Cover page
Cover page - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 29, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-03480 | |
Entity Registrant Name | MDU RESOURCES GROUP INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 30-1133956 | |
Entity Address, Address Line One | 1200 West Century Avenue | |
Entity Address, Address Line Two | P.O. Box 5650 | |
Entity Address, City or Town | Bismarck | |
Entity Address, State or Province | ND | |
Entity Address, Postal Zip Code | 58506-5650 | |
City Area Code | 701 | |
Local Phone Number | 530-1000 | |
Title of 12(b) Security | Common Stock, par value $1.00 per share | |
Trading Symbol | MDU | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity common stock, shares outstanding | 201,194,537 | |
Entity Central Index Key | 0000067716 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating revenues: | ||
Operating revenues: | $ 1,227,938 | $ 1,197,373 |
Operating expenses: | ||
Operation and maintenance: | 811,659 | 821,000 |
Purchased natural gas sold | 176,237 | 165,412 |
Depreciation, depletion and amortization | 73,723 | 69,239 |
Taxes, other than income | 62,534 | 64,112 |
Electric fuel and purchased power | 18,621 | 20,540 |
Total operating expenses | 1,142,774 | 1,140,303 |
Operating income | 85,164 | 57,070 |
Other income (expense) | 3,354 | (1,005) |
Interest expense | 23,453 | 24,553 |
Income before income taxes | 65,065 | 31,512 |
Income taxes | 12,949 | 5,973 |
Income from continuing operations | 52,116 | 25,539 |
Income (loss) from discontinued operations, net of tax | 15 | (409) |
Net income | $ 52,131 | $ 25,130 |
Earnings per share - basic: | ||
Income from continuing operations | $ 0.26 | $ 0.13 |
Discontinued operations, net of tax | 0 | 0 |
Earnings per share - basic | 0.26 | 0.13 |
Earnings per share - diluted: | ||
Income from continuing operations | 0.26 | 0.13 |
Discontinued operations, net of tax | 0 | 0 |
Earnings per share - diluted | $ 0.26 | $ 0.13 |
Weighted average common shares outstanding - basic | 200,708 | 200,440 |
Weighted average common shares outstanding - diluted | 200,952 | 200,456 |
Regulated operation | ||
Operating revenues: | ||
Operating revenues: | $ 442,381 | $ 418,682 |
Operating expenses: | ||
Operation and maintenance: | 94,333 | 87,608 |
Income from continuing operations | 56,121 | 51,129 |
Nonregulated operation | ||
Operating revenues: | ||
Operating revenues: | 785,557 | 778,691 |
Operating expenses: | ||
Operation and maintenance: | 717,326 | 733,392 |
Income from continuing operations | $ (4,005) | $ (25,590) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income | $ 52,131 | $ 25,130 |
Other comprehensive income: | ||
Reclassification adjustment for loss on derivative instruments included in net income, tax | 37 | 36 |
Reclassification adjustment for loss on derivative instruments included in net income, net of tax | 111 | 111 |
Postretirement liability adjustment: | ||
Amortization of postretirement liability losses included in net periodic benefit cost, tax | 151 | 149 |
Amortization of postretirement liability losses included in net periodic benefit cost, net of tax | 466 | 462 |
Net unrealized gain (loss) on available-for-sale investments: | ||
Net unrealized gain (loss) on available-for-sale investments arising during the period, tax | (12) | 36 |
Net unrealized gain (loss) on available-for-sale investments arising during the period, net of tax | (44) | 135 |
Reclassification adjustment for (gain) loss on available-for-sale investments included in net income, tax | 9 | 0 |
Reclassification adjustment for (gain) loss on available-for-sale investments included in net income, net of tax | 35 | (1) |
Net unrealized gain (loss) on available-for-sale investments | (9) | 134 |
Other comprehensive income | 568 | 707 |
Comprehensive income attributable to common stockholders | $ 52,699 | $ 25,837 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Current assets: | |||
Cash and cash equivalents | $ 55,094 | $ 59,547 | $ 116,526 |
Receivables, net | 784,582 | 873,986 | 835,468 |
Inventories | 316,737 | 291,167 | 305,958 |
Current regulatory assets | 98,452 | 68,527 | 55,206 |
Prepayments and other current assets | 68,409 | 44,120 | 60,230 |
Total current assets | 1,323,274 | 1,337,347 | 1,373,388 |
Noncurrent assets: | |||
Property, plant and equipment | 8,288,879 | 8,300,770 | 8,008,338 |
Less accumulated depreciation, depletion and amortization | 3,096,371 | 3,133,831 | 3,039,812 |
Net property, plant and equipment | 5,192,508 | 5,166,939 | 4,968,526 |
Goodwill | 714,963 | 714,963 | 713,527 |
Other intangible assets, net | 23,961 | 25,496 | 34,250 |
Regulatory assets | 379,917 | 379,381 | 348,189 |
Investments | 167,741 | 165,022 | 145,237 |
Operating lease right-of-use assets | 116,663 | 120,113 | 114,382 |
Other | 150,248 | 144,111 | 153,017 |
Total noncurrent assets | 6,746,001 | 6,716,025 | 6,477,128 |
Total assets | 8,069,275 | 8,053,372 | 7,850,516 |
Current liabilities: | |||
Short-term borrowings | 50,000 | 50,000 | 0 |
Long-term debt due within one year | 1,552 | 1,555 | 16,560 |
Accounts payable | 379,348 | 426,264 | 384,339 |
Taxes payable | 88,711 | 88,844 | 58,743 |
Dividends payable | 42,740 | 42,611 | 41,608 |
Accrued compensation | 69,612 | 90,629 | 55,199 |
Regulatory liabilities due within one year | 34,266 | 31,450 | 60,072 |
Operating lease liabilities due within one year | 32,562 | 33,655 | 31,141 |
Other accrued liabilities | 201,246 | 198,514 | 176,817 |
Total current liabilities | 900,037 | 963,522 | 824,479 |
Noncurrent liabilities: | |||
Long-term debt | 2,251,722 | 2,211,575 | 2,438,675 |
Deferred income taxes | 528,551 | 516,098 | 515,711 |
Regulatory liabilities | 429,060 | 428,075 | 443,205 |
Asset retirement obligations | 445,170 | 440,356 | 417,469 |
Operating lease liabilities | 84,494 | 86,868 | 83,414 |
Other | 329,935 | 327,773 | 290,971 |
Total noncurrent liabilities | 4,068,932 | 4,010,745 | 4,189,445 |
Commitments and contingencies | |||
Stockholders' equity: | |||
Common stock | 201,733 | 201,061 | 201,061 |
Other paid-in capital | 1,382,158 | 1,371,385 | 1,360,564 |
Retained earnings | 1,567,551 | 1,558,363 | 1,319,988 |
Accumulated other comprehensive loss | (47,510) | (48,078) | (41,395) |
Treasury stock at cost - 538,921 shares | (3,626) | (3,626) | (3,626) |
Total stockholders' equity | 3,100,306 | 3,079,105 | 2,836,592 |
Total liabilities and stockholders' equity | $ 8,069,275 | $ 8,053,372 | $ 7,850,516 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 | $ 1 |
Common Stock, Shares, Issued | 201,733,458 | 201,061,198 | 201,061,198 |
Treasury Stock, Common, Shares | 538,921 | 538,921 | 538,921 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common stock | Other paid-in capital | Retained earnings | Accumulated other comprehensive loss | Treasury stock |
Common stock balance (in shares) at Dec. 31, 2019 | 200,922,790 | |||||
Treasury stock (in shares) at Dec. 31, 2019 | (538,921) | |||||
Balance at Dec. 31, 2019 | $ 2,847,246 | $ 200,923 | $ 1,355,404 | $ 1,336,647 | $ (42,102) | $ (3,626) |
Net income | 25,130 | 25,130 | ||||
Other comprehensive income | 707 | 707 | ||||
Dividends declared on common stock | (41,789) | (41,789) | ||||
Stock-based compensation | 2,250 | 2,250 | ||||
Issuance of common stock upon vesting of stock-based compensation, tax withholding shares | 26,406 | |||||
Issuance of common stock upon vesting of stock-based compensation, tax withholding shares value | $ 26 | |||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | (388) | |||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | (362) | |||||
Issuance of common stock (shares) | 112,002 | |||||
Issuance of common stock | $ 3,410 | $ 112 | 3,298 | |||
Common stock balance (in shares) at Mar. 31, 2020 | 201,061,198 | 201,061,198 | ||||
Treasury stock (in shares) at Mar. 31, 2020 | (538,921) | |||||
Balance at Mar. 31, 2020 | $ 2,836,592 | $ 201,061 | 1,360,564 | 1,319,988 | (41,395) | $ (3,626) |
Common stock balance (in shares) at Dec. 31, 2020 | 201,061,198 | 201,061,198 | ||||
Treasury stock (in shares) at Dec. 31, 2020 | (538,921) | |||||
Balance at Dec. 31, 2020 | $ 3,079,105 | $ 201,061 | 1,371,385 | 1,558,363 | (48,078) | $ (3,626) |
Net income | 52,131 | 52,131 | ||||
Other comprehensive income | 568 | 568 | ||||
Dividends declared on common stock | (42,943) | (42,943) | ||||
Stock-based compensation | 2,574 | 2,574 | ||||
Treasury Stock, Shares, Acquired | (392,294) | |||||
Treasury Stock, Value, Acquired, Cost Method | (6,701) | $ (6,701) | ||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | (10,828) | |||||
Treasury Stock, Shares, Retired | 392,294 | |||||
Treasury Stock, Retired, Cost Method, Amount | $ 6,701 | |||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | (4,127) | |||||
Issuance of common stock (shares) | 672,260 | |||||
Issuance of common stock | $ 19,699 | $ 672 | 19,027 | |||
Common stock balance (in shares) at Mar. 31, 2021 | 201,733,458 | 201,733,458 | ||||
Treasury stock (in shares) at Mar. 31, 2021 | (538,921) | |||||
Balance at Mar. 31, 2021 | $ 3,100,306 | $ 201,733 | $ 1,382,158 | $ 1,567,551 | $ (47,510) | $ (3,626) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating activities: | ||
Net income | $ 52,131 | $ 25,130 |
Income (loss) from discontinued operations, net of tax | 15 | (409) |
Income from continuing operations | 52,116 | 25,539 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 73,723 | 69,239 |
Deferred income taxes | 9,843 | 1,813 |
Changes in current assets and liabilities, net of acquisitions: | ||
Receivables | 89,407 | 44,549 |
Inventories | (25,613) | (29,337) |
Other current assets | (46,837) | 14,959 |
Accounts payable | (41,965) | (24,105) |
Other current liabilities | (13,977) | (23,259) |
Other noncurrent changes | (1,052) | 326 |
Net cash provided by continuing operations | 95,645 | 79,724 |
Net cash used in discontinued operations | (25) | (434) |
Net cash provided by operating activities | 95,620 | 79,290 |
Investing activities: | ||
Capital expenditures | (111,091) | (139,485) |
Acquisitions, net of cash acquired | (1,023) | (67,593) |
Net proceeds from sale or disposition of property and other | 9,035 | 4,540 |
Investments | (3,248) | 68 |
Net cash used in investing activities | (106,327) | (202,470) |
Financing activities: | ||
Issuance of short-term borrowings | 50,000 | 0 |
Repayment of short-term borrowings | (50,000) | 0 |
Issuance of long-term debt | 93,295 | 248,021 |
Repayment of long-term debt | (53,301) | (36,242) |
Proceeds from issuance of common stock | 19,699 | 3,410 |
Dividends paid | (42,611) | (41,580) |
Repurchase of common stock | (6,701) | 0 |
Tax withholding on stock-based compensation | (4,127) | (362) |
Net cash provided by financing activities | 6,254 | 173,247 |
Increase (decrease) in cash and cash equivalents | (4,453) | 50,067 |
Cash and cash equivalents -- beginning of year | 59,547 | 66,459 |
Cash and cash equivalents -- end of period | $ 55,094 | $ 116,526 |
Basis of presentation
Basis of presentation | 3 Months Ended |
Mar. 31, 2021 | |
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 2020 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. Beginning in March 2020, governmental restrictions and guidelines implemented to control the spread of COVID-19 reduced commercial and interpersonal activity throughout the Company's areas of operation. Most of the Company's products and services are considered essential and accordingly operations have generally been allowed to continue. The Company has experienced some inefficiency impacts as a result of the COVID-19 pandemic, including operation suspensions and interruptions at some locations to carry out preventive measures or in response to instances of positive tests or quarantines. The Company has assessed the impacts of the COVID-19 pandemic on its results of operations for the three months ended March 31, 2021 and 2020, and determined there were no material adverse impacts. The assets and liabilities of the Company's discontinued operations have been classified as held for sale and are included in prepayments and other current assets, noncurrent assets - other and other accrued liabilities on the Consolidated Balance Sheets. The results and supporting activities are shown in income (loss) from discontinued operations on the Consolidated Statements of Income. Unless otherwise indicated, the amounts presented in the accompanying notes to the consolidated financial statements relate to the Company's continuing operations. |
New accounting standards
New accounting standards | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New accounting standards | New accounting standards Recently adopted accounting standards ASU 2018-14 - Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued guidance on modifying the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans as part of the disclosure framework project. The guidance removes disclosures that are no longer considered cost beneficial, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant. The guidance adds, among other things, the requirement to include an explanation for significant gains and losses related to changes in benefit obligations for the period. The guidance removes, among other things, the disclosure requirement to disclose the amount of net periodic benefit costs to be amortized over the next fiscal year from accumulated other comprehensive income (loss) and the effects a one percentage point change in assumed health care cost trend rates will have on certain benefit components. The Company adopted the guidance on January 1, 2021, on a retrospective basis. The Company determined the new guidance will not materially impact its consolidated financial statement disclosures. ASU 2019-12 - Simplifying the Accounting for Income Taxes In December 2019, the FASB issued guidance on simplifying the accounting for income taxes by removing certain exceptions in ASC 740 and providing simplification amendments. The guidance removes exceptions on intraperiod tax allocations and reporting and provides simplification on accounting for franchise taxes, tax basis goodwill and tax law changes. The Company adopted the guidance on January 1, 2021, and determined it did not have a material impact on its results of operations, financial position, cash flows or disclosures. Recently issued accounting standards not yet adopted ASU 2020-04 - Reference Rate Reform In March 2020, the FASB issued optional guidance to ease the facilitation of the effects of reference rate reform on financial reporting. The guidance applies to certain contract modifications, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. LIBOR is expected to be retired with a full phase-out by the end of 2021 and replaced by a new reference rate, which includes SOFR. The guidance can be applied beginning in the interim period that includes March 12, 2020, and cannot be applied to contract modifications or hedging relationships entered into or evaluated after December 31, 2022. The Company has updated its credit agreements to include language regarding the successor or alternate rate to LIBOR, and a review of other contracts and agreements is on-going. The Company does not expect the guidance to have a material impact on its results of operations, financial position, cash flows or disclosures. |
Seasonality of operations
Seasonality of operations | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Seasonality of operations | Seasonality of operations Some of the Company's operations are highly seasonal and revenues from, and certain expenses for, such operations may fluctuate significantly among quarterly periods. Accordingly, the interim results for particular businesses, and for the Company as a whole, may not be indicative of results for the full fiscal year. |
Receivables and allowance for e
Receivables and allowance for expected credit losses | 3 Months Ended |
Mar. 31, 2021 | |
Credit Loss [Abstract] | |
