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 | |||||
2019 Annual Report | Company's Annual Report on Form 10-K for the year ended December 31, 2019 | ||||
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 | ||||
CARES Act | United States Coronavirus Aid, Relief, and Economic Security Act | ||||
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. | ||||
COVID-19 | Coronavirus disease 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) | ||||
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 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 | ||||
kWh | Kilowatt-hour | ||||
LIBOR | London Inter-bank Offered Rate | ||||
MD&A | Management's Discussion and Analysis of Financial Condition and Results of Operations | ||||
MDU Construction Services | MDU Construction Services Group, Inc., a direct wholly owned subsidiary of Centennial | ||||
MDU Energy Capital | MDU Energy Capital, LLC, a direct wholly owned subsidiary of the Company | ||||
MISO | Midcontinent Independent System Operator, Inc. | ||||
MMcf | Million cubic feet | ||||
MMdk | Million dk | ||||
MNPUC | Minnesota Public Utilities Commission | ||||
Montana-Dakota | Montana-Dakota Utilities Co., a direct wholly owned subsidiary of MDU Energy Capital | ||||
MTPSC | Montana Public Service Commission | ||||
MW | Megawatt | ||||
NDDEQ | North Dakota Department of Environmental Quality | ||||
NDPSC | North Dakota Public Service Commission | ||||
NGL | Natural gas liquids |
Non-GAAP | Not in accordance with GAAP | ||||
Oil | Includes crude oil and condensate | ||||
OPUC | Oregon Public Utility Commission | ||||
PRP | Potentially Responsible Party | ||||
SDPUC | South Dakota Public Utilities Commission | ||||
SEC | United States Securities and Exchange Commission | ||||
Securities Act | Securities Act of 1933, as amended | ||||
SOFR | Secured Overnight Financing Rate | ||||
VIE | Variable interest entity | ||||
Washington DOE | Washington State Department of Ecology | ||||
WBI Holdings | WBI Holdings, Inc., a direct wholly owned subsidiary of Centennial | ||||
WBI Energy Transmission | WBI Energy Transmission, Inc., an indirect wholly owned subsidiary of WBI Holdings | ||||
WUTC | Washington Utilities and Transportation Commission |
MDU Resources Group, Inc. | ||||||||||||||
Consolidated Statements of Income | ||||||||||||||
(Unaudited) | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||
(In thousands, except per share amounts) | ||||||||||||||
Operating revenues: | ||||||||||||||
Electric, natural gas distribution and regulated pipeline | $ | $ | $ | $ | ||||||||||
Non-regulated pipeline, construction materials and contracting, construction services and other | ||||||||||||||
Total operating revenues | ||||||||||||||
Operating expenses: | ||||||||||||||
Operation and maintenance: | ||||||||||||||
Electric, natural gas distribution and regulated pipeline | ||||||||||||||
Non-regulated pipeline, 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 | ( | |||||||||||||
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, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
(In thousands) | |||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||
Other comprehensive income: | |||||||||||||||||
Reclassification adjustment for loss on derivative instruments included in net income, net of tax of $ | |||||||||||||||||
Amortization of postretirement liability losses included in net periodic benefit cost, net of tax of $ | |||||||||||||||||
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 $( | ( | ||||||||||||||||
Reclassification adjustment for (gain) loss on available-for-sale investments included in net income, net of tax of $ | ( | ||||||||||||||||
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, 2020 | September 30, 2019 | December 31, 2019 | |||||||||
Assets | (In thousands, except shares and per share amounts) | ||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | $ | ||||||||
Receivables, net | |||||||||||
Inventories | |||||||||||
Current regulatory assets | |||||||||||
Prepayments and other current assets | |||||||||||
Total current assets | |||||||||||
Noncurrent assets: | |||||||||||
Property, plant and equipment | |||||||||||
Less accumulated depreciation, depletion and amortization | |||||||||||
Net property, plant and equipment | |||||||||||
Goodwill | |||||||||||
Other intangible assets, net | |||||||||||
Regulatory assets | |||||||||||
Investments | |||||||||||
Operating lease right-of-use assets | |||||||||||
Other | |||||||||||
Total noncurrent 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 | |||||||||||
Regulatory liabilities due within one year | |||||||||||
Operating lease liabilities due within one year | |||||||||||
Asset retirement obligations due within one year | |||||||||||
Other accrued liabilities | |||||||||||
Total current liabilities | |||||||||||
Noncurrent liabilities: | |||||||||||
Long-term debt | |||||||||||
Deferred income taxes | |||||||||||
Regulatory liabilities | |||||||||||
Asset retirement obligations | |||||||||||
Operating lease liabilities | |||||||||||
Other | |||||||||||
Total noncurrent liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Stockholders' equity: | |||||||||||
Common stock Authorized - Shares issued - September 30, 2019 and | |||||||||||
Other paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | ( | ||||||||
Treasury stock at cost - | ( | ( | ( | ||||||||
Total stockholders' equity | |||||||||||
Total liabilities and stockholders' equity | $ | $ | $ |
MDU Resources Group, Inc. | ||||||||||||||||||||||||||
Consolidated Statements of Equity | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
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, 2019 | $ | $ | $ | $ | ( | ( | $ | ( | $ | |||||||||||||||||
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, 2020 | $ | $ | $ | $ | ( | ( | $ | ( | $ | |||||||||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | ||||||||||||||||||||
Dividends declared on common stock | — | — | — | ( | — | — | — | ( | ||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | ||||||||||||||||||||
At June 30, 2020 | $ | $ | $ | $ | ( | ( | $ | ( | $ | |||||||||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | ||||||||||||||||||||
Dividends declared on common stock | — | — | — | ( | — | — | — | ( | ||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | ||||||||||||||||||||
At September 30, 2020 | $ | $ | $ | $ | ( | ( | $ | ( | $ |
MDU Resources Group, Inc. | ||||||||||||||||||||||||||
Consolidated Statements of Equity | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
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 Cash Flows | ||||||||
(Unaudited) | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2020 | 2019 | |||||||
(In thousands) | ||||||||
Operating activities: | ||||||||
Net income | $ | $ | ||||||
Income (loss) 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 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 | ( | ( | ||||||
Tax withholding on stock-based compensation | ( | ( | ||||||
Net cash provided by (used in) financing activities | ( | |||||||
Increase (decrease) in cash and cash equivalents | ( | |||||||
Cash and cash equivalents -- beginning of year | ||||||||
Cash and cash equivalents -- end of period | $ | $ |
Electric | Natural gas distribution | Pipeline | Construction materials and contracting | Construction services | Total | |||||||||||||||
(In thousands) | ||||||||||||||||||||
At January 1, 2020 | $ | $ | $ | $ | $ | $ | ||||||||||||||
Current expected credit loss provision | ||||||||||||||||||||
Less write-offs charged against the allowance | ||||||||||||||||||||
Credit loss recoveries collected | ||||||||||||||||||||
At March 31, 2020 | $ | $ | $ | $ | $ | $ | ||||||||||||||
Current expected credit loss provision | ( | |||||||||||||||||||
Less write-offs charged against the allowance | ||||||||||||||||||||
Credit loss recoveries collected | ||||||||||||||||||||
At June 30, 2020 | $ | $ | $ | $ | $ | $ | ||||||||||||||
Current expected credit loss provision | ||||||||||||||||||||
Less write-offs charged against the allowance | ||||||||||||||||||||
Credit loss recoveries collected | ||||||||||||||||||||
At September 30, 2020 | $ | $ | $ | $ | $ | $ |
September 30, 2020 | September 30, 2019 | December 31, 2019 | |||||||||
(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, | |||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||
(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 | $ | $ | $ | $ |
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, 2019 | $ | ( | $ | ( | $ | $ | ( | |||||||
Other comprehensive income before reclassifications | ||||||||||||||
Amounts reclassified (to) from accumulated other comprehensive loss | ( | |||||||||||||
Net current-period other comprehensive income | ||||||||||||||
At March 31, 2020 | $ | ( | $ | ( | $ | $ | ( | |||||||
Other comprehensive loss before reclassifications | ( | ( | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ||||||||||||||
Net current-period other comprehensive income (loss) | ( | |||||||||||||
At June 30, 2020 | $ | ( | $ | ( | $ | $ | ( | |||||||
Other comprehensive loss before reclassifications | ( | ( | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ||||||||||||||
Net current-period other comprehensive income (loss) | ( | |||||||||||||
At September 30, 2020 | $ | ( | $ | ( | $ | $ | ( |
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 | $ | ( | $ | ( | $ | $ | ( |
Three Months Ended | Nine Months Ended | Location on Consolidated Statements of Income | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
(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 on available-for-sale investments included in net income | ( | ( | ( | Other income | |||||||||||||
( | Income taxes | ||||||||||||||||
( | ( | ( | |||||||||||||||
Total reclassifications | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended September 30, 2020 | Electric | Natural gas distribution | Pipeline | 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 | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended September 30, 2019 | Electric | Natural gas distribution | Pipeline | 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 | $ | $ | $ | $ | $ | $ | $ |
