QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
Title of each class | Trading symbol(s) | Name of each exchange on which registered |
☒ | Accelerated Filer | ☐ | |
Non-Accelerated Filer | ☐ | Smaller Reporting Company | |
Emerging Growth Company | |||
Index | |
Page | |
Abbreviation or Acronym | |
2018 Annual Report | Company's Annual Report on Form 10-K for the year ended December 31, 2018 |
AFUDC | Allowance for funds used during construction |
ASC | FASB Accounting Standards Codification |
ASU | FASB Accounting Standards Update |
Brazilian Transmission Lines | Company's former investment in companies owning three electric transmission lines in Brazil |
BSSE | 345-kilovolt transmission line from Ellendale, North Dakota, to Big Stone City, South Dakota |
Calumet | Calumet Specialty Products Partners, L.P. |
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. (formerly known as MDUR Newco), which, as the context requires, refers to the previous MDU Resources Group, Inc. prior to January 1, 2019, and the new holding company of the same name after January 1, 2019 |
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 prior to the closing of the Holding Company Reorganization and a public utility division of Montana-Dakota as of January 1, 2019 |
Holding Company Reorganization | The internal holding company reorganization completed on January 1, 2019, pursuant to the agreement and plan of merger, dated as of December 31, 2018, by and among Montana-Dakota, the Company and MDUR Newco Sub, which resulted in the Company becoming a holding company and owning all of the outstanding capital stock of Montana-Dakota |
Intermountain | Intermountain Gas Company, an indirect wholly owned subsidiary of MDU Energy Capital |
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 |
LIBOR | London Inter-bank Offered Rate |
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 |
MDUR Newco | MDUR Newco, Inc., a public holding company created by implementing the Holding Company Reorganization, now known as the Company |
MDUR Newco Sub | MDUR Newco Sub, Inc., a direct, wholly owned subsidiary of MDUR Newco, which was merged with and into Montana-Dakota in the Holding Company Reorganization |
MISO | Midcontinent Independent System Operator, Inc. |
MMcf | Million cubic feet |
MMdk | Million dk |
MNPUC | Minnesota Public Utilities Commission |
Montana-Dakota | Montana-Dakota Utilities Co., (formerly known as MDU Resources Group, Inc.), a public utility division of the Company prior to the closing of the Holding Company Reorganization and a direct wholly owned subsidiary of MDU Energy Capital as of January 1, 2019 |
MTPSC | Montana Public Service Commission |
MW | Megawatt |
NDPSC | North Dakota Public Service Commission |
Non-GAAP | Not in accordance with GAAP |
OPUC | Oregon Public Utility Commission |
PRP | Potentially Responsible Party |
SEC | United States Securities and Exchange Commission |
Securities Act | Securities Act of 1933, as amended |
TCJA | Tax Cuts and Jobs Act |
Tesoro | Tesoro Refining & Marketing Company 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 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 |
WYPSC | Wyoming Public Service Commission |
MDU Resources Group, Inc. | ||||||||||||
Consolidated Statements of Income | ||||||||||||
(Unaudited) | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
(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 | ||||||||||||
Purchased natural gas sold | ||||||||||||
Depreciation, depletion and amortization | ||||||||||||
Taxes, other than income | ||||||||||||
Electric fuel and purchased power | ||||||||||||
Total operating expenses | ||||||||||||
Operating income | ||||||||||||
Other income | ||||||||||||
Interest expense | ||||||||||||
Income before income taxes | ||||||||||||
Income taxes | ||||||||||||
Income from continuing operations | ||||||||||||
Income (loss) from discontinued operations, net of tax (Note 10) | ( | ) | ||||||||||
Net income | $ | $ | $ | $ | ||||||||
Earnings per share - basic: | ||||||||||||
Income from continuing operations | $ | $ | $ | $ | ||||||||
Discontinued operations, net of tax | ||||||||||||
Earnings per share - basic | $ | $ | $ | $ | ||||||||
Earnings per share - diluted: | ||||||||||||
Income from continuing operations | $ | $ | $ | $ | ||||||||
Discontinued operations, net of tax | ||||||||||||
Earnings per share - diluted | $ | $ | $ | $ | ||||||||
Weighted average common shares outstanding - basic | ||||||||||||
Weighted average common shares outstanding - diluted | ||||||||||||
MDU Resources Group, Inc. | |||||||||||||
Consolidated Statements of Comprehensive Income | |||||||||||||
(Unaudited) | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||
(In thousands) | |||||||||||||
Net income | $ | $ | $ | $ | |||||||||
Other comprehensive income: | |||||||||||||
Reclassification adjustment for loss on derivative instruments included in net income, net of tax of $36 and $55 for the three months ended and $(177) and $164 for the nine months ended in 2019 and 2018, respectively | |||||||||||||
Amortization of postretirement liability losses included in net periodic benefit cost, net of tax of $95 and $142 for the three months ended and $284 and $442 for the nine months ended in 2019 and 2018, respectively | |||||||||||||
Foreign currency translation adjustment: | |||||||||||||
Foreign currency translation adjustment recognized during the period, net of tax of $0 and $0 for the three months ended and $0 and $(14) for the nine months ended in 2019 and 2018, respectively | ( | ) | |||||||||||
Reclassification adjustment for foreign currency translation adjustment included in net income, net of tax of $0 and $0 for the three months ended and $0 and $75 for the nine months ended in 2019 and 2018, respectively | |||||||||||||
Foreign currency translation adjustment | |||||||||||||
Net unrealized gain (loss) on available-for-sale investments: | |||||||||||||
Net unrealized gain (loss) on available-for-sale investments arising during the period, net of tax of $3 and $(13) for the three months ended and $35 and $(52) for the nine months ended in 2019 and 2018, respectively | ( | ) | ( | ) | |||||||||
Reclassification adjustment for (gain) loss on available-for-sale investments included in net income, net of tax of $(1) and $9 for the three months ended and $10 and $26 for the nine months ended in 2019 and 2018, respectively | ( | ) | |||||||||||
Net unrealized gain (loss) on available-for-sale investments | ( | ) | ( | ) | |||||||||
Other comprehensive income | |||||||||||||
Comprehensive income attributable to common stockholders | $ | $ | $ | $ | |||||||||
MDU Resources Group, Inc. | |||||||||
Consolidated Balance Sheets | |||||||||
(Unaudited) | |||||||||
September 30, 2019 | September 30, 2018 | December 31, 2018 | |||||||
(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 | |||||||||
Operating lease right-of-use assets (Note 11) | — | — | |||||||
Other | |||||||||
Noncurrent assets held for sale | |||||||||
Total deferred charges and other assets | |||||||||
Total assets | $ | $ | $ | ||||||
Liabilities and Stockholders' Equity | |||||||||
Current liabilities: | |||||||||
Short-term borrowings | $ | $ | $ | ||||||
Long-term debt due within one year | |||||||||
Accounts payable | |||||||||
Taxes payable | |||||||||
Dividends payable | |||||||||
Accrued compensation | |||||||||
Current operating lease liabilities (Note 11) | — | — | |||||||
Other accrued liabilities | |||||||||
Current liabilities held for sale | |||||||||
Total current liabilities | |||||||||
Long-term debt | |||||||||
Deferred credits and other liabilities: | |||||||||
Deferred income taxes | |||||||||
Noncurrent operating lease liabilities (Note 11) | — | — | |||||||
Other | |||||||||
Total deferred credits and other liabilities | |||||||||
Commitments and contingencies | |||||||||
Stockholders' equity: | |||||||||
Common stock | |||||||||
Authorized - 500,000,000 shares, $1.00 par value Shares issued - 200,876,334 at September 30, 2019, 196,557,245 at September 30, 2018 and 196,564,907 at December 31, 2018 | |||||||||
Other paid-in capital | |||||||||
Retained earnings | |||||||||
Accumulated other comprehensive loss | ( | ) | ( | ) | ( | ) | |||
Treasury stock at cost - 538,921 shares | ( | ) | ( | ) | ( | ) | |||
Total stockholders' equity | |||||||||
Total liabilities and stockholders' equity | $ | $ | $ | ||||||
MDU Resources Group, Inc. | ||||||||||||||||||||||
Consolidated Statements of Equity | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
Nine Months Ended September 30, 2019 | ||||||||||||||||||||||
Other Paid-in Capital | Retained Earnings | Accumu-lated Other Compre-hensive Loss | ||||||||||||||||||||
Common Stock | Treasury Stock | |||||||||||||||||||||
Shares | Amount | Shares | Amount | Total | ||||||||||||||||||
(In thousands, except shares) | ||||||||||||||||||||||
At December 31, 2018 | $ | $ | $ | $ | ( | ) | ( | ) | $ | ( | ) | $ | ||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | ||||||||||||||||
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 | ( | ) | — | — | — | — | ( | ) | ||||||||||||||
Issuance of common stock | — | — | — | — | ||||||||||||||||||
At March 31, 2019 | $ | $ | $ | $ | ( | ) | ( | ) | $ | ( | ) | $ | ||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | ||||||||||||||||
Dividends declared on common stock | — | — | — | ( | ) | — | — | — | ( | ) | ||||||||||||
Stock-based compensation | — | — | — | — | — | — | ||||||||||||||||
Issuance of common stock | — | — | — | — | ||||||||||||||||||
At June 30, 2019 | $ | $ | $ | $ | ( | ) | ( | ) | $ | ( | ) | $ | ||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | ||||||||||||||||
Dividends declared on common stock | — | — | — | ( | ) | — | — | — | ( | ) | ||||||||||||
Stock-based compensation | — | — | — | — | — | — | ||||||||||||||||
Issuance of common stock | — | — | — | — | ||||||||||||||||||
At September 30, 2019 | $ | $ | $ | $ | ( | ) | ( | ) | $ | ( | ) | $ | ||||||||||
MDU Resources Group, Inc. | ||||||||||||||||||||||
Consolidated Statements of Equity | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
Nine Months Ended September 30, 2018 | ||||||||||||||||||||||
Other Paid-in Capital | Retained Earnings | Accumu-lated Other Compre-hensive Loss | ||||||||||||||||||||
Common Stock | Treasury Stock | |||||||||||||||||||||
Shares | Amount | Shares | Amount | Total | ||||||||||||||||||
(In thousands, except shares) | ||||||||||||||||||||||
At December 31, 2017 | $ | $ | $ | $ | ( | ) | ( | ) | $ | ( | ) | $ | ||||||||||
Cumulative effect of adoption of ASU 2014-09 | — | — | — | ( | ) | — | — | — | ( | ) | ||||||||||||
Adjusted balance at January 1, 2018 | ( | ) | ( | ) | ( | ) | ||||||||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | ||||||||||||||||
Reclassification of certain prior period tax effects from accumulated other comprehensive loss | — | — | — | ( | ) | — | — | |||||||||||||||
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 | — | — | ( | ) | — | — | ( | ) | ||||||||||||||
At March 31, 2018 | $ | $ | $ | $ | ( | ) | ( | ) | $ | ( | ) | $ | ||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | ||||||||||||||||
Dividends declared on common stock | — | — | — | ( | ) | — | — | — | ( | ) | ||||||||||||
Stock-based compensation | — | — | — | — | — | — | ||||||||||||||||
Issuance of common stock | — | — | — | — | ||||||||||||||||||
At June 30, 2018 | $ | $ | $ | $ | ( | ) | ( | ) | $ | ( | ) | $ | ||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | ||||||||||||||||
Dividends declared on common stock | — | — | — | ( | ) | — | — | — | ( | ) | ||||||||||||
Stock-based compensation | — | — | — | — | — | — | ||||||||||||||||
At September 30, 2018 | $ | $ | $ | $ | ( | ) | ( | ) | $ | ( | ) | $ | ||||||||||
MDU Resources Group, Inc. | |||||||
Consolidated Statements of Cash Flows | |||||||
(Unaudited) | |||||||
Nine Months Ended | |||||||
September 30, | |||||||
2019 | 2018 | ||||||
(In thousands) | |||||||
Operating activities: | |||||||
Net income | $ | $ | |||||
Income from discontinued operations, net of tax | |||||||
Income from continuing operations | |||||||
Adjustments to reconcile net income 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 used in discontinued operations | ( | ) | ( | ) | |||
Net cash provided by operating activities | |||||||
Investing activities: | |||||||
Capital expenditures | ( | ) | ( | ) | |||
Acquisitions, net of cash acquired | ( | ) | ( | ) | |||
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 short-term borrowings | |||||||
Repayment of short-term borrowings | ( | ) | |||||
Issuance of long-term debt | |||||||
Repayment of long-term debt | ( | ) | ( | ) | |||
Proceeds from issuance of common stock | |||||||
Dividends paid | ( | ) | ( | ) | |||
Repurchase of common stock | ( | ) | |||||
Tax withholding on stock-based compensation | ( | ) | ( | ) | |||
Net cash provided by financing activities | |||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ) | |||||
Increase in cash and cash equivalents | |||||||
Cash and cash equivalents -- beginning of year | |||||||
Cash and cash equivalents -- end of period | $ | $ | |||||
September 30, 2019 | September 30, 2018 | December 31, 2018 | |||||||
(In thousands) | |||||||||
Aggregates held for resale | $ | $ | $ | ||||||
Asphalt oil | |||||||||
Materials and supplies | |||||||||
Merchandise for resale | |||||||||
Natural gas in storage (current) | |||||||||
Other | |||||||||
Total | $ | $ | $ | ||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
(In thousands, except per share amounts) | ||||||||||||
Weighted average common shares outstanding - basic | ||||||||||||
Effect of dilutive performance share awards and restricted stock units | ||||||||||||
Weighted average common shares outstanding - diluted | ||||||||||||
Shares excluded from the calculation of diluted earnings per share | ||||||||||||
Dividends declared per common share | $ | $ | $ | $ | ||||||||
Nine Months Ended September 30, 2019 | Net Unrealized Gain (Loss) on Derivative Instruments Qualifying as Hedges | Postretirement Liability Adjustment | Net Unrealized Gain (Loss) on Available-for-sale Investments | Total Accumulated Other Comprehensive Loss | ||||||||
(In thousands) | ||||||||||||
At December 31, 2018 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Other comprehensive income before reclassifications | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ||||||||||||
Net current-period other comprehensive income | ||||||||||||
At March 31, 2019 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Other comprehensive income before reclassifications | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ||||||||||||
Net current-period other comprehensive income | ||||||||||||
At June 30, 2019 | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||
Other comprehensive income before reclassifications | ||||||||||||
Amounts reclassified (to) from accumulated other comprehensive loss | ( | ) | ||||||||||
Net current-period other comprehensive income | ||||||||||||
At September 30, 2019 | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||
Nine Months Ended September 30, 2018 | 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) | |||||||||||||||
At December 31, 2017 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Other comprehensive loss before reclassifications | ( | ) | ( | ) | ( | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||
Net current-period other comprehensive income (loss) | ( | ) | ( | ) | |||||||||||
Reclassification adjustment of prior period tax effects related to TCJA included in accumulated other comprehensive loss | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||
At March 31, 2018 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Other comprehensive loss before reclassifications | ( | ) | ( | ) | ( | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||
Net current-period other comprehensive income (loss) | ( | ) | |||||||||||||
At June 30, 2018 | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | ||
Other comprehensive loss before reclassifications | ( | ) | ( | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | |||||||||||||||
Net current-period other comprehensive income (loss) | ( | ) | |||||||||||||
At September 30, 2018 | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | ||
Three Months Ended | Nine Months Ended | Location on Consolidated Statements of Income | |||||||||||
September 30, | September 30, | ||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||
(In thousands) | |||||||||||||
Reclassification adjustment for loss on derivative instruments included in net income | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | Interest expense |
( | ) | Income taxes | |||||||||||
( | ) | ( | ) | ( | ) | ( | ) | ||||||
Amortization of postretirement liability losses included in net periodic benefit cost | ( | ) | ( | ) | ( | ) | ( | ) | Other income | ||||
Income taxes | |||||||||||||
( | ) | ( | ) | ( | ) | ( | ) | ||||||
Reclassification adjustment for foreign currency translation adjustment included in net income | ( | ) | Other income | ||||||||||
Income taxes | |||||||||||||
( | ) | ||||||||||||
Reclassification adjustment on available-for-sale investments included in net income | ( | ) | ( | ) | ( | ) | Other income | ||||||
