Delaware | 41-0423660 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
Large accelerated filer ý | Accelerated filer o |
Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company o |
Emerging growth company o | |
Page | ||
Definitions | ||
Forward-Looking Statements | ||
Introduction | ||
Part I -- Financial Information | ||
Item 1 | Financial Statements | |
Consolidated Statements of Income -- Three and Nine Months Ended September 30, 2017 and 2016 | ||
Consolidated Statements of Comprehensive Income -- Three and Nine Months Ended September 30, 2017 and 2016 | ||
Consolidated Balance Sheets -- September 30, 2017 and 2016, and December 31, 2016 | ||
Consolidated Statements of Cash Flows -- Nine Months Ended September 30, 2017 and 2016 | ||
Notes to Consolidated Financial Statements | ||
Item 2 | Management's Discussion and Analysis of Financial Condition and Results of Operations | |
Item 3 | Quantitative and Qualitative Disclosures About Market Risk | |
Item 4 | Controls and Procedures | |
Part II -- Other Information | ||
Item 1 | Legal Proceedings | |
Item 1A | Risk Factors | |
Item 4 | Mine Safety Disclosures | |
Item 5 | Other Information | |
Item 6 | Exhibits | |
Signatures | ||
Exhibit Index | ||
Exhibits | ||
Abbreviation or Acronym | |
2016 Annual Report | Company's Annual Report on Form 10-K for the year ended December 31, 2016 |
AFUDC | Allowance for funds used during construction |
ASC | FASB Accounting Standards Codification |
ASU | FASB Accounting Standards Update |
ATBs | Atmospheric tower bottoms |
Brazilian Transmission Lines | Company's former investment in companies owning three electric transmission lines in Brazil |
Calumet | Calumet Specialty Products Partners, L.P. |
Capital Electric | Capital Electric Construction Company, Inc., a direct wholly owned subsidiary of MDU Construction Services |
Cascade | Cascade Natural Gas Corporation, an indirect wholly owned subsidiary of MDU Energy Capital |
Centennial | Centennial Energy Holdings, Inc., a direct wholly owned subsidiary of the Company |
Centennial Capital | Centennial Holdings Capital LLC, a direct wholly owned subsidiary of Centennial |
Centennial Resources | Centennial Energy Resources LLC, a direct wholly owned subsidiary of Centennial |
Company | MDU Resources Group, Inc. |
Coyote Creek | Coyote Creek Mining Company, LLC, a subsidiary of The North American Coal Corporation |
Coyote Station | 427-MW coal-fired electric generating facility near Beulah, North Dakota (25 percent ownership) |
Dakota Prairie Refinery | 20,000-barrel-per-day diesel topping plant built by Dakota Prairie Refining in southwestern North Dakota |
Dakota Prairie Refining | Dakota Prairie Refining, LLC, a limited liability company previously owned by WBI Energy and Calumet (previously included in the Company's refining segment) |
dk | Decatherm |
Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act |
EPA | United States Environmental Protection Agency |
Exchange Act | Securities Exchange Act of 1934, as amended |
FASB | Financial Accounting Standards Board |
FERC | Federal Energy Regulatory Commission |
Fidelity | Fidelity Exploration & Production Company, a direct wholly owned subsidiary of WBI Holdings (previously referred to as the Company's exploration and production segment) |
GAAP | Accounting principles generally accepted in the United States of America |
GHG | Greenhouse gas |
Great Plains | Great Plains Natural Gas Co., a public utility division of the Company |
IFRS | International Financial Reporting Standards |
Intermountain | Intermountain Gas Company, an indirect wholly owned subsidiary of MDU Energy Capital |
IPUC | Idaho Public Utilities Commission |
Knife River | Knife River Corporation, a direct wholly owned subsidiary of Centennial |
Knife River - Northwest | Knife River Corporation - Northwest, an indirect wholly owned subsidiary of Knife River |
kWh | Kilowatt-hour |
LWG | Lower Willamette Group |
MD&A | Management's Discussion and Analysis of Financial Condition and Results of Operations |
MDU Construction Services | MDU Construction Services Group, Inc., a direct wholly owned subsidiary of Centennial |
MDU Energy Capital | MDU Energy Capital, LLC, a direct wholly owned subsidiary of the Company |
MISO | Midcontinent Independent System Operator, Inc. |
MMdk | Million dk |
MNPUC | Minnesota Public Utilities Commission |
Montana-Dakota | Montana-Dakota Utilities Co., a public utility division of the Company |
MTPSC | Montana Public Service Commission |
MW | Megawatt |
NDPSC | North Dakota Public Service Commission |
OPUC | Oregon Public Utility Commission |
Oregon DEQ | Oregon State Department of Environmental Quality |
Pronghorn | Natural gas processing plant located near Belfield, North Dakota (WBI Energy Midstream's 50 percent ownership interests were sold effective January 1, 2017) |
PRP | Potentially Responsible Party |
RIN | Renewable Identification Number |
ROD | Record of Decision |
SEC | United States Securities and Exchange Commission |
SSIP | System Safety and Integrity Program |
Tesoro | Tesoro Refining & Marketing Company LLC |
Tesoro Logistics | QEP Field Services, LLC doing business as Tesoro Logistics Rockies LLC |
VIE | Variable interest entity |
Washington DOE | Washington State Department of Ecology |
WBI Energy | WBI Energy, Inc., a direct wholly owned subsidiary of WBI Holdings |
WBI Energy Midstream | WBI Energy Midstream, LLC, an indirect wholly owned subsidiary of WBI Holdings |
WBI Energy Transmission | WBI Energy Transmission, Inc., an indirect wholly owned subsidiary of WBI Holdings |
WBI Holdings | WBI Holdings, Inc., a direct wholly owned subsidiary of Centennial |
WUTC | Washington Utilities and Transportation Commission |
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||
(In thousands, except per share amounts) | ||||||||||||
Operating revenues: | ||||||||||||
Electric, natural gas distribution and regulated pipeline and midstream | $ | $ | $ | $ | ||||||||
Nonregulated pipeline and midstream, construction materials and contracting, construction services and other | ||||||||||||
Total operating revenues | ||||||||||||
Operating expenses: | ||||||||||||
Operation and maintenance: | ||||||||||||
Electric, natural gas distribution and regulated pipeline and midstream | ||||||||||||
Nonregulated pipeline and midstream, construction materials and contracting, construction services and other | ||||||||||||
Total operation and maintenance | ||||||||||||
Electric fuel and purchased power | ||||||||||||
Purchased natural gas sold | ||||||||||||
Depreciation, depletion and amortization | ||||||||||||
Taxes, other than income | ||||||||||||
Total operating expenses | ||||||||||||
Operating income | ||||||||||||
Other income | ||||||||||||
Interest expense | ||||||||||||
Income before income taxes | ||||||||||||
Income taxes | ||||||||||||
Income from continuing operations | ||||||||||||
Loss from discontinued operations, net of tax (Note 8) | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Net income (loss) | ( | ) | ||||||||||
Loss from discontinued operations attributable to noncontrolling interest (Note 8) | ( | ) | ||||||||||
Loss on redemption of preferred stocks | ||||||||||||
Dividends declared on preferred stocks | ||||||||||||
Earnings (loss) on common stock | $ | $ | $ | $ | ( | ) | ||||||
Earnings (loss) per common share - basic: | ||||||||||||
Earnings before discontinued operations | $ | $ | $ | $ | ||||||||
Discontinued operations attributable to the Company, net of tax | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Earnings (loss) per common share - basic | $ | $ | $ | $ | ( | ) | ||||||
Earnings (loss) per common share - diluted: | ||||||||||||
Earnings before discontinued operations | $ | $ | $ | $ | ||||||||
Discontinued operations attributable to the Company, net of tax | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Earnings (loss) per common share - diluted | $ | $ | $ | $ | ( | ) | ||||||
Dividends declared per common share | $ | $ | $ | $ | ||||||||
Weighted average common shares outstanding - basic | ||||||||||||
Weighted average common shares outstanding - diluted | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||
(In thousands) | ||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | ) | ||||||
Other comprehensive income (loss): | ||||||||||||
Reclassification adjustment for loss on derivative instruments included in net income (loss), net of tax of $56 and $56 for the three months ended and $168 and $170 for the nine months ended in 2017 and 2016, respectively | ||||||||||||
Postretirement liability adjustment: | ||||||||||||
Amortization of postretirement liability (gains) losses included in net periodic benefit cost (credit), net of tax of $203 and $143 for the three months ended and $609 and $(676) for the nine months ended in 2017 and 2016, respectively | ( | ) | ||||||||||
Reclassification of postretirement liability adjustment from regulatory asset, net of tax of $0 and $0 for the three months ended and $(725) and $0 for the nine months ended in 2017 and 2016, respectively | ( | ) | ||||||||||
Postretirement liability adjustment | ( | ) | ||||||||||
Foreign currency translation adjustment recognized during the period, net of tax of $9 and $(2) for the three months ended and $5 and $32 for the nine months ended in 2017 and 2016, respectively | ( | ) | ||||||||||
Net unrealized gain (loss) on available-for-sale investments: | ||||||||||||
Net unrealized loss on available-for-sale investments arising during the period, net of tax of $(10) and $(23) for the three months ended and $(38) and $(35) for the nine months ended in 2017 and 2016, respectively | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Reclassification adjustment for loss on available-for-sale investments included in net income (loss), net of tax of $14 and $18 for the three months ended and $50 and $57 for the nine months ended in 2017 and 2016, respectively | ||||||||||||
Net unrealized gain (loss) on available-for-sale investments | ( | ) | ||||||||||
Other comprehensive income (loss) | ( | ) | ||||||||||
Comprehensive income (loss) | ( | ) | ||||||||||
Comprehensive loss from discontinued operations attributable to noncontrolling interest | ( | ) | ||||||||||
Comprehensive income (loss) attributable to common stockholders | $ | $ | $ | $ | ( | ) | ||||||
September 30, 2017 | September 30, 2016 | December 31, 2016 | |||||||
(In thousands, except shares and per share amounts) | |||||||||
Assets | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | $ | $ | ||||||
Receivables, net | |||||||||
Inventories | |||||||||
Prepayments and other current assets | |||||||||
Current assets held for sale | |||||||||
Total current assets | |||||||||
Investments | |||||||||
Property, plant and equipment | |||||||||
Less accumulated depreciation, depletion and amortization | |||||||||
Net property, plant and equipment | |||||||||
Deferred charges and other assets: | |||||||||
Goodwill | |||||||||
Other intangible assets, net | |||||||||
Other | |||||||||
Noncurrent assets held for sale | |||||||||
Total deferred charges and other assets | |||||||||
Total assets | $ | $ | $ | ||||||
Liabilities and Stockholders' Equity | |||||||||
Current liabilities: | |||||||||
Long-term debt due within one year | $ | $ | $ | ||||||
Accounts payable | |||||||||
Taxes payable | |||||||||
Dividends payable | |||||||||
Accrued compensation | |||||||||
Other accrued liabilities | |||||||||
Current liabilities held for sale | |||||||||
Total current liabilities | |||||||||
Long-term debt | |||||||||
Deferred credits and other liabilities: | |||||||||
Deferred income taxes | |||||||||
Other | |||||||||
Total deferred credits and other liabilities | |||||||||
Commitments and contingencies | |||||||||
Stockholders' equity: | |||||||||
Preferred stocks | |||||||||
Common stockholders' equity: | |||||||||
Common stock | |||||||||
Authorized - 500,000,000 shares, $1.00 par value Shares issued - 195,843,297 at September 30, 2017 and 2016 and December 31, 2016 | |||||||||
Other paid-in capital | |||||||||
Retained earnings | |||||||||
Accumulated other comprehensive loss | ( | ) | ( | ) | ( | ) | |||
Treasury stock at cost - 538,921 shares | ( | ) | ( | ) | ( | ) | |||
Total common stockholders' equity | |||||||||
Total stockholders' equity | |||||||||
Total liabilities and stockholders' equity | $ | $ | $ | ||||||
Nine Months Ended | |||||||
September 30, | |||||||
2017 | 2016 | ||||||
(In thousands) | |||||||
Operating activities: | |||||||
Net income (loss) | $ | $ | ( | ) | |||
Loss from discontinued operations, net of tax | ( | ) | ( | ) | |||
Income from continuing operations | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
Depreciation, depletion and amortization | |||||||
Deferred income taxes | ( | ) | ( | ) | |||
Changes in current assets and liabilities, net of acquisitions: | |||||||
Receivables | ( | ) | ( | ) | |||
Inventories | ( | ) | |||||
Other current assets | ( | ) | ( | ) | |||
Accounts payable | |||||||
Other current liabilities | |||||||
Other noncurrent changes | ( | ) | ( | ) | |||
Net cash provided by continuing operations | |||||||
Net cash provided by discontinued operations | |||||||
Net cash provided by operating activities | |||||||
Investing activities: | |||||||
Capital expenditures | ( | ) | ( | ) | |||
Net proceeds from sale or disposition of property and other | |||||||
Investments | ( | ) | |||||
Net cash used in continuing operations | ( | ) | ( | ) | |||
Net cash provided by discontinued operations | |||||||
Net cash used in investing activities | ( | ) | ( | ) | |||
Financing activities: | |||||||
Issuance of long-term debt | |||||||
Repayment of long-term debt | ( | ) | ( | ) | |||
Dividends paid | ( | ) | ( | ) | |||
Redemption of preferred stock | ( | ) | |||||
Repurchase of common stock | ( | ) | |||||
Tax withholding on stock-based compensation | ( | ) | ( | ) | |||
Net cash used in continuing operations | ( | ) | ( | ) | |||
Net cash used in discontinued operations | ( | ) | |||||
Net cash used in financing activities | ( | ) | ( | ) | |||
Effect of exchange rate changes on cash and cash equivalents | ( | ) | |||||
Decrease in cash and cash equivalents | ( | ) | ( | ) | |||
Cash and cash equivalents -- beginning of year | |||||||
Cash and cash equivalents -- end of period | $ | $ | |||||
September 30, 2017 | September 30, 2016 | December 31, 2016 | |||||||
(In thousands) | |||||||||
Aggregates held for resale | $ | $ | $ | ||||||
Natural gas in storage (current) | |||||||||
Asphalt oil | |||||||||
Materials and supplies | |||||||||
Merchandise for resale | |||||||||
Other | |||||||||
Total | $ | $ | $ | ||||||
Three Months Ended | Nine Months Ended | |||||||
September 30, | September 30, | |||||||
2017 | 2016 | 2017 | 2016 | |||||
(In thousands) | ||||||||
Weighted average common shares outstanding - basic | ||||||||
Effect of dilutive performance share awards | ||||||||
Weighted average common shares outstanding - diluted | ||||||||
Shares excluded from the calculation of diluted earnings per share | ||||||||
Three Months Ended September 30, 2017 | Net Unrealized Gain (Loss) on Derivative Instruments Qualifying as Hedges | Postretirement Liability Adjustment | Foreign Currency Translation Adjustment | Net Unrealized Gain (Loss) on Available-for-sale Investments | Total Accumulated Other Comprehensive Loss | ||||||||||
(In thousands) | |||||||||||||||
Balance at beginning of period | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Other comprehensive income (loss) before reclassifications | ( | ) | ( | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||
Net current-period other comprehensive income | |||||||||||||||
Balance at end of period | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Three Months Ended September 30, 2016 | Net Unrealized Gain (Loss) on Derivative Instruments Qualifying as Hedges | Postretirement Liability Adjustment | Foreign Currency Translation Adjustment | Net Unrealized Gain (Loss) on Available-for-sale Investments | Total Accumulated Other Comprehensive Loss | ||||||||||
(In thousands) | |||||||||||||||
Balance at beginning of period | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||
Other comprehensive loss before reclassifications | ( | ) | ( | ) | ( | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||
Net current-period other comprehensive income (loss) | ( | ) | ( | ) | |||||||||||
Balance at end of period | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||
Nine Months Ended September 30, 2017 | Net Unrealized Gain (Loss) on Derivative Instruments Qualifying as Hedges | Postretirement Liability Adjustment | Foreign Currency Translation Adjustment | Net Unrealized Gain (Loss) on Available-for-sale Investments | Total Accumulated Other Comprehensive Loss | ||||||||||
(In thousands) | |||||||||||||||
Balance at beginning of period | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Other comprehensive income (loss) before reclassifications | ( | ) | ( | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||
Amounts reclassified to accumulated other comprehensive loss from a regulatory asset | ( | ) | ( | ) | |||||||||||
Net current-period other comprehensive income | |||||||||||||||
Balance at end of period | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Nine Months Ended September 30, 2016 | Net Unrealized Gain (Loss) on Derivative Instruments Qualifying as Hedges | Postretirement Liability Adjustment | Foreign Currency Translation Adjustment | Net Unrealized Gain (Loss) on Available-for-sale Investments | Total Accumulated Other Comprehensive Loss | ||||||||||
(In thousands) | |||||||||||||||
Balance at beginning of period | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Other comprehensive income (loss) before reclassifications | ( | ) | ( | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | ( | ) | ( | ) | |||||||||||
Net current-period other comprehensive income (loss) | ( | ) | ( | ) | |||||||||||
Balance at end of period | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||
Three Months Ended | Nine Months Ended | Location on Consolidated Statements of Income | |||||||||||
September 30, | September 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
(In thousands) | |||||||||||||
Reclassification adjustment for loss on derivative instruments included in net income (loss) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | Interest expense |
Income taxes | |||||||||||||
( | ) | ( | ) | ( | ) | ( | ) | ||||||
Amortization of postretirement liability gains (losses) included in net periodic benefit cost (credit) | ( | ) | ( | ) | ( | ) | (a) | ||||||
( | ) | Income taxes | |||||||||||
( | ) | ( | ) | ( | ) | ||||||||
Reclassification adjustment for loss on available-for-sale investments included in net income (loss) | ( | ) | ( | ) | ( | ) | ( | ) | Other income | ||||
Income taxes | |||||||||||||
( | ) | ( | ) | ( | ) | ( | ) | ||||||
Total reclassifications | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | |||
December 31, 2016 | |||
(In thousands) | |||
Assets | |||
Current assets: | |||
Prepayments and other current assets | $ | ||
Total current assets held for sale | |||
Noncurrent assets: | |||
Net property, plant and equipment | |||
Goodwill | |||
Less allowance for impairment of assets held for sale | |||
Total noncurrent assets held for sale | |||
Total assets held for sale | $ | ||
September 30, 2017 | September 30, 2016 | December 31, 2016 | ||||||||
(In thousands) | ||||||||||
Assets | ||||||||||
Current assets: | ||||||||||
Receivables, net | $ | $ | $ | |||||||
Income taxes receivable | (a) | |||||||||
Prepayments and other current assets | ||||||||||
Total current assets held for sale | ||||||||||
Noncurrent assets: | ||||||||||
Deferred income taxes | ||||||||||
Total noncurrent assets held for sale | ||||||||||
Total assets held for sale | $ | $ | $ | |||||||
Liabilities | ||||||||||
Current liabilities: | ||||||||||
Accounts payable | $ | $ | $ | |||||||
Other accrued liabilities | ||||||||||
Total current liabilities held for sale | ||||||||||
Noncurrent liabilities: | ||||||||||
Deferred income taxes (b) | ||||||||||
Total noncurrent liabilities held for sale | ||||||||||
Total liabilities held for sale | $ | $ | $ | |||||||
(a) |
(b) |
September 30, 2017 | September 30, 2016 | December 31, 2016 | |||||||||
(In thousands) | |||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Receivables, net | $ | $ | $ | ||||||||
Total current assets held for sale | |||||||||||
Noncurrent assets: | |||||||||||
Net property, plant and equipment | |||||||||||
Deferred income taxes | |||||||||||
Other | |||||||||||
Less allowance for impairment of assets held for sale | |||||||||||
Total noncurrent assets held for sale | |||||||||||
Total assets held for sale | $ | $ | $ | ||||||||
Liabilities | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | $ | ||||||||
Taxes payable | (a) | (a) | |||||||||
Other accrued liabilities | |||||||||||
Total current liabilities held for sale | |||||||||||
Total liabilities held for sale | $ | $ | $ | ||||||||
(a) |
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||
(In thousands) | ||||||||||||
Operating revenues | $ | $ | $ | $ | ||||||||
Operating expenses | ( | ) | ||||||||||
Operating income (loss) | ( | ) | ( | ) | ( | ) | ||||||
Other income (expense) | ( | ) | ||||||||||
Interest expense | ||||||||||||
Income (loss) from discontinued operations before income taxes | ( | ) | ( | ) | ||||||||
Income taxes | ( | ) | ||||||||||
Loss from discontinued operations | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Loss from discontinued operations attributable to noncontrolling interest | ( | ) | ||||||||||
Loss from discontinued operations attributable to the Company | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Nine Months Ended September 30, 2017 | Balance at January 1, 2017 | Goodwill Acquired During the Year | Balance at September 30, 2017 | ||||||
(In thousands) | |||||||||
Natural gas distribution | $ | $ | $ | ||||||
Construction materials and contracting | |||||||||
Construction services | |||||||||
Total | $ | $ | $ | ||||||
Nine Months Ended September 30, 2016 | Balance at January 1, 2016 | * | Goodwill Acquired During the Year | Balance at September 30, 2016 | * | ||||||
(In thousands) | |||||||||||
Natural gas distribution | $ | $ | $ | ||||||||
Pipeline and midstream | |||||||||||
Construction materials and contracting | |||||||||||
Construction services | |||||||||||
Total | $ | $ | $ | ||||||||
Year Ended December 31, 2016 | Balance at January 1, 2016 | * | Goodwill Acquired During the Year | Held for Sale | Balance at December 31, 2016 | ||||||||
(In thousands) | |||||||||||||
Natural gas distribution | $ | $ | $ | $ | |||||||||
Pipeline and midstream | ( | ) | |||||||||||
Construction materials and contracting | |||||||||||||
Construction services | |||||||||||||
Total | $ | $ | $ | ( | ) | $ | |||||||
September 30, 2017 | September 30, 2016 | December 31, 2016 | |||||||
(In thousands) | |||||||||
Customer relationships | $ | $ | $ | ||||||
Less accumulated amortization | |||||||||
Noncompete agreements | |||||||||
Less accumulated amortization | |||||||||
Other | |||||||||
Less accumulated amortization | |||||||||
Total | $ | $ | $ | ||||||
September 30, 2017 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||
(In thousands) | ||||||||||||
Mortgage-backed securities | $ | $ | $ | ( | ) | $ | ||||||
U.S. Treasury securities | ( | ) | ||||||||||
Total | $ | $ | $ | ( | ) | $ | ||||||
September 30, 2016 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||
(In thousands) | ||||||||||||
Mortgage-backed securities | $ | $ | $ | ( | ) | $ | ||||||
Total | $ | $ | $ | ( | ) | $ | ||||||
December 31, 2016 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||
(In thousands) | ||||||||||||
Mortgage-backed securities | $ | $ | $ | ( | ) | $ | ||||||
Total | $ | $ | $ | ( | ) | $ | ||||||
Fair Value Measurements at September 30, 2017, Using | ||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance at September 30, 2017 | |||||||||
(In thousands) | ||||||||||||
Assets: | ||||||||||||
Money market funds | $ | $ | $ | $ | ||||||||
Insurance contract* | ||||||||||||
Available-for-sale securities: | ||||||||||||
Mortgage-backed securities | ||||||||||||
U.S. Treasury securities | ||||||||||||
Total assets measured at fair value | $ | $ | $ | $ | ||||||||
* |
Fair Value Measurements at September 30, 2016, Using | ||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance at September 30, 2016 | |||||||||
(In thousands) | ||||||||||||
Assets: | ||||||||||||
Money market funds | $ | $ | $ | $ | ||||||||
Insurance contract* | ||||||||||||
Available-for-sale securities: | ||||||||||||
Mortgage-backed securities | ||||||||||||
Total assets measured at fair value | $ | $ | $ | $ | ||||||||
* |
Fair Value Measurements at December 31, 2016, Using | ||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance at December 31, 2016 | |||||||||
(In thousands) | ||||||||||||
Assets: | ||||||||||||
Money market funds | $ | $ | $ | $ | ||||||||
Insurance contract* | ||||||||||||
Available-for-sale securities: | ||||||||||||
Mortgage-backed securities | ||||||||||||
Total assets measured at fair value | $ | $ | $ | $ | ||||||||
* |
Carrying Amount | Fair Value | |||||
(In thousands) | ||||||
Long-term debt at September 30, 2017 | $ | $ | ||||
Long-term debt at September 30, 2016 | $ | $ | ||||
Long-term debt at December 31, 2016 | $ | $ | ||||
Nine Months Ended September 30, 2017 | Total Equity | ||
(In thousands) | |||
Balance at December 31, 2016 | $ | ||
