Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2015

Inventories at December 31 consisted of:



	2015		2014
	(In thousands)
Aggregates held for resale	$	115,854	$	108,161
Asphalt oil	36,498		42,135
Materials and supplies	16,997		54,282
Merchandise for resale	15,318		24,420
Refined products	8,498		—
Natural gas in storage (current)	21,023		19,302
Crude oil	4,678		5,045
Other	34,861		36,065
Total	$	253,727	$	289,410

AFUDC and interest capitailized

The amount of AFUDC and interest capitalized for the years ended December 31 were as follows:



	2015		2014		2013
			(In thousands)
Interest capitalized	$	4,902	$	8,586	$	6,033
AFUDC - borrowed	$	4,907	$	3,022	$	2,767
AFUDC - equity	$	7,971	$	5,803	$	3,322

Property, plant and equipment

Property, plant and equipment at December 31 was as follows:



	2015			2014			Weighted Average Depreciable Life in Years
	(Dollars in thousands, where applicable)
Regulated:
Electric:
Generation	$	1,003,173		$	627,952		39
Distribution	375,612			343,692			44
Transmission	255,842			229,997			57
Construction in progress	42,436			150,445			-
Other	109,085			105,015			14
Natural gas distribution:
Distribution	1,624,645			1,481,390			35
Construction in progress	20,530			59,310			-
Other	431,406			364,059			22
Pipeline and midstream:
Transmission	460,305			449,276			53
Gathering	37,831			39,595			20
Storage	44,011			43,994			60
Construction in progress	7,549			5,386			-
Other	40,168			39,910			33
Nonregulated:
Pipeline and midstream:
Gathering and processing	158,949			227,598			16
Construction in progress	89			691			-
Other	9,827			11,938			10
Construction materials and contracting:
Land	123,723			125,372			-
Buildings and improvements	69,011			70,566			19
Machinery, vehicles and equipment	937,084			921,564			12
Construction in progress	18,615			8,709			-
Aggregate reserves	404,995			403,731			*
Construction services:
Land	6,460			5,265			-
Buildings and improvements	23,824			17,936			25
Machinery, vehicles and equipment	121,940			112,973			6
Other	11,055			8,221			3
Refining:
Refinery	445,198			88,232			20
Construction in progress	135			313,613			-
Other:
Land	2,837			2,837			-
Other	46,700			48,100			23
Eliminations	(15,367		)	(12,589		)
Less accumulated depreciation, depletion and amortization	2,506,571			2,386,113
Net property, plant and equipment	$	4,311,097		$	3,908,665


*	Depleted on the units-of-production method.

Percentage-of-completion method

Costs and estimated earnings in excess of billings and billings in excess of costs and estimated earnings on uncompleted contracts at December 31 were as follows:



	2015		2014
	(In thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts	$	64,369	$	58,243
Billings in excess of costs and estimated earnings on uncompleted contracts	$	68,048	$	47,011

Amounts representing balances billed but not paid by customers under retainage provisions in contracts at December 31 were as follows:



	2015		2014
	(In thousands)
Short-term retainage*	$	46,207	$	47,551
Long-term retainage**	1,605		1,053
Total retainage	$	47,812	$	48,604


*	Expected to be paid within one year or less and included in receivables, net.


**	Included in deferred charges and other assets - other.

Schedule of earnings per share reconciliation

Net income (loss) was the same for both the basic and diluted earnings (loss) per share calculations. A reconciliation of the weighted average common shares outstanding used in the basic and diluted earnings (loss) per share calculation was as follows:



	2015	2014	2013
		(In thousands)
Weighted average common shares outstanding - basic	194,928	192,507	188,855
Effect of dilutive performance share awards	58	80	838
Weighted average common shares outstanding - diluted	194,986	192,587	189,693
Shares excluded from the calculation of diluted earnings per share	—	—	—

Cash expenditures for interest and income taxes and noncash investing transactions

Cash expenditures for interest and income taxes for the years ended December 31 were as follows:



	2015		2014		2013
			(In thousands)
Interest, net of amount capitalized and AFUDC - borrowed of $9,809, $11,608 and $8,800 in 2015, 2014 and 2013, respectively	$	90,386	$	81,241	$	81,575
Income taxes paid, net	$	33,409	$	64,211	$	52,580

Noncash investing transactions at December 31 were as follows:



	2015		2014		2013
			(In thousands)
Property, plant and equipment additions in accounts payable	$	51,702	$	62,453	$	22,832

After-tax changes in the components of accumulated other comprehensive income (loss)

The after-tax changes in the components of accumulated other comprehensive loss as of December 31, 2015, 2014 and 2013, were as follows:



	Net Unrealized Gain (Loss) on Derivative Instruments Qualifying as Hedges			Post- retirement Liability Adjustment			Foreign Currency Translation Adjustment			Net Unrealized Gain (Loss) on Available- for-sale Investments			Total Accumulated Other Comprehensive Loss
							(In thousands)
Balance at December 31, 2013	$	(3,765	)	$	(33,807	)	$	(667	)	$	34		$	(38,205	)
Other comprehensive income (loss) before reclassifications	—			(12,409		)	(162		)	(154		)	(12,725		)
Amounts reclassified from accumulated other comprehensive loss	694			796			—			135			1,625
Amounts reclassified from accumulated other comprehensive loss to a regulatory asset	—			7,202			—			—			7,202
Net current-period other comprehensive income (loss)	694			(4,411		)	(162		)	(19		)	(3,898		)
Balance at December 31, 2014	(3,071		)	(38,218		)	(829		)	15			(42,103		)
Other comprehensive income (loss) before reclassifications	—			(88		)	(173		)	(170		)	(431		)
Amounts reclassified from accumulated other comprehensive loss	404			1,794			802			131			3,131
Amounts reclassified from accumulated other comprehensive loss to a regulatory asset	—			2,255			—			—			2,255
Net current-period other comprehensive income (loss)	404			3,961			629			(39		)	4,955
Balance at December 31, 2015	$	(2,667	)	$	(34,257	)	$	(200	)	$	(24	)	$	(37,148	)

Reclassification out of accumulated other comprehensive income (loss)

Reclassifications out of accumulated other comprehensive loss for the years ended December 31 were as follows:



	2015			2014			Location on Consolidated Statements of Income
	(In thousands)
Reclassification adjustment for loss on derivative instruments included in net income (loss):
Interest rate derivative instruments	$	(637	)	$	(639	)	Interest expense
	233			240			Income taxes
	(404		)	(399		)
Commodity derivative instruments, net of tax	—			(295		)	Income (loss) from discontinued operations, net of tax
	(404		)	(694		)
Amortization of postretirement liability losses included in net periodic benefit cost (credit)	(2,922		)	(1,288		)	(a)
	1,128			492			Income taxes
	(1,794		)	(796		)
Reclassification adjustment for loss on foreign currency translation adjustment included in net income (loss)	(1,292		)	—			Other income
	490			—			Income taxes
	(802		)	—
Reclassification adjustment for loss on available-for-sale investments included in net income (loss)	(201		)	(208		)	Other income
	70			73			Income taxes
	(131		)	(135		)
Total reclassifications	$	(3,131	)	$	(1,625	)


(a)	Included in net periodic benefit cost (credit). For more information, see Note 14.