Cover page
Cover page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 28, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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 $1.00 per share | |
Trading Symbol | MDU | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity common stock, shares outstanding | 203,350,740 | |
Entity Central Index Key | 0000067716 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating revenues: | ||
Operating revenues: | $ 1,416,559 | $ 1,227,938 |
Operating expenses: | ||
Operation and maintenance: | 907,897 | 811,659 |
Purchased natural gas sold | 267,353 | 176,237 |
Depreciation, depletion and amortization | 80,121 | 73,723 |
Taxes, other than income | 67,484 | 62,534 |
Electric fuel and purchased power | 26,361 | 18,621 |
Total operating expenses | 1,349,216 | 1,142,774 |
Operating income | 67,343 | 85,164 |
Other income (expense) | (2,400) | 3,354 |
Interest expense | 25,260 | 23,453 |
Income before income taxes | 39,683 | 65,065 |
Income taxes | 7,950 | 12,949 |
Income from continuing operations | 31,733 | 52,116 |
Income from discontinued operations, net of tax | 30 | 15 |
Net income | $ 31,763 | $ 52,131 |
Earnings per share - basic: | ||
Income from continuing operations | $ 0.16 | $ 0.26 |
Discontinued operations, net of tax | 0 | 0 |
Earnings per share - basic | 0.16 | 0.26 |
Earnings per share - diluted: | ||
Income from continuing operations | 0.16 | 0.26 |
Discontinued operations, net of tax | 0 | 0 |
Earnings per share - diluted | $ 0.16 | $ 0.26 |
Weighted average common shares outstanding - basic | 203,351 | 200,708 |
Weighted average common shares outstanding - diluted | 203,391 | 200,952 |
Regulated operation | ||
Operating revenues: | ||
Operating revenues: | $ 553,456 | $ 442,381 |
Operating expenses: | ||
Operation and maintenance: | 97,665 | 94,333 |
Income from continuing operations | 55,549 | 56,121 |
Nonregulated operation | ||
Operating revenues: | ||
Operating revenues: | 863,103 | 785,557 |
Operating expenses: | ||
Operation and maintenance: | 810,232 | 717,326 |
Income from continuing operations | $ (23,816) | $ (4,005) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 31,763 | $ 52,131 |
Other comprehensive income: | ||
Reclassification adjustment for loss on derivative instruments included in net income, tax | 36 | 37 |
Reclassification adjustment for loss on derivative instruments included in net income, net of tax | 112 | 111 |
Postretirement liability adjustment: | ||
Amortization of postretirement liability losses included in net periodic benefit credit, tax | 164 | 151 |
Amortization of postretirement liability losses included in net periodic benefit credit, net of tax | 445 | 466 |
Net unrealized loss on available-for-sale investments: | ||
Net unrealized loss on available-for-sale investments arising during the period, tax | (85) | (12) |
Net unrealized loss on available-for-sale investments arising during the period, net of tax | (320) | (44) |
Reclassification adjustment for loss on available-for-sale investments included in net income, tax | 8 | 9 |
Reclassification adjustment for loss on available-for-sale investments included in net income, net of tax | 32 | 35 |
Net unrealized loss on available-for-sale investments | (288) | (9) |
Other comprehensive income | 269 | 568 |
Comprehensive income attributable to common stockholders | $ 32,032 | $ 52,699 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Current assets: | |||
Cash and cash equivalents | $ 64,904 | $ 54,161 | $ 55,094 |
Receivables, net | 948,024 | 946,741 | 784,582 |
Inventories | 380,316 | 335,609 | 316,737 |
Current regulatory assets | 89,078 | 118,691 | 98,452 |
Prepayments and other current assets | 89,586 | 95,741 | 68,409 |
Total current assets | 1,571,908 | 1,550,943 | 1,323,274 |
Noncurrent assets: | |||
Property, plant and equipment | 8,958,600 | 8,972,849 | 8,288,879 |
Less accumulated depreciation, depletion and amortization | 3,158,091 | 3,216,461 | 3,096,371 |
Net property, plant and equipment | 5,800,509 | 5,756,388 | 5,192,508 |
Goodwill | 763,262 | 765,386 | 714,963 |
Other intangible assets, net | 21,389 | 22,578 | 23,961 |
Regulatory assets | 359,228 | 357,851 | 379,917 |
Investments | 174,555 | 175,476 | 167,741 |
Operating lease right-of-use assets | 119,845 | 124,138 | 116,663 |
Other | 160,019 | 157,675 | 150,248 |
Total noncurrent assets | 7,398,807 | 7,359,492 | 6,746,001 |
Total assets | 8,970,715 | 8,910,435 | 8,069,275 |
Current liabilities: | |||
Short-term borrowings | 99,958 | 0 | 50,000 |
Long-term debt due within one year | 147,953 | 148,053 | 1,552 |
Accounts payable | 449,746 | 478,933 | 379,348 |
Taxes payable | 90,572 | 80,372 | 88,711 |
Dividends payable | 44,229 | 44,229 | 42,740 |
Accrued compensation | 64,796 | 81,904 | 69,612 |
Operating lease liabilities due within one year | 34,618 | 35,368 | 32,562 |
Regulatory liabilities due within one year | 31,186 | 16,303 | 34,266 |
Other accrued liabilities | 203,670 | 207,078 | 201,246 |
Total current liabilities | 1,166,728 | 1,092,240 | 900,037 |
Noncurrent liabilities: | |||
Long-term debt | 2,599,810 | 2,593,847 | 2,251,722 |
Deferred income taxes | 587,940 | 591,962 | 528,551 |
Asset retirement obligations | 463,080 | 458,061 | 445,170 |
Regulatory liabilities | 433,628 | 428,790 | 429,060 |
Operating lease liabilities | 85,874 | 89,253 | 84,494 |
Other | 272,937 | 273,408 | 329,935 |
Total noncurrent liabilities | 4,443,269 | 4,435,321 | 4,068,932 |
Commitments and contingencies | |||
Stockholders' equity: | |||
Common stock | 203,889 | 203,889 | 201,733 |
Other paid-in capital | 1,451,464 | 1,461,205 | 1,382,158 |
Retained earnings | 1,749,726 | 1,762,410 | 1,567,551 |
Accumulated other comprehensive loss | (40,735) | (41,004) | (47,510) |
Treasury stock at cost - 538,921 shares | (3,626) | (3,626) | (3,626) |
Total stockholders' equity | 3,360,718 | 3,382,874 | 3,100,306 |
Total liabilities and stockholders' equity | $ 8,970,715 | $ 8,910,435 | $ 8,069,275 |
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 | 203,889,661 | 203,889,661 | 201,733,458 |
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, 2020 | 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 | ||||
Repurchase of common stock | (392,294) | |||||
Repurchase of common stock | (6,701) | $ (6,701) | ||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | (10,828) | |||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | 392,294 | |||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | $ 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) |
Common stock balance (in shares) at Dec. 31, 2021 | 203,889,661 | 203,889,661 | ||||
Treasury stock (in shares) at Dec. 31, 2021 | (538,921) | |||||
Balance at Dec. 31, 2021 | $ 3,382,874 | $ 203,889 | 1,461,205 | 1,762,410 | (41,004) | $ (3,626) |
Net income | 31,763 | 31,763 | ||||
Other comprehensive income | 269 | 269 | ||||
Dividends declared on common stock | (44,447) | (44,447) | ||||
Stock-based compensation | 2,689 | 2,689 | ||||
Repurchase of common stock | (266,821) | |||||
Repurchase of common stock | (7,399) | $ (7,399) | ||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | (12,303) | |||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | 266,821 | |||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | $ 7,399 | |||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | (4,904) | |||||
Issuance of common stock | $ (127) | (127) | ||||
Common stock balance (in shares) at Mar. 31, 2022 | 203,889,661 | 203,889,661 | ||||
Treasury stock (in shares) at Mar. 31, 2022 | (538,921) | |||||
Balance at Mar. 31, 2022 | $ 3,360,718 | $ 203,889 | $ 1,451,464 | $ 1,749,726 | $ (40,735) | $ (3,626) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating activities: | ||
Net income | $ 31,763 | $ 52,131 |
Income from discontinued operations, net of tax | 30 | 15 |
Income from continuing operations | 31,733 | 52,116 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 80,121 | 73,723 |
Deferred income taxes | (6,466) | 9,843 |
Provision for credit losses | 1,735 | (317) |
Amortization of debt issuance costs | 341 | 332 |
Employee stock-based compensation costs | 2,689 | 2,574 |
Pension & postretirement benefit plan net periodic benefit credit | (1,491) | (1,226) |
Unrealized losses on investments | 5,147 | 529 |
Gains on sales of assets | (3,136) | (2,919) |
Changes in current assets and liabilities, net of acquisitions: | ||
Receivables | (5,723) | 89,724 |
Inventories | (44,080) | (25,613) |
Other current assets | 34,491 | (46,837) |
Accounts payable | 2,980 | (41,965) |
Other current liabilities | 13,086 | (13,977) |
Pension & postretirement benefit plan contributions | (149) | (119) |
Other noncurrent changes | 1,139 | (223) |
Net cash provided by continuing operations | 112,417 | 95,645 |
Net cash used in discontinued operations | (7) | (25) |
Net cash provided by operating activities | 112,410 | 95,620 |
Investing activities: | ||
Capital expenditures | (150,288) | (111,091) |
Acquisitions, net of cash acquired | (524) | (1,023) |
Net proceeds from sale or disposition of property and other | 4,586 | 9,035 |
Investments | (4,442) | (3,248) |
Net cash used in investing activities | (150,668) | (106,327) |
Financing activities: | ||
Issuance of short-term borrowings | 100,000 | 50,000 |
Repayment of short-term borrowings | 0 | (50,000) |
Issuance of long-term debt | 150,000 | 93,298 |
Repayment of long-term debt | (143,622) | (53,301) |
Debt issuance costs | (718) | (3) |
Net proceeds from issuance of common stock | (127) | 19,699 |
Dividends paid | (44,229) | (42,611) |
Repurchase of common stock | (7,399) | (6,701) |
Tax withholding on stock-based compensation | (4,904) | (4,127) |
Net cash provided by financing activities | 49,001 | 6,254 |
Increase (decrease) in cash and cash equivalents | 10,743 | (4,453) |
Cash and cash equivalents -- beginning of year | 54,161 | 59,547 |
Cash and cash equivalents -- end of period | $ 64,904 | $ 55,094 |
Basis of presentation
Basis of presentation | 3 Months Ended |
Mar. 31, 2022 | |
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 2021 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. 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 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. In the fourth quarter of 2021, the Company made changes to the presentation of the Consolidated Statements of Cash Flows to provide further clarity on the sources and uses of net cash provided by operating activities and net cash provided by (used in) financing activities. Certain prior period amounts have been reclassified to conform to the current year presentation. These reclassifications did not impact total net cash provided by operating activities or net cash provided by financing activities for the three months ended March 31, 2021 . |
New accounting standards
New accounting standards | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New accounting standards | New accounting standards The following table provides a brief description of the accounting pronouncements applicable to the Company and the potential impact on its Consolidated Financial Statements and/or disclosures: Standard Description Effective date Impact on financial statements/disclosures ASU 2021-10 - Government Assistance In November 2021, the FASB issued guidance on modifying the disclosure requirements to increase the transparency of government assistance including disclosure of the types of assistance, an entity's accounting for the assistance and the effect of the assistance on an entity's financial statements. January 1, 2022 The Company is currently evaluating the impact the guidance will have on its disclosures for the year ended December 31, 2022. 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. Beginning January 1, 2022, LIBOR or other discontinued reference rates cannot be applied to new contracts. New contracts will incorporate a new reference rate, which includes SOFR. LIBOR or other discontinued reference rates cannot be applied to contract modifications or hedging relationships entered into or evaluated after December 31, 2022. Existing contracts referencing LIBOR or other reference rates expected to be discontinued must identify a replacement rate by June 30, 2023. Effective as of March 12, 2020 and will continue through 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, 2022 | |
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, 2022 | |