Net income | |||
Other comprehensive income | |||
Dividends declared on preferred stocks | ( | ) | |
Dividends declared on common stock | ( | ) | |
Stock-based compensation | |||
Repurchase of common stock | ( | ) | |
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | ( | ) | |
Redemption of preferred stock | ( | ) | |
Balance at September 30, 2017 | $ | ||
Nine Months Ended September 30, 2016 | Total Stockholders' Equity | Noncontrolling Interest | Total Equity | ||||||
(In thousands) | |||||||||
Balance at December 31, 2015 | $ | $ | $ | ||||||
Net loss | ( | ) | ( | ) | ( | ) | |||
Other comprehensive loss | ( | ) | ( | ) | |||||
Dividends declared on preferred stocks | ( | ) | ( | ) | |||||
Dividends declared on common stock | ( | ) | ( | ) | |||||
Stock-based compensation | |||||||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | ( | ) | ( | ) | |||||
Net tax deficit on stock-based compensation | ( | ) | ( | ) | |||||
Contribution from noncontrolling interest | |||||||||
Balance at September 30, 2016 | $ | $ | $ | ||||||
Nine Months Ended | ||||||
September 30, | ||||||
2017 | 2016 | |||||
(In thousands) | ||||||
Interest, net of amount capitalized and AFUDC - borrowed of $676 and $842 in 2017 and 2016, respectively | $ | $ | ||||
Income taxes paid, net* | $ | $ | ||||
* |
September 30, | ||||||
2017 | 2016 | |||||
(In thousands) | ||||||
Property, plant and equipment additions in accounts payable | $ | $ | ||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||
(In thousands) | ||||||||||||
External operating revenues: | ||||||||||||
Regulated operations: | ||||||||||||
Electric | $ | $ | $ | $ | ||||||||
Natural gas distribution | ||||||||||||
Pipeline and midstream | ||||||||||||
Nonregulated operations: | ||||||||||||
Pipeline and midstream | ||||||||||||
Construction materials and contracting | ||||||||||||
Construction services | ||||||||||||
Other | ||||||||||||
Total external operating revenues | $ | $ | $ | $ | ||||||||
Intersegment operating revenues: | ||||||||||||
Regulated operations: | ||||||||||||
Electric | $ | $ | $ | $ | ||||||||
Natural gas distribution | ||||||||||||
Pipeline and midstream | ||||||||||||
Nonregulated operations: | ||||||||||||
Pipeline and midstream | ||||||||||||
Construction materials and contracting | ||||||||||||
Construction services | ||||||||||||
Other | ||||||||||||
Intersegment eliminations | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Total intersegment operating revenues | $ | $ | $ | $ | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||
(In thousands) | ||||||||||||
Earnings (loss) on common stock: | ||||||||||||
Regulated operations: | ||||||||||||
Electric | $ | $ | $ | $ | ||||||||
Natural gas distribution | ( | ) | ( | ) | ||||||||
Pipeline and midstream | ||||||||||||
Nonregulated operations: | ||||||||||||
Pipeline and midstream | ( | ) | ||||||||||
Construction materials and contracting | ||||||||||||
Construction services | ||||||||||||
Other | ( | ) | ( | ) | ( | ) | ||||||
Intersegment eliminations* | ||||||||||||
Earnings on common stock before loss from discontinued operations | ||||||||||||
Loss from discontinued operations, net of tax* | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Loss from discontinued operations attributable to noncontrolling interest | ( | ) | ||||||||||
Total earnings (loss) on common stock | $ | $ | $ | $ | ( | ) | ||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||
Three Months Ended September 30, | 2017 | 2016 | 2017 | 2016 | ||||||||
(In thousands) | ||||||||||||
Components of net periodic benefit cost (credit): | ||||||||||||
Service cost | $ | $ | $ | $ | ||||||||
Interest cost | ||||||||||||
Expected return on assets | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Amortization of prior service credit | ( | ) | ( | ) | ||||||||
Amortization of net actuarial loss | ||||||||||||
Net periodic benefit cost (credit), including amount capitalized | ( | ) | ||||||||||
Less amount capitalized | ( | ) | ( | ) | ||||||||
Net periodic benefit cost (credit) | $ | $ | $ | ( | ) | $ | ||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||
Nine Months Ended September 30, | 2017 | 2016 | 2017 | 2016 | ||||||||
(In thousands) | ||||||||||||
Components of net periodic benefit cost (credit): | ||||||||||||
Service cost | $ | $ | $ | $ | ||||||||
Interest cost | ||||||||||||
Expected return on assets | ( | ) | ( | ) | ( | ) | ( | ) | ||||
Amortization of prior service credit | ( | ) | ( | ) | ||||||||
Amortization of net actuarial loss | ||||||||||||
Net periodic benefit cost (credit), including amount capitalized | ( | ) | ||||||||||
Less amount capitalized | ( | ) | ||||||||||
Net periodic benefit cost (credit) | $ | $ | $ | ( | ) | $ | ||||||
• | Organic growth as well as a continued disciplined approach to the acquisition of well-managed companies and properties |
• | The elimination of system-wide cost redundancies through increased focus on integration of operations and standardization and consolidation of various support services and functions across companies within the organization |
• | The development of projects that are accretive to earnings per share and return on invested capital |
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||
(In millions, except per share amounts) | ||||||||||||
Electric | $ | 15.7 | $ | 12.7 | $ | 37.9 | $ | 31.8 | ||||
Natural gas distribution | (10.9 | ) | (12.5 | ) | 14.2 | 4.9 | ||||||
Pipeline and midstream | 6.0 | 6.7 | 15.1 | 18.3 | ||||||||
Construction materials and contracting | 63.2 | 69.5 | 64.5 | 88.8 | ||||||||
Construction services | 13.1 | 7.2 | 32.9 | 20.2 | ||||||||
Other | .6 | (1.0 | ) | (1.9 | ) | (3.6 | ) | |||||
Intersegment eliminations | 1.9 | 5.6 | 6.1 | 5.6 | ||||||||
Earnings before discontinued operations | 89.6 | 88.2 | 168.8 | 166.0 | ||||||||
Loss from discontinued operations, net of tax | (2.2 | ) | (5.4 | ) | (3.7 | ) | (299.5 | ) | ||||
Loss from discontinued operations attributable to noncontrolling interest | — | — | — | (131.7 | ) | |||||||
Earnings (loss) on common stock | $ | 87.4 | $ | 82.8 | $ | 165.1 | $ | (1.8 | ) | |||
Earnings (loss) per common share - basic: | ||||||||||||
Earnings before discontinued operations | $ | .46 | $ | .45 | $ | .86 | $ | .85 | ||||
Discontinued operations attributable to the Company, net of tax | (.01 | ) | (.03 | ) | (.01 | ) | (.86 | ) | ||||
Earnings (loss) per common share - basic | $ | .45 | $ | .42 | $ | .85 | $ | (.01 | ) | |||
Earnings (loss) per common share - diluted: | ||||||||||||
Earnings before discontinued operations | $ | .46 | $ | .45 | $ | .86 | $ | .85 | ||||
Discontinued operations attributable to the Company, net of tax | (.01 | ) | (.03 | ) | (.02 | ) | (.86 | ) | ||||
Earnings (loss) per common share - diluted | $ | .45 | $ | .42 | $ | .84 | $ | (.01 | ) | |||
• | Higher outside and inside construction margins at the construction services business |
• | Higher electric retail sales margins at the electric business |
• | Higher natural gas retail sales margins at the natural gas distribution business |
• | Lower asphalt product margins and lower construction margins at the construction materials and contracting business |
• | Lower gathering and processing revenues at the pipeline and midstream business |
• | Discontinued operations which reflects the absence in 2017 of a loss associated with the sale of the refining business, which was sold in June 2016 |
• | Higher inside and outside construction margins at the construction services business |
• | Higher natural gas retail sales margins at the natural gas distribution business |
• | Higher electric retail sales margins at the electric business |
• | Lower asphalt product margins and lower construction margins at the construction materials and contracting business |
• | Lower gathering and processing revenues at the pipeline and midstream business |
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||
(Dollars in millions, where applicable) | ||||||||||||
Operating revenues | $ | 91.5 | $ | 82.2 | $ | 254.3 | $ | 238.9 | ||||
Operating expenses: | ||||||||||||
Operation and maintenance | 30.4 | 28.9 | 87.5 | 84.7 | ||||||||
Electric fuel and purchased power | 18.9 | 16.8 | 57.5 | 54.7 | ||||||||
Depreciation, depletion and amortization | 12.2 | 12.5 | 35.5 | 37.8 | ||||||||
Taxes, other than income | 3.7 | 3.6 | 11.1 | 10.2 | ||||||||
65.2 | 61.8 | 191.6 | 187.4 | |||||||||
Operating income | 26.3 | 20.4 | 62.7 | 51.5 | ||||||||
Earnings | $ | 15.7 | $ | 12.7 | $ | 37.9 | $ | 31.8 | ||||
Retail sales (million kWh): | ||||||||||||
Residential | 278.7 | 276.6 | 860.2 | 835.7 | ||||||||
Commercial | 377.7 | 373.3 | 1,122.7 | 1,089.5 | ||||||||
Industrial | 133.7 | 126.0 | 395.9 | 401.9 | ||||||||
Other | 28.5 | 23.3 | 75.7 | 66.5 | ||||||||
818.6 | 799.2 | 2,454.5 | 2,393.6 | |||||||||
Average cost of electric fuel and purchased power per kWh | $ | .021 | $ | .019 | $ | .022 | $ | .021 | ||||
• | Higher operation and maintenance expense of $1.0 million (after tax), largely higher payroll-related costs, contract services and material costs |
• | Lower tax credits of $700,000 |
• | Higher electric retail sales margins, largely due to the recovery of additional investment in a MISO multivalue project, approved rate recovery and increased retail sales volumes of 3 percent, primarily to commercial and residential customers |
• | Lower depreciation, depletion and amortization expense of $1.4 million (after tax) due to lower depreciation rates implemented in conjunction with regulatory recovery activity |
• | Higher operation and maintenance expense of $1.7 million (after tax), largely higher payroll-related costs and material costs |
• | Higher taxes, other than income, which includes $500,000 (after tax) largely due to higher property taxes in certain jurisdictions |
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||
(Dollars in millions, where applicable) | ||||||||||||
Operating revenues | $ | 92.3 | $ | 87.9 | $ | 566.4 | $ | 500.1 | ||||
Operating expenses: | ||||||||||||
Operation and maintenance | 39.6 | 39.5 | 119.2 | 116.6 | ||||||||
Purchased natural gas sold | 36.4 | 37.6 | 314.9 | 273.7 | ||||||||
Depreciation, depletion and amortization | 17.4 | 16.6 | 51.7 | 49.6 | ||||||||
Taxes, other than income | 8.2 | 8.0 | 37.3 | 34.3 | ||||||||
101.6 | 101.7 | 523.1 | 474.2 | |||||||||
Operating income (loss) | (9.3 | ) | (13.8 | ) | 43.3 | 25.9 | ||||||
Earnings (loss) | $ | (10.9 | ) | $ | (12.5 | ) | $ | 14.2 | $ | 4.9 | ||
Volumes (MMdk) | ||||||||||||
Sales: | ||||||||||||
Residential | 3.9 | 3.9 | 40.4 | 34.2 | ||||||||
Commercial | 4.0 | 3.8 | 29.0 | 24.5 | ||||||||
Industrial | .8 | .8 | 3.3 | 3.0 | ||||||||
8.7 | 8.5 | 72.7 | 61.7 | |||||||||
Transportation: | ||||||||||||
Commercial | .3 | .3 | 1.4 | 1.2 | ||||||||
Industrial | 35.8 | 37.3 | 102.1 | 108.2 | ||||||||
36.1 | 37.6 | 103.5 | 109.4 | |||||||||
Total throughput | 44.8 | 46.1 | 176.2 | 171.1 | ||||||||
Degree days (% of normal)* | ||||||||||||
Montana-Dakota/Great Plains | 242 | % | 174 | % | 99 | % | 84 | % | ||||
Cascade | 80 | % | 93 | % | 110 | % | 80 | % | ||||
Intermountain | 178 | % | 147 | % | 113 | % | 94 | % | ||||
Average cost of natural gas, including transportation, per dk | $ | 4.20 | $ | 4.44 | $ | 4.33 | $ | 4.44 | ||||
• | Lower tax credits of $500,000 |
• | Higher depreciation, depletion and amortization expense of $500,000 (after tax) due to increased property, plant and equipment balances |
• | Higher natural gas retail sales margins resulting from higher retail sales volumes of 18 percent to all customer classes, driven primarily by colder weather in all jurisdictions and customer growth, as well as approved rate recovery; offset in part by weather normalization and conservation adjustments in certain jurisdictions |
• | Higher natural gas transportation margins resulting from higher average rates due to customer mix, partially offset by a decrease in volumes of 6 percent |
• | Higher operation and maintenance expense, which includes $1.8 million (after tax) primarily due to higher payroll-related costs |
• | Higher depreciation, depletion and amortization expense of $1.3 million (after tax) due to increased property, plant and equipment balances |
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||
(Dollars in millions) | ||||||||||||
Operating revenues | $ | 31.6 | $ | 36.0 | $ | 89.9 | $ | 105.8 | ||||
Operating expenses: | ||||||||||||
Operation and maintenance | 13.7 | 14.1 | 40.9 | 43.1 | ||||||||
Depreciation, depletion and amortization | 4.2 | 6.2 | 12.4 | 18.5 | ||||||||
Taxes, other than income | 3.1 | 3.0 | 9.2 | 8.9 | ||||||||
21.0 | 23.3 | 62.5 | 70.5 | |||||||||
Operating income | 10.6 | 12.7 | 27.4 | 35.3 | ||||||||
Earnings | $ | 6.0 | $ | 6.7 | $ | 15.1 | $ | 18.3 | ||||
Transportation volumes (MMdk) | 82.4 | 67.7 | 228.9 | 217.1 | ||||||||
Natural gas gathering volumes (MMdk) | 4.1 | 5.1 | 12.1 | 15.0 | ||||||||
Customer natural gas storage balance (MMdk): | ||||||||||||
Beginning of period | 25.1 | 28.1 | 26.4 | 16.6 | ||||||||
Net injection | 9.5 | 7.2 | 8.2 | 18.7 | ||||||||
End of period | 34.6 | 35.3 | 34.6 | 35.3 | ||||||||
• | Lower depreciation, depletion and amortization expense of $1.2 million (after tax), primarily due to the absence of Pronghorn |
• | Higher transportation revenues of $800,000 (after tax), largely due to increased off-system transportation which reflects increased volumes due to recently completed organic growth projects and higher volumes transported to storage |
• | Lower operation and maintenance expense primarily due to lower payroll-related costs and the absence of Pronghorn |
• | Lower interest expense of $400,000 (after tax) due to lower debt balances |
• | Lower depreciation, depletion and amortization expense of $3.8 million (after tax), primarily due to the absence of Pronghorn |
• | Lower operation and maintenance expense primarily due to the absence of Pronghorn and lower payroll-related costs |
• | Lower interest expense of $1.5 million (after tax) due to lower debt balances |
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||
(Dollars in millions) | ||||||||||||
Operating revenues | $ | 686.1 | $ | 724.7 | $ | 1,388.6 | $ | 1,476.0 | ||||
Operating expenses: | ||||||||||||
Operation and maintenance | 555.2 | 582.2 | 1,198.3 | 1,243.4 | ||||||||
Depreciation, depletion and amortization | 14.0 | 14.4 | 42.1 | 44.3 | ||||||||
Taxes, other than income | 12.0 | 12.2 | 32.9 | 33.7 | ||||||||
581.2 | 608.8 | 1,273.3 | 1,321.4 | |||||||||
Operating income | 104.9 | 115.9 | 115.3 | 154.6 | ||||||||
Earnings | $ | 63.2 | $ | 69.5 | $ | 64.5 | $ | 88.8 | ||||
Sales (000's): | ||||||||||||
Aggregates (tons) | 10,078 | 9,997 | 20,957 | 21,281 | ||||||||
Asphalt (tons) | 3,009 | 3,507 | 5,054 | 5,959 | ||||||||
Ready-mixed concrete (cubic yards) | 1,098 | 1,146 | 2,697 | 2,840 | ||||||||
• | Lower asphalt product margins primarily due to increased competition in certain regions and less available work resulting in lower volumes |
• | Lower construction margins of $1.5 million (after tax) primarily resulting from lower revenues in energy producing states due to less available work |
• | Higher aggregate margins of $1.4 million (after tax), primarily resulting from higher sales volumes due to increased demand and timing of projects in the quarter |
• | Higher other product line margins of $500,000 (after tax) |
• | Lower asphalt product margins primarily due to weather-related delays, less available work and increased competition in certain regions resulting in lower volumes |
• | Lower construction margins of $8.9 million (after tax) primarily due to lower revenues resulting from poor weather conditions in the first half of 2017, project timing, less available work in energy producing states and increased competition |
• | Lower ready-mixed concrete margins of $1.7 million (after tax) due to lower volumes primarily resulting from poor weather conditions and decreased demand in certain regions |
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||
(In millions) | ||||||||||||
Operating revenues | $ | 374.5 | $ | 280.8 | $ | 1,010.4 | $ | 822.8 | ||||
Operating expenses: | ||||||||||||
Operation and maintenance | 336.4 | 255.8 | 906.1 | 750.1 | ||||||||
Depreciation, depletion and amortization | 3.9 | 3.9 | 11.9 | 11.4 | ||||||||
Taxes, other than income | 11.8 | 9.3 | 36.7 | 29.7 | ||||||||
352.1 | 269.0 | 954.7 | 791.2 | |||||||||
Operating income | 22.4 | 11.8 | 55.7 | 31.6 | ||||||||
Earnings | $ | 13.1 | $ | 7.2 | $ | 32.9 | $ | 20.2 | ||||
• | Higher earnings resulting from higher outside construction margins due to higher construction workloads in areas impacted by hurricane activity and higher outside equipment sales and rentals |
• | Higher earnings of $3.4 million (after tax) resulting from higher inside construction margins largely the result of higher workloads due to an increase in large projects during the quarter |
• | Higher earnings of $14.5 million (after tax) resulting from higher inside construction margins in the majority of business activities performed which includes an increase in the number and size of projects that moved into full construction in 2017 and successful execution of labor performance on projects |
• | Higher earnings resulting from higher outside construction margins due to higher workloads including areas impacted by hurricane activity |
• | Higher selling, general and administrative expense of $3.3 million (after tax), primarily higher payroll-related costs |
• | Absence in 2017 of a tax benefit of $1.5 million related to the disposition of a non-strategic asset |
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||
(In millions) | ||||||||||||
Operating revenues | $ | 2.1 | $ | 2.7 | $ | 6.1 | $ | 6.7 | ||||
Operating expenses: | ||||||||||||
Operation and maintenance | .1 | 2.4 | 5.7 | 6.3 | ||||||||
Depreciation, depletion and amortization | .5 | .5 | 1.5 | 1.6 | ||||||||
Taxes, other than income | — | .1 | .1 | .1 | ||||||||
.6 | 3.0 | 7.3 | 8.0 | |||||||||
Operating income (loss) | 1.5 | (.3 | ) | (1.2 | ) | (1.3 | ) | |||||
Earnings (loss) | $ | .6 | $ | (1.0 | ) | $ | (1.9 | ) | $ | (3.6 | ) | |
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||
(In millions) | ||||||||||||
Income (loss) from discontinued operations before intercompany eliminations, net of tax | $ | (.3 | ) | $ | .2 | $ | 2.4 | $ | (303.0 | ) | ||
Intercompany eliminations* | (1.9 | ) | (5.6 | ) | (6.1 | ) | 3.5 | |||||
Loss from discontinued operations, net of tax | (2.2 | ) | (5.4 | ) | (3.7 | ) | (299.5 | ) | ||||
Loss from discontinued operations attributable to noncontrolling interest | — | — | — | (131.7 | ) | |||||||
Loss from discontinued operations attributable to the Company, net of tax | $ | (2.2 | ) | $ | (5.4 | ) | $ | (3.7 | ) | $ | (167.8 | ) |
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||
(In millions) | ||||||||||||
Intersegment transactions: | ||||||||||||
Operating revenues | $ | 5.6 | $ | 5.7 | $ | 37.6 | $ | 37.6 | ||||
Operation and maintenance | 2.5 | 2.4 | 6.6 | 6.7 | ||||||||
Purchased natural gas sold | 3.1 | 3.3 | 31.0 | 30.9 | ||||||||
Income from continuing operations* | (1.9 | ) | (5.6 | ) | (6.1 | ) | (5.6 | ) | ||||
• | The Company continually seeks opportunities to expand through organic growth opportunities and strategic acquisitions. |
• | The Company focuses on creating value through vertical integration within and among its business units. |
• | The Company expects to grow its rate base by approximately 4 percent annually over the next five years on a compound basis. This growth projection is on a much larger base, having grown rate base at a record pace of 12 percent compounded annually over the past five-year period. The utility operations are spread across eight states where customer growth is expected to be higher than the national average. This customer growth, along with system upgrades and replacements needed to supply safe and reliable service, will require investments in new electric generation and transmission, and electric and natural gas distribution. Rate base at December 31, 2016, was $1.9 billion. |
• | The Company expects its customer base to grow by 1 percent to 2 percent per year. |
• | In June 2016, the Company, along with a partner, began a 345-kilovolt transmission line from Ellendale, North Dakota, to Big Stone City, South Dakota, about 160 miles. The project has been approved as a MISO multivalue project. All of the necessary easements have been secured. The Company's total capital investment in this project is expected to be in the range of $150 million to $170 million. The Company expects this project to be completed in 2019. |
• | In December 2016, the Company signed a 25-year agreement to purchase power from the expansion of the Thunder Spirit Wind farm in southwest North Dakota. The agreement includes an option to buy the project at the close of construction. The expansion of the Thunder Spirit Wind farm will boost the combined production at the wind farm to approximately 150 MW of renewable energy and, if purchased, will increase the Company's generation portfolio from approximately 22 percent renewables to 27 percent. The original 107.5-MW Thunder Spirit Wind farm includes 43 turbines; it was purchased by the Company in December 2015. The expansion will include 16 turbines, and is expected to be on line in December 2018. Acquisition costs for the project are estimated to be $85 million. In June 2017, the Company filed with the NDPSC a request for an advance determination of prudence for the purchase of this expansion. |
• | The Company filed its 2017 North Dakota Electric Integrated Resource Plan and 2017 Montana Electric Integrated Resource Plan in June 2017 and September 2017, respectively. The plans include the proposed purchase of the Thunder Spirit Wind farm expansion project and the development and design of a large combined-cycle, natural gas-fired facility to be expected in 2025 or later. |
• | The Company is involved in a number of natural gas pipeline projects to enhance the safety, reliability and deliverability of its system. |
• | The Company is focused on organic growth, while monitoring potential merger and acquisition opportunities. |
• | The Company continues to be focused on the regulatory recovery of its investments. Since January 1, 2017, the Company has implemented final rate increases totaling $37.3 million in annual revenue. This includes electric rate proceedings in Montana, North Dakota, South Dakota, Wyoming and before the FERC, and natural gas proceedings in Idaho, Minnesota, Montana, Oregon and Washington. Recently approved final rates include: |
◦ | On September 1, 2017, the Company submitted an update to its transmission formula rate under the MISO tariff, as discussed in Note 15. |
◦ | On September 14 2017, the IPUC approved the natural gas rate increase filed by the Company on August 12, 2016, as discussed in Note 15. |
◦ | On October 26, 2017, the WUTC approved the annual pipeline replacement cost recovery mechanism filed by the Company on May 31, 2017, as discussed in Note 15. |
• | The Company is requesting rate increases totaling $15.4 million in annual revenue, which includes $4.6 million in implemented interim rates. Cases recently filed include: |
◦ | On July 21, 2017, the Company filed an application with the NDPSC for a natural gas rate increase, as discussed in Note 15. |
◦ | On August 31, 2017, the Company filed an application with the WUTC for a natural gas rate increase, as discussed in Note 15. |
◦ | On September 25, 2017, the Company filed an application with the MTPSC for a natural gas rate increase, as discussed in Note 15. |
◦ | On September 29, 2017, the Company filed an application with the OPUC for an annual pipeline replacement safety cost recovery mechanism, as discussed in Note 15. |
• | In September 2016, the Company secured sufficient capacity commitments and started survey work on a 38-mile pipeline that will deliver natural gas supply to eastern North Dakota and far western Minnesota. The Valley Expansion project will connect the Viking Gas Transmission Company pipeline near Felton, Minnesota, to the Company's existing pipeline near Mapleton, North Dakota. Cost of the expansion is estimated at $55 million to $60 million. The project, which is designed to transport 40 million cubic feet of natural gas per day, is under the jurisdiction of the FERC. In October 2016, the Company received FERC approval on its pre-filing for the Valley Expansion project. With minor enhancements, the pipeline will be able to transport significantly more volume if required, based on capacity requested or as needed in the future as the region's demand grows. Following receipt of necessary permits and regulatory approvals, construction is expected to begin in 2018 with completion expected late 2018. |
• | The Charbonneau and Line Section 25 expansion projects, which include a new compression station as well as other compression additions and enhancements at existing stations, were placed into service in the second quarter of 2017. The Company has signed long-term agreements supporting the expansion projects. |
• | In June 2017, the Company announced plans to complete a Line Section 27 expansion project in the Bakken producing area in northwestern North Dakota. The project will include approximately 13 miles of new pipeline and associated facilities. The project, as designed, will increase capacity by over 200 million cubic feet per day and bring total capacity to over 600 million cubic feet per day. The project is expected to be placed in service in the fall of 2018. The Company has signed long-term contracts supporting this expansion and expects construction costs to range from $27 million to $30 million. |
