, 2017 | $ 2,302,952 | $ 0 | $ 195,843 | 1,231,892 | 914,632 | (35,789) | $ (3,626) |
Balance (in shares) | 0 | ||||||
Balance (in shares) | 195,843,297 | 195,843,297 | |||||
Treasury stock (in shares) | (538,921) | (538,921) | |||||
Balance at Mar. 31, 2017 | (36,185) | ||||||
Net income | $ 41,215 | ||||||
Other comprehensive income | 396 | 396 | |||||
Redemption of preferred stock | $ (600) | ||||||
Balance (in shares) at Jun. 30, 2017 | 0 | ||||||
Balance (in shares) at Jun. 30, 2017 | 195,843,297 | 195,843,297 | |||||
Treasury stock (in shares) at Jun. 30, 2017 | 538,921 | 538,921 | |||||
Balance at Jun. 30, 2017 | $ 2,302,952 | $ 0 | $ 195,843 | 1,231,892 | 914,632 | (35,789) | $ (3,626) |
Balance (in shares) | 0 | ||||||
Balance (in shares) | 195,843,297 | 195,843,297 | |||||
Treasury stock (in shares) | (538,921) | (538,921) | |||||
Balance (in shares) | 195,843,297 | 195,843,297 | |||||
Treasury stock (in shares) | (538,921) | (538,921) | |||||
Cumulative effect of adoption of ASU 2014-09 | Accounting Standards Update 2014-09 | $ (970) | (970) | |||||
Adjusted balance at January 1, 2018 | $ 2,428,073 | $ 195,843 | 1,233,412 | 1,039,778 | (37,334) | $ (3,626) | |
Balance (in shares) | 196,557,245 | 196,557,245 | |||||
Treasury stock (in shares) | (538,921) | (538,921) | |||||
Balance at Dec. 31, 2017 | $ 2,429,043 | $ 195,843 | 1,233,412 | 1,040,748 | (37,334) | $ (3,626) | |
Net income | 86,239 | 86,239 | |||||
Other comprehensive income | 1,158 | 1,158 | |||||
Reclassification of certain prior period tax effects from accumulated other comprehensive loss | Adjustments for new accounting pronouncement | 0 | 7,959 | (7,959) | ||||
Dividends declared on common stock | (77,286) | (77,286) | |||||
Stock-based compensation | 2,251 | 2,517 | (266) | ||||
Repurchase of common stock | (182,424) | ||||||
Repurchase of common stock | (5,020) | $ (5,020) | |||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | (7,350) | ||||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings (in shares) | 182,424 | ||||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | $ 5,020 | ||||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | (2,330) | ||||||
Issuance of common stock (shares) | 713,948 | ||||||
Issuance of common stock | 17,993 | $ 714 | 17,279 | ||||
Redemption of preferred stock | 0 | ||||||
Redemption of preferred stock | $ 0 | ||||||
Balance (in shares) at Jun. 30, 2018 | 196,557,245 | 196,557,245 | |||||
Treasury stock (in shares) at Jun. 30, 2018 | 538,921 | 538,921 | |||||
Balance at Jun. 30, 2018 | $ 2,451,078 | $ 196,557 | 1,245,858 | 1,056,424 | (44,135) | $ (3,626) | |
Balance (in shares) | 196,557,245 | 196,557,245 | |||||
Treasury stock (in shares) | (538,921) | (538,921) | |||||
Balance at Mar. 31, 2018 | (44,860) | ||||||
Net income | $ 43,802 | ||||||
Other comprehensive income | 725 | 725 | |||||
Redemption of preferred stock | $ 0 | ||||||
Balance (in shares) at Jun. 30, 2018 | 196,557,245 | 196,557,245 | |||||
Treasury stock (in shares) at Jun. 30, 2018 | 538,921 | 538,921 | |||||
Balance at Jun. 30, 2018 | $ 2,451,078 | $ 196,557 | $ 1,245,858 | $ 1,056,424 | $ (44,135) | $ (3,626) | |
Balance (in shares) | 196,557,245 | 196,557,245 | |||||
Treasury stock (in shares) | (538,921) | (538,921) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Operating activities: | |||
Net income | $ 86,239 | $ 78,539 | |
Income (loss) from discontinued operations, net of tax | 203 | (1,504) | [1] |
Income from continuing operations | 86,036 | 80,043 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, depletion and amortization | 106,282 | 102,983 | |
Deferred income taxes | 4,186 | (5,293) | |
Changes in current assets and liabilities, net of acquisitions: | |||
Receivables | (13,853) | (43,478) | |
Inventories | (47,396) | (13,573) | |
Other current assets | 29,072 | (15,799) | |
Accounts payable | 15,748 | 11,611 | |
Other current liabilities | 7,849 | (6,387) | |
Other noncurrent changes | (11,566) | (4,460) | |
Net cash provided by continuing operations | 176,358 | 105,647 | |
Net cash provided by discontinued operations | 224 | 33,846 | |
Net cash provided by operating activities | 176,582 | 139,493 | |
Investing activities: | |||
Capital expenditures | (210,612) | (143,764) | |
Acquisitions, net of cash acquired | (20,009) | 0 | |
Net proceeds from sale or disposition of property and other | 9,286 | 119,361 | |
Investments | (916) | (358) | |
Net cash used in continuing operations | (222,251) | (24,761) | |
Net cash provided by discontinued operations | 0 | 2,234 | |
Net cash used in investing activities | (222,251) | (22,527) | |
Financing activities: | |||
Issuance of long-term debt | 240,746 | 63,827 | |
Repayment of long-term debt | (103,521) | (93,275) | |
Dividends paid | (77,145) | (75,535) | |
Redemption of preferred stock | 0 | 15,600 | |
Repurchase of common stock | (5,020) | (1,684) | |
Tax withholding on stock-based compensation | (2,330) | (757) | |
Net cash provided by (used in) continuing operations | 52,730 | (123,024) | |
Net cash provided by discontinued operations | 0 | 0 | |
Net cash provided by (used in) financing activities | 52,730 | (123,024) | |
Effect of exchange rate changes on cash and cash equivalents | (1) | (1) | |
Increase (decrease) in cash and cash equivalents | 7,060 | (6,059) | |
Cash and cash equivalents -- beginning of year | 34,599 | 46,107 | |
Cash and cash equivalents -- end of period | $ 41,659 | $ 40,048 | |
[1] | Includes the eliminations for the presentation of income tax adjustments between continuing and discontinued operations. |
Basis of presentation
Basis of presentation | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation | Basis of presentation The accompanying consolidated interim financial statements were prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Interim financial statements do not include all disclosures provided in annual financial statements and, accordingly, these financial statements should be read in conjunction with those appearing in the 2017 Annual Report. The information is unaudited but includes all adjustments that are, in the opinion of management, necessary for a fair presentation of the accompanying consolidated interim financial statements and are of a normal recurring nature. Depreciation, depletion and amortization expense is reported separately on the Consolidated Statements of Income and therefore is excluded from the other line items within operating expenses. Management has also evaluated the impact of events occurring after June 30, 2018 , up to the date of issuance of these consolidated interim financial statements. On December 22, 2017, President Trump signed into law the TCJA which includes lower corporate tax rates, repealing the domestic production deduction, disallowance of immediate expensing for regulated utility property and modifying or repealing many other business deductions and credits. The reduction in the corporate tax rate was effective on January 1, 2018, which resulted in lower income tax expense for the three and six months ended June 30, 2018 . The Company continues to review the components of the TCJA and the impact on the Company's consolidated financial statements and related disclosures for 2018 and thereafter. While the Company was able to make reasonable estimates of the impact of the reduction in corporate tax rate on the Company's net deferred tax liabilities during the fourth quarter of 2017, such estimates may be affected by other analyses related to the TCJA, including, but not limited to, the state tax effect of adjustments to federal temporary differences and the calculation of deemed repatriation of deferred foreign income. The final transition impacts of the TCJA may differ from amounts disclosed, possibly materially, due to, among other things, interpretations, legislative action to address questions, changes in accounting standards for income taxes or related interpretations, or updates or changes to estimates the Company has utilized to calculate the transition impacts. The SEC has issued rules that would allow for a measurement period of up to one year after the enactment date of the TCJA to finalize the recording of the related tax impacts, of which there were no such adjustments during the six months ended June 30, 2018. The Company currently anticipates finalizing and recording any resulting adjustments by December 31, 2018, which will be included in income from continuing operations. Due to the enactment of the TCJA, the regulated jurisdictions in which the Company's regulated businesses provide service have requested the Company furnish plans for the effect of the reduced corporate tax rate, which may impact the Company's rates. Therefore, the Company has reserved for such impacts as an offset to revenue in certain jurisdictions. The Company will continue to make changes to reserve balances as new information becomes available. For more information on the details and statuses of each jurisdiction's request, see Note 16 . Effective January 1, 2018, the Company adopted the requirements of the revenue from contracts with customers guidance following the modified retrospective method, as discussed in Notes 6 and 8 . As such, results for reporting periods beginning January 1, 2018, are presented under the new guidance, while prior period amounts are not adjusted and continue to be reported in accordance with the historic accounting for revenue recognition. Based on the Company's analysis, the Company did not identify a significant change in the timing of revenue recognition under the new guidance as compared to the historic accounting for revenue recognition. Certain prior year amounts have been reclassified to conform to the current year presentation in the consolidated financial statements related to the retrospective adoption of the FASB guidance to improve the presentation of net periodic pension and net periodic postretirement benefit costs, which was effective on January 1, 2018. The components of net periodic pension and postretirement costs, other than service costs, were reclassified from operating expenses to other income on the Consolidated Statements of Income, as discussed in Note 6 . The assets and liabilities for the Company's discontinued operations have been classified as held for sale and the results of operations are shown in income (loss) from discontinued operations, other than certain general and administrative costs and interest expense which do not meet the criteria for income (loss) from discontinued operations. At the time the assets were classified as held for sale, depreciation, depletion and amortization expense was no longer recorded. Unless otherwise indicated, the amounts presented in the accompanying notes to the consolidated financial statements relate to the Company's continuing operations. For more information on the Company's discontinued operations, see Note 10 |
Seasonality of operations
Seasonality of operations | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Seasonality of operations | Seasonality of operations |
Accounts receivable and allowan
Accounts receivable and allowance for doubtful accounts | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Accounts receivable and allowance for doubtful accounts | Accounts receivable and allowance for doubtful accounts Accounts receivable consist primarily of trade receivables from the sale of goods and services which are recorded at the invoiced amount net of allowance for doubtful accounts, and costs and estimated earnings in excess of billings on uncompleted contracts. The total balance of receivables past due 90 days or more was $36.6 million , $32.7 million and $34.7 million at June 30, 2018 and 2017 , and December 31, 2017 , respectively. The allowance for doubtful accounts is determined through a review of past due balances and other specific account data. Account balances are written off when management determines the amounts to be uncollectible. The Company's allowance for doubtful accounts at June 30, 2018 and 2017 , and December 31, 2017 , was $7.8 million , $9.2 million and $8.1 million |
Inventories and natural gas in
Inventories and natural gas in storage | 6 Months Ended |
Jun. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories and natural gas in storage | Inventories and natural gas in storage Natural gas in storage for the Company's regulated operations is generally carried at lower of cost or net realizable value, or cost using the last-in, first-out method. All other inventories are stated at the lower of cost or net realizable value. The portion of the cost of natural gas in storage expected to be used within one year was included in inventories. Inventories on the Consolidated Balance Sheets were as follows: June 30, 2018 June 30, 2017 December 31, 2017 (In thousands) Aggregates held for resale $ 131,784 $ 123,316 $ 115,268 Asphalt oil 64,560 46,852 30,360 Materials and supplies 24,688 22,657 18,650 Merchandise for resale 17,502 16,164 14,905 Natural gas in storage (current) 13,774 14,126 20,950 Other 25,931 26,755 26,450 Total $ 278,239 $ 249,870 $ 226,583 The remainder of natural gas in storage, which largely represents the cost of gas required to maintain pressure levels for normal operating purposes, was included in deferred charges and other assets - other and was $ 47.8 million , $ 49.5 million and $ 49.3 million at June 30, 2018 and 2017 , and December 31, 2017 |
Earnings per common share
Earnings per common share | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per common share | Earnings per common share Basic earnings per common share were computed by dividing earnings on common stock by the weighted average number of shares of common stock outstanding during the applicable period. Diluted earnings per common share were computed by dividing earnings on common stock by the total of the weighted average number of shares of common stock outstanding during the applicable period, plus the effect of nonvested performance share awards and restricted stock units. Common stock outstanding includes issued shares less shares held in treasury. Earnings on common stock was the same for both the basic and diluted earnings per share calculations. A reconciliation of the weighted average common shares outstanding used in the basic and diluted earnings per share calculations was as follows: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (In thousands) Weighted average common shares outstanding - basic 195,524 195,304 195,415 195,304 Effect of dilutive performance share awards and restricted stock units 645 669 662 689 Weighted average common shares outstanding - diluted 196,169 195,973 196,077 195,993 Shares excluded from the calculation of diluted earnings per share — — — — |
New accounting standards
New accounting standards | 6 Months Ended |
Jun. 30, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New accounting standards | New accounting standards Recently adopted accounting standards ASU 2014-09 - Revenue from Contracts with Customers In May 2014, the FASB issued guidance on accounting for revenue from contracts with customers. The guidance provides for a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry specific guidance. In August 2015, the FASB issued guidance deferring the effective date of the revenue guidance and allowing entities to early adopt. With this decision, the guidance was effective for the Company on January 1, 2018. Entities had the option of using either a full retrospective or modified retrospective approach to adopting the guidance. Under the modified retrospective approach, an entity recognizes the cumulative effect of initially applying the guidance with an adjustment to the opening balance of retained earnings in the period of adoption. The Company adopted the guidance on January 1, 2018, using the modified retrospective approach. The Company elected the practical expedient to not disclose the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period, along with an explanation of when such revenue would be expected to be recognized. This practical expedient was used since the performance obligations are part of contracts with an original duration of one year or less. The Company also elected the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the Company otherwise would have recognized is one year or less. Upon completion of the Company's evaluation of contracts and methods of revenue recognition under the previous accounting guidance, the Company did not identify any material cumulative effect adjustments to be made to retained earnings. In addition, the Company has expanded revenue disclosures, both quantitatively and qualitatively, related to the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, as discussed in Note 8 . The Company reviewed its revenue streams to evaluate the impact of this guidance and did not identify a significant change in the timing of revenue recognition, results of operations, financial position or cash flows. The Company reviewed its internal controls related to revenue recognition and disclosures and concluded that the guidance impacted certain business processes and controls. As such, the Company developed modifications to its internal controls for certain topics under the guidance as they apply to the Company and such modifications were not deemed to be significant. Results for reporting periods beginning after December 31, 2017, are presented under the new guidance, while prior period amounts are not adjusted and continue to be reported in accordance with historic accounting for revenue recognition. Under the modified retrospective approach, the guidance was applied only to contracts that were not completed as of January 1, 2018. Therefore, the Company recognized the cumulative effect of initially applying the guidance with an adjustment to the opening balance of retained earnings at January 1, 2018. For the six months ended June 30, 2018 , there were no material impacts to the financial statements as a result of applying the guidance. The cumulative effect of the changes made to the Consolidated Balance Sheet were as follows: December 31, Adjustments January 1, (In thousands) Liabilities and Stockholders' Equity Current liabilities: Other accrued liabilities $ 186,010 $ 903 $ 186,913 Deferred credits and other liabilities: Deferred income taxes 347,271 (332 ) 346,939 Other 1,179,140 399 1,179,539 Commitments and contingencies Stockholders' equity : Retained earnings 1,040,748 (970 ) 1,039,778 The cumulative effect adjustment is related to prepaid natural gas transportation to storage contracts where a separate performance obligation existed and has not yet been satisfied. As such, these contracts were still open and met the criteria for a cumulative effect adjustment. ASU 2016-15 - Classification of Certain Cash Receipts and Cash Payments In August 2016, the FASB issued guidance to clarify the classification of certain cash receipts and payments in the statement of cash flows. The guidance is intended to standardize the presentation and classification of certain transactions, including cash payments for debt prepayment or extinguishment, proceeds from insurance claim settlements and distributions from equity method investments. In addition, the guidance clarifies how to classify transactions that have characteristics of more than one class of cash flows. The Company adopted the guidance on January 1, 2018, on a prospective basis. The guidance did not have a material effect on the Company's statement of cash flows. ASU 2017-01 - Clarifying the Definition of a Business In January 2017, the FASB issued guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The guidance provides a screen to determine when an integrated set of assets and activities is not a business. The guidance will also affect other aspects of accounting, such as determining reporting units for goodwill testing and whether an entity has acquired or sold a business. The Company adopted the guidance on January 1, 2018, on a prospective basis. The guidance did not have a material effect on the Company's results of operations, financial position, cash flows or disclosures. ASU 2017-07 - Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In March 2017, the FASB issued guidance to improve the presentation of net periodic pension and net periodic postretirement benefit costs. The guidance required the service cost component to be presented in the income statement in the same line item or items as other compensation costs arising from services performed during the period. Other components of net periodic benefit cost shall be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. The guidance also only allows the service cost component to be capitalized. The Company adopted the guidance on January 1, 2018, on a retrospective basis. The guidance required the reclassification of all components of net periodic benefit costs, except for the service cost component, from operating expenses to other income on the Consolidated Statements of Income with no impact to earnings. As a result of the retrospective application of this change in accounting guidance, the Company reclassified $1.2 million and $3.0 million from operation and maintenance expense to other income on the Consolidated Statements of Income for the three and six months ended June 30, 2017, respectively. The Company also reclassified unrealized gains on investments used to satisfy obligations under the defined benefit plans of $2.2 million and $5.3 million for the three and six months ended June 30, 2017, respectively, which were included in operation and maintenance expense, to other income on the Consolidated Statements of Income. The guidance did not have a material effect on the Company's results of operations, cash flows or disclosures. ASU 2018-02 - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the FASB issued guidance that allows an entity to reclassify the stranded tax effects resulting from the newly enacted federal corporate income tax rate from accumulated other comprehensive income (loss) to retained earnings. The guidance is effective for the Company on January 1, 2019, including interim periods, with early adoption permitted. The guidance can be applied using one of two methods. One method is to record the reclassification of the stranded income taxes at the beginning of the period of adoption. The other method is to apply the guidance retrospectively to each period in which the income tax effects of the TCJA are recognized in accumulated other comprehensive income (loss). The Company early adopted the guidance on January 1, 2018, and elected to reclassify the stranded income taxes at the beginning of the period. During the first quarter of 2018, the Company reclassified $7.9 million of stranded tax expense from accumulated other comprehensive loss to retained earnings. The guidance did not have a material effect on the Company's results of operations, cash flows or disclosures. Recently issued accounting standards not yet adopted ASU 2016-02 - Leases In February 2016, the FASB issued guidance regarding leases. The guidance requires lessees to recognize a lease liability and a right-of-use asset on the balance sheet for operating and financing leases with terms of more than 12 months. The guidance remains largely the same for lessors, although some changes were made to better align lessor accounting with the new lessee accounting and to align with the revenue recognition standard. The guidance also requires additional disclosures, both quantitative and qualitative, related to operating and finance leases for the lessee and sales-type, direct financing and operating leases for the lessor. This guidance will be effective for the Company on January 1, 2019, with early adoption permitted. In July 2018, the FASB issued ASU 2018-11 - Leases: Targeted Improvements, an accounting standard update to ASU 2016-02. This ASU provides an entity the option to adopt the guidance using one of two modified retrospective approaches. An entity can adopt the guidance using the modified retrospective transition approach beginning in the earliest year presented in the financial statements. This method of adoption would require the restatement of prior periods reported and the presentation of lease disclosures under the new guidance for all periods reported. The additional transition method of adoption introduced by ASU 2018-11, allows entities the option to apply the guidance on the date of adoption by recognizing a cumulative effect adjustment to retained earnings during the period of adoption and does not require prior comparative periods to be restated. The Company is planning to adopt the standard on January 1, 2019, utilizing the practical expedient that allows the Company to not reassess whether an expired or existing contract contains a lease, the classification of leases or initial direct costs as well as the additional transition method of adoption applied on the date of adoption. The Company formed a lease implementation team and is currently in the contract review and assessment phase to identify and evaluate contracts containing leases. During the assessment phase, the Company will use various analytic methodologies to ensure the completeness of the lease inventory. The Company expects that most of the current operating leases will be subject to the guidance and recognized as operating lease liabilities and right-of-use assets on the Consolidated Balance Sheets upon adoption. The Company continues to evaluate the impact the new guidance will have on lease contracts where the Company is the lessor and, at this time, does not anticipate a significant impact. The Company continues to monitor industry-specific issues as it relates to the regulated businesses, which includes the treatment of land easements. The final resolution of these issues could significantly impact the number of contracts that would be considered a lease under the new guidance. As such, the Company continues to evaluate the potential impact the adoption of the new guidance will have on its results of operations, financial position, cash flows and disclosures. In January 2018, the FASB issued a practical expedient for land easements under the new lease guidance. The practical expedient permits an entity to elect the option to not evaluate land easements under the new guidance if they existed or expired before the adoption of the new lease guidance and were not previously accounted for as leases under the previous lease guidance. Once an entity adopts the new guidance, the entity should apply the new guidance on a prospective basis to all new or modified land easements. The Company is currently planning to adopt this practical expedient. ASU 2017-04 - Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued guidance on simplifying the test for goodwill impairment by eliminating Step 2, which required an entity to measure the amount of impairment loss by comparing the implied fair value of reporting unit goodwill with the carrying amount of such goodwill. This guidance requires entities to perform a quantitative impairment test, previously Step 1, to identify both the existence of impairment and the amount of impairment loss by comparing the fair value of a reporting unit to its carrying amount. Entities will continue to have the option of performing a qualitative assessment to determine if the quantitative impairment test is necessary. The guidance also requires additional disclosures if an entity has one or more reporting units with zero or negative carrying amounts of net assets. The guidance will be effective for the Company on January 1, 2020, and must be applied on a prospective basis with early adoption permitted. The Company is evaluating the effects the adoption of the new guidance will have on its results of operations, financial position, cash flows and disclosures. ASU 2018-07 - Improvements to Nonemployee Share-Based Payment Accounting In June 2018, the FASB issued guidance on simplifying the accounting for nonemployee share-based payment transactions by expanding the scope of ASC 718, Compensation - Stock Compensation |