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 $50.7 million, $33.9 million and $44.8 million at March 31, 2022 and 2021, and December 31, 2021, 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 and general economic conditions of the various local economies, 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, 2021 $ 269 $ 1,506 $ 2 $ 5,406 $ 2,533 $ 9,716 Current expected credit loss provision 565 1,369 — (253) 54 1,735 Less write-offs charged against the allowance 597 932 — 27 71 1,627 Credit loss recoveries collected 124 180 — — 28 332 At March 31, 2022 $ 361 $ 2,123 $ 2 $ 5,126 $ 2,544 $ 10,156 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 |
Inventories and natural gas in
Inventories and natural gas in storage | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 March 31, 2021 December 31, 2021 (In thousands) Aggregates held for resale $ 195,489 $ 180,450 $ 184,363 Asphalt oil 93,816 59,853 57,002 Materials and supplies 35,967 26,481 30,629 Merchandise for resale 33,393 24,319 28,501 Natural gas in storage (current) 10,801 8,113 18,867 Other 10,850 17,521 16,247 Total $ 380,316 $ 316,737 $ 335,609 |
Earnings per share
Earnings per share | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 2021 (In thousands, except per share amounts) Weighted average common shares outstanding - basic 203,351 200,708 Effect of dilutive performance share awards and restricted stock units 40 244 Weighted average common shares outstanding - diluted 203,391 200,952 Shares excluded from the calculation of diluted earnings per share — — Dividends declared per common share $ .2175 $ .2125 |
Equity
Equity | 3 Months Ended |
Mar. 31, 2022 | |
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 J.P. Morgan Securities LLC and MUFG Securities Americas Inc., as sales agents. This agreement, as amended, 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. As of March 31, 2022, the Company had capacity to issue up to 3.6 million additional shares of common stock under the "at-the-market" offering program. Details of the Company's "at-the-market" offering activity was as follows: Three Months Ended March 31, 2022 2021 (In millions) Shares issued — .7 Net proceeds * $ (.1) $ 19.7 ** * Net proceeds include issuance costs of $127,000 and $300,000 for the three months ended March 31, 2022 and 2021, respectively ** Net proceeds were used for capital expenditures. |
Accumulated other comprehensive
Accumulated other comprehensive loss | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Accumulated other comprehensive loss | Accumulated other 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, 2021 $ (538) $ (40,461) $ (5) $ (41,004) Other comprehensive loss before reclassifications — — (320) (320) Amounts reclassified from accumulated other comprehensive loss 112 445 32 589 Net current-period other comprehensive income (loss) 112 445 (288) 269 At March 31, 2022 $ (426) $ (40,016) $ (293) $ (40,735) 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) 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, 2022 2021 (In thousands) Reclassification adjustment for loss on derivative instruments included in net income $ (148) $ (148) Interest expense 36 37 Income taxes (112) (111) Amortization of postretirement liability losses included in net periodic benefit credit (609) (617) Other income 164 151 Income taxes (445) (466) Reclassification adjustment on available-for-sale investments included in net income (40) (44) Other income 8 9 Income taxes (32) (35) Total reclassifications $ (589) $ (612) |
Revenue from contracts with cus
Revenue from contracts with customers | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 Electric Natural gas Pipeline Construction Construction Other Total (In thousands) Residential utility sales $ 37,304 $ 258,816 $ — $ — $ — $ — $ 296,120 Commercial utility sales 35,600 163,609 — — — — 199,209 Industrial utility sales 10,306 13,024 — — — — 23,330 Other utility sales 1,750 — — — — — 1,750 Natural gas transportation — 12,381 31,574 — — — 43,955 Natural gas storage — — 3,719 — — — 3,719 Contracting services — — — 114,267 — — 114,267 Construction materials — — — 241,732 — — 241,732 Intrasegment eliminations — — — (46,033) — — (46,033) Electrical & mechanical specialty contracting — — — — 392,808 — 392,808 Transmission & distribution specialty contracting — — — — 148,466 — 148,466 Other 12,753 2,609 1,709 — 48 4,341 21,460 Intersegment eliminations (124) (136) (25,940) (130) (1,059) (4,341) (31,730) Revenues from contracts with customers 97,589 450,303 11,062 309,836 540,263 — 1,409,053 Revenues out of scope (3,995) 115 58 — 11,328 — 7,506 Total external operating revenues $ 93,594 $ 450,418 $ 11,120 $ 309,836 $ 551,591 $ — $ 1,416,559 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) Electrical & mechanical specialty contracting — — — — 355,190 — 355,190 Transmission & distribution 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 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, 2022 December 31, 2021 Change Location on Consolidated Balance Sheets (In thousands) Contract assets $ 164,622 $ 125,742 $ 38,880 Receivables, net Contract liabilities - current (154,136) (179,140) 25,004 Accounts payable Contract liabilities - noncurrent (40) (118) 78 Noncurrent liabilities - other Net contract assets (liabilities) $ 10,446 $ (53,516) $ 63,962 The Company recognized $121.8 million in revenue for the three months ended March 31, 2022, which was previously included in contract liabilities at December 31, 2021. 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 a net increase in revenues of $23.5 million and $34.3 million for the three months ended March 31, 2022 and 2021, 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 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 contracts included in the remaining performance obligations have weighted average remaining durations of approximately five years. At March 31, 2022, the Company's remaining performance obligations were $3.1 billion. The Company expects to recognize the following revenue amounts in future periods related to these remaining performance obligations: $2.4 billion within the next 12 months or less; $311.1 million within the next 13 to 24 months; and $407.2 million in 25 months or more. |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2022 | |
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. The Company had no acquisitions during the first quarter of 2022. In 2021, the construction materials and contracting segment's acquisitions included: • Baker Rock Resources and Oregon Mainline Paving, two premier construction materials companies located around the Portland, Oregon metro area, acquired in November 2021. At March 31, 2022, the purchase price allocation was preliminary and will be finalized within 12 months of the acquisition date. • Mt. Hood Rock, a construction aggregates business in Oregon, acquired in April 2021. As of March 31, 2022, the purchase price allocation was settled with no material adjustments to the provisional accounting. In 2021, the total purchase price for acquisitions was $236.1 million, subject to certain adjustments, with cash acquired totaling $900,000. The purchase price includes consideration paid of $235.2 million. The amounts allocated to the aggregated assets acquired and liabilities assumed during 2021 were as follows: $17.0 million to current assets; $179.8 million to property, plant and equipment; $50.6 million to goodwill; $2.2 million to other intangible assets; $8.7 million to current liabilities; $2.5 million to noncurrent liabilities - other; and $3.2 million to deferred tax liabilities. During the first quarter of 2022, measurement period adjustments were made to previously reported provisional amounts, which decreased goodwill and increased property, plant and equipment by $2.1 million. The Company issued debt to finance the 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, 2022 and 2021. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Lessee, Operating 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 $11.4 million and $12.0 million for the three months ended March 31, 2022 and 2021, respectively. At March 31, 2022, the Company had $8.4 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, 2022 | |
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, 2022 Goodwill Measurement Balance at March 31, 2022 (In thousands) Natural gas distribution $ 345,736 $ — $ — $ 345,736 Construction materials and contracting 276,426 — (2,124) 274,302 Construction services 143,224 — — 143,224 Total $ 765,386 $ — $ (2,124) $ 763,262 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, 2021 Goodwill Measurement Balance at December 31, 2021 (In thousands) Natural gas distribution $ 345,736 $ — $ — $ 345,736 Construction materials and contracting 226,003 50,640 (217) 276,426 Construction services 143,224 — — 143,224 Total $ 714,963 $ 50,640 $ (217) $ 765,386 Other amortizable intangible assets were as follows: March 31, 2022 March 31, 2021 December 31, 2021 (In thousands) Customer relationships $ 28,990 $ 28,836 $ 29,740 Less accumulated amortization 10,846 7,792 10,650 18,144 21,044 19,090 Noncompete agreements 4,591 3,941 4,591 Less accumulated amortization 3,016 2,441 2,856 1,575 1,500 1,735 Other 6,969 11,957 12,601 Less accumulated amortization 5,299 10,540 10,848 1,670 1,417 1,753 Total $ 21,389 $ 23,961 $ 22,578 The previous tables include goodwill and intangible assets associated with the business combinations completed during 2021. For more information related to these business combinations, see Note 10. Amortization expense for amortizable intangible assets for the three months ended March 31, 2022 and 2021, was $1.2 million and $1.5 million, respectively. Estimated amortization expense for identifiable intangible assets as of March 31, 2022, was: Remainder of 2022 2023 2024 2025 2026 Thereafter (In thousands) Amortization expense $ 3,630 $ 4,470 $ 4,200 $ 2,206 $ 1,716 $ 5,167 |
Regulatory assets and liabiliti
Regulatory assets and liabilities | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 * March 31, 2022 March 31, 2021 December 31, 2021 (In thousands) Regulatory assets: Current: Natural gas costs recoverable through rate adjustments Up to 1 year $ 66,132 $ 76,782 $ 86,371 Decoupling Up to 1 year 7,609 4,180 9,131 Conservation programs Up to 1 year 7,567 6,679 8,225 Cost recovery mechanisms Up to 1 year 3,432 7,130 4,536 Other Up to 1 year 4,338 3,681 10,428 89,078 98,452 118,691 Noncurrent: Pension and postretirement benefits ** 142,681 155,924 142,681 Cost recovery mechanisms Up to 10 years 67,989 15,508 44,870 Plant costs/asset retirement obligations Over plant lives 63,325 72,250 63,116 Plant to be retired - 29,452 73,498 50,070 Manufactured gas plant site remediation - 26,089 26,002 26,053 Taxes recoverable from customers Over plant lives 12,492 10,800 12,339 Long-term debt refinancing costs Up to 38 years 3,636 4,268 3,794 Natural gas costs recoverable through rate adjustments Up to 2 years 3,246 15,158 5,186 Other Up to 17 years 10,318 6,509 9,742 359,228 379,917 357,851 Total regulatory assets $ 448,306 $ 478,369 $ 476,542 Regulatory liabilities: Current: Natural gas costs refundable through rate adjustments Up to 1 year $ 13,107 $ 16,344 $ 6,700 Taxes refundable to customers Up to 1 year 3,470 3,092 3,841 Electric fuel and purchased power deferral Up to 1 year — 2,001 — Other Up to 1 year 14,609 12,829 5,762 31,186 34,266 16,303 Noncurrent: Taxes refundable to customers Over plant lives 212,472 224,795 215,421 Plant removal and decommissioning costs Over plant lives 171,485 169,430 168,152 Pension and postretirement benefits ** 20,434 16,965 20,434 Accumulated deferred investment tax credit Up to 20 years 13,352 11,428 12,696 Other Up to 20 years 15,885 6,442 12,087 433,628 429,060 428,790 Total regulatory liabilities $ 464,814 $ 463,326 $ 445,093 Net regulatory position $ (16,508) $ 15,043 $ 31,449 * Estimated recovery or refund period for amounts currently being recovered or refunded in rates to customers. ** Recovered as expense is incurred or cash contributions are made. Regulatory assets not earning a rate of return were approximately $268.1 million and $361.4 million at March 31, 2022 and 2021, respectively, and $296.6 million at December 31, 2021; 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 retirement 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 order to maintain services for its customers. These extraordinary gas costs were recorded as regulatory assets as they are expected to be recovered from customers. Montana-Dakota and Great Plains have received approval for the recovery of purchased gas adjustments related to the cold-weather event in all jurisdictions impacted, including out-of-cycle purchased gas adjustment requests in most jurisdictions. For a discussion of the Company's most recent cases by jurisdiction, see Note 19. 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 through 2022 of the balance of natural gas costs recoverable related to this period of time, which was 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 accelerated the depreciation related to these facilities in property, plant and equipment and recorded the difference between the accelerated depreciation, in accordance with GAAP, and the depreciation approved for rate-making purposes as regulatory assets. Requests were filed with the NDPSC and SDPUC, and subsequently approved, to offset the savings associated with the cessation of operations of these units with the amortization of the deferred regulatory assets. The Company ceased operations of Lewis & Clark Station in March 2021 and Units 1 and 2 at Heskett Station in February 2022. The Company subsequently moved the costs being recovered for these facilities from plant retirement to cost recovery mechanisms in the previous table and began amortizing the associated plant retirement and closure costs in the jurisdictions where requests were filed, as previously discussed. 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 loss in the period in which the discontinuance of regulatory accounting occurs. |