• | The Company continues to focus on growth and improving existing operations through organic projects and acquisitions in all areas in which it operates. |
• | Approximate work backlog at September 30, 2017, was $520 million, compared to $580 million a year ago. |
• | Projected revenues have been decreased from a range of $1.8 billion to $1.9 billion to a range of $1.7 billion to $1.8 billion for 2017. |
• | The Company anticipates margins in 2017 to be slightly lower as compared to 2016 margins. |
• | The Company expects public sector workload growth as anticipated new state and local infrastructure spending initiatives are introduced. California's $52.4 billion Road Repair and Accountability Act of 2017 and Oregon's $5.3 billion transportation package are expected to drive demand in both the near and far term in those states. |
• | As one of the country's largest sand and gravel producers, the Company will continue to strategically manage its 1.0 billion tons of aggregate reserves in all its markets, as well as take further advantage of being vertically integrated. |
• | Of the seven labor contracts that Knife River was negotiating, as reported in Items 1 and 2 - Business Properties - General in the 2016 Annual Report, six have been ratified. The one remaining contract is still in negotiations. |
• | Approximate work backlog at September 30, 2017, was $676 million, compared to $518 million a year ago. |
• | Projected revenues have been increased from a range of $1.2 billion to $1.3 billion to a range of $1.25 billion to $1.35 billion for 2017. |
• | The Company anticipates margins in 2017 to be comparable to 2016 margins. |
• | The Company continues to pursue opportunities to provide service to the transmission, distribution, substations, utility services, industrial, commercial, high-technology, mission critical, manufacturing, institutional, hospitality, gaming, entertainment, infrastructure, and renewable markets. Initiatives are aimed at capturing additional market share and expanding into new markets. |
• | As the 13th-largest specialty contractor, the Company continues to pursue opportunities for expansion and execute initiatives in current and new markets that align with the Company's expertise, resources and strategic growth plan. |
• | The five labor contracts that MDU Construction Services was negotiating, as reported in Items 1 and 2 - Business Properties - General in the 2016 Annual Report, have been ratified. |
• | System upgrades |
• | Routine replacements |
• | Service extensions |
• | Routine equipment maintenance and replacements |
• | Buildings, land and building improvements |
• | Pipeline, gathering and other midstream projects |
• | Power generation and transmission opportunities |
• | Environmental upgrades |
• | Other growth opportunities |
Company | Facility | Facility Limit | Amount Outstanding | Letters of Credit | Expiration Date | |||||||||||
(In millions) | ||||||||||||||||
MDU Resources Group, Inc. | Commercial paper/Revolving credit agreement | (a) | $ | 175.0 | $ | 43.4 | (b) | $ | — | 5/8/19 | ||||||
Cascade Natural Gas Corporation | Revolving credit agreement | $ | 75.0 | (c) | $ | 10.0 | $ | 2.2 | (d) | 4/24/20 | ||||||
Intermountain Gas Company | Revolving credit agreement | $ | 85.0 | (e) | $ | 39.9 | $ | — | 4/24/20 | |||||||
Centennial Energy Holdings, Inc. | Commercial paper/Revolving credit agreement | (f) | $ | 500.0 | $ | 76.2 | (b) | $ | — | 9/23/21 | ||||||
(a) | The commercial paper program is supported by a revolving credit agreement with various banks (provisions allow for increased borrowings, at the option of the Company on stated conditions, up to a maximum of $225.0 million). There were no amounts outstanding under the credit agreement. |
(b) | Amount outstanding under commercial paper program. |
(c) | Certain provisions allow for increased borrowings, up to a maximum of $100.0 million. |
(d) | Outstanding letter(s) of credit reduce the amount available under the credit agreement. |
(e) | Certain provisions allow for increased borrowings, up to a maximum of $110.0 million. |
(f) | The commercial paper program is supported by a revolving credit agreement with various banks (provisions allow for increased borrowings, at the option of Centennial on stated conditions, up to a maximum of $600.0 million). There were no amounts outstanding under the credit agreement. |
MDU RESOURCES GROUP, INC. | |||
DATE: | November 3, 2017 | BY: | /s/ Jason L. Vollmer |
Jason L. Vollmer | |||
Vice President, Chief Financial Officer and Treasurer | |||
BY: | /s/ Stephanie A. Barth | ||
Stephanie A. Barth | |||
Vice President, Chief Accounting Officer and Controller | |||
Exhibit No. | |
+10(a) | |
+10(b) | |
+10(c) | |
12 | |
31(a) | |
31(b) | |
32 | |
95 | |
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101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
* Incorporated herein by reference as indicated. | |
** Filed herewith. | |
+ Management contract, compensatory plan or arrangement. | |
(c) | In accordance with Section 401(a)(35) of the Code, for any period in which the Plan holds publicly traded employer securities, the following rules shall apply. |
(i) | Subject to Section 1.401(a)(35)-1(f)(2)(iv)(B) of the Treasury Regulations, if the Company or any member of the controlled group of corporations (as defined in Section 1.401(a)(35)-1(f)(2)(iv)(A) of the Treasury Regulations) which includes the Company has issued a class of stock which is a publicly traded employer security, and the Plan holds employer securities which are not publicly traded employer securities, then the Plan shall be treated as holding publicly traded employer securities. |
(ii) | With respect to a Participant, an alternate payee with an account under the Plan, or a Participant’s beneficiary, if any portion of such individual’s account under the Plan attributable to employee contributions and elective deferrals (as described in Section 402(g)(3)(A) of the Code) is invested in publicly traded employer securities, then such individual must be offered the opportunity to elect to divest those employer securities and reinvest an equivalent amount in other investment options as described in paragraph (iv) below. |
(iii) | With respect to a Participant who has completed three years of vesting service, an alternate payee of such Participant with an account under the Plan, or a Participant’s beneficiary, if any portion of such individual’s account attributable to employer contributions is invested in publicly traded employer securities, then such individual must be offered the opportunity to elect to divest those employer securities and reinvest an equivalent amount in other investment options as described in paragraph (iv) below. |
(iv) | With respect to individuals described in paragraphs (ii) and (iii) of this Subsection 5.2(c): |
(A) | At least three investment options (other than employer securities) shall be offered to such individuals; |
(B) | Each investment option shall be diversified and have materially different risk and return characteristics; and |
(C) | Periodic reasonable divestment and reinvestment opportunities shall be provided at least quarterly. |
(v) | Except as provided in Sections 1.401(a)(35)-1(e)(2) and (3) of the Treasury Regulations, restrictions (either direct or indirect) or conditions will not be imposed on the investment of publicly traded employer securities if such restrictions or conditions are not imposed on the investment of other Plan assets. |
MDU RESOURCES GROUP, INC. EMPLOYEE BENEFITS COMMITTEE | ||
By: | /s/ Doran N. Schwartz | |
Doran N. Schwartz, Chairman | ||
Name | Title | Date of Agreement |
David L. Goodin | President and Chief Executive Officer, MDU Resources Group, Inc. | August 12, 2010, as amended May 15, 2014 |
Nicole A. Kivisto | President and Chief Executive Officer, Montana-Dakota Utilities Co., Great Plains Natural Gas Co., Cascade Natural Gas Corporation, and Intermountain Gas Company | August 12, 2010, as amended May 15, 2014 |
David C. Barney | President and Chief Executive Officer, Knife River Corporation | May 16, 2013, as amended May 15, 2014 |
Jeffrey S. Thiede | President and Chief Executive Officer, MDU Construction Services Group, Inc. | May 16, 2013, as amended May 15, 2014 |
Jason L. Vollmer | Vice President, Chief Financial Officer and Treasurer, MDU Resources Group, Inc. | November 29, 2014 |
Daniel S. Kuntz | Vice President, General Counsel and Secretary, MDU Resources Group, Inc. | November 18, 2015 |
Anne M. Jones | Vice President – Human Resources, MDU Resources Group, Inc. | January 1, 2016 |
Margaret (Peggy) A. Link | Chief Information Officer, MDU Resources Group, Inc. | January 1, 2017 |
Stephanie A. Barth | Vice President, Chief Accounting Officer and Controller, MDU Resources Group, Inc. | September 21, 2017 |
Trevor J. Hastings | President and Chief Executive Officer, WBI Holdings, Inc. | October 10, 2017 |
Name | Title | Date of Agreement |
Harry J. Pearce | Director and Chairman of the Board | August 12, 2010 |
David L. Goodin | Director | August 12, 2010 |
Thomas Everist | Director | August 12, 2010 |
Karen B. Fagg | Director | August 12, 2010 |
A. Bart Holaday | Director | August 12, 2010 |
Dennis W. Johnson | Director | August 12, 2010 |
Patricia L. Moss | Director | August 12, 2010 |
John K. Wilson | Director | August 12, 2010 |
Mark A. Hellerstein | Director | August 1, 2013 |
William E. McCracken | Director | August 1, 2013 |
Twelve Months Ended September 30, 2017 | Year Ended December 31, 2016 | |||||||||
(In thousands of dollars) | ||||||||||
Earnings Available for Fixed Charges: | ||||||||||
Net Income (a) | $ | 236,141 | $ | 233,102 | ||||||
Income Taxes | 100,157 | 93,132 | ||||||||
336,298 | 326,234 | |||||||||
Rents (b) | 23,618 | 21,656 | ||||||||
Interest (c) | 83,164 | 88,045 | ||||||||
Total Earnings Available for Fixed Charges | $ | 443,080 | $ | 435,935 | ||||||
Preferred Dividend Requirements | $ | 343 | $ | 685 | ||||||
Ratio of Income Before Income Taxes to Net Income | 142 | % | 140 | % | ||||||
Preferred Dividend Factor on Pretax Basis | 487 | 959 | ||||||||
Fixed Charges (d) | 106,730 | 109,636 | ||||||||
Combined Fixed Charges and Preferred Stock Dividends | $ | 107,217 | $ | 110,595 | ||||||
Ratio of Earnings to Fixed Charges | 4.2x | 4.0x | ||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends | 4.1x | 3.9x | ||||||||
(a) | Net income excludes undistributed income for equity investees. |
(b) | Represents interest portion of rents estimated at 33 1/3%. |
(c) | Represents interest, amortization of debt discount and expense on all indebtedness and amortization of interest capitalized, and excludes amortization of gains or losses on reacquired debt (which, under the Federal Energy Regulatory Commission Uniform System of Accounts, is classified as a reduction of, or increase in, interest expense in the Consolidated Statements of Income) and interest capitalized. |
(d) | Represents rents (as defined above), interest, amortization of debt discount and expense on all indebtedness, and excludes amortization of gains or losses on reacquired debt (which, under the Federal Energy Regulatory Commission Uniform System of Accounts, is classified as a reduction of, or increase in, interest expense in the Consolidated Statements of Income). |
1. | I have reviewed this quarterly report on Form 10-Q of MDU Resources Group, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
1. | I have reviewed this quarterly report on Form 10-Q of MDU Resources Group, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
1. | Citations issued under Section 104 of the Mine Safety Act for violations that could significantly and substantially contribute to the cause and effect of a coal or other mine safety or health hazard. |
2. | Orders issued under Section 104(b) of the Mine Safety Act. Orders are issued under this section when citations issued under Section 104 have not been totally abated within the time period allowed by the citation or subsequent extensions. |
3. | Citations or orders issued under Section 104(d) of the Mine Safety Act. Citations or orders are issued under this section when it has been determined that the violation is caused by an unwarrantable failure of the mine operator to comply with the standards. An unwarrantable failure occurs when the mine operator is deemed to have engaged in aggravated conduct constituting more than ordinary negligence. |
4. | Citations issued under Section 110(b)(2) of the Mine Safety Act for flagrant violations. Violations are considered flagrant for repeat or reckless failures to make reasonable efforts to eliminate a known violation of a mandatory health and safety standard that substantially and proximately caused, or reasonably could have been expected to cause, death or serious bodily injury. |
5. | Imminent danger orders issued under Section 107(a) of the Mine Safety Act. An imminent danger is defined as the existence of any condition or practice in a coal or other mine which could reasonably be expected to cause death or serious physical harm before such condition or practice can be abated. |
6. | Notice received under Section 104(e) of the Mine Safety Act of a pattern of violations or the potential to have such a pattern of violations that could significantly and substantially contribute to the cause and effect of mine health and safety standards. |
MSHA Identification Number/Contractor ID | Section 104 S&S Citations (#) | Total Dollar Value of MSHA Assessments Proposed ($) | Legal Actions Pending as of Last Day of Period (#) | Legal Actions Initiated During Period (#) | Legal Actions Resolved During Period (#) | ||||||
04-05459 | — | $ | 116 | — | — | — | |||||
10-02089 | 1 | — | — | — | — | ||||||
10-02170 | — | — | — | — | 2 | ||||||
13-02222 | — | 116 | — | — | — | ||||||
21-02614 | 1 | 204 | — | — | — | ||||||
21-03086 | 1 | 204 | — | — | — | ||||||
21-03112 | — | 116 | — | — | — | ||||||
21-03248 | 1 | — | 1 | 1 | — | ||||||
21-03502 | 1 | 685 | — | — | — | ||||||
21-03812 | 3 | 1,025 | — | — | — | ||||||
21-03870 | — | 116 | — | — | — | ||||||
35-00512 | — | 809 | — | — | — | ||||||
35-03131 | — | 464 | — | — | — | ||||||
35-03496 | — | 220 | — | — | 2 | ||||||
35-03505 | — | 116 | — | — | — | ||||||
35-03667 | — | 116 | — | — | — | ||||||
41-02639 | — | 593 | — | — | — | ||||||
48-01383 | — | 116 | — | — | — | ||||||
48-01670 | — | 13 | — | — | — | ||||||
50-00883 | 1 | 375 | — | — | — | ||||||
50-01196 | 1 | — | — | — | — | ||||||
51-00036 | — | 1,930 | 8 | — | — | ||||||
51-00192 | 1 | — | — | — | — | ||||||
51-00241 | — | — | 1 | — | — | ||||||
I6K (Contractor ID) | 1 | 428 | — | — | — | ||||||
12 | $ | 7,762 | 10 | 1 | 4 | ||||||
• | Contests of Citations and Orders - A contest proceeding may be filed with the Commission by operators, miners or miners' representatives to challenge the issuance of a citation or order issued by MSHA. |
• | Contests of Proposed Penalties (Petitions for Assessment of Penalties) - A contest of a proposed penalty is an administrative proceeding before the Commission challenging a civil penalty that MSHA has proposed for the alleged violation contained in a citation or order. |
• | Complaints for Compensation - A complaint for compensation may be filed with the Commission by miners entitled to compensation when a mine is closed by certain withdrawal orders issued by MSHA. The purpose of the proceeding is to determine the amount of compensation, if any, due miners idled by the orders. |
• | Complaints of Discharge, Discrimination or Interference - A discrimination proceeding is a case that involves a miner's allegation that he or she has suffered a wrong by the operator because he or she engaged in some type of activity protected under the Mine Act, such as making a safety complaint. |
• | Applications for Temporary Relief - Applications for temporary relief from any modification or termination of any order or from any order issued under section 104 of the Mine Act. |
• | Appeals of Judges' Decisions or Orders to the Commission - A filing with the Commission for discretionary review of a judge's decision or order by a person who has been adversely affected or aggrieved by such decision or order. |
MSHA Identification Number | Contests of Citations and Orders | Contests of Proposed Penalties | Complaints for Compensation | Complaints of Discharge, Discrimination or Interference | Applications for Temporary Relief | Appeals of Judges' Decisions or Orders to the Commission | ||||||
10-02170 | — | 2 | — | — | — | — | ||||||
21-03248 | 1 | — | — | — | — | — | ||||||
51-00036 | 8 | — | — | — | — | — | ||||||
51-00241 | 1 | — | — | — | — | — | ||||||
10 | 2 | — | — | — | — | |||||||
Document And Entity Information - shares |
9 Months Ended | |
|---|---|---|
Sep. 30, 2017 |
Oct. 27, 2017 |
|
| Entity Information [Line Items] | ||
| Entity registrant name | MDU RESOURCES GROUP INC | |
| Entity central index key | 0000067716 | |
| Current fiscal year end date | --12-31 | |
| Entity filer category | Large Accelerated Filer | |
| Document type | 10-Q | |
| Document period end date | Sep. 30, 2017 | |
| Document fiscal year focus | 2017 | |
| Document fiscal period focus | Q3 | |
| Amendment flag | false | |
| Entity common stock, shares outstanding | 195,304,376 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
| Net income (loss) | $ 87,351 | $ 82,986 | $ 165,891 | $ (132,988) |
| Net unrealized gain on derivative instruments qualifying as hedges: | ||||
| Reclassification adjustment for loss on derivative instruments included in net income (loss), net of tax of $56 and $56 for the three months ended and $168 and $170 for the nine months ended in 2017 and 2016, respectively | 92 | 92 | 275 | 275 |
| Postretirement liability adjustment: | ||||
| Amortization of postretirement liability (gains) losses included in net periodic benefit cost (credit), net of tax of $203 and $143 for the three months ended and $609 and $(676) for the nine months ended in 2017 and 2016, respectively | 333 | 236 | 1,002 | (1,111) |
| Reclassification of postretirement liability adjustment from regulatory asset, net of tax of $0 and $0 for the three months ended and $(725) and $0 for the nine months ended in 2017 and 2016, respectively | 0 | 0 | (917) | 0 |
| Postretirement liability adjustment | 333 | 236 | 85 | (1,111) |
| Foreign currency translation adjustment: | ||||
| Foreign currency translation adjustment recognized during the period, net of tax of $9 and $(2) for the three months ended and $5 and $32 for the nine months ended in 2017 and 2016, respectively | 15 | (4) | 9 | 52 |
| Net unrealized gain (loss) on available-for-sale investments: | ||||
| Net unrealized loss on available-for-sale investments arising during the period, net of tax of $(10) and $(23) for the three months ended and $(38) and $(35) for the nine months ended in 2017 and 2016, respectively | (19) | (42) | (70) | (65) |
| Reclassification adjustment for loss on available-for-sale investments included in net income (loss), net of tax of $14 and $18 for the three months ended and $50 and $57 for the nine months ended in 2017 and 2016, respectively | 27 | 33 | 93 | 106 |
| Net unrealized gain (loss) on available-for-sale investments | 8 | (9) | 23 | 41 |
| Other comprehensive income (loss) | 448 | 315 | 392 | (743) |
| Comprehensive income (loss) | 87,799 | 83,301 | 166,283 | (133,731) |
| Loss from discontinued operations attributable to noncontrolling interest | 0 | 0 | 0 | (131,691) |
| Comprehensive income (loss) attributable to common stockholders | $ 87,799 | $ 83,301 | $ 166,283 | $ (2,040) |
Consolidated Statements of Comprehensive Income - Parenthetical - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
| Reclassification adjustment for (gain) loss on derivative instruments included in net income (loss), tax | $ 56 | $ 56 | $ 168 | $ 170 |
| Amortization of postretirement liability (gains) losses included in net periodic benefit cost, tax | 203 | 143 | 609 | (676) |
| Reclassification of postretirement liability adjustment from regulatory asset, tax | 0 | 0 | (725) | 0 |
| Foreign currency translation adjustments recognized during the period, tax | 9 | (2) | 5 | 32 |
| Net unrealized gain (loss) on available-for-sale investments arising during the period, tax | (10) | (23) | (38) | (35) |
| Reclassification adjustment for loss (gain) on available-for-sale investments included in net income (loss), tax | $ 14 | $ 18 | $ 50 | $ 57 |
Consolidated Balance Sheets - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
|||
|---|---|---|---|---|---|---|
| Current assets: | ||||||
| Cash and cash equivalents | $ 37,356 | $ 46,107 | $ 59,868 | |||
| Receivables, net | 739,402 | 630,243 | 665,142 | |||
| Inventories | 232,555 | 238,273 | 245,790 | |||
| Prepayments and other current assets | 89,625 | 48,461 | 49,082 | |||
| Current assets held for sale | 304 | 14,391 | 45,867 | |||
| Total current assets | 1,099,242 | 977,475 | 1,065,749 | |||
| Investments | 133,895 | 125,866 | 126,048 | |||
| Property, plant and equipment | 6,658,891 | 6,510,229 | 6,588,445 | |||
| Less accumulated depreciation, depletion and amortization | 2,667,762 | 2,578,902 | 2,583,566 | |||
| Net property, plant and equipment | 3,991,129 | 3,931,327 | 4,004,879 | |||
| Deferred charges and other assets: | ||||||
| Goodwill | 631,791 | 631,791 | 641,527 | [1] | ||
| Other intangible assets, net | 4,209 | 5,925 | 6,529 | |||
| Other | 419,846 | 415,419 | 360,537 | |||
| Noncurrent assets held for sale | 64,333 | 196,664 | 112,440 | |||
| Total deferred charges and other assets | 1,120,179 | 1,249,799 | 1,121,033 | |||
| Total assets | 6,344,445 | 6,284,467 | 6,317,709 | |||
| Current liabilities: | ||||||
| Long-term debt due within one year | 148,499 | 43,598 | 93,598 | |||
| Accounts payable | 304,101 | 279,962 | 281,373 | |||
| Taxes payable | 108,946 | 48,164 | 59,747 | |||
| Dividends payable | 37,596 | 37,767 | 36,791 | |||
| Accrued compensation | 67,097 | 65,867 | 58,604 | |||
| Other accrued liabilities | 184,580 | 184,377 | 191,904 | |||
| Current liabilities held for sale | 5,749 | 9,924 | 18,065 | |||
| Total current liabilities | 856,568 | 669,659 | 740,082 | |||
| Long-term debt | 1,592,053 | 1,746,561 | 1,808,350 | |||
| Deferred credits and other liabilities: | ||||||
| Deferred income taxes | 652,413 | 668,226 | 662,326 | |||
| Other | 889,494 | 883,777 | 821,890 | |||
| Total deferred credits and other liabilities | 1,541,907 | 1,552,003 | 1,484,216 | |||
| Commitments and contingencies | ||||||
| Stockholders' equity: | ||||||
| Preferred stocks | 0 | 15,000 | 15,000 | |||
| Common stockholders' equity: | ||||||
| Authorized - 500,000,000 shares, $1.00 par value Shares issued - 195,843,297 at September 30, 2017 and 2016 and December 31, 2016 | 195,843 | 195,843 | 195,843 | |||
| Other paid-in capital | 1,232,766 | 1,232,478 | 1,231,396 | |||
| Retained earnings | 964,275 | 912,282 | 884,339 | |||
| Accumulated other comprehensive loss | (35,341) | (35,733) | (37,891) | |||
| Treasury stock at cost - 538,921 shares | (3,626) | (3,626) | (3,626) | |||
| Total common stockholders' equity | 2,353,917 | 2,301,244 | 2,270,061 | |||
| Total stockholders' equity | 2,353,917 | 2,316,244 | 2,285,061 | |||
| Total liabilities and stockholders' equity | $ 6,344,445 | $ 6,284,467 | $ 6,317,709 | |||
| ||||||
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Sep. 30, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
|---|---|---|---|
| Stockholders' equity: | |||
| Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 |
| Common stock, par value | $ 1.00 | $ 1.00 | $ 1.00 |
| Common stock, shares issued | 195,843,297 | 195,843,297 | 195,843,297 |
| Treasury shares | 538,921 | 538,921 | 538,921 |
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
9 Months Ended | |||
|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|||
| Operating activities: | ||||
| Net income (loss) | $ 165,891 | $ (132,988) | ||
| Loss from discontinued operations, net of tax | [1] | (3,702) | (299,538) | |
| Income from continuing operations | 169,593 | 166,550 | ||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
| Depreciation, depletion and amortization | 155,138 | 163,226 | ||
| Deferred income taxes | (16,777) | (1,346) | ||
| Changes in current assets and liabilities, net of acquisitions: | ||||
| Receivables | (121,128) | (75,308) | ||
| Inventories | 2,047 | (4,153) | ||
| Other current assets | (40,655) | (18,824) | ||
| Accounts payable | 30,097 | 15,514 | ||
| Other current liabilities | 66,647 | 48,973 | ||
| Other noncurrent changes | (15,081) | (25,284) | ||
| Net cash provided by continuing operations | 229,881 | 269,348 | ||
| Net cash provided by discontinued operations | 42,020 | 7,127 | ||
| Net cash provided by operating activities | 271,901 | 276,475 | ||
| Investing activities: | ||||
| Capital expenditures | (222,084) | (303,873) | ||
| Net proceeds from sale or disposition of property and other | 121,162 | 17,583 | ||
| Investments | (260) | 56 | ||
| Net cash used in continuing operations | (101,182) | (286,234) | ||
| Net cash provided by discontinued operations | 2,234 | 31,918 | ||
| Net cash used in investing activities | (98,948) | (254,316) | ||
| Financing activities: | ||||
| Issuance of long-term debt | 133,437 | 341,777 | ||
| Repayment of long-term debt | (183,968) | (236,433) | ||
| Dividends paid | (113,131) | (110,366) | ||