( | ) | Income taxes | |||||||||||
( | ) | ( | ) | ( | ) | ||||||||
Total reclassifications | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |
Three Months Ended September 30, 2019 | Electric | Natural gas distribution | Pipeline and midstream | Construction materials and contracting | Construction services | Other | Total | ||||||||||||||
(In thousands) | |||||||||||||||||||||
Residential utility sales | $ | $ | $ | — | $ | — | $ | — | $ | — | $ | ||||||||||
Commercial utility sales | — | — | — | — | |||||||||||||||||
Industrial utility sales | — | — | — | — | |||||||||||||||||
Other utility sales | — | — | — | — | |||||||||||||||||
Natural gas transportation | — | — | — | — | |||||||||||||||||
Natural gas gathering | — | — | — | — | — | ||||||||||||||||
Natural gas storage | — | — | — | — | — | ||||||||||||||||
Contracting services | — | — | — | — | — | ||||||||||||||||
Construction materials | — | — | — | — | — | ||||||||||||||||
Intrasegment eliminations* | — | — | — | ( | ) | — | — | ( | ) | ||||||||||||
Inside specialty contracting | — | — | — | — | — | ||||||||||||||||
Outside specialty contracting | — | — | — | — | — | ||||||||||||||||
Other | |||||||||||||||||||||
Intersegment eliminations | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Revenues from contracts with customers | |||||||||||||||||||||
Revenues out of scope | |||||||||||||||||||||
Total external operating revenues | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||
* | Intrasegment revenues are presented within the construction materials and contracting segment to highlight the focus on vertical integration as this segment sells materials to both third parties and internal customers. Due to consolidation requirements, these revenues must be eliminated against construction materials to arrive at the external operating revenue total for the segment. |
Three Months Ended September 30, 2018 | Electric | Natural gas distribution | Pipeline and midstream | Construction materials and contracting | Construction services | Other | Total | ||||||||||||||
(In thousands) | |||||||||||||||||||||
Residential utility sales | $ | $ | $ | — | $ | — | $ | — | $ | — | $ | ||||||||||
Commercial utility sales | — | — | — | — | |||||||||||||||||
Industrial utility sales | — | — | — | — | |||||||||||||||||
Other utility sales | — | — | — | — | |||||||||||||||||
Natural gas transportation | — | — | — | — | |||||||||||||||||
Natural gas gathering | — | — | — | — | — | ||||||||||||||||
Natural gas storage | — | — | — | — | — | ||||||||||||||||
Contracting services | — | — | — | — | — | ||||||||||||||||
Construction materials | — | — | — | — | — | ||||||||||||||||
Intrasegment eliminations* | — | — | — | ( | ) | — | — | ( | ) | ||||||||||||
Inside specialty contracting | — | — | — | — | — | ||||||||||||||||
Outside specialty contracting | — | — | — | — | — | ||||||||||||||||
Other | |||||||||||||||||||||
Intersegment eliminations | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Revenues from contracts with customers | |||||||||||||||||||||
Revenues out of scope | |||||||||||||||||||||
Total external operating revenues | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||
* | Intrasegment revenues are presented within the construction materials and contracting segment to highlight the focus on vertical integration as this segment sells materials to both third parties and internal customers. Due to consolidation requirements, these revenues must be eliminated against construction materials to arrive at the external operating revenue total for the segment. |
Nine Months Ended September 30, 2019 | Electric | Natural gas distribution | Pipeline and midstream | Construction materials and contracting | Construction services | Other | Total | ||||||||||||||
(In thousands) | |||||||||||||||||||||
Residential utility sales | $ | $ | $ | — | $ | — | $ | — | $ | — | $ | ||||||||||
Commercial utility sales | — | — | — | — | |||||||||||||||||
Industrial utility sales | — | — | — | — | |||||||||||||||||
Other utility sales | — | — | — | — | |||||||||||||||||
Natural gas transportation | — | — | — | — | |||||||||||||||||
Natural gas gathering | — | — | — | — | — | ||||||||||||||||
Natural gas storage | — | — | — | — | — | ||||||||||||||||
Contracting services | — | — | — | — | — | ||||||||||||||||
Construction materials | — | — | — | — | — | ||||||||||||||||
Intrasegment eliminations* | — | — | — | ( | ) | — | — | ( | ) | ||||||||||||
Inside specialty contracting | — | — | — | — | — | ||||||||||||||||
Outside specialty contracting | — | — | — | — | — | ||||||||||||||||
Other | |||||||||||||||||||||
Intersegment eliminations | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Revenues from contracts with customers | |||||||||||||||||||||
Revenues out of scope | ( | ) | |||||||||||||||||||
Total external operating revenues | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||
* | Intrasegment revenues are presented within the construction materials and contracting segment to highlight the focus on vertical integration as this segment sells materials to both third parties and internal customers. Due to consolidation requirements, these revenues must be eliminated against construction materials to arrive at the external operating revenue total for the segment. |
Nine Months Ended September 30, 2018 | Electric | Natural gas distribution | Pipeline and midstream | Construction materials and contracting | Construction services | Other | Total | ||||||||||||||
(In thousands) | |||||||||||||||||||||
Residential utility sales | $ | $ | $ | — | $ | — | $ | — | $ | — | $ | ||||||||||
Commercial utility sales | — | — | — | — | |||||||||||||||||
Industrial utility sales | — | — | — | — | |||||||||||||||||
Other utility sales | — | — | — | — | |||||||||||||||||
Natural gas transportation | — | — | — | — | |||||||||||||||||
Natural gas gathering | — | — | — | — | — | ||||||||||||||||
Natural gas storage | — | — | — | — | — | ||||||||||||||||
Contracting services | — | — | — | — | — | ||||||||||||||||
Construction materials | — | — | — | — | — | ||||||||||||||||
Intrasegment eliminations* | — | — | — | ( | ) | — | — | ( | ) | ||||||||||||
Inside specialty contracting | — | — | — | — | — | ||||||||||||||||
Outside specialty contracting | — | — | — | — | — | ||||||||||||||||
Other | |||||||||||||||||||||
Intersegment eliminations | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Revenues from contracts with customers | |||||||||||||||||||||
Revenues out of scope | |||||||||||||||||||||
Total external operating revenues | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||
* | Intrasegment revenues are presented within the construction materials and contracting segment to highlight the focus on vertical integration as this segment sells materials to both third parties and internal customers. Due to consolidation requirements, these revenues must be eliminated against construction materials to arrive at the external operating revenue total for the segment. |
September 30, 2019 | December 31, 2018 | Change | Location on Consolidated Balance Sheets | |||||||
(In thousands) | ||||||||||
Contract assets | $ | $ | $ | Receivables, net | ||||||
Contract liabilities - current | ( | ) | ( | ) | ( | ) | Accounts payable | |||
Contract liabilities - noncurrent | ( | ) | ( | ) | Deferred credits and other liabilities - other | |||||
Net contract assets | $ | $ | $ | |||||||
• | In March 2019, the Company acquired Viesko Redi-Mix, Inc., a provider of ready-mixed concrete in Oregon. The results of Viesko Redi-Mix, Inc. are included in the construction materials and contracting segment. |
• | In September 2019, the Company purchased the assets of Pride Electric, Inc., an electrical construction company in Washington. The results of Pride Electric, Inc. are included in the construction services segment. |
December 31, 2018 | Measurement Period Adjustments | September 30, 2019 | |||||||
(In thousands) | |||||||||
Assets | |||||||||
Current assets: | |||||||||
Receivables, net | $ | $ | — | $ | |||||
Inventories | ( | ) | |||||||
Prepayments and other current assets | ( | ) | |||||||
Total current assets | ( | ) | |||||||
Property, plant and equipment | |||||||||
Deferred charges and other assets: | |||||||||
Goodwill | ( | ) | |||||||
Other Intangible assets, net | — | ||||||||
Other | — | ||||||||
Total deferred charges and other assets | ( | ) | |||||||
Total assets acquired | $ | $ | ( | ) | $ | ||||
Liabilities | |||||||||
Current liabilities | $ | $ | ( | ) | $ | ||||
Deferred credits and other liabilities: | |||||||||
Asset retirement obligation | — | ||||||||
Deferred income taxes | — | ||||||||
Total deferred credits and other liabilities | — | ||||||||
Total liabilities assumed | $ | $ | ( | ) | $ | ||||
Total consideration (fair value) | $ | $ | — | $ | |||||
September 30, 2019 | September 30, 2018 | December 31, 2018 | |||||||
(In thousands) | |||||||||
Assets | |||||||||
Current assets: | |||||||||
Receivables, net | $ | $ | $ | ||||||
Income taxes receivable (a) | |||||||||
Total current assets held for sale | |||||||||
Noncurrent assets: | |||||||||
Deferred income taxes | |||||||||
Other | |||||||||
Total noncurrent assets held for sale | |||||||||
Total assets held for sale | $ | $ | $ | ||||||
Liabilities | |||||||||
Current liabilities: | |||||||||
Accounts payable | $ | $ | $ | ||||||
Taxes 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) | On the Company's Consolidated Balance Sheets, these amounts were reclassified to taxes payable and are reflected in current liabilities held for sale. |
(b) | On the Company's Consolidated Balance Sheets, these amounts were reclassified to deferred charges and other assets - deferred income taxes and are reflected in noncurrent assets held for sale. |
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
(In thousands) | ||||||||||||
Operating revenues | $ | $ | $ | $ | ||||||||
Operating expenses | ( | ) | ||||||||||
Operating income (loss) | ( | ) | ( | ) | ||||||||
Other income | ||||||||||||
Interest expense | ||||||||||||
Income (loss) from discontinued operations before income taxes | ( | ) | ( | ) | ||||||||
Income taxes | ( | ) | ( | ) | ||||||||
Income (loss) from discontinued operations | $ | $ | ( | ) | $ | $ | ||||||
Three Months Ended | Nine Months Ended | |||||
September 30, | September 30, | |||||
2019 | 2019 | |||||
(In thousands) | ||||||
Lease costs: | ||||||
Operating lease cost | $ | $ | ||||
Variable lease cost | ||||||
Short-term lease cost | ||||||
Total lease costs | $ | $ | ||||
September 30, 2019 | |||
(Dollars in thousands) | |||
Weighted average remaining lease term | |||
Weighted average discount rate | % | ||
Cash paid for amounts included in the measurement of lease liabilities | $ | ||
(In thousands) | |||
Remainder of 2019 | $ | ||
2020 | |||
2021 | |||
2022 | |||
2023 | |||
Thereafter | |||
Total | |||
Less discount | |||
Total operating lease liabilities | $ | ||
2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | |||||||||||||
(In thousands) | ||||||||||||||||||
Operating leases | $ | $ | $ | $ | $ | $ | ||||||||||||
Nine Months Ended September 30, 2019 | Balance at January 1, 2019 | Goodwill Acquired During the Year | Measurement Period Adjustments | Balance at September 30, 2019 | ||||||||
(In thousands) | ||||||||||||
Natural gas distribution | $ | $ | $ | $ | ||||||||
Construction materials and contracting | ( | ) | ||||||||||
Construction services | ||||||||||||
Total | $ | $ | $ | ( | ) | $ | ||||||
Nine Months Ended September 30, 2018 | Balance at January 1, 2018 | Goodwill Acquired During the Year | Measurement Period Adjustments | Balance at September 30, 2018 | ||||||||
(In thousands) | ||||||||||||
Natural gas distribution | $ | $ | $ | $ | ||||||||
Construction materials and contracting | ||||||||||||
Construction services | ||||||||||||
Total | $ | $ | $ | $ | ||||||||
Year Ended December 31, 2018 | Balance at January 1, 2018 | Goodwill Acquired During the Year | Measurement Period Adjustments | Balance at December 31, 2018 | ||||||||
(In thousands) | ||||||||||||
Natural gas distribution | $ | $ | $ | $ | ||||||||
Construction materials and contracting | ||||||||||||
Construction services | ||||||||||||
Total | $ | $ | $ | $ | ||||||||
September 30, 2019 | September 30, 2018 | December 31, 2018 | |||||||
(In thousands) | |||||||||
Customer relationships | $ | $ | $ | ||||||
Less accumulated amortization | |||||||||
Noncompete agreements | |||||||||
Less accumulated amortization | |||||||||
Other | |||||||||
Less accumulated amortization | |||||||||
Total | $ | $ | $ | ||||||
Remainder of 2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | |||||||||||||
(In thousands) | ||||||||||||||||||
Amortization expense | $ | $ | $ | $ | $ | $ | ||||||||||||
Estimated Recovery Period | * | September 30, 2019 | December 31, 2018 | |||||
(In thousands) | ||||||||
Regulatory assets: | ||||||||
Pension and postretirement benefits (a) | $ | $ | ||||||
Natural gas costs recoverable through rate adjustments (a) (b) | ||||||||
Asset retirement obligations (a) | ||||||||
Cost recovery mechanisms (a) (b) | ||||||||
Manufactured gas plant site remediation (a) | ||||||||
Taxes recoverable from customers (a) | ||||||||
Plants to be retired (a) | ||||||||
Conservation programs (b) | ||||||||
Long-term debt refinancing costs (a) | ||||||||
Costs related to identifying generation development (a) | ||||||||
Other (a) (b) | ||||||||
Total regulatory assets | $ | $ | ||||||
Regulatory liabilities: | ||||||||
Taxes refundable to customers (c) (d) | $ | $ | ||||||
Plant removal and decommissioning costs (c) (d) | ||||||||
Natural gas costs refundable through rate adjustments (d) | ||||||||
Pension and postretirement benefits (c) | ||||||||
Other (c) (d) | ||||||||
Total regulatory liabilities | $ | $ | ||||||
Net regulatory position | $ | ( | ) | $ | ( | ) | ||
* | Estimated recovery period for regulatory assets currently being recovered in rates charged to customers. |
(a) | Included in deferred charges and other assets - other on the Consolidated Balance Sheets. |
(b) | Included in prepayments and other current assets on the Consolidated Balance Sheets. |
(c) | Included in deferred credits and other liabilities - other on the Consolidated Balance Sheets. |
(d) | Included in other accrued liabilities on the Consolidated Balance Sheets. |
(e) | Recovered as expense is incurred or cash contributions are made. |
September 30, 2019 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||
(In thousands) | ||||||||||||
Mortgage-backed securities | $ | $ | $ | $ | ||||||||
U.S. Treasury securities | ||||||||||||
Total | $ | $ | $ | $ | ||||||||
September 30, 2018 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||
(In thousands) | ||||||||||||
Mortgage-backed securities | $ | $ | $ | $ | ||||||||
U.S. Treasury securities | ||||||||||||
Total | $ | $ | $ | $ | ||||||||
December 31, 2018 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||
(In thousands) | ||||||||||||
Mortgage-backed securities | $ | $ | $ | $ | ||||||||
U.S. Treasury securities | ||||||||||||
Total | $ | $ | $ | $ | ||||||||
Fair Value Measurements at September 30, 2019, 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, 2019 | |||||||||
(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 | $ | — | $ | $ | — | $ | ||||||
* | The insurance contract invests approximately |
Fair Value Measurements at September 30, 2018, 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, 2018 | |||||||||
(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 | $ | — | $ | $ | — | $ | ||||||
* | The insurance contract invests approximately |
Fair Value Measurements at December 31, 2018, 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, 2018 | |||||||||
(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 | $ | — | $ | $ | — | $ | ||||||
* | The insurance contract invests approximately |
Carrying Amount | Fair Value | |||||
(In thousands) | ||||||
Long-term debt at September 30, 2019 | $ | $ | ||||
Long-term debt at September 30, 2018 | $ | $ | ||||
Long-term debt at December 31, 2018 | $ | $ | ||||
• | On March 22, 2019, Cascade entered into a $ |
• | On April 12, 2019, Centennial entered into a $ |
• | On August 7, 2019, Centennial entered into a $ |
• | On April 4, 2019, Centennial issued $ |
• | On June 7, 2019, Cascade amended its revolving credit agreement to increase the borrowing limit from $ |
• | On June 7, 2019, Intermountain amended its revolving credit agreement to extend the termination date from April 24, 2020 to June 7, 2024. |
• | On June 13, 2019, Cascade issued $ |
• | On June 13, 2019, Intermountain issued $ |
Weighted Average Interest Rate at September 30, 2019 | September 30, 2019 | December 31, 2018 | ||||||
(In thousands) | ||||||||
Senior notes due on dates ranging from December 15, 2019 to January 15, 2055 | % | $ | $ | |||||
Commercial paper supported by revolving credit agreements | % | |||||||
Term loan agreements due on dates ranging from September 3, 2032 to November 18, 2059 | % | |||||||
Credit agreements due on June 7, 2024 | % | |||||||
Medium-term notes due on dates ranging from September 1, 2020 to March 16, 2029 | % | |||||||
Other notes due on dates ranging from July 15, 2021 to November 30, 2038 | % | |||||||
Less unamortized debt issuance costs | ||||||||