Fair value measurements
Fair value measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | Fair value measurements 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 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 $105.4 million, $101.6 million and $109.6 million, at March 31, 2022 and 2021, and December 31, 2021, respectively, are classified as investments on the Consolidated Balance Sheets. The net unrealized loss on these investments was $5.8 million for the three months ended March 31, 2022. The net unrealized gain on these investments was $127,000 for the three months ended March 31, 2021. 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 loss. Details of available-for-sale securities were as follows: March 31, 2022 Cost Gross Gross Fair Value (In thousands) Mortgage-backed securities $ 8,778 $ 3 $ 310 $ 8,471 U.S. Treasury securities 2,688 — 63 2,625 Total $ 11,466 $ 3 $ 373 $ 11,096 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 December 31, 2021 Cost Gross Gross Fair Value (In thousands) Mortgage-backed securities $ 8,702 $ 51 $ 47 $ 8,706 U.S. Treasury securities 2,407 — 11 2,396 Total $ 11,109 $ 51 $ 58 $ 11,102 The Company's assets measured at fair value on a recurring basis were as follows: Fair Value Measurements at March 31, 2022, Using Quoted Prices in Significant Significant Balance at March 31, 2022 (In thousands) Assets: Money market funds $ — $ 13,131 $ — $ 13,131 Insurance contracts* — 105,371 — 105,371 Available-for-sale securities: Mortgage-backed securities — 8,471 — 8,471 U.S. Treasury securities — 2,625 — 2,625 Total assets measured at fair value $ — $ 129,598 $ — $ 129,598 * The insurance contracts invest approximately 61 percent in fixed-income investments, 17 percent in common stock of large-cap companies, 8 percent in common stock of mid-cap companies, 6 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, 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 December 31, 2021, Using Quoted Prices in Significant Significant Balance at December 31, 2021 (In thousands) Assets: Money market funds $ — $ 10,190 $ — $ 10,190 Insurance contracts* — 109,603 — 109,603 Available-for-sale securities: Mortgage-backed securities — 8,706 — 8,706 U.S. Treasury securities — 2,396 — 2,396 Total assets measured at fair value $ — $ 130,895 $ — $ 130,895 * The insurance contracts invest approximately 61 percent in fixed-income investments, 17 percent in common stock of large-cap companies, 8 percent in common stock of mid-cap companies, 7 percent in common stock of small-cap companies, 5 percent in target date investments and 2 percent in cash equivalents. 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 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 2021. The fair value of these assets and liabilities were determined based on Level 2 and Level 3 inputs. 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, 2022 March 31, 2021 December 31, 2021 (In thousands) Carrying amount $ 2,747,763 $ 2,253,274 $ 2,741,900 Fair value $ 2,755,041 $ 2,473,806 $ 2,984,866 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, 2022 | |
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, 2022. 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. Short-term debt Centennial On March 18, 2022, Centennial entered into a $100.0 million term loan agreement with a SOFR-based variable interest rate and a maturity date of March 17, 2023. The agreement contains customary covenants and provisions, including a covenant of Centennial not to permit, at any time, the ratio of total debt to total capitalization to be greater than 65 percent. The covenants also include certain restrictions on the sale of certain assets, loans and investments. Long-term debt Long-term Debt Outstanding Long-term debt outstanding was as follows: Weighted Average Interest Rate at March 31, 2022 March 31, 2022 March 31, 2021 December 31, 2021 (In thousands) Senior Notes due on dates ranging from October 22, 2022 to September 15, 2061 4.28 % $ 2,275,000 $ 1,950,000 $ 2,125,000 Commercial paper supported by revolving credit agreements .90 % 348,500 218,900 450,300 Credit agreements due on June 7, 2024 3.25 % 85,800 43,350 127,500 Medium-Term Notes due on dates ranging from September 15, 2027 to March 16, 2029 7.32 % 35,000 35,000 35,000 Term Loan Agreement due on September 3, 2032 2.00 % 7,700 8,400 7,700 Other notes due on dates ranging from January 1, 2024 to January 1, 2061 .95 % 2,445 3,282 2,564 Less unamortized debt issuance costs 6,605 5,655 6,090 Less discount 77 3 74 Total long-term debt 2,747,763 2,253,274 2,741,900 Less current maturities 147,953 1,552 148,053 Net long-term debt $ 2,599,810 $ 2,251,722 $ 2,593,847 Schedule of Debt Maturities Long-term debt maturities, which excludes unamortized debt issuance costs and discount, at March 31, 2022, were as follows: Remainder of 2022 2023 2024 2025 2026 Thereafter (In thousands) Long-term debt maturities $ 147,953 $ 77,925 $ 495,104 $ 177,802 $ 140,802 $ 1,714,859 |
Cash flow information
Cash flow information | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 2021 (In thousands) Interest, net* $ 15,657 $ 14,303 Income taxes paid (refunded), net $ (363) $ 13,880 * AFUDC - borrowed was $586,000 and $348,000 for the three months ended March 31, 2022 and 2021, respectively. Noncash investing and financing transactions were as follows: March 31, 2022 March 31, 2021 December 31, 2021 (In thousands) Right-of-use assets obtained in exchange for new operating lease liabilities $ 10,175 $ 9,236 $ 55,987 Property, plant and equipment additions in accounts payable $ 25,730 $ 20,594 $ 57,605 Debt assumed in connection with a business combination $ — $ — $ 10 |
Business segment data
Business segment data | 3 Months Ended |
Mar. 31, 2022 | |
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. 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-mix 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, asphalt oil 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, including Alaska and Hawaii. The construction services segment provides a full spectrum of construction services through its electrical and mechanical and transmission and distribution specialty contracting services across the country. These specialty contracting services are provided to utilities and manufacturing, transportation, commercial, industrial, institutional, renewable and governmental customers. Its electrical and mechanical contracting services include construction and maintenance of electrical and communication wiring and infrastructure, fire suppression systems, and mechanical piping and services. Its transmission and distribution contracting services include construction and maintenance of overhead and underground electrical, gas and communication infrastructure, as well as manufacturing and distribution of transmission line construction equipment and tools. 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. Discontinued operations include the 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 2021 Annual Report. Information on the Company's segments was as follows: Three Months Ended March 31, 2022 2021 (In thousands) External operating revenues: Regulated operations: Electric $ 93,594 $ 84,673 Natural gas distribution 450,418 350,206 Pipeline 9,444 7,502 553,456 442,381 Non-regulated operations: Pipeline 1,676 2,411 Construction materials and contracting 309,836 265,659 Construction services 551,591 517,470 Other — 17 863,103 785,557 Total external operating revenues $ 1,416,559 $ 1,227,938 Three Months Ended March 31, 2022 2021 (In thousands) Intersegment operating revenues: Regulated operations: Electric $ 124 $ 136 Natural gas distribution 136 142 Pipeline 25,933 25,990 26,193 26,268 Non-regulated operations: Pipeline 7 239 Construction materials and contracting 130 62 Construction services 1,059 1,042 Other 4,341 3,324 5,537 4,667 Intersegment eliminations (31,730) (30,935) Total intersegment operating revenues $ — $ — Operating income (loss): Electric $ 15,044 $ 13,865 Natural gas distribution 56,256 53,573 Pipeline 11,882 12,536 Construction materials and contracting (44,605) (34,889) Construction services 29,498 40,277 Other (732) (198) Total operating income $ 67,343 $ 85,164 Net income (loss): Regulated operations: Electric $ 11,278 $ 10,749 Natural gas distribution 36,315 36,178 Pipeline 7,956 9,194 55,549 56,121 Non-regulated operations: Pipeline (619) (296) Construction materials and contracting (40,010) (30,813) Construction services 21,324 29,825 Other (4,511) (2,721) (23,816) (4,005) Income from continuing operations 31,733 52,116 Income from discontinued operations, net of tax 30 15 Net income $ 31,763 $ 52,131 |
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 credit for the Company's pension benefit plans were as follows: Three Months Ended March 31, 2022 2021 (In thousands) Components of net periodic benefit credit: Interest cost $ 2,631 $ 2,455 Expected return on assets (4,864) (4,894) Amortization of net actuarial loss 1,671 2,004 Net periodic benefit credit $ (562) $ (435) Components of net periodic benefit credit for the Company's other postretirement benefit plans were as follows: Three Months Ended March 31, 2022 2021 (In thousands) Components of net periodic benefit credit: Service cost $ 354 $ 400 Interest cost 474 466 Expected return on assets (1,322) (1,275) Amortization of prior service credit (350) (349) Amortization of net actuarial (gain) loss (54) 6 Net periodic benefit credit, including amount capitalized (898) (752) Less amount capitalized 31 39 Net periodic benefit credit $ (929) $ (791) The components of net periodic benefit 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 $773,000 and $769,000 for the three months ended March 31, 2022 and 2021, 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, 2022 | |