| Redemption of preferred stock | (15,600) | 0 | ||
| Repurchase of common stock | (1,684) | 0 | ||
| Tax withholding on stock-based compensation | (757) | (323) | ||
| Net cash used in continuing operations | (181,703) | (5,345) | ||
| Net cash used in discontinued operations | 0 | (40,852) | ||
| Net cash used in financing activities | (181,703) | (46,197) | ||
| Effect of exchange rate changes on cash and cash equivalents | (1) | 3 | ||
| Decrease in cash and cash equivalents | (8,751) | (24,035) | ||
| Cash and cash equivalents -- beginning of year | 46,107 | 83,903 | ||
| Cash and cash equivalents -- end of period | $ 37,356 | $ 59,868 | ||
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Basis of presentation |
9 Months Ended |
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Sep. 30, 2017 | |
| 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 2016 Annual Report. The information is unaudited but includes all adjustments that are, in the opinion of management, necessary for a fair presentation of the accompanying consolidated interim financial statements and are of a normal recurring nature. Depreciation, depletion and amortization expense is reported separately on the Consolidated Statements of Income and therefore is excluded from the other line items within operating expenses. Management has also evaluated the impact of events occurring after September 30, 2017, up to the date of issuance of these consolidated interim financial statements. The assets and liabilities for the Company's discontinued operations have been classified as held for sale and the results of operations are shown in loss from discontinued operations, other than certain general and administrative costs and interest expense which do not meet the criteria for income (loss) from discontinued operations. At the time the assets were classified as held for sale, depreciation, depletion and amortization expense was no longer recorded. Unless otherwise indicated, the amounts presented in the accompanying notes to the consolidated financial statements relate to the Company's continuing operations. For more information on the Company's discontinued operations, see Note 8.
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Seasonality of operations |
9 Months Ended |
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Sep. 30, 2017 | |
| 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. |
Accounts receivable and allowance for doubtful accounts |
9 Months Ended |
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Sep. 30, 2017 | |
| Receivables [Abstract] | |
| Accounts receivable and allowance for doubtful accounts | Accounts receivable and allowance for doubtful accounts Accounts receivable consist primarily of trade receivables from the sale of goods and services which are recorded at the invoiced amount net of allowance for doubtful accounts, and costs and estimated earnings in excess of billings on uncompleted contracts. The total balance of receivables past due 90 days or more was $27.2 million, $26.3 million and $29.2 million at September 30, 2017 and 2016, and December 31, 2016, respectively. The allowance for doubtful accounts is determined through a review of past due balances and other specific account data. Account balances are written off when management determines the amounts to be uncollectible. The Company's allowance for doubtful accounts at September 30, 2017 and 2016, and December 31, 2016, was $9.0 million, $10.2 million and $10.5 million, respectively.
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Inventories and natural gas in storage |
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| Inventories and natural gas in storage | Inventories and natural gas in storage Natural gas in storage for the Company's regulated operations is generally carried at lower of cost or net realizable value, or cost using the last-in, first-out method. All other inventories are stated at the lower of cost or net realizable value. The portion of the cost of natural gas in storage expected to be used within one year is included in inventories. Inventories consisted of:
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Earnings (loss) per common share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings (loss) per common share | Earnings (loss) per common share Basic earnings (loss) per common share were computed by dividing earnings (loss) on common stock by the weighted average number of shares of common stock outstanding during the applicable period. Diluted earnings (loss) per common share were computed by dividing earnings (loss) on common stock by the total of the weighted average number of shares of common stock outstanding during the applicable period, plus the effect of outstanding performance share awards. Common stock outstanding includes issued shares less shares held in treasury. 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 calculations was as follows:
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New accounting standards |
9 Months Ended |
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Sep. 30, 2017 | |
| New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
| New accounting standards | New accounting standards Recently adopted accounting standards Balance Sheet Classification of Deferred Taxes In November 2015, the FASB issued guidance regarding the classification of deferred taxes on the balance sheet. The guidance requires all deferred tax assets and liabilities to be classified as noncurrent. These amendments align GAAP with IFRS. The Company adopted the guidance in the fourth quarter of 2016 and applied the retrospective method of adoption. The guidance required a reclassification of current deferred income taxes to noncurrent deferred income taxes on the Consolidated Balance Sheets, but did not impact the Company's results of operations or cash flows. As a result of the retrospective application of this change in accounting principle, the Company reclassified deferred income taxes of $31.4 million from current assets - deferred income taxes to deferred credits and other liabilities - deferred income taxes on its Consolidated Balance Sheet at September 30, 2016. Simplifying the Measurement of Inventory In July 2015, the FASB issued guidance regarding inventory that is measured using the first-in, first-out or average cost method. The guidance does not apply to inventory measured using the last-in, first-out or the retail inventory method. The guidance requires inventory within its scope to be measured at the lower of cost or net realizable value, which is the estimated selling price in the normal course of business less reasonably predictable costs of completion, disposal and transportation. These amendments more closely align GAAP with IFRS. The Company adopted the guidance on January 1, 2017, on a prospective basis. The guidance did not have a material effect on the Company's results of operations, financial position, cash flows or disclosures. Improvements to Employee Share-Based Payment Accounting In March 2016, the FASB issued guidance regarding simplification of several aspects of the accounting for share-based payment transactions. The guidance affects the income tax consequences, classification of awards as either equity or liabilities, classification on the statement of cash flows and calculation of dilutive shares. The Company adopted the guidance on January 1, 2017. All amendments in the guidance that apply to the Company were adopted on a prospective basis resulting in no adjustments being made to retained earnings. The adoption of the guidance impacted the Consolidated Statement of Income and the Consolidated Balance Sheet in the first quarter of 2017 due to the taxes related to the stock-based compensation award that vested in February 2017 being recognized as income tax expense as compared to a reduction to additional paid-in capital under the previous guidance. Adoption of the guidance also increased the number of shares included in the diluted earnings per share calculation due to the exclusion of tax benefits in the incremental shares calculation. The change in the weighted average common shares outstanding - diluted did not result in a material effect on the earnings per common share - diluted. Recently issued accounting standards not yet adopted Revenue from Contracts with Customers In May 2014, the FASB issued guidance on accounting for revenue from contracts with customers. The guidance provides for a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry specific guidance. In August 2015, the FASB issued guidance deferring the effective date of the revenue guidance and allowing entities to early adopt. With this decision, the guidance will be effective for the Company on January 1, 2018. Entities will have the option of using either a full retrospective or modified retrospective approach to adopting the guidance. The Company plans to adopt the guidance on January 1, 2018, and to use the modified retrospective approach. Under the modified retrospective approach, an entity would recognize the cumulative effect of initially applying the guidance with an adjustment to the opening balance of retained earnings in the period of adoption. To date, the Company has not identified any material cumulative effect adjustments to be made to retained earnings. In addition, the guidance will require expanded disclosures, both quantitative and qualitative, related to the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. To date, the Company has reviewed nearly all of its revenue streams, completing the preliminary evaluation of the impact of this guidance. Based on the preliminary evaluation, the Company does not anticipate a significant change in the timing of revenue recognition, results of operations, financial position or cash flows, however the Company will continue to evaluate the impact of this guidance through the date of adoption. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued guidance regarding the classification and measurement of financial instruments. The guidance revises the way an entity classifies and measures investments in equity securities, the presentation of certain fair value changes for financial liabilities measured at fair value and amends certain disclosure requirements related to the fair value of financial instruments. This guidance will be effective for the Company on January 1, 2018, with early adoption of certain amendments permitted. The guidance should be applied using a modified retrospective approach with the exception of equity securities without readily determinable fair values which will be applied prospectively. The Company is evaluating the effects the adoption of the new guidance will have on its results of operations, financial position, cash flows and disclosures. Classification of Certain Cash Receipts and Cash Payments In August 2016, the FASB issued guidance to clarify the classification of certain cash receipts and payments in the statement of cash flows. The guidance is intended to standardize the presentation and classification of certain transactions, including cash payments for debt prepayment or extinguishment, proceeds from insurance claim settlements and distributions from equity method investments. In addition, the guidance clarifies how to classify transactions that have characteristics of more than one class of cash flows. This guidance will be effective for the Company on January 1, 2018, with early adoption permitted. Entities must apply the guidance retrospectively unless it is impracticable to do so, in which case they may apply it prospectively as of the earliest date practicable. The Company plans to adopt the guidance on January 1, 2018. The Company's initial evaluation of the guidance did not identify any changes to the current presentation of the statement of cash flows; therefore, no retrospective adjustments to prior periods will be necessary. Clarifying the Definition of a Business In January 2017, the FASB issued guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The guidance provides a screen to determine when an integrated set of assets and activities is not a business. The guidance will also affect other aspects of accounting, such as determining reporting units for goodwill testing and whether an entity has acquired or sold a business. The guidance will be effective for the Company on January 1, 2018, and should be applied on a prospective basis with early adoption permitted for transactions that occur before the issuance or effective date of the amendments and only when the transactions have not been reported in the financial statements or made available for issuance. The Company expects to adopt this guidance as required and does not expect the guidance to have a material effect on its results of operations, financial position, cash flows and disclosures. Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In March 2017, the FASB issued guidance to improve the presentation of net periodic pension cost and net periodic postretirement benefit cost. The guidance requires the service cost component to be presented in the income statement in the same line item or items as other compensation costs arising from services performed during the period. Other components of net benefit cost shall be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. The guidance also only allows the service cost component to be capitalized. The guidance will be effective for the Company on January 1, 2018, including interim periods, with early adoption permitted as of the beginning of an annual period for which the financial statements have not been issued. The guidance shall be applied on a retrospective basis for the financial statement presentation and on a prospective basis for the capitalization of the service cost component. The Company plans to adopt the guidance as required on January 1, 2018, which will include the reclassification of all components of net periodic benefit costs, except for the service cost component, from operating expenses to other income on the Consolidated Statements of Income. The impact upon adoption of the new guidance will be an increase to operating income and decrease to other income on the Consolidated Statements of Income and no impact to earnings. The guidance will not have a material impact on the Company's disclosures or cash flows. Leases In February 2016, the FASB issued guidance regarding leases. The guidance requires lessees to recognize a lease liability and a right-of-use asset on the balance sheet for operating and financing leases with terms of more than 12 months. The guidance remains largely the same for lessors, although some changes were made to better align lessor accounting with the new lessee accounting and to align with the revenue recognition standard. The guidance also requires additional disclosures, both quantitative and qualitative, related to operating and finance leases for the lessee and sales-type, direct financing and operating leases for the lessor. This guidance will be effective for the Company on January 1, 2019, and should be applied using a modified retrospective approach with early adoption permitted. The Company continues to evaluate the potential impact the adoption of the new guidance will have on its results of operations, financial position, cash flows and disclosures. The Company is planning to adopt the standard on January 1, 2019, utilizing the practical expedient that allows the Company to not reassess whether an expired or existing contract contains a lease, the classification of leases or initial direct costs. Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued guidance on simplifying the test for goodwill impairment by eliminating Step 2, which required an entity to measure the amount of impairment loss by comparing the implied fair value of reporting unit goodwill with the carrying amount of such goodwill. This guidance requires entities to perform a quantitative impairment test, previously Step 1, to identify both the existence of impairment and the amount of impairment loss by comparing the fair value of a reporting unit to its carrying amount. Entities will continue to have the option of performing a qualitative assessment to determine if the quantitative impairment test is necessary. The guidance also requires additional disclosures if an entity has one or more reporting units with zero or negative carrying amounts of net assets. The guidance will be effective for the Company on January 1, 2020, and should be applied on a prospective basis with early adoption permitted. The Company is evaluating the effects the adoption of the new guidance will have on its results of operations, financial position, cash flows and disclosures.
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Comprehensive income (loss) |
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| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comprehensive income (loss) | Comprehensive income (loss) The after-tax changes in the components of accumulated other comprehensive loss were as follows:
Reclassifications out of accumulated other comprehensive loss were as follows:
(a) Included in net periodic benefit cost (credit). For more information, see Note 14. |
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Assets held for sale and discontinued operations |
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| Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assets held for sale and discontinued operations | Assets held for sale and discontinued operations Assets held for sale The assets and liabilities of Pronghorn were classified as held for sale in the fourth quarter of 2016. Pronghorn's results of operations for 2016 were included in the pipeline and midstream segment. Pronghorn On November 21, 2016, WBI Energy Midstream announced it had entered into a purchase and sale agreement to sell its 50 percent non-operating ownership interest in Pronghorn to Tesoro Logistics. The transaction closed on January 1, 2017, which generated approximately $100 million of proceeds for the Company. The sale of Pronghorn further reduces the Company's risk exposure to commodity prices. The carrying amounts of the major classes of assets and liabilities that were classified as held for sale associated with Pronghorn on the Company's Consolidated Balance Sheets were as follows:
Discontinued operations The assets and liabilities of the Company's discontinued operations have been classified as held for sale and the results of operations are shown in loss from discontinued operations, other than certain general and administrative costs and interest expense which do not meet the criteria for income (loss) from discontinued operations. At the time the assets were classified as held for sale, depreciation, depletion and amortization expense was no longer recorded. Dakota Prairie Refining On June 24, 2016, WBI Energy entered into a membership interest purchase agreement with Tesoro to sell all of the outstanding membership interests in Dakota Prairie Refining to Tesoro. WBI Energy and Calumet each previously owned 50 percent of the Dakota Prairie Refining membership interests and were equal members in building and operating Dakota Prairie Refinery. To effectuate the sale, WBI Energy acquired Calumet’s 50 percent membership interest in Dakota Prairie Refining on June 27, 2016. The sale of the membership interests to Tesoro closed on June 27, 2016. The sale of Dakota Prairie Refining reduces the Company’s risk by decreasing exposure to commodity prices. In connection with the sale, WBI Energy had cash in an escrow account for RINs obligations, which was included in current assets held for sale on the Consolidated Balance Sheet at September 30, 2016. The Company retained certain liabilities of Dakota Prairie Refining which were reflected in current liabilities held for sale on the Consolidated Balance Sheets. In October 2016, the RINs liability was paid and the cash was removed from escrow. Also, Centennial continues to guarantee certain debt obligations of Dakota Prairie Refining; however, Tesoro has agreed to indemnify Centennial for any losses and litigation expenses arising from the guarantee. For more information related to the guarantee, see Note 16. The carrying amounts of the major classes of assets and liabilities that are classified as held for sale related to the operations of and activity associated with Dakota Prairie Refining on the Company's Consolidated Balance Sheets were as follows:
reflected in noncurrent assets held for sale. In the first quarter of 2017, the Company recorded a reversal of a previously accrued liability of $7.0 million ($4.3 million after tax) due to the resolution of a legal matter. At September 30, 2017, Dakota Prairie Refining had not incurred any material exit and disposal costs, and does not expect to incur any material exit and disposal costs. The Company performed a fair value assessment of the assets and liabilities classified as held for sale. In the second quarter of 2016, the fair value assessment was determined using the market approach based on the sale transaction to Tesoro. The fair value assessment indicated an impairment based on the carrying value exceeding the fair value, which resulted in the Company recording an impairment of $251.9 million ($156.7 million after tax) in the quarter ended June 30, 2016. The impairment was included in operating expenses from discontinued operations. The fair value of Dakota Prairie Refining’s assets has been categorized as Level 3 in the fair value hierarchy. Fidelity In the second quarter of 2015, the Company began the marketing and sale process of Fidelity with an anticipated sale to occur within one year. Between September 2015 and March 2016, the Company entered into purchase and sale agreements to sell all of Fidelity's oil and natural gas assets. The completion of these sales occurred between October 2015 and April 2016. The sale of Fidelity was part of the Company's strategic plan to grow its capital investments in the remaining business segments and to focus on creating a greater long-term value. The carrying amounts of the major classes of assets and liabilities that are classified as held for sale related to the operations of Fidelity on the Company's Consolidated Balance Sheets were as follows:
The Company reclassified current income tax assets of $47.5 million and current income tax liabilities of $4.1 million to noncurrent assets - deferred income taxes at September 30, 2016, pursuant to the retrospective application of the adoption of the ASU related to the balance sheet classification of deferred taxes. For more information on this ASU, see Note 6. The Company performed a fair value assessment of the assets and liabilities classified as held for sale. In the second quarter of 2016, the fair value assessment was determined using the income and market approaches. The income approach was determined by using the present value of future estimated cash flows. The market approach was based on market transactions of similar properties. The estimated carrying value exceeded the fair value and the Company recorded an impairment of $900,000 ($600,000 after tax) in the second quarter of 2016. In the first quarter of 2016, the fair value assessment was determined using the market approach largely based on a purchase and sale agreement. The estimated fair value exceeded the carrying value and the Company recorded an impairment reversal of $1.4 million ($900,000 after tax) in the first quarter of 2016. The impairment and impairment reversal were included in operating expenses from discontinued operations. The estimated fair value of Fidelity's assets have been categorized as Level 3 in the fair value hierarchy. The Company incurred transaction costs of approximately $300,000 in the first quarter of 2016. In addition to the transaction costs, and due in part to the change in plans to sell the assets of Fidelity rather than sell Fidelity as a company, Fidelity incurred and expensed approximately $5.6 million of exit and disposal costs for the nine months ended September 30, 2016, and has incurred $10.5 million of exit and disposal costs to date. Fidelity incurred no exit and disposal costs for the three and nine months ended September 30, 2017, and the Company does not expect to incur any additional material exit and disposal costs. The exit and disposal costs are associated with severance and other related matters and exclude the office lease expiration discussed in the following paragraph. Fidelity vacated its office space in Denver, Colorado in 2016. The Company incurred lease payments of approximately $900,000 in 2016. A lease termination payment of $3.2 million was made during the second quarter of 2016. Existing office furniture and fixtures were relinquished to the lessor in the second quarter of 2016. Dakota Prairie Refining and Fidelity The reconciliation of the major classes of income and expense constituting pretax income (loss) from discontinued operations, which includes Dakota Prairie Refining and Fidelity, to the after-tax loss from discontinued operations on the Company's Consolidated Statements of Income was as follows:
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Goodwill and other intangible assets |
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| 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 is presented net of accumulated impairment of $12.3 million at the pipeline and midstream segment, which occurred in prior periods.