Comprehensive income (loss)
Comprehensive income (loss) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Comprehensive income (loss) | Comprehensive income (loss) The after-tax changes in the components of accumulated other comprehensive loss were as follows: Three Months Ended June 30, 2018 Net Unrealized Gain (Loss) on Derivative Postretirement Foreign Net Unrealized Total (In thousands) Balance at beginning of period $ (2,231 ) $ (42,265 ) $ (190 ) $ (174 ) $ (44,860 ) Other comprehensive loss before reclassifications — — (59 ) (43 ) (102 ) Amounts reclassified from accumulated other comprehensive loss 95 449 249 34 827 Net current-period other comprehensive income (loss) 95 449 190 (9 ) 725 Balance at end of period $ (2,136 ) $ (41,816 ) $ — $ (183 ) $ (44,135 ) Three Months Ended June 30, 2017 Net Unrealized Gain (Loss) on Derivative Postretirement Foreign Net Unrealized Total (In thousands) Balance at beginning of period $ (2,209 ) $ (33,781 ) $ (140 ) $ (55 ) $ (36,185 ) Other comprehensive loss before reclassifications — — (15 ) (24 ) (39 ) Amounts reclassified from accumulated other comprehensive loss 92 312 — 31 435 Net current-period other comprehensive income (loss) 92 312 (15 ) 7 396 Balance at end of period $ (2,117 ) $ (33,469 ) $ (155 ) $ (48 ) $ (35,789 ) Six Months Ended June 30, 2018 Net Unrealized Gain (Loss) on Derivative Postretirement Foreign Net Unrealized Total (In thousands) Balance at beginning of period $ (1,934 ) $ (35,163 ) $ (155 ) $ (82 ) $ (37,334 ) Other comprehensive loss before reclassifications — — (61 ) (148 ) (209 ) Amounts reclassified from accumulated other comprehensive loss 187 867 249 64 1,367 Net current-period other comprehensive income (loss) 187 867 188 (84 ) 1,158 Reclassification adjustment of prior period tax effects related to TCJA included in accumulated other comprehensive loss (389 ) (7,520 ) (33 ) (17 ) (7,959 ) Balance at end of period $ (2,136 ) $ (41,816 ) $ — $ (183 ) $ (44,135 ) Six Months Ended June 30, 2017 Net Unrealized Gain (Loss) on Derivative Postretirement Foreign Net Unrealized Total (In thousands) Balance at beginning of period $ (2,300 ) $ (33,221 ) $ (149 ) $ (63 ) $ (35,733 ) Other comprehensive loss before reclassifications — — (6 ) (51 ) (57 ) Amounts reclassified from accumulated other comprehensive loss 183 669 — 66 918 Amounts reclassified to accumulated other comprehensive loss from regulatory asset — (917 ) — — (917 ) Net current-period other comprehensive income (loss) 183 (248 ) (6 ) 15 (56 ) Balance at end of period $ (2,117 ) $ (33,469 ) $ (155 ) $ (48 ) $ (35,789 ) The following amounts were reclassified out of accumulated other comprehensive loss into net income. The amounts presented in parenthesis indicate a decrease to net income in the Consolidated Statements of Income. The reclassifications were as follows: Three Months Ended Six Months Ended Location on Consolidated Statements of Income June 30, June 30, 2018 2017 2018 2017 (In thousands) Reclassification adjustment for loss on derivative instruments included in net income $ (148 ) $ (148 ) $ (296 ) $ (295 ) Interest expense 53 56 109 112 Income taxes (95 ) (92 ) (187 ) (183 ) Amortization of postretirement liability losses included in net periodic benefit cost (credit) (594 ) (502 ) (1,167 ) (1,075 ) Other income 145 190 300 406 Income taxes (449 ) (312 ) (867 ) (669 ) Reclassification adjustment for loss on foreign currency translation adjustment included in net income (324 ) — (324 ) — Other income 75 — 75 — Income taxes (249 ) — (249 ) — Reclassification adjustment for loss on available-for-sale investments included in net income (44 ) (48 ) (81 ) (102 ) Other income 10 17 17 36 Income taxes (34 ) (31 ) (64 ) (66 ) Total reclassifications $ (827 ) $ (435 ) $ (1,367 ) $ (918 ) |
Revenue from contracts with cus
Revenue from contracts with customers | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from contracts with customers | Revenue is recognized when a performance obligation is satisfied by transferring control over a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer, and excludes any sales incentives and amounts collected on behalf of third parties. The Company is considered an agent for certain taxes collected from customers. As such, the Company presents revenues net of these taxes at the time of sale to be remitted to governmental authorities, including sales and use taxes. The electric and natural gas distribution segments generate revenue from the sales of electric and natural gas products and services, which includes retail and transportation services. These segments establish a customer's retail or transportation service account based on the customer's application/contract for service, which indicates approval of a contract for service. The contract identifies an obligation to provide service in exchange for delivering or standing ready to deliver the identified commodity; and the customer is obligated to pay for the service as provided in the applicable tariff. The product sales are based on a fixed rate that includes a base and per-unit rate, which are included in approved tariffs as determined by state or federal regulatory agencies. The quantity of the commodity consumed or transported determines the total per-unit revenue. The service provided, along with the product consumed or transported, are a single performance obligation because both are required in combination to successfully transfer the contracted product or service to the customer. Revenues are recognized over time as customers receive and consume the products and services. The method of measuring progress toward the completion of the single performance obligation is on a per-unit output method basis, with revenue recognized based on the direct measurement of the value to the customer of the goods or services transferred to date. For contracts governed by the Company’s utility tariffs, amounts are billed monthly with the amount due between 15 and 22 days of receipt of the invoice depending on the applicable state’s tariff. For other contracts not governed by tariff, payment terms are net thirty days. At this time, the segment has no material obligations for returns, refunds or other similar obligations. The pipeline and midstream segment generates revenue from providing natural gas transportation, gathering and underground storage services as well as other energy-related services to both third parties and internal customers, largely the natural gas distribution segment. The pipeline and midstream segment establishes a contract with a customer based upon the customer’s request for firm or interruptible natural gas transportation, storage or gathering service(s). The contract identifies an obligation for the segment to provide the requested service(s) in exchange for consideration from the customer over a specified term. Depending on the type of service(s) requested and contracted, the service provided may include transporting, gathering or storing an identified quantity of natural gas and/or standing ready to deliver or store an identified quantity of natural gas. Natural gas transportation, gathering and storage revenues are based on fixed rates, which may include reservation fees and/or per-unit commodity rates. The services provided by the segment are generally treated as single performance obligations satisfied over time simultaneous to when the service is provided and revenue is recognized. Rates for the segment’s regulated services are based on its FERC approved tariff or customer negotiated rates on special projects, and rates for its non-regulated services are negotiated with its customers and set forth in the contract. For contracts governed by the company’s tariff, amounts are billed on or before the ninth business day of the following month and the amount is due within twelve days of receipt of the invoice. For gathering contracts not governed by the tariff, amounts are due within twenty days of invoice receipt. For other contracts not governed by the tariff, payment terms are net thirty days. At this time, the segment has no material obligations for returns, refunds or other similar obligations. The construction materials and contracting segment generates revenue from contracting services and construction materials sales. This segment focuses on the vertical integration of its contracting services with its construction materials to support the aggregate based product lines. This segment provides contracting services to a customer when a contract has been signed by both the customer and a representative of the segment obligating a service to be provided in exchange for the consideration identified in the contract. The nature of the services this segment provides generally includes integrating a set of services and related construction materials into a single project to create a distinct bundle of goods and services, which the Company evaluated and determined to be single performance obligations. The transaction price is the original contract price plus any subsequent change orders and variable consideration. Examples of variable consideration that exist in this segment's contracts include liquidated damages; performance bonuses or incentives and penalties; and index pricing. The variable amounts usually arise upon achievement of certain performance metrics. The Company estimates variable consideration at the most likely amount expected. Revenue is recognized over time using the input method based on the measurement of progress on a project. The input method is the preferred method of measuring revenue because the costs incurred have been determined to represent the best indication of the overall progress toward the transfer of such goods or services promised to a customer. This segment also sells construction materials to third parties and internal customers. The contract for material sales is the use of a sales order or an invoice, which includes the pricing and payment terms. All material contracts contain a single performance obligation for the delivery of a single distinct product or a distinct separately identifiable bundle of products and services. Revenue is recognized at a point in time when the performance obligation has been satisfied with the delivery of the products or services. The warranties associated with the sales are those consistent with a standard warranty that the product meets certain specifications for quality or those required by law. For most contracts, amounts billed to customers are due within thirty days of receipt. There are no material obligations for returns, refunds or other similar obligations. The construction services segment generates revenue from specialty contracting services which also includes the sale of construction equipment and other supplies. This segment provides specialty contracting services to a customer when a contract has been signed by both the customer and a representative of the segment obligating a service to be provided in exchange for the consideration identified in the contract. The nature of the services this segment provides generally includes multiple promised goods and services in a single project to create a distinct bundle of goods and services, which the Company evaluates to determine whether a separate performance obligation exists. The transaction price is the original contract price plus any subsequent change orders and variable consideration. Examples of variable consideration that exist in this segment's contracts include unapproved/unpriced change orders, bonuses, incentives, penalties and liquidated damages. The variable amounts usually arise upon achievement of certain performance metrics. The Company estimates variable consideration at the most likely amount expected. Revenue is recognized over time using the input method based on the measurement of progress on a project. The input method is the preferred method of measuring revenue because the costs incurred have been determined to represent the best indication of the overall progress toward the transfer of such goods or services promised to a customer. This segment also sells construction equipment and other supplies to third parties and internal customers. The contract for these sales is the use of a sales order or invoice, which includes the pricing and payment terms. All such contracts include a single performance obligation for the delivery of a single distinct product or a distinct separately identifiable bundle of products and services. Revenue is recognized at a point in time when the performance obligation has been satisfied with the delivery of the products or services. The warranties associated with the sales are those consistent with a standard warranty that the product meets certain specifications for quality or those required by law. For most contracts, amounts billed to customers are due within thirty days of receipt. There are no material obligations for returns, refunds or other similar obligations. The Company recognizes all other revenues when services are rendered or goods are delivered. Disaggregation In the following table, revenue is disaggregated by the type of customer or service provided. The Company believes this level of disaggregation best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The table also includes a reconciliation of the disaggregated revenue by reportable segments. For more information on the Company's business segments, see Note 14 . Three Months Ended June 30, 2018 Electric Natural gas distribution Pipeline and midstream Construction materials and contracting Construction services Other Total (in thousands) Residential utility sales $ 26,752 $ 68,688 $ — $ — $ — $ — $ 95,440 Commercial utility sales 32,676 40,820 — — — — 73,496 Industrial utility sales 8,226 5,227 — — — — 13,453 Other utility sales 1,874 — — — — — 1,874 Natural gas transportation — 10,084 21,287 — — — 31,371 Natural gas gathering — — 2,310 — — — 2,310 Natural gas storage — — 2,634 — — — 2,634 Contracting services — — — 247,558 — — 247,558 Construction materials — — — 387,632 — — 387,632 Intrasegment eliminations* — — — (125,567 ) — — (125,567 ) Inside specialty contracting — — — — 216,371 — 216,371 Outside specialty contracting — — — — 95,261 — 95,261 Other 8,425 3,614 4,326 — 103 2,757 19,225 Intersegment eliminations — — (6,539 ) (235 ) (540 ) (2,667 ) (9,981 ) Revenues from contracts with customers 77,953 128,433 24,018 509,388 311,195 90 1,051,077 Revenues out of scope 546 1,107 42 — 11,825 — 13,520 Total external operating revenues $ 78,499 $ 129,540 $ 24,060 $ 509,388 $ 323,020 $ 90 $ 1,064,597 * Intrasegment revenues are presented within the construction materials and contracting segment to highlight the focus on vertical integration as this segment sells materials to both third parties and internal customers. Due to consolidation requirements, these revenues must be eliminated against construction materials to arrive at the external operating revenue total for the segment. Six Months Ended June 30, 2018 Electric Natural gas distribution Pipeline and midstream Construction materials and contracting Construction services Other Total (in thousands) Residential utility sales $ 61,935 $ 261,574 $ — $ — $ — $ — $ 323,509 Commercial utility sales 67,377 157,711 — — — — 225,088 Industrial utility sales 16,996 13,036 — — — — 30,032 Other utility sales 3,710 — — — — — 3,710 Natural gas transportation — 21,263 43,105 — — — 64,368 Natural gas gathering — — 4,580 — — — 4,580 Natural gas storage — — 5,768 — — — 5,768 Contracting services — — — 321,622 — — 321,622 Construction materials — — — 561,223 — — 561,223 Intrasegment eliminations* — — — (159,837 ) — — (159,837 ) Inside specialty contracting — — — — 450,192 — 450,192 Outside specialty contracting — — — — 182,442 — 182,442 Other 16,678 7,613 7,652 — 17 5,452 37,412 Intersegment eliminations — — (28,298 ) (336 ) (550 ) (5,306 ) (34,490 ) Revenues from contracts with customers 166,696 461,197 32,807 722,672 632,101 146 2,015,619 Revenues out of scope (792 ) 1,007 86 — 24,970 — 25,271 Total external operating revenues $ 165,904 $ 462,204 $ 32,893 $ 722,672 $ 657,071 $ 146 $ 2,040,890 * Intrasegment revenues are presented within the construction materials and contracting segment to highlight the focus on vertical integration as this segment sells materials to both third parties and internal customers. Due to consolidation requirements, these revenues must be eliminated against construction materials to arrive at the external operating revenue total for the segment. Contract balances The timing of revenue recognition may differ from the timing of invoicing to customers. Contracts from contracting services are billed as work progresses in accordance with agreed upon contractual terms. Generally, billing to the customer occurs contemporaneous to revenue recognition. A variance in timing of the billings may result in a contract asset or a contract liability. A contract asset occurs when revenues are recognized under the cost-to-cost measure of progress, which exceeds amounts billed on uncompleted contracts. Such amounts will be billed as standard contract terms allow, usually based on various measures of performance or achievement. A contract liability occurs when there are billings in excess of revenues recognized under the cost-to-cost measure of progress on uncompleted contracts. Contract liabilities decrease as revenue is recognized from the satisfaction of the related performance obligation. The changes in contract assets and liabilities were as follows: June 30, 2018 December 31, 2017 Change Location on Consolidated Balance Sheets (In thousands) Contract assets $ 153,732 $ 109,540 $ 44,192 Receivables, net Contract liabilities - current (90,478 ) (84,123 ) (6,355 ) Accounts payable Contract liabilities - noncurrent (399 ) — (399 ) Deferred credits and other liabilities - other Net contract assets $ 62,855 $ 25,417 $ 37,438 At June 30, 2018 , the Company's net contract assets increased $37.4 million compared to December 31, 2017 . Included in the change of total contract assets (liabilities) was an increase in contract assets due to revenue recognized in excess of billings on contracts and an increase in contract liabilities due to billings on contracts in excess of revenues recognized. The Company recognized $16.9 million and $68.9 million in revenue for the three and six months ended June 30, 2018 , respectively, which was previously included in contract liabilities at December 31, 2017 . The Company recognized $2.6 million and $5.3 million in revenue for the three and six months ended June 30, 2018 |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2018 | |
Business Acquisition [Line Items] | |
Acquisitions | Acquisitions On April 23, 2018, the Company acquired an aggregate producer, which provides crushed rock and gravel to construction and retail customers in Oregon. On June 4, 2018, the Company acquired a general contractor and aggregate, asphalt and ready-mixed concrete supplier in Minnesota. The gross aggregate consideration for these acquisitions was $21.1 million in cash, subject to certain adjustments, and 713,948 shares of common stock with a market value of $20.1 million as of the respective acquisition date. Due to the holding period restriction on the common stock, the shares have been discounted to a fair value of approximately $18.0 million , as reflected in the Company's financial statements. |
Discontinued operations
Discontinued operations | 6 Months Ended |
Jun. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued operations | Discontinued operations The assets and liabilities of the Company's discontinued operations have been classified as held for sale and the results of operations are shown in income (loss) from discontinued operations, other than certain general and administrative costs and interest expense which do not meet the criteria for income (loss) from discontinued operations. At the time the assets were classified as held for sale, depreciation, depletion and amortization expense was no longer recorded. Dakota Prairie Refining On June 24, 2016, WBI Energy entered into a membership interest purchase agreement with Tesoro to sell all of the outstanding membership interests in Dakota Prairie Refining to Tesoro. WBI Energy and Calumet each previously owned 50 percent of the Dakota Prairie Refining membership interests and were equal members in building and operating Dakota Prairie Refinery. To effectuate the sale, WBI Energy acquired Calumet’s 50 percent membership interest in Dakota Prairie Refining on June 27, 2016. The sale of the membership interests to Tesoro closed on June 27, 2016. The sale of Dakota Prairie Refining reduced the Company’s risk by decreasing exposure to commodity prices. As of June 30, 2018 , Dakota Prairie Refining incurred no material exit and disposal costs, and does not expect to incur any future material exit and disposal costs. Centennial continues to guarantee certain debt obligations of Dakota Prairie Refining; however, Tesoro has agreed to indemnify Centennial for any losses and litigation expenses arising from the guarantee. For more information related to the guarantee, see Note 17 . The carrying amounts of the major classes of assets and liabilities classified as held for sale, related to the operations of and activity associated with Dakota Prairie Refining, on the Consolidated Balance Sheets were as follows: June 30, 2018 June 30, 2017 December 31, 2017 (In thousands) Assets Current assets: Income taxes receivable (a) $ 1,689 $ 5,552 $ 1,778 Total current assets held for sale 1,689 5,552 1,778 Total assets held for sale $ 1,689 $ 5,552 $ 1,778 Liabilities Noncurrent liabilities: Deferred income taxes (b) $ 37 $ 55 $ 37 Total noncurrent liabilities held for sale 37 55 37 Total liabilities held for sale $ 37 $ 55 $ 37 (a) On the Company's Consolidated Balance Sheets, these amounts were reclassified to taxes payable and are reflected in current liabilities held for sale. (b) On the Company's Consolidated Balance Sheets, these amounts were reclassified to deferred charges and other assets - deferred income taxes and are reflected in noncurrent assets held for sale. Fidelity In the second quarter of 2015, the Company began the marketing and sale process of Fidelity with an anticipated sale to occur within one year. Between September 2015 and March 2016, the Company entered into purchase and sale agreements to sell substantially all of Fidelity's oil and natural gas assets. The completion of these sales occurred between October 2015 and April 2016. In July 2018, the Company completed the sale of a majority of the remaining property, plant and equipment. The sale of Fidelity was part of the Company's strategic plan to grow its capital investments in the remaining business segments and to focus on creating a greater long-term value. The carrying amounts of the major classes of assets and liabilities classified as held for sale, related to the operations of Fidelity, on the Consolidated Balance Sheets were as follows: June 30, 2018 June 30, 2017 December 31, 2017 (In thousands) Assets Current assets: Receivables, net $ 572 $ 328 $ 479 Total current assets held for sale 572 328 479 Noncurrent assets: Net property, plant and equipment 1,236 2,064 1,631 Deferred income taxes 2,637 74,013 2,637 Other 162 161 161 Total noncurrent assets held for sale 4,035 76,238 4,429 Total assets held for sale $ 4,607 $ 76,566 $ 4,908 Liabilities Current liabilities: Accounts payable $ — $ 138 $ 30 Taxes payable 10,656 7,171 10,857 Other accrued liabilities 2,746 2,724 2,884 Total current liabilities held for sale 13,402 10,033 13,771 Total liabilities held for sale $ 13,402 $ 10,033 $ 13,771 The Company's deferred tax assets included in assets held for sale were largely comprised of federal and state net operating loss carryforwards. The Company realized substantially all of the outstanding net operating loss carryforwards in 2017. The Company has incurred $10.5 million of exit and disposal costs to date. As of June 30, 2018, the Company has incurred no exit and disposal costs for the year. As of June 30, 2017, the Company had incurred no exit and disposal costs for the year. The Company does not expect to incur any additional material exit and disposal costs. The exit and disposal costs are associated with severance and other related matters. Dakota Prairie Refining and Fidelity The reconciliation of the major classes of income and expense constituting pretax income (loss) from discontinued operations, which includes Dakota Prairie Refining and Fidelity, to the after-tax income (loss) from discontinued operations on the Consolidated Statements of Income was as follows: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (In thousands) Operating revenues $ 75 $ 130 $ 140 $ 235 Operating expenses 435 1,205 609 (5,372 ) Operating income (loss) (360 ) (1,075 ) (469 ) 5,607 Other income (expense) — 3 12 (13 ) Interest expense — 239 575 239 Income (loss) from discontinued operations before income taxes (360 ) (1,311 ) (1,032 ) 5,355 Income taxes (87 ) 1,879 * (1,235 ) 6,859 * Income (loss) from discontinued operations $ (273 ) $ (3,190 ) $ 203 $ (1,504 ) * Includes the eliminations for the presentation of income tax adjustments between continuing and discontinued operations. The Company retained certain liabilities of Dakota Prairie Refining. In the first quarter of 2017, the Company recorded a reversal of the previously accrued liability of $7.0 million ( $4.3 million |