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 2021 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. MNPUC 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, Great Plains prepares a true-up pursuant to the purchased gas adjustment tariff. On August 30, 2021, the MNPUC issued an order to allow Great Plains recovery of an out-of-cycle cost of gas adjustment of $8.8 million over a period of 27 months. The order was effective September 1, 2021, and is subject to a prudence review by the MNPUC. 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 MNPUC prudence review is pending with an order to be issued on or before August 29, 2022. SDPUC Montana-Dakota has a transmission cost recovery rider that allows annual updates to rates for actual costs associated with transmission-related projects and services. On March 1, 2022, Montana-Dakota filed an annual update to its transmission cost recovery rider to recover a revenue requirement of approximately $2.5 million annually, which reflects a true-up of the prior period adjustment, resulting in an increase in current rates of approximately $1.5 million. This matter is pending before the SDPUC. 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 March 1, 2022, Montana-Dakota filed an annual update to its infrastructure rider requesting to recover a revenue requirement of approximately $940,000 annually, which reflects a true-up of the prior period adjustment, resulting in a decrease in current rates of approximately $88,000. On April 28, 2022, the SDPUC approved the rates as requested with an effective date of May 1, 2022. WUTC On September 30, 2021, Cascade filed an application with the WUTC for a natural gas rate increase of approximately $13.7 million annually or approximately 5.1 percent above current rates. The requested increase was primarily to recover investments made in infrastructure upgrades, as well as to recover 2021 wage increases. On March 22, 2022, Cascade filed a multi-party settlement and stipulation on behalf of Cascade and the staff of the WUTC that would result in a revenue requirement increase of approximately $10.7 million annually or approximately 4.0 percent above current rates. The WUTC has 11 months to render a final decision on the rate case. This matter is pending before the WUTC. On March 24, 2022, Cascade filed a request for a tariff revision with the WUTC to rectify an inadvertent IRS normalization violation resulting from its tariff established in 2018 that passes back to customers the reversal of plant-related excess deferred income taxes through an annual rate adjustment. This request was made in response to the issuance of an IRS private letter ruling to another Washington utility with the same annual rate adjustment tariff, which addressed its normalization violation. The private letter ruling concluded the tariff to refund excess deferred income taxes without corresponding adjustments for other components of rate base or changes in depreciation or income tax expense, is an impermissible methodology under the IRS normalization and consistency rules. Cascade's request proposes a similar remedy through the tariff to recover the excess amounts refunded to customers while this tariff has been in place, and revises the method going forward to reflect excess deferred income taxes in rates in the same manner as other components of rate base from its most recent general rate case. Cascade has requested recovery of the excess refunded to customers of approximately $3.3 million and elimination of the currently deferred, but not yet refunded balance. This matter is pending before the WUTC. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 and 2021, and December 31, 2021, the Company accrued liabilities, which have not been discounted, of $30.0 million, $55.0 million and $37.0 million, respectively. At March 31, 2022 and 2021, and December 31, 2021, the Company also recorded corresponding insurance receivables of $7.1 million, $31.6 million and $14.1 million, respectively, and regulatory assets of $20.8 million, $20.9 million and $21.2 million, respectively, related to the accrued liabilities. The accruals are for contingencies resulting from 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 2021 Annual Report. Guarantees 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, 2022, the fixed maximum amounts guaranteed under these agreements aggregate $147.9 million. Certain of the guarantees also have no fixed maximum amounts specified. At March 31, 2022, the amounts of scheduled expiration of the maximum amounts guaranteed under these agreements aggregate to $48.5 million in 2022; $44.3 million in 2023; $44.3 million in 2024; $800,000 in 2025; $800,000 in 2026; $200,000 thereafter; and $9.0 million, which has no scheduled maturity date. There were no amounts outstanding under the previously mentioned guarantees at March 31, 2022. 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, 2022, the fixed maximum amounts guaranteed under these letters of credit aggregated $29.2 million. At March 31, 2022, the amounts of scheduled expiration of the maximum amounts guaranteed under these letters of credit aggregate to $28.6 million in 2022 and $600,000 in 2023. There were no amounts outstanding under the previously mentioned letters of credit at March 31, 2022. 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, 2022. 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, 2022, 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, 2022, 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 $31.0 million. |
Basis of presentation (Policies
Basis of presentation (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
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 2021 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, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New accounting standards | The following table provides a brief description of the accounting pronouncements applicable to the Company and the potential impact on its Consolidated Financial Statements and/or disclosures: Standard Description Effective date Impact on financial statements/disclosures ASU 2021-10 - Government Assistance In November 2021, the FASB issued guidance on modifying the disclosure requirements to increase the transparency of government assistance including disclosure of the types of assistance, an entity's accounting for the assistance and the effect of the assistance on an entity's financial statements. January 1, 2022 The Company is currently evaluating the impact the guidance will have on its disclosures for the year ended December 31, 2022. 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. Beginning January 1, 2022, LIBOR or other discontinued reference rates cannot be applied to new contracts. New contracts will incorporate a new reference rate, which includes SOFR. LIBOR or other discontinued reference rates cannot be applied to contract modifications or hedging relationships entered into or evaluated after December 31, 2022. Existing contracts referencing LIBOR or other reference rates expected to be discontinued must identify a replacement rate by June 30, 2023. Effective as of March 12, 2020 and will continue through 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, 2022 | |
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 and general economic conditions of the various local economies, 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, 2022 | |
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, 2022 | |
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, 2022 | |
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, 2022 | |
Business Combinations [Abstract] | |
Business Combinations Policy | 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, 2022 | |
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, 2022 | |
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, 2022 | |
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. |
Receivables and allowance for_3
Receivables and allowance for expected credit losses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2021 $ 269 $ 1,506 $ 2 $ 5,406 $ 2,533 $ 9,716 Current expected credit loss provision 565 1,369 — (253) 54 1,735 Less write-offs charged against the allowance 597 932 — 27 71 1,627 Credit loss recoveries collected 124 180 — — 28 332 At March 31, 2022 $ 361 $ 2,123 $ 2 $ 5,126 $ 2,544 $ 10,156 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 |
Inventories and natural gas i_3
Inventories and natural gas in storage (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories on the Consolidated Balance Sheets were as follows: March 31, 2022 March 31, 2021 December 31, 2021 (In thousands) Aggregates held for resale $ 195,489 $ 180,450 $ 184,363 Asphalt oil 93,816 59,853 57,002 Materials and supplies 35,967 26,481 30,629 Merchandise for resale 33,393 24,319 28,501 Natural gas in storage (current) 10,801 8,113 18,867 Other 10,850 17,521 16,247 Total $ 380,316 $ 316,737 $ 335,609 |
Earnings per share (Tables)
Earnings per share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 2021 (In thousands, except per share amounts) Weighted average common shares outstanding - basic 203,351 200,708 Effect of dilutive performance share awards and restricted stock units 40 244 Weighted average common shares outstanding - diluted 203,391 200,952 Shares excluded from the calculation of diluted earnings per share — — Dividends declared per common share $ .2175 $ .2125 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Stock by Class | Details of the Company's "at-the-market" offering activity was as follows: Three Months Ended March 31, 2022 2021 (In millions) Shares issued — .7 Net proceeds * $ (.1) $ 19.7 ** * Net proceeds include issuance costs of $127,000 and $300,000 for the three months ended March 31, 2022 and 2021, respectively ** Net proceeds were used for capital expenditures. |
Accumulated other comprehensi_2
Accumulated other comprehensive loss (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2021 $ (538) $ (40,461) $ (5) $ (41,004) Other comprehensive loss before reclassifications — — (320) (320) Amounts reclassified from accumulated other comprehensive loss 112 445 32 589 Net current-period other comprehensive income (loss) 112 445 (288) 269 At March 31, 2022 $ (426) $ (40,016) $ (293) $ (40,735) 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) |
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, 2022 2021 (In thousands) Reclassification adjustment for loss on derivative instruments included in net income $ (148) $ (148) Interest expense 36 37 Income taxes (112) (111) Amortization of postretirement liability losses included in net periodic benefit credit (609) (617) Other income 164 151 Income taxes (445) (466) Reclassification adjustment on available-for-sale investments included in net income (40) (44) Other income 8 9 Income taxes (32) (35) Total reclassifications $ (589) $ (612) |
Revenue from contracts with c_3
Revenue from contracts with customers (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 Electric Natural gas Pipeline Construction Construction Other Total (In thousands) Residential utility sales $ 37,304 $ 258,816 $ — $ — $ — $ — $ 296,120 Commercial utility sales 35,600 163,609 — — — — 199,209 Industrial utility sales 10,306 13,024 — — — — 23,330 Other utility sales 1,750 — — — — — 1,750 Natural gas transportation — 12,381 31,574 — — — 43,955 Natural gas storage — — 3,719 — — — 3,719 Contracting services — — — 114,267 — — 114,267 Construction materials — — — 241,732 — — 241,732 Intrasegment eliminations — — — (46,033) — — (46,033) Electrical & mechanical specialty contracting — — — — 392,808 — 392,808 Transmission & distribution specialty contracting — — — — 148,466 — 148,466 Other 12,753 2,609 1,709 — 48 4,341 21,460 Intersegment eliminations (124) (136) (25,940) (130) (1,059) (4,341) (31,730) Revenues from contracts with customers 97,589 450,303 11,062 309,836 540,263 — 1,409,053 Revenues out of scope (3,995) 115 58 — 11,328 — 7,506 Total external operating revenues $ 93,594 $ 450,418 $ 11,120 $ 309,836 $ 551,591 $ — $ 1,416,559 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) Electrical & mechanical specialty contracting — — — — 355,190 — 355,190 Transmission & distribution 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 |
Contract balances | The changes in contract assets and liabilities were as follows: March 31, 2022 December 31, 2021 Change Location on Consolidated Balance Sheets (In thousands) Contract assets $ 164,622 $ 125,742 $ 38,880 Receivables, net Contract liabilities - current (154,136) (179,140) 25,004 Accounts payable Contract liabilities - noncurrent (40) (118) 78 Noncurrent liabilities - other Net contract assets (liabilities) $ 10,446 $ (53,516) $ 63,962 |
Goodwill and other intangible_2
Goodwill and other intangible assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 Goodwill Measurement Balance at March 31, 2022 (In thousands) Natural gas distribution $ 345,736 $ — $ — $ 345,736 Construction materials and contracting 276,426 — (2,124) 274,302 Construction services 143,224 — — 143,224 Total $ 765,386 $ — $ (2,124) $ 763,262 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, 2021 Goodwill Measurement Balance at December 31, 2021 (In thousands) Natural gas distribution $ 345,736 $ — $ — $ 345,736 Construction materials and contracting 226,003 50,640 (217) 276,426 Construction services 143,224 — — 143,224 Total $ 714,963 $ 50,640 $ (217) $ 765,386 |
Other amortizable intangible assets | Other amortizable intangible assets were as follows: March 31, 2022 March 31, 2021 December 31, 2021 (In thousands) Customer relationships $ 28,990 $ 28,836 $ 29,740 Less accumulated amortization 10,846 7,792 10,650 18,144 21,044 19,090 Noncompete agreements 4,591 3,941 4,591 Less accumulated amortization 3,016 2,441 2,856 1,575 1,500 1,735 Other 6,969 11,957 12,601 Less accumulated amortization 5,299 10,540 10,848 1,670 1,417 1,753 Total $ 21,389 $ 23,961 $ 22,578 |
