Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2017

Inventories at December 31 consisted of:



	2017		2016
	(In thousands)
Aggregates held for resale	$	115,268	$	115,471
Asphalt oil	30,360		29,103
Natural gas in storage (current)	20,950		25,761
Materials and supplies	18,650		18,372
Merchandise for resale	14,905		16,437
Other	26,450		33,129
Total	$	226,583	$	238,273

AFUDC and interest capitailized

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



	2017		2016		2015
			(In thousands)
Interest capitalized	$	—	$	—	$	4,381
AFUDC - borrowed	$	966	$	914	$	4,907
AFUDC - equity	$	909	$	565	$	7,971

Property, plant and equipment

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



	2017		2016		Weighted Average Depreciable Life in Years
	(Dollars in thousands, where applicable)
Regulated:
Electric:
Generation	$	1,034,765	$	1,036,373	39
Distribution	415,543		398,382		44
Transmission	296,941		284,048		57
Construction in progress	117,906		62,212		—
Other	117,109		107,598		15
Natural gas distribution:
Distribution	1,831,795		1,718,633		47
Construction in progress	19,823		19,934		—
Other	468,227		440,846		18
Pipeline and midstream:
Transmission	516,932		490,143		53
Gathering	37,837		37,831		20
Storage	45,629		45,350		62
Construction in progress	17,488		16,507		—
Other	41,054		40,873		33
Nonregulated:
Pipeline and midstream:
Gathering and processing	31,678		31,682		19
Construction in progress	17		13		—
Other	9,649		9,800		10
Construction materials and contracting:
Land	95,745		94,625		—
Buildings and improvements	102,435		102,347		20
Machinery, vehicles and equipment	947,979		930,471		12
Construction in progress	7,750		16,181		—
Aggregate reserves	406,139		405,751		*
Construction services:
Land	5,216		5,346		—
Buildings and improvements	27,351		26,693		25
Machinery, vehicles and equipment	137,924		132,217		6
Other	6,774		7,105		4
Other:
Land	2,837		2,837		—
Other	28,286		46,431		19
Less accumulated depreciation, depletion and amortization	2,691,641		2,578,902
Net property, plant and equipment	$	4,079,188	$	3,931,327


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

Percentage-of-completion method

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



	2017		2016
	(In thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts	$	109,541	$	64,558
Billings in excess of costs and estimated earnings on uncompleted contracts	$	84,123	$	64,832

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



	2017		2016
	(In thousands)
Short-term retainage*	$	57,134	$	45,109
Long-term retainage**	1,410		1,506
Total retainage	$	58,544	$	46,615


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


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

Schedule of earnings per share reconciliation

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



	2017	2016	2015
		(In thousands)
Weighted average common shares outstanding - basic	195,304	195,299	194,928
Effect of dilutive performance share awards	383	319	58
Weighted average common shares outstanding - diluted	195,687	195,618	194,986
Shares excluded from the calculation of diluted earnings per share	—	—	—

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

The after-tax changes in the components of accumulated other comprehensive loss as of December 31, 2017, 2016 and 2015, were as follows:



	Net Unrealized Gain (Loss) on Derivative Instruments Qualifying as Hedges			Post- retirement Liability Adjustment			Foreign Currency Translation Adjustment			Net Unrealized Gain (Loss) on Available- for-sale Investments			Total Accumulated Other Comprehensive Loss
							(In thousands)
Balance at December 31, 2015	$	(2,667	)	$	(34,257	)	$	(200	)	$	(24	)	$	(37,148	)
Other comprehensive income (loss) before reclassifications	—			(1,470		)	51			(182		)	(1,601		)
Amounts reclassified from accumulated other comprehensive loss	367			2,506			—			143			3,016
Net current-period other comprehensive income (loss)	367			1,036			51			(39		)	1,415
Balance at December 31, 2016	(2,300		)	(33,221		)	(149		)	(63		)	(35,733		)
Other comprehensive loss before reclassifications	—			(1,812		)	(6		)	(139		)	(1,957		)
Amounts reclassified from accumulated other comprehensive loss	366			1,013			—			120			1,499
Amounts reclassified to accumulated other comprehensive loss from a regulatory asset	—			(1,143		)	—			—			(1,143		)
Net current-period other comprehensive income (loss)	366			(1,942		)	(6		)	(19		)	(1,601		)
Balance at December 31, 2017	$	(1,934	)	$	(35,163	)	$	(155	)	$	(82	)	$	(37,334	)

Reclassification out of accumulated other comprehensive income (loss)

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



	2017			2016			Location on Consolidated Statements of Income
	(In thousands)
Reclassification adjustment for loss on derivative instruments included in net income (loss):
Interest rate derivative instruments	$	(590	)	$	(593	)	Interest expense
	224			226			Income taxes
	(366		)	(367		)
Amortization of postretirement liability losses included in net periodic benefit cost (credit)	(1,658		)	(3,931		)	(a)
	645			1,425			Income taxes
	(1,013		)	(2,506		)
Reclassification adjustment for loss on available-for-sale investments included in net income (loss)	(185		)	(220		)	Other income
	65			77			Income taxes
	(120		)	(143		)
Total reclassifications	$	(1,499	)	$	(3,016	)


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