Goodwill and other intangible a
Goodwill and other intangible assets | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and other intangible assets | Goodwill and other intangible assets The changes in the carrying amount of goodwill were as follows: Six Months Ended June 30, 2018 Balance at January 1, 2018 Goodwill Acquired the Year* Balance at June 30, 2018 (In thousands) Natural gas distribution $ 345,736 $ — $ 345,736 Construction materials and contracting 176,290 10,583 186,873 Construction services 109,765 — 109,765 Total $ 631,791 $ 10,583 $ 642,374 * Relates to business acquisitions that occurred during the period, as discussed in Note 9 . Six Months Ended June 30, 2017 Balance at January 1, 2017 Goodwill Acquired the Year Balance at June 30, 2017 (In thousands) Natural gas distribution $ 345,736 $ — $ 345,736 Construction materials and contracting 176,290 — 176,290 Construction services 109,765 — 109,765 Total $ 631,791 $ — $ 631,791 Year Ended December 31, 2017 Balance at January 1, 2017 Goodwill Acquired the Year Balance at December 31, 2017 (In thousands) Natural gas distribution $ 345,736 $ — $ 345,736 Construction materials and contracting 176,290 — 176,290 Construction services 109,765 — 109,765 Total $ 631,791 $ — $ 631,791 Other amortizable intangible assets were as follows: June 30, 2018 June 30, 2017 December 31, 2017 (In thousands) Customer relationships $ 15,587 $ 15,745 $ 15,248 Less accumulated amortization 13,191 13,302 13,382 2,396 2,443 1,866 Noncompete agreements 2,546 2,430 2,430 Less accumulated amortization 1,877 1,732 1,805 669 698 625 Other 6,458 7,086 6,990 Less accumulated amortization 5,333 5,442 5,644 1,125 1,644 1,346 Total $ 4,190 $ 4,785 $ 3,837 Amortization expense for amortizable intangible assets for the three and six months ended June 30, 2018 , was $300,000 and $700,000 , respectively. Amortization expense for amortizable intangible assets for the three and six months ended June 30, 2017 , was $600,000 and $1.2 million , respectively. Estimated amortization expense for amortizable intangible assets is $1.4 million in 2018 , $1.1 million in 2019 , $600,000 in 2020 , $400,000 in 2021 , $400,000 in 2022 and $1.0 million |
Fair value measurements
Fair value measurements | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | Fair value measurements The Company measures its investments in certain fixed-income and equity securities at fair value with changes in fair value recognized in income. The Company anticipates using these investments, which consist of an insurance contract, to satisfy its obligations under its unfunded, nonqualified benefit plans for executive officers and certain key management employees, and invests in these fixed-income and equity securities for the purpose of earning investment returns and capital appreciation. These investments, which totaled $78.3 million , $73.1 million and $77.4 million , at June 30, 2018 and 2017 , and December 31, 2017 , respectively, are classified as investments on the Consolidated Balance Sheets. The net unrealized gains on these investments were $1.4 million and $900,000 for the three and six months ended June 30, 2018 , respectively. The net unrealized gains on these investments were $2.1 million and $5.0 million for the three and six months ended June 30, 2017 , respectively. The change in fair value, which is considered part of the cost of the plan, is classified in other income on the Consolidated Statements of Income. In connection with the adoption of ASU 2017-07, as discussed in Note 6, the Company has elected to reclassify prior period unrealized gains from operation and maintenance expense to other income on the Consolidated Statements of Income. The Company did not elect the fair value option, which records gains and losses in income, for its available-for-sale securities. The available-for-sale securities include mortgage-backed securities and U.S. Treasury securities. These available-for-sale securities are recorded at fair value and are classified as investments on the Consolidated Balance Sheets. Unrealized gains or losses are recorded in accumulated other comprehensive income (loss). Details of available-for-sale securities were as follows: June 30, 2018 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Mortgage-backed securities $ 10,015 $ 6 $ 236 $ 9,785 U.S. Treasury securities 242 — 2 240 Total $ 10,257 $ 6 $ 238 $ 10,025 June 30, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Mortgage-backed securities $ 9,743 $ 13 $ 86 $ 9,670 U.S. Treasury securities 613 — — 613 Total $ 10,356 $ 13 $ 86 $ 10,283 December 31, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Mortgage-backed securities $ 10,342 $ 4 $ 129 $ 10,217 U.S. Treasury securities 205 — 1 204 Total $ 10,547 $ 4 $ 130 $ 10,421 Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The fair value ASC establishes a hierarchy for grouping assets and liabilities, based on the significance of inputs. The estimated fair values of the Company's assets and liabilities measured on a recurring basis are determined using the market approach. The Company's Level 2 money market funds are valued at the net asset value of shares held at the end of the quarter, based on published market quotations on active markets, or using other known sources including pricing from outside sources. The estimated fair value of the Company's Level 2 mortgage-backed securities and U.S. Treasury securities are based on comparable market transactions, other observable inputs or other sources, including pricing from outside sources. The estimated fair value of the Company's Level 2 insurance contract is based on contractual cash surrender values that are determined primarily by investments in managed separate accounts of the insurer. These amounts approximate fair value. The managed separate accounts are valued based on other observable inputs or corroborated market data. Though the Company believes the methods used to estimate fair value are consistent with those used by other market participants, the use of other methods or assumptions could result in a different estimate of fair value. For the six months ended June 30, 2018 and 2017 , there were no transfers between Levels 1 and 2. The Company's assets and liabilities measured at fair value on a recurring basis were as follows: Fair Value Measurements at June 30, 2018, Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at June 30, 2018 (In thousands) Assets: Money market funds $ — $ 9,904 $ — $ 9,904 Insurance contract* — 78,312 — 78,312 Available-for-sale securities: Mortgage-backed securities — 9,785 — 9,785 U.S. Treasury securities — 240 — 240 Total assets measured at fair value $ — $ 98,241 $ — $ 98,241 * The insurance contract invests approximately 48 percent in fixed-income investments, 23 percent in common stock of large-cap companies, 13 percent in common stock of mid-cap companies, 11 percent in common stock of small-cap companies, 3 percent in target date investments and 2 percent in cash equivalents. Fair Value Measurements at June 30, 2017, Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at June 30, 2017 (In thousands) Assets: Money market funds $ — $ 5,882 $ — $ 5,882 Insurance contract* — 73,126 — 73,126 Available-for-sale securities: Mortgage-backed securities — 9,670 — 9,670 U.S. Treasury securities — 613 — 613 Total assets measured at fair value $ — $ 89,291 $ — $ 89,291 * The insurance contract invests approximately 50 percent in fixed-income investments, 23 percent in common stock of large-cap companies, 13 percent in common stock of mid-cap companies, 11 percent in common stock of small-cap companies, 2 percent in target date investments and 1 percent in cash equivalents. Fair Value Measurements at December 31, 2017, Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at December 31, 2017 (In thousands) Assets: Money market funds $ — $ 6,965 $ — $ 6,965 Insurance contract* — 77,388 — 77,388 Available-for-sale securities: Mortgage-backed securities — 10,217 — 10,217 U.S. Treasury securities — 204 — 204 Total assets measured at fair value $ — $ 94,774 $ — $ 94,774 * The insurance contract invests approximately 49 percent in fixed-income investments, 23 percent in common stock of large-cap companies, 14 percent in common stock of mid-cap companies, 11 percent in common stock of small-cap companies, 2 percent in target date investments and 1 percent in cash equivalents. The Company's long-term debt is not measured at fair value on the Consolidated Balance Sheets and the fair value is being provided for disclosure purposes only. The fair value was based on discounted future cash flows using current market interest rates. The estimated fair value of the Company's Level 2 long-term debt was as follows: Carrying Amount Fair Value (In thousands) Long-term debt at June 30, 2018 $ 1,852,910 $ 1,949,564 Long-term debt at June 30, 2017 $ 1,761,476 $ 1,864,884 Long-term debt at December 31, 2017 $ 1,714,853 $ 1,826,256 The carrying amounts of the Company's remaining financial instruments included in current assets and current liabilities approximate their fair values |
Cash flow information
Cash flow information | 6 Months Ended |
Jun. 30, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Cash flow information | Cash flow information Cash expenditures for interest and income taxes were as follows: Six Months Ended June 30, 2018 2017 (In thousands) Interest, net* $ 39,467 $ 39,207 Income taxes paid, net** $ 4,034 $ 32,388 * AFUDC - borrowed was $1.0 million and $418,000 for the six months ended June 30, 2018 and 2017 , respectively. ** Income taxes paid (refunded), net of discontinued operations, were $ 3.1 million and $ (3.6) million for the six months ended June 30, 2018 and 2017 , respectively. Noncash investing and financing transactions were as follows: June 30, 2018 2017 (In thousands) Property, plant and equipment additions in accounts payable $ 30,985 $ 10,449 Issuance of common stock in connection with acquisition $ 17,993 $ — |
Business segment data
Business segment data | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Business segment data | Business segment data The Company's reportable segments are those that are based on the Company's method of internal reporting, which generally segregates the strategic business units due to differences in products, services and regulation. The internal reporting of these operating segments is defined based on the reporting and review process used by the Company's chief executive officer. The vast majority of the Company's operations are located within the United States. The electric segment generates, transmits and distributes electricity in Montana, North Dakota, South Dakota and Wyoming. The natural gas distribution segment distributes natural gas in those states as well as in Idaho, Minnesota, Oregon and Washington. These operations also supply related value-added services. The pipeline and midstream segment provides natural gas transportation, underground storage and gathering services through regulated and nonregulated pipeline systems primarily in the Rocky Mountain and northern Great Plains regions of the United States. This segment also provides cathodic protection and other energy-related services. The construction materials and contracting segment operations mine, process and sell construction aggregates (crushed stone, sand and gravel); produce and sell asphalt mix; and supply ready-mixed concrete. This segment focuses on vertical integration of its contracting services with its construction materials to support the aggregate based product lines including aggregate placement, asphalt and concrete paving, and site development and grading. Although not common to all locations, other products include the sale of cement, liquid asphalt for various commercial and roadway applications, various finished concrete products and other building materials and related contracting services. This segment operates in the central, southern and western United States and Alaska and Hawaii. The construction services segment provides inside and outside specialty contracting services. Its outside services include design, construction and maintenance of overhead and underground electrical distribution and transmission lines, substations, external lighting, traffic signalization, and gas pipelines, as well as utility excavation and the manufacture and distribution of transmission line construction equipment. Its inside services include design, construction and maintenance of electrical and communication wiring and infrastructure, fire suppression systems, and mechanical piping and services. This segment also constructs and maintains renewable energy projects. These specialty contracting services are provided to utilities and large manufacturing, commercial, industrial, institutional and government customers. The Other category includes the activities of Centennial Capital, which insures various types of risks as a captive insurer for certain of the Company's subsidiaries. The function of the captive insurer is to fund the self-insured layers of the insured Company's general liability, automobile liability, pollution liability and other coverages. Centennial Capital also owns certain real and personal property. The Other category also includes certain general and administrative costs (reflected in operation and maintenance expense) and interest expense which were previously allocated to the refining business and Fidelity and do not meet the criteria for income (loss) from discontinued operations. The Other category also includes Centennial Resources' former investment in Brazil. Discontinued operations includes the results and supporting activities of Dakota Prairie Refining and Fidelity other than certain general and administrative costs and interest expense as described above. For more information on discontinued operations, see Note 10 . The information below follows the same accounting policies as described in Note 1 of the Company's Notes to Consolidated Financial Statements in the 2017 Annual Report. Information on the Company's segments was as follows: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (In thousands) External operating revenues: Regulated operations: Electric $ 78,499 $ 74,574 $ 165,904 $ 162,799 Natural gas distribution 129,540 131,592 462,204 474,111 Pipeline and midstream 18,645 19,319 23,035 22,190 226,684 225,485 651,143 659,100 Nonregulated operations: Pipeline and midstream 5,415 4,520 9,858 8,163 Construction materials and contracting 509,388 501,426 722,672 702,203 Construction services 323,020 336,009 657,071 635,580 Other 90 199 146 519 837,913 842,154 1,389,747 1,346,465 Total external operating revenues $ 1,064,597 $ 1,067,639 $ 2,040,890 $ 2,005,565 Intersegment operating revenues: Regulated operations: Electric $ — $ — $ — $ — Natural gas distribution — — — — Pipeline and midstream 6,446 6,353 28,182 27,841 6,446 6,353 28,182 27,841 Nonregulated operations: Pipeline and midstream 93 59 116 93 Construction materials and contracting 235 172 336 258 Construction services 540 295 550 301 Other 2,667 1,758 5,306 3,501 3,535 2,284 6,308 4,153 Intersegment eliminations (9,981 ) (8,637 ) (34,490 ) (31,994 ) Total intersegment operating revenues $ — $ — $ — $ — Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (In thousands) Earnings (loss) on common stock: Regulated operations: Electric $ 9,133 $ 7,859 $ 22,216 $ 22,191 Natural gas distribution (6,852 ) (2,797 ) 25,771 25,064 Pipeline and midstream 5,240 5,492 10,699 10,048 7,521 10,554 58,686 57,303 Nonregulated operations: Pipeline and midstream 467 (238 ) 288 (865 ) Construction materials and contracting 24,336 21,168 815 1,255 Construction services 14,088 12,391 29,179 19,753 Other (2,337 ) (2,163 ) (2,932 ) (2,440 ) 36,554 31,158 27,350 17,703 Intersegment eliminations* — 2,093 — 4,266 Earnings on common stock before income (loss) from discontinued operations 44,075 43,805 86,036 79,272 Income (loss) from discontinued operations, net of tax* (273 ) (3,190 ) 203 (1,504 ) Total earnings on common stock $ 43,802 $ 40,615 $ 86,239 $ 77,768 * Includes the eliminations for the presentation of income tax adjustments between continuing and discontinued operations. |
Employee benefit plans
Employee benefit plans | 6 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |
Pension and other postretirement benefit plans | Employee benefit plans Pension and other postretirement plans The Company has qualified defined benefit pension plans and other postretirement benefit plans for certain eligible employees. Components of net periodic benefit cost (credit) for the Company's pension and other postretirement benefit plans were as follows: Pension Benefits Other Postretirement Benefits Three Months Ended June 30, 2018 2017 2018 2017 (In thousands) Components of net periodic benefit cost (credit): Service cost $ — $ — $ 340 $ 306 Interest cost 3,488 4,089 672 825 Expected return on assets (5,379 ) (5,234 ) (1,266 ) (1,175 ) Amortization of prior service credit — — (348 ) (343 ) Amortization of net actuarial loss 1,721 1,385 82 100 Net periodic benefit cost (credit), including amount capitalized (170 ) 240 (520 ) (287 ) Less amount capitalized — 73 43 (114 ) Net periodic benefit cost (credit) $ (170 ) $ 167 $ (563 ) $ (173 ) Pension Benefits Other Postretirement Benefits Six Months Ended June 30, 2018 2017 2018 2017 (In thousands) Components of net periodic benefit cost (credit): Service cost $ — $ — $ 747 $ 753 Interest cost 7,295 8,103 1,450 1,633 Expected return on assets (10,377 ) (10,263 ) (2,433 ) (2,320 ) Amortization of prior service credit — — (697 ) (686 ) Amortization of net actuarial loss 3,503 3,178 320 436 Net periodic benefit cost (credit), including amount capitalized 421 1,018 (613 ) (184 ) Less amount capitalized — 180 83 (153 ) Net periodic benefit cost (credit) $ 421 $ 838 $ (696 ) $ (31 ) In accordance with ASU 2017-07, the components of net periodic benefit cost (credit), other than the service cost component, are included in other income on the Consolidated Statements of Income. Nonqualified defined benefit plans In addition to the qualified defined benefit pension plans reflected in the table, the Company also has unfunded, nonqualified defined benefit plans for executive officers and certain key management employees that generally provide for defined benefit payments at age 65 following the employee's retirement or, upon death, to their beneficiaries for a 15-year period. In February 2016, the Company froze the unfunded, nonqualified defined benefit plans to new participants and eliminated benefit increases. Vesting for participants not fully vested was retained. The Company's net periodic benefit cost for these plans for the three and six months ended June 30, 2018 , was $1.1 million and $2.2 million , respectively. The Company's net periodic benefit cost for these plans for the three and six months ended June 30, 2017 , was $1.1 million and $2.3 million |
Regulatory matters
Regulatory matters | 6 Months Ended |
Jun. 30, 2018 | |
Regulated Operations [Abstract] | |
Regulatory matters | Regulatory matters The Company regularly reviews the need for electric and natural gas rate changes in each of the jurisdictions in which service is provided. The Company files for rate adjustments to seek recovery of operating costs and capital investments, as well as reasonable returns as allowed by regulators. The Company's most recent cases by jurisdiction are discussed in the following paragraphs. The jurisdictions in which the Company provides service have requested the Company furnish plans for the effect of the reduced corporate tax rate due to the enactment of the TCJA which may impact the Company's rates. The following paragraphs include additional details and statuses of each jurisdiction's request. IPUC On January 17, 2018, the IPUC issued a general order initiating the investigation of the impacts of the TCJA. The order required the tax rate reduction to be deferred as a regulatory liability and for companies to report on the expected impacts of the TCJA by March 30, 2018. On March 12, 2018, the Idaho governor signed into law a decrease in the state corporate income tax rate from 7.4 percent to 6.9 percent retroactive to January 1, 2018. On March 23, 2018, Intermountain filed an application and supporting tariffs incorporating the effects of the decreases in both federal and state income taxes resulting in a decrease in revenues of approximately $5.0 million annually. A regulatory liability was recorded beginning on January 1, 2018, to capture the customer benefits associated with the lower taxes. On May 10, 2018, a rate reduction settlement was reached and filed with the IPUC reflecting a revised annual revenue reduction of approximately $5.1 million or approximately 2.3 percent, which represents the tax benefit Intermountain will be returning to customers. On May 31, 2018, the IPUC approved the settlement with rates effective June 1, 2018. MNPUC On December 29, 2017, the MNPUC issued a notice of investigation related to tax changes with the enactment of the TCJA. On January 19, 2018, the MNPUC issued a notice of request for information, commission planning meeting and subsequent comment period. Pursuant to the notice, Great Plains provided preliminary impacts of the TCJA on January 30, 2018. On March 2, 2018, Great Plains submitted its initial filing addressing the impacts of the TCJA and is advocating existing rates are reasonable and a reduction in rates is not warranted. A hearing is scheduled for August 9, 2018. This matter is pending before the MNPUC. MTPSC On September 25, 2017, Montana-Dakota filed an application with the MTPSC for a natural gas rate increase of approximately $2.8 million annually or approximately 4.1 percent above current rates. The requested increase is primarily to recover the increased investment in distribution facilities to enhance system safety and reliability and the depreciation and taxes associated with the increase in investment. Montana-Dakota also introduced a SSIP and the proposed adjustment mechanism required to fund the SSIP. Montana-Dakota requested an interim increase of approximately $1.6 million or approximately 2.3 percent, subject to refund. On December 27, 2017, the MTPSC requested Montana-Dakota identify a plan for the impacts of the TCJA for the natural gas segment within the existing natural gas rate case. On January 12, 2018, Montana-Dakota filed a revised interim increase of approximately $764,000 , subject to refund, incorporating the estimated impacts of the TCJA reduction in the federal corporate income tax rate. On February 23, 2018, supplemental testimony, regarding the effects of the TCJA, was submitted reducing Montana-Dakota's initial request of approximately $2.8 million to approximately $1.6 million . On March 6, 2018, the interim request for rate relief was denied by the MTPSC. On April 24, 2018, a stipulation was filed with the MTPSC reflecting an annual increase of approximately $975,000 or approximately 1.4 percent, which included the withdrawal of the proposed adjustment mechanism required to fund the SSIP. The MTPSC issued an order on June 13, 2018, approving the stipulation and the rates were implemented for service rendered on or after June 15, 2018. On December 27, 2017, the MTPSC requested Montana-Dakota identify a plan for the impacts of the TCJA and to file a proposal for the impacts on the electric segment by March 31, 2018. On April 2, 2018, Montana-Dakota submitted its plan requesting the MTPSC recognize the identified need for additional rate relief and to consider the effects of the TCJA in a general electric rate case to be submitted by September 30, 2018. This matter is pending before the MTPSC. NDPSC On July 21, 2017, Montana-Dakota filed an application with the NDPSC for a natural gas rate increase of approximately $5.9 million annually or approximately 5.4 percent above current rates. The requested increase is primarily to recover the increased investment in distribution facilities to enhance system safety and reliability and the depreciation and taxes associated with the increase in investment. Montana-Dakota is also introducing a SSIP and the proposed adjustment mechanism required to fund the SSIP. Montana-Dakota requested an interim increase of approximately $4.6 million or