Nine Months Ended September 30, 2020 | Electric | Natural gas distribution | Pipeline | 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 | $ | $ | $ | $ | $ | $ | ( | $ |
Nine Months Ended September 30, 2019 | Electric | Natural gas distribution | Pipeline | 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 | $ | $ | $ | $ | $ | $ | $ |
September 30, 2020 | December 31, 2019 | Change | Location on Consolidated Balance Sheets | |||||||||||
(In thousands) | ||||||||||||||
Contract assets | $ | $ | $ | Receivables, net | ||||||||||
Contract liabilities - current | ( | ( | ( | Accounts payable | ||||||||||
Contract liabilities - noncurrent | ( | ( | ( | Noncurrent liabilities - other | ||||||||||
Net contract liabilities | $ | ( | $ | ( | $ |
Balance at January 1, 2020 | Goodwill Acquired During the Year | Measurement Period Adjustments | Balance at September 30, 2020 | |||||||||||
(In thousands) | ||||||||||||||
Natural gas distribution | $ | $ | $ | $ | ||||||||||
Construction materials and contracting | ||||||||||||||
Construction services | ||||||||||||||
Total | $ | $ | $ | $ |
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 | $ | $ | $ | ( | $ |
Balance at January 1, 2019 | Goodwill Acquired During the Year | Measurement Period Adjustments | Balance at December 31, 2019 | |||||||||||
(In thousands) | ||||||||||||||
Natural gas distribution | $ | $ | $ | $ | ||||||||||
Construction materials and contracting | ( | |||||||||||||
Construction services | ||||||||||||||
Total | $ | $ | $ | ( | $ |
September 30, 2020 | September 30, 2019 | December 31, 2019 | |||||||||
(In thousands) | |||||||||||
Customer relationships | $ | $ | $ | ||||||||
Less accumulated amortization | |||||||||||
Noncompete agreements | |||||||||||
Less accumulated amortization | |||||||||||
Other | |||||||||||
Less accumulated amortization | |||||||||||
Total | $ | $ | $ |
Remainder of 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Amortization expense | $ | $ | $ | $ | $ | $ |
Estimated Recovery Period as of September 30, 2020 | * | September 30, 2020 | September 30, 2019 | December 31, 2019 | |||||||||||||
(In thousands) | |||||||||||||||||
Regulatory assets: | |||||||||||||||||
Current: | |||||||||||||||||
Natural gas costs recoverable through rate adjustments | $ | $ | $ | ||||||||||||||
Cost recovery mechanisms | |||||||||||||||||
Conservation programs | |||||||||||||||||
Other | |||||||||||||||||
Noncurrent: | |||||||||||||||||
Pension and postretirement benefits | |||||||||||||||||
Asset retirement obligations | |||||||||||||||||
Plant to be retired | |||||||||||||||||
Manufactured gas plant site remediation | |||||||||||||||||
Natural gas costs recoverable through rate adjustments | |||||||||||||||||
Cost recovery mechanisms | |||||||||||||||||
Taxes recoverable from customers | |||||||||||||||||
Long-term debt refinancing costs | |||||||||||||||||
Other | |||||||||||||||||
Total regulatory assets | $ | $ | $ | ||||||||||||||
Regulatory liabilities: | |||||||||||||||||
Current: | |||||||||||||||||
Natural gas costs refundable through rate adjustments | $ | $ | $ | ||||||||||||||
Electric fuel and purchased power deferral | |||||||||||||||||
Taxes refundable to customers | |||||||||||||||||
Other | |||||||||||||||||
Noncurrent: | |||||||||||||||||
Taxes refundable to customers | |||||||||||||||||
Plant removal and decommissioning costs | |||||||||||||||||
Pension and postretirement benefits | |||||||||||||||||
Other | |||||||||||||||||
Total regulatory liabilities | $ | $ | $ | ||||||||||||||
Net regulatory position | $ | ( | $ | ( | $ | ( |
September 30, 2020 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||
(In thousands) | ||||||||||||||
Mortgage-backed securities | $ | $ | $ | $ | ||||||||||
U.S. Treasury securities | ||||||||||||||
Total | $ | $ | $ | $ |
September 30, 2019 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||
(In thousands) | ||||||||||||||
Mortgage-backed securities | $ | $ | $ | $ | ||||||||||
U.S. Treasury securities | ||||||||||||||
Total | $ | $ | $ | $ |
December 31, 2019 | 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, 2020, 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, 2020 | |||||||||||
(In thousands) | ||||||||||||||
Assets: | ||||||||||||||
Money market funds | $ | — | $ | $ | — | $ | ||||||||
Insurance contract* | — | — | ||||||||||||
Available-for-sale securities: | ||||||||||||||
Mortgage-backed securities | — | — | ||||||||||||
U.S. Treasury securities | — | — | ||||||||||||
Total assets measured at fair value | $ | — | $ | $ | — | $ | ||||||||
Fair Value Measurements at September 30, 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 | $ | — | $ | $ | — | $ | ||||||||
Fair Value Measurements at December 31, 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 December 31, 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 | $ | — | $ | $ | — | $ | ||||||||
September 30, 2020 | September 30, 2019 | December 31, 2019 | |||||||||
(In thousands) | |||||||||||
Carrying amount | $ | $ | $ | ||||||||
Fair value | $ | $ | $ |
Weighted Average Interest Rate at September 30, 2020 | September 30, 2020 | September 30, 2019 | December 31, 2019 | |||||||||||
(In thousands) | ||||||||||||||
Senior Notes due on dates ranging from October 22, 2022 to June 15, 2060 | % | $ | $ | $ | ||||||||||
Commercial paper supported by revolving credit agreements | % | |||||||||||||
Term Loan Agreement due on September 3, 2032 | % | |||||||||||||
Credit agreements due on June 7, 2024 | % | |||||||||||||
Medium-Term Notes due on dates ranging from September 15, 2027 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 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Long-term debt maturities | $ | $ | $ | $ | $ | $ |
Nine Months Ended | ||||||||
September 30, | ||||||||
2020 | 2019 | |||||||
(In thousands) | ||||||||
Interest, net* | $ | $ | ||||||
Income taxes paid, net** | $ | $ |
September 30, 2020 | September 30, 2019 | December 31, 2019 | |||||||||
(In thousands) | |||||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | $ | $ | ||||||||
Property, plant and equipment additions in accounts payable | $ | $ | $ | ||||||||
Accrual for holdback payment related to a business combination | $ | $ | $ | ||||||||
Debt assumed in connection with a business combination | $ | $ | $ |
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||
(In thousands) | ||||||||||||||
External operating revenues: | ||||||||||||||
Regulated operations: | ||||||||||||||
Electric | $ | $ | $ | $ | ||||||||||
Natural gas distribution | ||||||||||||||
Pipeline | ||||||||||||||
Non-regulated operations: | ||||||||||||||
Pipeline | ||||||||||||||
Construction materials and contracting | ||||||||||||||
Construction services | ||||||||||||||
Other | ( | |||||||||||||
Total external operating revenues | $ | $ | $ | $ | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||
(In thousands) | ||||||||||||||
Intersegment operating revenues: | ||||||||||||||
Regulated operations: | ||||||||||||||
Electric | $ | $ | $ | $ | ||||||||||
Natural gas distribution | ||||||||||||||
Pipeline | ||||||||||||||
Non-regulated operations: | ||||||||||||||
Pipeline | ||||||||||||||
Construction materials and contracting | ||||||||||||||
Construction services | ||||||||||||||
Other | ||||||||||||||
Intersegment eliminations | ( | ( | ( | ( | ||||||||||
Total intersegment operating revenues | $ | $ | $ | $ | ||||||||||
Operating income (loss): | ||||||||||||||
Electric | $ | $ | $ | $ | ||||||||||
Natural gas distribution | ( | ( | ||||||||||||
Pipeline | ||||||||||||||
Construction materials and contracting | ||||||||||||||
Construction services | ||||||||||||||
Other | ( | |||||||||||||
Total operating income | $ | $ | $ | $ | ||||||||||
Net income (loss): | ||||||||||||||
Regulated operations: | ||||||||||||||
Electric | $ | $ | $ | $ | ||||||||||
Natural gas distribution | ( | ( | ||||||||||||
Pipeline | ||||||||||||||
Non-regulated operations: | ||||||||||||||
Pipeline | ||||||||||||||
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, | 2020 | 2019 | 2020 | 2019 | ||||||||||
(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, | 2020 | 2019 | 2020 | 2019 | ||||||||||
(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, | |||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||
(In millions, except per share amounts) | ||||||||||||||
Electric | $ | 16.8 | $ | 16.3 | $ | 40.3 | $ | 39.3 | ||||||
Natural gas distribution | (17.6) | (15.6) | 13.8 | 14.6 | ||||||||||
Pipeline | 8.0 | 7.7 | 24.3 | 21.7 | ||||||||||
Construction materials and contracting | 107.3 | 102.6 | 122.1 | 97.3 | ||||||||||
Construction services | 29.8 | 21.1 | 74.5 | 64.0 | ||||||||||
Other | 8.7 | 4.0 | 3.4 | 3.5 | ||||||||||
Income from continuing operations | 153.0 | 136.1 | 278.4 | 240.4 | ||||||||||
Income (loss) from discontinued operations, net of tax | .1 | 1.5 | (.5) | — | ||||||||||
Net income | $ | 153.1 | $ | 137.6 | $ | 277.9 | $ | 240.4 | ||||||
Earnings per share - basic: | ||||||||||||||
Income from continuing operations | $ | .76 | $ | .68 | $ | 1.39 | $ | 1.21 | ||||||
Discontinued operations, net of tax | — | .01 | — | — | ||||||||||
Earnings per share - basic | $ | .76 | $ | .69 | $ | 1.39 | $ | 1.21 | ||||||
Earnings per share - diluted: | ||||||||||||||
Income from continuing operations | $ | .76 | $ | .68 | $ | 1.39 | $ | 1.21 | ||||||
Discontinued operations, net of tax | — | .01 | — | — | ||||||||||
Earnings per share - diluted | $ | .76 | $ | .69 | $ | 1.39 | $ | 1.21 |
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||
(Dollars in millions, where applicable) | ||||||||||||||
Operating revenues | $ | 87.6 | $ | 89.8 | $ | 250.4 | $ | 263.4 | ||||||
Electric fuel and purchased power | 15.5 | 18.7 | 50.6 | 64.4 | ||||||||||
Taxes, other than income | .1 | .1 | .5 | .4 | ||||||||||
Adjusted gross margin | 72.0 | 71.0 | 199.3 | 198.6 | ||||||||||
Operating expenses: | ||||||||||||||
Operation and maintenance | 30.7 | 30.8 | 90.5 | 94.6 | ||||||||||
Depreciation, depletion and amortization | 15.8 | 14.2 | 47.0 | 41.8 | ||||||||||
Taxes, other than income | 4.4 | 4.1 | 13.0 | 12.5 | ||||||||||
Total operating expenses | 50.9 | 49.1 | 150.5 | 148.9 | ||||||||||