Receivables and allowance for expected credit loss | Receivables and allowance for expected credit losses Receivables consists primarily of trade receivables from the sale of goods and services, which are recorded at the invoiced amount, and contract assets, net of expected credit losses. For more information on contract assets, see Note 9. The Company's trade receivables are all due in 12 months or less. The total balance of receivables past due 90 days or more was $33.9 million, $51.8 million and $43.9 million at March 31, 2021 and 2020, and December 31, 2020, respectively. The Company's expected credit losses are determined through a review using historical credit loss experience, changes in asset specific characteristics, current conditions and reasonable and supportable future forecasts, among other specific account data, and is performed at least quarterly. The Company develops and documents its methodology to determine its allowance for expected credit losses at each of its reportable business segments. Risk characteristics used by the business segments may include customer mix, knowledge of customers, general economic conditions of the various local economies and impacts of COVID-19, among others. Specific account balances are written off when management determines the amounts to be uncollectible. Management has reviewed the balance reserved through the allowance for expected credit losses and believes it is reasonable. Details of the Company's expected credit losses were as follows: Electric Natural gas Pipeline Construction Construction Total (In thousands) At December 31, 2020 $ 899 $ 2,571 $ 2 $ 6,164 $ 5,722 $ 15,358 Current expected credit loss provision 538 1,273 — (1,049) (1,079) (317) Less write-offs charged against the allowance 888 1,107 — 273 401 2,669 Credit loss recoveries collected 129 213 — — — 342 At March 31, 2021 $ 678 $ 2,950 $ 2 $ 4,842 $ 4,242 $ 12,714 Electric Natural gas Pipeline Construction Construction Total (In thousands) At January 1, 2020 $ 328 $ 1,056 $ — $ 5,357 $ 1,756 $ 8,497 Current expected credit loss provision 555 1,156 — 694 1,150 3,555 Less write-offs charged against the allowance 500 624 — 68 73 1,265 Credit loss recoveries collected 109 229 — — — 338 At March 31, 2020 $ 492 $ 1,817 $ — $ 5,983 $ 2,833 $ 11,125 |
Inventories and natural gas in
Inventories and natural gas in storage | 3 Months Ended |
Mar. 31, 2021 | |
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 valued at lower of cost or market using the last-in, first-out method or lower of cost or net realizable value using the average cost or first-in, first-out method. The majority of all other inventories are valued at the lower of cost or net realizable value using the average cost method. The portion of the cost of natural gas in storage expected to be used within 12 months was included in inventories. Inventories on the Consolidated Balance Sheets were as follows: March 31, 2021 March 31, 2020 December 31, 2020 (In thousands) Aggregates held for resale $ 180,450 $ 155,976 $ 175,782 Asphalt oil 59,853 73,842 28,238 Materials and supplies 26,481 26,293 25,142 Merchandise for resale 24,319 23,109 21,087 Natural gas in storage (current) 8,113 7,872 21,919 Other 17,521 18,866 18,999 Total $ 316,737 $ 305,958 $ 291,167 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 noncurrent assets - other and was $47.5 million at March 31, 2021 and December 31, 2020, and $48.3 million at March 31, 2020. |
Earnings per share
Earnings per share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per share | Earnings per share Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the applicable period. Diluted earnings per share is computed by dividing net income by the total of the weighted average number of shares of common stock outstanding during the applicable period, plus the effect of non-vested performance share awards and restricted stock units. Common stock outstanding includes issued shares less shares held in treasury. Net income 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 follows: Three Months Ended March 31, 2021 2020 (In thousands, except per share amounts) Weighted average common shares outstanding - basic 200,708 200,440 Effect of dilutive performance share awards and restricted stock units 244 16 Weighted average common shares outstanding - diluted 200,952 200,456 Shares excluded from the calculation of diluted earnings per share — 68 Dividends declared per common share $ .2125 $ .2075 |
Equity
Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Equity | Equity The Company currently has a shelf registration statement on file with the SEC, under which the Company may issue and sell any combination of common stock and debt securities. The Company may sell such securities if warranted by market conditions and the Company's capital requirements. In August 2020, the Company amended the Distribution Agreement dated February 22, 2019, with JP Morgan Securities LLC and MUFG Securities Americas Inc., as sales agents. This agreement allows the offering, issuance and sale of up to 6.4 million shares of the Company's common stock in connection with an "at-the-market" offering. The common stock may be offered for sale, from time to time, in accordance with the terms and conditions of this agreement. The Company issued 672,260 shares of common stock during the first quarter of 2021 pursuant to the "at-the-market" offering, receiving net proceeds of $19.7 million, which were used for capital expenditures. The Company incurred issuance costs of approximately $300,000 in connection with the sales of common stock under the "at-the-market" offering during the first quarter of 2021. The Company did not issue shares of common stock under the "at-the-market" offering during the first quarter of 2020. As of March 31, 2021, the Company had capacity to issue up to 5.7 million additional shares of common stock under the "at-the-market" offering program. |
Accumulated other comprehensive
Accumulated other comprehensive income (loss) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) The after-tax changes in the components of accumulated other comprehensive loss were as follows: Net Unrealized Postretirement Net Unrealized Total (In thousands) At December 31, 2020 $ (984) $ (47,207) $ 113 $ (48,078) Other comprehensive loss before reclassifications — — (44) (44) Amounts reclassified from accumulated other comprehensive loss 111 466 35 612 Net current-period other comprehensive income (loss) 111 466 (9) 568 At March 31, 2021 $ (873) $ (46,741) $ 104 $ (47,510) Net Unrealized Postretirement Net Unrealized Total (In thousands) At December 31, 2019 $ (1,430) $ (40,734) $ 62 $ (42,102) Other comprehensive income before reclassifications — — 135 135 Amounts reclassified (to) from accumulated other comprehensive loss 111 462 (1) 572 Net current-period other comprehensive income 111 462 134 707 At March 31, 2020 $ (1,319) $ (40,272) $ 196 $ (41,395) 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 on the Consolidated Statements of Income. The reclassifications were as follows: Three Months Ended Location on Consolidated March 31, 2021 2020 (In thousands) Reclassification adjustment for loss on derivative instruments included in net income $ (148) $ (147) Interest expense 37 36 Income taxes (111) (111) Amortization of postretirement liability losses included in net periodic benefit cost (617) (611) Other income 151 149 Income taxes (466) (462) Reclassification adjustment on available-for-sale investments included in net income (44) 1 Other income 9 — Income taxes (35) 1 Total reclassifications $ (612) $ (572) |
Revenue from contracts with cus
Revenue from contracts with customers | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from contracts with customers | 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. Disaggregation In the following tables, 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 17. Three Months Ended March 31, 2021 Electric Natural gas Pipeline Construction Construction Other Total (In thousands) Residential utility sales $ 33,436 $ 203,137 $ — $ — $ — $ — $ 236,573 Commercial utility sales 32,928 120,052 — — — — 152,980 Industrial utility sales 10,029 8,812 — — — — 18,841 Other utility sales 1,566 — — — — — 1,566 Natural gas transportation — 12,452 29,417 — — — 41,869 Natural gas storage — — 4,029 — — — 4,029 Contracting services — — — 96,025 — — 96,025 Construction materials — — — 216,412 — — 216,412 Intrasegment eliminations — — — (46,716) — — (46,716) Inside specialty contracting — — — — 355,190 — 355,190 Outside specialty contracting — — — — 151,363 — 151,363 Other 9,773 3,009 2,660 — 36 3,341 18,819 Intersegment eliminations (136) (142) (26,229) (62) (1,042) (3,324) (30,935) Revenues from contracts with customers 87,596 347,320 9,877 265,659 505,547 17 1,216,016 Revenues out of scope (2,923) 2,886 36 — 11,923 — 11,922 Total external operating revenues $ 84,673 $ 350,206 $ 9,913 $ 265,659 $ 517,470 $ 17 $ 1,227,938 Three Months Ended March 31, 2020 Electric Natural gas Pipeline Construction Construction Other Total (In thousands) Residential utility sales $ 32,349 $ 186,701 $ — $ — $ — $ — $ 219,050 Commercial utility sales 33,587 114,996 — — — — 148,583 Industrial utility sales 10,367 8,521 — — — — 18,888 Other utility sales 1,648 — — — — — 1,648 Natural gas transportation — 11,798 27,432 — — — 39,230 Natural gas gathering — — 2,090 — — — 2,090 Natural gas storage — — 3,046 — — — 3,046 Contracting services — — — 98,401 — — 98,401 Construction materials — — — 207,910 — — 207,910 Intrasegment eliminations — — — (44,104) — — (44,104) Inside specialty contracting — — — — 372,209 — 372,209 Outside specialty contracting — — — — 130,150 — 130,150 Other 8,450 2,498 3,241 — 351 2,991 17,531 Intersegment eliminations (195) (185) (25,199) (63) (2,470) (2,973) (31,085) Revenues from contracts with customers 86,206 324,329 10,610 262,144 500,240 18 1,183,547 Revenues out of scope (298) 2,114 45 — 11,965 — 13,826 Total external operating revenues $ 85,908 $ 326,443 $ 10,655 $ 262,144 $ 512,205 $ 18 $ 1,197,373 Presented in the previous tables are intrasegment revenues 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. The timing of invoicing to customers does not necessarily correlate with the timing of revenues being recognized under the cost-to-cost method of accounting. 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: March 31, 2021 December 31, 2020 Change Location on Consolidated Balance Sheets (In thousands) Contract assets $ 107,543 $ 104,345 $ 3,198 Receivables, net Contract liabilities - current (142,828) (158,603) 15,775 Accounts payable Contract liabilities - noncurrent (171) (52) (119) Noncurrent liabilities - other Net contract liabilities $ (35,456) $ (54,310) $ 18,854 The Company recognized $123.4 million in revenue for the three months ended March 31, 2021, which was previously included in contract liabilities at December 31, 2020. The Company recognized $89.4 million in revenue for the three months ended March 31, 2020, which was previously included in contract liabilities at December 31, 2019. The Company recognized a net increase in revenues of $34.3 million and $19.5 million for the three months ended March 31, 2021 and 2020, respectively, from performance obligations satisfied in prior periods. Remaining performance obligations The remaining performance obligations, also referred to as backlog, at the construction materials and contracting and construction services segments include unrecognized revenues that the Company reasonably expects to be realized. These unrecognized revenues can include: projects that have a written award, a letter of intent, a notice to proceed, an agreed upon work order to perform work on mutually accepted terms and conditions and change orders or claims to the extent management believes additional contract revenues will be earned and are deemed probable of collection. Excluded from remaining performance obligations are potential orders under master service agreements. The majority of the Company's construction contracts have an original duration of less than two years. The remaining performance obligations at the pipeline segment include firm transportation and storage contracts with fixed pricing and fixed volumes. The Company has applied the practical expedient, which does not require additional disclosures for contracts with an original duration of less than 12 months, to certain firm transportation and non-regulated contracts. The Company's firm transportation and firm storage contracts included in the remaining performance obligations have weighted average remaining durations of approximately five and one years, respectively. At March 31, 2021, the Company's remaining performance obligations were $2.2 billion. The Company expects to recognize the following revenue amounts in future periods related to these remaining performance obligations: $1.7 billion within the next 12 months or less; $283.8 million within the next 13 to 24 months; and $213.4 million in 25 months or more. |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Business Combinations | Business combinations The following acquisitions were accounted for as business combinations in accordance with ASC 805 - Business Combinations. The results of the acquired businesses have been included in the Consolidated Financial Statements beginning on the acquisition date. Pro forma financial amounts reflecting the effects of the business combinations are not presented, as none of these business combinations, individually or in the aggregate, were material to the Company's financial position or results of operations. The acquisitions are also subject to customary adjustments based on, among other things, the amount of cash, debt and working capital in the business as of the closing date. The amounts included in the Consolidated Balance Sheets for these adjustments are considered provisional until final settlement has occurred. In 2020, the construction materials and contracting segment made the following acquisitions: • The assets of McMurry Ready-Mix Co., an aggregates and concrete supplier in Wyoming, were acquired in December 2020. • The assets of Oldcastle Infrastructure Spokane, a prestressed-concrete business in Washington, were acquired in February 2020. In February 2020, the construction services segment acquired PerLectric, Inc., an electrical construction company in Virginia. The total purchase price for acquisitions that occurred in 2020 was $110.2 million, subject to certain adjustments, with cash acquired totaling $1.7 million. The purchase price includes consideration paid of $106.0 million and $2.5 million of indemnity holdback liabilities. The amounts allocated to the aggregated assets acquired and liabilities assumed during 2020 were as follows: $54.8 million to current assets; $27.1 million to property, plant and equipment; $33.6 million to goodwill; $19.0 million to other intangible assets; $22.6 million to current liabilities; $300,000 to noncurrent liabilities - other and $1.4 million to asset retirement obligations. As of December 31, 2020 and March 31, 2021, the purchase price adjustments had been settled and no material adjustments were made to the provisional accounting for Oldcastle Infrastructure Spokane and PerLectric, Inc., respectively. At March 31, 2021, the purchase price allocation for McMurry Ready-Mix Co. was preliminary and will be finalized within 12 months of the acquisition date. The Company issued debt to finance these acquisitions. Costs incurred for acquisitions are included in operation and maintenance expense on the Consolidated Statements of Income and were not material for the three months ended March 31, 2021 and 2020. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases The Company's leases primarily include operating leases for equipment, buildings, easements and vehicles. The Company leases certain equipment to third parties through its utility and construction services segments, which are considered short-term operating leases with terms of less than 12 months. The Company recognized revenue from operating leases of $12.0 million and $12.1 million for the three months ended March 31, 2021 and 2020, respectively. At March 31, 2021, the Company had $10.4 million of lease receivables with a majority due within 12 months. |
Goodwill and other intangible a
Goodwill and other intangible assets | 3 Months Ended |
Mar. 31, 2021 | |
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: Balance at January 1, 2021 Goodwill Measurement Balance at March 31, 2021 (In thousands) Natural gas distribution $ 345,736 $ — $ — $ 345,736 Construction materials and contracting 226,003 — — 226,003 Construction services 143,224 — — 143,224 Total $ 714,963 $ — $ — $ 714,963 Balance at January 1, 2020 Goodwill Measurement Balance at March 31, 2020 (In thousands) Natural gas distribution $ 345,736 $ — $ — $ 345,736 Construction materials and contracting 217,234 6,483 — 223,717 Construction services 118,388 25,686 — 144,074 Total $ 681,358 $ 32,169 $ — $ 713,527 Balance at January 1, 2020 Goodwill Measurement Balance at December 31, 2020 (In thousands) Natural gas distribution $ 345,736 $ — $ — $ 345,736 Construction materials and contracting 217,234 8,778 (9) 226,003 Construction services 118,388 24,436 400 143,224 Total $ 681,358 $ 33,214 $ 391 $ 714,963 Other amortizable intangible assets were as follows: March 31, 2021 March 31, 2020 December 31, 2020 (In thousands) Customer relationships $ 28,836 $ 30,087 $ 28,836 Less accumulated amortization 7,792 4,138 6,887 21,044 25,949 21,949 Noncompete agreements 3,941 4,229 3,941 Less accumulated amortization 2,441 1,928 2,309 1,500 2,301 1,632 Other 11,957 13,060 12,927 Less accumulated amortization 10,540 7,060 11,012 1,417 6,000 1,915 Total $ 23,961 $ 34,250 $ 25,496 The previous tables include goodwill and intangible assets associated with the business combinations completed during 2020. For more information related to these business combinations, see Note 10. Amortization expense for amortizable intangible assets for the three months ended March 31, 2021 and 2020, was $1.5 million and $2.0 million, respectively. Estimated amortization expense for identifiable intangible assets as of March 31, 2021, was: Remainder of 2021 2022 2023 2024 2025 Thereafter (In thousands) Amortization expense $ 3,377 $ 4,394 $ 4,121 $ 3,799 $ 1,862 $ 6,408 |