approximately 4.2 percent, subject to refund. On September 6, 2017, the NDPSC approved the request for interim rates effective with service rendered on or after September 19, 2017. On January 12, 2018, Montana-Dakota requested a delay of the rate case filed on July 21, 2017, as a result of the enactment of the TCJA to allow Montana-Dakota time to investigate the implications of the TCJA on the rate case. On February 14, 2018, the NDPSC approved the delay of hearing and scheduled it to begin on May 30, 2018. Also on February 14, 2018, Montana-Dakota filed a revised interim increase request of approximately $2.7 million , subject to refund, incorporating the estimated impacts of the TCJA reduction in the federal corporate income tax rate. On March 1, 2018, the updated interim rates were implemented. The impact of the TCJA was submitted as part of a rebuttal testimony identifying a reduction of the adjusted revenue requirement to approximately $3.6 million . A hearing was held May 30, 2018 through June 1, 2018. On July 19, 2018, a settlement was filed reflecting a revised annual revenue increase of approximately $2.5 million or approximately 2.3 percent. The proposed adjustment mechanism to fund the SSIP was not included in the settlement and will be decided on separately by the NDPSC. Both matters are pending before the NDPSC. On January 10, 2018, the NDPSC issued a general order initiating the investigation into the effects of the TCJA. The order required regulatory deferral accounting on the impacts of the TCJA and for companies to file comments and the expected impacts. On February 15, 2018, Montana-Dakota filed a summary of the primary impacts of the TCJA on the electric and natural gas utilities. On March 9, 2018, Montana-Dakota submitted a request to decrease its electric rates by $7.2 million or 3.9 percent annually. This matter is pending before the NDPSC. OPUC On December 29, 2017, Cascade filed a request with the OPUC to use deferral accounting for the 2018 net benefits associated with the implementation of the TCJA. This matter is pending before the OPUC. On May 31, 2018, Cascade filed a general rate case with the OPUC requesting an overall increase of approximately $2.3 million or approximately 3.5 percent on an annual basis, which incorporates the impact of the TCJA. Cascade is also requesting a safety cost recovery mechanism for replacement of its most high-risk pipelines. This matter is pending before the OPUC. SDPUC On December 29, 2017, the SDPUC issued an order initiating the investigation into the effects of the TCJA. The order required Montana-Dakota to provide comments by February 1, 2018, regarding the general effects of the TCJA on the cost of service in South Dakota and possible mechanisms for adjusting rates. The order also stated that all rates impacted by the federal income tax shall be adjusted effective January 1, 2018, subject to refund. On May 4, 2018 and June 2, 2018, Montana-Dakota submitted detailed plans to address the TCJA impacts on the natural gas and electric utilities, respectively, to the SDPUC staff. Discussions with the SDPUC staff are underway. WUTC On August 31, 2017, Cascade filed an application with the WUTC for a natural gas rate increase of approximately $5.9 million annually or approximately 2.7 percent above current rates. The requested increase includes costs associated with increased infrastructure investment and the associated operating expenses. Also included in the request is recovery of operation and maintenance costs associated with a maximum allowable operating pressure validation plan. On January 3, 2018, the WUTC filed a bench request requiring Cascade to provide information related to the impacts of the TCJA on Cascade's revenue requirement and a proposed ratemaking treatment of those impacts. On March 23, 2018, Cascade filed its rebuttal testimony revising the revenue requirement to a decrease of approximately $1.7 million annually, which includes the impacts of the TCJA. On May 17, 2018, Cascade, the WUTC staff and interveners in the case reached a settlement on all matters in the rate case except the treatment of interim tax benefits for the period January 1, 2018 through July 31, 2018. The settlement included an overall annual rate reduction of approximately $2.9 million or approximately 1.4 percent plus specific tariffs passing excess deferred income taxes back to customers totaling approximately $2.5 million . On July 20, 2018, the WUTC approved the settlement reflecting a decrease in annual revenues, as well as refunding an additional $1.6 million for the interim tax benefits for the period of January 1, 2018 through July 31, 2018. The refund of excess deferred income taxes and interim tax benefits is over a fifteen month period. These changes are effective August 1, 2018. On June 1, 2018, Cascade filed its annual pipeline cost recovery mechanism requesting an increase in annual revenue of $2.3 million or approximately 1.1 percent. This matter is pending before the WUTC. WYPSC On December 29, 2017, the WYPSC issued a general order requiring regulatory deferral accounting on the impacts of the TCJA. A technical conference was held on February 6, 2018, to discuss the implications of the TCJA. On March 23, 2018, the WYPSC issued an order requiring all public utilities to submit an initial assessment of the overall effects on the TCJA on their rates by March 30, 2018. On March 30, 2018, Montana-Dakota submitted its initial assessment indicating a rate reduction for its electric rates in the amount of approximately $1.1 million annually or approximately 4.2 percent. Revised electric rates reflecting this reduction were submitted to the WYPSC on June 13, 2018. Montana-Dakota reported its natural gas earnings do not support a decrease in rates and requested the WYPSC allow the impacts of the TCJA be addressed in a natural gas rate case to be submitted by June 1, 2019. Both matters are pending before the WYPSC. FERC Montana-Dakota and certain MISO Transmission Owners with projected rates submitted a filing to the FERC on February 1, 2018, requesting the FERC to waive certain provisions of the MISO tariff in order for Montana-Dakota and certain MISO Transmission Owners with projected rates to revise their rates to reflect the reduction in the corporate tax rate. Under the MISO tariff, rates are to be changed only on an annual basis with any changes reflected in subsequent true-ups. On March 15, 2018, the FERC approved the waiver request and new rates reflecting the effects of the TCJA were implemented by MISO on March 1, 2018. MISO also retroactively re-billed the January and February 2018 services to reflect the new rates. The total revenue requirement for the Company's multivalue project was reduced to $12.0 million from $13.6 million , which was previously effective on January 1, 2018. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies The Company is party to claims and lawsuits arising out of its business and that of its consolidated subsidiaries, which may include, but are not limited to, matters involving property damage, personal injury, and environmental, contractual, statutory and regulatory obligations. The Company accrues a liability for those contingencies when the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Company does not accrue liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is probable or reasonably possible and which are material, the Company discloses the nature of the contingency and, in some circumstances, an estimate of the possible loss. Accruals are based on the best information available, but in certain situations management is unable to estimate an amount or range of a reasonably possible loss including, but not limited to when: (1) the damages are unsubstantiated or indeterminate, (2) the proceedings are in the early stages, (3) numerous parties are involved, or (4) the matter involves novel or unsettled legal theories. The Company accrued liabilities of $31.1 million , $33.7 million and $35.4 million , which have not been discounted, including liabilities held for sale, for contingencies, including litigation, production taxes, royalty claims and environmental matters at June 30, 2018 and 2017 , and December 31, 2017 , respectively. This includes amounts that may have been accrued for matters discussed in Environmental matters within this note. The Company will continue to monitor each matter and adjust accruals as might be warranted based on new information and further developments. Management believes that the outcomes with respect to probable and reasonably possible losses in excess of the amounts accrued, net of insurance recoveries, while uncertain, either cannot be estimated or will not have a material effect upon the Company's financial position, results of operations or cash flows. Unless otherwise required by GAAP, legal costs are expensed as they are incurred. Environmental matters Portland Harbor Site In December 2000, Knife River - Northwest was named by the EPA as a PRP in connection with the cleanup of a riverbed site adjacent to a commercial property site acquired by Knife River - Northwest from Georgia-Pacific West, Inc. in 1999. The riverbed site is part of the Portland, Oregon, Harbor Superfund Site. The EPA wants responsible parties to share in the cleanup of sediment contamination in the Willamette River. To date, costs of the overall remedial investigation and feasibility study of the harbor site are being recorded, and initially paid, through an administrative consent order by the LWG, a group of several entities, which does not include Knife River - Northwest or Georgia-Pacific West, Inc. Investigative costs are indicated to be in excess of $100 million . On January 6, 2017, Region 10 of the EPA issued an ROD with its selected remedy for cleanup of the in-river portion of the site. Implementation of the remedy is expected to take up to 13 years with a present value cost estimate of approximately $1 billion . Corrective action will not be taken until remedial design/remedial action plans are approved by the EPA. Knife River - Northwest also received notice in January 2008 that the Portland Harbor Natural Resource Trustee Council intends to perform an injury assessment to natural resources resulting from the release of hazardous substances at the Harbor Superfund Site. The Portland Harbor Natural Resource Trustee Council indicates the injury determination is appropriate to facilitate early settlement of damages and restoration for natural resource injuries. It is not possible to estimate the costs of natural resource damages until an assessment is completed and allocations are undertaken. Based upon a review of the Portland Harbor sediment contamination evaluation by the Oregon DEQ and other information available, Knife River - Northwest does not believe it is a responsible party. In addition, Knife River - Northwest has notified Georgia-Pacific West, Inc., that it intends to seek indemnity for liabilities incurred in relation to the above matters pursuant to the terms of their sale agreement. Knife River - Northwest has entered into an agreement tolling the statute of limitations in connection with the LWG's potential claim for contribution to the costs of the remedial investigation and feasibility study. By letter in March 2009, LWG stated its intent to file suit against Knife River - Northwest and others to recover LWG's investigation costs to the extent Knife River - Northwest cannot demonstrate its non-liability for the contamination or is unwilling to participate in an alternative dispute resolution process that has been established to address the matter. At this time, Knife River - Northwest has agreed to participate in the alternative dispute resolution process. The Company believes it is not probable that it will incur any material environmental remediation costs or damages in relation to the above referenced matter. Manufactured Gas Plant Sites There are three claims against Cascade for cleanup of environmental contamination at manufactured gas plant sites operated by Cascade's predecessors. The first claim is for contamination at a site in Eugene, Oregon which was received in 1995. There are PRPs in addition to Cascade that may be liable for cleanup of the contamination. Some of these PRPs have shared in the investigation costs. It is expected that these and other PRPs will share in the cleanup costs. The Oregon DEQ released an ROD in January 2015 that selected a remediation alternative for the site as recommended in an earlier staff report. The total estimated cost for the selected remediation, including long-term maintenance, is approximately $3.5 million of which $400,000 has been incurred. It is not known at this time what share of the cleanup costs will actually be borne by Cascade; however, Cascade has paid 50 percent of the ongoing investigation and design costs and anticipates its proportional share of the final costs could be approximately 50 percent. Cascade has an accrual balance of $1.6 million for remediation of this site. In January 2013, the OPUC approved Cascade's application to defer environmental remediation costs at the Eugene site for a period of 12 months starting November 30, 2012. Cascade received orders reauthorizing the deferred accounting for the 12-month periods starting November 30, 2013, December 1, 2014, December 1, 2015, December 1, 2016 and December 1, 2017. The second claim is for contamination at the Bremerton Gasworks Superfund Site in Bremerton, Washington which was received in 1997. A preliminary investigation has found soil and groundwater at the site contain contaminants requiring further investigation and cleanup. The EPA conducted a Targeted Brownfields Assessment of the site and released a report summarizing the results of that assessment in August 2009. The assessment confirms that contaminants have affected soil and groundwater at the site, as well as sediments in the adjacent Port Washington Narrows. Alternative remediation options have been identified with preliminary cost estimates ranging from $340,000 to $6.4 million . Data developed through the assessment and previous investigations indicates the contamination likely derived from multiple, different sources and multiple current and former owners of properties and businesses in the vicinity of the site may be responsible for the contamination. In April 2010, the Washington DOE issued notice it considered Cascade a PRP for hazardous substances at the site. In May 2012, the EPA added the site to the National Priorities List of Superfund sites. Cascade has entered into an administrative settlement agreement and consent order with the EPA regarding the scope and schedule for a remedial investigation and feasibility study for the site. Current estimates for the cost to complete the remedial investigation and feasibility study are approximately $7.6 million of which $2.1 million has been incurred. Cascade has accrued $5.5 million for the remedial investigation and feasibility study as well as $6.4 million for remediation of this site; however, the accrual for remediation costs will be reviewed and adjusted, if necessary, after completion of the remedial investigation and feasibility study. In April 2010, Cascade filed a petition with the WUTC for authority to defer the costs, which are included in other noncurrent assets, incurred in relation to the environmental remediation of this site. The WUTC approved the petition in September 2010, subject to conditions set forth in the order. The third claim is for contamination at a site in Bellingham, Washington. Cascade received notice from a party in May 2008 that Cascade may be a PRP, along with other parties, for contamination from a manufactured gas plant owned by Cascade and its predecessor from about 1946 to 1962. Other PRPs reached an agreed order and work plan with the Washington DOE for completion of a remedial investigation and feasibility study for the site. A feasibility study prepared for one of the PRPs in March 2018 identifies five cleanup action alternatives for the site with estimated costs ranging from $8.0 million to $20.4 million with a selected preferred alternative having an estimated total cost of $9.3 million . Cascade believes its proportional share of any liability will be relatively small in comparison to other PRPs. The plant manufactured gas from coal between approximately 1890 and 1946. In 1946, shortly after Cascade's predecessor acquired the plant, it converted the plant to a propane-air gas facility. There are no documented wastes or by-products resulting from the mixing or distribution of propane-air gas. Cascade has recorded an accrual for this site for an amount that is not material. Cascade has received notices from and entered into agreement with certain of its insurance carriers that they will participate in defense of Cascade for certain of the contamination claims subject to full and complete reservations of rights and defenses to insurance coverage. To the extent these claims are not covered by insurance, Cascade intends to seek recovery through the OPUC and WUTC of remediation costs in its natural gas rates charged to customers. The accruals related to these matters are reflected in regulatory assets. Guarantees In June 2016, WBI Energy sold all of the outstanding membership interests in Dakota Prairie Refining. In connection with the sale, Centennial agreed to continue to guarantee certain debt obligations of Dakota Prairie Refining which totaled $ 51.0 million at June 30, 2018 , and are expected to mature in 2023. Tesoro agreed to indemnify Centennial for any losses and litigation expenses arising from the guarantee. The estimated fair value of the indemnity asset is reflected in deferred charges and other assets - other and the guarantee liability is reflected in other accrued liabilities and deferred credits and other liabilities - other, on the Consolidated Balance Sheets. Continuation of the guarantee was required as a condition to the sale of Dakota Prairie Refining. In March 2016, a sale agreement was signed to sell Fidelity's assets in the Paradox Basin. In connection with the sale, Centennial agreed to guarantee Fidelity's indemnity obligations associated with the Paradox assets. The guarantee was required by the buyer as a condition to the sale of the Paradox Basin assets. In 2009, multiple sale agreements were signed to sell the Company's ownership interests in the Brazilian Transmission Lines. In connection with the sale, Centennial agreed to guarantee payment of any indemnity obligations of certain of the Company's indirect wholly owned subsidiaries who were the sellers in three purchase and sale agreements for periods ranging up to 10 years from the date of sale. The guarantees were required by the buyers as a condition to the sale of the Brazilian Transmission Lines. Certain subsidiaries of the Company have outstanding guarantees to third parties that guarantee the performance of other subsidiaries of the Company. These guarantees are related to construction contracts, insurance deductibles and loss limits, and certain other guarantees. At June 30, 2018 , the fixed maximum amounts guaranteed under these agreements aggregated $186.5 million . The amounts of scheduled expiration of the maximum amounts guaranteed under these agreements aggregate to $2.0 million in 2018 ; $97.2 million in 2019 ; $80.3 million in 2020 ; $500,000 in 2021 ; $500,000 in 2022 ; $2.0 million thereafter; and $4.0 million , which has no scheduled maturity date. There were no amounts outstanding under the above guarantees at June 30, 2018 . In the event of default under these guarantee obligations, the subsidiary issuing the guarantee for that particular obligation would be required to make payments under its guarantee. Certain subsidiaries have outstanding letters of credit to third parties related to insurance policies and other agreements, some of which are guaranteed by other subsidiaries of the Company. At June 30, 2018 , the fixed maximum amounts guaranteed under these letters of credit aggregated $30.9 million . The amounts of scheduled expiration of the maximum amounts guaranteed under these letters of credit aggregate to $30.3 million in 2018 and $600,000 in 2019. There were no amounts outstanding under the above letters of credit at June 30, 2018 . In the event of default under these letter of credit obligations, the subsidiary guaranteeing the letter of credit would be obligated for reimbursement of payments made under the letter of credit. In addition, Centennial, Knife River and MDU Construction Services have issued guarantees to third parties related to the routine purchase of maintenance items, materials and lease obligations for which no fixed maximum amounts have been specified. These guarantees have no scheduled maturity date. In the event a subsidiary of the Company defaults under these obligations, Centennial, Knife River or MDU Construction Services would be required to make payments under these guarantees. Any amounts outstanding by subsidiaries of the Company were reflected on the Consolidated Balance Sheet at June 30, 2018 . In the normal course of business, Centennial has surety bonds related to construction contracts and reclamation obligations of its subsidiaries. In the event a subsidiary of Centennial does not fulfill a bonded obligation, Centennial would be responsible to the surety bond company for completion of the bonded contract or obligation. A large portion of the surety bonds is expected to expire within the next 12 months; however, Centennial will likely continue to enter into surety bonds for its subsidiaries in the future. At June 30, 2018 , approximately $789.2 million of surety bonds were outstanding, which were not reflected on the Consolidated Balance Sheet. Variable interest entities The Company evaluates its arrangements and contracts with other entities to determine if they are VIEs and if so, if the Company is the primary beneficiary. Fuel Contract Coyote Station entered into a coal supply agreement with Coyote Creek that provides for the purchase of coal necessary to supply the coal requirements of the Coyote Station for the period May 2016 through December 2040. Coal purchased under the coal supply agreement is reflected in inventories on the Company's Consolidated Balance Sheets and is recovered from customers as a component of electric fuel and purchased power. The coal supply agreement creates a variable interest in Coyote Creek due to the transfer of all operating and economic risk to the Coyote Station owners, as the agreement is structured so that the price of the coal will cover all costs of operations as well as future reclamation costs. The Coyote Station owners are also providing a guarantee of the value of the assets of Coyote Creek as they would be required to buy the assets at book value should they terminate the contract prior to the end of the contract term and are providing a guarantee of the value of the equity of Coyote Creek in that they are required to buy the entity at the end of the contract term at equity value. Although the Company has determined that Coyote Creek is a VIE, the Company has concluded that it is not the primary beneficiary of Coyote Creek because the authority to direct the activities of the entity is shared by the four unrelated owners of the Coyote Station, with no primary beneficiary existing. As a result, Coyote Creek is not required to be consolidated in the Company's financial statements. At June 30, 2018 , the Company's exposure to loss as a result of the Company's involvement with the VIE, based on the Company's ownership percentage, was $39.8 million |
Basis of presentation (Policies
Basis of presentation (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation | The accompanying consolidated interim financial statements were prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Interim financial statements do not include all disclosures provided in annual financial statements and, accordingly, these financial statements should be read in conjunction with those appearing in the 2017 Annual Report. The information is unaudited but includes all adjustments that are, in the opinion of management, necessary for a fair presentation of the accompanying consolidated interim financial statements and are of a normal recurring nature. Depreciation, depletion and amortization expense is reported separately on the Consolidated Statements of Income and therefore is excluded from the other line items within operating expenses. Management has also evaluated the impact of events occurring after June 30, 2018 |
Accounts receivable and allow27
Accounts receivable and allowance for doubtful accounts (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Accounts receivable and allowance for doubtful accounts | Accounts receivable consist primarily of trade receivables from the sale of goods and services which are recorded at the invoiced amount net of allowance for doubtful accounts, and costs and estimated earnings in excess of billings on uncompleted contracts.The allowance for doubtful accounts is determined through a review of past due balances and other specific account data. Account balances are written off when management determines the amounts to be uncollectible. |
Inventories and natural gas i28
Inventories and natural gas in storage (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories and natural gas in storage | Natural gas in storage for the Company's regulated operations is generally carried at lower of cost or net realizable value, or cost using the last-in, first-out method. All other inventories are stated at the lower of cost or net realizable value. |
Earnings per common share (Poli