Less discount | ||||||||
Total long-term debt | ||||||||
Less current maturities | ||||||||
Net long-term debt | $ | $ | ||||||
Remainder of 2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | |||||||||||||
(In thousands) | ||||||||||||||||||
Long-term debt maturities | $ | $ | $ | $ | $ | $ | ||||||||||||
Nine Months Ended | ||||||
September 30, | ||||||
2019 | 2018 | |||||
(In thousands) | ||||||
Interest, net* | $ | $ | ||||
Income taxes paid, net** | $ | $ | ||||
* | AFUDC - borrowed was $ |
** | Income taxes paid, including discontinued operations, were $ |
September 30, 2019 | September 30, 2018 | December 31, 2018 | |||||||
(In thousands) | |||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | $ | — | $ | — | ||||
Property, plant and equipment additions in accounts payable | $ | $ | $ | ||||||
Debt assumed in connection with a business combination | $ | $ | — | $ | — | ||||
Issuance of common stock in connection with a business combination | $ | $ | $ | ||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
(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 | $ | $ | $ | $ | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
(In thousands) | ||||||||||||
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 | $ | $ | $ | $ | ||||||||
Operating income (loss): | ||||||||||||
Electric | $ | $ | $ | $ | ||||||||
Natural gas distribution | ( | ) | ( | ) | ||||||||
Pipeline and midstream | ||||||||||||
Construction materials and contracting | ||||||||||||
Construction services | ||||||||||||
Other | ( | ) | ||||||||||
Total operating income | $ | $ | $ | $ | ||||||||
Net income (loss): | ||||||||||||
Regulated operations: | ||||||||||||
Electric | $ | $ | $ | $ | ||||||||
Natural gas distribution | ( | ) | ( | ) | ||||||||
Pipeline and midstream | ||||||||||||
Nonregulated operations: | ||||||||||||
Pipeline and midstream | ||||||||||||
Construction materials and contracting | ||||||||||||
Construction services | ||||||||||||
Other | ||||||||||||
Income from continuing operations | ||||||||||||
Income (loss) from discontinued operations, net of tax | ( | ) | ||||||||||
Net income | $ | $ | $ | $ | ||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||
Three Months Ended September 30, | 2019 | 2018 | 2019 | 2018 | ||||||||
(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, | 2019 | 2018 | 2019 | 2018 | ||||||||
(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) | $ | $ | $ | ( | ) | $ | ( | ) | ||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
(In millions, except per share amounts) | ||||||||||||
Electric | $ | 16.3 | $ | 15.3 | $ | 39.3 | $ | 37.5 | ||||
Natural gas distribution | (15.6 | ) | (11.9 | ) | 14.6 | 13.9 | ||||||
Pipeline and midstream | 7.7 | 11.0 | 21.7 | 21.9 | ||||||||
Construction materials and contracting | 102.6 | 78.9 | 97.3 | 79.7 | ||||||||
Construction services | 21.1 | 9.3 | 64.0 | 38.5 | ||||||||
Other | 4.0 | 4.8 | 3.5 | 1.9 | ||||||||
Income from continuing operations | 136.1 | 107.4 | 240.4 | 193.4 | ||||||||
Income (loss) from discontinued operations, net of tax | 1.5 | (.1 | ) | — | .1 | |||||||
Net income | $ | 137.6 | $ | 107.3 | $ | 240.4 | $ | 193.5 | ||||
Earnings per share - basic: | ||||||||||||
Income from continuing operations | $ | .68 | $ | .55 | $ | 1.21 | $ | .99 | ||||
Discontinued operations, net of tax | .01 | — | — | — | ||||||||
Earnings per share - basic | $ | .69 | $ | .55 | $ | 1.21 | $ | .99 | ||||
Earnings per share - diluted: | ||||||||||||
Income from continuing operations | $ | .68 | $ | .55 | $ | 1.21 | $ | .99 | ||||
Discontinued operations, net of tax | .01 | — | — | — | ||||||||
Earnings per share - diluted | $ | .69 | $ | .55 | $ | 1.21 | $ | .99 | ||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
(Dollars in millions, where applicable) | ||||||||||||
Operating revenues | $ | 89.8 | $ | 86.1 | $ | 263.4 | $ | 252.0 | ||||
Electric fuel and purchased power | 18.7 | 18.4 | 64.4 | 58.9 | ||||||||
Taxes, other than income | .1 | .2 | .4 | .6 | ||||||||
Adjusted gross margin | 71.0 | 67.5 | 198.6 | 192.5 | ||||||||
Operating expenses: | ||||||||||||
Operation and maintenance | 30.8 | 30.1 | 94.6 | 91.3 | ||||||||
Depreciation, depletion and amortization | 14.2 | 12.6 | 41.8 | 37.7 | ||||||||
Taxes, other than income | 4.1 | 3.7 | 12.5 | 11.2 | ||||||||
Total operating expenses | 49.1 | 46.4 | 148.9 | 140.2 | ||||||||
Operating income | 21.9 | 21.1 | 49.7 | 52.3 | ||||||||
Other income | .6 | .8 | 2.7 | 2.1 | ||||||||
Interest expense | 6.2 | 6.3 | 18.9 | 19.4 | ||||||||
Income before income taxes | 16.3 | 15.6 | 33.5 | 35.0 | ||||||||
Income taxes | — | .3 | (5.8 | ) | (2.5 | ) | ||||||
Net income | $ | 16.3 | $ | 15.3 | $ | 39.3 | $ | 37.5 | ||||
Retail sales (million kWh): | ||||||||||||
Residential | 259.4 | 282.9 | 865.6 | 903.0 | ||||||||
Commercial | 359.5 | 374.3 | 1,102.4 | 1,131.7 | ||||||||
Industrial | 127.8 | 132.9 | 403.5 | 406.8 | ||||||||
Other | 20.9 | 24.5 | 64.9 | 70.5 | ||||||||
767.6 | 814.6 | 2,436.4 | 2,512.0 | |||||||||
Average cost of electric fuel and purchased power per kWh | $ | .021 | $ | .021 | $ | .024 | $ | .022 | ||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
(Dollars in millions, where applicable) | ||||||||||||
Operating revenues | $ | 93.6 | $ | 92.2 | $ | 569.7 | $ | 554.5 | ||||
Purchased natural gas sold | 35.6 | 35.2 | 305.6 | 301.6 | ||||||||
Taxes, other than income | 3.2 | 3.1 | 20.7 | 21.0 | ||||||||
Adjusted gross margin | 54.8 | 53.9 | 243.4 | 231.9 | ||||||||
Operating expenses: | ||||||||||||
Operation and maintenance | 44.4 | 42.1 | 134.3 | 129.4 | ||||||||
Depreciation, depletion and amortization | 19.9 | 18.1 | 59.1 | 53.5 | ||||||||
Taxes, other than income | 6.1 | 5.4 | 17.9 | 16.5 | ||||||||
Total operating expenses | 70.4 | 65.6 | 211.3 | 199.4 | ||||||||
Operating income (loss) | (15.6 | ) | (11.7 | ) | 32.1 | 32.5 | ||||||
Other income | 1.7 | .7 | 5.3 | 2.0 | ||||||||
Interest expense | 8.9 | 7.7 | 26.1 | 22.6 | ||||||||
Income (loss) before income taxes | (22.8 | ) | (18.7 | ) | 11.3 | 11.9 | ||||||
Income taxes | (7.2 | ) | (6.8 | ) | (3.3 | ) | (2.0 | ) | ||||
Net income (loss) | $ | (15.6 | ) | $ | (11.9 | ) | $ | 14.6 | $ | 13.9 | ||
Volumes (MMdk) | ||||||||||||
Retail sales: | ||||||||||||
Residential | 4.1 | 4.0 | 44.3 | 40.4 | ||||||||
Commercial | 4.2 | 4.0 | 31.5 | 29.0 | ||||||||
Industrial | .9 | .8 | 3.6 | 3.2 | ||||||||
9.2 | 8.8 | 79.4 | 72.6 | |||||||||
Transportation sales: | ||||||||||||
Commercial | .3 | .3 | 1.5 | 1.5 | ||||||||
Industrial | 45.7 | 42.0 | 117.9 | 108.1 | ||||||||
46.0 | 42.3 | 119.4 | 109.6 | |||||||||
Total throughput | 55.2 | 51.1 | 198.8 | 182.2 | ||||||||
Average cost of natural gas per dk | $ | 3.88 | $ | 4.00 | $ | 3.85 | $ | 4.16 | ||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
(Dollars in millions) | ||||||||||||
Operating revenues | $ | 36.4 | $ | 32.3 | $ | 105.1 | $ | 93.5 | ||||
Operating expenses: | ||||||||||||
Operation and maintenance | 16.1 | 15.9 | 47.5 | 45.5 | ||||||||
Depreciation, depletion and amortization | 5.6 | 4.3 | 15.6 | 13.1 | ||||||||
Taxes, other than income | 3.3 | 3.0 | 10.0 | 9.2 | ||||||||
Total operating expenses | 25.0 | 23.2 | 73.1 | 67.8 | ||||||||
Operating income | 11.4 | 9.1 | 32.0 | 25.7 | ||||||||
Other income | .1 | .8 | .9 | 1.3 | ||||||||
Interest expense | 1.8 | 1.6 | 5.3 | 4.1 | ||||||||
Income before income taxes | 9.7 | 8.3 | 27.6 | 22.9 | ||||||||
Income taxes | 2.0 | (2.7 | ) | 5.9 | 1.0 | |||||||
Net income | $ | 7.7 | $ | 11.0 | $ | 21.7 | $ | 21.9 | ||||
Transportation volumes (MMdk) | 111.1 | 92.7 | 319.9 | 259.3 | ||||||||
Natural gas gathering volumes (MMdk) | 3.6 | 3.8 | 10.5 | 11.2 | ||||||||
Customer natural gas storage balance (MMdk): | ||||||||||||
Beginning of period | 11.4 | 16.2 | 13.9 | 22.4 | ||||||||
Net injection | 12.8 | 7.1 | 10.3 | .9 | ||||||||
End of period | 24.2 | 23.3 | 24.2 | 23.3 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
(Dollars in millions) | ||||||||||||
Operating revenues | $ | 869.5 | $ | 743.9 | $ | 1,692.7 | $ | 1,466.9 | ||||
Cost of sales: | ||||||||||||
Operation and maintenance | 668.9 | 586.0 | 1,384.4 | 1,210.9 | ||||||||
Depreciation, depletion and amortization | 19.7 | 15.1 | 55.2 | 42.1 | ||||||||
Taxes, other than income | 13.4 | 11.8 | 34.8 | 30.8 | ||||||||
Total cost of sales | 702.0 | 612.9 | 1,474.4 | 1,283.8 | ||||||||
Gross margin | 167.5 | 131.0 | 218.3 | 183.1 | ||||||||
Selling, general and administrative expense: | ||||||||||||
Operation and maintenance | 22.7 | 20.1 | 64.6 | 57.3 | ||||||||
Depreciation, depletion and amortization | .9 | .5 | 2.4 | 1.6 | ||||||||
Taxes, other than income | .9 | .8 | 3.7 | 3.6 | ||||||||
Total selling, general and administrative expense | 24.5 | 21.4 | 70.7 | 62.5 | ||||||||
Operating income | 143.0 | 109.6 | 147.6 | 120.6 | ||||||||
Other income (expense) | .2 | (.1 | ) | 1.5 | (1.0 | ) | ||||||
Interest expense | 6.4 | 4.4 | 18.6 | 12.5 | ||||||||
Income before income taxes | 136.8 | 105.1 | 130.5 | 107.1 | ||||||||
Income taxes | 34.2 | 26.2 | 33.2 | 27.4 | ||||||||
Net income | $ | 102.6 | $ | 78.9 | $ | 97.3 | $ | 79.7 | ||||
Sales (000's): | ||||||||||||
Aggregates (tons) | 11,860 | 10,366 | 24,815 | 21,860 | ||||||||
Asphalt (tons) | 3,317 | 3,380 | 5,396 | 5,581 | ||||||||
Ready-mixed concrete (cubic yards) | 1,372 | 1,103 | 3,124 | 2,623 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
(In millions) | ||||||||||||
Operating revenues | $ | 479.6 | $ | 330.4 | $ | 1,365.4 | $ | 988.0 | ||||
Cost of sales: | ||||||||||||
Operation and maintenance | 409.0 | 289.3 | 1,151.7 | 838.0 | ||||||||
Depreciation, depletion and amortization | 3.7 | 3.5 | 11.1 | 10.7 | ||||||||
Taxes, other than income | 14.1 | 9.7 | 44.6 | 32.0 | ||||||||
Total cost of sales | 426.8 | 302.5 | 1,207.4 | 880.7 | ||||||||
Gross margin | 52.8 | 27.9 | 158.0 | 107.3 | ||||||||
Selling, general and administrative expense: | ||||||||||||
Operation and maintenance | 21.4 | 14.6 | 63.9 | 51.0 | ||||||||
Depreciation, depletion and amortization | .5 | .4 | 1.3 | 1.1 | ||||||||
Taxes, other than income | .9 | 1.0 | 3.4 | 3.3 | ||||||||
Total selling, general and administrative expense | 22.8 | 16.0 | 68.6 | 55.4 | ||||||||
Operating income | 30.0 | 11.9 | 89.4 | 51.9 | ||||||||
Other income | .3 | .5 | 1.4 | 1.1 | ||||||||
Interest expense | 1.6 | .9 | 4.0 | 2.7 | ||||||||
Income before income taxes | 28.7 | 11.5 | 86.8 | 50.3 | ||||||||
Income taxes | 7.6 | 2.2 | 22.8 | 11.8 | ||||||||
Net income | $ | 21.1 | $ | 9.3 | $ | 64.0 | $ | 38.5 | ||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
(In millions) | ||||||||||||
Operating revenues | $ | 2.9 | $ | 3.1 | $ | 13.6 | $ | 8.5 | ||||
Operating expenses: | ||||||||||||
Operation and maintenance | 3.6 | 2.6 | 11.8 | 6.5 | ||||||||
Depreciation, depletion and amortization | .5 | .5 | 1.5 | 1.5 | ||||||||
Taxes, other than income | — | — | .1 | .1 | ||||||||
Total operating expenses | 4.1 | 3.1 | 13.4 | 8.1 | ||||||||
Operating income (loss) | (1.2 | ) | — | .2 | .4 | |||||||
Other income | .2 | .4 | .7 | .6 | ||||||||
Interest expense | .4 | .5 | 1.5 | 2.2 | ||||||||
Loss before income taxes | (1.4 | ) | (.1 | ) | (.6 | ) | (1.2 | ) | ||||
Income taxes | (5.4 | ) | (4.9 | ) | (4.1 | ) | (3.1 | ) | ||||
Net income | $ | 4.0 | $ | 4.8 | $ | 3.5 | $ | 1.9 | ||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
(In millions) | ||||||||||||
Intersegment transactions: | ||||||||||||
Operating revenues | $ | 8.0 | $ | 7.2 | $ | 51.3 | $ | 41.7 | ||||
Operation and maintenance | 4.3 | 4.1 | 16.2 | 10.4 | ||||||||
Purchased natural gas sold | 3.7 | 3.1 | 35.1 | 31.3 | ||||||||
Company | Facility | Facility Limit | Amount Outstanding | Letters of Credit | Expiration Date | |||||||||||
(In millions) | ||||||||||||||||
Montana-Dakota Utilities Co. | Commercial paper/Revolving credit agreement | (a) | $ | 175.0 | $ | 78.2 | (b) | $ | — | 6/8/23 | ||||||
Cascade Natural Gas Corporation | Revolving credit agreement | $ | 100.0 | (c) | $ | 8.9 | $ | 2.2 | (d) | 6/7/24 | ||||||
Intermountain Gas Company | Revolving credit agreement | $ | 85.0 | (e) | $ | 22.1 | $ | 1.4 | (d) | 6/7/24 | ||||||
Centennial Energy Holdings, Inc. | Commercial paper/Revolving credit agreement | (f) | $ | 500.0 | $ | 203.6 | (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 Montana-Dakota 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 $125.0 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. |
Remainder of 2019 | 1 - 3 years | 3 - 5 years | More than 5 years | Total | |||||||||||
(In millions) | |||||||||||||||
Long-term debt maturities* | $ | 50.1 | $ | 367.8 | $ | 247.3 | $ | 1,587.8 | $ | 2,253.0 | |||||
Estimated interest payments** | 24.9 | 249.4 | 140.5 | 525.9 | 940.7 | ||||||||||
$ | 75.0 | $ | 617.2 | $ | 387.8 | $ | 2,113.7 | $ | 3,193.7 | ||||||
* | Unamortized debt issuance costs and discount are excluded from the table. |
** | Represents the estimated interest payments associated with the Company's long-term debt outstanding at September 30, 2019, assuming current interest rates and consistent amounts outstanding until their respective maturity dates over the periods indicated in the table above. |
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
(In millions) | ||||||||||||
Operating income | $ | 21.9 | $ | 21.1 | $ | 49.7 | $ | 52.3 | ||||
Adjustments: | ||||||||||||
Operating expenses: | ||||||||||||
Operation and maintenance | 30.8 | 30.1 | 94.6 | 91.3 | ||||||||
Depreciation, depletion and amortization | 14.2 | 12.6 | 41.8 | 37.7 | ||||||||
Taxes, other than income | 4.1 | 3.7 | 12.5 | 11.2 | ||||||||
Total adjustments | 49.1 | 46.4 | 148.9 | 140.2 | ||||||||
Adjusted gross margin | $ | 71.0 | $ | 67.5 | $ | 198.6 | $ | 192.5 | ||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||
(In millions) | ||||||||||||
Operating income (loss) | $ | (15.6 | ) | $ | (11.7 | ) | $ | 32.1 | $ | 32.5 | ||
Adjustments: | ||||||||||||
Operating expenses: | ||||||||||||
Operation and maintenance | 44.4 | 42.1 | 134.3 | 129.4 | ||||||||
Depreciation, depletion and amortization | 19.9 | 18.1 | 59.1 | 53.5 | ||||||||
Taxes, other than income | 6.1 | 5.4 | 17.9 | 16.5 | ||||||||
Total adjustments | 70.4 | 65.6 | 211.3 | 199.4 | ||||||||
Adjusted gross margin | $ | 54.8 | $ | 53.9 | $ | 243.4 | $ | 231.9 | ||||
ISSUER PURCHASES OF EQUITY SECURITIES | ||||||||
Period | (a) Total Number of Shares (or Units) Purchased (1) | (b) Average Price Paid per Share (or Unit) | (c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs (2) | (d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs (2) | ||||
July 1 through July 31, 2019 | — | — | — | — | ||||
August 1 through August 31, 2019 | — | — | — | — | ||||
September 1 through September 30, 2019 | — | — | — | — | ||||
Total | — | — | — | |||||
(1) | Represents shares of common stock withheld by the Company to pay taxes in connection with the vesting of shares granted pursuant to the Long-Term Performance-Based Incentive Plan. |
(2) | Not applicable. The Company does not currently have in place any publicly announced plans or programs to purchase equity securities. |
Exhibits Index | |||||||
Incorporated by Reference | |||||||
Exhibit Number | Exhibit Description | Filed Herewith | Form | Period Ended | Exhibit | Filing Date | File Number |
2(a) | 8-K | 2(a) | 1/2/19 | 1-03480 | |||
3(a) | 8-K | 3(a) | 1/2/19 | 1-03480 | |||
3(b) | 8-K | 3.2 | 5/8/19 | 1-03480 | |||
3(c) | 8-K | 3.1 | 2/15/19 | 1-03480 | |||
*4(a) | X | ||||||
+10(a) | X | ||||||
31(a) | X | ||||||
31(b) | X | ||||||
32 | X | ||||||
95 | X | ||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||||||
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 | ||||||
* | Schedules and exhibits to this agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished as a supplement to the SEC upon request. |
+ | Management contract, compensatory plan or arrangement. |
MDU RESOURCES GROUP, INC. | |||
DATE: | November 1, 2019 | 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 | |||
SECTION 1. | AUTHORIZATION OF NOTES . |
SECTION 2. | SALE AND PURCHASE OF NOTES . |
SECTION 3. | CLOSING . |
SECTION 4. | CONDITIONS TO CLOSING . |
SECTION 5. | REPRESENTATIONS AND WARRANTIES OF THE COMPANY . |
SECTION 6. | REPRESENTATIONS OF THE PURCHASERS . |
SECTION 7. | INFORMATION AS TO COMPANY |
SECTION 8. | PAYMENT AND PREPAYMENT OF THE NOTES . |
SECTION 9. | AFFIRMATIVE COVENANTS. |
SECTION 10. | NEGATIVE COVENANTS. |
(a) | no Default or Event of Default exists, and |
SECTION 12. | REMEDIES ON DEFAULT, ETC. |
SECTION 13. | REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES . |
SECTION 14. | PAYMENTS ON NOTES . |
SECTION 15. | EXPENSES, ETC . |
SECTION 16. | SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT . |
SECTION 17. | AMENDMENT AND WAIVER . |
SECTION 18. | NOTICES . |
SECTION 19. | REPRODUCTION OF DOCUMENTS . |
SECTION 20. | CONFIDENTIAL INFORMATION . |
SECTION 21. | SUBSTITUTION OF PURCHASER . |
SECTION 22. | MISCELLANEOUS . |
By: | AIG Asset Management (U.S.), LLC, as Investment Adviser |
By: | Northwestern Mutual Investment |
By: /s/ Callie Hamilton | Vice President |
I. | Affiliates (other than Subsidiaries) |
1. | 1250 Gladding Road, LLC, a Delaware limited liability company |
2. | Alaska Basic Industries, Inc., an Alaska corporation |