Regulatory assets and liabiliti
Regulatory assets and liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Assets and Liabilities | Regulatory assets and liabilities The following table summarizes the individual components of unamortized regulatory assets and liabilities: Estimated Recovery or Refund Period as of March 31, 2021 * March 31, 2021 March 31, 2020 December 31, 2020 (In thousands) Regulatory assets: Current: Natural gas costs recoverable through rate adjustments Up to 1 year $ 76,782 $ 39,805 $ 42,481 Cost recovery mechanisms Up to 1 year 7,130 6,686 10,645 Conservation programs Up to 1 year 6,679 6,303 7,117 Other Up to 1 year 7,861 2,412 8,284 98,452 55,206 68,527 Noncurrent: Pension and postretirement benefits ** 155,924 157,051 155,942 Plant retirement - 73,498 41,080 65,919 Plant costs/asset retirement obligations Over plant lives 72,250 67,475 71,740 Manufactured gas plant site remediation - 26,002 15,699 26,429 Cost recovery mechanisms Up to 10 years 15,508 11,891 16,245 Natural gas costs recoverable through rate adjustments Up to 3 years 15,158 33,027 21,539 Taxes recoverable from customers Over plant lives 10,800 11,082 10,785 Long-term debt refinancing costs Up to 39 years 4,268 4,133 4,426 Other Up to 18 years 6,509 6,751 6,356 379,917 348,189 379,381 Total regulatory assets $ 478,369 $ 403,395 $ 447,908 Regulatory liabilities: Current: Natural gas costs refundable through rate adjustments Up to 1 year $ 16,344 $ 32,181 $ 18,565 Taxes refundable to customers Up to 1 year 3,092 4,002 3,557 Electric fuel and purchased power deferral Up to 1 year 2,001 7,188 3,667 Other Up to 1 year 12,829 16,701 5,661 34,266 60,072 31,450 Noncurrent: Taxes refundable to customers Over plant lives 224,795 240,148 227,850 Plant removal and decommissioning costs Over plant lives 169,430 174,120 167,171 Pension and postretirement benefits ** 16,965 18,040 16,989 Other Up to 21 years 17,870 10,897 16,065 429,060 443,205 428,075 Total regulatory liabilities $ 463,326 $ 503,277 $ 459,525 Net regulatory position $ 15,043 $ (99,882) $ (11,617) * Estimated recovery or refund period for amounts currently being recovered or refunded in rates charged to customers. ** Recovered as expense is incurred or cash contributions are made. At March 31, 2021 and 2020, and December 31, 2020, approximately $361.4 million, $285.8 million and $332.5 million, respectively, of regulatory assets were not earning a rate of return; however, these regulatory assets are expected to be recovered from customers in future rates. These assets are largely comprised of the unfunded portion of pension and postretirement benefits, asset retirement obligations, accelerated depreciation on plant to be retired and the estimated future cost of manufactured gas plant site remediation. In February 2021, a prolonged period of unseasonably cold temperatures in the central United States significantly increased the demand for electric and natural gas services and contributed to increased market prices. Overall, Montana-Dakota and Great Plains incurred approximately $44.0 million in increased natural gas costs in February 2021 in order to maintain services for its customers. The Company has filed out-of-cycle purchased gas adjustment requests in four out of five jurisdictions affected by this cold-weather event, as discussed in Note 19, and will continue to engage with its regulators to determine the appropriate recovery periods over which to recover the associated natural gas costs. In 2019, the Company experienced increased natural gas costs in Washington from the rupture of the Enbridge pipeline in Canada in late 2018. As a result, the Company requested, and the WUTC approved, recovery of the balance of natural gas costs recoverable related to this period of time over three years rather than its normal one-year recovery period. In February 2019, the Company announced the retirement of three aging coal-fired electric generating units. The Company has accelerated the depreciation related to these facilities in property, plant and equipment and has recorded the difference between the accelerated depreciation, in accordance with GAAP, and the depreciation approved for rate-making purposes as regulatory assets. The first unit ceased operations on March 31, 2021, and as discussed in Note 19, requests have been filed with the NDPSC and SDPUC to offset the savings associated with the cessation of operations of this unit with the amortization of the deferred regulatory assets. The remaining two units are expected to be retired in early 2022. The Company expects to recover the regulatory assets related to the plant retirements in future rates. If, for any reason, the Company's regulated businesses cease to meet the criteria for application of regulatory accounting for all or part of their operations, the regulatory assets and liabilities relating to those portions ceasing to meet such criteria would be removed from the balance sheet and included in the statement of income or accumulated other comprehensive income (loss) in the period in which the discontinuance of regulatory accounting occurs. |
Fair value measurements
Fair value measurements | 3 Months Ended |
Mar. 31, 2021 | |
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 insurance contracts, to satisfy its obligations under its unfunded, nonqualified defined benefit and defined contribution 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 $101.6 million, $83.3 million and $100.1 million, at March 31, 2021 and 2020, and December 31, 2020, respectively, are classified as investments on the Consolidated Balance Sheets. The net unrealized gains on these investments was $127,000 for the three months ended March 31, 2021. The net unrealized loss on these investments was $3.7 million for the three months ended March 31, 2020. 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. The Company did not elect the fair value option, which records gains and losses in income, for its available-for-sale securities, which 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: March 31, 2021 Cost Gross Gross Fair Value (In thousands) Mortgage-backed securities $ 8,709 $ 155 $ 10 $ 8,854 U.S. Treasury securities 2,636 — 14 2,622 Total $ 11,345 $ 155 $ 24 $ 11,476 March 31, 2020 Cost Gross Gross Fair Value (In thousands) Mortgage-backed securities $ 9,691 $ 236 $ — $ 9,927 U.S. Treasury securities 1,173 12 — 1,185 Total $ 10,864 $ 248 $ — $ 11,112 December 31, 2020 Cost Gross Gross Fair Value (In thousands) Mortgage-backed securities $ 9,799 $ 156 $ 9 $ 9,946 U.S. Treasury securities 1,386 — 5 1,381 Total $ 11,185 $ 156 $ 14 $ 11,327 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 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 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 insurance contracts are 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. The Company's assets measured at fair value on a recurring basis were as follows: Fair Value Measurements at March 31, 2021, Using Quoted Prices in Significant Significant Balance at March 31, 2021 (In thousands) Assets: Money market funds $ 9,388 $ — $ 9,388 Insurance contracts* — 101,632 101,632 Available-for-sale securities: Mortgage-backed securities — 8,854 — 8,854 U.S. Treasury securities — 2,622 — 2,622 Total assets measured at fair value $ — $ 122,496 $ — $ 122,496 * The insurance contracts invest approximately 54 percent in fixed-income investments, 19 percent in common stock of large-cap companies, 10 percent in common stock of mid-cap companies, 9 percent in common stock of small-cap companies, 6 percent in target date investments and 2 percent in cash equivalents. Fair Value Measurements at March 31, 2020, Using Quoted Prices in Significant Significant Balance at March 31, 2020 (In thousands) Assets: Money market funds $ — $ 8,470 $ — $ 8,470 Insurance contract* — 83,254 — 83,254 Available-for-sale securities: Mortgage-backed securities — 9,927 — 9,927 U.S. Treasury securities — 1,185 — 1,185 Total assets measured at fair value $ — $ 102,836 $ — $ 102,836 * The insurance contract invests approximately 58 percent in fixed-income investments, 20 percent in common stock of large-cap companies, 8 percent in common stock of mid-cap companies, 8 percent in common stock of small-cap companies, 4 percent in target date investments and 2 percent in cash equivalents. Fair Value Measurements at December 31, 2020, Using Quoted Prices in Significant Significant Balance at December 31, 2020 (In thousands) Assets: Money market funds $ — $ 8,917 $ — $ 8,917 Insurance contract* — 100,104 — 100,104 Available-for-sale securities: Mortgage-backed securities — 9,946 — 9,946 U.S. Treasury securities — 1,381 — 1,381 Total assets measured at fair value $ — $ 120,348 $ — $ 120,348 * The insurance contract invests approximately 57 percent in fixed-income investments, 18 percent in common stock of large-cap companies, 9 percent in common stock of mid-cap companies, 9 percent in common stock of small-cap companies, 5 percent in target date investments and 2 percent in cash equivalents. The Company applies the provisions of the fair value measurement standard to its nonrecurring, non-financial measurements, including long-lived asset impairments. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. The Company reviews the carrying value of its long-lived assets, excluding goodwill, whenever events or changes in circumstances indicate that such carrying amounts may not be recoverable. The Company performed fair value assessments of the assets acquired and liabilities assumed in the business combinations that occurred during 2020. The fair value of these assets and liabilities were determined based on Level 2 and Level 3 inputs. The estimated fair value of the Company's Level 2 commodity derivative instruments is based on futures prices, volatility and time to maturity, among other things. Counterparty statements are utilized to determine the value of the commodity derivative instruments and are reviewed and corroborated using various methodologies and significant observable inputs. The Company's and the counterparties' nonperformance risk is also evaluated . 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 categorized as Level 2 in the fair value hierarchy and 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: March 31, 2021 March 31, 2020 December 31, 2020 (In thousands) Carrying amount $ 2,253,274 $ 2,455,235 $ 2,213,130 Fair value $ 2,473,806 $ 2,618,297 $ 2,537,289 The carrying amounts of the Company's remaining financial instruments included in current assets and current liabilities approximate their fair values . |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt Certain debt instruments of the Company's subsidiaries contain restrictive and financial covenants and cross-default provisions. In order to borrow under the debt agreements, the subsidiary companies must be in compliance with the applicable covenants and certain other conditions, all of which the subsidiaries, as applicable, were in compliance with at March 31, 2021. In the event the subsidiaries do not comply with the applicable covenants and other conditions, alternative sources of funding may need to be pursued. Montana-Dakota's and Centennial's respective commercial paper programs are supported by revolving credit agreements. While the amount of commercial paper outstanding does not reduce available capacity under the respective revolving credit agreements, Montana-Dakota and Centennial do not issue commercial paper in an aggregate amount exceeding the available capacity under the credit agreements. The commercial paper borrowings may vary during the period, largely the result of fluctuations in working capital requirements due to the seasonality of certain operations of the Company's subsidiaries. Long-term debt Long-term Debt Outstanding Long-term debt outstanding was as follows: Weighted Average Interest Rate at March 31, 2021 March 31, 2021 March 31, 2020 December 31, 2020 (In thousands) Senior Notes due on dates ranging from October 22, 2022 to October 30, 2060 4.40 % $ 1,950,000 $ 1,850,000 $ 1,950,000 Commercial paper supported by revolving credit agreements .33 % 218,900 265,000 125,600 Credit agreements due on June 7, 2024 2.20 % 43,350 259,550 95,900 Medium-Term Notes due on dates ranging from September 15, 2027 to March 16, 2029 7.32 % 35,000 50,000 35,000 Term Loan Agreement due on September 3, 2032 2.00 % 8,400 9,100 8,400 Other notes due on dates ranging from July 15, 2021 to July 1, 2061 .82 % 3,282 28,374 4,034 Less unamortized debt issuance costs 5,655 6,640 5,803 Less discount 3 149 1 Total long-term debt 2,253,274 2,455,235 2,213,130 Less current maturities 1,552 16,560 1,555 Net long-term debt $ 2,251,722 $ 2,438,675 $ 2,211,575 Schedule of Debt Maturities Long-term debt maturities, which excludes unamortized debt issuance costs and discount, at March 31, 2021, were as follows: Remainder of 2022 2023 2024 2025 Thereafter (In thousands) Long-term debt maturities $ 780 $ 148,021 $ 77,921 $ 323,672 $ 177,802 $ 1,530,736 |
Cash flow information
Cash flow information | 3 Months Ended |
Mar. 31, 2021 | |
Supplemental Cash Flow Information [Abstract] | |
Cash flow information | Cash flow information Cash expenditures for interest and income taxes were as follows: Three Months Ended March 31, 2021 2020 (In thousands) Interest, net* $ 14,303 $ 15,978 Income taxes paid (refunded), net $ 13,880 $ (1) * AFUDC - borrowed was $348,000 and $627,000 for the three months ended March 31, 2021 and 2020, respectively. Noncash investing and financing transactions were as follows: March 31, 2021 March 31, 2020 December 31, 2020 (In thousands) Right-of-use assets obtained in exchange for new operating lease liabilities $ 9,236 $ 10,655 $ 54,356 Property, plant and equipment additions in accounts payable $ 20,594 $ 27,425 $ 26,082 Accrual for holdback payment related to a business combination $ — $ 5,000 $ 2,500 |
Business segment data
Business segment data | 3 Months Ended |
Mar. 31, 2021 | |
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 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 segment provides natural gas transportation and underground storage services through a regulated pipeline system primarily in the Rocky Mountain and northern Great Plains regions of the United States. This segment also provides non-regulated cathodic protection and other energy-related services. In 2020, the pipeline segment divested its regulated and non-regulated natural gas gathering assets. With the completion of these sales, the segment exited the natural gas gathering business. The construction materials and contracting segment mines, processes and sells construction aggregates (crushed stone, sand and gravel); produces and sells asphalt mix; and supplies 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, as well as Alaska and Hawaii. The construction services segment provides inside and outside specialty contracting services in 44 states plus Washington D.C. Its inside services include design, construction and maintenance of electrical and communication wiring and infrastructure, fire suppression systems, and mechanical piping and 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. This segment also constructs and maintains renewable energy projects. These specialty contracting services are provided to utilities and large manufacturing, commercial, industrial, institutional and governmental customers. The Other category includes the activities of Centennial Capital, which, through its subsidiary InterSource Insurance Company, 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. In addition, the Other category includes certain assets, liabilities and tax adjustments of the holding company primarily associated with corporate functions and 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 include the results and supporting activities of Fidelity other than certain general and administrative costs and interest expense as described above. The information below follows the same accounting policies as described in Note 2 of the Notes to Consolidated Financial Statements in the 2020 Annual Report. Information on the Company's segments was as follows: Three Months Ended March 31, 2021 2020 (In thousands) External operating revenues: Regulated operations: Electric $ 84,673 $ 85,908 Natural gas distribution 350,206 326,443 Pipeline 7,502 6,331 442,381 418,682 Non-regulated operations: Pipeline 2,411 4,324 Construction materials and contracting 265,659 262,144 Construction services 517,470 512,205 Other 17 18 785,557 778,691 Total external operating revenues $ 1,227,938 $ 1,197,373 Three Months Ended March 31, 2021 2020 (In thousands) Intersegment operating revenues: Regulated operations: Electric $ 136 $ 195 Natural gas distribution 142 185 Pipeline 25,990 25,183 26,268 25,563 Non-regulated operations: Pipeline 239 16 Construction materials and contracting 62 63 Construction services 1,042 2,470 Other 3,324 2,973 4,667 5,522 Intersegment eliminations (30,935) (31,085) Total intersegment operating revenues $ — $ — Operating income (loss): Electric $ 13,865 $ 14,859 Natural gas distribution 53,573 49,998 Pipeline 12,536 11,419 Construction materials and contracting (34,889) (43,269) Construction services 40,277 23,796 Other (198) 267 Total operating income $ 85,164 $ 57,070 Net income (loss): Regulated operations: Electric $ 10,749 $ 11,374 Natural gas distribution 36,178 32,369 Pipeline 9,194 7,386 56,121 51,129 Non-regulated operations: Pipeline (296) (13) Construction materials and contracting (30,813) (38,215) Construction services 29,825 16,823 Other (2,721) (4,185) (4,005) (25,590) Income from continuing operations 52,116 25,539 Income (loss) from discontinued operations, net of tax 15 (409) Net income $ 52,131 $ 25,130 |