Operating income | 21.1 | 21.9 | 48.8 | 49.7 | ||||||||||
Other income | 1.2 | .6 | 3.3 | 2.7 | ||||||||||
Interest expense | 6.4 | 6.2 | 20.1 | 18.9 | ||||||||||
Income before income taxes | 15.9 | 16.3 | 32.0 | 33.5 | ||||||||||
Income taxes | (.9) | — | (8.3) | (5.8) | ||||||||||
Net income | $ | 16.8 | $ | 16.3 | $ | 40.3 | $ | 39.3 | ||||||
Retail sales (million kWh): | ||||||||||||||
Residential | 296.1 | 259.4 | 884.4 | 865.6 | ||||||||||
Commercial | 356.7 | 359.5 | 1,056.2 | 1,102.4 | ||||||||||
Industrial | 117.1 | 127.8 | 386.0 | 403.5 | ||||||||||
Other | 21.3 | 20.9 | 62.1 | 64.9 | ||||||||||
791.2 | 767.6 | 2,388.7 | 2,436.4 | |||||||||||
Average cost of electric fuel and purchased power per kWh | $ | .018 | $ | .021 | $ | .019 | $ | .024 |
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||
(Dollars in millions, where applicable) | ||||||||||||||
Operating revenues | $ | 94.9 | $ | 93.6 | $ | 563.2 | $ | 569.7 | ||||||
Purchased natural gas sold | 35.0 | 35.6 | 290.3 | 305.6 | ||||||||||
Taxes, other than income | 3.8 | 3.2 | 23.1 | 20.7 | ||||||||||
Adjusted gross margin | 56.1 | 54.8 | 249.8 | 243.4 | ||||||||||
Operating expenses: | ||||||||||||||
Operation and maintenance | 46.9 | 44.4 | 135.9 | 134.3 | ||||||||||
Depreciation, depletion and amortization | 21.3 | 19.9 | 63.1 | 59.1 | ||||||||||
Taxes, other than income | 6.3 | 6.1 | 18.5 | 17.9 | ||||||||||
Total operating expenses | 74.5 | 70.4 | 217.5 | 211.3 | ||||||||||
Operating income (loss) | (18.4) | (15.6) | 32.3 | 32.1 | ||||||||||
Other income | 2.2 | 1.7 | 6.6 | 5.3 | ||||||||||
Interest expense | 9.3 | 8.9 | 27.5 | 26.1 | ||||||||||
Income (loss) before income taxes | (25.5) | (22.8) | 11.4 | 11.3 | ||||||||||
Income taxes | (7.9) | (7.2) | (2.4) | (3.3) | ||||||||||
Net income (loss) | $ | (17.6) | $ | (15.6) | $ | 13.8 | $ | 14.6 | ||||||
Volumes (MMdk) | ||||||||||||||
Retail sales: | ||||||||||||||
Residential | 4.4 | 4.1 | 41.8 | 44.3 | ||||||||||
Commercial | 4.0 | 4.2 | 29.1 | 31.5 | ||||||||||
Industrial | .9 | .9 | 3.4 | 3.6 | ||||||||||
9.3 | 9.2 | 74.3 | 79.4 | |||||||||||
Transportation sales: | ||||||||||||||
Commercial | .3 | .3 | 1.4 | 1.5 | ||||||||||
Industrial | 39.6 | 45.7 | 115.4 | 117.9 | ||||||||||
39.9 | 46.0 | 116.8 | 119.4 | |||||||||||
Total throughput | 49.2 | 55.2 | 191.1 | 198.8 | ||||||||||
Average cost of natural gas per dk | $ | 3.75 | $ | 3.88 | $ | 3.90 | $ | 3.85 |
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||
(Dollars in millions) | ||||||||||||||
Operating revenues | $ | 35.7 | $ | 36.4 | $ | 107.2 | $ | 105.1 | ||||||
Operating expenses: | ||||||||||||||
Operation and maintenance | 15.4 | 16.1 | 45.4 | 47.5 | ||||||||||
Depreciation, depletion and amortization | 5.2 | 5.6 | 16.5 | 15.6 | ||||||||||
Taxes, other than income | 3.3 | 3.3 | 9.9 | 10.0 | ||||||||||
Total operating expenses | 23.9 | 25.0 | 71.8 | 73.1 | ||||||||||
Operating income | 11.8 | 11.4 | 35.4 | 32.0 | ||||||||||
Other income | .2 | .1 | 1.2 | .9 | ||||||||||
Interest expense | 1.9 | 1.8 | 5.7 | 5.3 | ||||||||||
Income before income taxes | 10.1 | 9.7 | 30.9 | 27.6 | ||||||||||
Income taxes | 2.1 | 2.0 | 6.6 | 5.9 | ||||||||||
Net income | $ | 8.0 | $ | 7.7 | $ | 24.3 | $ | 21.7 | ||||||
Transportation volumes (MMdk) | 108.9 | 111.1 | 316.2 | 319.9 | ||||||||||
Natural gas gathering volumes (MMdk) | 2.0 | 3.6 | 7.4 | 10.5 | ||||||||||
Customer natural gas storage balance (MMdk): | ||||||||||||||
Beginning of period | 19.1 | 11.4 | 16.2 | 13.9 | ||||||||||
Net injection | 14.0 | 12.8 | 16.9 | 10.3 | ||||||||||
End of period | 33.1 | 24.2 | 33.1 | 24.2 |
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||
(Dollars in millions) | ||||||||||||||
Operating revenues | $ | 822.5 | $ | 869.5 | $ | 1,705.9 | $ | 1,692.7 | ||||||
Cost of sales: | ||||||||||||||
Operation and maintenance | 612.4 | 668.9 | 1,351.2 | 1,384.4 | ||||||||||
Depreciation, depletion and amortization | 22.2 | 19.7 | 63.0 | 55.2 | ||||||||||
Taxes, other than income | 13.6 | 13.4 | 36.6 | 34.8 | ||||||||||
Total cost of sales | 648.2 | 702.0 | 1,450.8 | 1,474.4 | ||||||||||
Gross margin | 174.3 | 167.5 | 255.1 | 218.3 | ||||||||||
Selling, general and administrative expense: | ||||||||||||||
Operation and maintenance | 23.7 | 22.7 | 67.5 | 64.6 | ||||||||||
Depreciation, depletion and amortization | 1.3 | .9 | 3.6 | 2.4 | ||||||||||
Taxes, other than income | .8 | .9 | 4.0 | 3.7 | ||||||||||
Total selling, general and administrative expense | 25.8 | 24.5 | 75.1 | 70.7 | ||||||||||
Operating income | 148.5 | 143.0 | 180.0 | 147.6 | ||||||||||
Other income | .3 | .2 | 1.0 | 1.5 | ||||||||||
Interest expense | 5.0 | 6.4 | 15.9 | 18.6 | ||||||||||
Income before income taxes | 143.8 | 136.8 | 165.1 | 130.5 | ||||||||||
Income taxes | 36.5 | 34.2 | 43.0 | 33.2 | ||||||||||
Net income | $ | 107.3 | $ | 102.6 | $ | 122.1 | $ | 97.3 | ||||||
Sales (000's): | ||||||||||||||
Aggregates (tons) | 10,722 | 11,860 | 23,678 | 24,815 | ||||||||||
Asphalt (tons) | 3,542 | 3,317 | 5,935 | 5,396 | ||||||||||
Ready-mixed concrete (cubic yards) | 1,266 | 1,372 | 3,089 | 3,124 |
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||
(In millions) | ||||||||||||||
Operating revenues | $ | 551.0 | $ | 479.6 | $ | 1,562.9 | $ | 1,365.4 | ||||||
Cost of sales: | ||||||||||||||
Operation and maintenance | 461.7 | 409.0 | 1,309.0 | 1,151.7 | ||||||||||
Depreciation, depletion and amortization | 3.9 | 3.7 | 11.8 | 11.1 | ||||||||||
Taxes, other than income | 17.2 | 14.1 | 57.8 | 44.6 | ||||||||||
Total cost of sales | 482.8 | 426.8 | 1,378.6 | 1,207.4 | ||||||||||
Gross margin | 68.2 | 52.8 | 184.3 | 158.0 | ||||||||||
Selling, general and administrative expense: | ||||||||||||||
Operation and maintenance | 24.9 | 21.4 | 72.4 | 63.9 | ||||||||||
Depreciation, depletion and amortization | 1.8 | .5 | 5.9 | 1.3 | ||||||||||
Taxes, other than income | 1.0 | .9 | 3.8 | 3.4 | ||||||||||
Total selling, general and administrative expense | 27.7 | 22.8 | 82.1 | 68.6 | ||||||||||
Operating income | 40.5 | 30.0 | 102.2 | 89.4 | ||||||||||
Other income | .6 | .3 | 1.3 | 1.4 | ||||||||||
Interest expense | 1.0 | 1.6 | 3.3 | 4.0 | ||||||||||
Income before income taxes | 40.1 | 28.7 | 100.2 | 86.8 | ||||||||||
Income taxes | 10.3 | 7.6 | 25.7 | 22.8 | ||||||||||
Net income | $ | 29.8 | $ | 21.1 | $ | 74.5 | $ | 64.0 |
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||
(In millions) | ||||||||||||||
Operating revenues | $ | 3.1 | $ | 2.9 | $ | 8.9 | $ | 13.6 | ||||||
Operating expenses: | ||||||||||||||
Operation and maintenance | 2.3 | 3.6 | 6.7 | 11.8 | ||||||||||
Depreciation, depletion and amortization | .6 | .5 | 1.9 | 1.5 | ||||||||||
Taxes, other than income | — | — | — | .1 | ||||||||||
Total operating expenses | 2.9 | 4.1 | 8.6 | 13.4 | ||||||||||
Operating income (loss) | .2 | (1.2) | .3 | .2 | ||||||||||
Other income | .1 | .2 | .4 | .7 | ||||||||||
Interest expense | .1 | .4 | .7 | 1.5 | ||||||||||
Income (loss) before income taxes | .2 | (1.4) | — | (.6) | ||||||||||
Income taxes | (8.5) | (5.4) | (3.4) | (4.1) | ||||||||||
Net income | $ | 8.7 | $ | 4.0 | $ | 3.4 | $ | 3.5 |
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||
(In millions) | ||||||||||||||
Intersegment transactions: | ||||||||||||||
Operating revenues | $ | 7.5 | $ | 8.0 | $ | 50.9 | $ | 51.3 | ||||||
Operation and maintenance | 4.0 | 4.3 | 14.4 | 16.2 | ||||||||||
Purchased natural gas sold | 3.5 | 3.7 | 36.5 | 35.1 | ||||||||||
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 | $ | 73.6 | $ | — | 12/19/24 | |||||||||||||||||||||||
Cascade Natural Gas Corporation | Revolving credit agreement | $ | 100.0 | (b) | $ | 52.5 | $ | 2.2 | (c) | 6/7/24 | ||||||||||||||||||||||
Intermountain Gas Company | Revolving credit agreement | $ | 85.0 | (d) | $ | 38.5 | $ | — | 6/7/24 | |||||||||||||||||||||||
Centennial Energy Holdings, Inc. | Commercial paper/Revolving credit agreement | (e) | $ | 600.0 | $ | 140.6 | $ | — | 12/19/24 |
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||
(In millions) | ||||||||||||||
Operating income | $ | 21.1 | $ | 21.9 | $ | 48.8 | $ | 49.7 | ||||||
Adjustments: | ||||||||||||||
Operating expenses: | ||||||||||||||
Operation and maintenance | 30.7 | 30.8 | 90.5 | 94.6 | ||||||||||
Depreciation, depletion and amortization | 15.8 | 14.2 | 47.0 | 41.8 | ||||||||||
Taxes, other than income | 4.4 | 4.1 | 13.0 | 12.5 | ||||||||||
Total adjustments | 50.9 | 49.1 | 150.5 | 148.9 | ||||||||||
Adjusted gross margin | $ | 72.0 | $ | 71.0 | $ | 199.3 | $ | 198.6 |
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||
(In millions) | ||||||||||||||
Operating income (loss) | $ | (18.4) | $ | (15.6) | $ | 32.3 | $ | 32.1 | ||||||
Adjustments: | ||||||||||||||
Operating expenses: | ||||||||||||||
Operation and maintenance | 46.9 | 44.4 | 135.9 | 134.3 | ||||||||||
Depreciation, depletion and amortization | 21.3 | 19.9 | 63.1 | 59.1 | ||||||||||
Taxes, other than income | 6.3 | 6.1 | 18.5 | 17.9 | ||||||||||
Total adjustments | 74.5 | 70.4 | 217.5 | 211.3 | ||||||||||
Adjusted gross margin | $ | 56.1 | $ | 54.8 | $ | 249.8 | $ | 243.4 |
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, 2020 | — | — | — | — | ||||||||||
August 1 through August 31, 2020 | — | — | — | — | ||||||||||
September 1 through September 30, 2020 | — | — | — | — | ||||||||||
Total | — | — | — |
Exhibits Index | |||||||||||||||||||||||
Incorporated by Reference | |||||||||||||||||||||||
Exhibit Number | Exhibit Description | Filed Herewith | Form | Period Ended | Exhibit | Filing Date | File Number | ||||||||||||||||
3(a) | 8-K | 3.2 | 5/8/19 | 1-03480 | |||||||||||||||||||
3(b) | 8-K | 3.1 | 2/15/19 | 1-03480 | |||||||||||||||||||
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 |
MDU RESOURCES GROUP, INC. | |||||||||||
DATE: | November 5, 2020 | 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 |
MSHA Identification Number/Contractor ID | Section 104 S&S Citations (#) | Section 107(a) Orders (#) | 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 (#) | ||||||||||||||
10-02088 | — | — | 369 | — | — | — | ||||||||||||||
10-02089 | 1 | 1 | 2,842 | — | — | 1 | ||||||||||||||
13-02222 | — | — | 123 | — | — | — | ||||||||||||||
21-03112 | — | — | 123 | — | — | — | ||||||||||||||