3. | Ames Sand & Gravel, Inc., a North Dakota corporation |
4. | Anchorage Sand and Gravel Company, Inc., an Alaska corporation |
5. | ARC Fabricators,, L.L.C., a South Dakota limited liability company |
6. | Baldwin Contracting Company, Inc., a California corporation |
7. | Bell Electrical Contractors, Inc., a Missouri corporation |
8. | Bombard Electric, LLC, a Nevada limited liability company |
9. | Bombard Mechanical, LLC, a Nevada limited liability company |
10. | Capital Electric Construction Company, Inc., a Kansas corporation |
11. | Capital Electric Line Builders, Inc., a Kansas corporation |
12. | Cascade Natural Gas Corporation, a Washington corporation |
13. | Centennial Energy Holdings, Inc., a Delaware corporation |
14. | Centennial Energy Resources International, Inc., a Delaware corporation |
15. | Centennial Energy Resources LLC, a Delaware limited liability company |
16. | Centennial Holdings Capital LLC, a Delaware limited liability company |
17. | Central Oregon Redi-Mix, L.L.C., an Oregon limited liability company |
18. | Concrete, Inc., a California corporation |
19. | Connolly-Pacific Co., a California corporation |
20. | Desert Fire Holdings, Inc., a Nevada corporation |
21. | Desert Fire Protection, a Nevada Limited Partnership |
22. | Desert Fire Protection, Inc., a Nevada corporation |
23. | Desert Fire Protection, LLC, a Nevada limited liability company |
24. | D S Company, a California corporation |
25. | Duro Electric Company, a Colorado corporation |
26. | E & ER Company, a South Dakota corporation |
27. | Ellis & Eastern Company, a South Dakota corporation |
28. | E.S.I., Inc., an Ohio corporation |
29. | Fairbanks Materials, Inc., an Alaska corporation |
30. | Fidelity Exploration & Production Company, a Delaware corporation |
31. | Fidelity Oil Co., a Delaware corporation |
32. | Frebco, Inc., an Ohio corporation |
33. | FutureSource Capital Corp., a Delaware corporation |
34. | Granite City Ready Mix, Inc., a Minnesota corporation |
35. | Hawaiian Cement, a Hawaii partnership |
36. | Independent Fire Fabricators, LLC, a Nevada limited liability company |
37. | Intermountain Gas Company, an Idaho corporation |
38. | International Line Builders, Inc., a Delaware corporation |
39. | InterSource Insurance Company, a Vermont corporation |
40. | Jebro Incorporated, an Iowa corporation |
41. | JTL Group, Inc., a Montana corporation |
42. | JTL Group, Inc., a Wyoming corporation |
43. | Kent’s Oil Service, a California corporation |
44. | Knife River Corporation, a Delaware corporation |
45. | Knife River Corporation – Mountain West, a Delaware corporation |
46. | Knife River Corporation – North Central, a Minnesota corporation |
47. | Knife River Corporation – Northwest, an Oregon corporation |
48. | Knife River Corporation – South, a Texas corporation |
49. | Knife River Dakota, Inc., a Delaware corporation |
50. | Knife River Hawaii, Inc., a Delaware corporation |
51. | Knife River Marine, Inc., a Delaware corporation |
52. | Knife River Midwest, LLC, a Delaware limited liability company |
53. | KRC Holdings, Inc., a Delaware corporation |
54. | Lone Mountain Excavation & Utilities, LLC, a Nevada limited liability company |
55. | Loy Clark Pipeline Co., an Oregon corporation |
56. | LTM, Incorporated, an Oregon corporation |
57. | MDU Construction Services Group, Inc., a Delaware corporation |
58. | MDU Energy Capital, LLC, a Delaware limited liability company |
59. | MDU Industrial Services, Inc., a Delaware corporation |
60. | MDU Resources Group, Inc., a Delaware corporation |
61. | MDU Resources International LLC, a Delaware limited liability company |
62. | MDU Resources Luxembourg I LLC S.a.r.l., a Luxembourg limited liability company |
63. | MDU Resources Luxembourg II LLC S.a.r.l., a Luxembourg limited liability company |
64. | MDU United Construction Solutions, Inc., a Delaware corporation |
65. | Nevada Solar Solutions, LLC, a Delaware limited liability company |
66. | Nevada Valley Solar Solutions I, LLC, a Delaware limited liability company |
67. | Northstar Materials, Inc., a Minnesota corporation |
68. | OEG, Inc., an Oregon corporation |
69. | Prairie Cascade Energy Holdings, LLC, a Delaware limited liability company |
70. | Prairie Intermountain Energy Holdings, LLC, a Delaware limited liability company |
71. | Rail to Road, Inc., a South Dakota corporation |
72. | Rocky Mountain Contractors, Inc., a Montana corporation |
73. | Sweetman Const. Co., a South Dakota corporation |
74. | USI Industrial Services, Inc., a Delaware corporation |
75. | The Wagner Group, Inc., a Delaware corporation |
76. | The Wagner-Smith Company, an Ohio corporation |
77. | Wagner-Smith Equipment Co., a Delaware corporation |
78. | WBI Canadian Pipeline, Ltd., a Canadian corporation |
79. | WBI Energy, Inc., a Delaware corporation |
80. | WBI Energy Midstream, LLC, a Colorado limited liability company |
81. | WBI Energy Transmission, Inc., a Delaware corporation |
82. | WBI Holdings, Inc., a Delaware corporation |
83. | WHC, Ltd., a Hawaii corporation |
1. | Order, dated October 16, 2018, from the Federal Energy Regulatory Commission |
2. | Order, dated December 11, 2018, from the Public Service Commission of Montana |
3. | Order, dated September 21, 2018, from the Public Service Commission of Wyoming |
a) | All outstanding Indebtedness of the Company as of the date of this Agreement. |
5/31/2019 | |||||||
(dollars in thousands) | |||||||
Commercial Paper | 39,500 | ||||||
Term Loan due October 2019 | 100,000 | ||||||
Term Loan due November 2019 | 100,000 | ||||||
4.24% Senior Notes due July 2024 | 60,000 | ||||||
3.78% Senior Notes due October 2025 | 87,000 | ||||||
4.34% Senior Notes due July 2026 | 40,000 | ||||||
6.33% Senior Notes due August 2026 | 100,000 | ||||||
4.03% Senior Notes due December 2030 | 52,000 | ||||||
3.36% Senior Notes due March 2032 | 20,000 | ||||||
5.98% Senior Notes due December 2033 | 30,000 | ||||||
5.18% Senior Notes due April 2044 | 50,000 | ||||||
3.73% Senior Notes due March 2037 | 40,000 | ||||||
4.87% Senior Notes due October 2045 | 11,000 | ||||||
4.15% Senior Notes due November 2046 | 40,000 | ||||||
Term Loan due September 2032 | 9,800 | ||||||
Minot Air Force Base Note Payable – Due 2038 | 421 | ||||||
Total debt | $ | 779,721 | |||||
1) | Note Purchase Agreement, dated August 24, 2006, among the Company and the holders of the notes issued thereunder, as amended. |
2) | Note Purchase Agreement, dated January 28, 2014, among the Company and the holders of the notes issued thereunder, as amended. |
3) | Note Purchase Agreement, dated October 29, 2015, among the Company and the holders of the notes issued thereunder, as amended |
4) | Note Purchase Agreement, dated November 21, 2016, among the Company and the holders of the notes issued thereunder, as amended. |
5) | Credit Agreement, dated June 8, 2018, among the Company, Wells Fargo Bank, National Association, as Administrative Agent, and various Lenders party thereto. |
6) | Indenture, dated as of December 15, 2003, between the Company and The Bank of New York, as trustee. |
7) | Term Loan Agreement, dated as of September 5, 2017, among the Company, US Bank National Association, as Administrative Agent, and the various Lenders party thereto. |
8) | Term Loan Agreement, dated as of September 17, 2018, among the Company, KeyBank National Association, as Administrative Agent, and the various Lenders party thereto. |
9) | Term Loan Agreement, dated as of October 18, 2018, among the Company, PNC Bank, National Association, as Administrative Agent, and the various Lenders party thereto. |
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 (#) | ||||||
04-05140 | — | $ | 121 | — | — | — | |||||
10-02088 | — | 121 | — | — | — | ||||||
10-02089 | 1 | 1,776 | — | — | 2 | ||||||
13-02222 | — | 363 | — | — | — | ||||||
21-02702 | — | 363 | — | — | — | ||||||
21-03096 | — | 214 | — | — | — | ||||||
21-03133 | — | 242 | — | — | — | ||||||
21-03358 | — | 263 | — | — | — | ||||||
21-03419 | — | 214 | — | — | — | ||||||
21-03502 | — | 121 | — | — | — | ||||||
21-03572 | — | 121 | — | — | — | ||||||
21-03732 | — | 121 | — | — | — | ||||||
21-02936 | — | 121 | — | — | — | ||||||
21-03215 | — | 242 | — | — | — | ||||||
24-00462 | 1 | 3,267 | — | — | — | ||||||
24-00459 | — | 474 | — | — | — | ||||||
24-00478 | — | 242 | — | — | — | ||||||
32-00774 | — | 121 | — | — | — | ||||||
32-00777 | — | 726 | — | — | — | ||||||
32-00950 | — | 1,079 | — | — | — | ||||||
35-00512 | — | 242 | — | — | — | ||||||
35-02968 | — | 363 | 1 | — | — | ||||||
35-03131 | — | — | 3 | 2 | — | ||||||
35-03496 | — | 363 | — | — | — | ||||||
35-03527 | — | 616 | — | — | — | ||||||
35-03581 | — | — | 2 | 1 | — | ||||||
35-03595 | — | 121 | — | — | — | ||||||
35-03605 | — | 242 | — | — | — | ||||||
35-03667 | — | 363 | — | — | — | ||||||
35-03751 | 2 | 1,043 | — | — | — | ||||||
39-00008 | 1 | 1,213 | — | — | — | ||||||
48-01383 | — | 725 | — | — | — | ||||||
50-00883 | — | 121 | — | — | — | ||||||
51-00036 | — | — | — | — | 1 | ||||||
51-00192 | — | — | — | — | 1 | ||||||
5 | $ | 15,724 | 6 | 3 | 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 | ||||||
35-02968 | 1 | — | — | — | — | — | ||||||
35-03131 | 3 | — | — | — | — | — | ||||||
35-03581 | 1 | 1 | — | — | — | — | ||||||
5 | 1 | — | — | — | — | |||||||
Accounts receivable and allowance for doubtful accounts (Details) - USD ($) $ in Millions |
Sep. 30, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
|---|---|---|---|
| Receivables [Abstract] | |||
| Receivables past due 90 days or more | $ 56.0 | $ 30.0 | $ 29.2 |
| Allowance for doubtful accounts receivable | $ 8.7 | $ 8.9 | $ 7.3 |
Debt (Tables) |
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-term debt outstanding | Long-term debt outstanding was as follows:
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| Schedule of debt maturities | Long-term debt maturities, which excludes unamortized debt issuance costs and discount, as of September 30, 2019, were as follows:
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Lessor accounting (Details 4) $ in Millions |
3 Months Ended | 9 Months Ended |
|---|---|---|
|
Sep. 30, 2019
USD ($)
|
Sep. 30, 2019
USD ($)
|
|
| Leases [Abstract] | ||
| Operating Lease, Lease Income | $ 11.2 | $ 37.7 |
| Lessor, Operating Lease, Payments to be Received, Next Twelve Months | $ 10.0 | $ 10.0 |
Short-term debt (Details) - USD ($) $ in Thousands |
Sep. 30, 2019 |
Aug. 07, 2019 |
Apr. 12, 2019 |
Mar. 22, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
|---|---|---|---|---|---|---|
| Short-term Debt [Line Items] | ||||||
| Short-term borrowings | $ 139,988 | $ 0 | $ 0 | |||
| Cascade Natural Gas [Member] | Term Loan Agreements | ||||||
| Short-term Debt [Line Items] | ||||||
| Short-term borrowings | $ 40,000 | |||||
| Centennial Energy Holdings, Inc. [Member] | Term Loan Agreements | ||||||
| Short-term Debt [Line Items] | ||||||
| Short-term borrowings | $ 50,000 | $ 50,000 |
Cash flow information (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | |
|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2018 |
|
| Interest, net | $ 64,596 | $ 58,359 | |
| Income taxes paid, net | 1,816 | 8,887 | |
| AFUDC borrowed | 2,000 | 1,800 | |
| Right-of-use assets obtained in exchange for new operating lease liabilities | 46,770 | ||
| Property, plant and equipment additions in accounts payable | 34,368 | 34,594 | $ 42,355 |
| Debt assumed in connection with a business combination | 1,163 | ||
| Issuance of common stock in connection with a business combination | 0 | 17,993 | $ 18,186 |
| Continuing and discontinued operations | |||
| Income taxes paid, net | $ 2,000 | $ 5,100 | |
Business Combinations |
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| Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combinations | Business combinations During 2019, the Company completed two acquisitions which were accounted for as business combinations. The following is a listing of the acquisitions made during 2019:
All business combinations were accounted for in accordance with ASC 805 - Business Combinations. The results of the acquired businesses have been included in the Company's Consolidated Financial Statements beginning on the acquisition date. Pro forma financial amounts reflecting the effects of the business combinations are not presented, as these business combinations were not material to the Company's financial position or results of operations. For all business combinations, the Company preliminarily allocates the purchase price of the acquisitions to the assets acquired and liabilities assumed based on their estimated fair values as of the acquisition dates and are considered provisional until final fair values are determined, or the measurement period has passed. The Company expects to record adjustments as it accumulates the information needed to estimate the fair value of assets acquired and liabilities assumed, including working capital balances, estimated fair value of identifiable intangible assets, property, plant and equipment, total consideration and goodwill. The excess of the purchase price over the aggregate fair values is recorded as goodwill. The Company calculated the fair value of the assets acquired in 2019 and 2018 using a market or cost approach (or a combination of both). Fair values for some of the assets were determined based on Level 3 inputs including estimated future cash flows, discount rates, growth rates, sales projections, retention rates and terminal values, all of which require significant management judgment and are susceptible to change. The final fair value of the net assets acquired may result in adjustments to the assets and liabilities, including goodwill, and will be made as soon as practical, but no later than one year from the respective acquisition dates. Any subsequent measurement period adjustments are not expected to have a material impact on the Company's results of operations. As of September 30, 2019, the gross aggregate consideration for acquisitions that occurred in 2019 was $54.5 million, subject to certain adjustments, and includes $1.2 million of debt assumed. The acquisitions are subject to customary adjustments based on, among other things, the amount of cash, debt and working capital in the business as of the closing date. The amounts included in the Consolidated Balance Sheet for these adjustments are considered provisional until final settlement has occurred. The purchase price adjustments for Viesko Redi-Mix, Inc., have been settled and the purchase price allocation is considered final. During the third quarter of 2019, the Company finalized its valuation of the assets acquired and liabilities assumed in conjunction with the acquisition in 2018 of Sweetman Construction Company. As a result, measurement period adjustments were made to the previously disclosed provisional fair values. These adjustments did not have a material impact on the Company's consolidated results of operations. The purchase price adjustments for the three additional acquisitions in 2018 have been settled with no material adjustments made to the provisional accounting. The aggregate total consideration for the 2018 acquisitions and the final amounts allocated to the assets acquired and liabilities assumed were as follows:
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Earnings per common share |
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings per common share | Earnings per share Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the applicable period. Diluted earnings per share is computed by dividing net income by the total of the weighted average number of shares of common stock outstanding during the applicable period, plus the effect of nonvested performance share awards and restricted stock units. Common stock outstanding includes issued shares less shares held in treasury. Net income was the same for both the basic and diluted earnings per share calculations. A reconciliation of the weighted average common shares outstanding used in the basic and diluted earnings per share calculations follows:
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Fair value disclosures (Policies) |
9 Months Ended |
|---|---|
Sep. 30, 2019 | |
| 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. The available-for-sale securities 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. |
Accounts receivable and allowance for doubtful accounts (Policies) |
9 Months Ended |
|---|---|
Sep. 30, 2019 | |
| Receivables [Abstract] | |
| Accounts receivable and allowance for doubtful accounts | Accounts receivable consists 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. |
Revenue from contracts with customers (Policies) |
9 Months Ended |
|---|---|
Sep. 30, 2019 | |
| Revenue from Contract with Customer [Abstract] | |
| Revenue from contracts with customers | Revenue is recognized when a performance obligation is satisfied by transferring control over a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer, and excludes any sales incentives and amounts collected on behalf of third parties. The Company is considered an agent for certain taxes collected from customers. As such, the Company presents revenues net of these taxes at the time of sale to be remitted to governmental authorities, including sales and use taxes.