Employee benefit plans
Employee benefit plans | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee benefit plans | Employee benefit plans Pension and other postretirement plans The Company has noncontributory 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 Three Months Ended March 31, 2021 2020 2021 2020 (In thousands) Components of net periodic benefit cost (credit): Service cost $ — $ — $ 400 $ 352 Interest cost 2,455 2,973 466 591 Expected return on assets (4,894) (4,761) (1,275) (1,248) Amortization of prior service credit — — (349) (297) Amortization of net actuarial loss 2,004 1,863 6 2 Net periodic benefit cost (credit), including amount capitalized (435) 75 (752) (600) Less amount capitalized — — 39 32 Net periodic benefit cost (credit) $ (435) $ 75 $ (791) $ (632) 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. The service cost component is included in operation and maintenance expense on the Consolidated Statements of Income. Nonqualified defined benefit plans In addition to the qualified defined benefit pension plans reflected in the table at the beginning of this note, the Company also has unfunded, nonqualified defined benefit plans for executive officers and certain key management employees. The Company's net periodic benefit cost for these plans was $769,000 and $1.0 million for the three months ended March 31, 2021 and 2020, respectively. The components of net periodic benefit cost for these plans are included in other income on the Consolidated Statements of Income. |
Regulatory matters
Regulatory matters | 3 Months Ended |
Mar. 31, 2021 | |
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. Certain regulatory proceedings and cases may also contain recurring mechanisms that can have an annual true-up. Examples of these recurring mechanisms include: infrastructure riders, transmission trackers, renewable resource cost adjustment riders, as well as weather normalization and decoupling mechanisms. The following paragraphs summarize the Company's significant open regulatory proceedings and cases by jurisdiction including updates to those reported in the 2020 Annual Report. The Company is unable to predict the ultimate outcome of these matters, the timing of final decisions of the various regulators and courts, or the effect on the Company's results of operations, financial position or cash flows. IPUC On January 12, 2021, Intermountain filed an application with the IPUC for a decrease in its depreciation and amortization rates of approximately $2.9 million annually or a decrease from a combined rate of 3.0 percent to 2.6 percent. Intermountain has requested the rates be retroactive to January 1, 2021. This matter is pending before the IPUC. MNPUC On September 27, 2019, Great Plains filed an application with the MNPUC for a natural gas rate increase of approximately $2.9 million annually or approximately 12.0 percent above current rates. The requested increase was primarily to recover investments in facilities to enhance safety and reliability and the depreciation and taxes associated with the increase in investment. On November 22, 2019, Great Plains received approval to implement an interim rate increase of approximately $2.6 million or approximately 11.0 percent, subject to refund, effective January 1, 2020. On October 26, 2020, the MNPUC issued an order authorizing an annual increase in revenues of approximately $2.6 million or approximately 11.5 percent. On February 25, 2021, the MNPUC approved implementing the rates effective April 1, 2021. Great Plains defers the difference between the actual cost of gas spent to serve customers and that recovered from customers on a monthly basis. Annually the Company prepares a true-up pursuant to the purchased gas adjustment tariff. On March 30, 2021, Great Plains filed an out-of-cycle cost of gas adjustment with the MNPUC for the recovery of approximately $11.1 million. The requested increase was for the February 2021 extreme cold weather, primarily in the central United States, and market conditions surrounding the natural gas commodity market. The length of recovery was requested at 28 months with a rate structure that is higher in the summer and lower in the winter due to the lower gas usage in the summer to mitigate the impact on customers. This matter is pending before the MNPUC. NDPSC On August 26, 2020, Montana-Dakota filed an application with the NDPSC for a natural gas rate increase of approximately $9.0 million annually or approximately 7.8 percent above current rates. The requested increase was primarily to recover investments in facilities to enhance system safety and reliability and the depreciation and taxes associated with the increase in investment. On December 16, 2020, Montana-Dakota received approval to implement an interim rate increase of approximately $6.9 million or approximately 6.0 percent, subject to refund, effective January 1, 2021. A hearing was held March 17 and 18, 2021. On April 9, 2021, Montana-Dakota, NDPSC Advocacy Staff and the intervener in the case filed a settlement agreement reflecting an updated increase of approximately $6.9 million annually or approximately 6.0 percent above current rates. On May 5, 2021, the NDPSC approved the settlement agreement with rates effective June 1, 2021. On March 2, 2021, Montana-Dakota filed an informational update to the generation resource recovery rider with the NDPSC related to the retirement of Unit 1 at Lewis & Clark Station. The filing includes the annual revenue requirement offset by the related amortization of the accelerated depreciation on the plant, net of excess deferred income taxes, and the decommissioning costs projected to be incurred in 2021 resulting in no impact to customers. Montana-Dakota defers the difference between the actual cost of gas spent to serve customers and that recovered from customers on a monthly basis. Annually the Company prepares a true-up pursuant to the purchased gas adjustment tariff. On March 31, 2021, Montana-Dakota filed an out-of-cycle cost of gas adjustment with the NDPSC for approximately $13.5 million. The requested increase was for the February 2021 extreme cold weather, primarily in the central United States, and market conditions surrounding the natural gas commodity market. The filing was made to expedite recovery of these costs and maintain the timing of annual purchased gas adjustment filings. This matter is pending before the NDPSC. SDPUC Montana-Dakota has a transmission cost recovery rider that allows annual updates to rates for actual costs for transmission-related projects and services. On March 1, 2021, Montana-Dakota filed an annual update to its transmission cost recovery rider to recover a revenue requirement of approximately $1.0 million annually, which reflects a true-up of the prior period adjustment, resulting in an increase in current rates of approximately $274,000. On April 30, 2021, the SDPUC approved the rates as requested with an effective date of May 1, 2021. Montana-Dakota has an infrastructure rider rate tariff that allows for annual adjustments for recent projected capital costs and related expenses for projects determined to be recoverable under the electric tariff. On February 26, 2021, Montana-Dakota filed an annual update to its infrastructure rider requesting to recover a revenue requirement of approximately $1.0 million annually, which reflects a true-up of the prior period adjustment, resulting in a decrease in current rates of approximately $236,000. On April 30, 2021, the SDPUC approved the rates as requested with an effective date of May 1, 2021. On March 11, 2021, Montana-Dakota filed an informational update to the infrastructure rider rate tariff with the SDPUC related to the retirement of Unit 1 at Lewis & Clark Station. The filing includes the annual revenue requirement offset by the related amortization of the accelerated depreciation on the plant, net of excess deferred income taxes, and the decommissioning costs projected to be incurred in 2021 resulting in no impact to customers. This matter is pending before the SDPUC. Montana-Dakota defers the difference between the actual cost of gas spent to serve customers and that recovered from customers on a monthly basis. Annually the Company prepares a true-up pursuant to the purchased gas cost adjustment tariff. On March 31, 2021, Montana-Dakota filed an out-of-cycle cost of gas adjustment with the SDPUC for approximately $5.5 million. The requested increase was for the February 2021 extreme cold weather, primarily in the central United States, and market conditions surrounding the natural gas commodity market. The filing was made to expedite recovery of these costs and maintain the timing of annual purchased gas adjustment filings. On April 30, 2021, the SDPUC approved the rates as requested with an effective date of May 1, 2021. WUTC On June 19, 2020, Cascade filed an application with the WUTC for a natural gas rate increase of approximately $13.8 million annually or approximately 5.3 percent above current rates. The requested increase was primarily to recover investments made in infrastructure upgrades, as well as increased operation and maintenance costs. Cascade updated its filing on July 24, 2020, to approximately $14.3 million annually or approximately 5.5 percent. Cascade filed a rebuttal case on January 8, 2021, supporting an increase of approximately $7.4 million annually or approximately 2.8 percent. The revised revenue within the rebuttal case reflects several adjustments including depreciation, reduction to return on equity, delays on certain projects, adjustments to income taxes and updates to wages. A hearing was held February 24, 2021, and briefs were filed with the WUTC on March 22, 2021. The WUTC has 11 months to render a final decision on the rate case. This matter is pending before the WUTC. WYPSC On May 14, 2020, Montana-Dakota filed separate requests for its electric and natural gas services with the WYPSC to use deferred accounting for costs related to the COVID-19 pandemic. Montana-Dakota determined the deferred accounting orders were no longer needed and the filings were withdrawn by Montana-Dakota on March 2, 2021. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
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. At March 31, 2021 and 2020, and December 31, 2020, the Company accrued liabilities which have not been discounted, including liabilities held for sale, of $55.0 million, $33.1 million and $41.5 million, respectively. At March 31, 2021 and 2020, and December 31, 2020, the Company also recorded corresponding insurance receivables of $31.6 million, $19.0 million and $17.5 million, respectively, and regulatory assets of $20.9 million, $10.8 million and $21.3 million, respectively, related to the accrued liabilities. The accruals are for contingencies, including litigation, production taxes, royalty claims and environmental matters. This includes amounts that 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 The Company is a party to claims for the cleanup of environmental contamination at certain manufactured gas plant sites, as well as a superfund site. There were no material changes to the Company's environmental matters that were previously reported in the 2020 Annual Report. Guarantees 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. The remaining guarantee is expected to expire in 2021. 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 March 31, 2021, the fixed maximum amounts guaranteed under these agreements aggregated $235.8 million. Certain of the guarantees also have no fixed maximum amounts specified. At March 31, 2021, the amounts of scheduled expiration of the maximum amounts guaranteed under these agreements aggregate to $120.8 million in 2021; $42.4 million in 2022; $61.9 million in 2023; $500,000 in 2024; $500,000 in 2025; $700,000 thereafter; and $9.0 million, which has no scheduled maturity date. There were no amounts outstanding under the previously mentioned guarantees at March 31, 2021. 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 March 31, 2021, the fixed maximum amounts guaranteed under these letters of credit aggregated $25.5 million. At March 31, 2021, the amounts of scheduled expiration of the maximum amounts guaranteed under these letters of credit aggregate to $23.6 million in 2021 and $1.9 million in 2022. There were no amounts outstanding under the previously mentioned letters of credit at March 31, 2021. 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 March 31, 2021. 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 March 31, 2021, approximately $1.1 billion 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 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 March 31, 2021, 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 $33.1 million. |
Basis of presentation (Policies
Basis of presentation (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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 2020 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. |
New accounting standards (Polic
New accounting standards (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New accounting standards | Recently adopted accounting standards ASU 2018-14 - Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued guidance on modifying the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans as part of the disclosure framework project. The guidance removes disclosures that are no longer considered cost beneficial, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant. The guidance adds, among other things, the requirement to include an explanation for significant gains and losses related to changes in benefit obligations for the period. The guidance removes, among other things, the disclosure requirement to disclose the amount of net periodic benefit costs to be amortized over the next fiscal year from accumulated other comprehensive income (loss) and the effects a one percentage point change in assumed health care cost trend rates will have on certain benefit components. The Company adopted the guidance on January 1, 2021, on a retrospective basis. The Company determined the new guidance will not materially impact its consolidated financial statement disclosures. ASU 2019-12 - Simplifying the Accounting for Income Taxes In December 2019, the FASB issued guidance on simplifying the accounting for income taxes by removing certain exceptions in ASC 740 and providing simplification amendments. The guidance removes exceptions on intraperiod tax allocations and reporting and provides simplification on accounting for franchise taxes, tax basis goodwill and tax law changes. The Company adopted the guidance on January 1, 2021, and determined it did not have a material impact on its results of operations, financial position, cash flows or disclosures. Recently issued accounting standards not yet adopted ASU 2020-04 - Reference Rate Reform In March 2020, the FASB issued optional guidance to ease the facilitation of the effects of reference rate reform on financial reporting. The guidance applies to certain contract modifications, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. LIBOR is expected to be retired with a full phase-out by the end of 2021 and replaced by a new reference rate, which includes SOFR. The guidance can be applied beginning in the interim period that includes March 12, 2020, and cannot be applied to contract modifications or hedging relationships entered into or evaluated after December 31, 2022. The Company has updated its credit agreements to include language regarding the successor or alternate rate to LIBOR, and a review of other contracts and agreements is on-going. The Company does not expect the guidance to have a material impact on its results of operations, financial position, cash flows or disclosures. |