21-03417 | — | — | 123 | — | — | — | ||||||||||||||
21-03642 | — | — | 246 | — | — | — | ||||||||||||||
21-02936 | — | — | 246 | — | — | — | ||||||||||||||
24-01935 | — | — | 123 | — | — | — | ||||||||||||||
24-02095 | — | — | 246 | — | — | — | ||||||||||||||
32-00776 | — | — | 447 | — | — | — | ||||||||||||||
32-00950 | 1 | — | 1,097 | — | — | — | ||||||||||||||
35-00463 | — | — | — | 1 | 1 | — | ||||||||||||||
35-00512 | 1 | — | — | — | — | — | ||||||||||||||
35-02968 | 1 | — | 123 | — | — | — | ||||||||||||||
35-03321 | — | — | 123 | 1 | — | — | ||||||||||||||
35-03594 | — | — | — | 1 | — | — | ||||||||||||||
35-03605 | — | — | — | 1 | 1 | — | ||||||||||||||
35-03667 | — | — | 460 | — | — | — | ||||||||||||||
35-03678 | — | — | 123 | — | — | — | ||||||||||||||
35-03752 | — | — | — | — | — | 3 | ||||||||||||||
35-03380 | — | — | 123 | — | — | — | ||||||||||||||
39-00008 | — | — | 369 | — | — | — | ||||||||||||||
39-01478 | — | — | 544 | — | — | — | ||||||||||||||
48-00715 | — | — | — | 2 | — | — | ||||||||||||||
48-01670 | — | — | 6,465 | 6 | 6 | — | ||||||||||||||
48-01800 | — | — | 340 | — | — | — | ||||||||||||||
50-00883 | — | — | 246 | — | — | — | ||||||||||||||
51-00036 | 1 | — | 9,274 | — | — | — | ||||||||||||||
51-00241 | — | — | 123 | — | — | — | ||||||||||||||
B5500 | 2 | — | 964 | — | — | — | ||||||||||||||
7 | 1 | $ | 25,262 | 12 | 8 | 4 |
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 | ||||||||||||||
35-00463 | 1 | — | — | — | — | — | ||||||||||||||
35-03321 | 1 | — | — | — | — | — | ||||||||||||||
35-03594 | 1 | — | — | — | — | — | ||||||||||||||
35-03605 | 1 | — | — | — | — | — | ||||||||||||||
48-00715 | 2 | — | — | — | — | — | ||||||||||||||
48-01670 | 6 | — | — | — | — | — | ||||||||||||||
12 | — | — | — | — | — |
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Operating revenues: | ||||
Operating revenues: | $ 1,587,289 | $ 1,563,799 | $ 4,147,591 | $ 3,958,563 |
Operating expenses: | ||||
Operation and maintenance: | 1,214,019 | 1,212,620 | 3,064,189 | 2,936,564 |
Purchased natural gas sold | 31,524 | 31,843 | 253,780 | 270,539 |
Depreciation, depletion and amortization | 72,084 | 65,021 | 212,832 | 187,937 |
Taxes, other than income | 50,501 | 46,128 | 167,197 | 148,110 |
Electric fuel and purchased power | 15,450 | 18,717 | 50,557 | 64,413 |
Total operating expenses | 1,383,578 | 1,374,329 | 3,748,555 | 3,607,563 |
Operating income | 203,711 | 189,470 | 399,036 | 351,000 |
Other income | 4,612 | 3,014 | 13,669 | 12,222 |
Interest expense | 23,761 | 25,258 | 73,132 | 74,094 |
Income before income taxes | 184,562 | 167,226 | 339,573 | 289,128 |
Income taxes | 31,547 | 31,098 | 61,178 | 48,766 |
Income from continuing operations | 153,015 | 136,128 | 278,395 | 240,362 |
Income (loss) from discontinued operations, net of tax | 63 | 1,509 | (484) | 26 |
Net income | $ 153,078 | $ 137,637 | $ 277,911 | $ 240,388 |
Earnings per share - basic: | ||||
Income from continuing operations | $ 0.76 | $ 0.68 | $ 1.39 | $ 1.21 |
Discontinued operations, net of tax | 0 | 0.01 | 0 | 0 |
Earnings per share - basic | 0.76 | 0.69 | 1.39 | 1.21 |
Earnings per share - diluted: | ||||
Income from continuing operations | 0.76 | 0.68 | 1.39 | 1.21 |
Discontinued operations, net of tax | 0 | 0.01 | 0 | 0 |
Earnings per share - diluted | $ 0.76 | $ 0.69 | $ 1.39 | $ 1.21 |
Weighted average common shares outstanding - basic | 200,522 | 199,343 | 200,495 | 198,016 |
Weighted average common shares outstanding - diluted | 200,619 | 199,383 | 200,515 | 198,033 |
Regulated operation | ||||
Operating revenues: | ||||
Operating revenues: | $ 210,115 | $ 209,444 | $ 870,151 | $ 885,309 |
Operating expenses: | ||||
Operation and maintenance: | 89,080 | 86,249 | 259,791 | 262,434 |
Income from continuing operations | 6,985 | 7,599 | 77,991 | 74,206 |
Nonregulated operation | ||||
Operating revenues: | ||||
Operating revenues: | 1,377,174 | 1,354,355 | 3,277,440 | 3,073,254 |
Operating expenses: | ||||
Operation and maintenance: | 1,124,939 | 1,126,371 | 2,804,398 | 2,674,130 |
Income from continuing operations | $ 146,030 | $ 128,529 | $ 200,404 | $ 166,156 |
Consolidated Balance Sheets - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
---|---|---|---|
Current assets: | |||
Cash and cash equivalents | $ 66,070 | $ 66,459 | $ 67,000 |
Receivables, net | 1,009,433 | 836,605 | 968,279 |
Inventories | 286,223 | 278,407 | 286,057 |
Current regulatory assets | 79,125 | 63,613 | 69,181 |
Prepayments and other current assets | 61,706 | 52,617 | 71,298 |
Total current assets | 1,502,557 | 1,297,701 | 1,461,815 |
Noncurrent assets: | |||
Property, plant and equipment | 8,203,751 | 7,908,628 | 7,746,754 |
Less accumulated depreciation, depletion and amortization | 3,115,805 | 2,991,486 | 2,944,928 |
Net property, plant and equipment | 5,087,946 | 4,917,142 | 4,801,826 |
Goodwill | 712,677 | 681,358 | 681,349 |
Other intangible assets, net | 26,376 | 15,246 | 15,511 |
Regulatory assets | 369,764 | 353,784 | 362,799 |
Investments | 158,440 | 148,656 | 144,417 |
Operating lease right-of-use assets | 120,534 | 115,323 | 118,764 |
Other | 147,205 | 153,849 | 144,130 |
Total noncurrent assets | 6,622,942 | 6,385,358 | 6,268,796 |
Total assets | 8,125,499 | 7,683,059 | 7,730,611 |
Current liabilities: | |||
Short-term borrowings | 75,000 | 0 | 139,988 |
Long-term debt due within one year | 1,558 | 16,540 | 65,810 |
Accounts payable | 436,718 | 403,391 | 378,370 |
Taxes payable | 96,708 | 48,970 | 53,505 |
Dividends payable | 41,608 | 41,580 | 40,460 |
Accrued compensation | 110,730 | 99,269 | 93,642 |
Regulatory liabilities due within one year | 39,837 | 42,935 | 36,945 |
Operating lease liabilities due within one year | 33,770 | 31,664 | 32,584 |
Asset retirement obligations due within one year | 4,198 | 4,277 | 5,612 |
Other accrued liabilities | 226,863 | 177,801 | 186,761 |
Total current liabilities | 1,066,990 | 866,427 | 1,033,677 |
Noncurrent liabilities: | |||
Long-term debt | 2,268,732 | 2,226,567 | 2,180,946 |
Deferred income taxes | 533,524 | 506,583 | 487,194 |
Regulatory liabilities | 434,936 | 447,370 | 453,760 |
Asset retirement obligations | 425,567 | 413,298 | 384,193 |
Operating lease liabilities | 87,140 | 83,742 | 86,166 |
Other | 295,845 | 291,826 | 309,069 |
Total noncurrent liabilities | 4,045,744 | 3,969,386 | 3,901,328 |
Commitments and contingencies | |||
Stockholders' equity: | |||
Common stock | 201,061 | 200,923 | 200,876 |
Other paid-in capital | 1,366,494 | 1,355,404 | 1,351,990 |
Retained earnings | 1,489,085 | 1,336,647 | 1,283,044 |
Accumulated other comprehensive loss | (40,249) | (42,102) | (36,678) |
Treasury stock at cost - 538,921 shares | (3,626) | (3,626) | (3,626) |
Total stockholders' equity | 3,012,765 | 2,847,246 | 2,795,606 |
Total liabilities and stockholders' equity | $ 8,125,499 | $ 7,683,059 | $ 7,730,611 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Common Stock, Par or Stated Value Per Share | $ 1.00 | $ 1.00 | $ 1.00 |
Common Stock, Shares, Issued | 201,061,198 | 200,922,790 | 200,876,334 |
Treasury Stock, Common, Shares | 538,921 | 538,921 | 538,921 |
Basis of presentation |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
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 2019 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. In March 2020, the World Health Organization declared the outbreak of COVID-19 a pandemic, and the President of the United States declared the COVID-19 outbreak as a national emergency. Governmental restrictions and guidelines implemented to control the spread of COVID-19 reduced commercial and interpersonal activity throughout the Company's areas of operation. Most of the Company's products and services are considered essential and accordingly operations have been generally allowed to continue. The Company has experienced some inefficiency impacts, including operation suspensions and interruptions at some locations to carry out preventive measures or in response to instances of positive tests or quarantines. The Company has assessed the impacts of the COVID-19 pandemic on its results of operations for the three and nine months ended September 30, 2020, and determined there were no material adverse impacts. In the first quarter of 2020, the Company recorded an out-of-period adjustment to correct the recognition of revenue on a construction contract, which was the result of an overstatement of operating revenue and receivables of $7.7 million and an understatement of operating expense and accounts payable of $1.2 million in the year ended December 31, 2019. This adjustment resulted in an after-tax reduction to net income of $6.7 million in the first quarter of 2020. The Company evaluated the impact of the out-of-period adjustment and concluded it was not material to any previously issued interim and annual consolidated financial statements and the adjustment was not material to the three months ended March 31, 2020 or the nine months ended September 30, 2020. Effective January 1, 2020, the Company adopted the requirements of the ASU on the measurement of credit losses on certain financial instruments following a modified retrospective approach, as further discussed in Notes 2 and 4. As such, results for reporting periods beginning on January 1, 2020, are presented under the new guidance, while prior period amounts are not adjusted and continue to be reported in accordance with historic accounting. The Company's adoption of this guidance did not have a material impact on its financial reporting. The assets and liabilities of the Company's discontinued operations have been classified as held for sale and are included in prepayments and other current assets, noncurrent assets - other and other accrued liabilities on the Consolidated Balance Sheets. The results and supporting activities are shown in income (loss) from discontinued operations on the Consolidated Statements of Income. Unless otherwise indicated, the amounts presented in the accompanying notes to the consolidated financial statements relate to the Company's continuing operations. Management has also evaluated the impact of events occurring after September 30, 2020, up to the date of issuance of these consolidated interim financial statements.