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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. The construction materials and contracting segment mines, processes and sells construction aggregates (crushed stone, sand and gravel); produces and sells asphalt mix; and supplies ready-mixed concrete. This segment focuses on vertical integration of its contracting services with its construction materials to support the aggregate based product lines including aggregate placement, asphalt and concrete paving, and site development and grading. Although not common to all locations, other products include the sale of cement, liquid asphalt for various commercial and roadway applications, various finished concrete products and other building materials and related contracting services. This segment operates in the central, southern and western United States and Alaska and Hawaii. The construction services segment provides inside and outside specialty contracting services. Its inside services include design, construction and maintenance of electrical and communication wiring and infrastructure, fire suppression systems, and mechanical piping and services. Its outside services include design, construction and maintenance of overhead and underground electrical distribution and transmission lines, substations, external lighting, traffic signalization, and gas pipelines, as well as utility excavation and the manufacture and distribution of transmission line construction equipment. This segment also constructs and maintains renewable energy projects. These specialty contracting services are provided to utilities and large manufacturing, commercial, industrial, institutional and governmental customers. The Other category includes the activities of Centennial Capital, which, through its subsidiary InterSource Insurance Company, insures various types of risks as a captive insurer for certain of the Company's subsidiaries. The function of the captive insurer is to fund the self-insured layers of the insured Company's general liability, automobile liability, pollution liability and other coverages. Centennial Capital also owns certain real and personal property. In addition, the Other category includes certain assets, liabilities and tax adjustments of the holding company primarily associated with corporate functions and certain general and administrative costs (reflected in operation and maintenance expense) and interest expense which were previously allocated to the refining business and Fidelity that do not meet the criteria for income (loss) from discontinued operations. The Other category also includes Centennial Resources' former investment in Brazil. Discontinued operations include the results and supporting activities of Dakota Prairie Refining and Fidelity other than certain general and administrative costs and interest expense as described above. For more information on discontinued operations, see Note 10. The information below follows the same accounting policies as described in Note 1 of the Company's Notes to Consolidated Financial Statements in the 2018 Annual Report. Information on the Company's segments was as follows:
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Regulatory assets and liabilities |
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| Regulatory Assets and Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Regulatory Assets and Liabilities | Regulatory assets and liabilities The following table summarizes the individual components of unamortized regulatory assets and liabilities:
The regulatory assets are expected to be recovered in rates charged to customers. A portion of the Company's regulatory assets are not earning a return; however, these regulatory assets are expected to be recovered from customers in future rates. As of September 30, 2019 and December 31, 2018, approximately $278.2 million and $313.5 million, respectively, of regulatory assets were not earning a rate of return. During the first quarter of 2019 and the fourth quarter of 2018, the Company experienced increased natural gas costs in certain jurisdictions where it supplies natural gas. The Company has recorded these natural gas costs as regulatory assets as they are expected to be recovered from customers, as discussed in Note 19. In February 2019, the Company announced that it intends to retire three aging coal-fired electric generation units within the next three years. The Company has accelerated the depreciation related to these facilities in property, plant and equipment and has recorded the difference between the accelerated depreciation, in accordance with GAAP, and the depreciation approved for rate-making purposes as regulatory assets. The Company expects to recover the regulatory assets related to the plants to be retired in future rates. If, for any reason, the Company's regulated businesses cease to meet the criteria for application of regulatory accounting for all or part of their operations, the regulatory assets and liabilities relating to those portions ceasing to meet such criteria would be removed from the balance sheet and included in the statement of income or accumulated other comprehensive income (loss) in the period in which the discontinuance of regulatory accounting occurs.
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Basis of presentation (Policies) |
9 Months Ended |
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Sep. 30, 2019 | |
| 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 2018 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.
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Goodwill and other intangible assets (Tables) |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in the carrying amount of goodwill | The changes in the carrying amount of goodwill were as follows:
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| Other amortizable intangible assets | Other amortizable intangible assets were as follows:
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| Estimated amortization expense | Estimated amortization expense for identifiable intangible assets as of September 30, 2019, was:
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Contingencies (Policies) |
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Sep. 30, 2019 | |
| 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.
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| 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.
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Revenue from contracts with customers (Tables) |
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| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation of revenue | In the following table, revenue is disaggregated by the type of customer or service provided. The Company believes this level of disaggregation best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The table also includes a reconciliation of the disaggregated revenue by reportable segments. For more information on the Company's business segments, see Note 17.
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| Contract balances | The changes in contract assets and liabilities were as follows:
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Contingencies |
9 Months Ended |
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Sep. 30, 2019 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Contingencies | Contingencies The Company is party to claims and lawsuits arising out of its business and that of its consolidated subsidiaries, which may include, but are not limited to, matters involving property damage, personal injury, and environmental, contractual, statutory and regulatory obligations. The Company accrues a liability for those contingencies when the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Company does not accrue liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is probable or reasonably possible and which are material, the Company discloses the nature of the contingency and, in some circumstances, an estimate of the possible loss. Accruals are based on the best information available, but in certain situations management is unable to estimate an amount or range of a reasonably possible loss including, but not limited to when: (1) the damages are unsubstantiated or indeterminate, (2) the proceedings are in the early stages, (3) numerous parties are involved, or (4) the matter involves novel or unsettled legal theories. At September 30, 2019 and 2018, and December 31, 2018, the Company accrued liabilities which have not been discounted, including liabilities held for sale, of $30.6 million, $30.4 million and $30.4 million, respectively. The accruals are for contingencies, including litigation, production taxes, royalty claims and environmental matters. This includes amounts that have been accrued for matters discussed in Environmental matters within this note. The Company will continue to monitor each matter and adjust accruals as might be warranted based on new information and further developments. Management believes that the outcomes with respect to probable and reasonably possible losses in excess of the amounts accrued, net of insurance recoveries, while uncertain, either cannot be estimated or will not have a material effect upon the Company's financial position, results of operations or cash flows. Unless otherwise required by GAAP, legal costs are expensed as they are incurred. Environmental matters Portland Harbor Site In December 2000, Knife River - Northwest was named by the EPA as a PRP in connection with the cleanup of the Willamette River site adjacent to a commercial property site acquired by Knife River - Northwest from Georgia-Pacific West, Inc. The riverbed site is part of the Portland, Oregon, Harbor Superfund Site where the EPA wants responsible parties to share in the costs of cleanup. 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. Investigative costs are indicated to be in excess of $100 million. Remediation 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 was also notified 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. It is not possible to estimate the costs of natural resource damages until an assessment is completed and allocations are undertaken. At this time, Knife River - Northwest does not believe it is a responsible party and 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. LWG has 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 Claims have been made against Cascade for cleanup of environmental contamination at manufactured gas plant sites operated by Cascade's predecessors and a similar claim has been made against Montana-Dakota for a site operated by Montana-Dakota and its predecessors. Any accruals related to these claims are reflected in regulatory assets. For more information, see Note 13. Demand has been made of Montana-Dakota to participate in investigation and remediation of environmental contamination at a site in Missoula, Montana. The site operated as a former manufactured gas plant from approximately 1907 to 1938 when it was converted to a butane-air plant that operated until 1956. Montana-Dakota or its predecessors owned or controlled the site for a period of the time it operated as a manufactured gas plant and Montana-Dakota operated the butane-air plant from 1940 to 1951, at which time it sold the plant. There are no documented wastes or by-products resulting from the mixing or distribution of butane-air gas. Preliminary assessment of a portion of the site provided a recommended remedial alternative for that portion of approximately $560,000. However, the recommended remediation would not address any potential contamination to adjacent parcels that may be impacted by contamination from the manufactured gas plant. Montana-Dakota and another party agreed to voluntarily investigate and remediate the site and that Montana-Dakota will pay two-thirds of the costs for further investigation and remediation of the site. Montana-Dakota received notice from a prior insurance carrier that it will participate in payment of defense costs incurred in relation to the claim. Montana-Dakota has accrued $375,000 for the remediation of this site. A claim was made against Cascade for contamination at the Bremerton Gasworks Superfund 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 $3.8 million has been incurred. Cascade has accrued $3.8 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 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. A claim was made against Cascade 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. Other PRPs reached an agreed order and work plan with the Washington DOE for completion of a remedial investigation and feasibility study for the site. A feasibility study prepared for one of the PRPs in March 2018 identifies five cleanup action alternatives for the site with estimated costs ranging from $8.0 million to $20.4 million with a selected preferred alternative having an estimated total cost of $9.3 million. The other PRPs will develop a cleanup action plan and, after public review of the cleanup action plan, develop design documents. 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 recorded an accrual for this site for an amount that is not material. Cascade has received notices from and entered into agreement with certain of its insurance carriers that they will participate in defense of Cascade for certain of the 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. Guarantees 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, 2019, the fixed maximum amounts guaranteed under these agreements aggregated $206.5 million. At September 30, 2019, the amounts of scheduled expiration of the maximum amounts guaranteed under these agreements aggregate to $2.0 million in 2019; $192.2 million in 2020; $700,000 in 2021; $500,000 in 2022; $500,000 in 2023; $1.6 million thereafter; $9.0 million, which has no scheduled maturity date; and no amounts were outstanding. 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, 2019, the fixed maximum amounts guaranteed under these letters of credit aggregated $30.0 million. At September 30, 2019, the amounts of scheduled expiration of the maximum amounts guaranteed under these letters of credit aggregate to $24.4 million in 2019 and $5.6 million in 2020 with no amounts outstanding. In the event of default under these letter of credit obligations, the subsidiary guaranteeing the letter of credit would be obligated for reimbursement of payments made under the letter of credit. In addition, Centennial, Knife River and MDU Construction Services have issued guarantees to third parties related to the routine purchase of maintenance items, materials and lease obligations for which no fixed maximum amounts have been specified. These guarantees have no scheduled maturity date. In the event a subsidiary of the Company defaults under these obligations, Centennial, Knife River or MDU Construction Services would be required to make payments under these guarantees. Any amounts outstanding by subsidiaries of the Company were reflected on the Consolidated Balance Sheet at September 30, 2019. 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, 2019, approximately $930.1 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 the period 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 that the price of the coal will cover all costs of operations, as well as future reclamation costs. The Coyote Station owners are also providing a guarantee of the value of the assets of Coyote Creek as they would be required to buy the assets at book value should they terminate the contract prior to the end of the contract term and are providing a guarantee of the value of the equity of Coyote Creek in that they are required to buy the entity at the end of the contract term at equity value. Although the Company has determined that Coyote Creek is a VIE, the Company has concluded that it is not the primary beneficiary of Coyote Creek because the authority to direct the activities of the entity is shared by the four unrelated owners of the Coyote Station, with no primary beneficiary existing. As a result, Coyote Creek is not required to be consolidated in the Company's financial statements. At September 30, 2019, 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 $36.6 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 and financing transactions were 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:
During 2019 and 2018, the Company completed two and four business combinations, respectively, and the results of these acquisitions have been included in the Company's construction materials and contracting and construction services segments. These business combinations increased the construction materials and contracting segment's goodwill balance at September 30, 2019 and 2018, and December 31, 2018, and increased the construction services segment's goodwill balance at September 30, 2019, as noted in the previous tables. As a result of the business combinations, other intangible assets increased $6.3 million at September 30, 2019, compared to December 31, 2018. For more information related to these business combinations, see Note 9. Other amortizable intangible assets were as follows:
Amortization expense for amortizable intangible assets for the three and nine months ended September 30, 2019, was $500,000 and $1.6 million, respectively. Amortization expense for amortizable intangible assets for the three and nine months ended September 30, 2018, was $300,000 and $900,000, respectively. Estimated amortization expense for identifiable intangible assets as of September 30, 2019, was:
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Inventories and natural gas in storage (Tables) |
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| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories | Inventories on the Consolidated Balance Sheets were as follows:
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Business Combinations Business Combinations (Tables) |
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| Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The aggregate total consideration for the 2018 acquisitions and the final amounts allocated to the assets acquired and liabilities assumed were as follows:
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Regulatory assets and liabilities (Tables) |
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| Regulatory Assets and Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Regulatory Assets | The following table summarizes the individual components of unamortized regulatory assets and liabilities:
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| Regulatory Liabilities | The following table summarizes the individual components of unamortized regulatory assets and liabilities:
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Discontinued operations Noncontrolling interest (Details) |
Jun. 27, 2016 |
Jun. 24, 2016 |
|---|---|---|
| WBI Energy | Dakota Prairie Refining, LLC | ||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
| Previous percentage of ownership | 50.00% | 50.00% |
Litigation (Details) - USD ($) $ in Millions |
Sep. 30, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
|---|---|---|---|
| Loss Contingencies [Line Items] | |||
| Potential liabilities related to litigation and environmental matters | $ 30.6 | $ 30.4 | $ 30.4 |
OPUC (Details 4) $ in Millions |
12 Months Ended |
|---|---|
|
Oct. 31, 2020
USD ($)
| |
| OPUC | Gas Distribution [Member] | Cascade Natural Gas [Member] | Tax Cuts and Jobs Act [Member] | Subsequent Event [Member] | |
| Public Utilities, General Disclosures [Line Items] | |
| Approved Customer Refunds | $ (1.4) |
Contract balances (Details 2) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2018 |
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| Revenue from Contract with Customer [Abstract] | |||||
| Contract assets | $ 163,437 | $ 163,437 | $ 104,239 | ||
| Change in contract assets | 59,198 | ||||
| Contract liabilities - current | (120,207) | (120,207) | (93,901) | ||
| Change in contract liabilities - current | (26,306) | ||||
| Contract liabilities - noncurrent | (25) | (25) | (135) | ||
| Change in contract liabilities - noncurrent | 110 | ||||
| Net contract assets | 43,205 | 43,205 | $ 10,203 | ||
| Change in net contract assets | 33,002 | ||||
| Amounts included in contract liability at the beginning of the period | 7,500 | $ 10,300 | 86,500 | $ 79,200 | |
| Amounts from performance obligations satisfied in prior periods | $ 21,800 | $ (8,700) | $ 40,300 | $ (3,700) | |
New accounting standards ASU 2016-02 (Details) $ in Millions |
3 Months Ended |
|---|---|
|
Mar. 31, 2019
USD ($)
| |
| Accounting Standards Update 2016-02 [Member] | |
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
| New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 112 |
Employee benefit plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 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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Fair value measurements (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 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 long-term debt was as follows:
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Fair value measurements Insurance contracts (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
Dec. 31, 2018 |
|
| Fair Value Disclosures [Abstract] | |||||
| Investments used to satisfy nonqualified benefit plans obligations | $ 84.2 | $ 80.4 | $ 84.2 | $ 80.4 | $ 73.8 |
| Net unrealized gain (loss) on investments used to satisfy obligations under nonqualified benefit plans | $ 1.1 | $ 2.1 | $ 10.4 | $ 3.0 | |
Revenue from contracts with customers |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from contracts with customers | Revenue from contracts with customers Revenue is recognized when a performance obligation is satisfied by transferring control over a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer, and excludes any sales incentives and amounts collected on behalf of third parties. The Company is considered an agent for certain taxes collected from customers. As such, the Company presents revenues net of these taxes at the time of sale to be remitted to governmental authorities, including sales and use taxes. As part of the adoption of ASC 606 - Revenue from Contracts with Customers, the Company elected the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the Company otherwise would have recognized is 12 months or less. Disaggregation In the following table, revenue is disaggregated by the type of customer or service provided. The Company believes this level of disaggregation best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The table also includes a reconciliation of the disaggregated revenue by reportable segments. For more information on the Company's business segments, see Note 17.