Receivables and allowance for_2
Receivables and allowance for expected credit losses (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Credit Loss [Abstract] | |
Accounts receivable and allowance for doubtful accounts | Receivables consists primarily of trade receivables from the sale of goods and services, which are recorded at the invoiced amount, and contract assets, net of expected credit losses. For more information on contract assets, see Note 9. The Company's trade receivables are all due in 12 months or less. |
Expected credit loss | The Company's expected credit losses are determined through a review using historical credit loss experience, changes in asset specific characteristics, current conditions and reasonable and supportable future forecasts, among other specific account data, and is performed at least quarterly. The Company develops and documents its methodology to determine its allowance for expected credit losses at each of its reportable business segments. Risk characteristics used by the business segments may include customer mix, knowledge of customers, general economic conditions of the various local economies and impacts of COVID-19, among others. Specific account balances are written off when management determines the amounts to be uncollectible. |
Inventories and natural gas i_2
Inventories and natural gas in storage (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories and natural gas in storage | Natural gas in storage for the Company's regulated operations is generally valued at lower of cost or market using the last-in, first-out method or lower of cost or net realizable value using the average cost or first-in, first-out method. The majority of all other inventories are valued at the lower of cost or net realizable value using the average cost method. |
Earnings per share (Policies)
Earnings per share (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per share | Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the applicable period. Diluted earnings per share is computed by dividing net income by the total of the weighted average number of shares of common stock outstanding during the applicable period, plus the effect of non-vested performance share awards and restricted stock units. Common stock outstanding includes issued shares less shares held in treasury. |
Revenue from contracts with c_2
Revenue from contracts with customers (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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. |
Business Combinations (Policies
Business Combinations (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Business Combinations Policy [Policy Text Block] | The following acquisitions were accounted for as business combinations in accordance with ASC 805 - Business Combinations. The results of the acquired businesses have been included in the Consolidated Financial Statements beginning on the acquisition date. Pro forma financial amounts reflecting the effects of the business combinations are not presented, as none of these business combinations, individually or in the aggregate, were material to the Company's financial position or results of operations. |
Fair value disclosures (Policie
Fair value disclosures (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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, which 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) | 3 Months Ended |
Mar. 31, 2021 | |
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) | 3 Months Ended |
Mar. 31, 2021 | |
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. |
Accounts receivable and allowan
Accounts receivable and allowance for doubtful accounts Receivables and allowance for expected credit losses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Credit Loss [Abstract] | |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Details of the Company's expected credit losses were as follows: Electric Natural gas Pipeline Construction Construction Total (In thousands) At December 31, 2020 $ 899 $ 2,571 $ 2 $ 6,164 $ 5,722 $ 15,358 Current expected credit loss provision 538 1,273 — (1,049) (1,079) (317) Less write-offs charged against the allowance 888 1,107 — 273 401 2,669 Credit loss recoveries collected 129 213 — — — 342 At March 31, 2021 $ 678 $ 2,950 $ 2 $ 4,842 $ 4,242 $ 12,714 Electric Natural gas Pipeline Construction Construction Total (In thousands) At January 1, 2020 $ 328 $ 1,056 $ — $ 5,357 $ 1,756 $ 8,497 Current expected credit loss provision 555 1,156 — 694 1,150 3,555 Less write-offs charged against the allowance 500 624 — 68 73 1,265 Credit loss recoveries collected 109 229 — — — 338 At March 31, 2020 $ 492 $ 1,817 $ — $ 5,983 $ 2,833 $ 11,125 |
Inventories and natural gas i_3
Inventories and natural gas in storage (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories on the Consolidated Balance Sheets were as follows: March 31, 2021 March 31, 2020 December 31, 2020 (In thousands) Aggregates held for resale $ 180,450 $ 155,976 $ 175,782 Asphalt oil 59,853 73,842 28,238 Materials and supplies 26,481 26,293 25,142 Merchandise for resale 24,319 23,109 21,087 Natural gas in storage (current) 8,113 7,872 21,919 Other 17,521 18,866 18,999 Total $ 316,737 $ 305,958 $ 291,167 |
Earnings per share (Tables)
Earnings per share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 follows: Three Months Ended March 31, 2021 2020 (In thousands, except per share amounts) Weighted average common shares outstanding - basic 200,708 200,440 Effect of dilutive performance share awards and restricted stock units 244 16 Weighted average common shares outstanding - diluted 200,952 200,456 Shares excluded from the calculation of diluted earnings per share — 68 Dividends declared per common share $ .2125 $ .2075 |
Accumulated other comprehensi_2
Accumulated other comprehensive income (loss) (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Accumulated comprehensive loss | The after-tax changes in the components of accumulated other comprehensive loss were as follows: Net Unrealized Postretirement Net Unrealized Total (In thousands) At December 31, 2020 $ (984) $ (47,207) $ 113 $ (48,078) Other comprehensive loss before reclassifications — — (44) (44) Amounts reclassified from accumulated other comprehensive loss 111 466 35 612 Net current-period other comprehensive income (loss) 111 466 (9) 568 At March 31, 2021 $ (873) $ (46,741) $ 104 $ (47,510) Net Unrealized Postretirement Net Unrealized Total (In thousands) At December 31, 2019 $ (1,430) $ (40,734) $ 62 $ (42,102) Other comprehensive income before reclassifications — — 135 135 Amounts reclassified (to) from accumulated other comprehensive loss 111 462 (1) 572 Net current-period other comprehensive income 111 462 134 707 At March 31, 2020 $ (1,319) $ (40,272) $ 196 $ (41,395) |
Reclassification out of accumulated other comprehensive loss | 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 on the Consolidated Statements of Income. The reclassifications were as follows: Three Months Ended Location on Consolidated March 31, 2021 2020 (In thousands) Reclassification adjustment for loss on derivative instruments included in net income $ (148) $ (147) Interest expense 37 36 Income taxes (111) (111) Amortization of postretirement liability losses included in net periodic benefit cost (617) (611) Other income 151 149 Income taxes (466) (462) Reclassification adjustment on available-for-sale investments included in net income (44) 1 Other income 9 — Income taxes (35) 1 Total reclassifications $ (612) $ (572) |
Revenue from contracts with c_3
Revenue from contracts with customers (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of revenue | In the following tables, 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 17. Three Months Ended March 31, 2021 Electric Natural gas Pipeline Construction Construction Other Total (In thousands) Residential utility sales $ 33,436 $ 203,137 $ — $ — $ — $ — $ 236,573 Commercial utility sales 32,928 120,052 — — — — 152,980 Industrial utility sales 10,029 8,812 — — — — 18,841 Other utility sales 1,566 — — — — — 1,566 Natural gas transportation — 12,452 29,417 — — — 41,869 Natural gas storage — — 4,029 — — — 4,029 Contracting services — — — 96,025 — — 96,025 Construction materials — — — 216,412 — — 216,412 Intrasegment eliminations — — — (46,716) — — (46,716) Inside specialty contracting — — — — 355,190 — 355,190 Outside specialty contracting — — — — 151,363 — 151,363 Other 9,773 3,009 2,660 — 36 3,341 18,819 Intersegment eliminations (136) (142) (26,229) (62) (1,042) (3,324) (30,935) Revenues from contracts with customers 87,596 347,320 9,877 265,659 505,547 17 1,216,016 Revenues out of scope (2,923) 2,886 36 — 11,923 — 11,922 Total external operating revenues $ 84,673 $ 350,206 $ 9,913 $ 265,659 $ 517,470 $ 17 $ 1,227,938 Three Months Ended March 31, 2020 Electric Natural gas Pipeline Construction Construction Other Total (In thousands) Residential utility sales $ 32,349 $ 186,701 $ — $ — $ — $ — $ 219,050 Commercial utility sales 33,587 114,996 — — — — 148,583 Industrial utility sales 10,367 8,521 — — — — 18,888 Other utility sales 1,648 — — — — — 1,648 Natural gas transportation — 11,798 27,432 — — — 39,230 Natural gas gathering — — 2,090 — — — 2,090 Natural gas storage — — 3,046 — — — 3,046 Contracting services — — — 98,401 — — 98,401 Construction materials — — — 207,910 — — 207,910 Intrasegment eliminations — — — (44,104) — — (44,104) Inside specialty contracting — — — — 372,209 — 372,209 Outside specialty contracting — — — — 130,150 — 130,150 Other 8,450 2,498 3,241 — 351 2,991 17,531 Intersegment eliminations (195) (185) (25,199) (63) (2,470) (2,973) (31,085) Revenues from contracts with customers 86,206 324,329 10,610 262,144 500,240 18 1,183,547 Revenues out of scope (298) 2,114 45 — 11,965 — 13,826 Total external operating revenues $ 85,908 $ 326,443 $ 10,655 $ 262,144 $ 512,205 $ 18 $ 1,197,373 |
Contract balances | The changes in contract assets and liabilities were as follows: March 31, 2021 December 31, 2020 Change Location on Consolidated Balance Sheets (In thousands) Contract assets $ 107,543 $ 104,345 $ 3,198 Receivables, net Contract liabilities - current (142,828) (158,603) 15,775 Accounts payable Contract liabilities - noncurrent (171) (52) (119) Noncurrent liabilities - other Net contract liabilities $ (35,456) $ (54,310) $ 18,854 |
Goodwill and other intangible_2
Goodwill and other intangible assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in the carrying amount of goodwill | The changes in the carrying amount of goodwill were as follows: Balance at January 1, 2021 Goodwill Measurement Balance at March 31, 2021 (In thousands) Natural gas distribution $ 345,736 $ — $ — $ 345,736 Construction materials and contracting 226,003 — — 226,003 Construction services 143,224 — — 143,224 Total $ 714,963 $ — $ — $ 714,963 Balance at January 1, 2020 Goodwill Measurement Balance at March 31, 2020 (In thousands) Natural gas distribution $ 345,736 $ — $ — $ 345,736 Construction materials and contracting 217,234 6,483 — 223,717 Construction services 118,388 25,686 — 144,074 Total $ 681,358 $ 32,169 $ — $ 713,527 Balance at January 1, 2020 Goodwill Measurement Balance at December 31, 2020 (In thousands) Natural gas distribution $ 345,736 $ — $ — $ 345,736 Construction materials and contracting 217,234 8,778 (9) 226,003 Construction services 118,388 24,436 400 143,224 Total $ 681,358 $ 33,214 $ 391 $ 714,963 |
Other amortizable intangible assets | Other amortizable intangible assets were as follows: March 31, 2021 March 31, 2020 December 31, 2020 (In thousands) Customer relationships $ 28,836 $ 30,087 $ 28,836 Less accumulated amortization 7,792 4,138 6,887 21,044 25,949 21,949 Noncompete agreements 3,941 4,229 3,941 Less accumulated amortization 2,441 1,928 2,309 1,500 2,301 1,632 Other 11,957 13,060 12,927 Less accumulated amortization 10,540 7,060 11,012 1,417 6,000 1,915 Total $ 23,961 $ 34,250 $ 25,496 |
Estimated amortization expense | Estimated amortization expense for identifiable intangible assets as of March 31, 2021, was: Remainder of 2021 2022 2023 2024 2025 Thereafter (In thousands) Amortization expense $ 3,377 $ 4,394 $ 4,121 $ 3,799 $ 1,862 $ 6,408 |
Regulatory assets and liabili_2
Regulatory assets and liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Assets | The following table summarizes the individual components of unamortized regulatory assets and liabilities: Estimated Recovery or Refund Period as of March 31, 2021 * March 31, 2021 March 31, 2020 December 31, 2020 (In thousands) Regulatory assets: Current: Natural gas costs recoverable through rate adjustments Up to 1 year $ 76,782 $ 39,805 $ 42,481 Cost recovery mechanisms Up to 1 year 7,130 6,686 10,645 Conservation programs Up to 1 year 6,679 6,303 7,117 Other Up to 1 year 7,861 2,412 8,284 98,452 55,206 68,527 Noncurrent: Pension and postretirement benefits ** 155,924 157,051 155,942 Plant retirement - 73,498 41,080 65,919 Plant costs/asset retirement obligations Over plant lives 72,250 67,475 71,740 Manufactured gas plant site remediation - 26,002 15,699 26,429 Cost recovery mechanisms Up to 10 years 15,508 11,891 16,245 Natural gas costs recoverable through rate adjustments Up to 3 years 15,158 33,027 21,539 Taxes recoverable from customers Over plant lives 10,800 11,082 10,785 Long-term debt refinancing costs Up to 39 years 4,268 4,133 4,426 Other Up to 18 years 6,509 6,751 6,356 379,917 348,189 379,381 Total regulatory assets $ 478,369 $ 403,395 $ 447,908 Regulatory liabilities: Current: Natural gas costs refundable through rate adjustments Up to 1 year $ 16,344 $ 32,181 $ 18,565 Taxes refundable to customers Up to 1 year 3,092 4,002 3,557 Electric fuel and purchased power deferral Up to 1 year 2,001 7,188 3,667 Other Up to 1 year 12,829 16,701 5,661 34,266 60,072 31,450 Noncurrent: Taxes refundable to customers Over plant lives 224,795 240,148 227,850 Plant removal and decommissioning costs Over plant lives 169,430 174,120 167,171 Pension and postretirement benefits ** 16,965 18,040 16,989 Other Up to 21 years 17,870 10,897 16,065 429,060 443,205 428,075 Total regulatory liabilities $ 463,326 $ 503,277 $ 459,525 Net regulatory position $ 15,043 $ (99,882) $ (11,617) * Estimated recovery or refund period for amounts currently being recovered or refunded in rates charged to customers. ** Recovered as expense is incurred or cash contributions are made. |
Regulatory Liabilities | The following table summarizes the individual components of unamortized regulatory assets and liabilities: Estimated Recovery or Refund Period as of March 31, 2021 * March 31, 2021 March 31, 2020 December 31, 2020 (In thousands) Regulatory assets: Current: Natural gas costs recoverable through rate adjustments Up to 1 year $ 76,782 $ 39,805 $ 42,481 Cost recovery mechanisms Up to 1 year 7,130 6,686 10,645 Conservation programs Up to 1 year 6,679 6,303 7,117 Other Up to 1 year 7,861 2,412 8,284 98,452 55,206 68,527 Noncurrent: Pension and postretirement benefits ** 155,924 157,051 155,942 Plant retirement - 73,498 41,080 65,919 Plant costs/asset retirement obligations Over plant lives 72,250 67,475 71,740 Manufactured gas plant site remediation - 26,002 15,699 26,429 Cost recovery mechanisms Up to 10 years 15,508 11,891 16,245 Natural gas costs recoverable through rate adjustments Up to 3 years 15,158 33,027 21,539 Taxes recoverable from customers Over plant lives 10,800 11,082 10,785 Long-term debt refinancing costs Up to 39 years 4,268 4,133 4,426 Other Up to 18 years 6,509 6,751 6,356 379,917 348,189 379,381 Total regulatory assets $ 478,369 $ 403,395 $ 447,908 Regulatory liabilities: Current: Natural gas costs refundable through rate adjustments Up to 1 year $ 16,344 $ 32,181 $ 18,565 Taxes refundable to customers Up to 1 year 3,092 4,002 3,557 Electric fuel and purchased power deferral Up to 1 year 2,001 7,188 3,667 Other Up to 1 year 12,829 16,701 5,661 34,266 60,072 31,450 Noncurrent: Taxes refundable to customers Over plant lives 224,795 240,148 227,850 Plant removal and decommissioning costs Over plant lives 169,430 174,120 167,171 Pension and postretirement benefits ** 16,965 18,040 16,989 Other Up to 21 years 17,870 10,897 16,065 429,060 443,205 428,075 Total regulatory liabilities $ 463,326 $ 503,277 $ 459,525 Net regulatory position $ 15,043 $ (99,882) $ (11,617) * Estimated recovery or refund period for amounts currently being recovered or refunded in rates charged to customers. ** Recovered as expense is incurred or cash contributions are made. |