|
New accounting standards |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New accounting standards | New accounting standards Recently adopted accounting standards 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 introduced a new impairment model known as the current expected credit loss model that replaced the incurred loss impairment methodology previously included under GAAP. This guidance required 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 Company adopted the guidance on January 1, 2020, using a modified retrospective approach. The Company formed an implementation team to review and assess existing financial assets to identify and evaluate the financial assets subject to the new current expected credit loss model. The Company assessed the impact of the guidance on its processes and internal controls and identified and updated existing internal controls and processes to ensure compliance with the new guidance; such modifications were deemed insignificant. During the assessment phase, the Company identified the complete portfolio of assets subject to the current expected credit loss model. The Company determined the guidance did not have a material impact on its results of operations, financial position, cash flows or disclosures and did not record a material cumulative effect adjustment upon adoption. See Note 4 for additional information regarding the Company's expected credit losses. 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 modified, among other things, the disclosures required for Level 3 fair value measurements, including the range and weighted average of significant unobservable inputs. The guidance removed, among other things, the disclosure requirement to disclose transfers between Levels 1 and 2. The Company adopted the guidance on January 1, 2020, and determined the guidance did not have a material impact on its disclosures. Recently issued accounting standards not yet adopted 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. ASU 2019-12 - Simplifying the Accounting for Income Taxes In December 2019, the FASB issued guidance on simplifying the accounting for income taxes by removing certain exceptions in ASC 740 and providing simplification amendments. The guidance removes exceptions on intraperiod tax allocations and reporting and provides simplification on accounting for franchise taxes, tax basis goodwill and tax law changes. The guidance will be effective for the Company on January 1, 2021, with early adoption permitted. Transition requirements vary among the exceptions and amendments which include retrospective, modified retrospective and prospective application. The Company has evaluated the effects of the new guidance and does not expect the guidance to have a material impact on its results of operations, financial position, cash flows or disclosures. ASU 2020-04 - Reference Rate Reform In March 2020, the FASB issued optional guidance to ease the facilitation of the effects of reference rate reform on financial reporting. The guidance applies to certain contract modifications, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. LIBOR is expected to be retired with a full phase-out by the end of 2021 and replaced by a new reference rate, which includes SOFR. The guidance can be applied beginning in the interim period that includes March 12, 2020, and cannot be applied to contract modifications or hedging relationships entered into or evaluated after December 31, 2022. The Company is currently updating its credit agreements to include language regarding the successor or alternate rate to LIBOR. The Company does not expect the guidance to have a material impact on its results of operations, financial position, cash flows or disclosures.
|
Seasonality of operations |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
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. |
Receivables and allowance for expected credit losses |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables and allowance for expected credit loss | Receivables and allowance for expected credit losses Receivables consists primarily of trade receivables from the sale of goods and services, which are recorded at the invoiced amount, and contract assets, net of expected credit losses. For more information on contract assets, see Note 8. The Company's trade accounts receivable are all due in 12 months or less. The total balance of receivables past due 90 days or more was $48.9 million, $56.0 million and $46.7 million at September 30, 2020 and 2019, and December 31, 2019, respectively. The Company's expected credit losses are determined through a review using historical credit loss experience, changes in asset specific characteristics, current conditions and reasonable and supportable future forecasts, among other specific account data, and is performed at least quarterly. The Company develops and documents its methodology to determine its allowance for expected credit losses at each of its reportable business segments. Risk characteristics used by the business segments may include customer mix, knowledge of customers and general economic conditions of the various local economies, among others. Specific account balances are written off when management determines the amounts to be uncollectible. Details of the Company's expected credit losses were as follows:
The Company's allowance for doubtful accounts at September 30, 2019 and December 31, 2019, was $8.7 million and $8.5 million, respectively.
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Inventories and natural gas in storage |
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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 valued at lower of cost or market using the last-in, first-out method or lower of cost or net realizable value using the average cost or first-in, first-out method. The majority of all other inventories are valued at the lower of cost or net realizable value using the average cost method. The portion of the cost of natural gas in storage expected to be used within 12 months 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 noncurrent assets - other and was $48.3 million, $48.2 million and $48.4 million at September 30, 2020 and 2019, and December 31, 2019, respectively.
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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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Accumulated other comprehensive income (loss) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | Accumulated other comprehensive income (loss) The after-tax changes in the components of accumulated other comprehensive loss were as follows:
The following amounts were reclassified between accumulated other comprehensive loss and 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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Revenue from contracts with customers |
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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. Disaggregation In the following tables, 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 16.
Presented in the previous tables are intrasegment revenues 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. 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 $15.6 million and $137.3 million in revenue for the three and nine months ended September 30, 2020, respectively, which was previously included in contract liabilities at December 31, 2019. 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 a net increase in revenues of $34.7 million and $58.8 million for the three and nine months ended September 30, 2020, respectively, from performance obligations satisfied in prior periods. 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. Remaining performance obligations The remaining performance obligations, also referred to as backlog, at the construction materials and contracting and construction services segments include unrecognized revenues that the Company reasonably expects to be realized. These unrecognized revenues can include: 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 majority of the Company's construction contracts have an original duration of less than two years. The remaining performance obligations at the pipeline segment include firm transportation and storage contracts with fixed pricing and fixed volumes. The Company has applied the practical expedient, which does not require additional disclosures for contracts with an original duration of less than 12 months, to certain firm transportation and non-regulated contracts. The Company's firm transportation and firm storage contracts included in the remaining performance obligations have weighted average remaining durations of approximately five and two years, respectively. At September 30, 2020, the Company's remaining performance obligations were $2.0 billion. The Company expects to recognize the following revenue amounts in future periods related to these remaining performance obligations: $1.5 billion within the next 12 months or less; $265.6 million within the next 13 to 24 months; and $260.6 million in 25 months or more.
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Business Combinations |
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Business Combinations [Abstract] | |
Business Combinations | Business combinations The following acquisitions were accounted for as business combinations in accordance with ASC 805 - Business Combinations. The results of the acquired businesses have been included in the Consolidated Financial Statements beginning on the acquisition date. Pro forma financial amounts reflecting the effects of the business combinations are not presented, as none of these business combinations were 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; 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 2020 and 2019 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 12 months 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. The acquisitions are also 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 Sheets for these adjustments are considered provisional until final settlement has occurred. The following are the acquisitions made during 2020 and 2019 at the construction materials and contracting segment: •In February 2020, the Company acquired the assets of Oldcastle Infrastructure Spokane, a prestressed-concrete business in Washington. •In December 2019, the Company acquired the assets of Roadrunner Ready Mix, Inc., a provider of ready-mixed concrete in Idaho. •In March 2019, the Company acquired Viesko Redi-Mix, Inc., a provider of ready-mixed concrete in Oregon. The following are the acquisitions made during 2020 and 2019 at the construction services segment: •In February 2020, the Company acquired PerLectric, Inc., an electrical construction company in Virginia. •In September 2019, the Company purchased the assets of Pride Electric, Inc., an electrical construction company in Washington. The total purchase price for acquisitions that occurred in 2020 was $78.2 million, subject to certain adjustments, with cash acquired totaling $1.7 million. The purchase price includes consideration paid of $71.5 million and $5.0 million of indemnity holdback liabilities. The amounts allocated to the aggregated assets acquired and liabilities assumed during 2020 were as follows: $45.9 million to current assets; $4.9 million to property, plant and equipment; $31.3 million to goodwill; $17.6 million to other intangible assets; $21.2 million to current liabilities and $300,000 to noncurrent liabilities. During 2020, measurement period adjustments were made to previously reported provisional amounts, which increased goodwill by $400,000. At September 30, 2020, the purchase price allocations for these acquisitions were preliminary and will be finalized within 12 months of the respective acquisition dates. The Company issued debt to finance these acquisitions. In 2019, the gross aggregate consideration for acquisitions was $56.8 million, subject to certain adjustments, and included $1.2 million of debt assumed. The amounts allocated to the aggregated assets acquired and liabilities assumed during 2019 were as follows: $15.8 million to current assets; $16.7 million to property, plant and equipment; $23.1 million to goodwill; $6.7 million to other intangible assets; $500,000 to other noncurrent assets; $5.9 million to current liabilities and $100,000 to noncurrent liabilities. At December 31, 2019, the purchase price adjustments for Viesko Redi-Mix, Inc. had been settled and no material adjustments were made to the provisional accounting. At September 30, 2020, the measurement period for Pride Electric, Inc. ended with no material adjustments made to the provisional accounting. At September 30, 2020, the purchase price allocation for Roadrunner Ready Mix, Inc. was preliminary and will be finalized within 12 months of the acquisition date. The Company issued debt and equity securities to finance these acquisitions. Costs incurred for acquisitions are included in operation and maintenance expense on the Consolidated Statements of Income and were not material for the nine months ended September 30, 2020 and 2019.
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Leases |
9 Months Ended |
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Sep. 30, 2020 | |
Leases [Abstract] | |
Leases of Lessor Disclosure | Leases The Company's leases primarily include operating leases for equipment, buildings, easements and vehicles. The Company leases certain equipment to third parties through its utility and construction services segments, which are considered short-term operating leases with terms of less than 12 months. The Company recognized revenue from operating leases of $10.7 million and $34.0 million for the three and nine months ended September 30, 2020, respectively. 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. At September 30, 2020, the Company had $8.4 million of lease receivables with a majority due within 12 months.
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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:
Other amortizable intangible assets were as follows:
The previous tables include goodwill and intangible assets associated with the business combinations completed during 2020 and 2019. For more information related to these business combinations, see Note 9. Amortization expense for amortizable intangible assets for the three and nine months ended September 30, 2020, was $2.1 million and $6.8 million, respectively. Amortization expense for amortizable intangible assets for the three and nine months ended September 30, 2019, was $500,000 and $1.6 million, respectively. Estimated amortization expense for identifiable intangible assets as of September 30, 2020, was:
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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:
*Estimated recovery period for regulatory assets currently being recovered in rates charged to customers. ** Recovered as expense is incurred or cash contributions are made. At September 30, 2020 and 2019, and December 31, 2019, approximately $318.2 million, $278.6 million and $276.5 million, respectively, of regulatory assets were not earning a rate of return; however, these regulatory assets are expected to be recovered from customers in future rates. In 2019, the Company experienced increased natural gas costs in Washington from the rupture of the Enbridge pipeline in Canada in late 2018. As a result, the Company requested, and the WUTC approved, recovery of the balance of natural gas costs recoverable related to this period of time over three years rather than its normal one-year recovery period. In February 2019, the Company announced that it intends to retire one aging coal-fired electric generating unit in early 2021 and two units in early 2022. 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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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 defined 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 $95.7 million, $84.2 million and $87.0 million, at September 30, 2020 and 2019, and December 31, 2019, respectively, are classified as investments on the Consolidated Balance Sheets. The net unrealized gains on these investments were $3.3 million and $8.7 million for the three and nine months ended September 30, 2020, respectively. 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 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, which include mortgage-backed securities and U.S. Treasury securities. These available-for-sale securities are recorded at fair value and are classified as investments on the Consolidated Balance Sheets. Unrealized gains or losses are recorded in accumulated other comprehensive income (loss). Details of available-for-sale securities were as follows:
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The 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. The Company's assets measured at fair value on a recurring basis were as follows:
* The insurance contract invests approximately 68 percent in fixed-income investments, 15 percent in common stock of large-cap companies, 6 percent in common stock of mid-cap companies, 6 percent in common stock of small-cap companies, 4 percent in target date investments and 1 percent in cash equivalents.
* The insurance contract invests approximately 53 percent in fixed-income investments, 21 percent in common stock of large-cap companies, 11 percent in common stock of mid-cap companies, 10 percent in common stock of small-cap companies, 3 percent in target date investments and 2 percent in cash equivalents.