Contract balances The timing of revenue recognition may differ from the timing of invoicing to customers. The timing of invoicing to customers does not necessarily correlate with the timing of revenues being recognized under the cost‐to‐cost method of accounting. Contracts from contracting services are billed as work progresses in accordance with agreed upon contractual terms. Generally, billing to the customer occurs contemporaneous to revenue recognition. A variance in timing of the billings may result in a contract asset or a contract liability. A contract asset occurs when revenues are recognized under the cost-to-cost measure of progress, which exceeds amounts billed on uncompleted contracts. Such amounts will be billed as standard contract terms allow, usually based on various measures of performance or achievement. A contract liability occurs when there are billings in excess of revenues recognized under the cost-to-cost measure of progress on uncompleted contracts. Contract liabilities decrease as revenue is recognized from the satisfaction of the related performance obligation. The changes in contract assets and liabilities were as follows:
The Company recognized $7.5 million and $86.5 million in revenue for the three and nine months ended September 30, 2019, respectively, which was previously included in contract liabilities at December 31, 2018. The Company recognized $10.3 million and $79.2 million in revenue for the three and nine months ended September 30, 2018, respectively, which was previously included in contract liabilities at December 31, 2017. The Company recognized a net increase in revenues of $21.8 million and $40.3 million for the three and nine months ended September 30, 2019, respectively, from performance obligations satisfied in prior periods. The Company recognized a net decrease in revenues of $8.7 million and $3.7 million for the three and nine months ended September 30, 2018, respectively, from performance obligations satisfied in prior periods. Remaining performance obligations The remaining performance obligations at the construction materials and contracting and construction services segments include unrecognized revenues the Company reasonably expects to be realized which includes projects that have a written award, a letter of intent, a notice to proceed, an agreed upon work order to perform work on mutually accepted terms and conditions and change orders or claims to the extent management believes additional contract revenues will be earned and are deemed probable of collection. Excluded from remaining performance obligations are potential orders under master service agreements. The remaining performance obligations at the pipeline and midstream segment include firm transportation and storage contracts with fixed pricing and fixed volumes. At September 30, 2019, the Company's remaining performance obligations were $2.1 billion. The Company expects to recognize the following revenue amounts in future periods related to these remaining performance obligations: $1.6 billion within the next 12 months; $255.0 million within the next 13 to 24 months; and $249.6 million thereafter. The majority of the Company's construction contracts have an original duration of less than two years. The Company's firm transportation and firm storage contracts have weighted average remaining durations of approximately five and three years, respectively.
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Inventories and natural gas in storage |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories and natural gas in storage | Inventories and natural gas in storage Natural gas in storage for the Company's regulated operations is generally 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 was included in inventories. Inventories on the Consolidated Balance Sheets were as follows:
The remainder of natural gas in storage, which largely represents the cost of gas required to maintain pressure levels for normal operating purposes, was included in deferred charges and other assets - other and was $48.2 million, $47.8 million and $48.5 million at September 30, 2019 and 2018, and December 31, 2018, respectively.
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Inventories and natural gas in storage (Policies) |
9 Months Ended |
|---|---|
Sep. 30, 2019 | |
| Inventory Disclosure [Abstract] | |
| Inventories and natural gas in storage | Natural gas in storage for the Company's regulated operations is generally carried at lower of cost or net realizable value, or cost using the last-in, first-out method. All other inventories are stated at the lower of cost or net realizable value. |
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
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| Operating revenues: | ||||
| Operating revenues: | $ 1,563,799 | $ 1,280,787 | $ 3,958,563 | $ 3,321,678 |
| Operating expenses: | ||||
| Operation and maintenance: | 1,212,620 | 996,591 | 2,936,564 | 2,419,531 |
| Purchased natural gas sold | 31,843 | 32,123 | 270,539 | 270,319 |
| Depreciation, depletion and amortization | 65,021 | 55,016 | 187,937 | 161,298 |
| Taxes, other than income | 46,128 | 38,647 | 148,110 | 128,257 |
| Electric fuel and purchased power | 18,717 | 18,406 | 64,413 | 58,901 |
| Total operating expenses | 1,374,329 | 1,140,783 | 3,607,563 | 3,038,306 |
| Operating income | 189,470 | 140,004 | 351,000 | 283,372 |
| Other income | 3,014 | 2,683 | 12,222 | 4,864 |
| Interest expense | 25,258 | 20,955 | 74,094 | 62,202 |
| Income before income taxes | 167,226 | 121,732 | 289,128 | 226,034 |
| Income taxes | 31,098 | 14,363 | 48,766 | 32,629 |
| Income from continuing operations | 136,128 | 107,369 | 240,362 | 193,405 |
| Income (loss) from discontinued operations, net of tax (Note 10) | 1,509 | (118) | 26 | 85 |
| Net income | $ 137,637 | $ 107,251 | $ 240,388 | $ 193,490 |
| Earnings per share - basic: | ||||
| Income from continuing operations | $ 0.68 | $ 0.55 | $ 1.21 | $ 0.99 |
| Discontinued operations, net of tax | 0.01 | 0 | 0 | 0 |
| Earnings per share - basic | 0.69 | 0.55 | 1.21 | 0.99 |
| Earnings per share - diluted: | ||||
| Income from continuing operations | 0.68 | 0.55 | 1.21 | 0.99 |
| Discontinued operations, net of tax | 0.01 | 0 | 0 | 0 |
| Earnings per share - diluted | $ 0.69 | $ 0.55 | $ 1.21 | $ 0.99 |
| Weighted average common shares outstanding - basic | 199,343 | 196,018 | 198,016 | 195,618 |
| Weighted average common shares outstanding - diluted | 199,383 | 196,265 | 198,033 | 196,104 |
| Regulated operation | ||||
| Operating revenues: | ||||
| Operating revenues: | $ 209,444 | $ 200,617 | $ 885,309 | $ 851,761 |
| Operating expenses: | ||||
| Operation and maintenance: | 86,249 | 82,920 | 262,434 | 252,961 |
| Income from continuing operations | 7,599 | 13,506 | 74,206 | 72,193 |
| Nonregulated operation | ||||
| Operating revenues: | ||||
| Operating revenues: | 1,354,355 | 1,080,170 | 3,073,254 | 2,469,917 |
| Operating expenses: | ||||
| Operation and maintenance: | 1,126,371 | 913,671 | 2,674,130 | 2,166,570 |
| Income from continuing operations | $ 128,529 | $ 93,863 | $ 166,156 | $ 121,212 |
Business Combinations (Policies) |
9 Months Ended |
|---|---|
Sep. 30, 2019 | |
| Business Combinations [Abstract] | |
| Business Combinations Policy [Policy Text Block] | All business combinations were accounted for in accordance with ASC 805 - Business Combinations. The results of the acquired businesses have been included in the Company's Consolidated Financial Statements beginning on the acquisition date. Pro forma financial amounts reflecting the effects of the business combinations are not presented, as these business combinations were not material to the Company's financial position or results of operations. For all business combinations, the Company preliminarily allocates the purchase price of the acquisitions to the assets acquired and liabilities assumed based on their estimated fair values as of the acquisition dates and are considered provisional until final fair values are determined, or the measurement period has passed. The Company expects to record adjustments as it accumulates the information needed to estimate the fair value of assets acquired and liabilities assumed, including working capital balances, estimated fair value of identifiable intangible assets, property, plant and equipment, total consideration and goodwill. The excess of the purchase price over the aggregate fair values is recorded as goodwill. The Company calculated the fair value of the assets acquired in 2019 and 2018 using a market or cost approach (or a combination of both). Fair values for some of the assets were determined based on Level 3 inputs including estimated future cash flows, discount rates, growth rates, sales projections, retention rates and terminal values, all of which require significant management judgment and are susceptible to change. The final fair value of the net assets acquired may result in adjustments to the assets and liabilities, including goodwill, and will be made as soon as practical, but no later than one year from the respective acquisition dates. Any subsequent measurement period adjustments are not expected to have a material impact on the Company's results of operations.
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Consolidated Balance Sheets (Parenthetical) - $ / shares |
Sep. 30, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
|---|---|---|---|
| Stockholders' equity: | |||
| Common stock, shares issued | 200,876,334 | 196,564,907 | 196,557,245 |
| Treasury shares | 538,921 | 538,921 | 538,921 |
| Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 |
| Common stock, par value | $ 1.00 | $ 1.00 | $ 1.00 |
Business segment data (Policies) |
9 Months Ended |
|---|---|
Sep. 30, 2019 | |
| 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. |
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 qualified 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:
The components of net periodic benefit cost (credit), other than the service cost component, are included in other income on the Consolidated Statements of Income. The service cost component is included in operation and maintenance expense on the Consolidated Statements of Income. Nonqualified defined benefit plans In addition to the qualified defined benefit pension plans reflected in the table at the beginning of this note, the Company also has unfunded, nonqualified defined benefit plans for executive officers and certain key management employees. The Company's net periodic benefit cost for these plans for the three and nine months ended September 30, 2019, was $1.1 million and $3.3 million, respectively. The Company's net periodic benefit cost for these plans for the three and nine months ended September 30, 2018, was $1.1 million and $3.3 million, respectively. The components of net periodic benefit cost for these plans, which does not contain any service costs, are included in other income on the Consolidated Statements of Income.
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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 $84.2 million, $80.4 million and $73.8 million, at September 30, 2019 and 2018, and December 31, 2018, respectively, are classified as investments on the Consolidated Balance Sheets. The net unrealized gains on these investments were $1.1 million and $10.4 million for the three and nine months ended September 30, 2019, respectively. The net unrealized gains on these investments were $2.1 million and $3.0 million for the three and nine months ended September 30, 2018, respectively. The change in fair value, which is considered part of the cost of the plan, is classified in other income on the Consolidated Statements of Income. The Company did not elect the fair value option, which records gains and losses in income, for its available-for-sale securities. The available-for-sale securities include mortgage-backed securities and U.S. Treasury securities. These available-for-sale securities are recorded at fair value and are classified as investments on the Consolidated Balance Sheets. Unrealized gains or losses are recorded in accumulated other comprehensive loss. Details of available-for-sale securities were as follows:
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The fair value ASC establishes a hierarchy for grouping assets and liabilities, based on the significance of inputs. The estimated fair values of the Company's assets and liabilities measured on a recurring basis are determined using the market approach. The Company'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, 2019 and 2018, 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:
The Company applies the provisions of the fair value measurement standard to its nonrecurring, non-financial measurements, including long-lived asset impairments. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. The Company reviews the carrying value of its long-lived assets, excluding goodwill, whenever events or changes in circumstances indicate that such carrying amounts may not be recoverable. In the second quarter of 2019, the Company reviewed a non-utility investment at its electric and natural gas distribution segments for impairment. This was a cost-method investment and was written down to zero using the income approach to determine its fair value, requiring the Company to record a write-down of $2.0 million, before tax. The fair value of this investment was categorized as Level 3 in the fair value hierarchy. The reduction is reflected in investments on the Company's Consolidated Balance Sheet, as well as within other income on the Consolidated Statements of Income. The Company's long-term debt is not measured at fair value on the Consolidated Balance Sheets and the fair value is being provided for disclosure purposes only. The fair value was categorized as Level 2 in the fair value hierarchy and was based on discounted future cash flows using current market interest rates. The estimated fair value of the Company's long-term debt was as follows:
The carrying amounts of the Company's remaining financial instruments included in current assets and current liabilities approximate their fair values.