Estimated amortization expense | Estimated amortization expense for identifiable intangible assets as of March 31, 2022, was: Remainder of 2022 2023 2024 2025 2026 Thereafter (In thousands) Amortization expense $ 3,630 $ 4,470 $ 4,200 $ 2,206 $ 1,716 $ 5,167 |
Regulatory assets and liabili_2
Regulatory assets and liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 * March 31, 2022 March 31, 2021 December 31, 2021 (In thousands) Regulatory assets: Current: Natural gas costs recoverable through rate adjustments Up to 1 year $ 66,132 $ 76,782 $ 86,371 Decoupling Up to 1 year 7,609 4,180 9,131 Conservation programs Up to 1 year 7,567 6,679 8,225 Cost recovery mechanisms Up to 1 year 3,432 7,130 4,536 Other Up to 1 year 4,338 3,681 10,428 89,078 98,452 118,691 Noncurrent: Pension and postretirement benefits ** 142,681 155,924 142,681 Cost recovery mechanisms Up to 10 years 67,989 15,508 44,870 Plant costs/asset retirement obligations Over plant lives 63,325 72,250 63,116 Plant to be retired - 29,452 73,498 50,070 Manufactured gas plant site remediation - 26,089 26,002 26,053 Taxes recoverable from customers Over plant lives 12,492 10,800 12,339 Long-term debt refinancing costs Up to 38 years 3,636 4,268 3,794 Natural gas costs recoverable through rate adjustments Up to 2 years 3,246 15,158 5,186 Other Up to 17 years 10,318 6,509 9,742 359,228 379,917 357,851 Total regulatory assets $ 448,306 $ 478,369 $ 476,542 Regulatory liabilities: Current: Natural gas costs refundable through rate adjustments Up to 1 year $ 13,107 $ 16,344 $ 6,700 Taxes refundable to customers Up to 1 year 3,470 3,092 3,841 Electric fuel and purchased power deferral Up to 1 year — 2,001 — Other Up to 1 year 14,609 12,829 5,762 31,186 34,266 16,303 Noncurrent: Taxes refundable to customers Over plant lives 212,472 224,795 215,421 Plant removal and decommissioning costs Over plant lives 171,485 169,430 168,152 Pension and postretirement benefits ** 20,434 16,965 20,434 Accumulated deferred investment tax credit Up to 20 years 13,352 11,428 12,696 Other Up to 20 years 15,885 6,442 12,087 433,628 429,060 428,790 Total regulatory liabilities $ 464,814 $ 463,326 $ 445,093 Net regulatory position $ (16,508) $ 15,043 $ 31,449 * Estimated recovery or refund period for amounts currently being recovered or refunded in rates 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, 2022 * March 31, 2022 March 31, 2021 December 31, 2021 (In thousands) Regulatory assets: Current: Natural gas costs recoverable through rate adjustments Up to 1 year $ 66,132 $ 76,782 $ 86,371 Decoupling Up to 1 year 7,609 4,180 9,131 Conservation programs Up to 1 year 7,567 6,679 8,225 Cost recovery mechanisms Up to 1 year 3,432 7,130 4,536 Other Up to 1 year 4,338 3,681 10,428 89,078 98,452 118,691 Noncurrent: Pension and postretirement benefits ** 142,681 155,924 142,681 Cost recovery mechanisms Up to 10 years 67,989 15,508 44,870 Plant costs/asset retirement obligations Over plant lives 63,325 72,250 63,116 Plant to be retired - 29,452 73,498 50,070 Manufactured gas plant site remediation - 26,089 26,002 26,053 Taxes recoverable from customers Over plant lives 12,492 10,800 12,339 Long-term debt refinancing costs Up to 38 years 3,636 4,268 3,794 Natural gas costs recoverable through rate adjustments Up to 2 years 3,246 15,158 5,186 Other Up to 17 years 10,318 6,509 9,742 359,228 379,917 357,851 Total regulatory assets $ 448,306 $ 478,369 $ 476,542 Regulatory liabilities: Current: Natural gas costs refundable through rate adjustments Up to 1 year $ 13,107 $ 16,344 $ 6,700 Taxes refundable to customers Up to 1 year 3,470 3,092 3,841 Electric fuel and purchased power deferral Up to 1 year — 2,001 — Other Up to 1 year 14,609 12,829 5,762 31,186 34,266 16,303 Noncurrent: Taxes refundable to customers Over plant lives 212,472 224,795 215,421 Plant removal and decommissioning costs Over plant lives 171,485 169,430 168,152 Pension and postretirement benefits ** 20,434 16,965 20,434 Accumulated deferred investment tax credit Up to 20 years 13,352 11,428 12,696 Other Up to 20 years 15,885 6,442 12,087 433,628 429,060 428,790 Total regulatory liabilities $ 464,814 $ 463,326 $ 445,093 Net regulatory position $ (16,508) $ 15,043 $ 31,449 * Estimated recovery or refund period for amounts currently being recovered or refunded in rates 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, 2022 | |
Fair Value Disclosures [Abstract] | |
Available-for-sale securities | Details of available-for-sale securities were as follows: March 31, 2022 Cost Gross Gross Fair Value (In thousands) Mortgage-backed securities $ 8,778 $ 3 $ 310 $ 8,471 U.S. Treasury securities 2,688 — 63 2,625 Total $ 11,466 $ 3 $ 373 $ 11,096 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 December 31, 2021 Cost Gross Gross Fair Value (In thousands) Mortgage-backed securities $ 8,702 $ 51 $ 47 $ 8,706 U.S. Treasury securities 2,407 — 11 2,396 Total $ 11,109 $ 51 $ 58 $ 11,102 |
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, 2022, Using Quoted Prices in Significant Significant Balance at March 31, 2022 (In thousands) Assets: Money market funds $ — $ 13,131 $ — $ 13,131 Insurance contracts* — 105,371 — 105,371 Available-for-sale securities: Mortgage-backed securities — 8,471 — 8,471 U.S. Treasury securities — 2,625 — 2,625 Total assets measured at fair value $ — $ 129,598 $ — $ 129,598 * The insurance contracts invest approximately 61 percent in fixed-income investments, 17 percent in common stock of large-cap companies, 8 percent in common stock of mid-cap companies, 6 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, 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 December 31, 2021, Using Quoted Prices in Significant Significant Balance at December 31, 2021 (In thousands) Assets: Money market funds $ — $ 10,190 $ — $ 10,190 Insurance contracts* — 109,603 — 109,603 Available-for-sale securities: Mortgage-backed securities — 8,706 — 8,706 U.S. Treasury securities — 2,396 — 2,396 Total assets measured at fair value $ — $ 130,895 $ — $ 130,895 * The insurance contracts invest approximately 61 percent in fixed-income investments, 17 percent in common stock of large-cap companies, 8 percent in common stock of mid-cap companies, 7 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, 2022 March 31, 2021 December 31, 2021 (In thousands) Carrying amount $ 2,747,763 $ 2,253,274 $ 2,741,900 Fair value $ 2,755,041 $ 2,473,806 $ 2,984,866 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-term debt outstanding | Long-term debt outstanding was as follows: Weighted Average Interest Rate at March 31, 2022 March 31, 2022 March 31, 2021 December 31, 2021 (In thousands) Senior Notes due on dates ranging from October 22, 2022 to September 15, 2061 4.28 % $ 2,275,000 $ 1,950,000 $ 2,125,000 Commercial paper supported by revolving credit agreements .90 % 348,500 218,900 450,300 Credit agreements due on June 7, 2024 3.25 % 85,800 43,350 127,500 Medium-Term Notes due on dates ranging from September 15, 2027 to March 16, 2029 7.32 % 35,000 35,000 35,000 Term Loan Agreement due on September 3, 2032 2.00 % 7,700 8,400 7,700 Other notes due on dates ranging from January 1, 2024 to January 1, 2061 .95 % 2,445 3,282 2,564 Less unamortized debt issuance costs 6,605 5,655 6,090 Less discount 77 3 74 Total long-term debt 2,747,763 2,253,274 2,741,900 Less current maturities 147,953 1,552 148,053 Net long-term debt $ 2,599,810 $ 2,251,722 $ 2,593,847 |
Schedule of debt maturities | Long-term debt maturities, which excludes unamortized debt issuance costs and discount, at March 31, 2022, were as follows: Remainder of 2022 2023 2024 2025 2026 Thereafter (In thousands) Long-term debt maturities $ 147,953 $ 77,925 $ 495,104 $ 177,802 $ 140,802 $ 1,714,859 |
Cash flow information (Tables)
Cash flow information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 2021 (In thousands) Interest, net* $ 15,657 $ 14,303 Income taxes paid (refunded), net $ (363) $ 13,880 * AFUDC - borrowed was $586,000 and $348,000 for the three months ended March 31, 2022 and 2021, respectively. Noncash investing and financing transactions were as follows: March 31, 2022 March 31, 2021 December 31, 2021 (In thousands) Right-of-use assets obtained in exchange for new operating lease liabilities $ 10,175 $ 9,236 $ 55,987 Property, plant and equipment additions in accounts payable $ 25,730 $ 20,594 $ 57,605 Debt assumed in connection with a business combination $ — $ — $ 10 |
Business segment data (Tables)
Business segment data (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Information on the Company's businesses | Information on the Company's segments was as follows: Three Months Ended March 31, 2022 2021 (In thousands) External operating revenues: Regulated operations: Electric $ 93,594 $ 84,673 Natural gas distribution 450,418 350,206 Pipeline 9,444 7,502 553,456 442,381 Non-regulated operations: Pipeline 1,676 2,411 Construction materials and contracting 309,836 265,659 Construction services 551,591 517,470 Other — 17 863,103 785,557 Total external operating revenues $ 1,416,559 $ 1,227,938 Three Months Ended March 31, 2022 2021 (In thousands) Intersegment operating revenues: Regulated operations: Electric $ 124 $ 136 Natural gas distribution 136 142 Pipeline 25,933 25,990 26,193 26,268 Non-regulated operations: Pipeline 7 239 Construction materials and contracting 130 62 Construction services 1,059 1,042 Other 4,341 3,324 5,537 4,667 Intersegment eliminations (31,730) (30,935) Total intersegment operating revenues $ — $ — Operating income (loss): Electric $ 15,044 $ 13,865 Natural gas distribution 56,256 53,573 Pipeline 11,882 12,536 Construction materials and contracting (44,605) (34,889) Construction services 29,498 40,277 Other (732) (198) Total operating income $ 67,343 $ 85,164 Net income (loss): Regulated operations: Electric $ 11,278 $ 10,749 Natural gas distribution 36,315 36,178 Pipeline 7,956 9,194 55,549 56,121 Non-regulated operations: Pipeline (619) (296) Construction materials and contracting (40,010) (30,813) Construction services 21,324 29,825 Other (4,511) (2,721) (23,816) (4,005) Income from continuing operations 31,733 52,116 Income from discontinued operations, net of tax 30 15 Net income $ 31,763 $ 52,131 |
Employee benefit plans (Tables)
Employee benefit plans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of net benefit costs | Components of net periodic benefit credit for the Company's pension benefit plans were as follows: Three Months Ended March 31, 2022 2021 (In thousands) Components of net periodic benefit credit: Interest cost $ 2,631 $ 2,455 Expected return on assets (4,864) (4,894) Amortization of net actuarial loss 1,671 2,004 Net periodic benefit credit $ (562) $ (435) Components of net periodic benefit credit for the Company's other postretirement benefit plans were as follows: Three Months Ended March 31, 2022 2021 (In thousands) Components of net periodic benefit credit: Service cost $ 354 $ 400 Interest cost 474 466 Expected return on assets (1,322) (1,275) Amortization of prior service credit (350) (349) Amortization of net actuarial (gain) loss (54) 6 Net periodic benefit credit, including amount capitalized (898) (752) Less amount capitalized 31 39 Net periodic benefit credit $ (929) $ (791) |
Receivables and allowance for_4
Receivables and allowance for expected credit losses (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Credit Loss [Abstract] | |||
Accounts Receivable, Noncurrent, 90 Days or More Past Due, Still Accruing | $ 50.7 | $ 44.8 | $ 33.9 |
Receivables and allowance for_5
Receivables and allowance for expected credit losses (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Provision for credit losses | $ 1,735 | $ (317) |
Trade Accounts Receivable | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance | 9,716 | 15,358 |
Provision for credit losses | 1,735 | (317) |
Less write-offs charged against the allowance | 1,627 | 2,669 |
Credit loss recoveries collected | 332 | 342 |
Balance | 10,156 | 12,714 |
Electric | Trade Accounts Receivable | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance | 269 | 899 |
Provision for credit losses | 565 | 538 |
Less write-offs charged against the allowance | 597 | 888 |
Credit loss recoveries collected | 124 | 129 |
Balance | 361 | 678 |
Natural gas distribution | Trade Accounts Receivable | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance | 1,506 | 2,571 |