* Balance is presented net of accumulated impairment of $12.3 million at the pipeline and midstream segment, which occurred in prior periods. Other amortizable intangible assets were as follows:
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Fair value measurements |
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| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair value measurements | Fair value measurements The Company measures its investments in certain fixed-income and equity securities at fair value with changes in fair value recognized in income. The Company anticipates using these investments, which consist of an insurance contract, to satisfy its obligations under its unfunded, nonqualified benefit plans for executive officers and certain key management employees, and invests in these fixed-income and equity securities for the purpose of earning investment returns and capital appreciation. These investments, which totaled $75.0 million, $72.8 million and $70.9 million, at September 30, 2017 and 2016, and December 31, 2016, respectively, are classified as investments on the Consolidated Balance Sheets. The net unrealized gains on these investments were $1.9 million and $6.9 million for the three and nine months ended September 30, 2017, respectively. The net unrealized gains on these investments were $1.4 million and $5.3 million for the three and nine months ended September 30, 2016, respectively. The change in fair value, which is considered part of the cost of the plan, is classified in operation and maintenance expense on the Consolidated Statements of Income. The Company did not elect the fair value option, which records gains and losses in income, for its available-for-sale securities, which include mortgage-backed securities and U.S. Treasury securities. These available-for-sale securities are recorded at fair value and are classified as investments on the Consolidated Balance Sheets. Unrealized gains or losses are recorded in accumulated other comprehensive income (loss). Details of available-for-sale securities were as follows:
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 ASC establishes a hierarchy for grouping assets and liabilities, based on the significance of inputs. The estimated fair values of the Company's assets and liabilities measured on a recurring basis are determined using the market approach. The Company's Level 2 money market funds are valued at the net asset value of shares held at the end of the quarter, based on published market quotations on active markets, or using other known sources including pricing from outside sources. The estimated fair value of the Company's Level 2 mortgage-backed securities and U.S. Treasury securities are based on comparable market transactions, other observable inputs or other sources, including pricing from outside sources. The estimated fair value of the Company's Level 2 insurance contract is based on contractual cash surrender values that are determined primarily by investments in managed separate accounts of the insurer. These amounts approximate fair value. The managed separate accounts are valued based on other observable inputs or corroborated market data. Though the Company believes the methods used to estimate fair value are consistent with those used by other market participants, the use of other methods or assumptions could result in a different estimate of fair value. For the nine months ended September 30, 2017 and 2016, there were no transfers between Levels 1 and 2. The Company's assets and liabilities measured at fair value on a recurring basis were as follows:
For information about fair value assessments of assets and liabilities classified as held for sale, see Note 8. The Company's long-term debt is not measured at fair value on the Consolidated Balance Sheets and the fair value is being provided for disclosure purposes only. The fair value was based on discounted future cash flows using current market interest rates. The estimated fair value of the Company's Level 2 long-term debt was as follows:
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Equity |
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| Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity | Equity A summary of the changes in equity was as follows:
Effective April 1, 2017, all outstanding preferred stock, including $300,000 of redeemable preferred stock classified as long-term debt, was redeemed for a repurchase price of approximately $15.9 million.
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Cash flow information |
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| Supplemental Cash Flow Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash flow information | Cash flow information Cash expenditures for interest and income taxes were as follows:
Noncash investing transactions were as follows:
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Business segment data |
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| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business segment data | Business segment data The Company's reportable segments are those that are based on the Company's method of internal reporting, which generally segregates the strategic business units due to differences in products, services and regulation. The internal reporting of these operating segments is defined based on the reporting and review process used by the Company's chief executive officer. The vast majority of the Company's operations are located within the United States. The electric segment generates, transmits and distributes electricity in Montana, North Dakota, South Dakota and Wyoming. The natural gas distribution segment distributes natural gas in those states as well as in Idaho, Minnesota, Oregon and Washington. These operations also supply related value-added services. The pipeline and midstream segment provides natural gas transportation, underground storage and gathering services through regulated and nonregulated pipeline systems primarily in the Rocky Mountain and northern Great Plains regions of the United States. This segment also provides cathodic protection and other energy-related services. For information on the Company's natural gas and oil gathering and processing facility sold on January 1, 2017, see Note 8. The construction materials and contracting segment mines aggregates and markets crushed stone, sand, gravel and related construction materials, including ready-mixed concrete, cement, asphalt, liquid asphalt and other value-added products. It also performs integrated contracting services. This segment operates in the central, southern and western United States and Alaska and Hawaii. The construction services segment provides construction services specializing in constructing and maintaining electric and communication lines, gas pipelines, fire suppression systems, and external lighting and traffic signalization. This segment also provides utility excavation and inside electrical and mechanical services, and manufactures and distributes transmission line construction equipment and other supplies. The Other category includes the activities of Centennial Capital, which insures various types of risks as a captive insurer for certain of the Company's subsidiaries. The function of the captive insurer is to fund the deductible layers of the insured companies' general liability, automobile liability, pollution liability and other coverages. Centennial Capital also owns certain real and personal property. The Other category also includes certain general and administrative costs (reflected in operation and maintenance expense) and interest expense which were previously allocated to the refining business and Fidelity and do not meet the criteria for income (loss) from discontinued operations. The Other category also includes Centennial Resources' former investment in Brazil. Discontinued operations includes the results and supporting activities of Dakota Prairie Refining and Fidelity other than certain general and administrative costs and interest expense as described above. Dakota Prairie Refining refined crude oil and produced and sold diesel fuel, naphtha, ATBs and other by-products of the production process. In the second quarter of 2016, the Company sold all of the outstanding membership interests in Dakota Prairie Refining. Fidelity engaged in oil and natural gas development and production activities in the Rocky Mountain and Mid-Continent/Gulf States regions of the United States. Between September 2015 and March 2016, the Company entered into purchase and sale agreements to sell all of Fidelity's oil and natural gas assets. The completion of these sales occurred between October 2015 and April 2016. For more information on discontinued operations, see Note 8. The information below follows the same accounting policies as described in Note 1 of the Company's Notes to Consolidated Financial Statements in the 2016 Annual Report. Information on the Company's businesses was as follows:
* Includes eliminations for the presentation of income tax adjustments between continuing and discontinued operations. |
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Employee benefit plans |
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| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension and other postretirement benefit plans | Employee benefit plans Pension and other postretirement plans The Company has noncontributory defined benefit pension plans and other postretirement benefit plans for certain eligible employees. Components of net periodic benefit cost (credit) for the Company's pension and other postretirement benefit plans were as follows:
Nonqualified benefit plans In addition to the qualified plan defined pension benefits reflected in the table, the Company also has unfunded, nonqualified benefit plans for executive officers and certain key management employees that generally provide for defined benefit payments at age 65 following the employee's retirement or, upon death, to their beneficiaries for a 15-year period. In February 2016, the Company froze the unfunded, nonqualified defined benefit plans to new participants and eliminated benefit increases. Vesting for participants not fully vested was retained. The Company's net periodic benefit cost for these plans for the three and nine months ended September 30, 2017, was $1.2 million and $3.5 million, respectively. The Company's net periodic benefit cost for these plans for the three and nine months ended September 30, 2016, was $1.3 million and $600,000, respectively, which reflects a curtailment gain of $3.3 million in the first quarter of 2016.
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Regulatory matters |
9 Months Ended |
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| Regulated Operations [Abstract] | |
| Regulatory matters | Regulatory matters On August 12, 2016, Intermountain filed an application with the IPUC for a natural gas rate increase of approximately $10.2 million annually or approximately 4.1 percent above current rates. The request included rate recovery associated with increased investment in facilities and increased operating expenses. On January 17, 2017, Intermountain provided the IPUC with an updated revenue request of approximately $9.4 million. On April 28, 2017, the IPUC issued an order approving an increase of approximately $4.1 million or approximately 1.6 percent above current rates based on a 9.5 percent return on equity effective with service rendered on and after May 1, 2017. On May 18, 2017, Intermountain filed a petition for reconsideration with the IPUC requesting the reconsideration of certain items denied in the order dated April 28, 2017. On June 15, 2017, the IPUC granted the request for reconsideration. On August 17, 2017, Intermountain, the IPUC staff and the interveners of the case filed a stipulation and settlement resolving all issues. The stipulation and settlement reflected an increase of approximately $1.2 million or 1.36 percent more in annual revenue than the amounts approved on April 28, 2017, as well as changes in billing determinants. The total annual increase in revenue of approximately $6.7 million was approved by the IPUC on September 14, 2017, with rates effective October 1, 2017. On December 21, 2016, Great Plains filed an application with the MNPUC requesting authority to implement a natural gas utility infrastructure cost tariff of approximately $456,000 annually. The tariff will allow Great Plains to recover infrastructure investments, not previously included in rates, mandated by federal or state agencies associated with Great Plains' pipeline integrity programs. On October 6, 2017, the MNPUC approved the implementation of the natural gas utility infrastructure cost tariff to collect an annual increase of approximately $456,000. Great Plains submitted a compliance filing on October 10, 2017, requesting the order to be effective with service rendered on and after November 1, 2017. On May 31, 2017, Cascade filed an application with the WUTC for an annual pipeline replacement cost recovery mechanism of approximately $1.6 million or approximately .75 percent of additional revenue. The requested increase includes incremental pipeline replacement investments associated with qualifying pipeline integrity projects. On October 12, 2017, Cascade filed a required update revising the request to approximately $1.3 million or approximately .61 percent of additional revenue and on October 26, 2017, the WUTC approved the order with rates effective November 1, 2017. On June 30, 2017, Montana-Dakota filed an application for advance determination of prudence and a certificate of public convenience and necessity with the NDPSC to purchase an expansion of the Thunder Spirit Wind farm. The advance determination of prudence would provide Montana-Dakota with assurance that the project is prudent and in the best interest of the public and assists in the recovery of Montana-Dakota's investment upon completion of the project. The expansion is expected to serve customers by the end of 2018 and is estimated to cost approximately $85 million. An informal hearing is scheduled for November 3, 2017. On July 21, 2017, Montana-Dakota filed an application with the NDPSC for a natural gas rate increase of approximately $5.9 million annually or approximately 5.4 percent above current rates. The requested increase is primarily to recover the increased investment in distribution facilities to enhance system safety and reliability and the depreciation and taxes associated with the increase in investment. Montana-Dakota is also introducing an SSIP and the proposed adjustment mechanism required to fund the SSIP. Montana-Dakota requested an interim increase of approximately $4.6 million or approximately 4.2 percent, subject to refund. On September 6, 2017, the NDPSC approved the request for interim rates effective with service rendered on or after September 19, 2017. This matter is pending before the NDPSC. On August 31, 2017, Cascade filed an application with the WUTC for a natural gas rate increase of approximately $5.9 million annually or approximately 2.7 percent above current rates. The requested increase includes costs associated with increased infrastructure investment and the associated operating expenses. Also included in the request is recovery of operation and maintenance costs associated with a maximum allowable operating pressure validation plan. This matter is pending before the WUTC. On September 1, 2017, Montana-Dakota submitted an update to its transmission formula rate under the MISO tariff, which reflects an incremental increase of approximately $2.5 million to include a revenue requirement for the Company's multivalue project, for a total of $13.6 million effective January 1, 2018. On September 25, 2017, Montana-Dakota filed an application with the MTPSC for a natural gas rate increase of approximately $2.8 million annually or approximately 4.1 percent above current rates. The requested increase is primarily to recover the increased investment in distribution facilities to enhance system safety and reliability and the depreciation and taxes associated with the increase in investment. Montana-Dakota is also introducing an SSIP and the proposed adjustment mechanism required to fund the SSIP. Montana-Dakota requested an interim increase of approximately $1.6 million or approximately 2.3 percent, subject to refund. This matter is pending before the MTPSC. On September 29, 2017, Cascade filed an application with the OPUC for an annual pipeline replacement safety cost recovery mechanism of approximately $784,000 or approximately 1.2 percent of additional revenue. The requested increase includes incremental pipeline replacement investments associated with qualifying pipeline integrity projects. If approved, rates will be effective January 1, 2018. This matter is pending before the OPUC. Montana-Dakota previously filed an application with the NDPSC on October 14, 2016, for an electric rate increase which also included a requested return on equity to be used in the determination of applications previously filed by Montana-Dakota for a renewable resource cost adjustment rider, an electric generation resource recovery rider, and a transmission cost adjustment rider, as discussed in the following paragraphs. On April 7, 2017, Montana-Dakota, the NDPSC Advocacy Staff and the interveners in the case filed a settlement agreement resolving all issues in the general rate case. The settlement agreement included a net increase of approximately $7.5 million or 3.7 percent above previously approved final rates and a true-up of the return on equity used in the interim renewable resource cost adjustment, the electric generation resource recovery and transmission cost adjustment riders of 9.45 percent; a return on equity of 9.65 percent for base rates and the renewable resource cost adjustment rider on a go-forward basis; and a return on equity of 9.45 percent through December 31, 2019, for the natural gas-fired internal combustion engines and associated facilities included in the electric generation resource recovery rider. A hearing on the settlement agreement was held on April 10, 2017. On June 16, 2017, the NDPSC approved the settlement agreement. On June 26, 2017, Montana-Dakota submitted a compliance filing and on July 14, 2017, submitted updated tariff sheets and a refund plan. The NDPSC approved the compliance filing and refund plan on July 26, 2017, with final rates effective with service rendered on or after August 7, 2017. The final rates are less than the interim rates currently in effect. Therefore, Montana-Dakota will refund the difference to customers, which is approximately 19 percent of the amount collected from the general rate case interim increase, along with refunds to reflect true-ups for the various riders, as applicable. The background information related to the settlement agreement and related applications are discussed in the following paragraphs. On October 26, 2015, Montana-Dakota filed an application with the NDPSC requesting a renewable resource cost adjustment rider for the recovery of the Thunder Spirit Wind project. On January 5, 2016, the NDPSC approved the rider to be effective January 7, 2016, resulting in an annual increase on an interim basis, subject to refund, of $15.1 million based upon a 10.5 percent return on equity to be finalized upon approval of the electric rate case filed on October 14, 2016. The electric rate case settlement agreement filed on April 7, 2017, included a revised return on equity for the rider. The settlement agreement was approved on June 16, 2017, as previously discussed in this note. On October 26, 2015, Montana-Dakota filed an application with the NDPSC for an update to the electric generation resource recovery rider. On March 9, 2016, the NDPSC approved the rider to be effective with service rendered on and after March 15, 2016, which resulted in interim rates, subject to refund, of $9.7 million based upon a 10.5 percent return on equity to be finalized upon the approval of the electric rate case filed on October 14, 2016. The interim rates include recovery of Montana-Dakota's investment in the 88-MW simple-cycle natural gas turbine and associated facilities near Mandan, North Dakota, and the 19 MW of new generation from natural gas-fired internal combustion engines and associated facilities near Sidney, Montana. The electric rate case settlement agreement filed on April 7, 2017, included the net investment authorized for the natural gas-fired internal combustion engines and the return on equity on both investments. The settlement agreement was approved on June 16, 2017, as previously discussed in this note. On November 25, 2015, Montana-Dakota filed an application with the NDPSC for an update of its transmission cost adjustment rider for recovery of MISO-related charges and two transmission projects in North Dakota. On February 10, 2016, the NDPSC approved the transmission cost adjustment effective with service rendered on and after February 12, 2016, resulting in an annual increase on an interim basis, subject to refund, of $6.8 million based upon a 10.5 percent return on equity to be finalized upon approval of the electric rate case filed on October 14, 2016. The electric rate case settlement agreement filed on April 7, 2017, included a revised return on equity for the rider. The settlement agreement was approved on June 16, 2017, as previously discussed in this note. On October 14, 2016, Montana-Dakota filed an application with the NDPSC for an electric rate increase of approximately $13.4 million annually or 6.6 percent above current rates. The request includes rate recovery associated with increased investment in facilities, along with the related depreciation, operation and maintenance expenses and taxes associated with the increased investment. Montana-Dakota requested an interim increase of approximately $13.0 million or approximately 6.5 percent, subject to refund, to be effective within 60 days of the filing. On November 21, 2016, Montana-Dakota filed and on November 30, 2016, the NDPSC approved a revised interim increase of approximately $11.7 million, based on adjustments accepted by the NDPSC, or approximately 5.8 percent above current rates, subject to refund, effective with service rendered on or after December 13, 2016. A settlement agreement was filed on April 7, 2017, and subsequently approved on June 16, 2017, as previously discussed in this note.