Earnings per common share (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per common share | Basic earnings per common share were computed by dividing earnings on common stock by the weighted average number of shares of common stock outstanding during the applicable period. Diluted earnings per common share were computed by dividing earnings on common stock by the total of the weighted average number of shares of common stock outstanding during the applicable period, plus the effect of nonvested performance share awards and restricted stock units. Common stock outstanding includes issued shares less shares held in treasury. |
New accounting standards (Polic
New accounting standards (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New accounting standards | New accounting standards Recently adopted accounting standards ASU 2014-09 - Revenue from Contracts with Customers In May 2014, the FASB issued guidance on accounting for revenue from contracts with customers. The guidance provides for a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry specific guidance. In August 2015, the FASB issued guidance deferring the effective date of the revenue guidance and allowing entities to early adopt. With this decision, the guidance was effective for the Company on January 1, 2018. Entities had the option of using either a full retrospective or modified retrospective approach to adopting the guidance. Under the modified retrospective approach, an entity recognizes the cumulative effect of initially applying the guidance with an adjustment to the opening balance of retained earnings in the period of adoption. The Company adopted the guidance on January 1, 2018, using the modified retrospective approach. The Company elected the practical expedient to not disclose the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period, along with an explanation of when such revenue would be expected to be recognized. This practical expedient was used since the performance obligations are part of contracts with an original duration of one year or less. The Company also elected the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the Company otherwise would have recognized is one year or less. Upon completion of the Company's evaluation of contracts and methods of revenue recognition under the previous accounting guidance, the Company did not identify any material cumulative effect adjustments to be made to retained earnings. In addition, the Company has expanded revenue disclosures, both quantitatively and qualitatively, related to the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, as discussed in Note 8 . The Company reviewed its revenue streams to evaluate the impact of this guidance and did not identify a significant change in the timing of revenue recognition, results of operations, financial position or cash flows. The Company reviewed its internal controls related to revenue recognition and disclosures and concluded that the guidance impacted certain business processes and controls. As such, the Company developed modifications to its internal controls for certain topics under the guidance as they apply to the Company and such modifications were not deemed to be significant. Results for reporting periods beginning after December 31, 2017, are presented under the new guidance, while prior period amounts are not adjusted and continue to be reported in accordance with historic accounting for revenue recognition. Under the modified retrospective approach, the guidance was applied only to contracts that were not completed as of January 1, 2018. Therefore, the Company recognized the cumulative effect of initially applying the guidance with an adjustment to the opening balance of retained earnings at January 1, 2018. For the six months ended June 30, 2018 , there were no material impacts to the financial statements as a result of applying the guidance. The cumulative effect of the changes made to the Consolidated Balance Sheet were as follows: December 31, Adjustments January 1, (In thousands) Liabilities and Stockholders' Equity Current liabilities: Other accrued liabilities $ 186,010 $ 903 $ 186,913 Deferred credits and other liabilities: Deferred income taxes 347,271 (332 ) 346,939 Other 1,179,140 399 1,179,539 Commitments and contingencies Stockholders' equity : Retained earnings 1,040,748 (970 ) 1,039,778 The cumulative effect adjustment is related to prepaid natural gas transportation to storage contracts where a separate performance obligation existed and has not yet been satisfied. As such, these contracts were still open and met the criteria for a cumulative effect adjustment. ASU 2016-15 - Classification of Certain Cash Receipts and Cash Payments In August 2016, the FASB issued guidance to clarify the classification of certain cash receipts and payments in the statement of cash flows. The guidance is intended to standardize the presentation and classification of certain transactions, including cash payments for debt prepayment or extinguishment, proceeds from insurance claim settlements and distributions from equity method investments. In addition, the guidance clarifies how to classify transactions that have characteristics of more than one class of cash flows. The Company adopted the guidance on January 1, 2018, on a prospective basis. The guidance did not have a material effect on the Company's statement of cash flows. ASU 2017-01 - Clarifying the Definition of a Business In January 2017, the FASB issued guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The guidance provides a screen to determine when an integrated set of assets and activities is not a business. The guidance will also affect other aspects of accounting, such as determining reporting units for goodwill testing and whether an entity has acquired or sold a business. The Company adopted the guidance on January 1, 2018, on a prospective basis. The guidance did not have a material effect on the Company's results of operations, financial position, cash flows or disclosures. ASU 2017-07 - Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In March 2017, the FASB issued guidance to improve the presentation of net periodic pension and net periodic postretirement benefit costs. The guidance required the service cost component to be presented in the income statement in the same line item or items as other compensation costs arising from services performed during the period. Other components of net periodic benefit cost shall be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. The guidance also only allows the service cost component to be capitalized. The Company adopted the guidance on January 1, 2018, on a retrospective basis. The guidance required the reclassification of all components of net periodic benefit costs, except for the service cost component, from operating expenses to other income on the Consolidated Statements of Income with no impact to earnings. As a result of the retrospective application of this change in accounting guidance, the Company reclassified $1.2 million and $3.0 million from operation and maintenance expense to other income on the Consolidated Statements of Income for the three and six months ended June 30, 2017, respectively. The Company also reclassified unrealized gains on investments used to satisfy obligations under the defined benefit plans of $2.2 million and $5.3 million for the three and six months ended June 30, 2017, respectively, which were included in operation and maintenance expense, to other income on the Consolidated Statements of Income. The guidance did not have a material effect on the Company's results of operations, cash flows or disclosures. ASU 2018-02 - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the FASB issued guidance that allows an entity to reclassify the stranded tax effects resulting from the newly enacted federal corporate income tax rate from accumulated other comprehensive income (loss) to retained earnings. The guidance is effective for the Company on January 1, 2019, including interim periods, with early adoption permitted. The guidance can be applied using one of two methods. One method is to record the reclassification of the stranded income taxes at the beginning of the period of adoption. The other method is to apply the guidance retrospectively to each period in which the income tax effects of the TCJA are recognized in accumulated other comprehensive income (loss). The Company early adopted the guidance on January 1, 2018, and elected to reclassify the stranded income taxes at the beginning of the period. During the first quarter of 2018, the Company reclassified $7.9 million of stranded tax expense from accumulated other comprehensive loss to retained earnings. The guidance did not have a material effect on the Company's results of operations, cash flows or disclosures. Recently issued accounting standards not yet adopted ASU 2016-02 - Leases In February 2016, the FASB issued guidance regarding leases. The guidance requires lessees to recognize a lease liability and a right-of-use asset on the balance sheet for operating and financing leases with terms of more than 12 months. The guidance remains largely the same for lessors, although some changes were made to better align lessor accounting with the new lessee accounting and to align with the revenue recognition standard. The guidance also requires additional disclosures, both quantitative and qualitative, related to operating and finance leases for the lessee and sales-type, direct financing and operating leases for the lessor. This guidance will be effective for the Company on January 1, 2019, with early adoption permitted. In July 2018, the FASB issued ASU 2018-11 - Leases: Targeted Improvements, an accounting standard update to ASU 2016-02. This ASU provides an entity the option to adopt the guidance using one of two modified retrospective approaches. An entity can adopt the guidance using the modified retrospective transition approach beginning in the earliest year presented in the financial statements. This method of adoption would require the restatement of prior periods reported and the presentation of lease disclosures under the new guidance for all periods reported. The additional transition method of adoption introduced by ASU 2018-11, allows entities the option to apply the guidance on the date of adoption by recognizing a cumulative effect adjustment to retained earnings during the period of adoption and does not require prior comparative periods to be restated. The Company is planning to adopt the standard on January 1, 2019, utilizing the practical expedient that allows the Company to not reassess whether an expired or existing contract contains a lease, the classification of leases or initial direct costs as well as the additional transition method of adoption applied on the date of adoption. The Company formed a lease implementation team and is currently in the contract review and assessment phase to identify and evaluate contracts containing leases. During the assessment phase, the Company will use various analytic methodologies to ensure the completeness of the lease inventory. The Company expects that most of the current operating leases will be subject to the guidance and recognized as operating lease liabilities and right-of-use assets on the Consolidated Balance Sheets upon adoption. The Company continues to evaluate the impact the new guidance will have on lease contracts where the Company is the lessor and, at this time, does not anticipate a significant impact. The Company continues to monitor industry-specific issues as it relates to the regulated businesses, which includes the treatment of land easements. The final resolution of these issues could significantly impact the number of contracts that would be considered a lease under the new guidance. As such, the Company continues to evaluate the potential impact the adoption of the new guidance will have on its results of operations, financial position, cash flows and disclosures. In January 2018, the FASB issued a practical expedient for land easements under the new lease guidance. The practical expedient permits an entity to elect the option to not evaluate land easements under the new guidance if they existed or expired before the adoption of the new lease guidance and were not previously accounted for as leases under the previous lease guidance. Once an entity adopts the new guidance, the entity should apply the new guidance on a prospective basis to all new or modified land easements. The Company is currently planning to adopt this practical expedient. ASU 2017-04 - Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued guidance on simplifying the test for goodwill impairment by eliminating Step 2, which required an entity to measure the amount of impairment loss by comparing the implied fair value of reporting unit goodwill with the carrying amount of such goodwill. This guidance requires entities to perform a quantitative impairment test, previously Step 1, to identify both the existence of impairment and the amount of impairment loss by comparing the fair value of a reporting unit to its carrying amount. Entities will continue to have the option of performing a qualitative assessment to determine if the quantitative impairment test is necessary. The guidance also requires additional disclosures if an entity has one or more reporting units with zero or negative carrying amounts of net assets. The guidance will be effective for the Company on January 1, 2020, and must be applied on a prospective basis with early adoption permitted. The Company is evaluating the effects the adoption of the new guidance will have on its results of operations, financial position, cash flows and disclosures. ASU 2018-07 - Improvements to Nonemployee Share-Based Payment Accounting In June 2018, the FASB issued guidance on simplifying the accounting for nonemployee share-based payment transactions by expanding the scope of ASC 718, Compensation - Stock Compensation |
Revenue from contracts with c31
Revenue from contracts with customers (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from contracts with customers | Revenue is recognized when a performance obligation is satisfied by transferring control over a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer, and excludes any sales incentives and amounts collected on behalf of third parties. The Company is considered an agent for certain taxes collected from customers. As such, the Company presents revenues net of these taxes at the time of sale to be remitted to governmental authorities, including sales and use taxes. The electric and natural gas distribution segments generate revenue from the sales of electric and natural gas products and services, which includes retail and transportation services. These segments establish a customer's retail or transportation service account based on the customer's application/contract for service, which indicates approval of a contract for service. The contract identifies an obligation to provide service in exchange for delivering or standing ready to deliver the identified commodity; and the customer is obligated to pay for the service as provided in the applicable tariff. The product sales are based on a fixed rate that includes a base and per-unit rate, which are included in approved tariffs as determined by state or federal regulatory agencies. The quantity of the commodity consumed or transported determines the total per-unit revenue. The service provided, along with the product consumed or transported, are a single performance obligation because both are required in combination to successfully transfer the contracted product or service to the customer. Revenues are recognized over time as customers receive and consume the products and services. The method of measuring progress toward the completion of the single performance obligation is on a per-unit output method basis, with revenue recognized based on the direct measurement of the value to the customer of the goods or services transferred to date. For contracts governed by the Company’s utility tariffs, amounts are billed monthly with the amount due between 15 and 22 days of receipt of the invoice depending on the applicable state’s tariff. For other contracts not governed by tariff, payment terms are net thirty days. At this time, the segment has no material obligations for returns, refunds or other similar obligations. The pipeline and midstream segment generates revenue from providing natural gas transportation, gathering and underground storage services as well as other energy-related services to both third parties and internal customers, largely the natural gas distribution segment. The pipeline and midstream segment establishes a contract with a customer based upon the customer’s request for firm or interruptible natural gas transportation, storage or gathering service(s). The contract identifies an obligation for the segment to provide the requested service(s) in exchange for consideration from the customer over a specified term. Depending on the type of service(s) requested and contracted, the service provided may include transporting, gathering or storing an identified quantity of natural gas and/or standing ready to deliver or store an identified quantity of natural gas. Natural gas transportation, gathering and storage revenues are based on fixed rates, which may include reservation fees and/or per-unit commodity rates. The services provided by the segment are generally treated as single performance obligations satisfied over time simultaneous to when the service is provided and revenue is recognized. Rates for the segment’s regulated services are based on its FERC approved tariff or customer negotiated rates on special projects, and rates for its non-regulated services are negotiated with its customers and set forth in the contract. For contracts governed by the company’s tariff, amounts are billed on or before the ninth business day of the following month and the amount is due within twelve days of receipt of the invoice. For gathering contracts not governed by the tariff, amounts are due within twenty days of invoice receipt. For other contracts not governed by the tariff, payment terms are net thirty days. At this time, the segment has no material obligations for returns, refunds or other similar obligations. The construction materials and contracting segment generates revenue from contracting services and construction materials sales. This segment focuses on the vertical integration of its contracting services with its construction materials to support the aggregate based product lines. This segment provides contracting services to a customer when a contract has been signed by both the customer and a representative of the segment obligating a service to be provided in exchange for the consideration identified in the contract. The nature of the services this segment provides generally includes integrating a set of services and related construction materials into a single project to create a distinct bundle of goods and services, which the Company evaluated and determined to be single performance obligations. The transaction price is the original contract price plus any subsequent change orders and variable consideration. Examples of variable consideration that exist in this segment's contracts include liquidated damages; performance bonuses or incentives and penalties; and index pricing. The variable amounts usually arise upon achievement of certain performance metrics. The Company estimates variable consideration at the most likely amount expected. Revenue is recognized over time using the input method based on the measurement of progress on a project. The input method is the preferred method of measuring revenue because the costs incurred have been determined to represent the best indication of the overall progress toward the transfer of such goods or services promised to a customer. This segment also sells construction materials to third parties and internal customers. The contract for material sales is the use of a sales order or an invoice, which includes the pricing and payment terms. All material contracts contain a single performance obligation for the delivery of a single distinct product or a distinct separately identifiable bundle of products and services. Revenue is recognized at a point in time when the performance obligation has been satisfied with the delivery of the products or services. The warranties associated with the sales are those consistent with a standard warranty that the product meets certain specifications for quality or those required by law. For most contracts, amounts billed to customers are due within thirty days of receipt. There are no material obligations for returns, refunds or other similar obligations. The construction services segment generates revenue from specialty contracting services which also includes the sale of construction equipment and other supplies. This segment provides specialty contracting services to a customer when a contract has been signed by both the customer and a representative of the segment obligating a service to be provided in exchange for the consideration identified in the contract. The nature of the services this segment provides generally includes multiple promised goods and services in a single project to create a distinct bundle of goods and services, which the Company evaluates to determine whether a separate performance obligation exists. The transaction price is the original contract price plus any subsequent change orders and variable consideration. Examples of variable consideration that exist in this segment's contracts include unapproved/unpriced change orders, bonuses, incentives, penalties and liquidated damages. The variable amounts usually arise upon achievement of certain performance metrics. The Company estimates variable consideration at the most likely amount expected. Revenue is recognized over time using the input method based on the measurement of progress on a project. The input method is the preferred method of measuring revenue because the costs incurred have been determined to represent the best indication of the overall progress toward the transfer of such goods or services promised to a customer. This segment also sells construction equipment and other supplies to third parties and internal customers. The contract for these sales is the use of a sales order or invoice, which includes the pricing and payment terms. All such contracts include a single performance obligation for the delivery of a single distinct product or a distinct separately identifiable bundle of products and services. Revenue is recognized at a point in time when the performance obligation has been satisfied with the delivery of the products or services. The warranties associated with the sales are those consistent with a standard warranty that the product meets certain specifications for quality or those required by law. For most contracts, amounts billed to customers are due within thirty days of receipt. There are no material obligations for returns, refunds or other similar obligations. |
Fair value disclosures (Policie
Fair value disclosures (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | The Company measures its investments in certain fixed-income and equity securities at fair value with changes in fair value recognized in income. |
Investments | The Company did not elect the fair value option, which records gains and losses in income, for its available-for-sale securities. The available-for-sale securities include mortgage-backed securities and U.S. Treasury securities. These available-for-sale securities are recorded at fair value and are classified as investments on the Consolidated Balance Sheets. |
Business segment data (Policies
Business segment data (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Business segment data | The Company's reportable segments are those that are based on the Company's method of internal reporting, which generally segregates the strategic business units due to differences in products, services and regulation. The internal reporting of these operating segments is defined based on the reporting and review process used by the Company's chief executive officer. |
Contingencies (Policies)
Contingencies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | The Company is party to claims and lawsuits arising out of its business and that of its consolidated subsidiaries, which may include, but are not limited to, matters involving property damage, personal injury, and environmental, contractual, statutory and regulatory obligations. The Company accrues a liability for those contingencies when the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Company does not accrue liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is probable or reasonably possible and which are material, the Company discloses the nature of the contingency and, in some circumstances, an estimate of the possible loss. Accruals are based on the best information available, but in certain situations management is unable to estimate an amount or range of a reasonably possible loss including, but not limited to when: (1) the damages are unsubstantiated or indeterminate, (2) the proceedings are in the early stages, (3) numerous parties are involved, or (4) the matter involves novel or unsettled legal theories. |
Variable interest entity | The Company evaluates its arrangements and contracts with other entities to determine if they are VIEs and if so, if the Company is the primary beneficiary. |
Inventories and natural gas i35
Inventories and natural gas in storage (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories on the Consolidated Balance Sheets were as follows: June 30, 2018 June 30, 2017 December 31, 2017 (In thousands) Aggregates held for resale $ 131,784 $ 123,316 $ 115,268 Asphalt oil 64,560 46,852 30,360 Materials and supplies 24,688 22,657 18,650 Merchandise for resale 17,502 16,164 14,905 Natural gas in storage (current) 13,774 14,126 20,950 Other 25,931 26,755 26,450 Total $ 278,239 $ 249,870 $ 226,583 |
Earnings per common share (Tabl