Provision for credit losses | 1,369 | 1,273 |
Less write-offs charged against the allowance | 932 | 1,107 |
Credit loss recoveries collected | 180 | 213 |
Balance | 2,123 | 2,950 |
Pipeline | Trade Accounts Receivable | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance | 2 | 2 |
Provision for credit losses | 0 | 0 |
Less write-offs charged against the allowance | 0 | 0 |
Credit loss recoveries collected | 0 | 0 |
Balance | 2 | 2 |
Construction materials and contracting | Trade Accounts Receivable | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance | 5,406 | 6,164 |
Provision for credit losses | (253) | (1,049) |
Less write-offs charged against the allowance | 27 | 273 |
Credit loss recoveries collected | 0 | 0 |
Balance | 5,126 | 4,842 |
Construction services | Trade Accounts Receivable | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance | 2,533 | 5,722 |
Provision for credit losses | 54 | (1,079) |
Less write-offs charged against the allowance | 71 | 401 |
Credit loss recoveries collected | 28 | 0 |
Balance | $ 2,544 | $ 4,242 |
Inventories and natural gas i_4
Inventories and natural gas in storage (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Inventory Disclosure [Abstract] | |||
Aggregates held for resale | $ 195,489 | $ 184,363 | $ 180,450 |
Asphalt oil | 93,816 | 57,002 | 59,853 |
Materials and supplies | 35,967 | 30,629 | 26,481 |
Merchandise for resale | 33,393 | 28,501 | 24,319 |
Natural gas in storage (current) | 10,801 | 18,867 | 8,113 |
Other | 10,850 | 16,247 | 17,521 |
Total | 380,316 | 335,609 | 316,737 |
Natural gas in storage noncurrent | $ 47,500 | $ 47,500 | $ 47,500 |
Earnings per share (Details)
Earnings per share (Details) - $ / shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Weighted average common shares outstanding - basic | 203,351 | 200,708 |
Effect of dilutive performance share awards and restricted stock units | 40 | 244 |
Weighted average common shares outstanding - diluted | 203,391 | 200,952 |
Shares excluded from the calculation of diluted earnings per share | 0 | 0 |
Dividends declared per common share | $ 0.2175 | $ 0.2125 |
Equity (Details)
Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||
Common stock shares authorized under equity program | 500,000,000 | 500,000,000 | 500,000,000 |
Net proceeds * | $ (127) | $ 19,699 | |
At-the-market offering | |||
Class of Stock [Line Items] | |||
Common stock shares authorized under equity program | 6,400,000 | ||
Common stock shares reserved for future issuance | 3,600,000 | ||
Shares issued | 0 | 700,000 | |
Net proceeds * | $ (100) | $ 19,700 | |
Issuance costs | $ 127 | $ 300 |
Accumulated other comprehensi_3
Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated other comprehensive loss [Roll Forward] | ||
Balance | $ 3,382,874 | $ 3,079,105 |
Other comprehensive income (loss) | 269 | 568 |
Balance | 3,360,718 | 3,100,306 |
Net unrealized gain (loss) on derivative instruments qualifying as hedges | ||
Accumulated other comprehensive loss [Roll Forward] | ||
Balance | (538) | (984) |
Other comprehensive loss before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss | 112 | 111 |
Other comprehensive income (loss) | 112 | 111 |
Balance | (426) | (873) |
Postretirement liability adjustment | ||
Accumulated other comprehensive loss [Roll Forward] | ||
Balance | (40,461) | (47,207) |
Other comprehensive loss before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss | 445 | 466 |
Other comprehensive income (loss) | 445 | 466 |
Balance | (40,016) | (46,741) |
Net unrealized gain (loss) on available-for-sale investments | ||
Accumulated other comprehensive loss [Roll Forward] | ||
Balance | (5) | 113 |
Other comprehensive loss before reclassifications | (320) | (44) |
Amounts reclassified from accumulated other comprehensive loss | 32 | 35 |
Other comprehensive income (loss) | (288) | (9) |
Balance | (293) | 104 |
Total accumulated other comprehensive loss | ||
Accumulated other comprehensive loss [Roll Forward] | ||
Balance | (41,004) | (48,078) |
Other comprehensive loss before reclassifications | (320) | (44) |
Amounts reclassified from accumulated other comprehensive loss | 589 | 612 |
Other comprehensive income (loss) | 269 | 568 |
Balance | $ (40,735) | $ (47,510) |
Reclassification out of accumul
Reclassification out of accumulated other comprehensive loss (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Reclassification adjustment out of accumulated other comprehensive loss [Line Items] | ||
Interest expense | $ (25,260) | $ (23,453) |
Income taxes | (7,950) | (12,949) |
Other income | (2,400) | 3,354 |
Net income | 31,763 | 52,131 |
Reclassification out of accumulated other comprehensive loss | ||
Reclassification adjustment out of accumulated other comprehensive loss [Line Items] | ||
Net income | (589) | (612) |
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) | (148) |
Income taxes | 36 | 37 |
Net income | (112) | (111) |
Amortization of postretirement liability losses included in net periodic benefit credit | Reclassification out of accumulated other comprehensive loss | ||
Reclassification adjustment out of accumulated other comprehensive loss [Line Items] | ||
Income taxes | 164 | 151 |
Other income | (609) | (617) |
Net income | (445) | (466) |
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 | 8 | 9 |
Other income | (40) | (44) |
Net income | $ (32) | $ (35) |
Disaggregation of revenue (Deta
Disaggregation of revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | $ 1,416,559 | $ 1,227,938 |
Intersegment eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | (31,730) | (30,935) |
Intrasegment eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | (46,033) | (46,716) |
Natural gas transportation | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 43,955 | 41,869 |
Natural gas storage | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 3,719 | 4,029 |
Contracting services | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 114,267 | 96,025 |
Construction materials | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 241,732 | 216,412 |
Electrical & mechanical specialty contracting | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 392,808 | 355,190 |
Transmission & distribution specialty contracting | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 148,466 | 151,363 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 21,460 | 18,819 |
Revenues from contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 1,409,053 | 1,216,016 |
Revenues out of scope | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 7,506 | 11,922 |
Residential utility sales | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 296,120 | 236,573 |
Commercial utility sales | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 199,209 | 152,980 |
Industrial utility sales | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 23,330 | 18,841 |
Other utility sales | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 1,750 | 1,566 |
Electric | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 93,594 | 84,673 |
Electric | Intersegment eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | (124) | (136) |
Electric | Other | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 12,753 | 9,773 |
Electric | Revenues from contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 97,589 | 87,596 |
Electric | Revenues out of scope | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | (3,995) | (2,923) |
Electric | Residential utility sales | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 37,304 | 33,436 |
Electric | Commercial utility sales | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 35,600 | 32,928 |
Electric | Industrial utility sales | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 10,306 | 10,029 |
Electric | Other utility sales | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 1,750 | 1,566 |
Natural gas distribution | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 450,418 | 350,206 |
Natural gas distribution | Intersegment eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | (136) | (142) |
Natural gas distribution | Natural gas transportation | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 12,381 | 12,452 |
Natural gas distribution | Other | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 2,609 | 3,009 |
Natural gas distribution | Revenues from contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 450,303 | 347,320 |
Natural gas distribution | Revenues out of scope | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 115 | 2,886 |
Natural gas distribution | Residential utility sales | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 258,816 | 203,137 |
Natural gas distribution | Commercial utility sales | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 163,609 | 120,052 |
Natural gas distribution | Industrial utility sales | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 13,024 | 8,812 |
Natural gas distribution | Other utility sales | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 0 | 0 |
Pipeline | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 11,120 | 9,913 |
Pipeline | Intersegment eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | (25,940) | (26,229) |
Pipeline | Natural gas transportation | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 31,574 | 29,417 |
Pipeline | Natural gas storage | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 3,719 | 4,029 |
Pipeline | Other | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 1,709 | 2,660 |
Pipeline | Revenues from contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 11,062 | 9,877 |
Pipeline | Revenues out of scope | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 58 | 36 |
Construction materials and contracting | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 309,836 | 265,659 |
Construction materials and contracting | Intersegment eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | (130) | (62) |
Construction materials and contracting | Intrasegment eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | (46,033) | (46,716) |
Construction materials and contracting | Contracting services | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 114,267 | 96,025 |
Construction materials and contracting | Construction materials | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 241,732 | 216,412 |
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: | 309,836 | 265,659 |
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: | 551,591 | 517,470 |
Construction services | Intersegment eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | (1,059) | (1,042) |
Construction services | Electrical & mechanical specialty contracting | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 392,808 | 355,190 |
Construction services | Transmission & distribution specialty contracting | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 148,466 | 151,363 |
Construction services | Other | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 48 | 36 |
Construction services | Revenues from contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 540,263 | 505,547 |
Construction services | Revenues out of scope | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 11,328 | 11,923 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 0 | 17 |
Other | Intersegment eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | (4,341) | (3,324) |
Other | Other | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 4,341 | 3,341 |
Other | Revenues from contracts with customers | ||
Disaggregation of Revenue [Line Items] | ||
Operating revenues: | 0 | 17 |
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, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |||
Contract assets | $ 164,622 | $ 125,742 | |
Change in contract assets | 38,880 | ||
Contract liabilities - current | (154,136) | (179,140) | |
Change in contract liabilities - current | 25,004 | ||
Contract liabilities - noncurrent | (40) | (118) | |
Change in contract liabilities - noncurrent | 78 | ||
Net contract assets (liabilities) | 10,446 | $ (53,516) | |
Change in net contract assets (liabilities) | 63,962 | ||
Amounts included in contract liability at the beginning of the period | 121,800 | $ 123,400 | |
Contract with Customer, Performance Obligation Satisfied in Previous Period | $ 23,500 | $ 34,300 |
Revenue from contracts with c_4
Revenue from contracts with customers Remaining performance obligations (Details 3) $ in Millions | Mar. 31, 2022USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 3,100 |