|
Contingencies |
9 Months Ended |
|---|---|
Sep. 30, 2017 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Contingencies | Contingencies The Company is party to claims and lawsuits arising out of its business and that of its consolidated subsidiaries, which may include, but are not limited to, matters involving property damage, personal injury, and environmental, contractual, statutory and regulatory obligations. The Company accrues a liability for those contingencies when the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Company does not accrue liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is probable or reasonably possible and which are material, the Company discloses the nature of the contingency and, in some circumstances, an estimate of the possible loss. Accruals are based on the best information available, but in certain situations management is unable to estimate an amount or range of a reasonably possible loss including, but not limited to when: (1) the damages are unsubstantiated or indeterminate, (2) the proceedings are in the early stages, (3) numerous parties are involved, or (4) the matter involves novel or unsettled legal theories. The Company accrued liabilities of $34.3 million, $20.0 million and $31.8 million, which have not been discounted, including liabilities held for sale, for contingencies, including litigation, production taxes, royalty claims and environmental matters at September 30, 2017 and 2016, and December 31, 2016, respectively. This includes amounts that may have been accrued for matters discussed in Litigation and 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 can not 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. Litigation Construction Services Capital Electric provided employees in 2012 to perform work for a contractor on a project in Kansas. One of the Capital Electric employees was injured while working on the project and brought a lawsuit against the contractor. Judgment was entered in favor of the employee and his spouse on November 3, 2016, in the amount of $44.8 million following a court determination that the employee’s injuries were caused by the contractor’s negligence. The contractor claims that Capital Electric was contractually required, but failed, to name the contractor as an additional insured under any liability policy in effect at the time of the project and that such failure resulted in the entry of judgment against the contractor. In March 2017, Capital Electric filed a petition for declaratory judgment in the District Court of Wyandotte County, Kansas for a judicial determination that any agreement between Capital Electric and the contractor for the project did not require Capital Electric to include the contractor as an additional insured under any liability policy issued to Capital Electric and that if such an agreement was found to exist, it would be void and unenforceable under Kansas law. The matter is pending before the District Court of Wyandotte County, Kansas and no accrual has been recorded for it. Environmental matters Portland Harbor Site In December 2000, Knife River - Northwest was named by the EPA as a PRP in connection with the cleanup of a riverbed site adjacent to a commercial property site acquired by Knife River - Northwest from Georgia-Pacific West, Inc. in 1999. The riverbed site is part of the Portland, Oregon, Harbor Superfund Site. The EPA wants responsible parties to share in the cleanup of sediment contamination in the Willamette River. To date, costs of the overall remedial investigation and feasibility study of the harbor site are being recorded, and initially paid, through an administrative consent order by the LWG, a group of several entities, which does not include Knife River - Northwest or Georgia-Pacific West, Inc. Investigative costs are indicated to be in excess of $100 million. On January 6, 2017, Region 10 of the EPA issued a ROD with its selected remedy for cleanup of the in-river portion of the site. Implementation of the remedy is expected to take up to 13 years with a present value cost estimate of approximately $1 billion. Corrective action will not be taken until remedial design/remedial action plans are approved by the EPA. Knife River - Northwest also received notice in January 2008 that the Portland Harbor Natural Resource Trustee Council intends to perform an injury assessment to natural resources resulting from the release of hazardous substances at the Harbor Superfund Site. The Portland Harbor Natural Resource Trustee Council indicates the injury determination is appropriate to facilitate early settlement of damages and restoration for natural resource injuries. It is not possible to estimate the costs of natural resource damages until an assessment is completed and allocations are undertaken. Based upon a review of the Portland Harbor sediment contamination evaluation by the Oregon DEQ and other information available, Knife River - Northwest does not believe it is a responsible party. In addition, Knife River - Northwest has notified Georgia-Pacific West, Inc., that it intends to seek indemnity for liabilities incurred in relation to the above matters pursuant to the terms of their sale agreement. Knife River - Northwest has entered into an agreement tolling the statute of limitations in connection with the LWG's potential claim for contribution to the costs of the remedial investigation and feasibility study. By letter in March 2009, LWG stated its intent to file suit against Knife River - Northwest and others to recover LWG's investigation costs to the extent Knife River - Northwest cannot demonstrate its non-liability for the contamination or is unwilling to participate in an alternative dispute resolution process that has been established to address the matter. At this time, Knife River - Northwest has agreed to participate in the alternative dispute resolution process. The Company believes it is not probable that it will incur any material environmental remediation costs or damages in relation to the above referenced matter. Manufactured Gas Plant Sites There are three claims against Cascade for cleanup of environmental contamination at manufactured gas plant sites operated by Cascade's predecessors. The first claim is for contamination at a site in Eugene, Oregon which was received in 1995. There are PRPs in addition to Cascade that may be liable for cleanup of the contamination. Some of these PRPs have shared in the investigation costs. It is expected that these and other PRPs will share in the cleanup costs. The Oregon DEQ released a ROD in January 2015 that selected a remediation alternative for the site as recommended in an earlier staff report. The total estimated cost for the selected remediation, including long-term maintenance, is approximately $3.5 million of which $320,000 has been incurred. It is not known at this time what share of the cleanup costs will actually be borne by Cascade; however, Cascade has paid 50 percent of the ongoing investigation and design costs and anticipates its proportional share of the final costs could be approximately 50 percent. Cascade has an accrual balance of $1.6 million for remediation of this site. In January 2013, the OPUC approved Cascade's application to defer environmental remediation costs at the Eugene site for a period of 12 months starting November 30, 2012. Cascade received orders reauthorizing the deferred accounting for the 12-month periods starting November 30, 2013, December 1, 2014, December 1, 2015 and December 1, 2016. The second claim is for contamination at a site in Bremerton, Washington which was received in 1997. A preliminary investigation has found soil and groundwater at the site contain contaminants requiring further investigation and cleanup. The EPA conducted a Targeted Brownfields Assessment of the site and released a report summarizing the results of that assessment in August 2009. The assessment confirms that contaminants have affected soil and groundwater at the site, as well as sediments in the adjacent Port Washington Narrows. Alternative remediation options have been identified with preliminary cost estimates ranging from $340,000 to $6.4 million. Data developed through the assessment and previous investigations indicates the contamination likely derived from multiple, different sources and multiple current and former owners of properties and businesses in the vicinity of the site may be responsible for the contamination. In April 2010, the Washington DOE issued notice it considered Cascade a PRP for hazardous substances at the site. In May 2012, the EPA added the site to the National Priorities List of Superfund sites. Cascade has entered into an administrative settlement agreement and consent order with the EPA regarding the scope and schedule for a remedial investigation and feasibility study for the site. Current estimates for the cost to complete the remedial investigation and feasibility study are approximately $7.6 million of which $700,000 has been incurred. Cascade has accrued $6.9 million for the remedial investigation and feasibility study as well as $6.4 million for remediation of this site; however, the accrual for remediation costs will be reviewed and adjusted, if necessary, after completion of the remedial investigation and feasibility study. In April 2010, Cascade filed a petition with the WUTC for authority to defer the costs, which are included in other noncurrent assets, incurred in relation to the environmental remediation of this site. The WUTC approved the petition in September 2010, subject to conditions set forth in the order. The third claim is for contamination at a site in Bellingham, Washington. Cascade received notice from a party in May 2008 that Cascade may be a PRP, along with other parties, for contamination from a manufactured gas plant owned by Cascade and its predecessor from about 1946 to 1962. The notice indicates that current estimates to complete investigation and cleanup of the site exceed $8.0 million. Other PRPs have reached an agreed order and work plan with the Washington DOE for completion of a remedial investigation and feasibility study for the site. A report documenting the initial phase of the remedial investigation was completed in June 2011. There is currently not enough information available to estimate the potential liability to Cascade associated with this claim although Cascade believes its proportional share of any liability will be relatively small in comparison to other PRPs. The plant manufactured gas from coal between approximately 1890 and 1946. In 1946, shortly after Cascade's predecessor acquired the plant, it converted the plant to a propane-air gas facility. There are no documented wastes or by-products resulting from the mixing or distribution of propane-air gas. Cascade has not recorded an accrual for this site. Cascade has received notices from and entered into agreement with certain of its insurance carriers that they will participate in defense of Cascade for these contamination claims subject to full and complete reservations of rights and defenses to insurance coverage. To the extent these claims are not covered by insurance, Cascade intends to seek recovery through the OPUC and WUTC of remediation costs in its natural gas rates charged to customers. The accruals related to these matters are reflected in regulatory assets. Guarantees In June 2016, WBI Energy sold all of the outstanding membership interests in Dakota Prairie Refining. In connection with the sale, Centennial agreed to continue to guarantee certain debt obligations of Dakota Prairie Refining which totaled $57.4 million at September 30, 2017, and are expected to mature by 2023. Tesoro agreed to indemnify Centennial for any losses and litigation expenses arising from the guarantee. The estimated fair values of the indemnity asset and guarantee liability are reflected in deferred charges and other assets - other and deferred credits and other liabilities - other, respectively, on the Consolidated Balance Sheets. Continuation of the guarantee was required as a condition to the sale of Dakota Prairie Refining. In March 2016, a sale agreement was signed to sell Fidelity's assets in the Paradox Basin. In connection with the sale, Centennial agreed to guarantee Fidelity's indemnity obligations associated with the Paradox assets. The guarantee was required by the buyer as a condition to the sale of the Paradox Basin assets. In 2009, multiple sale agreements were signed to sell the Company's ownership interests in the Brazilian Transmission Lines. In connection with the sale, Centennial agreed to guarantee payment of any indemnity obligations of certain of the Company's indirect wholly owned subsidiaries who were the sellers in three purchase and sale agreements for periods ranging up to 10 years from the date of sale. The guarantees were required by the buyers as a condition to the sale of the Brazilian Transmission Lines. Certain subsidiaries of the Company have outstanding guarantees to third parties that guarantee the performance of other subsidiaries of the Company. These guarantees are related to construction contracts, insurance deductibles and loss limits, and certain other guarantees. At September 30, 2017, the fixed maximum amounts guaranteed under these agreements aggregated $119.4 million. The amounts of scheduled expiration of the maximum amounts guaranteed under these agreements aggregate $2.5 million in 2017; $21.3 million in 2018; $15.8 million in 2019; $72.6 million in 2020; $500,000 in 2021; $2.7 million thereafter; and $4.0 million, which has no scheduled maturity date. There were no amounts outstanding under the above guarantees at September 30, 2017. 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 September 30, 2017, the fixed maximum amounts guaranteed under these letters of credit aggregated $34.0 million. The amounts of scheduled expiration of the maximum amounts guaranteed under these letters of credit aggregate $29.2 million in 2017 and $4.8 million in 2018. There were no amounts outstanding under the above letters of credit at September 30, 2017. In the event of default under these letter of credit obligations, the subsidiary issuing the letter of credit for that particular obligation would be required to make payments under its 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 for these guarantees were reflected on the Consolidated Balance Sheet at September 30, 2017. 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 September 30, 2017, approximately $556.8 million of surety bonds were outstanding, which were not reflected on the Consolidated Balance Sheet. Variable interest entities The Company evaluates its arrangements and contracts with other entities to determine if they are VIEs and if so, if the Company is the primary beneficiary. Fuel Contract Coyote Station entered into a coal supply agreement with Coyote Creek that provides for the purchase of coal necessary to supply the coal requirements of the Coyote Station for May 2016 through December 2040. Coal purchased under the coal supply agreement is reflected in inventories on the Company's Consolidated Balance Sheets and is recovered from customers as a component of electric fuel and purchased power. The coal supply agreement creates a variable interest in Coyote Creek due to the transfer of all operating and economic risk to the Coyote Station owners, as the agreement is structured so 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 September 30, 2017, 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 $41.4 million.
|
Basis of presentation (Policies) |
9 Months Ended |
|---|---|
Sep. 30, 2017 | |
| 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 2016 Annual Report. The information is unaudited but includes all adjustments that are, in the opinion of management, necessary for a fair presentation of the accompanying consolidated interim financial statements and are of a normal recurring nature. Depreciation, depletion and amortization expense is reported separately on the Consolidated Statements of Income and therefore is excluded from the other line items within operating expenses. Management has also evaluated the impact of events occurring after September 30, 2017, up to the date of issuance of these consolidated interim financial statements.The assets and liabilities for the Company's discontinued operations have been classified as held for sale and the results of operations are shown in loss from discontinued operations, other than certain general and administrative costs and interest expense which do not meet the criteria for income (loss) from discontinued operations. At the time the assets were classified as held for sale, depreciation, depletion and amortization expense was no longer recorded. Unless otherwise indicated, the amounts presented in the accompanying notes to the consolidated financial statements relate to the Company's continuing operations. |
Accounts receivable and allowance for doubtful accounts (Policies) |
9 Months Ended |
|---|---|
Sep. 30, 2017 | |
| Receivables [Abstract] | |
| Accounts receivable and allowance for doubtful accounts | Accounts receivable consist primarily of trade receivables from the sale of goods and services which are recorded at the invoiced amount net of allowance for doubtful accounts, and costs and estimated earnings in excess of billings on uncompleted contracts.The allowance for doubtful accounts is determined through a review of past due balances and other specific account data. Account balances are written off when management determines the amounts to be uncollectible. |
Inventories and natural gas in storage (Policies) |
9 Months Ended |
|---|---|
Sep. 30, 2017 | |
| Inventory Disclosure [Abstract] | |
| Inventories and natural gas in storage | Natural gas in storage for the Company's regulated operations is generally carried at lower of cost or net realizable value, or cost using the last-in, first-out method. All other inventories are stated at the lower of cost or net realizable value. |
Earnings (loss) per common share (Policies) |
9 Months Ended |
|---|---|
Sep. 30, 2017 | |
| Earnings Per Share [Abstract] | |
| Earnings (loss) per common share | Basic earnings (loss) per common share were computed by dividing earnings (loss) on common stock by the weighted average number of shares of common stock outstanding during the applicable period. Diluted earnings (loss) per common share were computed by dividing earnings (loss) on common stock by the total of the weighted average number of shares of common stock outstanding during the applicable period, plus the effect of outstanding performance share awards. Common stock outstanding includes issued shares less shares held in treasury. |
New accounting standards (Policies) |
9 Months Ended |
|---|---|
Sep. 30, 2017 | |
| New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
| New accounting standards | New accounting standards Recently adopted accounting standards Balance Sheet Classification of Deferred Taxes In November 2015, the FASB issued guidance regarding the classification of deferred taxes on the balance sheet. The guidance requires all deferred tax assets and liabilities to be classified as noncurrent. These amendments align GAAP with IFRS. The Company adopted the guidance in the fourth quarter of 2016 and applied the retrospective method of adoption. The guidance required a reclassification of current deferred income taxes to noncurrent deferred income taxes on the Consolidated Balance Sheets, but did not impact the Company's results of operations or cash flows. As a result of the retrospective application of this change in accounting principle, the Company reclassified deferred income taxes of $31.4 million from current assets - deferred income taxes to deferred credits and other liabilities - deferred income taxes on its Consolidated Balance Sheet at September 30, 2016. Simplifying the Measurement of Inventory In July 2015, the FASB issued guidance regarding inventory that is measured using the first-in, first-out or average cost method. The guidance does not apply to inventory measured using the last-in, first-out or the retail inventory method. The guidance requires inventory within its scope to be measured at the lower of cost or net realizable value, which is the estimated selling price in the normal course of business less reasonably predictable costs of completion, disposal and transportation. These amendments more closely align GAAP with IFRS. The Company adopted the guidance on January 1, 2017, on a prospective basis. The guidance did not have a material effect on the Company's results of operations, financial position, cash flows or disclosures. Improvements to Employee Share-Based Payment Accounting In March 2016, the FASB issued guidance regarding simplification of several aspects of the accounting for share-based payment transactions. The guidance affects the income tax consequences, classification of awards as either equity or liabilities, classification on the statement of cash flows and calculation of dilutive shares. The Company adopted the guidance on January 1, 2017. All amendments in the guidance that apply to the Company were adopted on a prospective basis resulting in no adjustments being made to retained earnings. The adoption of the guidance impacted the Consolidated Statement of Income and the Consolidated Balance Sheet in the first quarter of 2017 due to the taxes related to the stock-based compensation award that vested in February 2017 being recognized as income tax expense as compared to a reduction to additional paid-in capital under the previous guidance. Adoption of the guidance also increased the number of shares included in the diluted earnings per share calculation due to the exclusion of tax benefits in the incremental shares calculation. The change in the weighted average common shares outstanding - diluted did not result in a material effect on the earnings per common share - diluted. Recently issued accounting standards not yet adopted Revenue from Contracts with Customers In May 2014, the FASB issued guidance on accounting for revenue from contracts with customers. The guidance provides for a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry specific guidance. In August 2015, the FASB issued guidance deferring the effective date of the revenue guidance and allowing entities to early adopt. With this decision, the guidance will be effective for the Company on January 1, 2018. Entities will have the option of using either a full retrospective or modified retrospective approach to adopting the guidance. The Company plans to adopt the guidance on January 1, 2018, and to use the modified retrospective approach. Under the modified retrospective approach, an entity would recognize the cumulative effect of initially applying the guidance with an adjustment to the opening balance of retained earnings in the period of adoption. To date, the Company has not identified any material cumulative effect adjustments to be made to retained earnings. In addition, the guidance will require expanded disclosures, both quantitative and qualitative, related to the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. To date, the Company has reviewed nearly all of its revenue streams, completing the preliminary evaluation of the impact of this guidance. Based on the preliminary evaluation, the Company does not anticipate a significant change in the timing of revenue recognition, results of operations, financial position or cash flows, however the Company will continue to evaluate the impact of this guidance through the date of adoption. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued guidance regarding the classification and measurement of financial instruments. The guidance revises the way an entity classifies and measures investments in equity securities, the presentation of certain fair value changes for financial liabilities measured at fair value and amends certain disclosure requirements related to the fair value of financial instruments. This guidance will be effective for the Company on January 1, 2018, with early adoption of certain amendments permitted. The guidance should be applied using a modified retrospective approach with the exception of equity securities without readily determinable fair values which will be applied prospectively. The Company is evaluating the effects the adoption of the new guidance will have on its results of operations, financial position, cash flows and disclosures. Classification of Certain Cash Receipts and Cash Payments In August 2016, the FASB issued guidance to clarify the classification of certain cash receipts and payments in the statement of cash flows. The guidance is intended to standardize the presentation and classification of certain transactions, including cash payments for debt prepayment or extinguishment, proceeds from insurance claim settlements and distributions from equity method investments. In addition, the guidance clarifies how to classify transactions that have characteristics of more than one class of cash flows. This guidance will be effective for the Company on January 1, 2018, with early adoption permitted. Entities must apply the guidance retrospectively unless it is impracticable to do so, in which case they may apply it prospectively as of the earliest date practicable. The Company plans to adopt the guidance on January 1, 2018. The Company's initial evaluation of the guidance did not identify any changes to the current presentation of the statement of cash flows; therefore, no retrospective adjustments to prior periods will be necessary. Clarifying the Definition of a Business In January 2017, the FASB issued guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The guidance provides a screen to determine when an integrated set of assets and activities is not a business. The guidance will also affect other aspects of accounting, such as determining reporting units for goodwill testing and whether an entity has acquired or sold a business. The guidance will be effective for the Company on January 1, 2018, and should be applied on a prospective basis with early adoption permitted for transactions that occur before the issuance or effective date of the amendments and only when the transactions have not been reported in the financial statements or made available for issuance. The Company expects to adopt this guidance as required and does not expect the guidance to have a material effect on its results of operations, financial position, cash flows and disclosures. Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In March 2017, the FASB issued guidance to improve the presentation of net periodic pension cost and net periodic postretirement benefit cost. The guidance requires the service cost component to be presented in the income statement in the same line item or items as other compensation costs arising from services performed during the period. Other components of net benefit cost shall be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. The guidance also only allows the service cost component to be capitalized. The guidance will be effective for the Company on January 1, 2018, including interim periods, with early adoption permitted as of the beginning of an annual period for which the financial statements have not been issued. The guidance shall be applied on a retrospective basis for the financial statement presentation and on a prospective basis for the capitalization of the service cost component. The Company plans to adopt the guidance as required on January 1, 2018, which will include the reclassification of all components of net periodic benefit costs, except for the service cost component, from operating expenses to other income on the Consolidated Statements of Income. The impact upon adoption of the new guidance will be an increase to operating income and decrease to other income on the Consolidated Statements of Income and no impact to earnings. The guidance will not have a material impact on the Company's disclosures or cash flows. Leases In February 2016, the FASB issued guidance regarding leases. The guidance requires lessees to recognize a lease liability and a right-of-use asset on the balance sheet for operating and financing leases with terms of more than 12 months. The guidance remains largely the same for lessors, although some changes were made to better align lessor accounting with the new lessee accounting and to align with the revenue recognition standard. The guidance also requires additional disclosures, both quantitative and qualitative, related to operating and finance leases for the lessee and sales-type, direct financing and operating leases for the lessor. This guidance will be effective for the Company on January 1, 2019, and should be applied using a modified retrospective approach with early adoption permitted. The Company continues to evaluate the potential impact the adoption of the new guidance will have on its results of operations, financial position, cash flows and disclosures. The Company is planning to adopt the standard on January 1, 2019, utilizing the practical expedient that allows the Company to not reassess whether an expired or existing contract contains a lease, the classification of leases or initial direct costs. Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued guidance on simplifying the test for goodwill impairment by eliminating Step 2, which required an entity to measure the amount of impairment loss by comparing the implied fair value of reporting unit goodwill with the carrying amount of such goodwill. This guidance requires entities to perform a quantitative impairment test, previously Step 1, to identify both the existence of impairment and the amount of impairment loss by comparing the fair value of a reporting unit to its carrying amount. Entities will continue to have the option of performing a qualitative assessment to determine if the quantitative impairment test is necessary. The guidance also requires additional disclosures if an entity has one or more reporting units with zero or negative carrying amounts of net assets. The guidance will be effective for the Company on January 1, 2020, and should be applied on a prospective basis with early adoption permitted. The Company is evaluating the effects the adoption of the new guidance will have on its results of operations, financial position, cash flows and disclosures.
|
Fair value disclosures (Policies) |
9 Months Ended |
|---|---|
Sep. 30, 2017 | |
| 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) |
9 Months Ended |
|---|---|
Sep. 30, 2017 | |
| 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) |
9 Months Ended |
|---|---|
Sep. 30, 2017 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Contingencies | The Company is party to claims and lawsuits arising out of its business and that of its consolidated subsidiaries, which may include, but are not limited to, matters involving property damage, personal injury, and environmental, contractual, statutory and regulatory obligations. The Company accrues a liability for those contingencies when the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Company does not accrue liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is probable or reasonably possible and which are material, the Company discloses the nature of the contingency and, in some circumstances, an estimate of the possible loss. Accruals are based on the best information available, but in certain situations management is unable to estimate an amount or range of a reasonably possible loss including, but not limited to when: (1) the damages are unsubstantiated or indeterminate, (2) the proceedings are in the early stages, (3) numerous parties are involved, or (4) the matter involves novel or unsettled legal theories. |
| Variable Interest Entity | The Company evaluates its arrangements and contracts with other entities to determine if they are VIEs and if so, if the Company is the primary beneficiary. |
Inventories and natural gas in storage (Tables) |
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories | Inventories consisted of:
|
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Earnings (loss) per common share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 (loss) per share calculations was as follows:
|
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Comprehensive income (loss) (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comprehensive income (loss) | The after-tax changes in the components of accumulated other comprehensive loss were as follows:
|
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| Reclassification out of accumulated other comprehensive income | Reclassifications out of accumulated other comprehensive loss were as follows:
(a) Included in net periodic benefit cost (credit). For more information, see Note 14. |
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Assets held for sale and discontinued operations (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of long lived assets held-for-sale | The carrying amounts of the major classes of assets and liabilities that were classified as held for sale associated with Pronghorn on the Company's Consolidated Balance Sheets were as follows:
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| Disposal groups, including discontinued operations | The carrying amounts of the major classes of assets and liabilities that are classified as held for sale related to the operations of Fidelity on the Company's Consolidated Balance Sheets were as follows:
reflected in noncurrent assets held for sale. |
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| Reconciliation of major classes of income and expense | The reconciliation of the major classes of income and expense constituting pretax income (loss) from discontinued operations, which includes Dakota Prairie Refining and Fidelity, to the after-tax loss from discontinued operations on the Company's Consolidated Statements of Income was as follows:
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Goodwill and other intangible assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 is presented net of accumulated impairment of $12.3 million at the pipeline and midstream segment, which occurred in prior periods.