Earnings per common share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Weighted average common shares outstanding | A reconciliation of the weighted average common shares outstanding used in the basic and diluted earnings per share calculations was as follows: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (In thousands) Weighted average common shares outstanding - basic 195,524 195,304 195,415 195,304 Effect of dilutive performance share awards and restricted stock units 645 669 662 689 Weighted average common shares outstanding - diluted 196,169 195,973 196,077 195,993 Shares excluded from the calculation of diluted earnings per share — — — — |
New accounting standards (Table
New accounting standards (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The cumulative effect of the changes made to the Consolidated Balance Sheet were as follows: December 31, Adjustments January 1, (In thousands) Liabilities and Stockholders' Equity Current liabilities: Other accrued liabilities $ 186,010 $ 903 $ 186,913 Deferred credits and other liabilities: Deferred income taxes 347,271 (332 ) 346,939 Other 1,179,140 399 1,179,539 Commitments and contingencies Stockholders' equity : Retained earnings 1,040,748 (970 ) 1,039,778 |
Comprehensive income (loss) (Ta
Comprehensive income (loss) (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Accumulated comprehensive income (loss) | The after-tax changes in the components of accumulated other comprehensive loss were as follows: Three Months Ended June 30, 2018 Net Unrealized Gain (Loss) on Derivative Postretirement Foreign Net Unrealized Total (In thousands) Balance at beginning of period $ (2,231 ) $ (42,265 ) $ (190 ) $ (174 ) $ (44,860 ) Other comprehensive loss before reclassifications — — (59 ) (43 ) (102 ) Amounts reclassified from accumulated other comprehensive loss 95 449 249 34 827 Net current-period other comprehensive income (loss) 95 449 190 (9 ) 725 Balance at end of period $ (2,136 ) $ (41,816 ) $ — $ (183 ) $ (44,135 ) Three Months Ended June 30, 2017 Net Unrealized Gain (Loss) on Derivative Postretirement Foreign Net Unrealized Total (In thousands) Balance at beginning of period $ (2,209 ) $ (33,781 ) $ (140 ) $ (55 ) $ (36,185 ) Other comprehensive loss before reclassifications — — (15 ) (24 ) (39 ) Amounts reclassified from accumulated other comprehensive loss 92 312 — 31 435 Net current-period other comprehensive income (loss) 92 312 (15 ) 7 396 Balance at end of period $ (2,117 ) $ (33,469 ) $ (155 ) $ (48 ) $ (35,789 ) Six Months Ended June 30, 2018 Net Unrealized Gain (Loss) on Derivative Postretirement Foreign Net Unrealized Total (In thousands) Balance at beginning of period $ (1,934 ) $ (35,163 ) $ (155 ) $ (82 ) $ (37,334 ) Other comprehensive loss before reclassifications — — (61 ) (148 ) (209 ) Amounts reclassified from accumulated other comprehensive loss 187 867 249 64 1,367 Net current-period other comprehensive income (loss) 187 867 188 (84 ) 1,158 Reclassification adjustment of prior period tax effects related to TCJA included in accumulated other comprehensive loss (389 ) (7,520 ) (33 ) (17 ) (7,959 ) Balance at end of period $ (2,136 ) $ (41,816 ) $ — $ (183 ) $ (44,135 ) Six Months Ended June 30, 2017 Net Unrealized Gain (Loss) on Derivative Postretirement Foreign Net Unrealized Total (In thousands) Balance at beginning of period $ (2,300 ) $ (33,221 ) $ (149 ) $ (63 ) $ (35,733 ) Other comprehensive loss before reclassifications — — (6 ) (51 ) (57 ) Amounts reclassified from accumulated other comprehensive loss 183 669 — 66 918 Amounts reclassified to accumulated other comprehensive loss from regulatory asset — (917 ) — — (917 ) Net current-period other comprehensive income (loss) 183 (248 ) (6 ) 15 (56 ) Balance at end of period $ (2,117 ) $ (33,469 ) $ (155 ) $ (48 ) $ (35,789 ) |
Reclassification out of accumulated other comprehensive income | The following amounts were reclassified out of accumulated other comprehensive loss into net income. The amounts presented in parenthesis indicate a decrease to net income in the Consolidated Statements of Income. The reclassifications were as follows: Three Months Ended Six Months Ended Location on Consolidated Statements of Income June 30, June 30, 2018 2017 2018 2017 (In thousands) Reclassification adjustment for loss on derivative instruments included in net income $ (148 ) $ (148 ) $ (296 ) $ (295 ) Interest expense 53 56 109 112 Income taxes (95 ) (92 ) (187 ) (183 ) Amortization of postretirement liability losses included in net periodic benefit cost (credit) (594 ) (502 ) (1,167 ) (1,075 ) Other income 145 190 300 406 Income taxes (449 ) (312 ) (867 ) (669 ) Reclassification adjustment for loss on foreign currency translation adjustment included in net income (324 ) — (324 ) — Other income 75 — 75 — Income taxes (249 ) — (249 ) — Reclassification adjustment for loss on available-for-sale investments included in net income (44 ) (48 ) (81 ) (102 ) Other income 10 17 17 36 Income taxes (34 ) (31 ) (64 ) (66 ) Total reclassifications $ (827 ) $ (435 ) $ (1,367 ) $ (918 ) |
Revenue from contracts with c39
Revenue from contracts with customers (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of revenue | For more information on the Company's business segments, see Note 14 . Three Months Ended June 30, 2018 Electric Natural gas distribution Pipeline and midstream Construction materials and contracting Construction services Other Total (in thousands) Residential utility sales $ 26,752 $ 68,688 $ — $ — $ — $ — $ 95,440 Commercial utility sales 32,676 40,820 — — — — 73,496 Industrial utility sales 8,226 5,227 — — — — 13,453 Other utility sales 1,874 — — — — — 1,874 Natural gas transportation — 10,084 21,287 — — — 31,371 Natural gas gathering — — 2,310 — — — 2,310 Natural gas storage — — 2,634 — — — 2,634 Contracting services — — — 247,558 — — 247,558 Construction materials — — — 387,632 — — 387,632 Intrasegment eliminations* — — — (125,567 ) — — (125,567 ) Inside specialty contracting — — — — 216,371 — 216,371 Outside specialty contracting — — — — 95,261 — 95,261 Other 8,425 3,614 4,326 — 103 2,757 19,225 Intersegment eliminations — — (6,539 ) (235 ) (540 ) (2,667 ) (9,981 ) Revenues from contracts with customers 77,953 128,433 24,018 509,388 311,195 90 1,051,077 Revenues out of scope 546 1,107 42 — 11,825 — 13,520 Total external operating revenues $ 78,499 $ 129,540 $ 24,060 $ 509,388 $ 323,020 $ 90 $ 1,064,597 * Intrasegment revenues are presented within the construction materials and contracting segment to highlight the focus on vertical integration as this segment sells materials to both third parties and internal customers. Due to consolidation requirements, these revenues must be eliminated against construction materials to arrive at the external operating revenue total for the segment. Six Months Ended June 30, 2018 Electric Natural gas distribution Pipeline and midstream Construction materials and contracting Construction services Other Total (in thousands) Residential utility sales $ 61,935 $ 261,574 $ — $ — $ — $ — $ 323,509 Commercial utility sales 67,377 157,711 — — — — 225,088 Industrial utility sales 16,996 13,036 — — — — 30,032 Other utility sales 3,710 — — — — — 3,710 Natural gas transportation — 21,263 43,105 — — — 64,368 Natural gas gathering — — 4,580 — — — 4,580 Natural gas storage — — 5,768 — — — 5,768 Contracting services — — — 321,622 — — 321,622 Construction materials — — — 561,223 — — 561,223 Intrasegment eliminations* — — — (159,837 ) — — (159,837 ) Inside specialty contracting — — — — 450,192 — 450,192 Outside specialty contracting — — — — 182,442 — 182,442 Other 16,678 7,613 7,652 — 17 5,452 37,412 Intersegment eliminations — — (28,298 ) (336 ) (550 ) (5,306 ) (34,490 ) Revenues from contracts with customers 166,696 461,197 32,807 722,672 632,101 146 2,015,619 Revenues out of scope (792 ) 1,007 86 — 24,970 — 25,271 Total external operating revenues $ 165,904 $ 462,204 $ 32,893 $ 722,672 $ 657,071 $ 146 $ 2,040,890 * Intrasegment revenues are presented within the construction materials and contracting segment to highlight the focus on vertical integration as this segment sells materials to both third parties and internal customers. Due to consolidation requirements, these revenues must be eliminated against construction materials to arrive at the external operating revenue total for the segment. |
Contract balances | The changes in contract assets and liabilities were as follows: June 30, 2018 December 31, 2017 Change Location on Consolidated Balance Sheets (In thousands) Contract assets $ 153,732 $ 109,540 $ 44,192 Receivables, net Contract liabilities - current (90,478 ) (84,123 ) (6,355 ) Accounts payable Contract liabilities - noncurrent (399 ) — (399 ) Deferred credits and other liabilities - other Net contract assets $ 62,855 $ 25,417 $ 37,438 |
Discontinued operations (Tables
Discontinued operations (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal groups, including discontinued operations | The carrying amounts of the major classes of assets and liabilities classified as held for sale, related to the operations of and activity associated with Dakota Prairie Refining, on the Consolidated Balance Sheets were as follows: June 30, 2018 June 30, 2017 December 31, 2017 (In thousands) Assets Current assets: Income taxes receivable (a) $ 1,689 $ 5,552 $ 1,778 Total current assets held for sale 1,689 5,552 1,778 Total assets held for sale $ 1,689 $ 5,552 $ 1,778 Liabilities Noncurrent liabilities: Deferred income taxes (b) $ 37 $ 55 $ 37 Total noncurrent liabilities held for sale 37 55 37 Total liabilities held for sale $ 37 $ 55 $ 37 (a) On the Company's Consolidated Balance Sheets, these amounts were reclassified to taxes payable and are reflected in current liabilities held for sale. (b) On the Company's Consolidated Balance Sheets, these amounts were reclassified to deferred charges and other assets - deferred income taxes and are reflected in noncurrent assets held for sale. June 30, 2018 June 30, 2017 December 31, 2017 (In thousands) Assets Current assets: Receivables, net $ 572 $ 328 $ 479 Total current assets held for sale 572 328 479 Noncurrent assets: Net property, plant and equipment 1,236 2,064 1,631 Deferred income taxes 2,637 74,013 2,637 Other 162 161 161 Total noncurrent assets held for sale 4,035 76,238 4,429 Total assets held for sale $ 4,607 $ 76,566 $ 4,908 Liabilities Current liabilities: Accounts payable $ — $ 138 $ 30 Taxes payable 10,656 7,171 10,857 Other accrued liabilities 2,746 2,724 2,884 Total current liabilities held for sale 13,402 10,033 13,771 Total liabilities held for sale $ 13,402 $ 10,033 $ 13,771 |
Reconciliation of major classes of income and expense | The reconciliation of the major classes of income and expense constituting pretax income (loss) from discontinued operations, which includes Dakota Prairie Refining and Fidelity, to the after-tax income (loss) from discontinued operations on the Consolidated Statements of Income was as follows: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (In thousands) Operating revenues $ 75 $ 130 $ 140 $ 235 Operating expenses 435 1,205 609 (5,372 ) Operating income (loss) (360 ) (1,075 ) (469 ) 5,607 Other income (expense) — 3 12 (13 ) Interest expense — 239 575 239 Income (loss) from discontinued operations before income taxes (360 ) (1,311 ) (1,032 ) 5,355 Income taxes (87 ) 1,879 * (1,235 ) 6,859 * Income (loss) from discontinued operations $ (273 ) $ (3,190 ) $ 203 $ (1,504 ) * Includes the eliminations for the presentation of income tax adjustments between continuing and discontinued operations. The Company retained certain liabilities of Dakota Prairie Refining. In the first quarter of 2017, the Company recorded a reversal of the previously accrued liability of $7.0 million ( $4.3 million |
Goodwill and other intangible41
Goodwill and other intangible assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in the carrying amount of goodwill | The changes in the carrying amount of goodwill were as follows: Six Months Ended June 30, 2018 Balance at January 1, 2018 Goodwill Acquired the Year* Balance at June 30, 2018 (In thousands) Natural gas distribution $ 345,736 $ — $ 345,736 Construction materials and contracting 176,290 10,583 186,873 Construction services 109,765 — 109,765 Total $ 631,791 $ 10,583 $ 642,374 * Relates to business acquisitions that occurred during the period, as discussed in Note 9 . Six Months Ended June 30, 2017 Balance at January 1, 2017 Goodwill Acquired the Year Balance at June 30, 2017 (In thousands) Natural gas distribution $ 345,736 $ — $ 345,736 Construction materials and contracting 176,290 — 176,290 Construction services 109,765 — 109,765 Total $ 631,791 $ — $ 631,791 Year Ended December 31, 2017 Balance at January 1, 2017 Goodwill Acquired the Year Balance at December 31, 2017 (In thousands) Natural gas distribution $ 345,736 $ — $ 345,736 Construction materials and contracting 176,290 — 176,290 Construction services 109,765 — 109,765 Total $ 631,791 $ — $ 631,791 |
Other amortizable intangible assets | Other amortizable intangible assets were as follows: June 30, 2018 June 30, 2017 December 31, 2017 (In thousands) Customer relationships $ 15,587 $ 15,745 $ 15,248 Less accumulated amortization 13,191 13,302 13,382 2,396 2,443 1,866 Noncompete agreements 2,546 2,430 2,430 Less accumulated amortization 1,877 1,732 1,805 669 698 625 Other 6,458 7,086 6,990 Less accumulated amortization 5,333 5,442 5,644 1,125 1,644 1,346 Total $ 4,190 $ 4,785 $ 3,837 |
Fair value measurements (Tables
Fair value measurements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Available-for-sale securities | Details of available-for-sale securities were as follows: June 30, 2018 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Mortgage-backed securities $ 10,015 $ 6 $ 236 $ 9,785 U.S. Treasury securities 242 — 2 240 Total $ 10,257 $ 6 $ 238 $ 10,025 June 30, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Mortgage-backed securities $ 9,743 $ 13 $ 86 $ 9,670 U.S. Treasury securities 613 — — 613 Total $ 10,356 $ 13 $ 86 $ 10,283 December 31, 2017 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Mortgage-backed securities $ 10,342 $ 4 $ 129 $ 10,217 U.S. Treasury securities 205 — 1 204 Total $ 10,547 $ 4 $ 130 $ 10,421 |
Assets and liabilities measured at fair value on a recurring basis | The Company's assets and liabilities measured at fair value on a recurring basis were as follows: Fair Value Measurements at June 30, 2018, Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at June 30, 2018 (In thousands) Assets: Money market funds $ — $ 9,904 $ — $ 9,904 Insurance contract* — 78,312 — 78,312 Available-for-sale securities: Mortgage-backed securities — 9,785 — 9,785 U.S. Treasury securities — 240 — 240 Total assets measured at fair value $ — $ 98,241 $ — $ 98,241 * The insurance contract invests approximately 48 percent in fixed-income investments, 23 percent in common stock of large-cap companies, 13 percent in common stock of mid-cap companies, 11 percent in common stock of small-cap companies, 3 percent in target date investments and 2 percent in cash equivalents. Fair Value Measurements at June 30, 2017, Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at June 30, 2017 (In thousands) Assets: Money market funds $ — $ 5,882 $ — $ 5,882 Insurance contract* — 73,126 — 73,126 Available-for-sale securities: Mortgage-backed securities — 9,670 — 9,670 U.S. Treasury securities — 613 — 613 Total assets measured at fair value $ — $ 89,291 $ — $ 89,291 * The insurance contract invests approximately 50 percent in fixed-income investments, 23 percent in common stock of large-cap companies, 13 percent in common stock of mid-cap companies, 11 percent in common stock of small-cap companies, 2 percent in target date investments and 1 percent in cash equivalents. Fair Value Measurements at December 31, 2017, Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at December 31, 2017 (In thousands) Assets: Money market funds $ — $ 6,965 $ — $ 6,965 Insurance contract* — 77,388 — 77,388 Available-for-sale securities: Mortgage-backed securities — 10,217 — 10,217 U.S. Treasury securities — 204 — 204 Total assets measured at fair value $ — $ 94,774 $ — $ 94,774 * The insurance contract invests approximately 49 percent in fixed-income investments, 23 percent in common stock of large-cap companies, 14 percent in common stock of mid-cap companies, 11 percent in common stock of small-cap companies, 2 percent in target date investments and 1 percent in cash equivalents. |
Fair value of long term debt outstanding | The estimated fair value of the Company's Level 2 long-term debt was as follows: Carrying Amount Fair Value (In thousands) Long-term debt at June 30, 2018 $ 1,852,910 $ 1,949,564 Long-term debt at June 30, 2017 $ 1,761,476 $ 1,864,884 Long-term debt at December 31, 2017 $ 1,714,853 $ 1,826,256 |
Cash flow information (Tables)
Cash flow information (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Cash expenditures for interest and income taxes and noncash investing and financing transactions | Cash expenditures for interest and income taxes were as follows: Six Months Ended June 30, 2018 2017 (In thousands) Interest, net* $ 39,467 $ 39,207 Income taxes paid, net** $ 4,034 $ 32,388 * AFUDC - borrowed was $1.0 million and $418,000 for the six months ended June 30, 2018 and 2017 , respectively. ** Income taxes paid (refunded), net of discontinued operations, were $ 3.1 million and $ (3.6) million for the six months ended June 30, 2018 and 2017 , respectively. Noncash investing and financing transactions were as follows: June 30, 2018 2017 (In thousands) Property, plant and equipment additions in accounts payable $ 30,985 $ 10,449 Issuance of common stock in connection with acquisition $ 17,993 $ — |
Business segment data (Tables)
Business segment data (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Information on the Company's businesses | Information on the Company's segments was as follows: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (In thousands) External operating revenues: Regulated operations: Electric $ 78,499 $ 74,574 $ 165,904 $ 162,799 Natural gas distribution 129,540 131,592 462,204 474,111 Pipeline and midstream 18,645 19,319 23,035 22,190 226,684 225,485 651,143 659,100 Nonregulated operations: Pipeline and midstream 5,415 4,520 9,858 8,163 Construction materials and contracting 509,388 501,426 722,672 702,203 Construction services 323,020 336,009 657,071 635,580 Other 90 199 146 519 837,913 842,154 1,389,747 1,346,465 Total external operating revenues $ 1,064,597 $ 1,067,639 $ 2,040,890 $ 2,005,565 Intersegment operating revenues: Regulated operations: Electric $ — $ — $ — $ — Natural gas distribution — — — — Pipeline and midstream 6,446 6,353 28,182 27,841 6,446 6,353 28,182 27,841 Nonregulated operations: Pipeline and midstream 93 59 116 93 Construction materials and contracting 235 172 336 258 Construction services 540 295 550 301 Other 2,667 1,758 5,306 3,501 3,535 2,284 6,308 4,153 Intersegment eliminations (9,981 ) (8,637 ) (34,490 ) (31,994 ) Total intersegment operating revenues $ — $ — $ — $ — Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (In thousands) Earnings (loss) on common stock: Regulated operations: Electric $ 9,133 $ 7,859 $ 22,216 $ 22,191 Natural gas distribution (6,852 ) (2,797 ) 25,771 25,064 Pipeline and midstream 5,240 5,492 10,699 10,048 7,521 10,554 58,686 57,303 Nonregulated operations: Pipeline and midstream 467 (238 ) 288 (865 ) Construction materials and contracting 24,336 21,168 815 1,255 Construction services 14,088 12,391 29,179 19,753 Other (2,337 ) (2,163 ) (2,932 ) (2,440 ) 36,554 31,158 27,350 17,703 Intersegment eliminations* — 2,093 — 4,266 Earnings on common stock before income (loss) from discontinued operations 44,075 43,805 86,036 79,272 Income (loss) from discontinued operations, net of tax* (273 ) (3,190 ) 203 (1,504 ) Total earnings on common stock $ 43,802 $ 40,615 $ 86,239 $ 77,768 * Includes the eliminations for the presentation of income tax adjustments between continuing and discontinued operations. |
Employee benefit plans (Tables)
Employee benefit plans (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of net benefit costs | Components of net periodic benefit cost (credit) for the Company's pension and other postretirement benefit plans were as follows: Pension Benefits Other Postretirement Benefits Three Months Ended June 30, 2018 2017 2018 2017 (In thousands) Components of net periodic benefit cost (credit): Service cost $ — $ — $ 340 $ 306 Interest cost 3,488 4,089 672 825 Expected return on assets (5,379 ) (5,234 ) (1,266 ) (1,175 ) Amortization of prior service credit — — (348 ) (343 ) Amortization of net actuarial loss 1,721 1,385 82 100 Net periodic benefit cost (credit), including amount capitalized (170 ) 240 (520 ) (287 ) Less amount capitalized — 73 43 (114 ) Net periodic benefit cost (credit) $ (170 ) $ 167 $ (563 ) $ (173 ) Pension Benefits Other Postretirement Benefits Six Months Ended June 30, 2018 2017 2018 2017 (In thousands) Components of net periodic benefit cost (credit): Service cost $ — $ — $ 747 $ 753 Interest cost 7,295 8,103 1,450 1,633 Expected return on assets (10,377 ) (10,263 ) (2,433 ) (2,320 ) Amortization of prior service credit — — (697 ) (686 ) Amortization of net actuarial loss 3,503 3,178 320 436 Net periodic benefit cost (credit), including amount capitalized 421 1,018 (613 ) (184 ) Less amount capitalized — 180 83 (153 ) Net periodic benefit cost (credit) $ 421 $ 838 $ (696 ) $ (31 ) |
Accounts receivable and allow46
Accounts receivable and allowance for doubtful accounts (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Receivables [Abstract] | |||
Receivables past due 90 days or more | $ 36.6 | $ 34.7 | $ 32.7 |
Allowance for doubtful accounts receivable | $ 7.8 | $ 8.1 | $ 9.2 |
Inventories and natural gas i47
Inventories and natural gas in storage (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Inventory Disclosure [Abstract] | |||
Aggregates held for resale | $ 131,784 | $ 115,268 | $ 123,316 |
Asphalt oil | 64,560 | 30,360 | 46,852 |
Materials and supplies | 24,688 | 18,650 | 22,657 |
Merchandise for resale | 17,502 | 14,905 | 16,164 |
Natural gas in storage (current) | 13,774 | 20,950 | 14,126 |
Other | 25,931 | 26,450 | 26,755 |
Total | 278,239 | 226,583 | 249,870 |
Natural gas in storage noncurrent | $ 47,800 | $ 49,300 | $ 49,500 |
Earnings per common share (Deta
Earnings per common share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Weighted average common shares outstanding - basic | 195,524 | 195,304 | 195,415 | 195,304 |
Effect of dilutive performance share awards and restricted stock units | 645 | 669 | 662 | 689 |
Weighted average common shares outstanding - diluted | 196,169 | 195,973 | 196,077 | 195,993 |
Shares excluded from the calculation of diluted earnings per share | 0 | 0 | 0 | 0 |
New accounting standards ASU 20
New accounting standards ASU 2014-09 (Details) - USD ($) | 6 Months Ended | |||
Jun. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Other accrued liabilities | $ 208,696,000 | $ 186,010,000 | $ 181,030,000 | |
Deferred income taxes | 362,896,000 | 347,271,000 | 668,239,000 | |
Other | 1,175,301,000 | 1,179,140,000 | 887,525,000 | |
Retained earnings | 1,056,424,000 | 1,040,748,000 | $ 914,632,000 | |
Accounting Standards Update 2014-09 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
New accounting pronouncement or change in accounting principle, effect of adoption, quantification | $ 0 | |||
Other accrued liabilities | $ 186,913,000 | |||
Deferred income taxes | 346,939,000 | |||
Other | 1,179,539,000 | |||
Retained earnings | 1,039,778,000 | |||
Calculated under Revenue Guidance in Effect before Topic 606 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Other accrued liabilities | 186,010,000 | |||
Deferred income taxes | 347,271,000 | |||
Other | 1,179,140,000 | |||
Retained earnings | $ 1,040,748,000 | |||
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Other accrued liabilities | 903,000 | |||
Deferred income taxes | (332,000) | |||
Other | 399,000 | |||
Retained earnings | $ (970,000) |
New accounting standards ASU 50
New accounting standards ASU 2017-07 (Details 2) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net unrealized gains on investments used to satisfy obligations under nonqualified benefit plans | $ 1,400,000 | $ 2,100,000 | $ 900,000 | $ 5,000,000 |
Accounting Standards Update 2017-07 [Member] | Other Income [Member] | Retrospective adjustment for adoption of 2017-07 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Defined benefit plan, net periodic benefit cost (credit) | 1,200,000 | 3,000,000 | ||
Net unrealized gains on investments used to satisfy obligations under nonqualified benefit plans | $ 2,200,000 | $ 5,300,000 |
New accounting standards ASU 51
New accounting standards ASU 2018-02 (Details 3) - Adjustments for new accounting principle, early adoption $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Retained Earnings Adjustments [Line Items] | |
Reclassification of certain prior period tax effects from accumulated other comprehensive loss | $ 0 |
Tax Cuts and Jobs Act | |
Retained Earnings Adjustments [Line Items] | |
Reclassification of certain prior period tax effects from accumulated other comprehensive loss | $ 7,900 |
Comprehensive income (loss) (De
Comprehensive income (loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Accumulated other comprehensive income (loss) [Roll Forward] | ||||
Balance | $ 2,429,043 | $ 2,316,244 | ||
Amounts reclassified from accumulated other comprehensive loss | $ (827) | $ (435) | (1,367) | (918) |
Other comprehensive income (loss) | 725 | 396 | 1,158 | (56) |
Balance | 2,451,078 | 2,302,952 | 2,451,078 | 2,302,952 |
Net unrealized gain (loss) on derivative instruments qualifying as hedges | ||||
Accumulated other comprehensive income (loss) [Roll Forward] | ||||
Balance | (2,231) | (2,209) | (1,934) | (2,300) |