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 | $ 2,400 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 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 | $ 311.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 13 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 407.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 25 months |
Business Combinations (Details)
Business Combinations (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 763,262,000 | $ 765,386,000 | $ 714,963,000 | $ 714,963,000 |
2021 Acquisition | ||||
Business Acquisition [Line Items] | ||||
Gross Aggregate Consideration | 236,100,000 | |||
Cash Assumed | 900,000 | |||
Business Combination, Consideration Transferred | 235,200,000 | |||
Current Assets | 17,000,000 | |||
Property, Plant, and Equipment | 179,800,000 | |||
Goodwill | 50,600,000 | |||
Other Intangibles | 2,200,000 | |||
Current Liabilities | 8,700,000 | |||
Deferred Credits and Other Liabilities | 2,500,000 | |||
Deferred Tax Liabilities | $ 3,200,000 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | $ 2,100,000 |
Lessor accounting (Details)
Lessor accounting (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Operating Lease, Lease Income | $ 11.4 | $ 12 |
Lessor, Operating Lease, Payments to be Received, Next Twelve Months | $ 8.4 |
Goodwill rollforward (Details)
Goodwill rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Goodwill [Roll Forward] | |||
Balance at beginning of period | $ 765,386 | $ 714,963 | $ 714,963 |
Goodwill acquired during the year | 0 | 0 | 50,640 |
Measurement period adjustments | (2,124) | 0 | (217) |
Balance at end of period | 763,262 | 714,963 | 765,386 |
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 | 276,426 | 226,003 | 226,003 |
Goodwill acquired during the year | 0 | 0 | 50,640 |
Measurement period adjustments | (2,124) | 0 | (217) |
Balance at end of period | 274,302 | 226,003 | 276,426 |
Construction services | |||
Goodwill [Roll Forward] | |||
Balance at beginning of period | 143,224 | 143,224 | 143,224 |
Goodwill acquired during the year | 0 | 0 | 0 |
Measurement period adjustments | 0 | 0 | 0 |
Balance at end of period | $ 143,224 | $ 143,224 | $ 143,224 |
Other intangible assets (Detail
Other intangible assets (Details 2) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, net (excluding goodwill) | $ 21,389 | $ 23,961 | $ 22,578 |
Amortization of intangible assets | 1,200 | 1,500 | |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 28,990 | 28,836 | 29,740 |
Intangible assets, less accumulated amortization | 10,846 | 7,792 | 10,650 |
Intangible assets, net (excluding goodwill) | 18,144 | 21,044 | 19,090 |
Noncompete agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 4,591 | 3,941 | 4,591 |
Intangible assets, less accumulated amortization | 3,016 | 2,441 | 2,856 |
Intangible assets, net (excluding goodwill) | 1,575 | 1,500 | 1,735 |
Other intangible assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 6,969 | 11,957 | 12,601 |
Intangible assets, less accumulated amortization | 5,299 | 10,540 | 10,848 |
Intangible assets, net (excluding goodwill) | $ 1,670 | $ 1,417 | $ 1,753 |
Future amortization expense (De
Future amortization expense (Details 3) $ in Thousands | Mar. 31, 2022USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remainder of 2022 | $ 3,630 |
2023 | 4,470 |
2024 | 4,200 |
2025 | 2,206 |
2026 | 1,716 |
Thereafter | $ 5,167 |
Regulatory assets (Details)
Regulatory assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Feb. 28, 2021 | |
Regulatory Assets | ||||
Regulatory Assets, Current | $ 89,078 | $ 118,691 | $ 98,452 | |
Regulatory Assets, Noncurrent | 359,228 | 357,851 | 379,917 | |
Total regulatory assets | 448,306 | 476,542 | 478,369 | |
Regulatory assets not earning a rate of return | 268,100 | 296,600 | 361,400 | |
Natural gas costs recoverable through rate adjustments | ||||
Regulatory Assets | ||||
Regulatory Assets, Current | 66,132 | 86,371 | 76,782 | |
Regulatory Assets, Noncurrent | $ 3,246 | 5,186 | 15,158 | |
Total regulatory assets | $ 44,000 | |||
Natural gas costs recoverable through rate adjustments | Minimum [Member] | ||||
Regulatory Assets | ||||
Estimated Recovery or Refund Period as of March 31, 2022 | Up to 1 year | |||
Natural gas costs recoverable through rate adjustments | Maximum [Member] | ||||
Regulatory Assets | ||||
Estimated Recovery or Refund Period as of March 31, 2022 | Up to 2 years | |||
Decoupling | ||||
Regulatory Assets | ||||
Estimated Recovery or Refund Period as of March 31, 2022 | Up to 1 year | |||
Regulatory Assets, Current | $ 7,609 | 9,131 | 4,180 | |
Conservation programs | ||||
Regulatory Assets | ||||
Estimated Recovery or Refund Period as of March 31, 2022 | Up to 1 year | |||
Regulatory Assets, Current | $ 7,567 | 8,225 | 6,679 | |
Cost recovery mechanisms | ||||
Regulatory Assets | ||||
Regulatory Assets, Current | 3,432 | 4,536 | 7,130 | |
Regulatory Assets, Noncurrent | $ 67,989 | 44,870 | 15,508 | |
Cost recovery mechanisms | Minimum [Member] | ||||
Regulatory Assets | ||||
Estimated Recovery or Refund Period as of March 31, 2022 | Up to 1 year | |||
Cost recovery mechanisms | Maximum [Member] | ||||
Regulatory Assets | ||||
Estimated Recovery or Refund Period as of March 31, 2022 | Up to 10 years | |||
Other regulatory assets | ||||
Regulatory Assets | ||||
Regulatory Assets, Current | $ 4,338 | 10,428 | 3,681 | |
Regulatory Assets, Noncurrent | $ 10,318 | 9,742 | 6,509 | |
Other regulatory assets | Minimum [Member] | ||||
Regulatory Assets | ||||
Estimated Recovery or Refund Period as of March 31, 2022 | Up to 1 year | |||
Other regulatory assets | Maximum [Member] | ||||
Regulatory Assets | ||||
Estimated Recovery or Refund Period as of March 31, 2022 | Up to 17 years | |||
Pension and postretirement benefits | ||||
Regulatory Assets | ||||
Estimated Recovery or Refund Period as of March 31, 2022 | ** | |||
Regulatory Assets, Noncurrent | $ 142,681 | 142,681 | 155,924 | |
Plant costs/asset retirement obligations | ||||
Regulatory Assets | ||||
Estimated Recovery or Refund Period as of March 31, 2022 | Over plant lives | |||
Regulatory Assets, Noncurrent | $ 63,325 | 63,116 | 72,250 | |
Plant retirement | ||||
Regulatory Assets | ||||
Estimated Recovery or Refund Period as of March 31, 2022 | - | |||
Regulatory Assets, Noncurrent | $ 29,452 | 50,070 | 73,498 | |
Manufactured gas plant site remediation | ||||
Regulatory Assets | ||||
Estimated Recovery or Refund Period as of March 31, 2022 | - | |||
Regulatory Assets, Noncurrent | $ 26,089 | 26,053 | 26,002 | |
Taxes recoverable from customers | ||||
Regulatory Assets | ||||
Estimated Recovery or Refund Period as of March 31, 2022 | Over plant lives | |||
Regulatory Assets, Noncurrent | $ 12,492 | 12,339 | 10,800 | |
Long-term debt refinancing costs | ||||
Regulatory Assets | ||||
Estimated Recovery or Refund Period as of March 31, 2022 | Up to 38 years | |||
Regulatory Assets, Noncurrent | $ 3,636 | $ 3,794 | $ 4,268 |
Regulatory liabilities (Details
Regulatory liabilities (Details 2) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | |
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities due within one year | $ 31,186 | $ 16,303 | $ 34,266 |
Regulatory liabilities | 433,628 | 428,790 | 429,060 |
Total regulatory liabilities | 464,814 | 445,093 | 463,326 |
Net regulatory position | $ (16,508) | 31,449 | 15,043 |
Natural gas costs refundable through rate adjustments | |||
Regulatory Liabilities [Line Items] | |||
Estimated Recovery or Refund Period as of March 31, 2022 | Up to 1 year | ||
Regulatory liabilities due within one year | $ 13,107 | 6,700 | 16,344 |
Taxes refundable to customers | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities due within one year | 3,470 | 3,841 | 3,092 |
Regulatory liabilities | $ 212,472 | 215,421 | 224,795 |
Taxes refundable to customers | Minimum [Member] | |||
Regulatory Liabilities [Line Items] | |||
Estimated Recovery or Refund Period as of March 31, 2022 | Up to 1 year | ||
Taxes refundable to customers | Maximum [Member] | |||
Regulatory Liabilities [Line Items] | |||
Estimated Recovery or Refund Period as of March 31, 2022 | Over plant lives | ||
Electric fuel and purchased power deferral | |||
Regulatory Liabilities [Line Items] | |||
Estimated Recovery or Refund Period as of March 31, 2022 | Up to 1 year | ||
Regulatory liabilities due within one year | $ 0 | 0 | 2,001 |
Other regulatory liabilities | |||
Regulatory Liabilities [Line Items] | |||
Regulatory liabilities due within one year | 14,609 | 5,762 | 12,829 |
Regulatory liabilities | $ 15,885 | 12,087 | 6,442 |
Other regulatory liabilities | Minimum [Member] | |||
Regulatory Liabilities [Line Items] | |||
Estimated Recovery or Refund Period as of March 31, 2022 | Up to 1 year | ||
Other regulatory liabilities | Maximum [Member] | |||
Regulatory Liabilities [Line Items] | |||
Estimated Recovery or Refund Period as of March 31, 2022 | Up to 20 years | ||
Plant removal and decommissioning costs | |||
Regulatory Liabilities [Line Items] | |||
Estimated Recovery or Refund Period as of March 31, 2022 | Over plant lives | ||
Regulatory liabilities | $ 171,485 | 168,152 | 169,430 |
Pension and postretirement benefits | |||
Regulatory Liabilities [Line Items] | |||
Estimated Recovery or Refund Period as of March 31, 2022 | ** | ||
Regulatory liabilities | $ 20,434 | 20,434 | 16,965 |
Accumulated Deferred ITC | |||
Regulatory Liabilities [Line Items] | |||
Estimated Recovery or Refund Period as of March 31, 2022 | Up to 20 years | ||
Regulatory liabilities | $ 13,352 | $ 12,696 | $ 11,428 |
Fair value measurements Insuran
Fair value measurements Insurance contracts (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |||
Investments used to satisfy nonqualified benefit plans obligations | $ 105,400,000 | $ 101,600,000 | $ 109,600,000 |
Net unrealized gain (loss) on investments used to satisfy obligations under nonqualified benefit plans | $ 5,800,000 | $ 127,000 |
Available-for-sale securities (
Available-for-sale securities (Details 2) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Available-for-sale securities [Abstract] | |||
Cost | $ 11,466 | $ 11,109 | $ 11,345 |
Gross Unrealized Gains | 3 | 51 | 155 |
Gross Unrealized Losses | 373 | 58 | 24 |
Fair Value | 11,096 | 11,102 | 11,476 |
Mortgage-backed securities | |||
Available-for-sale securities [Abstract] | |||
Cost | 8,778 | 8,702 | 8,709 |
Gross Unrealized Gains | 3 | 51 | 155 |
Gross Unrealized Losses | 310 | 47 | 10 |
Fair Value | 8,471 | 8,706 | 8,854 |
U.S. Treasury securities | |||
Available-for-sale securities [Abstract] | |||
Cost | 2,688 | 2,407 | 2,636 |
Gross Unrealized Gains | 0 | 0 | 0 |
Gross Unrealized Losses | 63 | 11 | 14 |
Fair Value | $ 2,625 | $ 2,396 | $ 2,622 |
Fair value measurements (Detail
Fair value measurements (Details 3) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Concentration risks, percentage [Abstract] | |||
Percentage in fixed-income and other investments | 61.00% | 61.00% | 54.00% |
Percentage investment in common stock of large-cap companies | 17.00% | 17.00% | 19.00% |
Percentage investment in common stock of mid-cap companies | 8.00% | 8.00% | 10.00% |
Percentage investment in common stock of small-cap companies | 6.00% | 7.00% | 9.00% |
Percentage investment in target date investments | 6.00% | 5.00% | 6.00% |
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 | $ 129,598 | $ 130,895 | $ 122,496 |
Fair value, inputs, level 2 | Fair value, measurements, recurring | |||
Fair value measurements [Line Items] | |||
Assets, fair value disclosure | 129,598 | 130,895 | 122,496 |
Money market funds | Fair value, measurements, recurring | |||
Fair value measurements [Line Items] | |||
Assets, fair value disclosure | 13,131 | 10,190 | 9,388 |
Money market funds | Fair value, inputs, level 2 | Fair value, measurements, recurring | |||
Fair value measurements [Line Items] | |||
Assets, fair value disclosure | 13,131 | 10,190 | 9,388 |
Insurance contracts* | Fair value, measurements, recurring | |||
Fair value measurements [Line Items] | |||
Assets, fair value disclosure | 105,371 | 109,603 | 101,632 |
Insurance contracts* | Fair value, inputs, level 2 | Fair value, measurements, recurring | |||
Fair value measurements [Line Items] | |||
Assets, fair value disclosure | 105,371 | 109,603 | 101,632 |
Mortgage-backed securities | Fair value, measurements, recurring | |||
Fair value measurements [Line Items] | |||
Assets, fair value disclosure | 8,471 | 8,706 | 8,854 |
Mortgage-backed securities | Fair value, inputs, level 2 | Fair value, measurements, recurring | |||