* The insurance contract invests approximately 51 percent in fixed-income investments, 23 percent in common stock of large-cap companies, 12 percent in common stock of mid-cap companies, 10 percent in common stock of small-cap companies, 3 percent in target date investments and 1 percent in cash equivalents. 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. This 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 performed a fair value assessment of the assets acquired and liabilities assumed in the business combinations that have occurred during 2020 and 2019. For more information on these Level 2 and Level 3 fair value measurements, see Note 9. 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 Level 2 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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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Certain debt instruments of the Company's subsidiaries contain restrictive and financial covenants and cross-default provisions. In order to borrow under the debt agreements, 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, 2020. 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 the 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 certain operations of the Company's subsidiaries. Due to the early impacts of the COVID-19 pandemic on the short-term capital markets, the Company temporarily borrowed under its revolving credit agreements in addition to accessing the commercial paper markets in the first half of 2020. At September 30, 2020, all borrowings under the revolving credit agreements for Montana-Dakota and Centennial had been repaid. 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, at September 30, 2020, were as follows:
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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:
* AFUDC - borrowed was $2.0 million for the nine months ended September 30, 2020 and 2019. ** Income taxes paid, including discontinued operations, were $43.5 million and $2.0 million for the nine months ended September 30, 2020 and 2019, respectively. Noncash investing and financing transactions were as follows:
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Business segment data |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business segment data | Business segment data The Company's reportable segments are those that are based on the Company's method of internal reporting, which generally segregates the strategic business units due to differences in products, services and regulation. The internal reporting of these operating segments is defined based on the reporting and review process used by the Company's chief executive officer. The vast majority of the Company's operations are located within the United States. The electric segment generates, transmits and distributes electricity in Montana, North Dakota, South Dakota and Wyoming. The natural gas distribution segment distributes natural gas in those states, as well as in Idaho, Minnesota, Oregon and Washington. These operations also supply related value-added services. The pipeline segment provides natural gas transportation, underground storage and gathering services through regulated and non-regulated 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, including 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 government 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 and do not meet the criteria for income (loss) from discontinued operations. The Other category also includes Centennial Resources' former investment in Brazil. Discontinued operations include the results and supporting activities of Fidelity other than certain general and administrative costs and interest expense as described above. The information below follows the same accounting policies as described in Note 1 of the Notes to Consolidated Financial Statements in the 2019 Annual Report. Information on the Company's segments was as follows:
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Employee benefit plans |
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Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and other postretirement 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, 2020, was $1.0 million and $2.9 million, respectively. 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 components of net periodic benefit cost for these plans are included in other income on the Consolidated Statements of Income.
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Regulatory matters |
9 Months Ended |
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Sep. 30, 2020 | |
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. Certain regulatory proceedings and cases may also contain recurring mechanisms that can have an annual true-up. Examples of these recurring mechanisms include: infrastructure riders, transmission trackers, renewable resource cost adjustment riders, as well as weather normalization and decoupling mechanisms. The following paragraphs summarize the Company's significant regulatory proceedings and cases by jurisdiction, including the status of each open request, as well as updates to those reported in the 2019 Annual Report. The Company is unable to predict the ultimate outcome of these matters, the timing of final decisions of the various regulators and courts, or the effect on the Company's results of operations, financial position or cash flows. MNPUC 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. On November 22, 2019, Great Plains received approval to implement an interim rate increase of approximately $2.6 million or approximately 11.0 percent, subject to refund, effective January 1, 2020. On October 26, 2020, the MNPUC issued a final order authorizing an annual increase in revenues of approximately $2.6 million or approximately 11.5 percent. Great Plains shall submit compliance filings within 30 days of the order. MTPSC On May 8, 2020, Montana-Dakota filed a request with the MTPSC to use deferred accounting for costs related to the COVID-19 pandemic. This matter is pending before the MTPSC. On June 22, 2020, Montana-Dakota filed an application with the MTPSC for a natural gas rate increase of approximately $8.6 million annually or approximately 13.4 percent above current rates. The requested increase was primarily to recover investments in facilities that were made to enhance system safety and reliability, as well as the depreciation, taxes and operation and maintenance costs associated with this increase in investment. The Company requested an interim rate increase of approximately $4.9 million or approximately 8.2 percent, subject to refund, to be effective February 1, 2021. This matter is pending before the MTPSC. NDPSC On April 24, 2020, Montana-Dakota filed a request with the NDPSC to use deferred accounting for costs related to the COVID-19 pandemic. This matter is pending before the NDPSC. On July 17, 2020, Montana-Dakota filed an annual update to its transmission cost adjustment rider with the NDPSC requesting to recover revenues of approximately $15.5 million, which includes a true-up of the prior period adjustment, resulting in an increase of approximately $6.3 million over current rates. This filing includes approximately $3.3 million related to transmission capital projects. On October 28, 2020, the NDPSC approved the increase with rates effective November 1, 2020. Due to COVID-19, the NDPSC extended the recovery period of the under-recovered balance of approximately $1.6 million to two years, which was included in the total increase. On August 26, 2020, Montana-Dakota filed an application with the NDPSC for a natural gas rate increase of approximately $9.0 million annually or approximately 7.8 percent above current rates. The requested increase was primarily to recover investments in facilities to enhance system safety and reliability and the depreciation and taxes associated with the increase in investment. Montana-Dakota also requested an interim increase of approximately $6.9 million or approximately 6.0 percent, subject to refund, to be effective January 1, 2021. This matter is pending before the NDPSC. OPUC On March 26, 2020, Cascade filed a request with the OPUC to use deferred accounting for costs related to the COVID-19 pandemic. On October 20, 2020, the OPUC approved this request. On March 31, 2020, Cascade filed a natural gas general rate case with the OPUC requesting an increase in annual revenue of approximately $4.9 million or approximately 7.2 percent, which included a request for an additional recovery of environmental remediation deferred costs of approximately $364,000. On September 30, 2020, Cascade filed a settlement agreement with the OPUC reflecting an annual increase in revenues of approximately $3.2 million or approximately 4.8 percent. This filing includes a proposed effective date of February 1, 2021. This matter is pending before the OPUC. SDPUC On May 1, 2020, Montana-Dakota filed a request with the SDPUC to use deferred accounting for costs related to the COVID-19 pandemic. On August 19, 2020, the SDPUC approved this request with an accounting order to track expenses and revenues related to the COVID-19 pandemic beginning on March 13, 2020. WUTC On May 27, 2020, Cascade filed a request with the WUTC to use deferred accounting for costs related to the COVID-19 pandemic. This matter is pending before the WUTC. On May 29, 2020, Cascade filed its annual pipeline cost recovery mechanism requesting an increase in annual revenue of approximately $1.0 million or approximately 0.4 percent. On October 14, 2020, Cascade filed an update requesting an increase in annual revenue of approximately $1.1 million or approximately 0.5 percent, which reflects actual costs as of September 30, 2020. On October 29, 2020, the filing was approved with rates effective November 1, 2020. On June 19, 2020, Cascade filed an application with the WUTC for a natural gas rate increase of approximately $13.8 million annually or approximately 5.3 percent above current rates. The WUTC has 11 months to render a final decision on the rate case. The requested increase was primarily to recover investments made in infrastructure upgrades, as well as increased operation and maintenance costs. This matter is pending before the WUTC. FERC On September 1, 2020, Montana-Dakota filed an update to its transmission formula rate under the MISO tariff for its multi-value project for $12.9 million, which is effective January 1, 2021.
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Contingencies |
9 Months Ended |
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Sep. 30, 2020 | |
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, 2020 and 2019, and December 31, 2019, the Company accrued liabilities which have not been discounted, including liabilities held for sale, of $72.7 million, $30.6 million and $29.1 million, respectively. At September 30, 2020 and 2019, and December 31, 2019, the Company also recorded corresponding insurance receivables of $49.1 million, $15.3 million and $16.2 million, respectively, and regulatory assets of $20.9 million, $12.0 million and $10.5 million, respectively, related to the accrued liabilities. 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 The Company is a party to claims for the cleanup of environmental contamination at certain manufactured gas plant sites, as well as a superfund site. There were no material changes to the Company's environmental matters that were previously reported in the 2019 Annual Report other than as set forth below. Manufactured Gas Plant Sites 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 confirmed that contaminants have affected soil and groundwater at the site, as well as sediments in the adjacent Port Washington Narrows. 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 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 $5.4 million has been incurred. Based on the site investigation, preliminary remediation alternative costs were provided by consultants in August 2020; therefore, the accrual for these costs was increased in the third quarter of 2020 by $11.1 million. The preliminary information received through the completion of the data report allowed for the projection of possible costs for a variety of site configurations, remedial measures and potential natural resource damage claims of between $13.6 million and $71.0 million. Cascade has accrued $2.2 million for the remedial investigation and feasibility study, as well as $17.5 million for remediation of this site. The accrual for remediation cost will be reviewed and adjusted, if necessary, after the completion of the 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. The Company has received notices from and entered into agreements with certain of its insurance carriers that they will participate in defense for certain 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, the Company intends to seek recovery of remediation costs through 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. The remaining guarantee is expected to expire in 2021. 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, 2020, the fixed maximum amounts guaranteed under these agreements aggregated $255.5 million. Certain of the guarantees also have no fixed maximum amounts specified. At September 30, 2020, the amounts of scheduled expiration of the maximum amounts guaranteed under these agreements aggregate to $23.8 million in 2020; $199.7 million in 2021; $16.1 million in 2022; $5.3 million in 2023; $500,000 in 2024; $1.1 million thereafter; and $9.0 million, which has no scheduled maturity date. There were no amounts outstanding under the previously mentioned guarantees at September 30, 2020. 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, 2020, the fixed maximum amounts guaranteed under these letters of credit aggregated $22.5 million. At September 30, 2020, the amounts of scheduled expiration of the maximum amounts guaranteed under these letters of credit aggregate to $20.2 million in 2020; $1.8 million in 2021 and $500,000 in 2022. There were no amounts outstanding under the previously mentioned letters of credit at September 30, 2020. 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, 2020. 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, 2020, approximately $922.7 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 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, 2020, 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 $34.2 million.
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Basis of presentation (Policies) |
9 Months Ended |
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Sep. 30, 2020 | |
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 2019 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. |
New accounting standards (Policies) |
9 Months Ended |
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Sep. 30, 2020 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New accounting standards | Recently adopted accounting standards 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 introduced a new impairment model known as the current expected credit loss model that replaced the incurred loss impairment methodology previously included under GAAP. This guidance required 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 Company adopted the guidance on January 1, 2020, using a modified retrospective approach. The Company formed an implementation team to review and assess existing financial assets to identify and evaluate the financial assets subject to the new current expected credit loss model. The Company assessed the impact of the guidance on its processes and internal controls and identified and updated existing internal controls and processes to ensure compliance with the new guidance; such modifications were deemed insignificant. During the assessment phase, the Company identified the complete portfolio of assets subject to the current expected credit loss model. The Company determined the guidance did not have a material impact on its results of operations, financial position, cash flows or disclosures and did not record a material cumulative effect adjustment upon adoption. See Note 4 for additional information regarding the Company's expected credit losses. 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 modified, among other things, the disclosures required for Level 3 fair value measurements, including the range and weighted average of significant unobservable inputs. The guidance removed, among other things, the disclosure requirement to disclose transfers between Levels 1 and 2. The Company adopted the guidance on January 1, 2020, and determined the guidance did not have a material impact on its disclosures. Recently issued accounting standards not yet adopted 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. ASU 2019-12 - Simplifying the Accounting for Income Taxes In December 2019, the FASB issued guidance on simplifying the accounting for income taxes by removing certain exceptions in ASC 740 and providing simplification amendments. The guidance removes exceptions on intraperiod tax allocations and reporting and provides simplification on accounting for franchise taxes, tax basis goodwill and tax law changes. The guidance will be effective for the Company on January 1, 2021, with early adoption permitted. Transition requirements vary among the exceptions and amendments which include retrospective, modified retrospective and prospective application. The Company has evaluated the effects of the new guidance and does not expect the guidance to have a material impact on its results of operations, financial position, cash flows or disclosures. ASU 2020-04 - Reference Rate Reform In March 2020, the FASB issued optional guidance to ease the facilitation of the effects of reference rate reform on financial reporting. The guidance applies to certain contract modifications, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. LIBOR is expected to be retired with a full phase-out by the end of 2021 and replaced by a new reference rate, which includes SOFR. The guidance can be applied beginning in the interim period that includes March 12, 2020, and cannot be applied to contract modifications or hedging relationships entered into or evaluated after December 31, 2022. The Company is currently updating its credit agreements to include language regarding the successor or alternate rate to LIBOR. The Company does not expect the guidance to have a material impact on its results of operations, financial position, cash flows or disclosures.