* Balance is presented net of accumulated impairment of $12.3 million at the pipeline and midstream segment, which occurred in prior periods. |
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| Other amortizable intangible assets | Other amortizable intangible assets were as follows:
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Fair value measurements (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Available-for-sale securities | Details of available-for-sale securities were as follows:
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| Assets and liabilities measured at fair value on a recurring basis | The Company's assets and liabilities measured at fair value on a recurring basis were as follows:
|
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| Fair value of long term debt outstanding | The estimated fair value of the Company's Level 2 long-term debt was as follows:
|
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Equity (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of changes in equity | A summary of the changes in equity was as follows:
|
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Cash flow information (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Cash Flow Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental cash flow information | Cash expenditures for interest and income taxes were as follows:
Noncash investing transactions were as follows:
|
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Business segment data (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Information on the Company's businesses | Information on the Company's businesses was as follows:
* Includes eliminations for the presentation of income tax adjustments between continuing and discontinued operations. |
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Employee benefit plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of net benefit costs | Components of net periodic benefit cost (credit) for the Company's pension and other postretirement benefit plans were as follows:
|
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Accounts receivable and allowance for doubtful accounts (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
|---|---|---|---|
| Receivables [Abstract] | |||
| Receivables past due 90 days or more | $ 27.2 | $ 29.2 | $ 26.3 |
| Allowance for doubtful accounts receivable | $ 9.0 | $ 10.5 | $ 10.2 |
Inventories and natural gas in storage (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
|---|---|---|---|
| Inventory Disclosure [Abstract] | |||
| Aggregates held for resale | $ 116,399 | $ 115,471 | $ 119,078 |
| Natural gas in storage (current) | 29,974 | 25,761 | 35,625 |
| Asphalt oil | 26,682 | 29,103 | 23,480 |
| Materials and supplies | 20,778 | 18,372 | 18,584 |
| Merchandise for resale | 15,346 | 16,437 | 15,672 |
| Other | 23,376 | 33,129 | 33,351 |
| Total | 232,555 | 238,273 | 245,790 |
| Natural gas in storage noncurrent | $ 49,500 | $ 49,500 | $ 49,100 |
Earnings (loss) per common share (Details) - shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
| Earnings Per Share [Abstract] | ||||
| Weighted average common shares outstanding - basic | 195,304 | 195,304 | 195,304 | 195,298 |
| Effect of dilutive performance share awards | 479 | 507 | 618 | 496 |
| Weighted average common shares outstanding - diluted | 195,783 | 195,811 | 195,922 | 195,794 |
| Shares excluded from the calculation of diluted earnings per share | 0 | 0 | 0 | 0 |
New accounting standards New accounting pronouncements (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
|---|---|---|---|
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
| Reclass from current assets - deferred income taxes to deferred credits and other liabilities | $ 652,413 | $ 668,226 | $ 662,326 |
| Accounting Standards Update 2015-17 [Member] | Restatement adjustment [Member] | |||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
| Reclass from current assets - deferred income taxes to deferred credits and other liabilities | $ 31,400 |
Comprehensive income (loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
| Accumulated other comprehensive income (loss) [Roll Forward] | ||||
| Balance | $ 2,520,548 | |||
| Amounts reclassified from accumulated other comprehensive loss | $ (452) | $ (361) | $ (1,370) | 730 |
| Net current-period other comprehensive income (loss) | 448 | 315 | 392 | (743) |
| Balance | 2,285,061 | 2,285,061 | ||
| Net unrealized gain (loss) on derivative instruments qualifying as hedges | ||||
| Accumulated other comprehensive income (loss) [Roll Forward] | ||||
| Balance | (2,117) | (2,484) | (2,300) | (2,667) |
| Other comprehensive loss before reclassifications | 0 | 0 | 0 | 0 |
| Amounts reclassified from accumulated other comprehensive loss | 92 | 92 | 275 | 275 |
| Amounts reclassified to accumulated other comprehensive loss from a regulatory asset | 0 | |||
| Net current-period other comprehensive income (loss) | 92 | 92 | 275 | 275 |
| Balance | (2,025) | (2,392) | (2,025) | (2,392) |
| Postretirement liability adjustment | ||||
| Accumulated other comprehensive income (loss) [Roll Forward] | ||||
| Balance | (33,469) | (35,604) | (33,221) | (34,257) |
| Other comprehensive loss before reclassifications | 0 | 0 | 0 | 0 |
| Amounts reclassified from accumulated other comprehensive loss | 333 | 236 | 1,002 | (1,111) |
| Amounts reclassified to accumulated other comprehensive loss from a regulatory asset | (917) | |||
| Net current-period other comprehensive income (loss) | 333 | 236 | 85 | (1,111) |
| Balance | (33,136) | (35,368) | (33,136) | (35,368) |
| Foreign currency translation adjustment | ||||
| Accumulated other comprehensive income (loss) [Roll Forward] | ||||
| Balance | (155) | (144) | (149) | (200) |
| Other comprehensive loss before reclassifications | 15 | (4) | 9 | 52 |
| Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 | 0 |
| Amounts reclassified to accumulated other comprehensive loss from a regulatory asset | 0 | |||
| Net current-period other comprehensive income (loss) | 15 | (4) | 9 | 52 |
| Balance | (140) | (148) | (140) | (148) |
| Net unrealized gain (loss) on available-for-sale investments | ||||
| Accumulated other comprehensive income (loss) [Roll Forward] | ||||
| Balance | (48) | 26 | (63) | (24) |
| Other comprehensive loss before reclassifications | (19) | (42) | (70) | (65) |
| Amounts reclassified from accumulated other comprehensive loss | 27 | 33 | 93 | 106 |
| Amounts reclassified to accumulated other comprehensive loss from a regulatory asset | 0 | |||
| Net current-period other comprehensive income (loss) | 8 | (9) | 23 | 41 |
| Balance | (40) | 17 | (40) | 17 |
| Total accumulated other comprehensive loss | ||||
| Accumulated other comprehensive income (loss) [Roll Forward] | ||||
| Balance | (35,789) | (38,206) | (35,733) | (37,148) |
| Other comprehensive loss before reclassifications | (4) | (46) | (61) | (13) |
| Amounts reclassified from accumulated other comprehensive loss | 452 | 361 | 1,370 | (730) |
| Amounts reclassified to accumulated other comprehensive loss from a regulatory asset | (917) | |||
| Net current-period other comprehensive income (loss) | 448 | 315 | 392 | (743) |
| Balance | $ (35,341) | $ (37,891) | $ (35,341) | $ (37,891) |
Reclassification out of accumulated other comprehensive income (loss) (Details 2) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
| Reclassification adjustment out of accumulated other comprehensive income [Line Items] | ||||
| Interest expense | $ (20,909) | $ (22,278) | $ (61,978) | $ (67,365) |
| Income taxes | (46,930) | (37,761) | (74,406) | (67,381) |
| Other income | 1,011 | 1,741 | 2,809 | 3,662 |
| Net income (loss) | 87,351 | 82,986 | 165,891 | (132,988) |
| Reclassification from accumulated other comprehensive income, current period, net of tax | (452) | (361) | (1,370) | 730 |
| Reclassification adjustment for loss on derivative instruments included in net income (loss) | ||||
| Reclassification adjustment out of accumulated other comprehensive income [Line Items] | ||||
| Reclassification from accumulated other comprehensive income, current period, net of tax | 92 | 92 | 275 | 275 |
| Reclassification adjustment for loss on derivative instruments included in net income (loss) | Reclassification out of accumulated other comprehensive income [Member] | Interest rate contract [Member] | ||||
| Reclassification adjustment out of accumulated other comprehensive income [Line Items] | ||||
| Interest expense | (148) | (148) | (443) | (445) |
| Income taxes | 56 | 56 | 168 | 170 |
| Net income (loss) | (92) | (92) | (275) | (275) |
| Amortization of postretirement liability gains (losses) included in net periodic benefit cost (credit) | ||||
| Reclassification adjustment out of accumulated other comprehensive income [Line Items] | ||||
| Reclassification from accumulated other comprehensive income, current period, net of tax | 333 | 236 | 1,002 | (1,111) |
| Amortization of postretirement liability gains (losses) included in net periodic benefit cost (credit) | Reclassification out of accumulated other comprehensive income [Member] | ||||
| Reclassification adjustment out of accumulated other comprehensive income [Line Items] | ||||
| Income taxes | 203 | 143 | 609 | (676) |
| Net periodic benefit cost (credit) | (536) | (379) | (1,611) | 1,787 |
| Net income (loss) | (333) | (236) | (1,002) | 1,111 |
| Reclassification adjustment for loss on available-for-sale investments included in net income (loss) | ||||
| Reclassification adjustment out of accumulated other comprehensive income [Line Items] | ||||
| Reclassification from accumulated other comprehensive income, current period, net of tax | 27 | 33 | 93 | 106 |
| Reclassification adjustment for loss on available-for-sale investments included in net income (loss) | Reclassification out of accumulated other comprehensive income [Member] | ||||
| Reclassification adjustment out of accumulated other comprehensive income [Line Items] | ||||
| Income taxes | 14 | 18 | 50 | 57 |
| Other income | (41) | (51) | (143) | (163) |
| Net income (loss) | $ (27) | $ (33) | $ (93) | $ (106) |
Pronghorn (Details) - Pronghorn [Member] - Disposal group, held-for-sale, not discontinued operations [Member] - USD ($) $ in Millions |
Jan. 01, 2017 |
Nov. 21, 2016 |
|---|---|---|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
| Non-operating ownership interest | 50.00% | |
| Proceeds | $ 100 |
Major classes of assets and liabilities (Details 2) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
|---|---|---|---|
| Current assets: | |||
| Total current assets held for sale | $ 304 | $ 14,391 | $ 45,867 |
| Noncurrent assets: | |||
| Total noncurrent assets held for sale | $ 64,333 | 196,664 | $ 112,440 |
| Pronghorn [Member] | Disposal group, held-for-sale or disposed of by sale, not discontinued operations [Member] | |||
| Current assets: | |||
| Prepayments and other current assets | 68 | ||
| Total current assets held for sale | 68 | ||
| Noncurrent assets: | |||
| Net property, plant and equipment | 93,424 | ||
| Goodwill | 9,737 | ||
| Less allowance for impairment of assets held for sale | 2,311 | ||
| Total noncurrent assets held for sale | 100,850 | ||
| Total assets held for sale | $ 100,918 |
Noncontrolling interest (Details 3) - USD ($) $ in Millions |
3 Months Ended | ||
|---|---|---|---|
Jun. 27, 2016 |
Jun. 24, 2016 |
Mar. 31, 2017 |
|
| Dakota Prairie Refining, LLC [Member] | WBI Energy [Member] | |||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
| Previous percentage of ownership | 50.00% | 50.00% | |
| Operating Expense [Member] | Refining [Member] | |||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
| Reversal of an accrual | $ 7.0 | ||
| Operating expense - after tax [Member] | Refining [Member] | |||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
| Reversal of an accrual | $ 4.3 |
Major classes of assets and liabilities held for sale (Details 4) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current assets: | |||||||||||||||
| Total current assets held for sale | $ 304 | $ 14,391 | $ 45,867 | ||||||||||||
| Noncurrent assets: | |||||||||||||||
| Total noncurrent assets held for sale | 64,333 | 196,664 | 112,440 | ||||||||||||
| Current liabilities: | |||||||||||||||
| Total current liabilities held for sale | 5,749 | 9,924 | 18,065 | ||||||||||||
| Exploration and production [Member] | Discontinued operations, held-for-sale or disposed of by sale [Member] | |||||||||||||||
| Current assets: | |||||||||||||||
| Receivables, net | 304 | 355 | 7,930 | ||||||||||||
| Total current assets held for sale | 304 | 355 | 7,930 | ||||||||||||
| Noncurrent assets: | |||||||||||||||
| Net property, plant and equipment | 2,064 | 5,507 | 5,507 | ||||||||||||
| Deferred income taxes | 62,163 | 91,098 | 104,726 | ||||||||||||
| Other | 161 | 161 | 161 | ||||||||||||
| Less allowance for impairment of assets held for sale | 0 | 938 | 938 | ||||||||||||
| Total noncurrent assets held for sale | 64,388 | 95,828 | 109,456 | ||||||||||||
| Total assets held for sale | 64,692 | 96,183 | 117,386 | ||||||||||||
| Current liabilities: | |||||||||||||||
| Accounts payable | 68 | 141 | 175 | ||||||||||||
| Taxes payable | 11,745 | 19 | [1] | 2,205 | [1] | ||||||||||
| Other accrued liabilities | 2,380 | 2,358 | 3,084 | ||||||||||||
| Total current liabilities held for sale | 14,193 | 2,518 | 5,464 | ||||||||||||
| Deferred credits and other liabilities: | |||||||||||||||
| Total liabilities held for sale | 14,193 | 2,518 | 5,464 | ||||||||||||
| Refining [Member] | Discontinued operations, held-for-sale or disposed of by sale [Member] | |||||||||||||||
| Current assets: | |||||||||||||||
| Receivables, net | 0 | 0 | 13 | ||||||||||||
| Income taxes receivable | 8,444 | [2] | 13,987 | 32,388 | |||||||||||
| Prepayments and other current assets | 0 | 0 | 7,741 | ||||||||||||
| Total current assets held for sale | 8,444 | 13,987 | 40,142 | ||||||||||||
| Noncurrent assets: | |||||||||||||||
| Deferred income taxes | 0 | 0 | 2,984 | ||||||||||||
| Total noncurrent assets held for sale | 0 | 0 | 2,984 | ||||||||||||
| Total assets held for sale | 8,444 | 13,987 | 43,126 | ||||||||||||
| Current liabilities: | |||||||||||||||
| Accounts payable | 0 | 7,425 | 7,063 | ||||||||||||
| Other accrued liabilities | 0 | 0 | 7,743 | ||||||||||||
| Total current liabilities held for sale | 0 | 7,425 | 14,806 | ||||||||||||
| Deferred credits and other liabilities: | |||||||||||||||
| Deferred income taxes (b) | [3] | 55 | 14 | 0 | |||||||||||
| Total noncurrent liabilities held for sale | 55 | 14 | 0 | ||||||||||||
| Total liabilities held for sale | $ 55 | $ 7,439 | $ 14,806 | ||||||||||||
| |||||||||||||||
Assets held for sale and discontinued operations Accounting pronouncement reclassification (Details 5) - Restatement adjustment [Member] - Accounting Standards Update 2015-17 [Member] - Exploration and production [Member] - Discontinued operations, held-for-sale or disposed of by sale [Member] $ in Millions |
Sep. 30, 2016
USD ($)
|
|---|---|
| Other current assets [Member] | |
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
| Reclass to deferred tax asset | $ 47.5 |
| Other current liabilities [Member] | |
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
| Reclass to deferred tax asset | $ (4.1) |
Impairment fair value (Details 6) - Discontinued operations, held-for-sale or disposed of by sale [Member] - USD ($) |
3 Months Ended | |
|---|---|---|
Jun. 30, 2016 |
Mar. 31, 2016 |
|
| Exploration and production [Member] | ||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
| Fair value impairment | $ 900,000 | $ (1,400,000) |
| Fair value impairment after tax | 600,000 | $ (900,000) |
| Refining [Member] | ||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
| Fair value impairment | 251,900,000 | |
| Fair value impairment after tax | $ 156,700,000 | |
Business exit costs (Details 7) - Discontinued operations, held-for-sale or disposed of by sale [Member] - Exploration and production [Member] - USD ($) |
3 Months Ended | 9 Months Ended | 12 Months Ended | 27 Months Ended | ||
|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Mar. 31, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
Sep. 30, 2017 |
|
| Transaction costs [Member] | ||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Business exit costs | $ 300,000 | |||||
| Other restructuring [Member] | ||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Business exit costs | $ 0 | $ 5,600,000 | $ 10,500,000 | |||
| Facility closing [Member] | ||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Business exit costs | $ 900,000 | |||||
| Contract Termination [Member] | ||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Business exit costs | $ 3,200,000 | |||||
Reconciliation of income and expenses (Details 8) - USD ($) |
3 Months Ended | 9 Months Ended | ||||
|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Loss from discontinued operations | [1] | $ (2,198,000) | $ (5,400,000) | $ (3,702,000) | $ (299,538,000) | |
| Loss from discontinued operations attributable to noncontrolling interest | 0 | 0 | 0 | (131,691,000) | ||
| Discontinued operations, held-for-sale or disposed of by sale [Member] | ||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Operating revenues | 121,000 | 162,000 | 356,000 | 122,894,000 | ||
| Operating expenses | 384,000 | 230,000 | (4,988,000) | 513,756,000 | ||
| Operating income (loss) | (263,000) | (68,000) | 5,344,000 | (390,862,000) | ||
| Other income | 0 | 375,000 | 762,000 | |||
| Other expense | (13,000) | |||||
| Interest expense | 0 | 0 | 239,000 | 1,753,000 | ||
| Income (loss) from discontinued operations before income taxes | (263,000) | 307,000 | 5,092,000 | (391,853,000) | ||
| Income taxes | 1,935,000 | 5,707,000 | 8,794,000 | (92,315,000) | ||
| Loss from discontinued operations | (2,198,000) | (5,400,000) | (3,702,000) | (299,538,000) | ||
| Loss from discontinued operations attributable to noncontrolling interest | 0 | 0 | 0 | (131,691,000) | ||
| Loss from discontinued operations attributable to the Company | (2,198,000) | (5,400,000) | (3,702,000) | (167,847,000) | ||
| Discontinued operations, held-for-sale or disposed of by sale [Member] | Refining [Member] | ||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Pretax income (loss) attributable to the Company | $ 0 | $ 935,000 | $ 6,900,000 | $ (253,000,000.0) | ||
| ||||||
Goodwill rollforward (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
|||||
| Goodwill [Roll Forward] | |||||||
| Balance at beginning of period | $ 631,791 | $ 635,204 | [1] | $ 635,204 | [1] | ||
| Goodwill acquired during the year | 0 | 6,323 | 6,324 | ||||
| Held for sale | (9,737) | ||||||
| Balance at end of period | 631,791 | 641,527 | [1] | 631,791 | |||
| Natural gas distribution [Member] | |||||||
| Goodwill [Roll Forward] | |||||||
| Balance at beginning of period | 345,736 | 345,736 | 345,736 | ||||
| Goodwill acquired during the year | 0 | 0 | 0 | ||||
| Held for sale | 0 | ||||||
| Balance at end of period | 345,736 | 345,736 | 345,736 | ||||
| Pipeline and midstream [Member] | |||||||
| Goodwill [Roll Forward] | |||||||
| Balance at beginning of period | 0 | 9,737 | [1] | 9,737 | [1] | ||
| Goodwill acquired during the year | 0 | 0 | |||||
| Held for sale | (9,737) | ||||||
| Balance at end of period | 9,737 | [1] | 0 | ||||
| Accumulated impairment which occurred in prior periods | 12,300 | 12,300 | |||||
| Construction materials and contracting [Member] | |||||||
| Goodwill [Roll Forward] | |||||||
| Balance at beginning of period | 176,290 | 176,290 | 176,290 | ||||
| Goodwill acquired during the year | 0 | 0 | 0 | ||||
| Held for sale | 0 | ||||||
| Balance at end of period | 176,290 | 176,290 | 176,290 | ||||
| Construction services [Member] | |||||||
| Goodwill [Roll Forward] | |||||||
| Balance at beginning of period | 109,765 | 103,441 | 103,441 | ||||
| Goodwill acquired during the year | 0 | 6,323 | 6,324 | ||||
| Held for sale | 0 | ||||||
| Balance at end of period | $ 109,765 | $ 109,764 | $ 109,765 | ||||
| |||||||
Other intangible assets (Details 2) - USD ($) |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
|
| Finite-Lived Intangible Assets [Line Items] | |||||
| Intangible assets, net (excluding goodwill) | $ 4,209,000 | $ 6,529,000 | $ 4,209,000 | $ 6,529,000 | $ 5,925,000 |
| Amortization of intangible assets | 500,000 | 600,000 | 1,700,000 | 1,900,000 | |
| Estimated amortization expense for amortizable intangible assets [Abstract] | |||||
| 2017 | 2,200,000 | 2,200,000 | |||
| 2018 | 1,200,000 | 1,200,000 | |||
| 2019 | 1,000,000.0 | 1,000,000.0 | |||
| 2020 | 500,000 | 500,000 | |||
| 2021 | 200,000 | 200,000 | |||
| Thereafter | 800,000 | 800,000 | |||
| Customer relationships [Member] | |||||
| Finite-Lived Intangible Assets [Line Items] | |||||
| Intangible assets, gross | 15,248,000 | 17,145,000 | 15,248,000 | 17,145,000 | 17,145,000 |
| Intangible assets, less accumulated amortization | 13,176,000 | 13,524,000 | 13,176,000 | 13,524,000 | 13,917,000 |
| Intangible assets, net (excluding goodwill) | 2,072,000 | 3,621,000 | 2,072,000 | 3,621,000 | 3,228,000 |
| Noncompete agreements [Member] | |||||
| Finite-Lived Intangible Assets [Line Items] | |||||
| Intangible assets, gross | 2,430,000 | 2,430,000 | 2,430,000 | 2,430,000 | 2,430,000 |
| Intangible assets, less accumulated amortization | 1,769,000 | 1,622,000 | 1,769,000 | 1,622,000 | 1,658,000 |
| Intangible assets, net (excluding goodwill) | 661,000 | 808,000 | 661,000 | 808,000 | 772,000 |
| Other intangible assets [Member] | |||||
| Finite-Lived Intangible Assets [Line Items] | |||||
| Intangible assets, gross | 7,020,000 | 7,764,000 | 7,020,000 | 7,764,000 | 7,768,000 |
| Intangible assets, less accumulated amortization | 5,544,000 | 5,664,000 | 5,544,000 | 5,664,000 | 5,843,000 |
| Intangible assets, net (excluding goodwill) | $ 1,476,000 | $ 2,100,000 | $ 1,476,000 | $ 2,100,000 | $ 1,925,000 |
Fair value measurements Insurance contracts (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
|
| Fair Value Disclosures [Abstract] | |||||
| Investments used to satisfy nonqualified benefit plans obligations | $ 75.0 | $ 72.8 | $ 75.0 | $ 72.8 | $ 70.9 |
| Net unrealized gains on investments used to satisfy obligations under nonqualified benefit plans | $ 1.9 | $ 1.4 | $ 6.9 | $ 5.3 | |
Available-for-sale securities (Details 2) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
|---|---|---|---|
| Available-for-sale securities [Abstract] | |||
| Cost | $ 10,101 | $ 10,546 | $ 9,882 |
| Gross unrealized gains | 11 | 8 | 43 |
| Gross unrealized losses | (73) | (105) | (17) |
| Fair value | 10,039 | 10,449 | 9,908 |
| Mortgage backed securities [Member] | |||
| Available-for-sale securities [Abstract] | |||
| Cost | 9,488 | 10,546 | 9,882 |
| Gross unrealized gains | 11 | 8 | 43 |
| Gross unrealized losses | (72) | (105) | (17) |
| Fair value | 9,427 | $ 10,449 | $ 9,908 |
| US Treasury securities [Member] | |||
| Available-for-sale securities [Abstract] | |||
| Cost | 613 | ||
| Gross unrealized gains | 0 | ||
| Gross unrealized losses | (1) | ||
| Fair value | $ 612 |
Fair value measurements (Details 3) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Concentration risks, percentage [Abstract] | |||||||||||||||
| Percentage in fixed-income and other investments | 50.00% | 52.00% | 65.00% | ||||||||||||
| Percentage investment in common stock of large-cap companies | 23.00% | 22.00% | 18.00% | ||||||||||||
| Percentage investment in common stock of mid-cap companies | 13.00% | 13.00% | 9.00% | ||||||||||||
| Percentage investment in common stock of small-cap companies | 11.00% | 10.00% | 6.00% | ||||||||||||
| Percentage investment in target date investments | 2.00% | 1.00% | 1.00% | ||||||||||||
| Percentage investment in cash and cash equivalents | 1.00% | 2.00% | 1.00% | ||||||||||||
| Fair value, measurements, recurring [Member] | |||||||||||||||
| Fair value measurements [Line Items] | |||||||||||||||
| Assets, fair value disclosure | $ 91,234 | $ 82,972 | $ 85,010 | ||||||||||||
| Fair value, measurements, recurring [Member] | Money market funds [Member] | |||||||||||||||
| Fair value measurements [Line Items] | |||||||||||||||