Fair value measurements [Line Items] | |||
Assets, fair value disclosure | 8,471 | 8,706 | 8,854 |
U.S. Treasury securities | Fair value, measurements, recurring | |||
Fair value measurements [Line Items] | |||
Assets, fair value disclosure | 2,625 | 2,396 | 2,622 |
U.S. Treasury securities | Fair value, inputs, level 2 | Fair value, measurements, recurring | |||
Fair value measurements [Line Items] | |||
Assets, fair value disclosure | $ 2,625 | $ 2,396 | $ 2,622 |
Fair value measurements (Deta_2
Fair value measurements (Details 4) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Fair value, balance sheet grouping [Line Items] | |||
Long-term debt | $ 2,747,763 | $ 2,741,900 | $ 2,253,274 |
Carrying amount | |||
Fair value, balance sheet grouping [Line Items] | |||
Long-term debt | 2,747,763 | 2,741,900 | 2,253,274 |
Fair value | |||
Fair value, balance sheet grouping [Line Items] | |||
Long-term debt, fair value | $ 2,755,041 | $ 2,984,866 | $ 2,473,806 |
Short-term Debt (Details 1)
Short-term Debt (Details 1) - USD ($) $ in Thousands | Mar. 31, 2022 | Mar. 18, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Short-term Debt [Line Items] | ||||
Short-term borrowings | $ 99,958 | $ 0 | $ 50,000 | |
Term Loan Agreement | Centennial Energy Holdings, Inc. | ||||
Short-term Debt [Line Items] | ||||
Short-term borrowings | $ 100,000 | |||
Ratio of total debt to total capitalization as specified in debt covenants | 65.00% |
Long-term debt outstanding (Det
Long-term debt outstanding (Details 2) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Long-term debt outstanding [Line Items] | |||
Long-term debt | $ 2,747,763 | $ 2,741,900 | $ 2,253,274 |
Long-term debt due within one year | 147,953 | 148,053 | 1,552 |
Long-term debt | $ 2,599,810 | 2,593,847 | 2,251,722 |
Senior Notes | |||
Long-term debt outstanding [Line Items] | |||
Weighted Average Interest Rate | 4.28% | ||
Long-term debt | $ 2,275,000 | 2,125,000 | 1,950,000 |
Commercial Paper | |||
Long-term debt outstanding [Line Items] | |||
Weighted Average Interest Rate | 0.90% | ||
Long-term debt | $ 348,500 | 450,300 | 218,900 |
Credit Agreements | |||
Long-term debt outstanding [Line Items] | |||
Weighted Average Interest Rate | 3.25% | ||
Long-term debt | $ 85,800 | 127,500 | 43,350 |
Medium-term Notes | |||
Long-term debt outstanding [Line Items] | |||
Weighted Average Interest Rate | 7.32% | ||
Long-term debt | $ 35,000 | 35,000 | 35,000 |
Term Loan Agreements | |||
Long-term debt outstanding [Line Items] | |||
Weighted Average Interest Rate | 2.00% | ||
Long-term debt | $ 7,700 | 7,700 | 8,400 |
Other Notes | |||
Long-term debt outstanding [Line Items] | |||
Weighted Average Interest Rate | 0.95% | ||
Long-term debt | $ 2,445 | 2,564 | 3,282 |
Long-term Debt | |||
Long-term debt outstanding [Line Items] | |||
Unamortized Debt Issuance Costs | 6,605 | 6,090 | 5,655 |
Discount | $ 77 | $ 74 | $ 3 |
Schedule of debt maturities (De
Schedule of debt maturities (Details 3) $ in Thousands | Mar. 31, 2022USD ($) |
Long-term debt maturities [Line Items] | |
Remainder of 2022 | $ 147,953 |
2023 | 77,925 |
2024 | 495,104 |
2025 | 177,802 |
2026 | 140,802 |
Thereafter | $ 1,714,859 |
Cash flow information (Details)
Cash flow information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Supplemental Cash Flow Information [Abstract] | |||
Interest, net* | $ 15,657,000 | $ 14,303,000 | |
Income taxes paid (refunded), net | (363,000) | 13,880,000 | |
AFUDC borrowed | 586,000 | 348,000 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | 10,175,000 | 9,236,000 | $ 55,987,000 |
Property, plant and equipment additions in accounts payable | 25,730,000 | 20,594,000 | 57,605,000 |
Debt assumed in connection with a business combination | $ 0 | $ 0 | $ 10,000 |
Business segment data (Details)
Business segment data (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 1,416,559 | $ 1,227,938 |
Operating income | 67,343 | 85,164 |
Income from continuing operations | 31,733 | 52,116 |
Income from discontinued operations, net of tax | 30 | 15 |
Net income | 31,763 | 52,131 |
Electric | ||
Segment Reporting Information [Line Items] | ||
Revenues | 93,594 | 84,673 |
Operating income | 15,044 | 13,865 |
Natural gas distribution | ||
Segment Reporting Information [Line Items] | ||
Revenues | 450,418 | 350,206 |
Operating income | 56,256 | 53,573 |
Pipeline | ||
Segment Reporting Information [Line Items] | ||
Revenues | 11,120 | 9,913 |
Operating income | 11,882 | 12,536 |
Construction materials and contracting | ||
Segment Reporting Information [Line Items] | ||
Revenues | 309,836 | 265,659 |
Operating income | (44,605) | (34,889) |
Construction services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 551,591 | 517,470 |
Operating income | 29,498 | 40,277 |
Other | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 17 |
Operating income | (732) | (198) |
Intersegment eliminations | ||
Segment Reporting Information [Line Items] | ||
Revenues | (31,730) | (30,935) |
Intersegment eliminations | Electric | ||
Segment Reporting Information [Line Items] | ||
Revenues | (124) | (136) |
Intersegment eliminations | Natural gas distribution | ||
Segment Reporting Information [Line Items] | ||
Revenues | (136) | (142) |
Intersegment eliminations | Pipeline | ||
Segment Reporting Information [Line Items] | ||
Revenues | (25,940) | (26,229) |
Intersegment eliminations | Construction materials and contracting | ||
Segment Reporting Information [Line Items] | ||
Revenues | (130) | (62) |
Intersegment eliminations | Construction services | ||
Segment Reporting Information [Line Items] | ||
Revenues | (1,059) | (1,042) |
Intersegment eliminations | Other | ||
Segment Reporting Information [Line Items] | ||
Revenues | (4,341) | (3,324) |
Total intersegment operating revenues | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 0 |
Regulated operation | ||
Segment Reporting Information [Line Items] | ||
Revenues | 553,456 | 442,381 |
Income from continuing operations | 55,549 | 56,121 |
Regulated operation | Electric | ||
Segment Reporting Information [Line Items] | ||
Revenues | 93,594 | 84,673 |
Income from continuing operations | 11,278 | 10,749 |
Regulated operation | Natural gas distribution | ||
Segment Reporting Information [Line Items] | ||
Revenues | 450,418 | 350,206 |
Income from continuing operations | 36,315 | 36,178 |
Regulated operation | Pipeline | ||
Segment Reporting Information [Line Items] | ||
Revenues | 9,444 | 7,502 |
Income from continuing operations | 7,956 | 9,194 |
Regulated operation | Intersegment eliminations | ||
Segment Reporting Information [Line Items] | ||
Revenues | 26,193 | 26,268 |
Regulated operation | Intersegment eliminations | Electric | ||
Segment Reporting Information [Line Items] | ||
Revenues | 124 | 136 |
Regulated operation | Intersegment eliminations | Natural gas distribution | ||
Segment Reporting Information [Line Items] | ||
Revenues | 136 | 142 |
Regulated operation | Intersegment eliminations | Pipeline | ||
Segment Reporting Information [Line Items] | ||
Revenues | 25,933 | 25,990 |
Nonregulated operation | ||
Segment Reporting Information [Line Items] | ||
Revenues | 863,103 | 785,557 |
Income from continuing operations | (23,816) | (4,005) |
Nonregulated operation | Pipeline | ||
Segment Reporting Information [Line Items] | ||
Revenues | 1,676 | 2,411 |
Income from continuing operations | (619) | (296) |
Nonregulated operation | Construction materials and contracting | ||
Segment Reporting Information [Line Items] | ||
Revenues | 309,836 | 265,659 |
Income from continuing operations | (40,010) | (30,813) |
Nonregulated operation | Construction services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 551,591 | 517,470 |
Income from continuing operations | 21,324 | 29,825 |
Nonregulated operation | Other | ||
Segment Reporting Information [Line Items] | ||
Revenues | 0 | 17 |
Income from continuing operations | (4,511) | (2,721) |
Nonregulated operation | Intersegment eliminations | ||
Segment Reporting Information [Line Items] | ||
Revenues | 5,537 | 4,667 |
Nonregulated operation | Intersegment eliminations | Pipeline | ||
Segment Reporting Information [Line Items] | ||
Revenues | 7 | 239 |
Nonregulated operation | Intersegment eliminations | Construction materials and contracting | ||
Segment Reporting Information [Line Items] | ||
Revenues | 130 | 62 |
Nonregulated operation | Intersegment eliminations | Construction services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 1,059 | 1,042 |
Nonregulated operation | Intersegment eliminations | Other | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 4,341 | $ 3,324 |
Employee benefit plans (Details
Employee benefit plans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Qualified plan | Underfunded plan | Pension benefits | ||
Defined benefit plan disclosure, net periodic benefit cost [Line Items] | ||
Interest cost | $ 2,631 | $ 2,455 |
Expected return on assets | (4,864) | (4,894) |
Amortization of net actuarial (gain) loss | 1,671 | 2,004 |
Net periodic benefit cost (credit) | (562) | (435) |
Qualified plan | Overfunded Plan | Other postretirement benefits | ||
Defined benefit plan disclosure, net periodic benefit cost [Line Items] | ||
Service cost | 354 | 400 |
Interest cost | 474 | 466 |
Expected return on assets | (1,322) | (1,275) |
Amortization of prior service credit | (350) | (349) |
Amortization of net actuarial (gain) loss | (54) | 6 |
Net periodic benefit credit, including amount capitalized | (898) | (752) |
Less amount capitalized | 31 | 39 |
Net periodic benefit cost (credit) | (929) | (791) |
Nonqualified plan | Unfunded plan | Supplemental employee retirement plans | ||
Defined benefit plan disclosure, net periodic benefit cost [Line Items] | ||
Net periodic benefit cost (credit) | $ 773 | $ 769 |
MNPUC (Details)
MNPUC (Details) $ in Millions | Sep. 01, 2021USD ($) |
MNPUC [Member] | Gas Distribution [Member] | Great Plains Natural Gas Co. [Member] | Pending Rate Case [Member] | |
Public Utilities, General Disclosures [Line Items] | |
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 8.8 |
SDPUC (Details 2)
SDPUC (Details 2) - SDPUC - Electricity [Member] - Montana-Dakota Utilities Co. [Member] - USD ($) | Apr. 28, 2022 | Mar. 01, 2022 |
Subsequent Event [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Total Infrastructure Rider | $ 940,000 | |
Public Utilities, Approved Rate Increase (Decrease), Amount | $ (88,000) | |
Pending Rate Case [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Total Transmission Cost Adjustment Rider | $ 2,500,000 | |
Transmission Capital Projects Increase (Decrease) | $ 1,500,000 |
WUTC (Details 3)
WUTC (Details 3) - Pending Rate Case [Member] - Gas Distribution [Member] - WUTC [Member] - Cascade Natural Gas [Member] - USD ($) $ in Millions | Mar. 24, 2022 | Mar. 22, 2022 | Sep. 30, 2021 |
Public Utilities, General Disclosures [Line Items] | |||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 3.3 | $ 13.7 | |
Public Utilities, Requested Rate Increase (Decrease), Percentage | 5.10% | ||
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount | $ 10.7 | ||
Public Utilities, Requested Rate Increase (Decrease), Amended, Percentage | 4.00% |
Litigation (Details)
Litigation (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Loss Contingencies [Line Items] | |||
Potential liabilities related to litigation and environmental matters | $ 30 | $ 37 | $ 55 |
Insurance Receivable | 7.1 | 14.1 | 31.6 |
Regulatory Assets | $ 20.8 | $ 21.2 | $ 20.9 |
Guarantees (Details 2)
Guarantees (Details 2) | Mar. 31, 2022USD ($) |
Guarantor Obligations [Line Items] | |
Guarantor obligations, maximum exposure, undiscounted | $ 147,900,000 |
Fixed maximum amounts guaranteed by year 2022 | 48,500,000 |
Fixed maximum amounts guaranteed by year 2023 | 44,300,000 |
Fixed maximum amounts guaranteed by year 2024 | 44,300,000 |
Fixed maximum amounts guaranteed by year 2025 | 800,000 |
Fixed maximum amounts guaranteed by year 2026 | 800,000 |
Fixed maximum amounts guaranteed, thereafter | 200,000 |
No scheduled maturity date | 9,000,000 |
Amount outstanding under guarantees that is reflected on balance sheet | 0 |
Letters of credit | 29,200,000 |
Letters of credit set to expire - 2022 | 28,600,000 |
Letters of credit set to expire - 2023 | 600,000 |
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, 2022USD ($) |
Fuel contract | |
Variable Interest Entities [Line Items] | |
Variable interest entity, reporting entity involvement, maximum loss exposure, amount | $ 31 |