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Receivables and allowance for expected credit losses (Policies) |
9 Months Ended |
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Sep. 30, 2020 | |
Credit Loss [Abstract] | |
Accounts receivable and allowance for doubtful accounts | Receivables consists primarily of trade receivables from the sale of goods and services, which are recorded at the invoiced amount, and contract assets, net of expected credit losses. For more information on contract assets, see Note 8. The Company's trade accounts receivable are all due in 12 months or less. |
Expected credit loss | The Company's expected credit losses are determined through a review using historical credit loss experience, changes in asset specific characteristics, current conditions and reasonable and supportable future forecasts, among other specific account data, and is performed at least quarterly. The Company develops and documents its methodology to determine its allowance for expected credit losses at each of its reportable business segments. Risk characteristics used by the business segments may include customer mix, knowledge of customers and general economic conditions of the various local economies, among others. Specific account balances are written off when management determines the amounts to be uncollectible. |
Inventories and natural gas in storage (Policies) |
9 Months Ended |
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Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories and natural gas in storage | Natural gas in storage for the Company's regulated operations is generally valued at lower of cost or market using the last-in, first-out method or lower of cost or net realizable value using the average cost or first-in, first-out method. The majority of all other inventories are valued at the lower of cost or net realizable value using the average cost method. |
Earnings per common share (Policies) |
9 Months Ended |
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Sep. 30, 2020 | |
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. |
Revenue from contracts with customers (Policies) |
9 Months Ended |
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Sep. 30, 2020 | |
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. |
Business Combinations (Policies) |
9 Months Ended |
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Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Business Combinations Policy [Policy Text Block] | The following acquisitions were accounted for as business combinations in accordance with ASC 805 - Business Combinations. The results of the acquired businesses have been included in the Consolidated Financial Statements beginning on the acquisition date. Pro forma financial amounts reflecting the effects of the business combinations are not presented, as none of these business combinations were 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; 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 2020 and 2019 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 12 months 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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Fair value disclosures (Policies) |
9 Months Ended |
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Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | The Company measures its investments in certain fixed-income and equity securities at fair value with changes in fair value recognized in income. |
Investments | The Company did not elect the fair value option, which records gains and losses in income, for its available-for-sale securities, which include mortgage-backed securities and U.S. Treasury securities. These available-for-sale securities are recorded at fair value and are classified as investments on the Consolidated Balance Sheets. |
Business segment data (Policies) |
9 Months Ended |
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Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Business segment data | The Company's reportable segments are those that are based on the Company's method of internal reporting, which generally segregates the strategic business units due to differences in products, services and regulation. The internal reporting of these operating segments is defined based on the reporting and review process used by the Company's chief executive officer. |
Contingencies (Policies) |
9 Months Ended |
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Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | The Company is party to claims and lawsuits arising out of its business and that of its consolidated subsidiaries, which may include, but are not limited to, matters involving property damage, personal injury, and environmental, contractual, statutory and regulatory obligations. The Company accrues a liability for those contingencies when the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Company does not accrue liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is probable or reasonably possible and which are material, the Company discloses the nature of the contingency and, in some circumstances, an estimate of the possible loss. Accruals are based on the best information available, but in certain situations management is unable to estimate an amount or range of a reasonably possible loss including, but not limited to when: (1) the damages are unsubstantiated or indeterminate, (2) the proceedings are in the early stages, (3) numerous parties are involved, or (4) the matter involves novel or unsettled legal theories. |
Variable interest entity | The Company evaluates its arrangements and contracts with other entities to determine if they are VIEs and if so, if the Company is the primary beneficiary. |
Accounts receivable and allowance for doubtful accounts Receivables and allowance for expected credit losses (Tables) |
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Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Details of the Company's expected credit losses were as follows:
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Inventories and natural gas in storage (Tables) |
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Inventories | Inventories on the Consolidated Balance Sheets were as follows:
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Earnings per common share (Tables) |
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Weighted average common shares outstanding | A reconciliation of the weighted average common shares outstanding used in the basic and diluted earnings per share calculations follows:
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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 loss were as follows:
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Reclassification out of accumulated other comprehensive loss | The following amounts were reclassified between accumulated other comprehensive loss and 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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Revenue from contracts with customers (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of revenue | In the following tables, 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 16.
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Contract balances | The changes in contract assets and liabilities were as follows:
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Goodwill and other intangible assets (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2020, was:
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Regulatory assets and liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Assets | The following table summarizes the individual components of unamortized regulatory assets and liabilities:
*Estimated recovery period for regulatory assets currently being recovered in rates charged to customers. ** Recovered as expense is incurred or cash contributions are made.
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Regulatory Liabilities | The following table summarizes the individual components of unamortized regulatory assets and liabilities:
*Estimated recovery period for regulatory assets currently being recovered in rates charged to customers. ** Recovered as expense is incurred or cash contributions are made.
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Fair value measurements (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 measured at fair value on a recurring basis were as follows:
* The insurance contract invests approximately 68 percent in fixed-income investments, 15 percent in common stock of large-cap companies, 6 percent in common stock of mid-cap companies, 6 percent in common stock of small-cap companies, 4 percent in target date investments and 1 percent in cash equivalents.
* The insurance contract invests approximately 53 percent in fixed-income investments, 21 percent in common stock of large-cap companies, 11 percent in common stock of mid-cap companies, 10 percent in common stock of small-cap companies, 3 percent in target date investments and 2 percent in cash equivalents.
* The insurance contract invests approximately 51 percent in fixed-income investments, 23 percent in common stock of large-cap companies, 12 percent in common stock of mid-cap companies, 10 percent in common stock of small-cap companies, 3 percent in target date investments and 1 percent in cash equivalents.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of long term debt outstanding | The estimated fair value of the Company's Level 2 long-term debt was as follows:
|
Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, at September 30, 2020, were as follows:
|
Cash flow information (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
* AFUDC - borrowed was $2.0 million for the nine months ended September 30, 2020 and 2019. ** Income taxes paid, including discontinued operations, were $43.5 million and $2.0 million for the nine months ended September 30, 2020 and 2019, respectively. Noncash investing and financing transactions were as follows:
|
Business segment data (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information on the Company's businesses | Information on the Company's segments was as follows:
|
Employee benefit plans (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Basis of Presentation (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Revenues | $ 1,587,289 | $ 1,563,799 | $ 4,147,591 | $ 3,958,563 | |||||
Operating Expenses | 1,383,578 | 1,374,329 | 3,748,555 | 3,607,563 | |||||
Net income | 153,078 | $ 99,703 | $ 25,130 | 137,637 | $ 61,825 | $ 40,926 | 277,911 | 240,388 | |
Receivables, net | $ 1,009,433 | $ 968,279 | $ 1,009,433 | $ 968,279 | $ 836,605 | ||||
Restatement Adjustment [Member] | |||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||
Revenues | (7,700) | ||||||||
Operating Expenses | (1,200) | ||||||||
Net income | (6,700) | ||||||||
Accounts Payable | (1,200) | ||||||||
Receivables, net | $ (7,700) |
Receivables and allowance for expected credit losses (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
---|---|---|---|
Credit Loss [Abstract] | |||
Receivables past due 90 days or more | $ 48.9 | $ 46.7 | $ 56.0 |
Allowance for doubtful accounts (Details 3) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
---|---|---|---|---|---|
Receivables [Abstract] | |||||
Accounts Receivable, Allowance for Credit Loss | $ 13,672 | $ 11,090 | $ 11,125 | $ 8,497 | $ 8,700 |
Inventories and natural gas in storage (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
---|---|---|---|
Inventory Disclosure [Abstract] | |||
Aggregates held for resale | $ 168,132 | $ 147,723 | $ 143,157 |
Asphalt oil | 27,587 | 41,912 | 39,269 |
Materials and supplies | 26,609 | 22,512 | 25,696 |
Merchandise for resale | 21,525 | 22,232 | 23,902 |
Natural gas in storage (current) | 27,135 | 22,058 | 32,164 |
Other | 15,235 | 21,970 | 21,869 |
Total | 286,223 | 278,407 | 286,057 |
Natural gas in storage noncurrent | $ 48,300 | $ 48,400 | $ 48,200 |
Earnings per common share (Details) - $ / shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Earnings Per Share [Abstract] | ||||
Weighted average common shares outstanding - basic | 200,522 | 199,343 | 200,495 | 198,016 |
Effect of dilutive performance share awards and restricted stock units | 97 | 40 | 20 | 17 |
Weighted average common shares outstanding - diluted | 200,619 | 199,383 | 200,515 | 198,033 |
Shares excluded from the calculation of diluted earnings per share | 87 | 155 | 139 | 243 |