Other comprehensive loss before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss | 95 | 92 | 187 | 183 |
Amounts reclassified to accumulated other comprehensive loss from regulatory asset | 0 | |||
Other comprehensive income (loss) | 95 | 92 | 187 | 183 |
Balance | (2,136) | (2,117) | (2,136) | (2,117) |
Postretirement liability adjustment | ||||
Accumulated other comprehensive income (loss) [Roll Forward] | ||||
Balance | (42,265) | (33,781) | (35,163) | (33,221) |
Other comprehensive loss before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss | 449 | 312 | 867 | 669 |
Amounts reclassified to accumulated other comprehensive loss from regulatory asset | (917) | |||
Other comprehensive income (loss) | 449 | 312 | 867 | (248) |
Balance | (41,816) | (33,469) | (41,816) | (33,469) |
Foreign currency translation adjustment | ||||
Accumulated other comprehensive income (loss) [Roll Forward] | ||||
Balance | (190) | (140) | (155) | (149) |
Other comprehensive loss before reclassifications | (59) | (15) | (61) | (6) |
Amounts reclassified from accumulated other comprehensive loss | 249 | 0 | 249 | 0 |
Amounts reclassified to accumulated other comprehensive loss from regulatory asset | 0 | |||
Other comprehensive income (loss) | 190 | (15) | 188 | (6) |
Balance | 0 | (155) | 0 | (155) |
Net unrealized gain (loss) on available-for-sale investments | ||||
Accumulated other comprehensive income (loss) [Roll Forward] | ||||
Balance | (174) | (55) | (82) | (63) |
Other comprehensive loss before reclassifications | (43) | (24) | (148) | (51) |
Amounts reclassified from accumulated other comprehensive loss | 34 | 31 | 64 | 66 |
Amounts reclassified to accumulated other comprehensive loss from regulatory asset | 0 | |||
Other comprehensive income (loss) | (9) | 7 | (84) | 15 |
Balance | (183) | (48) | (183) | (48) |
Total accumulated other comprehensive loss | ||||
Accumulated other comprehensive income (loss) [Roll Forward] | ||||
Balance | (44,860) | (36,185) | (37,334) | (35,733) |
Other comprehensive loss before reclassifications | (102) | (39) | (209) | (57) |
Amounts reclassified from accumulated other comprehensive loss | 827 | 435 | 1,367 | 918 |
Amounts reclassified to accumulated other comprehensive loss from regulatory asset | (917) | |||
Other comprehensive income (loss) | 725 | 396 | 1,158 | (56) |
Balance | $ (44,135) | $ (35,789) | (44,135) | $ (35,789) |
Adjustments for new accounting principle, early adoption | Tax Cuts and Jobs Act | Net unrealized gain (loss) on derivative instruments qualifying as hedges | ||||
Accumulated other comprehensive income (loss) [Roll Forward] | ||||
Reclassification adjustment of prior period tax effects related to TCJA included in accumulated other comprehensive loss | (389) | |||
Adjustments for new accounting principle, early adoption | Tax Cuts and Jobs Act | Postretirement liability adjustment | ||||
Accumulated other comprehensive income (loss) [Roll Forward] | ||||
Reclassification adjustment of prior period tax effects related to TCJA included in accumulated other comprehensive loss | (7,520) | |||
Adjustments for new accounting principle, early adoption | Tax Cuts and Jobs Act | Foreign currency translation adjustment | ||||
Accumulated other comprehensive income (loss) [Roll Forward] | ||||
Reclassification adjustment of prior period tax effects related to TCJA included in accumulated other comprehensive loss | (33) | |||
Adjustments for new accounting principle, early adoption | Tax Cuts and Jobs Act | Net unrealized gain (loss) on available-for-sale investments | ||||
Accumulated other comprehensive income (loss) [Roll Forward] | ||||
Reclassification adjustment of prior period tax effects related to TCJA included in accumulated other comprehensive loss | (17) | |||
Adjustments for new accounting principle, early adoption | Tax Cuts and Jobs Act | Total accumulated other comprehensive loss | ||||
Accumulated other comprehensive income (loss) [Roll Forward] | ||||
Reclassification adjustment of prior period tax effects related to TCJA included in accumulated other comprehensive loss | $ (7,959) |
Reclassification out of accumul
Reclassification out of accumulated other comprehensive income (loss) (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |||
Reclassification adjustment out of accumulated other comprehensive income [Line Items] | ||||||
Interest expense | $ (20,800) | $ (20,766) | $ (41,246) | $ (41,068) | ||
Other income | 1,599 | 1,801 | 2,181 | 4,144 | ||
Income taxes | (10,716) | (15,290) | [1] | (18,267) | (27,478) | [1] |
Net income | 43,802 | 41,215 | 86,239 | 78,539 | ||
Total reclassifications | (827) | (435) | (1,367) | (918) | ||
Reclassification adjustment for loss on derivative instruments included in net income | ||||||
Reclassification adjustment out of accumulated other comprehensive income [Line Items] | ||||||
Total reclassifications | 95 | 92 | 187 | 183 | ||
Reclassification adjustment for loss on derivative instruments included in net income | Reclassification out of accumulated other comprehensive income | Interest rate contract | ||||||
Reclassification adjustment out of accumulated other comprehensive income [Line Items] | ||||||
Interest expense | (148) | (148) | (296) | (295) | ||
Income taxes | 53 | 56 | 109 | 112 | ||
Net income | (95) | (92) | (187) | (183) | ||
Amortization of postretirement liability losses included in net periodic benefit cost (credit) | ||||||
Reclassification adjustment out of accumulated other comprehensive income [Line Items] | ||||||
Total reclassifications | 449 | 312 | 867 | 669 | ||
Amortization of postretirement liability losses included in net periodic benefit cost (credit) | Reclassification out of accumulated other comprehensive income | ||||||
Reclassification adjustment out of accumulated other comprehensive income [Line Items] | ||||||
Other income | (594) | (502) | (1,167) | (1,075) | ||
Income taxes | 145 | 190 | 300 | 406 | ||
Net income | (449) | (312) | (867) | (669) | ||
Reclassification adjustment for loss on foreign currency translation adjustment included in net income | ||||||
Reclassification adjustment out of accumulated other comprehensive income [Line Items] | ||||||
Total reclassifications | 249 | 0 | 249 | 0 | ||
Reclassification adjustment for loss on foreign currency translation adjustment included in net income | Reclassification out of accumulated other comprehensive income | ||||||
Reclassification adjustment out of accumulated other comprehensive income [Line Items] | ||||||
Other income | (324) | 0 | (324) | 0 | ||
Income taxes | 75 | 0 | 75 | 0 | ||
Net income | (249) | 0 | (249) | 0 | ||
Reclassification adjustment for loss on available-for-sale investments included in net income | ||||||
Reclassification adjustment out of accumulated other comprehensive income [Line Items] | ||||||
Total reclassifications | 34 | 31 | 64 | 66 | ||
Reclassification adjustment for loss on available-for-sale investments included in net income | Reclassification out of accumulated other comprehensive income | ||||||
Reclassification adjustment out of accumulated other comprehensive income [Line Items] | ||||||
Other income | (44) | (48) | (81) | (102) | ||
Income taxes | 10 | 17 | 17 | 36 | ||
Net income | $ (34) | $ (31) | $ (64) | $ (66) | ||
[1] | Includes the eliminations for the presentation of income tax adjustments between continuing and discontinued operations. |
Revenue from contracts with c54
Revenue from contracts with customers Disaggregation of revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Disaggregation of Revenue [Line Items] | |||||
Revenues | $ 1,064,597 | $ 1,067,639 | $ 2,040,890 | $ 2,005,565 | |
Intersegment operating revenues | 0 | $ 0 | 0 | $ 0 | |
Intrasegment eliminations | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | [1] | (125,567) | (159,837) | ||
Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 19,225 | 37,412 | |||
Intersegment eliminations | |||||
Disaggregation of Revenue [Line Items] | |||||
Intersegment operating revenues | (9,981) | (34,490) | |||
Revenue from contracts with customers | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 1,051,077 | 2,015,619 | |||
Revenues out of scope | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 13,520 | 25,271 | |||
Natural gas transportation | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 31,371 | 64,368 | |||
Natural gas gathering | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 2,310 | 4,580 | |||
Natural gas storage | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 2,634 | 5,768 | |||
Contracting services | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 247,558 | 321,622 | |||
Construction materials | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 387,632 | 561,223 | |||
Inside specialty contracting | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 216,371 | 450,192 | |||
Outside specialty contracting | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 95,261 | 182,442 | |||
Residential utility sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 95,440 | 323,509 | |||
Commercial utility sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 73,496 | 225,088 | |||
Industrial utility sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 13,453 | 30,032 | |||
Other utility sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 1,874 | 3,710 | |||
Electric | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 78,499 | 165,904 | |||
Electric | Intrasegment eliminations | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | [1] | 0 | 0 | ||
Electric | Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 8,425 | 16,678 | |||
Electric | Intersegment eliminations | |||||
Disaggregation of Revenue [Line Items] | |||||
Intersegment operating revenues | 0 | 0 | |||
Electric | Revenue from contracts with customers | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 77,953 | 166,696 | |||
Electric | Revenues out of scope | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 546 | (792) | |||
Electric | Natural gas transportation | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Electric | Natural gas gathering | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Electric | Natural gas storage | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Electric | Contracting services | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Electric | Construction materials | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Electric | Inside specialty contracting | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Electric | Outside specialty contracting | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Electric | Residential utility sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 26,752 | 61,935 | |||
Electric | Commercial utility sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 32,676 | 67,377 | |||
Electric | Industrial utility sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 8,226 | 16,996 | |||
Electric | Other utility sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 1,874 | 3,710 | |||
Natural gas distribution | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 129,540 | 462,204 | |||
Natural gas distribution | Intrasegment eliminations | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | [1] | 0 | 0 | ||
Natural gas distribution | Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 3,614 | 7,613 | |||
Natural gas distribution | Intersegment eliminations | |||||
Disaggregation of Revenue [Line Items] | |||||
Intersegment operating revenues | 0 | 0 | |||
Natural gas distribution | Revenue from contracts with customers | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 128,433 | 461,197 | |||
Natural gas distribution | Revenues out of scope | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 1,107 | 1,007 | |||
Natural gas distribution | Natural gas transportation | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 10,084 | 21,263 | |||
Natural gas distribution | Natural gas gathering | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Natural gas distribution | Natural gas storage | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Natural gas distribution | Contracting services | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Natural gas distribution | Construction materials | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Natural gas distribution | Inside specialty contracting | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Natural gas distribution | Outside specialty contracting | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Natural gas distribution | Residential utility sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 68,688 | 261,574 | |||
Natural gas distribution | Commercial utility sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 40,820 | 157,711 | |||
Natural gas distribution | Industrial utility sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 5,227 | 13,036 | |||
Natural gas distribution | Other utility sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Pipeline and midstream | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 24,060 | 32,893 | |||
Pipeline and midstream | Intrasegment eliminations | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | [1] | 0 | 0 | ||
Pipeline and midstream | Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 4,326 | 7,652 | |||
Pipeline and midstream | Intersegment eliminations | |||||
Disaggregation of Revenue [Line Items] | |||||
Intersegment operating revenues | (6,539) | (28,298) | |||
Pipeline and midstream | Revenue from contracts with customers | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 24,018 | 32,807 | |||
Pipeline and midstream | Revenues out of scope | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 42 | 86 | |||
Pipeline and midstream | Natural gas transportation | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 21,287 | 43,105 | |||
Pipeline and midstream | Natural gas gathering | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 2,310 | 4,580 | |||
Pipeline and midstream | Natural gas storage | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 2,634 | 5,768 | |||
Pipeline and midstream | Contracting services | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Pipeline and midstream | Construction materials | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Pipeline and midstream | Inside specialty contracting | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Pipeline and midstream | Outside specialty contracting | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Pipeline and midstream | Residential utility sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Pipeline and midstream | Commercial utility sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Pipeline and midstream | Industrial utility sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Pipeline and midstream | Other utility sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Construction materials and contracting | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 509,388 | 722,672 | |||
Construction materials and contracting | Intrasegment eliminations | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | [1] | (125,567) | (159,837) | ||
Construction materials and contracting | Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Construction materials and contracting | Intersegment eliminations | |||||
Disaggregation of Revenue [Line Items] | |||||
Intersegment operating revenues | (235) | (336) | |||
Construction materials and contracting | Revenue from contracts with customers | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 509,388 | 722,672 | |||
Construction materials and contracting | Revenues out of scope | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Construction materials and contracting | Natural gas transportation | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Construction materials and contracting | Natural gas gathering | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Construction materials and contracting | Natural gas storage | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Construction materials and contracting | Contracting services | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 247,558 | 321,622 | |||
Construction materials and contracting | Construction materials | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 387,632 | 561,223 | |||
Construction materials and contracting | Inside specialty contracting | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Construction materials and contracting | Outside specialty contracting | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Construction materials and contracting | Residential utility sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Construction materials and contracting | Commercial utility sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Construction materials and contracting | Industrial utility sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Construction materials and contracting | Other utility sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Construction services | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 323,020 | 657,071 | |||
Construction services | Intrasegment eliminations | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | [1] | 0 | 0 | ||
Construction services | Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 103 | 17 | |||
Construction services | Intersegment eliminations | |||||
Disaggregation of Revenue [Line Items] | |||||
Intersegment operating revenues | (540) | (550) | |||
Construction services | Revenue from contracts with customers | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 311,195 | 632,101 | |||
Construction services | Revenues out of scope | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 11,825 | 24,970 | |||
Construction services | Natural gas transportation | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Construction services | Natural gas gathering | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Construction services | Natural gas storage | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Construction services | Contracting services | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Construction services | Construction materials | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Construction services | Inside specialty contracting | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 216,371 | 450,192 | |||
Construction services | Outside specialty contracting | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 95,261 | 182,442 | |||
Construction services | Residential utility sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Construction services | Commercial utility sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Construction services | Industrial utility sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Construction services | Other utility sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 90 | 146 | |||
Other | Intrasegment eliminations | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | [1] | 0 | 0 | ||
Other | Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 2,757 | 5,452 | |||
Other | Intersegment eliminations | |||||
Disaggregation of Revenue [Line Items] | |||||
Intersegment operating revenues | (2,667) | (5,306) | |||
Other | Revenue from contracts with customers | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 90 | 146 | |||
Other | Revenues out of scope | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Other | Natural gas transportation | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Other | Natural gas gathering | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Other | Natural gas storage | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Other | Contracting services | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Other | Construction materials | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Other | Inside specialty contracting | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Other | Outside specialty contracting | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Other | Residential utility sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Other | Commercial utility sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Other | Industrial utility sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 0 | 0 | |||
Other | Other utility sales | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | $ 0 | $ 0 | |||
[1] | Intrasegment revenues are presented within the construction materials and contracting segment to highlight the focus on vertical integration as this segment sells materials to both third parties and internal customers. Due to consolidation requirements, these revenues must be eliminated against construction materials to arrive at the external operating revenue total for the segment. |
Revenue from contracts with c55
Revenue from contracts with customers Contract balances (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Revenue from Contract with Customer [Abstract] | |||
Contract assets | $ 153,732 | $ 153,732 | $ 109,540 |
Change in contract assets | 44,192 | ||
Contract liabilities - current | (90,478) | (90,478) | (84,123) |
Change in contract liabilities - current | (6,355) | ||
Contract liabilities - noncurrent | (399) | (399) | 0 |
Change in contract liabilities - noncurrent | (399) | ||
Net contract assets | 62,855 | 62,855 | $ 25,417 |
Change in net contract assets | 37,438 | ||
Amounts included in contract liability at the beginning of the period | 16,900 | 68,900 | |
Amounts from performance obligations satisfied in prior periods | $ 2,600 | $ 5,300 |
Acquisitions (Details)
Acquisitions (Details) $ in Millions | Jun. 04, 2018USD ($)shares |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |
Cash consideration, gross | $ 21.1 |
Common stock | |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |
Equity issued in business combination, shares | shares | 713,948 |
Equity issued in business combination, value assigned | $ 20.1 |
Equity issued in business combination, fair value | $ 18 |
Discontinued operations Noncont
Discontinued operations Noncontrolling interest (Details) - USD ($) $ in Millions | Jun. 27, 2016 | Jun. 24, 2016 | Jun. 30, 2017 |
WBI Energy | Dakota Prairie Refining, LLC | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Previous percentage of ownership | 50.00% | 50.00% | |
Operating Expense | Refining | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Reversal of an accrual | $ 7 | ||
Operating expense - after tax | Refining | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Reversal of an accrual | $ 4.3 |
Major classes of assets and lia
Major classes of assets and liabilities Refining (Details 2) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | |
Current assets: | ||||
Total current assets held for sale | $ 572 | $ 479 | $ 328 | |
Current liabilities: | ||||
Total current liabilities held for sale | 11,713 | 11,993 | 4,481 | |
Refining | Discontinued operations, held-for-sale or disposed of by sale | ||||
Current assets: | ||||
Income taxes receivable | [1] | 1,689 | 1,778 | 5,552 |
Total current assets held for sale | 1,689 | 1,778 | 5,552 | |
Total assets held for sale | 1,689 | 1,778 | 5,552 | |
Noncurrent liabilities: | ||||
Deferred income taxes (b) | [2] | 37 | 37 | 55 |
Total noncurrent liabilities held for sale | 37 | 37 | 55 | |
Total liabilities held for sale | $ 37 | $ 37 | $ 55 | |
[1] | On the Company's Consolidated Balance Sheets, these amounts were reclassified to taxes payable and are reflected in current liabilities held for sale. | |||
[2] | On the Company's Consolidated Balance Sheets, these amounts were reclassified to deferred charges and other assets - deferred income taxes and are reflected in noncurrent assets held for sale. |
Major classes of assets and l59
Major classes of assets and liabilities held for sale E&P (Details 3) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Current assets: | |||
Total current assets held for sale | $ 572 | $ 479 | $ 328 |
Noncurrent assets: | |||
Total noncurrent assets held for sale | 3,998 | 4,392 | 76,183 |
Current liabilities: | |||
Total current liabilities held for sale | 11,713 | 11,993 | 4,481 |
Exploration and production | Discontinued operations, held-for-sale or disposed of by sale | |||
Current assets: | |||
Receivables, net | 572 | 479 | 328 |
Total current assets held for sale | 572 | 479 | 328 |
Noncurrent assets: | |||
Net property, plant and equipment | 1,236 | 1,631 | 2,064 |
Deferred income taxes | 2,637 | 2,637 | 74,013 |
Other | 162 | 161 | 161 |
Total noncurrent assets held for sale | 4,035 | 4,429 | 76,238 |
Total assets held for sale | 4,607 | 4,908 | 76,566 |
Current liabilities: | |||
Accounts payable | 0 | 30 | 138 |
Taxes payable | 10,656 | 10,857 | 7,171 |
Other accrued liabilities | 2,746 | 2,884 | 2,724 |
Total current liabilities held for sale | 13,402 | 13,771 | 10,033 |
Total liabilities held for sale | $ 13,402 | $ 13,771 | $ 10,033 |
Business exit costs (Details 4)
Business exit costs (Details 4) - Other restructuring [Member] - Discontinued operations, held-for-sale or disposed of by sale - USD ($) | 6 Months Ended | 36 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | |
Refining | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Business exit costs | $ 0 | ||
Exploration and production | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Business exit costs | $ 0 | $ 0 | $ 10,500,000 |
Reconciliation of income and ex
Reconciliation of income and expenses (Details 5) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Income (loss) from discontinued operations | $ (273) | $ (3,190) | [1] | $ 203 | $ (1,504) | [1] |
Discontinued operations, held-for-sale or disposed of by sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Operating revenues | 75 | 130 | 140 | 235 | ||
Operating expenses | 435 | 1,205 | 609 | (5,372) | ||
Operating income (loss) | (360) | (1,075) | (469) | 5,607 | ||
Other income | 0 | 3 | 12 | |||