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Business Combinations 2019 Business Combinations (Details) $ in Millions |
9 Months Ended |
|---|---|
|
Sep. 30, 2019
USD ($)
| |
| Business Combination, Consideration Transferred [Abstract] | |
| Payments to Acquire Businesses, Gross | $ 54.5 |
| Business Combination, Long-Term Debt Assumed | $ 1.2 |
WYPSC (Details 6) - WYPSC - Montana-Dakota Utilities Co. [Member] - USD ($) |
Nov. 01, 2019 |
Jul. 25, 2019 |
May 23, 2019 |
May 01, 2019 |
|---|---|---|---|---|
| Electricity [Member] | Tax Cuts and Jobs Act [Member] | ||||
| Public Utilities, General Disclosures [Line Items] | ||||
| Public Utilities, Approved Rate Increase (Decrease), Amount | $ (1,100,000) | |||
| Public Utilities, Approved Rate Increase (Decrease), Percentage | (4.20%) | |||
| Approved Customer Refunds | $ (1,600,000) | |||
| Gas Distribution [Member] | Pending Rate Case [Member] | ||||
| Public Utilities, General Disclosures [Line Items] | ||||
| Public Utilities, Requested Rate Increase (Decrease), Amount | $ 1,100,000 | |||
| Public Utilities, Requested Rate Increase (Decrease), Percentage | 7.00% | |||
| Gas Distribution [Member] | Tax Cuts and Jobs Act [Member] | Subsequent Event [Member] | ||||
| Public Utilities, General Disclosures [Line Items] | ||||
| Approved Customer Refunds | $ (200,000) |
MTPSC (Details 2) - MTPSC - Electricity [Member] - Montana-Dakota Utilities Co. [Member] - USD ($) |
Sep. 01, 2020 |
Sep. 01, 2019 |
|---|---|---|
| Public Utilities, General Disclosures [Line Items] | ||
| Public Utilities, Approved Rate Increase (Decrease), Amount | $ 9,000,000.0 | |
| Subsequent Event [Member] | ||
| Public Utilities, General Disclosures [Line Items] | ||
| Public Utilities, Approved Rate Increase (Decrease), Amount | $ 300,000 |
Guarantees (Details 3) |
Sep. 30, 2019
USD ($)
|
|---|---|
| Guarantor Obligations [Line Items] | |
| Guarantor obligations, maximum exposure, undiscounted | $ 206,500,000 |
| Fixed maximum amounts guaranteed by year 2019 | 2,000,000.0 |
| Fixed maximum amounts guaranteed by year 2020 | 192,200,000 |
| Fixed maximum amounts guaranteed by year 2021 | 700,000 |
| Fixed maximum amounts guaranteed by year 2022 | 500,000 |
| Fixed maximum amounts guaranteed by year 2023 | 500,000 |
| Fixed maximum amounts guaranteed, thereafter | 1,600,000 |
| No scheduled maturity date | 9,000,000.0 |
| Amount outstanding under guarantees that is reflected on balance sheet | 0 |
| Letters of credit | 30,000,000.0 |
| Letters of credit set to expire - 2019 | 24,400,000 |
| Letters of credit set to expire - 2020 | 5,600,000 |
| Outstanding letters of credit | 0 |
| Amount of surety bonds outstanding | $ 930,100,000 |
Reconciliation of income and expenses (Details 3) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
| Income (loss) from discontinued operations | $ 1,509 | $ (118) | $ 26 | $ 85 |
| Discontinued operations, held-for-sale or disposed of by sale | ||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
| Operating revenues | 230 | 61 | 298 | 201 |
| Operating expenses | (1,760) | 216 | 264 | 825 |
| Operating income (loss) | 1,990 | (155) | 34 | (624) |
| Other income | 0 | 0 | 0 | 12 |
| Interest expense | 0 | 0 | 0 | 575 |
| Income (loss) from discontinued operations before income taxes | 1,990 | (155) | 34 | (1,187) |
| Income taxes | 481 | (37) | 8 | (1,272) |
| Income (loss) from discontinued operations | $ 1,509 | $ (118) | $ 26 | $ 85 |
Accumulated other comprehensive income (loss) (Tables) |
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| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated comprehensive loss | The after-tax changes in the components of accumulated other comprehensive income (loss) were as follows:
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| Reclassification out of accumulated other comprehensive loss | The following amounts were reclassified out of accumulated other comprehensive loss into net income. The amounts presented in parenthesis indicate a decrease to net income on the Consolidated Statements of Income. The reclassifications were as follows:
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Leases (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lease, Cost [Table Text Block] | The following tables provide information on the Company's operating leases:
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| Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The reconciliation of the future undiscounted cash flows to the operating lease liabilities presented on the Company's Consolidated Balance Sheet at September 30, 2019, was as follows:
As previously disclosed in the 2018 Annual Report, the undiscounted annual minimum lease payments due under the Company's leases following the previous lease accounting standard as of December 31, 2018, were as follows:
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MNPUC (Details) - MNPUC [Member] - Gas Distribution [Member] - Great Plains Natural Gas Co. [Member] - USD ($) |
1 Months Ended | ||
|---|---|---|---|
Sep. 27, 2019 |
May 01, 2019 |
Sep. 16, 2019 |
|
| Pending Rate Case [Member] | |||
| Public Utilities, General Disclosures [Line Items] | |||
| Public Utilities, Requested Rate Increase (Decrease), Amount | $ 2,900,000 | ||
| Public Utilities, Requested Rate Increase (Decrease), Percentage | 12.00% | ||
| Public Utilities, Interim Rate Increase (Decrease), Amount | $ 2,600,000 | ||
| Public Utilities, Interim Rate Increase (Decrease), Percentage | 11.00% | ||
| Tax Cuts and Jobs Act [Member] | |||
| Public Utilities, General Disclosures [Line Items] | |||
| Public Utilities, Approved Rate Increase (Decrease), Amount | $ (400,000) | ||
| Approved Customer Refunds | $ (600,000) |
Leases Operating lease future minimum lease payments (Details 3) $ in Thousands |
Dec. 31, 2018
USD ($)
|
|---|---|
| Operating leases future minimum lease payments due [Abstract] | |
| 2019 | $ 37,740 |
| 2020 | 26,255 |
| 2021 | 17,868 |
| 2022 | 11,647 |
| 2023 | 7,278 |
| Thereafter | $ 49,098 |
Fair value measurements (Details 5) - USD ($) $ in Thousands |
Sep. 30, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
|---|---|---|---|
| Fair value, balance sheet grouping [Line Items] | |||
| Long-term debt | $ 2,246,756 | $ 2,108,695 | |
| Carrying Amount | |||
| Fair value, balance sheet grouping [Line Items] | |||
| Long-term debt | 2,246,756 | 2,108,695 | $ 1,915,470 |
| Fair Value | |||
| Fair value, balance sheet grouping [Line Items] | |||
| Long-term debt, fair value | $ 2,450,209 | $ 2,183,819 | $ 1,987,360 |
Schedule of debt maturities (Details 4) $ in Thousands |
Sep. 30, 2019
USD ($)
|
|---|---|
| Long-term debt maturities [Line Items] | |
| Remainder of 2019 | $ 50,110 |
| 2020 | 15,902 |
| 2021 | 204,522 |
| 2022 | 147,402 |
| 2023 | 155,502 |
| Thereafter | $ 1,679,545 |
Goodwill and other intangible assets Future amortization expense (Details 3) $ in Thousands |
Sep. 30, 2019
USD ($)
|
|---|---|
| Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
| 2019 | $ 931 |
| 2020 | 3,077 |
| 2021 | 2,042 |
| 2022 | 1,996 |
| 2023 | 1,957 |
| Thereafter | $ 5,508 |
Inventories and natural gas in storage (Details) - USD ($) $ in Thousands |
Sep. 30, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
|---|---|---|---|
| Inventory Disclosure [Abstract] | |||
| Aggregates held for resale | $ 143,157 | $ 139,681 | $ 133,477 |
| Asphalt oil | 39,269 | 54,741 | 40,781 |
| Materials and supplies | 25,696 | 23,611 | 23,563 |
| Merchandise for resale | 23,902 | 22,552 | 15,954 |
| Natural gas in storage (current) | 32,164 | 22,117 | 29,084 |
| Other | 21,869 | 24,607 | 27,434 |
| Total | 286,057 | 287,309 | 270,293 |
| Natural gas in storage noncurrent | $ 48,200 | $ 48,500 | $ 47,800 |
Cash flow information (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Supplemental Cash Flow Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash expenditures for interest and income taxes and noncash investing and financing transactions | Cash expenditures for interest and income taxes were as follows:
Noncash investing and financing transactions were as follows:
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New accounting standards (Policies) |
9 Months Ended |
|---|---|
Sep. 30, 2019 | |
| New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
| New accounting standards | Recently adopted accounting standards ASU 2016-02 - Leases In February 2016, the FASB issued guidance regarding leases. The guidance required lessees to recognize a lease liability and a right-of-use asset on the balance sheet for operating and financing leases. The guidance remained 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 required additional disclosures, both quantitative and qualitative, related to operating and financing leases for the lessee and sales-type, direct financing and operating leases for the lessor. The Company adopted the standard on January 1, 2019. In July 2018, the FASB issued ASU 2018-11 - Leases: Targeted Improvements, an accounting standard update to ASU 2016-02. This ASU provided an entity the option to adopt the guidance using one of two modified retrospective approaches. An entity could adopt the guidance using the modified retrospective transition approach beginning in the earliest year presented in the financial statements. This method of adoption would have required the restatement of prior periods reported and the presentation of lease disclosures under the new guidance for all periods reported. The additional transition method of adoption, introduced by ASU 2018-11, allowed entities the option to apply the guidance on the date of adoption by recognizing a cumulative effect adjustment to retained earnings during the period of adoption and did not require prior comparative periods to be restated. The Company adopted the standard on January 1, 2019, utilizing the additional transition method of adoption applied on the date of adoption and the practical expedient that allowed the Company to not reassess whether an expired or existing contract contained a lease, the classification of leases or initial direct costs. The Company did not identify any cumulative effect adjustments. The Company also adopted a short-term leasing policy as the lessee where leases with a term of 12 months or less are not included on the Consolidated Balance Sheet. As a practical expedient, a lessee may choose not to separate nonlease components from lease components and instead account for lease and nonlease components as a single lease component. The election shall be made by asset class. The Company has elected to adopt the lease/nonlease component practical expedient for all asset classes as the lessee. The Company did not elect the practical expedient to use hindsight when assessing the lease term or impairment of right-of-use assets for the existing leases on the date of adoption. In January 2018, the FASB issued a practical expedient for land easements under the new lease guidance. The practical expedient permits an entity to elect the option to not evaluate land easements under the new guidance if they existed or expired before the adoption of the new lease guidance and were not previously accounted for as leases under the previous lease guidance. Once an entity adopts the new guidance, the entity should apply the new guidance on a prospective basis to all new or modified land easements. The Company has adopted this practical expedient. The Company formed a lease implementation team to review and assess existing contracts to identify and evaluate those containing leases. Additionally, the team implemented new and revised existing software to meet the reporting and disclosure requirements of the standard. The Company also assessed the impact the standard had on its processes and internal controls and identified new and updated existing internal controls and processes to ensure compliance with the new lease standard; such modifications were not deemed to be significant. During the assessment phase, the Company used various surveys, reconciliations and analytic methodologies to ensure the completeness of the lease inventory. The Company determined that most of the current operating leases were subject to the guidance and were recognized as operating lease liabilities and right-of-use assets on the Consolidated Balance Sheet upon adoption. On January 1, 2019, the Company recorded approximately $112 million to right-of-use assets and lease liabilities as a result of the initial adoption of the guidance. In addition, the Company evaluated the impact the new guidance had on lease contracts where the Company is the lessor and determined it did not have a significant impact to the Company's financial statements. ASU 2018-15 - Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract In August 2018, the FASB issued guidance on the accounting for implementation costs of a hosting arrangement that is a service contract. The guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract similar to the costs incurred to develop or obtain internal-use software and such capitalized costs to be expensed over the term of the hosting arrangement. Costs incurred during the preliminary and postimplementation stages should continue to be expensed as activities are performed. The capitalized costs are required to be presented on the balance sheet in the same line the prepayment for the fees associated with the hosting arrangement would be presented. In addition, the expense related to the capitalized implementation costs should be presented in the same line on the income statement as the fees associated with the hosting element of the arrangements. The Company adopted the guidance effective January 1, 2019, on a prospective basis. The adoption of the guidance did not have a material impact on its results of operations, financial position, cash flows or disclosures. Recently issued accounting standards not yet adopted ASU 2016-13 - Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued guidance on the measurement of credit losses on certain financial instruments. The guidance introduces a new impairment model known as the current expected credit loss model that will replace the incurred loss impairment methodology currently included under GAAP. This guidance requires entities to present certain investments in debt securities, trade accounts receivable and other financial assets at their net carrying value of the amount expected to be collected on the financial statements. The guidance will be effective for the Company on January 1, 2020, and must be applied on a modified retrospective basis with early adoption permitted. The Company continues to evaluate the provisions of the guidance and currently does not expect the guidance to have a material impact on its results of operations, financial position, cash flows or disclosures. ASU 2017-04 - 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 must be applied on a prospective basis with early adoption permitted. The Company has evaluated the guidance and does not expect the guidance will have a material impact on its results of operations, financial position, cash flows or disclosures upon adoption. The Company is planning to early adopt the guidance with the preparation of its 2019 goodwill impairment test in the fourth quarter of 2019. ASU 2018-13 - Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued guidance on modifying the disclosure requirements on fair value measurements as part of the disclosure framework project. The guidance modifies, among other things, the disclosures required for Level 3 fair value measurements, including the range and weighted average of significant unobservable inputs. The guidance removes, among other things, the disclosure requirement to disclose transfers between Levels 1 and 2. The guidance will be effective for the Company on January 1, 2020, including interim periods, with early adoption permitted. Level 3 fair value measurement disclosures should be applied prospectively while all other amendments should be applied retrospectively. The Company is evaluating the effects the adoption of the new guidance will have on its disclosures. ASU 2018-14 - Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued guidance on modifying the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans as part of the disclosure framework project. The guidance removes disclosures that are no longer considered cost beneficial, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant. The guidance adds, among other things, the requirement to include an explanation for significant gains and losses related to changes in benefit obligations for the period. The guidance removes, among other things, the disclosure requirement to disclose the amount of net periodic benefit costs to be amortized over the next fiscal year from accumulated other comprehensive income (loss) and the effects a one percentage point change in assumed health care cost trend rates will have on certain benefit components. The guidance will be effective for the Company on January 1, 2021, and must be applied on a retrospective basis with early adoption permitted. The Company is evaluating the effects the adoption of the new guidance will have on its disclosures.
|
Consolidated Statements of Comprehensive Income - Parenthetical - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
|
| Reclassification adjustment for loss on derivative instruments included in net income, tax | $ 36 | $ 55 | $ (177) | $ 164 |
| Amortization of postretirement liability losses included in net periodic benefit cost, tax | 95 | 142 | 284 | 442 |
| Foreign currency translation adjustments recognized during the period, tax | 0 | 0 | 0 | (14) |
| Reclassification of foreign currency translation adjustment | 0 | 0 | 0 | 75 |
| Net unrealized gain (loss) on available-for-sale investments arising during the period, tax | 3 | (13) | 35 | (52) |
| Reclassification adjustment for (gain) loss on available-for-sale investments included in net income, tax | $ (1) | $ 9 | $ 10 | $ 26 |
Leases (Policies) |
9 Months Ended |
|---|---|
Sep. 30, 2019 | |
| Leases [Abstract] | |
| Lessee, Leases [Policy Text Block] | The leases the Company has entered into as part of its ongoing operations are considered operating leases and are recognized on the balance sheet as right-of-use assets, current lease liabilities and, if applicable, noncurrent lease liabilities. Lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. The Company determines the lease term based on the non-cancelable and cancelable periods in each contract. The non-cancelable period consists of the term of the contract that is legally enforceable and cannot be canceled by either party without incurring a significant penalty. The cancelable period is determined by various factors that are based on who has the right to cancel a contract. If only the lessor has the right to cancel the contract, the Company will assume the contract will continue. If the lessee is the only party that has the right to cancel the contract, the Company looks to asset, entity and market-based factors. If both the lessor and the lessee have the right to cancel the contract, the Company assumes the contract will not continue. |
New accounting standards |
9 Months Ended |
|---|---|
Sep. 30, 2019 | |
| New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
| New accounting standards | New accounting standards Recently adopted accounting standards ASU 2016-02 - Leases In February 2016, the FASB issued guidance regarding leases. The guidance required lessees to recognize a lease liability and a right-of-use asset on the balance sheet for operating and financing leases. The guidance remained 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 required additional disclosures, both quantitative and qualitative, related to operating and financing leases for the lessee and sales-type, direct financing and operating leases for the lessor. The Company adopted the standard on January 1, 2019. In July 2018, the FASB issued ASU 2018-11 - Leases: Targeted Improvements, an accounting standard update to ASU 2016-02. This ASU provided an entity the option to adopt the guidance using one of two modified retrospective approaches. An entity could adopt the guidance using the modified retrospective transition approach beginning in the earliest year presented in the financial statements. This method of adoption would have required the restatement of prior periods reported and the presentation of lease disclosures under the new guidance for all periods reported. The additional transition method of adoption, introduced by ASU 2018-11, allowed entities the option to apply the guidance on the date of adoption by recognizing a cumulative effect adjustment to retained earnings during the period of adoption and did not require prior comparative periods to be restated. The Company adopted the standard on January 1, 2019, utilizing the additional transition method of adoption applied on the date of adoption and the practical expedient that allowed the Company to not reassess whether an expired or existing contract contained a lease, the classification of leases or initial direct costs. The Company did not identify any cumulative effect adjustments. The Company also adopted a short-term leasing policy as the lessee where leases with a term of 12 months or less are not included on the Consolidated Balance Sheet. As a practical expedient, a lessee may choose not to separate nonlease components from lease components and instead account for lease and nonlease components as a single lease component. The election shall be made by asset class. The Company has elected to adopt the lease/nonlease component practical expedient for all asset classes as the lessee. The Company did not elect the practical expedient to use hindsight when assessing the lease term or impairment of right-of-use assets for the existing leases on the date of adoption. In January 2018, the FASB issued a practical expedient for land easements under the new lease guidance. The practical expedient permits an entity to elect the option to not evaluate land easements under the new guidance if they existed or expired before the adoption of the new lease guidance and were not previously accounted for as leases under the previous lease guidance. Once an entity adopts the new guidance, the entity should apply the new guidance on a prospective basis to all new or modified land easements. The Company has adopted this practical expedient. The Company formed a lease implementation team to review and assess existing contracts to identify and evaluate those containing leases. Additionally, the team implemented new and revised existing software to meet the reporting and disclosure requirements of the standard. The Company also assessed the impact the standard had on its processes and internal controls and identified new and updated existing internal controls and processes to ensure compliance with the new lease standard; such modifications were not deemed to be significant. During the assessment phase, the Company used various surveys, reconciliations and analytic methodologies to ensure the completeness of the lease inventory. The Company determined that most of the current operating leases were subject to the guidance and were recognized as operating lease liabilities and right-of-use assets on the Consolidated Balance Sheet upon adoption. On January 1, 2019, the Company recorded approximately $112 million to right-of-use assets and lease liabilities as a result of the initial adoption of the guidance. In addition, the Company evaluated the impact the new guidance had on lease contracts where the Company is the lessor and determined it did not have a significant impact to the Company's financial statements. ASU 2018-15 - Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract In August 2018, the FASB issued guidance on the accounting for implementation costs of a hosting arrangement that is a service contract. The guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract similar to the costs incurred to develop or obtain internal-use software and such capitalized costs to be expensed over the term of the hosting arrangement. Costs incurred during the preliminary and postimplementation stages should continue to be expensed as activities are performed. The capitalized costs are required to be presented on the balance sheet in the same line the prepayment for the fees associated with the hosting arrangement would be presented. In addition, the expense related to the capitalized implementation costs should be presented in the same line on the income statement as the fees associated with the hosting element of the arrangements. The Company adopted the guidance effective January 1, 2019, on a prospective basis. The adoption of the guidance did not have a material impact on its results of operations, financial position, cash flows or disclosures. Recently issued accounting standards not yet adopted ASU 2016-13 - Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued guidance on the measurement of credit losses on certain financial instruments. The guidance introduces a new impairment model known as the current expected credit loss model that will replace the incurred loss impairment methodology currently included under GAAP. This guidance requires entities to present certain investments in debt securities, trade accounts receivable and other financial assets at their net carrying value of the amount expected to be collected on the financial statements. The guidance will be effective for the Company on January 1, 2020, and must be applied on a modified retrospective basis with early adoption permitted. The Company continues to evaluate the provisions of the guidance and currently does not expect the guidance to have a material impact on its results of operations, financial position, cash flows or disclosures. ASU 2017-04 - 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 must be applied on a prospective basis with early adoption permitted. The Company has evaluated the guidance and does not expect the guidance will have a material impact on its results of operations, financial position, cash flows or disclosures upon adoption. The Company is planning to early adopt the guidance with the preparation of its 2019 goodwill impairment test in the fourth quarter of 2019. ASU 2018-13 - Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued guidance on modifying the disclosure requirements on fair value measurements as part of the disclosure framework project. The guidance modifies, among other things, the disclosures required for Level 3 fair value measurements, including the range and weighted average of significant unobservable inputs. The guidance removes, among other things, the disclosure requirement to disclose transfers between Levels 1 and 2. The guidance will be effective for the Company on January 1, 2020, including interim periods, with early adoption permitted. Level 3 fair value measurement disclosures should be applied prospectively while all other amendments should be applied retrospectively. The Company is evaluating the effects the adoption of the new guidance will have on its disclosures. ASU 2018-14 - Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued guidance on modifying the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans as part of the disclosure framework project. The guidance removes disclosures that are no longer considered cost beneficial, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant. The guidance adds, among other things, the requirement to include an explanation for significant gains and losses related to changes in benefit obligations for the period. The guidance removes, among other things, the disclosure requirement to disclose the amount of net periodic benefit costs to be amortized over the next fiscal year from accumulated other comprehensive income (loss) and the effects a one percentage point change in assumed health care cost trend rates will have on certain benefit components. The guidance will be effective for the Company on January 1, 2021, and must be applied on a retrospective basis with early adoption permitted. The Company is evaluating the effects the adoption of the new guidance will have on its disclosures.