Fair value measurements (Tables
Fair value measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Available-for-sale securities | Details of available-for-sale securities were as follows: March 31, 2021 Cost Gross Gross Fair Value (In thousands) Mortgage-backed securities $ 8,709 $ 155 $ 10 $ 8,854 U.S. Treasury securities 2,636 — 14 2,622 Total $ 11,345 $ 155 $ 24 $ 11,476 March 31, 2020 Cost Gross Gross Fair Value (In thousands) Mortgage-backed securities $ 9,691 $ 236 $ — $ 9,927 U.S. Treasury securities 1,173 12 — 1,185 Total $ 10,864 $ 248 $ — $ 11,112 December 31, 2020 Cost Gross Gross Fair Value (In thousands) Mortgage-backed securities $ 9,799 $ 156 $ 9 $ 9,946 U.S. Treasury securities 1,386 — 5 1,381 Total $ 11,185 $ 156 $ 14 $ 11,327 |
Assets and liabilities measured at fair value on a recurring basis | The Company's assets measured at fair value on a recurring basis were as follows: Fair Value Measurements at March 31, 2021, Using Quoted Prices in Significant Significant Balance at March 31, 2021 (In thousands) Assets: Money market funds $ 9,388 $ — $ 9,388 Insurance contracts* — 101,632 101,632 Available-for-sale securities: Mortgage-backed securities — 8,854 — 8,854 U.S. Treasury securities — 2,622 — 2,622 Total assets measured at fair value $ — $ 122,496 $ — $ 122,496 * The insurance contracts invest approximately 54 percent in fixed-income investments, 19 percent in common stock of large-cap companies, 10 percent in common stock of mid-cap companies, 9 percent in common stock of small-cap companies, 6 percent in target date investments and 2 percent in cash equivalents. Fair Value Measurements at March 31, 2020, Using Quoted Prices in Significant Significant Balance at March 31, 2020 (In thousands) Assets: Money market funds $ — $ 8,470 $ — $ 8,470 Insurance contract* — 83,254 — 83,254 Available-for-sale securities: Mortgage-backed securities — 9,927 — 9,927 U.S. Treasury securities — 1,185 — 1,185 Total assets measured at fair value $ — $ 102,836 $ — $ 102,836 * The insurance contract invests approximately 58 percent in fixed-income investments, 20 percent in common stock of large-cap companies, 8 percent in common stock of mid-cap companies, 8 percent in common stock of small-cap companies, 4 percent in target date investments and 2 percent in cash equivalents. Fair Value Measurements at December 31, 2020, Using Quoted Prices in Significant Significant Balance at December 31, 2020 (In thousands) Assets: Money market funds $ — $ 8,917 $ — $ 8,917 Insurance contract* — 100,104 — 100,104 Available-for-sale securities: Mortgage-backed securities — 9,946 — 9,946 U.S. Treasury securities — 1,381 — 1,381 Total assets measured at fair value $ — $ 120,348 $ — $ 120,348 * The insurance contract invests approximately 57 percent in fixed-income investments, 18 percent in common stock of large-cap companies, 9 percent in common stock of mid-cap companies, 9 percent in common stock of small-cap companies, 5 percent in target date investments and 2 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: March 31, 2021 March 31, 2020 December 31, 2020 (In thousands) Carrying amount $ 2,253,274 $ 2,455,235 $ 2,213,130 Fair value $ 2,473,806 $ 2,618,297 $ 2,537,289 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-term debt outstanding | Long-term debt outstanding was as follows: Weighted Average Interest Rate at March 31, 2021 March 31, 2021 March 31, 2020 December 31, 2020 (In thousands) Senior Notes due on dates ranging from October 22, 2022 to October 30, 2060 4.40 % $ 1,950,000 $ 1,850,000 $ 1,950,000 Commercial paper supported by revolving credit agreements .33 % 218,900 265,000 125,600 Credit agreements due on June 7, 2024 2.20 % 43,350 259,550 95,900 Medium-Term Notes due on dates ranging from September 15, 2027 to March 16, 2029 7.32 % 35,000 50,000 35,000 Term Loan Agreement due on September 3, 2032 2.00 % 8,400 9,100 8,400 Other notes due on dates ranging from July 15, 2021 to July 1, 2061 .82 % 3,282 28,374 4,034 Less unamortized debt issuance costs 5,655 6,640 5,803 Less discount 3 149 1 Total long-term debt 2,253,274 2,455,235 2,213,130 Less current maturities 1,552 16,560 1,555 Net long-term debt $ 2,251,722 $ 2,438,675 $ 2,211,575 |
Schedule of debt maturities | Long-term debt maturities, which excludes unamortized debt issuance costs and discount, at March 31, 2021, were as follows: Remainder of 2022 2023 2024 2025 Thereafter (In thousands) Long-term debt maturities $ 780 $ 148,021 $ 77,921 $ 323,672 $ 177,802 $ 1,530,736 |
Cash flow information (Tables)
Cash flow information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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: Three Months Ended March 31, 2021 2020 (In thousands) Interest, net* $ 14,303 $ 15,978 Income taxes paid (refunded), net $ 13,880 $ (1) * AFUDC - borrowed was $348,000 and $627,000 for the three months ended March 31, 2021 and 2020, respectively. Noncash investing and financing transactions were as follows: March 31, 2021 March 31, 2020 December 31, 2020 (In thousands) Right-of-use assets obtained in exchange for new operating lease liabilities $ 9,236 $ 10,655 $ 54,356 Property, plant and equipment additions in accounts payable $ 20,594 $ 27,425 $ 26,082 Accrual for holdback payment related to a business combination $ — $ 5,000 $ 2,500 |
Business segment data (Tables)
Business segment data (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Information on the Company's businesses | Information on the Company's segments was as follows: Three Months Ended March 31, 2021 2020 (In thousands) External operating revenues: Regulated operations: Electric $ 84,673 $ 85,908 Natural gas distribution 350,206 326,443 Pipeline 7,502 6,331 442,381 418,682 Non-regulated operations: Pipeline 2,411 4,324 Construction materials and contracting 265,659 262,144 Construction services 517,470 512,205 Other 17 18 785,557 778,691 Total external operating revenues $ 1,227,938 $ 1,197,373 Three Months Ended March 31, 2021 2020 (In thousands) Intersegment operating revenues: Regulated operations: Electric $ 136 $ 195 Natural gas distribution 142 185 Pipeline 25,990 25,183 26,268 25,563 Non-regulated operations: Pipeline 239 16 Construction materials and contracting 62 63 Construction services 1,042 2,470 Other 3,324 2,973 4,667 5,522 Intersegment eliminations (30,935) (31,085) Total intersegment operating revenues $ — $ — Operating income (loss): Electric $ 13,865 $ 14,859 Natural gas distribution 53,573 49,998 Pipeline 12,536 11,419 Construction materials and contracting (34,889) (43,269) Construction services 40,277 23,796 Other (198) 267 Total operating income $ 85,164 $ 57,070 Net income (loss): Regulated operations: Electric $ 10,749 $ 11,374 Natural gas distribution 36,178 32,369 Pipeline 9,194 7,386 56,121 51,129 Non-regulated operations: Pipeline (296) (13) Construction materials and contracting (30,813) (38,215) Construction services 29,825 16,823 Other (2,721) (4,185) (4,005) (25,590) Income from continuing operations 52,116 25,539 Income (loss) from discontinued operations, net of tax 15 (409) Net income $ 52,131 $ 25,130 |
Employee benefit plans (Tables)
Employee benefit plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 Three Months Ended March 31, 2021 2020 2021 2020 (In thousands) Components of net periodic benefit cost (credit): Service cost $ — $ — $ 400 $ 352 Interest cost 2,455 2,973 466 591 Expected return on assets (4,894) (4,761) (1,275) (1,248) Amortization of prior service credit — — (349) (297) Amortization of net actuarial loss 2,004 1,863 6 2 Net periodic benefit cost (credit), including amount capitalized (435) 75 (752) (600) Less amount capitalized — — 39 32 Net periodic benefit cost (credit) $ (435) $ 75 $ (791) $ (632) |
Receivables and allowance for_3
Receivables and allowance for expected credit losses (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Credit Loss [Abstract] | |||
Accounts Receivable, Noncurrent, 90 Days or More Past Due, Still Accruing | $ 33.9 | $ 43.9 | $ 51.8 |
Accounts receivable and allow_2
Accounts receivable and allowance for doubtful accounts Receivables and allowance for expected credit losses (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance | $ 15,358 | $ 8,497 |
Current expected credit loss provision | (317) | 3,555 |
Less write-offs charged against the allowance | 2,669 | 1,265 |
Credit loss recoveries collected | 342 | 338 |
Balance | 12,714 | 11,125 |
Electric | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance | 899 | 328 |
Current expected credit loss provision | 538 | 555 |
Less write-offs charged against the allowance | 888 | 500 |
Credit loss recoveries collected | 129 | 109 |
Balance | 678 | 492 |
Natural gas distribution | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance | 2,571 | 1,056 |
Current expected credit loss provision | 1,273 | 1,156 |
Less write-offs charged against the allowance | 1,107 | 624 |
Credit loss recoveries collected | 213 | 229 |
Balance | 2,950 | 1,817 |
Pipeline | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance | 2 | 0 |
Current expected credit loss provision | 0 | 0 |
Less write-offs charged against the allowance | 0 | 0 |
Credit loss recoveries collected | 0 | 0 |
Balance | 2 | 0 |
Construction materials and contracting | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance | 6,164 | 5,357 |
Current expected credit loss provision | (1,049) | 694 |
Less write-offs charged against the allowance | 273 | 68 |
Credit loss recoveries collected | 0 | 0 |
Balance | 4,842 | 5,983 |
Construction services | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance | 5,722 | 1,756 |
Current expected credit loss provision | (1,079) | 1,150 |
Less write-offs charged against the allowance | 401 | 73 |
Credit loss recoveries collected | 0 | 0 |
Balance | $ 4,242 | $ 2,833 |
Inventories and natural gas i_4
Inventories and natural gas in storage (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Inventory Disclosure [Abstract] | |||
Aggregates held for resale | $ 180,450 | $ 175,782 | $ 155,976 |
Asphalt oil | 59,853 | 28,238 | 73,842 |
Materials and supplies | 26,481 | 25,142 | 26,293 |
Merchandise for resale | 24,319 | 21,087 | 23,109 |
Natural gas in storage (current) | 8,113 | 21,919 | 7,872 |
Other | 17,521 | 18,999 | 18,866 |
Total | 316,737 | 291,167 | 305,958 |
Natural gas in storage noncurrent | $ 47,500 | $ 47,500 | $ 48,300 |
Earnings per share (Details)
Earnings per share (Details) - $ / shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Weighted average common shares outstanding - basic | 200,708 | 200,440 |
Effect of dilutive performance share awards and restricted stock units | 244 | 16 |
Weighted average common shares outstanding - diluted | 200,952 | 200,456 |
Shares excluded from the calculation of diluted earnings per share | 0 | 68 |
Dividends declared per common share | $ 0.2125 | $ 0.2075 |
Equity (Details)
Equity (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Class of Stock [Line Items] | |||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 201,733,458 | 201,061,198 | 201,061,198 |
Proceeds from issuance of common stock | $ 19,699,000 | $ 3,410,000 | |
At-the-market offering | |||
Class of Stock [Line Items] | |||
Common Stock, Shares Authorized | 6,400,000 | ||
Common Stock, Shares, Issued | 672,260 | 0 | |
Proceeds from issuance of common stock | $ 19,700,000 | ||
Issuance costs from Issuance of Common Stock through the ATM Program | $ 300,000 | ||
Common Stock, Capital Shares Reserved for Future Issuance | 5,700,000 |
Accumulated other comprehensi_3
Accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated other comprehensive income (loss) [Roll Forward] | ||
Balance | $ 3,079,105 | $ 2,847,246 |
Other comprehensive income (loss) | 568 | 707 |
Balance | 3,100,306 | 2,836,592 |
Net unrealized gain (loss) on derivative instruments qualifying as hedges | ||
Accumulated other comprehensive income (loss) [Roll Forward] | ||
Balance | (984) | (1,430) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified (to) from accumulated other comprehensive loss | 111 | 111 |
Other comprehensive income (loss) | 111 | 111 |
Balance | (873) | (1,319) |
Postretirement liability adjustment | ||
Accumulated other comprehensive income (loss) [Roll Forward] | ||
Balance | (47,207) | (40,734) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified (to) from accumulated other comprehensive loss | 466 | 462 |
Other comprehensive income (loss) | 466 | 462 |
Balance | (46,741) | (40,272) |
Net unrealized gain (loss) on available-for-sale investments | ||
Accumulated other comprehensive income (loss) [Roll Forward] | ||
Balance | 113 | 62 |
Other comprehensive income (loss) before reclassifications | (44) | 135 |
Amounts reclassified (to) from accumulated other comprehensive loss | 35 | (1) |
Other comprehensive income (loss) | (9) | 134 |
Balance | 104 | 196 |
Total accumulated other comprehensive loss | ||
Accumulated other comprehensive income (loss) [Roll Forward] | ||
Balance | (48,078) | (42,102) |
Other comprehensive income (loss) before reclassifications | (44) | 135 |
Amounts reclassified (to) from accumulated other comprehensive loss | 612 | 572 |
Other comprehensive income (loss) | 568 | 707 |
Balance | $ (47,510) | $ (41,395) |
Reclassification out of accumul
Reclassification out of accumulated other comprehensive loss (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Reclassification adjustment out of accumulated other comprehensive loss [Line Items] | ||
Interest expense | $ (23,453) | $ (24,553) |
Income taxes | (12,949) | (5,973) |
Other income | 3,354 | (1,005) |
Net Income | 52,131 | 25,130 |
Reclassification out of accumulated other comprehensive loss | ||
Reclassification adjustment out of accumulated other comprehensive loss [Line Items] | ||
Net Income | (612) | (572) |
Reclassification adjustment for loss on derivative instruments included in net income | Reclassification out of accumulated other comprehensive loss | Interest rate contract | ||
Reclassification adjustment out of accumulated other comprehensive loss [Line Items] | ||
Interest expense | (148) | (147) |
Income taxes | 37 | 36 |
Net Income | (111) | (111) |
Amortization of postretirement liability losses included in net periodic benefit cost | Reclassification out of accumulated other comprehensive loss | ||
Reclassification adjustment out of accumulated other comprehensive loss [Line Items] | ||
Income taxes | 151 | 149 |
Other income | (617) | (611) |
Net Income | (466) | (462) |
Reclassification adjustment on available-for-sale investments included in net income | Reclassification out of accumulated other comprehensive loss | ||
Reclassification adjustment out of accumulated other comprehensive loss [Line Items] | ||
Income taxes | 9 | 0 |
Other income | (44) | 1 |
Net Income | $ (35) | $ 1 |
Disaggregation of revenue (Deta
Disaggregation of revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | $ 1,227,938 | $ 1,197,373 |
Intersegment eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | (30,935) | (31,085) |
Intrasegment eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | (46,716) | (44,104) |
Natural gas transportation | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 41,869 | 39,230 |
Natural gas gathering | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 2,090 | |
Natural gas storage | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 4,029 | 3,046 |
Contracting services | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 96,025 | 98,401 |
Construction materials | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 216,412 | 207,910 |
Inside specialty contracting | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 355,190 | 372,209 |
Outside specialty contracting | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 151,363 | 130,150 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 18,819 | 17,531 |
Revenues from contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 1,216,016 | 1,183,547 |
Revenues out of scope | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 11,922 | 13,826 |
Residential utility sales | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 236,573 | 219,050 |
Commercial utility sales | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 152,980 | 148,583 |
