Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2016

Inventories at December 31 consisted of:



	2016		2015
	(In thousands)
Aggregates held for resale	$	115,471	$	115,854
Asphalt oil	29,103		36,498
Natural gas in storage (current)	25,761		21,023
Materials and supplies	18,372		16,997
Merchandise for resale	16,437		15,318
Other	33,129		34,861
Total	$	238,273	$	240,551

AFUDC and interest capitailized

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



	2016		2015		2014
			(In thousands)
Interest capitalized	$	—	$	4,381	$	7,046
AFUDC - borrowed	$	914	$	4,907	$	3,023
AFUDC - equity	$	565	$	7,971	$	5,803

Property, plant and equipment

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



	2016		2015		Weighted Average Depreciable Life in Years
	(Dollars in thousands, where applicable)
Regulated:
Electric:
Generation	$	1,036,373	$	1,003,173	39
Distribution	398,382		375,612		44
Transmission	284,048		255,842		57
Construction in progress	62,212		42,436		-
Other	107,598		109,085		14
Natural gas distribution:
Distribution	1,718,633		1,624,645		46
Construction in progress	19,934		20,530		-
Other	440,846		431,406		18
Pipeline and midstream:
Transmission	490,143		460,305		54
Gathering	37,831		37,831		20
Storage	45,350		44,011		62
Construction in progress	16,507		7,549		-
Other	40,873		40,168		33
Nonregulated:
Pipeline and midstream:
Gathering and processing	31,682		158,949		19
Construction in progress	13		89		-
Other	9,800		9,827		10
Construction materials and contracting:
Land	94,625		95,870		-
Buildings and improvements	102,347		96,864		19
Machinery, vehicles and equipment	930,471		937,084		12
Construction in progress	16,181		18,615		-
Aggregate reserves	405,751		404,995		*
Construction services:
Land	5,346		5,025		-
Buildings and improvements	26,693		25,259		26
Machinery, vehicles and equipment	132,217		121,940		6
Other	7,105		11,055		4
Other:
Land	2,837		2,837		-
Other	46,431		46,700		23
Less accumulated depreciation, depletion and amortization	2,578,902		2,489,322
Net property, plant and equipment	$	3,931,327	$	3,898,380


*	Depleted on the units-of-production method based on recoverable aggregate reserves.

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:



	2016		2015
	(In thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts	$	64,558	$	64,369
Billings in excess of costs and estimated earnings on uncompleted contracts	$	64,832	$	68,048

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



	2016		2015
	(In thousands)
Short-term retainage*	$	45,109	$	46,207
Long-term retainage**	1,506		1,605
Total retainage	$	46,615	$	47,812


*	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

A reconciliation of the weighted average common shares outstanding used in the basic and diluted earnings (loss) per share calculation was as follows:



	2016	2015	2014
		(In thousands)
Weighted average common shares outstanding - basic	195,299	194,928	192,507
Effect of dilutive performance share awards	319	58	80
Weighted average common shares outstanding - diluted	195,618	194,986	192,587
Shares excluded from the calculation of diluted earnings per share	—	—	—

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, 2016, 2015 and 2014, 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, 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		)
Other comprehensive income (loss) before reclassifications	—			(1,470		)	51			(182		)	(1,601		)
Amounts reclassified from accumulated other comprehensive loss	367			2,506			—			143			3,016
Net current-period other comprehensive income (loss)	367			1,036			51			(39		)	1,415
Balance at December 31, 2016	$	(2,300	)	$	(33,221	)	$	(149	)	$	(63	)	$	(35,733	)

Reclassification out of accumulated other comprehensive income (loss)

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



	2016			2015			Location on Consolidated Statements of Income
	(In thousands)
Reclassification adjustment for loss on derivative instruments included in net income (loss):
Interest rate derivative instruments	$	(593	)	$	(637	)	Interest expense
	226			233			Income taxes
	(367		)	(404		)
Amortization of postretirement liability losses included in net periodic benefit cost (credit)	(3,931		)	(2,922		)	(a)
	1,425			1,128			Income taxes
	(2,506		)	(1,794		)
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)	(220		)	(201		)	Other income
	77			70			Income taxes
	(143		)	(131		)
Total reclassifications	$	(3,016	)	$	(3,131	)


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