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Seasonality of operations |
9 Months Ended |
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Sep. 30, 2019 | |
| 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.
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Discontinued operations |
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| Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued operations | 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 income (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 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 reduced the Company’s risk by decreasing exposure to commodity prices. 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 substantially all of Fidelity's oil and natural gas assets. The completion of these sales occurred between October 2015 and April 2016. In July 2018, the Company completed the sale of a majority of the remaining property, plant and equipment. 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. Dakota Prairie Refining and Fidelity The carrying amounts of the major classes of assets and liabilities classified as held for sale on the Consolidated Balance Sheets were as follows:
The reconciliation of the major classes of income and expense constituting pretax income (loss) from discontinued operations to the after-tax income (loss) from discontinued operations on the Consolidated Statements of Income was as follows:
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Operating lease liabilities undiscounted cash flows maturity schedule (Details 2) $ in Thousands |
Sep. 30, 2019
USD ($)
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|---|---|
| Leases [Abstract] | |
| Remainder of 2019 | $ 10,619 |
| 2020 | 32,605 |
| 2021 | 23,488 |
| 2022 | 15,838 |
| 2023 | 9,913 |
| Thereafter | 54,765 |
| Total | 147,228 |
| Less discount | 28,478 |
| Total operating lease liabilities | $ 118,750 |
Fair value measurements Fair value measurements (Details 4) |
3 Months Ended |
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Jun. 30, 2019
USD ($)
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| Fair Value Disclosures [Abstract] | |
| Investments, Fair Value Disclosure | $ 0 |
| Asset Impairment Charges | $ 2,000,000.0 |
Available-for-sale securities (Details 2) - USD ($) $ in Thousands |
Sep. 30, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
|---|---|---|---|
| Available-for-sale securities [Abstract] | |||
| Cost | $ 10,835 | $ 10,652 | $ 10,729 |
| Gross Unrealized Gains | 86 | 21 | 3 |
| Gross Unrealized Losses | 17 | 162 | 251 |
| Fair Value | 10,904 | 10,511 | 10,481 |
| Mortgage-backed securities | |||
| Available-for-sale securities [Abstract] | |||
| Cost | 9,577 | 10,473 | 10,550 |
| Gross Unrealized Gains | 86 | 21 | 3 |
| Gross Unrealized Losses | 16 | 162 | 251 |
| Fair Value | 9,647 | 10,332 | 10,302 |
| U.S. Treasury securities | |||
| Available-for-sale securities [Abstract] | |||
| Cost | 1,258 | 179 | 179 |
| Gross Unrealized Gains | 0 | 0 | 0 |
| Gross Unrealized Losses | 1 | 0 | 0 |
| Fair Value | $ 1,257 | $ 179 | $ 179 |
Earnings per common share (Details) - $ / shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2019 |
Sep. 30, 2018 |
Sep. 30, 2019 |
Sep. 30, 2018 |
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| Earnings Per Share [Abstract] | ||||
| Weighted average common shares outstanding - basic | 199,343 | 196,018 | 198,016 | 195,618 |
| Effect of dilutive performance share awards and restricted stock units | 40 | 247 | 17 | 486 |
| Weighted average common shares outstanding - diluted | 199,383 | 196,265 | 198,033 | 196,104 |
| Shares excluded from the calculation of diluted earnings per share | 155 | 114 | 243 | 0 |
| Dividends declared per common share | $ 0.2025 | $ 0.1975 | $ 0.6075 | $ 0.5925 |
Business segment data (Tables) |
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| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Information on the Company's businesses | Information on the Company's segments was as follows:
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Basis of presentation |
9 Months Ended |
|---|---|
Sep. 30, 2019 | |
| 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 2018 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. On January 2, 2019, the Company announced the completion of the Holding Company Reorganization, which resulted in Montana-Dakota becoming a subsidiary of the Company. The purpose of the reorganization was to make the public utility division into a subsidiary of the holding company, just as the other operating companies are wholly owned subsidiaries. Effective January 1, 2019, the Company adopted the requirements of the ASU on leases, as further discussed in Notes 6 and 11. As such, results for reporting periods beginning January 1, 2019, are presented under the new guidance, while prior period amounts are not adjusted and continue to be reported in accordance with the historic accounting for leases. 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 income (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 10. Management has also evaluated the impact of events occurring after September 30, 2019, up to the date of issuance of these consolidated interim financial statements.
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Earnings per common share (Policies) |
9 Months Ended |
|---|---|
Sep. 30, 2019 | |
| Earnings Per Share [Abstract] | |
| Earnings per common share | Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the applicable period. Diluted earnings per share is computed by dividing net income by the total of the weighted average number of shares of common stock outstanding during the applicable period, plus the effect of nonvested performance share awards and restricted stock units. Common stock outstanding includes issued shares less shares held in treasury. |
Discontinued operations (Policies) |
9 Months Ended |
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Sep. 30, 2019 | |
| Discontinued Operations and Disposal Groups [Abstract] | |
| 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 income (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.
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Leases |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases of Lessee Disclosure [Text Block] | Leases Most of the leases the Company enters into are for equipment, buildings, easements and vehicles as part of their ongoing operations. The Company also leases certain equipment to third parties through its utility and construction services segments. The Company determines if an arrangement contains a lease at inception of a contract and accounts for all leases in accordance with ASC 842 - Leases. For more information on the adoption of ASC 842, see Note 6. The recognition of leases requires the Company to make estimates and assumptions that affect the lease classification and the assets and liabilities recorded. The accuracy of lease assets and liabilities reported on the Consolidated Financial Statements depends on, among other things, management's estimates of interest rates used to discount the lease assets and liabilities to their present value, as well as the lease terms based on the unique facts and circumstances of each lease. Lessee accounting The leases the Company has entered into as part of its ongoing operations are considered operating leases and are recognized on the balance sheet as right-of-use assets, current lease liabilities and, if applicable, noncurrent lease liabilities. Lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. The Company determines the lease term based on the non-cancelable and cancelable periods in each contract. The non-cancelable period consists of the term of the contract that is legally enforceable and cannot be canceled by either party without incurring a significant penalty. The cancelable period is determined by various factors that are based on who has the right to cancel a contract. If only the lessor has the right to cancel the contract, the Company will assume the contract will continue. If the lessee is the only party that has the right to cancel the contract, the Company looks to asset, entity and market-based factors. If both the lessor and the lessee have the right to cancel the contract, the Company assumes the contract will not continue. Generally, the leases for vehicles and equipment have a term of five years or less and buildings and easements have a longer term of up to 35 years or more. To date, the Company does not have any residual value guarantee amounts probable of being owed to a lessor, financing leases or material agreements with related parties. The Company has elected to recognize leases with an original lease term of 12 months or less in income on a straight-line basis over the term of the lease and not recognize a corresponding right-of-use asset or lease liability. Lease costs are included in operation and maintenance expense on the Company's Consolidated Statements of Income. The discount rate used to calculate the present value of the lease liabilities is based upon the implied rate within each contract. If the rate is unknown or cannot be determined, the Company uses an incremental borrowing rate which is determined by the length of the contract, asset class and the Company's borrowing rates as of the commencement date of the contract. The following tables provide information on the Company's operating leases:
The reconciliation of the future undiscounted cash flows to the operating lease liabilities presented on the Company's Consolidated Balance Sheet at September 30, 2019, was as follows:
As previously disclosed in the 2018 Annual Report, the undiscounted annual minimum lease payments due under the Company's leases following the previous lease accounting standard as of December 31, 2018, were as follows:
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| Leases of Lessor Disclosure [Text Block] | Lessor accounting The Company leases certain equipment to third parties which are considered operating leases. The Company recognized revenue from operating leases of $11.2 million and $37.7 million for the three and nine months ended September 30, 2019, respectively. The majority of the Company's operating leases are short-term leases of less than 12 months. At September 30, 2019, the Company had $10.0 million of lease receivables with a majority due within 12 months.
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Accumulated other comprehensive income (loss) |
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| Comprehensive income (loss) | Accumulated other comprehensive income (loss) The after-tax changes in the components of accumulated other comprehensive income (loss) were as follows:
The following amounts were reclassified out of accumulated other comprehensive loss into net income. The amounts presented in parenthesis indicate a decrease to net income on the Consolidated Statements of Income. The reclassifications were as follows:
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Accounts receivable and allowance for doubtful accounts |
9 Months Ended |
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Sep. 30, 2019 | |
| Receivables [Abstract] | |
| Accounts receivable and allowance for doubtful accounts | Accounts receivable and allowance for doubtful accounts Accounts receivable consists 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 $56.0 million, $29.2 million and $30.0 million at September 30, 2019 and 2018, and December 31, 2018, 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, 2019 and 2018, and December 31, 2018, was $8.7 million, $7.3 million and $8.9 million, respectively.
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Regulatory matters |
9 Months Ended |
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Sep. 30, 2019 | |
| Regulated Operations [Abstract] | |
| Regulatory matters | Regulatory matters The Company regularly reviews the need for electric and natural gas rate changes in each of the jurisdictions in which service is provided. The Company files for rate adjustments to seek recovery of operating costs and capital investments, as well as reasonable returns as allowed by regulators. The Company's most recent cases by jurisdiction are discussed in the following paragraphs. MNPUC On April 18, 2019, the MNPUC approved a decrease in rates for Great Plains of $400,000 on an annual basis to reflect TCJA impacts effective May 1, 2019, as well as a one-time TCJA refund of approximately $600,000 for the period from January 1, 2018 through April 30, 2019. The refunds were credited to customers' bills between August 14, 2019 and September 16, 2019. On September 27, 2019, Great Plains filed an application with the MNPUC for a natural gas rate increase of approximately $2.9 million annually or approximately 12.0 percent above current rates. The requested increase was primarily to recover investments in facilities to enhance safety and reliability and the depreciation and taxes associated with the increase in investment. Great Plains also requested an interim increase of approximately $2.6 million or approximately 11.0 percent, subject to refund. This matter is pending before the MNPUC. MTPSC On July 31, 2019, the MTPSC approved an electric rate increase that was primarily to recover Montana-Dakota's investments in facilities to enhance safety and reliability and the depreciation and taxes associated with such investments, partially offset by the impacts of TCJA. The approved rates included a $9.0 million annual increase implemented on September 1, 2019, and an additional $300,000 annual increase to be implemented beginning 12 months after the date of approval. NDPSC On October 22, 2019, the NDPSC approved an increase in rates to recover approximately $1.5 million annually for the revenue requirements on certain of Montana-Dakota's electric transmission projects through its transmission cost adjustment rate. The rates were effective October 28, 2019. On August 28, 2019, Montana-Dakota filed an application with the NDPSC for an advanced determination of prudence and a certificate of public convenience and necessity to construct, own and operate Heskett Unit 4, an 88-MW simple-cycle natural gas-fired combustion turbine peaking unit at Heskett Station near Mandan, North Dakota. This matter is pending before the NDPSC. On September 16, 2019, Montana-Dakota submitted an application with the NDPSC requesting the use of deferred accounting for the treatment of costs related to the retirement of Lewis & Clark Station in Sidney, Montana, and units 1 and 2 at Heskett Station near Mandan, North Dakota. This matter is pending before the NDPSC. OPUC On December 29, 2017, Cascade filed a request with the OPUC to use deferred accounting for the 2018 net benefits associated with the implementation of the TCJA. On September 12, 2019, the OPUC approved the request, including a settlement to refund to customers $1.4 million related to TJCA impacts for the period from January 2018 through March 2019. These refunds will be reflected in customers' rates over a 12-month period beginning November 1, 2019. On June 14, 2019, Cascade filed a request with the OPUC to implement a new pipeline safety cost recovery mechanism to recover investments to replace Cascade's highest risk infrastructure. If approved, Cascade would file a report annually with the OPUC detailing actual projects undertaken and costs incurred for the year on November 1, seeking recovery for investments from January 1 through December 31 of that same year. This matter is pending before the OPUC. WUTC On March 29, 2019, Cascade filed a general rate case with the WUTC requesting an increase in annual revenue of $12.7 million or approximately 5.5 percent. On September 20, 2019, Cascade filed a joint settlement agreement with the WUTC reflecting a revised annual increase of $6.5 million or approximately 2.8 percent. A hearing on the settlement is scheduled for November 5, 2019. This matter is pending before the WUTC. On May 31, 2019, Cascade filed its annual pipeline cost recovery mechanism requesting an increase in revenue of approximately $1.6 million or approximately 0.7 percent. On October 10, 2019, Cascade filed its final update to the cost recovery mechanism with a revised increase in revenue of approximately $440,000 or approximately 0.2 percent. On October 24, 2019, the WUTC approved the increase with rates effective for services provided on or after November 1, 2019. On September 13, 2019, Cascade filed its annual purchased gas adjustment with the WUTC requesting an annual increase of approximately $12.8 million or approximately 5.7 percent for a period of three years. The requested increase is primarily due to unrecovered purchased gas costs as a result of the rupture of the Enbridge pipeline in Canada on October 9, 2018, causing increased natural gas costs. On October 24, 2019, the WUTC approved the increase with rates effective for services provided on or after November 1, 2019. WYPSC On April 4, 2019, Montana-Dakota submitted compliance rates to the WYPSC reflecting a decrease in annual revenues of approximately $1.1 million or approximately 4.2 percent to reflect TCJA impacts. On April 8, 2019, the WYPSC approved the Company's requested decrease in electric rates and required a refund to customers for the period from January 1, 2018 through the date prior to the implementation of the rates within 90 days of the effective date of the new rates. The new rates were implemented for service rendered on and after May 1, 2019, and the refunds of approximately $1.6 million were credited to customers' bills on July 25, 2019. On March 30, 2018, Montana-Dakota reported its natural gas earnings do not support a decrease in rates and requested the WYPSC allow the impacts of the TCJA be addressed in a natural gas rate case to be submitted by June 1, 2019. On September 12, 2019, the WYPSC approved a one-time refund of approximately $200,000 to be credited to customers' bills by November 1, 2019, for the TCJA impacts from January 1, 2018 through June 30, 2019. On May 23, 2019, Montana-Dakota filed an application with the WYPSC for a natural gas rate increase of approximately $1.1 million annually or approximately 7.0 percent above current rates. The requested increase was to recover increased operating expenses and investments in distribution facilities to improve system safety and reliability. This matter is pending before the WYPSC. FERC In accordance with WBI Energy Transmission’s offer of settlement and stipulation and agreement with the FERC dated June 4, 2014, the Company was to make a filing with new proposed rates to be effective no later than May 1, 2019. On October 31, 2018, the Company filed a rate case with the FERC. Following negotiations between FERC staff, customers and the Company, on May 30, 2019, the FERC granted the Company's request to place interim settlement rates into effect May 1, 2019, subject to refund or surcharge, and pending the FERC's consideration of the filing of a settlement agreement. Based on as filed volumes and settlement rates, the revenue increase is approximately $4.5 million annually. Included in the revenue increase are the impacts from higher depreciation rates agreed to in the settlement, as well as the impacts of the TCJA. On June 28, 2019, the Company filed a final settlement agreement and related documents with the FERC. On September 30, 2019, the FERC approved the final settlement agreement and related documents. On August 29, 2019, Montana-Dakota filed an update to its transmission formula rate under the MISO tariff for the multivalue project for $13.4 million, which is effective January 1, 2020.
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Debt |
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| Debt | Debt Certain debt instruments of the Company's subsidiaries contain restrictive covenants and cross-default provisions. In order to borrow under the respective debt instruments, the subsidiary companies must be in compliance with the applicable covenants and certain other conditions all of which the subsidiaries, as applicable, were in compliance with at September 30, 2019. In the event the Company's subsidiaries do not comply with the applicable covenants and other conditions, alternative sources of funding may need to be pursued. Montana-Dakota's and Centennial's respective commercial paper programs are supported by revolving credit agreements. While the amount of commercial paper outstanding does not reduce available capacity under the respective revolving credit agreements, Montana-Dakota and Centennial do not issue commercial paper in an aggregate amount exceeding the available capacity under their respective credit agreements. The commercial paper borrowings may vary during the period, largely the result of fluctuations in working capital requirements due to the seasonality of the construction businesses. Short-term debt The following describes certain transactions during the three and nine months ended September 30, 2019, included in outstanding short-term debt:
Long-term debt The following describes certain transactions during the three and nine months ended September 30, 2019, included in outstanding long-term debt:
Long-term Debt Outstanding Long-term debt outstanding was as follows:
Schedule of Debt Maturities Long-term debt maturities, which excludes unamortized debt issuance costs and discount, as of September 30, 2019, were as follows:
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