Industrial utility sales | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 18,841 | 18,888 |
Other utility sales | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 1,566 | 1,648 |
Electric | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 84,673 | 85,908 |
Electric | Intersegment eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | (136) | (195) |
Electric | Other | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 9,773 | 8,450 |
Electric | Revenues from contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 87,596 | 86,206 |
Electric | Revenues out of scope | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | (2,923) | (298) |
Electric | Residential utility sales | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 33,436 | 32,349 |
Electric | Commercial utility sales | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 32,928 | 33,587 |
Electric | Industrial utility sales | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 10,029 | 10,367 |
Electric | Other utility sales | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 1,566 | 1,648 |
Natural gas distribution | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 350,206 | 326,443 |
Natural gas distribution | Intersegment eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | (142) | (185) |
Natural gas distribution | Natural gas transportation | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 12,452 | 11,798 |
Natural gas distribution | Other | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 3,009 | 2,498 |
Natural gas distribution | Revenues from contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 347,320 | 324,329 |
Natural gas distribution | Revenues out of scope | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 2,886 | 2,114 |
Natural gas distribution | Residential utility sales | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 203,137 | 186,701 |
Natural gas distribution | Commercial utility sales | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 120,052 | 114,996 |
Natural gas distribution | Industrial utility sales | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 8,812 | 8,521 |
Natural gas distribution | Other utility sales | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 0 | 0 |
Pipeline | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 9,913 | 10,655 |
Pipeline | Intersegment eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | (26,229) | (25,199) |
Pipeline | Natural gas transportation | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 29,417 | 27,432 |
Pipeline | Natural gas gathering | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 2,090 | |
Pipeline | Natural gas storage | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 4,029 | 3,046 |
Pipeline | Other | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 2,660 | 3,241 |
Pipeline | Revenues from contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 9,877 | 10,610 |
Pipeline | Revenues out of scope | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 36 | 45 |
Construction materials and contracting | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 265,659 | 262,144 |
Construction materials and contracting | Intersegment eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | (62) | (63) |
Construction materials and contracting | Intrasegment eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | (46,716) | (44,104) |
Construction materials and contracting | Contracting services | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 96,025 | 98,401 |
Construction materials and contracting | Construction materials | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 216,412 | 207,910 |
Construction materials and contracting | Other | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 0 | 0 |
Construction materials and contracting | Revenues from contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 265,659 | 262,144 |
Construction materials and contracting | Revenues out of scope | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 0 | 0 |
Construction services | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 517,470 | 512,205 |
Construction services | Intersegment eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | (1,042) | (2,470) |
Construction services | Inside specialty contracting | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 355,190 | 372,209 |
Construction services | Outside specialty contracting | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 151,363 | 130,150 |
Construction services | Other | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 36 | 351 |
Construction services | Revenues from contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 505,547 | 500,240 |
Construction services | Revenues out of scope | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 11,923 | 11,965 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 17 | 18 |
Other | Intersegment eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | (3,324) | (2,973) |
Other | Other | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 3,341 | 2,991 |
Other | Revenues from contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 17 | 18 |
Other | Revenues out of scope | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | $ 0 | $ 0 |
Contract balances (Details 2)
Contract balances (Details 2) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |||
Contract assets | $ 107,543 | $ 104,345 | |
Change in contract assets | 3,198 | ||
Contract liabilities - current | (142,828) | (158,603) | |
Change in contract liabilities - current | 15,775 | ||
Contract liabilities - noncurrent | (171) | (52) | |
Change in contract liabilities - noncurrent | (119) | ||
Net contract liabilities | (35,456) | $ (54,310) | |
Change in net contract liabilities | 18,854 | ||
Amounts included in contract liability at the beginning of the period | 123,400 | $ 89,400 | |
Amounts from performance obligations satisfied in prior periods | $ 34,300 | $ 19,500 |
Revenue from contracts with c_4
Revenue from contracts with customers Remaining performance obligations (Details 3) $ in Millions | Mar. 31, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 2,200 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 1,700 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 283.8 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 13 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 213.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 25 months |
Business Combinations (Details)
Business Combinations (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 714,963,000 | $ 714,963,000 | $ 713,527,000 | $ 681,358,000 |
2020 Acquisition | ||||
Business Acquisition [Line Items] | ||||
Gross Aggregate Consideration | 110,200,000 | |||
Cash Assumed | 1,700,000 | |||
Business Combination, Consideration Transferred | 106,000,000 | |||
Business Combination indemnity holdback liability | 2,500,000 | |||
Current Assets | 54,800,000 | |||
Property, Plant, and Equipment | 27,100,000 | |||
Goodwill | 33,600,000 | |||
Other Intangibles | 19,000,000 | |||
Current Liabilities | 22,600,000 | |||
Deferred Credits and Other Liabilities | 300,000 | |||
Asset Retirement Obligation | $ 1,400,000 |
Lessor accounting (Details)
Lessor accounting (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Operating Lease, Lease Income | $ 12 | $ 12.1 |
Lessor, Operating Lease, Payments to be Received, Next Twelve Months | $ 10.4 |
Goodwill rollforward (Details)
Goodwill rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | |||
Balance at beginning of period | $ 714,963 | $ 681,358 | $ 681,358 |
Goodwill acquired during the year | 0 | 32,169 | 33,214 |
Measurement period adjustments | 0 | 0 | 391 |
Balance at end of period | 714,963 | 713,527 | 714,963 |
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 |
Measurement period adjustments | 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 | 226,003 | 217,234 | 217,234 |
Goodwill acquired during the year | 0 | 6,483 | 8,778 |
Measurement period adjustments | 0 | 0 | (9) |
Balance at end of period | 226,003 | 223,717 | 226,003 |
Construction services | |||
Goodwill [Roll Forward] | |||
Balance at beginning of period | 143,224 | 118,388 | 118,388 |
Goodwill acquired during the year | 0 | 25,686 | 24,436 |
Measurement period adjustments | 0 | 0 | 400 |
Balance at end of period | $ 143,224 | $ 144,074 | $ 143,224 |
Other intangible assets (Detail
Other intangible assets (Details 2) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, net (excluding goodwill) | $ 23,961 | $ 34,250 | $ 25,496 |
Amortization of intangible assets | 1,500 | 2,000 | |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 28,836 | 30,087 | 28,836 |
Intangible assets, less accumulated amortization | 7,792 | 4,138 | 6,887 |
Intangible assets, net (excluding goodwill) | 21,044 | 25,949 | 21,949 |
Noncompete agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 3,941 | 4,229 | 3,941 |
Intangible assets, less accumulated amortization | 2,441 | 1,928 | 2,309 |
Intangible assets, net (excluding goodwill) | 1,500 | 2,301 | 1,632 |
Other intangible assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 11,957 | 13,060 | 12,927 |
Intangible assets, less accumulated amortization | 10,540 | 7,060 | 11,012 |
Intangible assets, net (excluding goodwill) | $ 1,417 | $ 6,000 | $ 1,915 |
Future amortization expense (De
Future amortization expense (Details 3) $ in Thousands | Mar. 31, 2021USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remainder of 2021 | $ 3,377 |
2022 | 4,394 |
2023 | 4,121 |
2024 | 3,799 |
2025 | 1,862 |
Thereafter | $ 6,408 |
Regulatory assets and liabili_3
Regulatory assets and liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Feb. 28, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
Regulatory Assets and Liabilities | ||||
Regulatory Assets, Current | $ 98,452 | $ 68,527 | $ 55,206 | |
Regulatory Assets, Noncurrent | 379,917 | 379,381 | 348,189 | |
Total regulatory assets | 478,369 | 447,908 | 403,395 | |
Regulatory Liability, Current | 34,266 | 31,450 | 60,072 | |
Regulatory Liability, Noncurrent | 429,060 | 428,075 | 443,205 | |
Total regulatory liabilities | 463,326 | 459,525 | 503,277 | |
Net regulatory position | 15,043 | (11,617) | (99,882) | |
Regulatory assets not earning a rate of return | $ 361,400 | 332,500 | 285,800 | |
Natural gas costs refundable through rate adjustments | ||||
Regulatory Assets and Liabilities | ||||
Estimated Recovery or Refund Period as of March 31, 2021 | Up to 1 year | |||
Regulatory Liability, Current | $ 16,344 | 18,565 | 32,181 | |
Taxes refundable to customers | ||||
Regulatory Assets and Liabilities | ||||
Regulatory Liability, Current | 3,092 | 3,557 | 4,002 | |
Regulatory Liability, Noncurrent | $ 224,795 | 227,850 | 240,148 | |
Taxes refundable to customers | Minimum [Member] | ||||
Regulatory Assets and Liabilities | ||||
Estimated Recovery or Refund Period as of March 31, 2021 | Up to 1 year | |||
Taxes refundable to customers | Maximum [Member] | ||||
Regulatory Assets and Liabilities | ||||
Estimated Recovery or Refund Period as of March 31, 2021 | Over plant lives | |||
Electric fuel and purchased power deferral | ||||
Regulatory Assets and Liabilities | ||||
Estimated Recovery or Refund Period as of March 31, 2021 | Up to 1 year | |||
Regulatory Liability, Current | $ 2,001 | 3,667 | 7,188 | |
Plant removal and decommissioning costs | ||||
Regulatory Assets and Liabilities | ||||
Estimated Recovery or Refund Period as of March 31, 2021 | Over plant lives | |||
Regulatory Liability, Noncurrent | $ 169,430 | 167,171 | 174,120 | |
Pension and postretirement benefits | ||||
Regulatory Assets and Liabilities | ||||
Estimated Recovery or Refund Period as of March 31, 2021 | ** | |||
Regulatory Liability, Noncurrent | $ 16,965 | 16,989 | 18,040 | |
Other Regulatory Liabilities | ||||
Regulatory Assets and Liabilities | ||||
Regulatory Liability, Current | 12,829 | 5,661 | 16,701 | |
Regulatory Liability, Noncurrent | $ 17,870 | 16,065 | 10,897 | |
Other Regulatory Liabilities | Minimum [Member] | ||||
Regulatory Assets and Liabilities | ||||
Estimated Recovery or Refund Period as of March 31, 2021 | Up to 1 year | |||
Other Regulatory Liabilities | Maximum [Member] | ||||
Regulatory Assets and Liabilities | ||||
Estimated Recovery or Refund Period as of March 31, 2021 | Up to 21 years | |||
Natural gas costs recoverable through rate adjustments | ||||
Regulatory Assets and Liabilities | ||||
Regulatory Assets, Current | $ 76,782 | 42,481 | 39,805 | |
Regulatory Assets, Noncurrent | $ 15,158 | 21,539 | 33,027 | |
Natural gas costs recoverable through rate adjustments | Minimum [Member] | ||||
Regulatory Assets and Liabilities | ||||
Estimated Recovery or Refund Period as of March 31, 2021 | Up to 1 year | |||
Natural gas costs recoverable through rate adjustments | Maximum [Member] | ||||
Regulatory Assets and Liabilities | ||||
Estimated Recovery or Refund Period as of March 31, 2021 | Up to 3 years | |||
Cost recovery mechanisms | ||||
Regulatory Assets and Liabilities | ||||
Regulatory Assets, Current | $ 7,130 | 10,645 | 6,686 | |
Regulatory Assets, Noncurrent | $ 15,508 | 16,245 | 11,891 | |
Cost recovery mechanisms | Minimum [Member] | ||||
Regulatory Assets and Liabilities | ||||
Estimated Recovery or Refund Period as of March 31, 2021 | Up to 1 year | |||
Cost recovery mechanisms | Maximum [Member] | ||||
Regulatory Assets and Liabilities | ||||
Estimated Recovery or Refund Period as of March 31, 2021 | Up to 10 years | |||
Conservation programs | ||||
Regulatory Assets and Liabilities | ||||
Estimated Recovery or Refund Period as of March 31, 2021 | Up to 1 year | |||
Regulatory Assets, Current | $ 6,679 | 7,117 | 6,303 | |
Pension and postretirement benefits | ||||
Regulatory Assets and Liabilities | ||||
Estimated Recovery or Refund Period as of March 31, 2021 | ** | |||
Regulatory Assets, Noncurrent | $ 155,924 | 155,942 | 157,051 | |
Plant removal and decommissioning costs | ||||
Regulatory Assets and Liabilities | ||||
Estimated Recovery or Refund Period as of March 31, 2021 | - | |||
Regulatory Assets, Noncurrent | $ 73,498 | 65,919 | 41,080 | |
Plant costs/asset retirement obligations | ||||
Regulatory Assets and Liabilities | ||||
Estimated Recovery or Refund Period as of March 31, 2021 | Over plant lives | |||
Regulatory Assets, Noncurrent | $ 72,250 | 71,740 | 67,475 | |
Manufactured gas plant site remediation | ||||
Regulatory Assets and Liabilities | ||||
Estimated Recovery or Refund Period as of March 31, 2021 | - | |||
Regulatory Assets, Noncurrent | $ 26,002 | 26,429 | 15,699 | |
Taxes refundable to customers | ||||
Regulatory Assets and Liabilities | ||||
Estimated Recovery or Refund Period as of March 31, 2021 | Over plant lives | |||
Regulatory Assets, Noncurrent | $ 10,800 | 10,785 | 11,082 | |
Long-term debt refinancing costs | ||||
Regulatory Assets and Liabilities | ||||
Estimated Recovery or Refund Period as of March 31, 2021 | Up to 39 years | |||
Regulatory Assets, Noncurrent | $ 4,268 | 4,426 | 4,133 | |
Other Regulatory Liabilities | ||||
Regulatory Assets and Liabilities | ||||
Regulatory Assets, Current | 7,861 | 8,284 | 2,412 | |
Regulatory Assets, Noncurrent | $ 6,509 | $ 6,356 | $ 6,751 | |
Other Regulatory Liabilities | Minimum [Member] | ||||
Regulatory Assets and Liabilities | ||||
Estimated Recovery or Refund Period as of March 31, 2021 | Up to 1 year | |||
Other Regulatory Liabilities | Maximum [Member] | ||||
Regulatory Assets and Liabilities | ||||
Estimated Recovery or Refund Period as of March 31, 2021 | Up to 18 years | |||
Increased Gas Costs | ||||
Regulatory Assets and Liabilities | ||||
Total regulatory assets | $ 44,000 |
Fair value measurements Insuran
Fair value measurements Insurance contracts (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |||
Investments used to satisfy nonqualified benefit plans obligations | $ 101,600,000 | $ 83,300,000 | $ 100,100,000 |
Net unrealized gain (loss) on investments used to satisfy obligations under nonqualified benefit plans | $ 127,000 | $ (3,700,000) |
Available-for-sale securities (
Available-for-sale securities (Details 2) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Available-for-sale securities [Abstract] | |||
Cost | $ 11,345 | $ 11,185 | $ 10,864 |
Gross Unrealized Gains | 155 | 156 | 248 |
Gross Unrealized Losses | 24 | 14 | 0 |
Fair Value | 11,476 | 11,327 | 11,112 |
Mortgage-backed securities | |||
Available-for-sale securities [Abstract] | |||
Cost | 8,709 | 9,799 | 9,691 |
Gross Unrealized Gains | 155 | 156 | 236 |
Gross Unrealized Losses | 10 | 9 | 0 |
Fair Value | 8,854 | 9,946 | 9,927 |
U.S. Treasury securities | |||
Available-for-sale securities [Abstract] | |||
Cost | 2,636 | 1,386 | 1,173 |
Gross Unrealized Gains | 0 | 0 | 12 |
Gross Unrealized Losses | 14 | 5 | 0 |