| Assets, fair value disclosure | 6,204 | 1,602 | 2,284 | ||||||||||||
| Fair value, measurements, recurring [Member] | Insurance contract [Member] | |||||||||||||||
| Fair value measurements [Line Items] | |||||||||||||||
| Assets, fair value disclosure | 74,991 | [1] | 70,921 | [2] | 72,818 | [3] | |||||||||
| Fair value, measurements, recurring [Member] | Mortgage backed securities [Member] | |||||||||||||||
| Fair value measurements [Line Items] | |||||||||||||||
| Assets, fair value disclosure | 9,427 | 10,449 | 9,908 | ||||||||||||
| Fair value, measurements, recurring [Member] | US Treasury securities [Member] | |||||||||||||||
| Fair value measurements [Line Items] | |||||||||||||||
| Assets, fair value disclosure | 612 | ||||||||||||||
| Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | |||||||||||||||
| Fair value measurements [Line Items] | |||||||||||||||
| Assets, fair value disclosure | 0 | 0 | 0 | ||||||||||||
| Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | Money market funds [Member] | |||||||||||||||
| Fair value measurements [Line Items] | |||||||||||||||
| Assets, fair value disclosure | 0 | 0 | 0 | ||||||||||||
| Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | Insurance contract [Member] | |||||||||||||||
| Fair value measurements [Line Items] | |||||||||||||||
| Assets, fair value disclosure | 0 | [1] | 0 | [2] | 0 | [3] | |||||||||
| Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | Mortgage backed securities [Member] | |||||||||||||||
| Fair value measurements [Line Items] | |||||||||||||||
| Assets, fair value disclosure | 0 | 0 | 0 | ||||||||||||
| Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | US Treasury securities [Member] | |||||||||||||||
| Fair value measurements [Line Items] | |||||||||||||||
| Assets, fair value disclosure | 0 | ||||||||||||||
| Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | |||||||||||||||
| Fair value measurements [Line Items] | |||||||||||||||
| Assets, fair value disclosure | 91,234 | 82,972 | 85,010 | ||||||||||||
| Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | Money market funds [Member] | |||||||||||||||
| Fair value measurements [Line Items] | |||||||||||||||
| Assets, fair value disclosure | 6,204 | 1,602 | 2,284 | ||||||||||||
| Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | Insurance contract [Member] | |||||||||||||||
| Fair value measurements [Line Items] | |||||||||||||||
| Assets, fair value disclosure | 74,991 | [1] | 70,921 | [2] | 72,818 | [3] | |||||||||
| Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | Mortgage backed securities [Member] | |||||||||||||||
| Fair value measurements [Line Items] | |||||||||||||||
| Assets, fair value disclosure | 9,427 | 10,449 | 9,908 | ||||||||||||
| Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | US Treasury securities [Member] | |||||||||||||||
| Fair value measurements [Line Items] | |||||||||||||||
| Assets, fair value disclosure | 612 | ||||||||||||||
| Fair value, measurements, recurring [Member] | Fair value, inputs, level 3 [Member] | |||||||||||||||
| Fair value measurements [Line Items] | |||||||||||||||
| Assets, fair value disclosure | 0 | 0 | 0 | ||||||||||||
| Fair value, measurements, recurring [Member] | Fair value, inputs, level 3 [Member] | Money market funds [Member] | |||||||||||||||
| Fair value measurements [Line Items] | |||||||||||||||
| Assets, fair value disclosure | 0 | 0 | 0 | ||||||||||||
| Fair value, measurements, recurring [Member] | Fair value, inputs, level 3 [Member] | Insurance contract [Member] | |||||||||||||||
| Fair value measurements [Line Items] | |||||||||||||||
| Assets, fair value disclosure | 0 | [1] | 0 | [2] | 0 | [3] | |||||||||
| Fair value, measurements, recurring [Member] | Fair value, inputs, level 3 [Member] | Mortgage backed securities [Member] | |||||||||||||||
| Fair value measurements [Line Items] | |||||||||||||||
| Assets, fair value disclosure | 0 | $ 0 | $ 0 | ||||||||||||
| Fair value, measurements, recurring [Member] | Fair value, inputs, level 3 [Member] | US Treasury securities [Member] | |||||||||||||||
| Fair value measurements [Line Items] | |||||||||||||||
| Assets, fair value disclosure | $ 0 | ||||||||||||||
| |||||||||||||||
Fair value measurements (Details 4) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
|---|---|---|---|
| Carrying amount [Member] | |||
| Fair value, balance sheet grouping [Line Items] | |||
| Long-term debt | $ 1,740,552 | $ 1,790,159 | $ 1,901,948 |
| Fair value [Member] | |||
| Fair value, balance sheet grouping [Line Items] | |||
| Long-term debt, fair value | $ 1,846,811 | $ 1,841,885 | $ 2,047,339 |
Equity (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
| Increase decrease in stockholders equity roll forward | ||||
| Total Equity | $ 2,316,244 | |||
| Net income (loss) | $ 87,351 | $ 82,986 | 165,891 | $ (132,988) |
| Other comprehensive income (loss) | 448 | 315 | 392 | (743) |
| Dividends declared on preferred stocks | (171) | (514) | ||
| Dividends declared on common stock | (112,788) | (109,858) | ||
| Stock-based compensation | 2,390 | 2,955 | ||
| Repurchase of common stock | (1,684) | |||
| Total Parent equity | $ 2,353,917 | $ 2,285,061 | 2,353,917 | $ 2,285,061 |
| Common stock [Member] | ||||
| Increase decrease in stockholders equity roll forward | ||||
| Redemption of preferred stock | (757) | |||
| Preferred stock [Member] | ||||
| Increase decrease in stockholders equity roll forward | ||||
| Redemption of preferred stock | $ (15,600) | |||
Redemption of preferred stock (Details 2) |
Apr. 02, 2017
USD ($)
|
|---|---|
| Stockholders' Equity Note [Abstract] | |
| Redeemable preferred stock classified as long term debt | $ 300,000 |
| Payments for repurchase of redeemable preferred stock | $ 15,900,000 |
Schedule of capitalization, equity NCI (Details 3) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
| Schedule of Capitalization, Equity [Line Items] | ||||
| Total Equity | $ 2,316,244 | |||
| Balance | $ 2,520,548 | |||
| Net income (loss) | $ 87,351 | $ 82,986 | 165,891 | (132,988) |
| Other comprehensive income (loss) | 448 | 315 | 392 | (743) |
| Dividends declared on preferred stocks | (171) | (514) | ||
| Dividends declared on common stock | (112,788) | (109,858) | ||
| Stock-based compensation | 2,390 | 2,955 | ||
| Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | (323) | |||
| Net tax deficit on stock-based compensation | (1,664) | |||
| Contribution from noncontrolling interest | 7,648 | |||
| Total Parent equity | $ 2,353,917 | 2,285,061 | $ 2,353,917 | 2,285,061 |
| Balance | 2,285,061 | 2,285,061 | ||
| Parent [Member] | ||||
| Schedule of Capitalization, Equity [Line Items] | ||||
| Total Equity | 2,396,505 | |||
| Net loss | (1,297) | |||
| Other comprehensive income (loss) | (743) | |||
| Dividends declared on preferred stocks | (514) | |||
| Dividends declared on common stock | (109,858) | |||
| Stock-based compensation | 2,955 | |||
| Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | (323) | |||
| Net tax deficit on stock-based compensation | (1,664) | |||
| Contribution from noncontrolling interest | 0 | |||
| Total Parent equity | 2,285,061 | 2,285,061 | ||
| Noncontrolling interest [Member] | ||||
| Schedule of Capitalization, Equity [Line Items] | ||||
| Noncontrolling Interest | 124,043 | |||
| Net loss | (131,691) | |||
| Other comprehensive income (loss) | 0 | |||
| Dividends declared on preferred stocks | 0 | |||
| Dividends declared on common stock | 0 | |||
| Stock-based compensation | 0 | |||
| Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | 0 | |||
| Net tax deficit on stock-based compensation | 0 | |||
| Contribution from noncontrolling interest | 7,648 | |||
| Noncontrolling Interest | $ 0 | $ 0 | ||
Cash flow information (Details 1) - USD ($) |
9 Months Ended | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
||||||||||||||||||
| Interest, net of amount capitalized and AFUDC - borrowed of $676 and $842 in 2017 and 2016, respectively | $ 58,119,000 | $ 66,281,000 | |||||||||||||||||
| Income taxes paid (refunded), net | [1] | 46,430,000 | 73,771,000 | ||||||||||||||||
| Property, plant and equipment additions in accounts payable | 16,914,000 | 22,560,000 | |||||||||||||||||
| Capitalized interest and AFUDC borrowed | 676,000 | 842,000 | |||||||||||||||||
| Continuing and discontinued operations [Member] | |||||||||||||||||||
| Income taxes paid (refunded), net | $ 1,400,000 | $ (144,000) | |||||||||||||||||
| |||||||||||||||||||
Business segment data (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
||||
| Segment Reporting Information [Line Items] | |||||||
| Revenues | $ 1,272,548 | $ 1,208,567 | $ 3,278,112 | $ 3,112,730 | |||
| Intersegment operating revenues | 0 | 0 | 0 | 0 | |||
| Earnings on common stock before loss from discontinued operations | 89,549 | 88,215 | 168,822 | 166,036 | |||
| Loss from discontinued operations, net of tax | [1] | (2,198) | (5,400) | (3,702) | (299,538) | ||
| Loss from discontinued operations attributable to noncontrolling interest | 0 | 0 | 0 | (131,691) | |||
| Earnings (loss) on common stock | 87,351 | 82,815 | 165,120 | (1,811) | |||
| Intersegment eliminations [Member] | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Intersegment operating revenues | (5,586) | (5,681) | (37,581) | (37,583) | |||
| Earnings on common stock before loss from discontinued operations | [1] | 1,855 | 5,599 | 6,121 | 5,599 | ||
| Regulated operation [Member] | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Revenues | 206,936 | 192,079 | 866,035 | 783,997 | |||
| Intersegment operating revenues | 3,081 | 3,278 | 30,923 | 30,969 | |||
| Earnings on common stock before loss from discontinued operations | 10,682 | 5,564 | 67,986 | 53,021 | |||
| Regulated operation [Member] | Electric [Member] | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Revenues | 91,531 | 82,156 | 254,330 | 238,911 | |||
| Intersegment operating revenues | 0 | 0 | 0 | 0 | |||
| Earnings on common stock before loss from discontinued operations | 15,712 | 12,699 | 37,904 | 31,840 | |||
| Regulated operation [Member] | Natural gas distribution [Member] | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Revenues | 92,253 | 87,941 | 566,364 | 500,106 | |||
| Intersegment operating revenues | 0 | 0 | 0 | 0 | |||
| Earnings on common stock before loss from discontinued operations | (10,883) | (12,524) | 14,181 | 4,940 | |||
| Regulated operation [Member] | Pipeline and midstream [Member] | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Revenues | 23,152 | 21,982 | 45,341 | 44,980 | |||
| Intersegment operating revenues | 3,081 | 3,278 | 30,923 | 30,969 | |||
| Earnings on common stock before loss from discontinued operations | 5,853 | 5,389 | 15,901 | 16,241 | |||
| Nonregulated operation [Member] | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Revenues | 1,065,612 | 1,016,488 | 2,412,077 | 2,328,733 | |||
| Intersegment operating revenues | 2,505 | 2,403 | 6,658 | 6,614 | |||
| Earnings on common stock before loss from discontinued operations | 77,012 | 77,052 | 94,715 | 107,416 | |||
| Nonregulated operation [Member] | Pipeline and midstream [Member] | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Revenues | 5,356 | 10,732 | 13,518 | 29,697 | |||
| Intersegment operating revenues | 38 | 41 | 132 | 161 | |||
| Earnings on common stock before loss from discontinued operations | 95 | 1,304 | (770) | 2,043 | |||
| Nonregulated operation [Member] | Construction materials and contracting [Member] | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Revenues | 686,010 | 724,535 | 1,388,212 | 1,475,643 | |||
| Intersegment operating revenues | 142 | 155 | 400 | 370 | |||
| Earnings on common stock before loss from discontinued operations | 63,221 | 69,523 | 64,477 | 88,747 | |||
| Nonregulated operation [Member] | Construction services [Member] | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Revenues | 374,111 | 280,801 | 1,009,693 | 822,226 | |||
| Intersegment operating revenues | 415 | 3 | 715 | 541 | |||
| Earnings on common stock before loss from discontinued operations | 13,144 | 7,234 | 32,896 | 20,198 | |||
| Nonregulated operation [Member] | Other [Member] | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Revenues | 135 | 420 | 654 | 1,167 | |||
| Intersegment operating revenues | 1,910 | 2,204 | 5,411 | 5,542 | |||
| Earnings on common stock before loss from discontinued operations | $ 552 | $ (1,009) | $ (1,888) | $ (3,572) | |||
| |||||||
Employee benefit plans (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Mar. 31, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
| Qualified plan [Member] | Underfunded plan [Member] | Pension benefits [Member] | |||||
| Defined benefit plan disclosure, net periodic benefit cost [Line Items] | |||||
| Service cost | $ 0 | $ 0 | $ 0 | $ 0 | |
| Interest cost | 4,052,000 | 4,305,000 | 12,155,000 | 12,915,000 | |
| Expected return on assets | (5,132,000) | (5,231,000) | (15,395,000) | (15,693,000) | |
| Amortization of prior service credit | 0 | 0 | 0 | 0 | |
| Amortization of net actuarial loss | 1,589,000 | 1,553,000 | 4,767,000 | 4,660,000 | |
| Net periodic benefit cost (credit), including amount capitalized | 509,000 | 627,000 | 1,527,000 | 1,882,000 | |
| Less amount capitalized | 65,000 | 82,000 | 245,000 | 284,000 | |
| Net periodic benefit cost (credit) | 444,000 | 545,000 | 1,282,000 | 1,598,000 | |
| Qualified plan [Member] | Underfunded plan [Member] | Other postretirement benefits [Member] | |||||
| Defined benefit plan disclosure, net periodic benefit cost [Line Items] | |||||
| Service cost | 377,000 | 412,000 | 1,130,000 | 1,236,000 | |
| Interest cost | 816,000 | 922,000 | 2,449,000 | 2,766,000 | |
| Expected return on assets | (1,160,000) | (1,133,000) | (3,480,000) | (3,400,000) | |
| Amortization of prior service credit | (343,000) | (343,000) | (1,029,000) | (1,029,000) | |
| Amortization of net actuarial loss | 213,000 | 371,000 | 649,000 | 1,118,000 | |
| Net periodic benefit cost (credit), including amount capitalized | (97,000) | 229,000 | (281,000) | 691,000 | |
| Less amount capitalized | (95,000) | (34,000) | (248,000) | 4,000 | |
| Net periodic benefit cost (credit) | (2,000) | 263,000 | (33,000) | 687,000 | |
| Nonqualified plan [Member] | Unfunded plan [Member] | Supplemental employee retirement plans [Member] | |||||
| Defined benefit plan disclosure, net periodic benefit cost [Line Items] | |||||
| Net periodic benefit cost (credit) | $ 1,200,000 | $ 1,300,000 | $ 3,500,000 | $ 600,000 | |
| Curtailment gain | $ 3,300,000 | ||||
Idaho Public Utilities Commission (IPUC) (Details) - IPUC [Member] - Natural gas rate proceeding [Member] - USD ($) $ in Millions |
Sep. 14, 2017 |
Aug. 17, 2017 |
Apr. 28, 2017 |
Jan. 17, 2017 |
Aug. 12, 2016 |
|---|---|---|---|---|---|
| Public Utilities, General Disclosures [Line Items] | |||||
| Public utilities, requested rate increase (decrease), amount | $ 1.2 | $ 10.2 | |||
| Public utilities, requested rate increase (decrease), percentage | 1.36% | 4.10% | |||
| Public utilities, requested rate increase (decrease), amended, amount | $ 9.4 | ||||
| Public utilities, approved rate increase (decrease), amount | $ 6.7 | $ 4.1 | |||
| Public utilities, approved rate increase (decrease), percentage | 1.60% | ||||
| Public utilities, approved return on equity, percentage | 9.50% |
Minnesota Public Utilities Commission (Details 2) - MNPUC [Member] - Natural gas cost tariff [Member] - USD ($) |
Oct. 06, 2017 |
Dec. 21, 2016 |
|---|---|---|
| Public Utilities, General Disclosures [Line Items] | ||
| Public utilities, requested rate increase (decrease), amount | $ 456,000 | |
| Subsequent event [Member] | ||
| Public Utilities, General Disclosures [Line Items] | ||
| Public utilities, approved rate increase (decrease), amount | $ 456,000 |
Washington Utilities and Transportation Commission (WUTC) (Details 3) - WUTC [Member] - USD ($) $ in Millions |
Oct. 26, 2017 |
Aug. 31, 2017 |
May 31, 2017 |
|---|---|---|---|
| Pipeline replacement cost recovery [Member] | |||
| Public Utilities, General Disclosures [Line Items] | |||
| Public utilities, requested rate increase (decrease), amount | $ 1.6 | ||
| Public utilities, requested rate increase (decrease), percentage | 0.75% | ||
| Natural gas rate proceeding [Member] | |||
| Public Utilities, General Disclosures [Line Items] | |||
| Public utilities, requested rate increase (decrease), amount | $ 5.9 | ||
| Public utilities, requested rate increase (decrease), percentage | 2.70% | ||
| Subsequent event [Member] | Pipeline replacement cost recovery [Member] | |||
| Public Utilities, General Disclosures [Line Items] | |||
| Public utilities, approved rate increase (decrease), amount | $ 1.3 | ||
| Public utilities, approved rate increase (decrease), percentage | 0.61% |
North Dakota Public Service Commission (NDPSC) (Details 4) - NDPSC [Member] - USD ($) $ in Millions |
Sep. 06, 2017 |
Jul. 26, 2017 |
Jul. 21, 2017 |
Jun. 30, 2017 |
Jun. 16, 2017 |
Nov. 21, 2016 |
Oct. 14, 2016 |
Mar. 09, 2016 |
Feb. 10, 2016 |
Jan. 05, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Advance determination of prudence [Member] | ||||||||||
| Public Utilities, General Disclosures [Line Items] | ||||||||||
| Estimated project cost | $ 85.0 | |||||||||
| Natural gas rate proceeding [Member] | ||||||||||
| Public Utilities, General Disclosures [Line Items] | ||||||||||
| Public utilities, requested rate increase (decrease), amount | $ 5.9 | |||||||||
| Public utilities, requested rate increase (decrease), percentage | 5.40% | |||||||||
| Public utilities, interim rate increase (decrease), amount | $ 4.6 | |||||||||
| Public utilities, interim rate increase (decrease), percentage | 4.20% | |||||||||
| Electric rate proceeding [Member] | ||||||||||
| Public Utilities, General Disclosures [Line Items] | ||||||||||
| Public utilities, requested rate increase (decrease), amount | $ 13.4 | |||||||||
| Public utilities, requested rate increase (decrease), percentage | 6.60% | |||||||||
| Public utilities, interim rate increase (decrease), amount | $ 11.7 | $ 13.0 | ||||||||
| Public utilities, interim rate increase (decrease), percentage | 5.80% | 6.50% | ||||||||
| Public utilities, approved rate increase (decrease), amount | $ 7.5 | |||||||||
| Public utilities, approved rate increase (decrease), percentage | 3.70% | |||||||||
| Public utilities refund from current rates, percentage | 19.00% | |||||||||
| Electric rider [Member] | ||||||||||
| Public Utilities, General Disclosures [Line Items] | ||||||||||
| Public utilities, approved return on equity, percentage | 9.45% | |||||||||
| Electric renewable cost rider [Member] | ||||||||||
| Public Utilities, General Disclosures [Line Items] | ||||||||||
| Public utilities, interim rate increase (decrease), amount | $ 15.1 | |||||||||
| Public utilities, approved return on equity, percentage | 9.65% | |||||||||
| Public utilities, requested return on equity, percentage | 10.50% | |||||||||
| Electric transmission adjustment [Member] | ||||||||||
| Public Utilities, General Disclosures [Line Items] | ||||||||||
| Public utilities, interim rate increase (decrease), amount | $ 6.8 | |||||||||
| Public utilities, requested rate increase (decrease), amended, percentage | 10.50% | |||||||||
| Electric generation rider [Member] | ||||||||||
| Public Utilities, General Disclosures [Line Items] | ||||||||||
| Public utilities, interim rate increase (decrease), amount | $ 9.7 | |||||||||
| Public utilities, approved return on equity, percentage | 9.45% | |||||||||
| Public utilities, requested return on equity, percentage | 10.50% |
Midcontinent Independent System Operator, Inc. (MISO) (Details 5) - MISO [Member] - Electric transmission rate proceeding [Member] $ in Millions |
Sep. 01, 2017
USD ($)
|
|---|---|
| Public Utilities, General Disclosures [Line Items] | |
| Public utilities, requested rate increase (decrease), amount | $ 2.5 |
| Public utilities, approved rate increase (decrease), amount | $ 13.6 |
Montana Public Service Commission (MTPSC) (Details 6) - MTPSC [Member] - Natural gas rate proceeding [Member] $ in Millions |
Sep. 25, 2017
USD ($)
|
|---|---|
| Public Utilities, General Disclosures [Line Items] | |
| Public utilities, requested rate increase (decrease), amount | $ 2.8 |
| Public utilities, requested rate increase (decrease), percentage | 4.10% |
| Public utilities, interim rate increase (decrease), amount | $ 1.6 |
| Public utilities, interim rate increase (decrease), percentage | 2.30% |
Oregon Public Utility Commission (OPUC) (Details 7) - OPUC [Member] - Pipeline replacement cost recovery [Member] |
Sep. 29, 2017
USD ($)
|
|---|---|
| Public Utilities, General Disclosures [Line Items] | |
| Public utilities, requested rate increase (decrease), amount | $ 784,000 |
| Public utilities, requested rate increase (decrease), percentage | 1.20% |
Litigation (Details) - USD ($) $ in Millions |
Nov. 03, 2016 |
Sep. 30, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
|---|---|---|---|---|
| Loss Contingencies [Line Items] | ||||
| Potential liabilities related to litigation and environmental matters | $ 34.3 | $ 31.8 | $ 20.0 | |
| Litigation [Domain] | ||||
| Loss Contingencies [Line Items] | ||||
| Loss contingency, damages awarded, value | $ 44.8 |
Environmental matters (Details 2) - USD ($) |
9 Months Ended | |
|---|---|---|
Sep. 30, 2017 |
Jan. 06, 2017 |
|
| Portland Harbor Site [Member] | ||
| Site Contingency [Line Items] | ||
| Environmental matters investigative costs | $ 100,000,000 | |
| Environmental matters, estimated costs | $ 1,000,000,000 | |
| Eugene, OR Manufactured Gas Plant Site [Member] | ||
| Site Contingency [Line Items] | ||
| Total estimated costs for site remediation | 3,500,000 | |
| Incurred costs for site remediation | $ 320,000 | |
| Percent of ongoing costs paid | 50.00% | |
| Estimated proportional share of cleanup liability | 50.00% | |
| Environmental matters accrual for site remediation | $ 1,600,000 | |
| Bremerton, WA Manufactured Gas Plant Site [Member] | ||
| Site Contingency [Line Items] | ||
| Environmental matters accrual for site remediation | 6,400,000 | |
| Total estimated costs for site remedial investigation and feasibility study | 7,600,000 | |
| Incurred costs for site remedial investigation and feasibility study | 700,000 | |
| Environmental matters accrual of investigative costs | 6,900,000 | |
| Bellingham, WA Manufactured Gas Plant Site [Member] | ||
| Site Contingency [Line Items] | ||
| Site contingency, loss exposure not accrued, best estimate | 8,000,000.0 | |
| Minimum [Member] | Bremerton, WA Manufactured Gas Plant Site [Member] | ||
| Site Contingency [Line Items] | ||
| Site contingency, loss exposure not accrued, best estimate | 340,000 | |
| Maximum [Member] | Bremerton, WA Manufactured Gas Plant Site [Member] | ||
| Site Contingency [Line Items] | ||
| Site contingency, loss exposure not accrued, best estimate | $ 6,400,000 |
Guarantees (Details 3) |
Sep. 30, 2017
USD ($)
|
|---|---|
| Guarantor Obligations [Line Items] | |
| Guarantor obligations, maximum exposure, undiscounted | $ 119,400,000 |
| Fixed maximum amounts guaranteed by year 2017 | 2,500,000 |
| Fixed maximum amounts guaranteed by year 2018 | 21,300,000 |
| Fixed maximum amounts guaranteed by year 2019 | 15,800,000 |
| Fixed maximum amounts guaranteed by year 2020 | 72,600,000 |
| Fixed maximum amounts guaranteed by year 2021. | 500,000 |
| Fixed maximum amounts guaranteed, thereafter | 2,700,000 |
| No scheduled maturity date | 4,000,000.0 |
| Amount outstanding under guarantees that is reflected on balance sheet | 0 |
| Letters of credit | 34,000,000.0 |
| Letters of credit set to expire - 2017 | 29,200,000 |
| Letters of credit set to expire - 2018 | 4,800,000 |
| Outstanding letters of credit | 0 |
| Amount of surety bonds outstanding | 556,800,000 |
| Financial guarantee [Member] | |
| Guarantor Obligations [Line Items] | |
| Guarantor obligations, maximum exposure, undiscounted | $ 57,400,000 |
Commitment and contingencies variable interest entities (Details 4) $ in Millions |
Sep. 30, 2017
USD ($)
|
|---|---|
| Fuel contract [Member] | |
| Variable Interest Entities [Line Items] | |
| Variable interest entity, reporting entity involvement, maximum loss exposure, amount | $ 41.4 |