Other expense | (13) | |||||
Interest expense | 0 | 239 | 575 | 239 | ||
Income (loss) from discontinued operations before income taxes | (360) | (1,311) | (1,032) | 5,355 | ||
Income taxes | (87) | 1,879 | [1] | (1,235) | 6,859 | [1] |
Income (loss) from discontinued operations | $ (273) | $ (3,190) | $ 203 | (1,504) | ||
Operating Expense | Refining | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Operating expenses | 7,000 | |||||
Operating expense - after tax | Refining | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Operating expenses | $ 4,300 | |||||
[1] | Includes the eliminations for the presentation of income tax adjustments between continuing and discontinued operations. |
Goodwill rollforward (Details)
Goodwill rollforward (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | ||
Goodwill [Roll Forward] | ||||
Balance at beginning of period | $ 631,791 | $ 631,791 | $ 631,791 | |
Goodwill acquired during the year | 10,583 | [1] | 0 | 0 |
Balance at end of period | 642,374 | 631,791 | 631,791 | |
Natural gas distribution | ||||
Goodwill [Roll Forward] | ||||
Balance at beginning of period | 345,736 | 345,736 | 345,736 | |
Goodwill acquired during the year | 0 | 0 | 0 | |
Balance at end of period | 345,736 | 345,736 | 345,736 | |
Construction materials and contracting | ||||
Goodwill [Roll Forward] | ||||
Balance at beginning of period | 176,290 | 176,290 | 176,290 | |
Goodwill acquired during the year | 10,583 | [1] | 0 | 0 |
Balance at end of period | 186,873 | 176,290 | 176,290 | |
Construction services | ||||
Goodwill [Roll Forward] | ||||
Balance at beginning of period | 109,765 | 109,765 | 109,765 | |
Goodwill acquired during the year | 0 | 0 | 0 | |
Balance at end of period | $ 109,765 | $ 109,765 | $ 109,765 | |
[1] | Relates to business acquisitions that occurred during the period, as discussed in Note 9 |
Other intangible assets (Detail
Other intangible assets (Details 2) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, net (excluding goodwill) | $ 4,190,000 | $ 4,785,000 | $ 4,190,000 | $ 4,785,000 | $ 3,837,000 |
Amortization of intangible assets | 300,000 | 600,000 | 700,000 | 1,200,000 | |
Estimated amortization expense for amortizable intangible assets [Abstract] | |||||
2,018 | 1,400,000 | 1,400,000 | |||
2,019 | 1,100,000 | 1,100,000 | |||
2,020 | 600,000 | 600,000 | |||
2,021 | 400,000 | 400,000 | |||
2,022 | 400,000 | 400,000 | |||
Thereafter | 1,000,000 | 1,000,000 | |||
Customer relationships | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, gross | 15,587,000 | 15,745,000 | 15,587,000 | 15,745,000 | 15,248,000 |
Intangible assets, less accumulated amortization | 13,191,000 | 13,302,000 | 13,191,000 | 13,302,000 | 13,382,000 |
Intangible assets, net (excluding goodwill) | 2,396,000 | 2,443,000 | 2,396,000 | 2,443,000 | 1,866,000 |
Noncompete agreements | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, gross | 2,546,000 | 2,430,000 | 2,546,000 | 2,430,000 | 2,430,000 |
Intangible assets, less accumulated amortization | 1,877,000 | 1,732,000 | 1,877,000 | 1,732,000 | 1,805,000 |
Intangible assets, net (excluding goodwill) | 669,000 | 698,000 | 669,000 | 698,000 | 625,000 |
Other intangible assets | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, gross | 6,458,000 | 7,086,000 | 6,458,000 | 7,086,000 | 6,990,000 |
Intangible assets, less accumulated amortization | 5,333,000 | 5,442,000 | 5,333,000 | 5,442,000 | 5,644,000 |
Intangible assets, net (excluding goodwill) | $ 1,125,000 | $ 1,644,000 | $ 1,125,000 | $ 1,644,000 | $ 1,346,000 |
Fair value measurements Insuran
Fair value measurements Insurance contracts (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |||||
Investments used to satisfy nonqualified benefit plans obligations | $ 78,300,000 | $ 73,100,000 | $ 78,300,000 | $ 73,100,000 | $ 77,400,000 |
Net unrealized gains (losses) on investments used to satisfy obligations under nonqualified benefit plans | $ 1,400,000 | $ 2,100,000 | $ 900,000 | $ 5,000,000 |
Available-for-sale securities (
Available-for-sale securities (Details 2) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Available-for-sale securities [Abstract] | |||
Cost | $ 10,257 | $ 10,547 | $ 10,356 |
Gross unrealized gains | 6 | 4 | 13 |
Gross unrealized losses | 238 | 130 | 86 |
Fair value | 10,025 | 10,421 | 10,283 |
Mortgage backed securities | |||
Available-for-sale securities [Abstract] | |||
Cost | 10,015 | 10,342 | 9,743 |
Gross unrealized gains | 6 | 4 | 13 |
Gross unrealized losses | 236 | 129 | 86 |
Fair value | 9,785 | 10,217 | 9,670 |
US Treasury securities | |||
Available-for-sale securities [Abstract] | |||
Cost | 242 | 205 | 613 |
Gross unrealized gains | 0 | 0 | 0 |
Gross unrealized losses | 2 | 1 | 0 |
Fair value | $ 240 | $ 204 | $ 613 |
Fair value measurements (Detail
Fair value measurements (Details 3) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | |||
Concentration risks, percentage [Abstract] | ||||||
Percentage in fixed-income and other investments | 48.00% | 49.00% | 50.00% | |||
Percentage investment in common stock of large-cap companies | 23.00% | 23.00% | 23.00% | |||
Percentage investment in common stock of mid-cap companies | 13.00% | 14.00% | 13.00% | |||
Percentage investment in common stock of small-cap companies | 11.00% | 11.00% | 11.00% | |||
Percentage investment in target date investments | 3.00% | 2.00% | 2.00% | |||
Percentage investment in cash and cash equivalents | 2.00% | 1.00% | 1.00% | |||
Fair value, measurements, recurring [Member] | ||||||
Fair value measurements [Line Items] | ||||||
Assets, fair value disclosure | $ 98,241 | $ 94,774 | $ 89,291 | |||
Fair value, measurements, recurring [Member] | Money market funds | ||||||
Fair value measurements [Line Items] | ||||||
Assets, fair value disclosure | 9,904 | 6,965 | 5,882 | |||
Fair value, measurements, recurring [Member] | Insurance contract | ||||||
Fair value measurements [Line Items] | ||||||
Assets, fair value disclosure | 78,312 | [1] | 77,388 | [2] | 73,126 | [3] |
Fair value, measurements, recurring [Member] | Mortgage backed securities | ||||||
Fair value measurements [Line Items] | ||||||
Assets, fair value disclosure | 9,785 | 10,217 | 9,670 | |||
Fair value, measurements, recurring [Member] | US Treasury securities | ||||||
Fair value measurements [Line Items] | ||||||
Assets, fair value disclosure | 240 | 204 | 613 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 | ||||||
Fair value measurements [Line Items] | ||||||
Assets, fair value disclosure | 0 | 0 | 0 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 | Money market funds | ||||||
Fair value measurements [Line Items] | ||||||
Assets, fair value disclosure | 0 | 0 | 0 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 | Insurance contract | ||||||
Fair value measurements [Line Items] | ||||||
Assets, fair value disclosure | 0 | [1] | 0 | [2] | 0 | [3] |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 | Mortgage backed securities | ||||||
Fair value measurements [Line Items] | ||||||
Assets, fair value disclosure | 0 | 0 | 0 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 | US Treasury securities | ||||||
Fair value measurements [Line Items] | ||||||
Assets, fair value disclosure | 0 | 0 | 0 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 | ||||||
Fair value measurements [Line Items] | ||||||
Assets, fair value disclosure | 98,241 | 94,774 | 89,291 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 | Money market funds | ||||||
Fair value measurements [Line Items] | ||||||
Assets, fair value disclosure | 9,904 | 6,965 | 5,882 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 | Insurance contract | ||||||
Fair value measurements [Line Items] | ||||||
Assets, fair value disclosure | 78,312 | [1] | 77,388 | [2] | 73,126 | [3] |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 | Mortgage backed securities | ||||||
Fair value measurements [Line Items] | ||||||
Assets, fair value disclosure | 9,785 | 10,217 | 9,670 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 | US Treasury securities | ||||||
Fair value measurements [Line Items] | ||||||
Assets, fair value disclosure | 240 | 204 | 613 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 3 | ||||||
Fair value measurements [Line Items] | ||||||
Assets, fair value disclosure | 0 | 0 | 0 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 3 | Money market funds | ||||||
Fair value measurements [Line Items] | ||||||
Assets, fair value disclosure | 0 | 0 | 0 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 3 | Insurance contract | ||||||
Fair value measurements [Line Items] | ||||||
Assets, fair value disclosure | 0 | [1] | 0 | [2] | 0 | [3] |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 3 | Mortgage backed securities | ||||||
Fair value measurements [Line Items] | ||||||
Assets, fair value disclosure | 0 | 0 | 0 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 3 | US Treasury securities | ||||||
Fair value measurements [Line Items] | ||||||
Assets, fair value disclosure | $ 0 | $ 0 | $ 0 | |||
[1] | The insurance contract invests approximately 48 percent in fixed-income investments, 23 percent in common stock of large-cap companies, 13 percent in common stock of mid-cap companies, 11 percent in common stock of small-cap companies, 3 percent in target date investments and 2 | |||||
[2] | The insurance contract invests approximately 49 percent in fixed-income investments, 23 percent in common stock of large-cap companies, 14 percent in common stock of mid-cap companies, 11 percent in common stock of small-cap companies, 2 percent in target date investments and 1 | |||||
[3] | The insurance contract invests approximately 50 percent in fixed-income investments, 23 percent in common stock of large-cap companies, 13 percent in common stock of mid-cap companies, 11 percent in common stock of small-cap companies, 2 percent in target date investments and 1 percent in cash equivalents. |
Fair value measurements (Deta67
Fair value measurements (Details 4) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Carrying amount | |||
Fair value, balance sheet grouping [Line Items] | |||
Long-term debt | $ 1,852,910 | $ 1,714,853 | $ 1,761,476 |
Fair value | |||
Fair value, balance sheet grouping [Line Items] | |||
Long-term debt, fair value | $ 1,949,564 | $ 1,826,256 | $ 1,864,884 |
Cash flow information (Details)
Cash flow information (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Interest, net | [1] | $ 39,467,000 | $ 39,207,000 |
Income taxes paid, net | [2] | 4,034,000 | 32,388,000 |
AFUDC borrowed | 1,000,000 | 418,000 | |
Property, plant and equipment additions in accounts payable | 30,985,000 | 10,449,000 | |
Issuance of common stock in connection with acquisition | 17,993,000 | 0 | |
Continuing and discontinued operations | |||
Income taxes paid, net | $ 3,100,000 | $ (3,600,000) | |
[1] | AFUDC - borrowed was $1.0 million and $418,000 for the six months ended June 30, 2018 and 2017 | ||
[2] | Income taxes paid (refunded), net of discontinued operations, were $ 3.1 million and $ (3.6) million for the six months ended June 30, 2018 and 2017 , respectively. |
Business segment data (Details)
Business segment data (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |||
Segment Reporting Information [Line Items] | ||||||
Revenues | $ 1,064,597 | $ 1,067,639 | $ 2,040,890 | $ 2,005,565 | ||
Intersegment operating revenues | 0 | 0 | 0 | 0 | ||
Earnings on common stock before income (loss) from discontinued operations | 44,075 | 43,805 | 86,036 | 79,272 | ||
Income (loss) from discontinued operations, net of tax | (273) | (3,190) | [1] | 203 | (1,504) | [1] |
Earnings on common stock | 43,802 | 40,615 | 86,239 | 77,768 | ||
Electric | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 78,499 | 165,904 | ||||
Natural gas distribution | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 129,540 | 462,204 | ||||
Pipeline and midstream | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 24,060 | 32,893 | ||||
Construction materials and contracting | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 509,388 | 722,672 | ||||
Construction services | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 323,020 | 657,071 | ||||
Other | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 90 | 146 | ||||
Intersegment eliminations | ||||||
Segment Reporting Information [Line Items] | ||||||
Intersegment operating revenues | (9,981) | (8,637) | (34,490) | (31,994) | ||
Earnings on common stock before income (loss) from discontinued operations | 0 | 2,093 | [1] | 0 | 4,266 | [1] |
Regulated operation [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 226,684 | 225,485 | 651,143 | 659,100 | ||
Intersegment operating revenues | 6,446 | 6,353 | 28,182 | 27,841 | ||
Earnings on common stock before income (loss) from discontinued operations | 7,521 | 10,554 | 58,686 | 57,303 | ||
Regulated operation [Member] | Electric | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 78,499 | 74,574 | 165,904 | 162,799 | ||
Intersegment operating revenues | 0 | 0 | 0 | 0 | ||
Earnings on common stock before income (loss) from discontinued operations | 9,133 | 7,859 | 22,216 | 22,191 | ||
Regulated operation [Member] | Natural gas distribution | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 129,540 | 131,592 | 462,204 | 474,111 | ||
Intersegment operating revenues | 0 | 0 | 0 | 0 | ||
Earnings on common stock before income (loss) from discontinued operations | (6,852) | (2,797) | 25,771 | 25,064 | ||
Regulated operation [Member] | Pipeline and midstream | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 18,645 | 19,319 | 23,035 | 22,190 | ||
Intersegment operating revenues | 6,446 | 6,353 | 28,182 | 27,841 | ||
Earnings on common stock before income (loss) from discontinued operations | 5,240 | 5,492 | 10,699 | 10,048 | ||
Nonregulated operation [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 837,913 | 842,154 | 1,389,747 | 1,346,465 | ||
Intersegment operating revenues | 3,535 | 2,284 | 6,308 | 4,153 | ||
Earnings on common stock before income (loss) from discontinued operations | 36,554 | 31,158 | 27,350 | 17,703 | ||
Nonregulated operation [Member] | Pipeline and midstream | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 5,415 | 4,520 | 9,858 | 8,163 | ||
Intersegment operating revenues | 93 | 59 | 116 | 93 | ||
Earnings on common stock before income (loss) from discontinued operations | 467 | (238) | 288 | (865) | ||
Nonregulated operation [Member] | Construction materials and contracting | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 509,388 | 501,426 | 722,672 | 702,203 | ||
Intersegment operating revenues | 235 | 172 | 336 | 258 | ||
Earnings on common stock before income (loss) from discontinued operations | 24,336 | 21,168 | 815 | 1,255 | ||
Nonregulated operation [Member] | Construction services | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 323,020 | 336,009 | 657,071 | 635,580 | ||
Intersegment operating revenues | 540 | 295 | 550 | 301 | ||
Earnings on common stock before income (loss) from discontinued operations | 14,088 | 12,391 | 29,179 | 19,753 | ||
Nonregulated operation [Member] | Other | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 90 | 199 | 146 | 519 | ||
Intersegment operating revenues | 2,667 | 1,758 | 5,306 | 3,501 | ||
Earnings on common stock before income (loss) from discontinued operations | $ (2,337) | $ (2,163) | $ (2,932) | $ (2,440) | ||
[1] | Includes the eliminations for the presentation of income tax adjustments between continuing and discontinued operations. |
Employee benefit plans (Details
Employee benefit plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Qualified plan | Underfunded plan | Pension benefits | ||||
Defined benefit plan disclosure, net periodic benefit cost [Line Items] | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 3,488 | 4,089 | 7,295 | 8,103 |
Expected return on assets | (5,379) | (5,234) | (10,377) | (10,263) |
Amortization of prior service credit | 0 | 0 | 0 | 0 |
Amortization of net actuarial loss | 1,721 | 1,385 | 3,503 | 3,178 |
Net periodic benefit cost (credit), including amount capitalized | (170) | 240 | 421 | 1,018 |
Less amount capitalized | 0 | 73 | 0 | 180 |
Net periodic benefit cost (credit) | (170) | 167 | 421 | 838 |
Qualified plan | Underfunded plan | Other postretirement benefits | ||||
Defined benefit plan disclosure, net periodic benefit cost [Line Items] | ||||
Service cost | 340 | 306 | 747 | 753 |
Interest cost | 672 | 825 | 1,450 | 1,633 |
Expected return on assets | (1,266) | (1,175) | (2,433) | (2,320) |
Amortization of prior service credit | (348) | (343) | (697) | (686) |
Amortization of net actuarial loss | 82 | 100 | 320 | 436 |
Net periodic benefit cost (credit), including amount capitalized | (520) | (287) | (613) | (184) |
Less amount capitalized | 43 | (114) | 83 | (153) |
Net periodic benefit cost (credit) | (563) | (173) | (696) | (31) |
Nonqualified plan | Unfunded plan | Supplemental employee retirement plans | ||||
Defined benefit plan disclosure, net periodic benefit cost [Line Items] | ||||
Net periodic benefit cost (credit) | $ 1,100 | $ 1,100 | $ 2,200 | $ 2,300 |
Idaho Public Utilities Commissi
Idaho Public Utilities Commission (IPUC) (Details) - IPUC - Tax Cuts and Jobs Act - USD ($) $ in Millions | May 10, 2018 | Mar. 23, 2018 | Mar. 12, 2018 |
Public Utilities, General Disclosures [Line Items] | |||
State corporate income tax rate | 7.40% | ||
State corporate income tax rate, current | 6.90% | ||
Public utilities, requested rate increase (decrease), amount | $ (5) | ||
Public utilities, approved rate increase (decrease), amount | $ (5.1) | ||
Public utilities, approved rate increase (decrease), percentage | (2.30%) |
Montana Public Service Commissi
Montana Public Service Commission (MTPSC) (Details 2) - MTPSC - Natural gas rate proceeding - USD ($) | Apr. 24, 2018 | Feb. 23, 2018 | Jan. 12, 2018 | Sep. 25, 2017 |
Public Utilities, General Disclosures [Line Items] | ||||
Public utilities, requested rate increase (decrease), amount | $ 2,800,000 | $ 2,800,000 | ||
Public utilities, requested rate increase (decrease), percentage | 4.10% | |||
Public utilities, interim rate increase (decrease), amount | $ 1,600,000 | |||
Public utilities, interim rate increase (decrease), percentage | 2.30% | |||
Tax Cuts and Jobs Act | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Public utilities interm rate increase (decrese) revised | $ 764,000 | |||
Public utilities, requested rate increase (decrease), amended, amount | $ 1,600,000 | |||
Public utilities, approved rate increase (decrease), amount | $ 975,000 | |||
Public utilities, approved rate increase (decrease), percentage | 1.40% |
North Dakota Public Service Com
North Dakota Public Service Commission (NDPSC) (Details 3) - NDPSC - USD ($) $ in Millions | Jul. 19, 2018 | Mar. 09, 2018 | Mar. 01, 2018 | Feb. 14, 2018 | Sep. 06, 2017 | Jul. 21, 2017 |
Natural gas rate proceeding | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Public utilities, requested rate increase (decrease), amount | $ 5.9 | |||||
Public utilities, requested rate increase (decrease), percentage | 5.40% | |||||
Public utilities, interim rate increase (decrease), amount | $ 4.6 | |||||
Public utilities, interim rate increase (decrease), percentage | 4.20% | |||||
Natural gas rate proceeding | Tax Cuts and Jobs Act | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Public utilities interm rate increase (decrese) revised | $ 2.7 | |||||
Public utilities, requested rate increase (decrease), amended, amount | $ 3.6 | |||||
Electric rate proceeding | Tax Cuts and Jobs Act | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Public utilities, requested rate increase (decrease), amount | $ (7.2) | |||||
Public utilities, requested rate increase (decrease), percentage | (3.90%) | |||||
Subsequent Event | Natural gas rate proceeding | Tax Cuts and Jobs Act | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Public utilities, requested rate increase (decrease), amended, amount | $ 2.5 | |||||
Public utilities, requested rate increase (decrease), amended percentage | 2.30% |
Oregon Public Utility Commissio
Oregon Public Utility Commission (OPUC) (Details 4) - Tax Cuts and Jobs Act - OPUC $ in Millions | May 31, 2018USD ($) |
Public Utilities, General Disclosures [Line Items] | |
Public utilities, requested rate increase (decrease), amount | $ 2.3 |
Public utilities, requested rate increase (decrease), percentage | 3.50% |
Washington Utilities and Transp
Washington Utilities and Transportation Commission (WUTC) (Details 5) - WUTC - USD ($) $ in Millions | Jul. 20, 2018 | Jun. 01, 2018 | Mar. 23, 2018 | Aug. 31, 2017 |
Natural gas rate proceeding | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Public utilities, requested rate increase (decrease), amount | $ 5.9 | |||
Public utilities, requested rate increase (decrease), percentage | 2.70% | |||
Natural gas rate proceeding | Tax Cuts and Jobs Act | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Public utilities, requested rate increase (decrease), amended, amount | $ (1.7) | |||
Pipeline replacement cost recovery | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Public utilities, requested rate increase (decrease), amount | $ 2.3 | |||
Public utilities, requested rate increase (decrease), percentage | 1.10% | |||
Subsequent Event | Natural gas rate proceeding | Tax Cuts and Jobs Act | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Public utilities, approved rate increase (decrease), amount | $ (2.9) | |||
Public utilities, approved rate increase (decrease), percentage | (1.40%) | |||
Public utilities, approved refund of excess deferred income taxes, amount | $ 2.5 | |||
Public utilities, refund interim tax benefits to customers | $ 1.6 |
Wyoming Public Service Commissi
Wyoming Public Service Commission (WYPSC) (Details) - Electric rate proceeding - WYPSC - Tax Cuts and Jobs Act $ in Millions | Mar. 30, 2018USD ($) |
Public Utilities, General Disclosures [Line Items] | |
Public utilities, requested rate increase (decrease), amount | $ (1.1) |
Public utilities, requested rate increase (decrease), percentage | (4.20%) |
Midcontinent Independent System
Midcontinent Independent System Operator, Inc. (MISO) (Details 5) - USD ($) $ in Millions | Mar. 01, 2018 | Jan. 01, 2018 |
MISO | Electric transmission rate proceeding | Tax Cuts and Jobs Act | ||
Public Utilities, General Disclosures [Line Items] | ||
Public utilities, approved rate increase (decrease), amount | $ 12 | $ 13.6 |
Litigation (Details)
Litigation (Details) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Loss Contingencies [Line Items] | |||
Potential liabilities related to litigation and environmental matters | $ 31.1 | $ 35.4 | $ 33.7 |
Environmental matters (Details
Environmental matters (Details 2) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jan. 06, 2017 | |
Portland Harbor Site | ||
Site Contingency [Line Items] | ||
Environmental matters investigative costs | $ 100,000,000 | |
Environmental matters, estimated costs | $ 1,000,000,000 | |
Eugene, OR manufactured gas plant site | ||
Site Contingency [Line Items] | ||
Total estimated costs for site remediation | 3,500,000 | |
Incurred costs for site remediation | $ 400,000 | |
Percent of ongoing costs paid | 50.00% | |
Estimated proportional share of cleanup liability | 50.00% | |
Environmental matters accrual for site remediation | $ 1,600,000 | |
Bremerton, WA manufactured gas plant site | ||
Site Contingency [Line Items] | ||
Environmental matters accrual for site remediation | 6,400,000 | |
Total estimated costs for site remedial investigation and feasibility study | 7,600,000 | |
Incurred costs for site remedial investigation and feasibility study | 2,100,000 | |
Environmental matters accrual of investigative costs | 5,500,000 | |
Bellingham, WA manufactured gas plant site | ||
Site Contingency [Line Items] | ||
Site contingency, loss exposure not accrued, preferred alternative estimate | 9,300,000 | |
Minimum | Bremerton, WA manufactured gas plant site | ||
Site Contingency [Line Items] | ||
Site contingency, loss exposure not accrued, best estimate | 340,000 | |
Minimum | Bellingham, WA manufactured gas plant site | ||
Site Contingency [Line Items] | ||
Site contingency, loss exposure not accrued, best estimate | 8,000,000 | |
Maximum | Bremerton, WA manufactured gas plant site | ||
Site Contingency [Line Items] | ||
Site contingency, loss exposure not accrued, best estimate | 6,400,000 | |
Maximum | Bellingham, WA manufactured gas plant site | ||
Site Contingency [Line Items] | ||
Site contingency, loss exposure not accrued, best estimate | $ 20,400,000 |
Guarantees (Details 3)
Guarantees (Details 3) | Jun. 30, 2018USD ($) |
Guarantor Obligations [Line Items] | |
Guarantor obligations, maximum exposure, undiscounted | $ 186,500,000 |
Fixed maximum amounts guaranteed by year 2018 | 2,000,000 |
Fixed maximum amounts guaranteed by year 2019 | 97,200,000 |
Fixed maximum amounts guaranteed by year 2020 | 80,300,000 |
Fixed maximum amounts guaranteed by year 2021 | 500,000 |
Fixed maximum amounts guaranteed by year 2022 | 500,000 |
Fixed maximum amounts guaranteed, thereafter | 2,000,000 |
No scheduled maturity date | 4,000,000 |
Amount outstanding under guarantees that is reflected on balance sheet | 0 |
Letters of credit | 30,900,000 |
Letters of credit set to expire - 2018 | 30,300,000 |
Letters of credit set to expire - 2019 | 600,000 |
Outstanding letters of credit | 0 |
Amount of surety bonds outstanding | 789,200,000 |
Financial guarantee [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor obligations, maximum exposure, undiscounted | $ 51,000,000 |
Commitment and contingencies va
Commitment and contingencies variable interest entities (Details 4) $ in Millions | Jun. 30, 2018USD ($) |
Fuel contract [Member] | |
Variable Interest Entities [Line Items] | |
Variable interest entity, reporting entity involvement, maximum loss exposure, amount | $ 39.8 |