Fair Value | $ 2,622 | $ 1,381 | $ 1,185 |
Fair value measurements (Detail
Fair value measurements (Details 3) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Concentration risks, percentage [Abstract] | |||
Percentage in fixed-income and other investments | 54.00% | 57.00% | 58.00% |
Percentage investment in common stock of large-cap companies | 19.00% | 18.00% | 20.00% |
Percentage investment in common stock of mid-cap companies | 10.00% | 9.00% | 8.00% |
Percentage investment in common stock of small-cap companies | 9.00% | 9.00% | 8.00% |
Percentage investment in target date investments | 6.00% | 5.00% | 4.00% |
Percentage investment in cash and cash equivalents | 2.00% | 2.00% | 2.00% |
Fair value, measurements, recurring | |||
Fair value measurements [Line Items] | |||
Assets, fair value disclosure | $ 122,496 | $ 120,348 | $ 102,836 |
Fair value, inputs, level 2 | Fair value, measurements, recurring | |||
Fair value measurements [Line Items] | |||
Assets, fair value disclosure | 122,496 | 120,348 | 102,836 |
Money market funds | Fair value, measurements, recurring | |||
Fair value measurements [Line Items] | |||
Assets, fair value disclosure | 9,388 | 8,917 | 8,470 |
Money market funds | Fair value, inputs, level 2 | Fair value, measurements, recurring | |||
Fair value measurements [Line Items] | |||
Assets, fair value disclosure | 9,388 | 8,917 | 8,470 |
Insurance contracts* | Fair value, measurements, recurring | |||
Fair value measurements [Line Items] | |||
Assets, fair value disclosure | 101,632 | 100,104 | 83,254 |
Insurance contracts* | Fair value, inputs, level 2 | Fair value, measurements, recurring | |||
Fair value measurements [Line Items] | |||
Assets, fair value disclosure | 101,632 | 100,104 | 83,254 |
Mortgage-backed securities | Fair value, measurements, recurring | |||
Fair value measurements [Line Items] | |||
Assets, fair value disclosure | 8,854 | 9,946 | 9,927 |
Mortgage-backed securities | Fair value, inputs, level 2 | Fair value, measurements, recurring | |||
Fair value measurements [Line Items] | |||
Assets, fair value disclosure | 8,854 | 9,946 | 9,927 |
U.S. Treasury securities | Fair value, measurements, recurring | |||
Fair value measurements [Line Items] | |||
Assets, fair value disclosure | 2,622 | 1,381 | 1,185 |
U.S. Treasury securities | Fair value, inputs, level 2 | Fair value, measurements, recurring | |||
Fair value measurements [Line Items] | |||
Assets, fair value disclosure | $ 2,622 | $ 1,381 | $ 1,185 |
Fair value measurements (Deta_2
Fair value measurements (Details 4) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Fair value, balance sheet grouping [Line Items] | |||
Long-term debt | $ 2,253,274 | $ 2,213,130 | $ 2,455,235 |
Carrying amount | |||
Fair value, balance sheet grouping [Line Items] | |||
Long-term debt | 2,253,274 | 2,213,130 | 2,455,235 |
Fair value | |||
Fair value, balance sheet grouping [Line Items] | |||
Long-term debt, fair value | $ 2,473,806 | $ 2,537,289 | $ 2,618,297 |
Long-term debt outstanding (Det
Long-term debt outstanding (Details 1) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Long-term debt outstanding [Line Items] | |||
Long-term debt | $ 2,253,274 | $ 2,213,130 | $ 2,455,235 |
Long-term debt due within one year | 1,552 | 1,555 | 16,560 |
Long-term debt | $ 2,251,722 | 2,211,575 | 2,438,675 |
Senior Notes | |||
Long-term debt outstanding [Line Items] | |||
Weighted Average Interest Rate | 4.40% | ||
Long-term debt | $ 1,950,000 | 1,950,000 | 1,850,000 |
Commercial Paper | |||
Long-term debt outstanding [Line Items] | |||
Weighted Average Interest Rate | 0.33% | ||
Long-term debt | $ 218,900 | 125,600 | 265,000 |
Credit Agreements | |||
Long-term debt outstanding [Line Items] | |||
Weighted Average Interest Rate | 2.20% | ||
Long-term debt | $ 43,350 | 95,900 | 259,550 |
Medium-term Notes | |||
Long-term debt outstanding [Line Items] | |||
Weighted Average Interest Rate | 7.32% | ||
Long-term debt | $ 35,000 | 35,000 | 50,000 |
Term Loan Agreements | |||
Long-term debt outstanding [Line Items] | |||
Weighted Average Interest Rate | 2.00% | ||
Long-term debt | $ 8,400 | 8,400 | 9,100 |
Other Notes | |||
Long-term debt outstanding [Line Items] | |||
Weighted Average Interest Rate | 0.82% | ||
Long-term debt | $ 3,282 | 4,034 | 28,374 |
Long-term Debt | |||
Long-term debt outstanding [Line Items] | |||
Unamortized Debt Issuance Costs | 5,655 | 5,803 | 6,640 |
Discount | $ 3 | $ 1 | $ 149 |
Schedule of debt maturities (De
Schedule of debt maturities (Details 2) $ in Thousands | Mar. 31, 2021USD ($) |
Long-term debt maturities [Line Items] | |
Remainder of 2021 | $ 780 |
2022 | 148,021 |
2023 | 77,921 |
2024 | 323,672 |
2025 | 177,802 |
Thereafter | $ 1,530,736 |
Cash flow information (Details)
Cash flow information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Supplemental Cash Flow Information [Abstract] | |||
Interest, net* | $ 14,303,000 | $ 15,978,000 | |
Income taxes paid (refunded), net | 13,880,000 | (1,000) | |
AFUDC borrowed | 348,000 | 627,000 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | 9,236,000 | 10,655,000 | $ 54,356,000 |
Property, plant and equipment additions in accounts payable | 20,594,000 | 27,425,000 | 26,082,000 |
Accrual for holdback payment related to a business combination | $ 0 | $ 5,000,000 | $ 2,500,000 |
Business segment data (Details)
Business segment data (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 1,227,938 | $ 1,197,373 |
Operating income (loss) | 85,164 | 57,070 |
Income from continuing operations | 52,116 | 25,539 |
Income (loss) from discontinued operations, net of tax | 15 | (409) |
Net income | 52,131 | 25,130 |
Electric | ||
Segment Reporting Information [Line Items] | ||
Revenues | 84,673 | 85,908 |
Operating income (loss) | 13,865 | 14,859 |
Natural gas distribution | ||
Segment Reporting Information [Line Items] | ||
Revenues | 350,206 | 326,443 |
Operating income (loss) | 53,573 | 49,998 |
Pipeline | ||
Segment Reporting Information [Line Items] | ||
Revenues | 9,913 | 10,655 |
Operating income (loss) | 12,536 | 11,419 |
Construction materials and contracting | ||
Segment Reporting Information [Line Items] | ||
Revenues | 265,659 | 262,144 |
Operating income (loss) | (34,889) | (43,269) |
Construction services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 517,470 | 512,205 |
Operating income (loss) | 40,277 | 23,796 |
Other | ||
Segment Reporting Information [Line Items] | ||
Revenues | 17 | 18 |
Operating income (loss) | (198) | 267 |
Intersegment eliminations | ||
Segment Reporting Information [Line Items] | ||
Revenues | (30,935) | (31,085) |
Intersegment eliminations | Electric | ||
Segment Reporting Information [Line Items] | ||
Revenues | (136) | (195) |
Intersegment eliminations | Natural gas distribution | ||
Segment Reporting Information [Line Items] | ||
Revenues | (142) | (185) |
Intersegment eliminations | Pipeline | ||
Segment Reporting Information [Line Items] | ||
Revenues | (26,229) | (25,199) |
Intersegment eliminations | Construction materials and contracting | ||
Segment Reporting Information [Line Items] | ||
Revenues | (62) | (63) |
Intersegment eliminations | Construction services | ||
Segment Reporting Information [Line Items] | ||
Revenues | (1,042) | (2,470) |
Intersegment eliminations | Other | ||
Segment Reporting Information [Line Items] | ||
Revenues | (3,324) | (2,973) |
Total intersegment operating revenues | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 0 |
Regulated operation | ||
Segment Reporting Information [Line Items] | ||
Revenues | 442,381 | 418,682 |
Income from continuing operations | 56,121 | 51,129 |
Regulated operation | Electric | ||
Segment Reporting Information [Line Items] | ||
Revenues | 84,673 | 85,908 |
Income from continuing operations | 10,749 | 11,374 |
Regulated operation | Natural gas distribution | ||
Segment Reporting Information [Line Items] | ||
Revenues | 350,206 | 326,443 |
Income from continuing operations | 36,178 | 32,369 |
Regulated operation | Pipeline | ||
Segment Reporting Information [Line Items] | ||
Revenues | 7,502 | 6,331 |
Income from continuing operations | 9,194 | 7,386 |
Regulated operation | Intersegment eliminations | ||
Segment Reporting Information [Line Items] | ||
Revenues | 26,268 | 25,563 |
Regulated operation | Intersegment eliminations | Electric | ||
Segment Reporting Information [Line Items] | ||
Revenues | 136 | 195 |
Regulated operation | Intersegment eliminations | Natural gas distribution | ||
Segment Reporting Information [Line Items] | ||
Revenues | 142 | 185 |
Regulated operation | Intersegment eliminations | Pipeline | ||
Segment Reporting Information [Line Items] | ||
Revenues | 25,990 | 25,183 |
Nonregulated operation | ||
Segment Reporting Information [Line Items] | ||
Revenues | 785,557 | 778,691 |
Income from continuing operations | (4,005) | (25,590) |
Nonregulated operation | Pipeline | ||
Segment Reporting Information [Line Items] | ||
Revenues | 2,411 | 4,324 |
Income from continuing operations | (296) | (13) |
Nonregulated operation | Construction materials and contracting | ||
Segment Reporting Information [Line Items] | ||
Revenues | 265,659 | 262,144 |
Income from continuing operations | (30,813) | (38,215) |
Nonregulated operation | Construction services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 517,470 | 512,205 |
Income from continuing operations | 29,825 | 16,823 |
Nonregulated operation | Other | ||
Segment Reporting Information [Line Items] | ||
Revenues | 17 | 18 |
Income from continuing operations | (2,721) | (4,185) |
Nonregulated operation | Intersegment eliminations | ||
Segment Reporting Information [Line Items] | ||
Revenues | 4,667 | 5,522 |
Nonregulated operation | Intersegment eliminations | Pipeline | ||
Segment Reporting Information [Line Items] | ||
Revenues | 239 | 16 |
Nonregulated operation | Intersegment eliminations | Construction materials and contracting | ||
Segment Reporting Information [Line Items] | ||
Revenues | 62 | 63 |
Nonregulated operation | Intersegment eliminations | Construction services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 1,042 | 2,470 |
Nonregulated operation | Intersegment eliminations | Other | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 3,324 | $ 2,973 |
Employee benefit plans (Details
Employee benefit plans (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Qualified plan | Underfunded plan | Pension benefits | ||
Defined benefit plan disclosure, net periodic benefit cost [Line Items] | ||
Service cost | $ 0 | $ 0 |
Interest cost | 2,455,000 | 2,973,000 |
Expected return on assets | (4,894,000) | (4,761,000) |
Amortization of prior service credit | 0 | 0 |
Amortization of net actuarial loss | 2,004,000 | 1,863,000 |
Net periodic benefit cost (credit), including amount capitalized | (435,000) | 75,000 |
Less amount capitalized | 0 | 0 |
Net periodic benefit cost (credit) | (435,000) | 75,000 |
Qualified plan | Overfunded Plan | Other postretirement benefits | ||
Defined benefit plan disclosure, net periodic benefit cost [Line Items] | ||
Service cost | 400,000 | 352,000 |
Interest cost | 466,000 | 591,000 |
Expected return on assets | (1,275,000) | (1,248,000) |
Amortization of prior service credit | (349,000) | (297,000) |
Amortization of net actuarial loss | 6,000 | 2,000 |
Net periodic benefit cost (credit), including amount capitalized | (752,000) | (600,000) |
Less amount capitalized | 39,000 | 32,000 |
Net periodic benefit cost (credit) | (791,000) | (632,000) |
Nonqualified plan | Unfunded plan | Supplemental employee retirement plans | ||
Defined benefit plan disclosure, net periodic benefit cost [Line Items] | ||
Net periodic benefit cost (credit) | $ 769,000 | $ 1,000,000 |
IPUC (Details)
IPUC (Details) - Pending Rate Case [Member] - IPUC - Intermountain Gas - Gas Distribution [Member] $ in Millions | Jan. 12, 2021USD ($) |
Public Utilities, General Disclosures [Line Items] | |
Depreciation and Amortization Rate Case | $ (2.9) |
Depreciation and Amortization, Rate, Percent | 3.00% |
Depreciation and Amortization, Requested Rate, Percent | 2.60% |
MNPUC (Details 2)
MNPUC (Details 2) - MNPUC [Member] - Gas Distribution [Member] - Great Plains Natural Gas Co. [Member] - USD ($) $ in Millions | Apr. 01, 2021 | Mar. 30, 2021 | Jan. 01, 2020 | Sep. 27, 2019 |
Public Utilities, General Disclosures [Line Items] | ||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 2.9 | |||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 12.00% | |||
Public Utilities, Interim Rate Increase (Decrease), Amount | $ 2.6 | |||
Public Utilities, Interim Rate Increase (Decrease), Percentage | 11.00% | |||
Pending Rate Case [Member] | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 11.1 | |||
Subsequent Event [Member] | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 2.6 | |||
Public Utilities, Approved Rate Increase (Decrease), Percentage | 11.50% |
NDPSC (Details 3)
NDPSC (Details 3) - Gas Distribution [Member] - NDPSC [Member] - Montana-Dakota Utilities Co. [Member] - USD ($) | Jun. 01, 2021 | Mar. 31, 2021 | Mar. 02, 2021 | Jan. 01, 2021 | Aug. 26, 2020 |
Public Utilities, General Disclosures [Line Items] | |||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 9,000,000 | ||||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 7.80% | ||||
Public Utilities, Interim Rate Increase (Decrease), Amount | $ 6,900,000 | ||||
Public Utilities, Interim Rate Increase (Decrease), Percentage | 6.00% | ||||
Generation Resource Recovery Rider | $ 0 | ||||
Subsequent Event [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 6,900,000 | ||||
Public Utilities, Approved Rate Increase (Decrease), Percentage | 6.00% | ||||
Pending Rate Case [Member] | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 13,500,000 |
SDPUC (Details 4)
SDPUC (Details 4) - SDPUC - Montana-Dakota Utilities Co. [Member] - USD ($) | May 01, 2021 | Mar. 11, 2021 |
Electricity [Member] | Subsequent Event [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Total Transmission Cost Adjustment Rider | $ 1,000,000 | |
Transmission Capital Projects Increase (Decrease) | 274,000 | |
Total Infrastructure Rider | 1,000,000 | |
Public Utilities, Approved Rate Increase (Decrease), Amount | (236,000) | |
Gas Distribution [Member] | Subsequent Event [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 5,500,000 | |
Pending Rate Case [Member] | Electricity [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Total Infrastructure Rider | $ 0 |
WUTC (Details 5)
WUTC (Details 5) - Pending Rate Case [Member] - Gas Distribution [Member] - WUTC [Member] - Cascade Natural Gas [Member] - USD ($) $ in Millions | Jan. 08, 2021 | Jul. 24, 2020 | Jun. 19, 2020 |
Public Utilities, General Disclosures [Line Items] | |||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 13.8 | ||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 5.30% | ||
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount | $ 7.4 | $ 14.3 | |
Public Utilities, Requested Rate Increase (Decrease), Amended, Percentage | 2.80% | 5.50% |
WYPSC (Details 6)
WYPSC (Details 6) $ in Millions | May 01, 2021USD ($) |
WYPSC | Montana-Dakota Utilities Co. [Member] | Gas Distribution [Member] | Subsequent Event [Member] | |
Public Utilities, General Disclosures [Line Items] | |
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 1.6 |
Litigation (Details)
Litigation (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Loss Contingencies [Line Items] | |||
Potential liabilities related to litigation and environmental matters | $ 55 | $ 41.5 | $ 33.1 |
Insurance Receivable | 31.6 | 17.5 | 19 |
Regulatory Assets | $ 20.9 | $ 21.3 | $ 10.8 |
Guarantees (Details 2)
Guarantees (Details 2) | Mar. 31, 2021USD ($) |
Guarantor Obligations [Line Items] | |
Guarantor obligations, maximum exposure, undiscounted | $ 235,800,000 |
Fixed maximum amounts guaranteed by year 2021 | 120,800,000 |
Fixed maximum amounts guaranteed by year 2022 | 42,400,000 |
Fixed maximum amounts guaranteed by year 2023 | 61,900,000 |
Fixed maximum amounts guaranteed by year 2024 | 500,000 |
Fixed maximum amounts guaranteed by year 2025 | 500,000 |
Fixed maximum amounts guaranteed, thereafter | 700,000 |
No scheduled maturity date | 9,000,000 |
Amount outstanding under guarantees that is reflected on balance sheet | 0 |
Letters of credit | 25,500,000 |
Letters of credit set to expire - 2021 | 23,600,000 |
Letters of credit set to expire - 2022 | 1,900,000 |
Outstanding letters of credit | 0 |
Amount of surety bonds outstanding | $ 1,100,000,000 |
Variable interest entities (Det
Variable interest entities (Details 3) $ in Millions | Mar. 31, 2021USD ($) |
Fuel contract | |
Variable Interest Entities [Line Items] | |
Variable interest entity, reporting entity involvement, maximum loss exposure, amount | $ 33.1 |