Dividends declared per common share | $ 0.2075 | $ 0.2025 | $ 0.6225 | $ 0.6075 |
Contract balances (Details 2) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Revenue from Contract with Customer [Abstract] | |||||
Contract assets | $ 135,958 | $ 135,958 | $ 109,078 | ||
Change in contract assets | 26,880 | ||||
Contract liabilities - current | (158,923) | (158,923) | (142,768) | ||
Change in contract liabilities - current | (16,155) | ||||
Contract liabilities - noncurrent | (62) | (62) | (19) | ||
Change in contract liabilities - noncurrent | (43) | ||||
Net contract liabilities | (23,027) | (23,027) | $ (33,709) | ||
Change in net contract liabilities | 10,682 | ||||
Amounts included in contract liability at the beginning of the period | 15,600 | $ 7,500 | 137,300 | $ 86,500 | |
Amounts from performance obligations satisfied in prior periods | $ 34,700 | $ 21,800 | $ 58,800 | $ 40,300 |
Business Combinations (Details) - USD ($) |
9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Business Acquisition [Line Items] | ||||
Goodwill | $ 712,677,000 | $ 681,349,000 | $ 681,358,000 | $ 664,922,000 |
Measurement period adjustments | 400,000 | $ (6,669,000) | $ (6,669,000) | |
2020 Acquisition | ||||
Business Acquisition [Line Items] | ||||
Gross Aggregate Consideration | 78,200,000 | |||
Cash Assumed | 1,700,000 | |||
Business Combination, Consideration Transferred | 71,500,000 | |||
Business Combination indemnity holdback liability | 5,000,000.0 | |||
Current Assets | 45,900,000 | |||
Property, Plant, and Equipment | 4,900,000 | |||
Goodwill | 31,300,000 | |||
Other Intangibles | 17,600,000 | |||
Current Liabilities | 21,200,000 | |||
Deferred Credits and Other Liabilities | 300,000 | |||
Measurement period adjustments | $ 400,000 |
Business Combinations (Details 2) - USD ($) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2018 |
|
Business Acquisition [Line Items] | ||||
Goodwill | $ 681,358,000 | $ 712,677,000 | $ 681,349,000 | $ 664,922,000 |
2019 Acquisition | ||||
Business Acquisition [Line Items] | ||||
Gross Aggregate Consideration | 56,800,000 | |||
Debt Assumed | 1,200,000 | |||
Current Assets | 15,800,000 | |||
Property, Plant, and Equipment | 16,700,000 | |||
Goodwill | 23,100,000 | |||
Other Intangibles | 6,700,000 | |||
Deferred Charges and Other Assets | 500,000 | |||
Current Liabilities | 5,900,000 | |||
Deferred Credits and Other Liabilities | $ 100,000 |
Lessor accounting (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Leases [Abstract] | ||||
Operating Lease, Lease Income | $ 10.7 | $ 11.2 | $ 34.0 | $ 37.7 |
Lessor, Operating Lease, Payments to be Received, Next Twelve Months | $ 8.4 | $ 8.4 |
Other intangible assets (Details 2) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, net (excluding goodwill) | $ 26,376,000 | $ 15,511,000 | $ 26,376,000 | $ 15,511,000 | $ 15,246,000 |
Amortization of intangible assets | 2,100,000 | 500,000 | 6,800,000 | 1,600,000 | |
Customer relationships | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, gross | 27,551,000 | 18,011,000 | 27,551,000 | 18,011,000 | 17,958,000 |
Intangible assets, less accumulated amortization | 5,958,000 | 5,823,000 | 5,958,000 | 5,823,000 | 6,268,000 |
Intangible assets, net (excluding goodwill) | 21,593,000 | 12,188,000 | 21,593,000 | 12,188,000 | 11,690,000 |
Noncompete agreements | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, gross | 3,941,000 | 3,419,000 | 3,941,000 | 3,419,000 | 3,439,000 |
Intangible assets, less accumulated amortization | 2,176,000 | 1,868,000 | 2,176,000 | 1,868,000 | 1,957,000 |
Intangible assets, net (excluding goodwill) | 1,765,000 | 1,551,000 | 1,765,000 | 1,551,000 | 1,482,000 |
Other intangible assets | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, gross | 12,853,000 | 7,488,000 | 12,853,000 | 7,488,000 | 8,094,000 |
Intangible assets, less accumulated amortization | 9,835,000 | 5,716,000 | 9,835,000 | 5,716,000 | 6,020,000 |
Intangible assets, net (excluding goodwill) | $ 3,018,000 | $ 1,772,000 | $ 3,018,000 | $ 1,772,000 | $ 2,074,000 |
Future amortization expense (Details 3) $ in Thousands |
Sep. 30, 2020
USD ($)
|
---|---|
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remainder of 2020 | $ 2,462 |
2021 | 4,579 |
2022 | 4,108 |
2023 | 3,975 |
2024 | 3,653 |
Thereafter | $ 7,599 |
Fair value measurements Insurance contracts (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Fair Value Disclosures [Abstract] | |||||
Investments used to satisfy nonqualified benefit plans obligations | $ 95.7 | $ 84.2 | $ 95.7 | $ 84.2 | $ 87.0 |
Net unrealized gain on investments used to satisfy obligations under nonqualified benefit plans | $ 3.3 | $ 1.1 | $ 8.7 | $ 10.4 |
Available-for-sale securities (Details 2) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
---|---|---|---|
Available-for-sale securities [Abstract] | |||
Cost | $ 10,979 | $ 11,032 | $ 10,835 |
Gross Unrealized Gains | 216 | 88 | 86 |
Gross Unrealized Losses | 4 | 10 | 17 |
Fair Value | 11,191 | 11,110 | 10,904 |
Mortgage-backed securities | |||
Available-for-sale securities [Abstract] | |||
Cost | 9,813 | 9,804 | 9,577 |
Gross Unrealized Gains | 213 | 87 | 86 |
Gross Unrealized Losses | 4 | 10 | 16 |
Fair Value | 10,022 | 9,881 | 9,647 |
U.S. Treasury securities | |||
Available-for-sale securities [Abstract] | |||
Cost | 1,166 | 1,228 | 1,258 |
Gross Unrealized Gains | 3 | 1 | 0 |
Gross Unrealized Losses | 0 | 0 | 1 |
Fair Value | $ 1,169 | $ 1,229 | $ 1,257 |
Fair value measurements (Details 4) |
3 Months Ended |
---|---|
Sep. 30, 2019
USD ($)
| |
Fair Value Disclosures [Abstract] | |
Investments, Fair Value Disclosure | $ 0 |
Asset Impairment Charges | $ 2,000,000.0 |
Fair value measurements (Details 5) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
---|---|---|---|
Fair value, balance sheet grouping [Line Items] | |||
Long-term debt | $ 2,270,290 | $ 2,243,107 | $ 2,246,756 |
Carrying amount | |||
Fair value, balance sheet grouping [Line Items] | |||
Long-term debt | 2,270,290 | 2,243,107 | 2,246,756 |
Fair value | |||
Fair value, balance sheet grouping [Line Items] | |||
Long-term debt, fair value | $ 2,593,743 | $ 2,418,631 | $ 2,450,209 |
Schedule of debt maturities (Details 2) $ in Thousands |
Sep. 30, 2020
USD ($)
|
---|---|
Long-term debt maturities [Line Items] | |
Remainder of 2020 | $ 28 |
2021 | 1,528 |
2022 | 148,038 |
2023 | 77,921 |
2024 | 366,571 |
Thereafter | $ 1,682,748 |
Cash flow information (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Interest, net* | $ 63,086 | $ 64,596 | |
Income taxes paid, net** | 43,448 | 1,816 | |
AFUDC borrowed | 2,000 | 2,000 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | 41,315 | 46,770 | $ 54,880 |
Property, plant and equipment additions in accounts payable | 33,240 | 34,368 | 46,119 |
Accrual for holdback payment related to a business combination | 5,000 | 0 | 0 |
Debt assumed in connection with a business combination | 0 | 1,163 | $ 1,163 |
Continuing and discontinued operations | |||
Income taxes paid, net** | $ 43,500 | $ 2,000 |
MNPUC (Details) - MNPUC [Member] - Gas Distribution [Member] - Great Plains Natural Gas Co. [Member] - USD ($) $ in Millions |
Oct. 26, 2020 |
Jan. 01, 2020 |
Sep. 27, 2019 |
---|---|---|---|
Public Utilities, General Disclosures [Line Items] | |||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 2.9 | ||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 12.00% | ||
Public Utilities, Interim Rate Increase (Decrease), Amount | $ 2.6 | ||
Public Utilities, Interim Rate Increase (Decrease), Percentage | 11.00% | ||
Subsequent Event [Member] | |||
Public Utilities, General Disclosures [Line Items] | |||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 2.6 | ||
Public Utilities, Approved Rate Increase (Decrease), Percentage | 11.50% |
MTPSC (Details 2) - Pending Rate Case [Member] - Gas Distribution [Member] - MTPSC [Member] - Montana-Dakota Utilities Co. [Member] - USD ($) $ in Millions |
Feb. 01, 2021 |
Jun. 22, 2020 |
---|---|---|
Public Utilities, General Disclosures [Line Items] | ||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 8.6 | |
Public Utilities, Requested Rate Increase (Decrease), Percentage | 13.40% | |
Subsequent Event [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Public Utilities, Interim Rate Increase (Decrease), Amount | $ 4.9 | |
Public Utilities, Interim Rate Increase (Decrease), Percentage | 8.20% |
OPUC (Details 4) - OPUC - Pending Rate Case [Member] - Gas Distribution [Member] - Cascade Natural Gas [Member] - USD ($) |
Feb. 01, 2021 |
Mar. 31, 2020 |
---|---|---|
Public Utilities, General Disclosures [Line Items] | ||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 4,900,000 | |
Public Utilities, Requested Rate Increase (Decrease), Percentage | 7.20% | |
Environmental Remediation Deferred Costs Increase (Decrease) Amount | $ 364,000 | |
Subsequent Event [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount | $ 3,200,000 | |
Public Utilities, Requested Rate Increase (Decrease), Amended, Percentage | 4.80% |
WUTC (Details 5) - WUTC [Member] - Cascade Natural Gas [Member] - USD ($) $ in Millions |
Nov. 01, 2020 |
Jun. 19, 2020 |
May 29, 2020 |
---|---|---|---|
Pipeline Cost Recovery Mechanism [Member] | |||
Public Utilities, General Disclosures [Line Items] | |||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 1.0 | ||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 0.40% | ||
Pipeline Cost Recovery Mechanism [Member] | Subsequent Event [Member] | |||
Public Utilities, General Disclosures [Line Items] | |||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 1.1 | ||
Public Utilities, Approved Rate Increase (Decrease), Percentage | 0.50% | ||
Pending Rate Case [Member] | Gas Distribution [Member] | |||
Public Utilities, General Disclosures [Line Items] | |||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 13.8 | ||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 5.30% |
FERC (Details 6) $ in Millions |
Jan. 01, 2021
USD ($)
|
---|---|
MISO [Member] | Montana-Dakota Utilities Co. [Member] | Electric | Subsequent Event [Member] | |
Public Utilities, General Disclosures [Line Items] | |
Transmission Formula Revenue Requirement | $ 12.9 |
Litigation (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
---|---|---|---|
Loss Contingencies [Line Items] | |||
Potential liabilities related to litigation and environmental matters | $ 72.7 | $ 29.1 | $ 30.6 |
Insurance Receivable | 49.1 | 16.2 | 15.3 |
Regulatory Assets | $ 20.9 | $ 10.5 | $ 12.0 |
Environmental matters (Details 2) $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2020
USD ($)
|
|
Site Contingency [Line Items] | ||
Total Estimated Costs For Site Remedial Investigation And Feasibility Study | $ 7.6 | |
Incurred Costs For Site Remedial Investigation And Feasibility Study | 5.4 | |
Environmental Matters Accrual For Site Remediation, Period Increase | $ 11.1 | |
Environmental Matters Accrual For Remedial Investigation and Feasibility Study Costs | 2.2 | 2.2 |
Environmental Matters Accrual For Site Remediation | $ 17.5 | 17.5 |
Minimum [Member] | ||
Site Contingency [Line Items] | ||
Site Contingency, Loss Exposure Not Accrued, Best Estimate | 13.6 | |
Maximum [Member] | ||
Site Contingency [Line Items] | ||
Site Contingency, Loss Exposure Not Accrued, Best Estimate | $ 71.0 |
Guarantees (Details 3) |
Sep. 30, 2020
USD ($)
|
---|---|
Guarantor Obligations [Line Items] | |
Guarantor obligations, maximum exposure, undiscounted | $ 255,500,000 |
Fixed maximum amounts guaranteed by year 2020 | 23,800,000 |
Fixed maximum amounts guaranteed by year 2021 | 199,700,000 |
Fixed maximum amounts guaranteed by year 2022 | 16,100,000 |
Fixed maximum amounts guaranteed by year 2023 | 5,300,000 |
Fixed maximum amounts guaranteed by year 2024 | 500,000 |
Fixed maximum amounts guaranteed, thereafter | 1,100,000 |
No scheduled maturity date | 9,000,000.0 |
Amount outstanding under guarantees that is reflected on balance sheet | 0 |
Letters of credit | 22,500,000 |
Letters of credit set to expire - 2020 | 20,200,000 |
Letters of credit set to expire - 2021 | 1,800,000 |
Letters of credit set to expire - 2022 | 500,000 |
Outstanding letters of credit | 0 |
Amount of surety bonds outstanding | $ 922,700,000 |
Variable interest entities (Details 4) $ in Millions |
Sep. 30, 2020
USD ($)
|
---|---|
Fuel contract | |
Variable Interest Entities [Line Items] | |
Variable interest entity, reporting entity involvement, maximum loss exposure, amount | $ 34.2 |