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 | |||||
2020 Annual Report | Company's Annual Report on Form 10-K for the year ended December 31, 2020 | ||||
AFUDC | Allowance for funds used during construction | ||||
ASC | FASB Accounting Standards Codification | ||||
ASU | FASB Accounting Standards Update | ||||
Big Stone Station | 475-MW coal-fired electric generating facility near Big Stone City, South Dakota (22.7 percent ownership) | ||||
Brazilian Transmission Lines | Company's former investment in companies owning three electric transmission lines in Brazil | ||||
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 former direct wholly owned subsidiary of Centennial | ||||
Company | MDU Resources Group, Inc. | ||||
COVID-19 | Coronavirus disease 2019. In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic and the President of the United States declared the COVID-19 outbreak a national emergency. | ||||
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 | ||||
IBEW | International Brotherhood of Electrical Workers | ||||
Intermountain | Intermountain Gas Company, an indirect wholly owned subsidiary of MDU Energy Capital | ||||
IPUC | Idaho Public Utilities Commission | ||||
Knife River | Knife River Corporation, a direct wholly owned subsidiary of Centennial | ||||
kWh | Kilowatt-hour | ||||
LIBOR | London Inter-bank Offered Rate | ||||
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., the organization that provides open-access transmission services and monitors the high-voltage transmission system in the Midwest United States and Manitoba, Canada and a southern United States region which includes much of Arkansas, Mississippi, and Louisiana. | ||||
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 | ||||
MW | Megawatt |
NDDEQ | North Dakota Department of Environmental Quality | ||||
NDPSC | North Dakota Public Service Commission | ||||
NERC | North American Electricity Reliability Corporation | ||||
Non-GAAP | Not in accordance with GAAP | ||||
Oil | Includes crude oil and condensate | ||||
PHMSA | Pipeline and Hazardous Materials Safety Administration | ||||
Regional Haze Rule | The EPA developed the Regional Haze Rule requiring states to develop and implement comprehensive plans to reduce human-caused regional haze in designated areas such as national parks and wilderness areas. | ||||
SDPUC | South Dakota Public Utilities Commission | ||||
SEC | United States Securities and Exchange Commission | ||||
SOFR | Secured Overnight Financing Rate | ||||
SPP | Southwest Power Pool, the organization that manages the electric grid and wholesale power market for the central United States. | ||||
TSA | Transportation Security Administration | ||||
VIE | Variable interest entity | ||||
WBI Holdings | WBI Holdings, Inc., a direct wholly owned subsidiary of Centennial | ||||
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, | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
(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, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
(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 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, 2021 | September 30, 2020 | December 31, 2020 | |||||||||
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 | |||||||||||
Operating lease liabilities due within one year | |||||||||||
Regulatory liabilities due within one year | |||||||||||
Other accrued liabilities | |||||||||||
Total current liabilities | |||||||||||
Noncurrent liabilities: | |||||||||||
Long-term debt | |||||||||||
Deferred income taxes | |||||||||||
Asset retirement obligations | |||||||||||
Regulatory liabilities | |||||||||||
Operating lease liabilities | |||||||||||
Other | |||||||||||
Total noncurrent liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Stockholders' equity: | |||||||||||
Common stock Authorized - Shares issued - September 30, 2020 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, 2020 | $ | $ | $ | $ | ( | ( | $ | ( | $ | |||||||||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | ||||||||||||||||||||
Dividends declared on common stock | — | — | — | ( | — | — | — | ( | ||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | ||||||||||||||||||||
Repurchase of common stock | — | — | — | — | — | ( | ( | ( | ||||||||||||||||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | — | — | ( | — | — | ( | ||||||||||||||||||||
Issuance of common stock | — | — | — | — | ||||||||||||||||||||||
At March 31, 2021 | $ | $ | $ | $ | ( | ( | $ | ( | $ | |||||||||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | ||||||||||||||||||||
Dividends declared on common stock | — | — | — | ( | — | — | — | ( | ||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | ||||||||||||||||||||
Issuance of common stock | — | — | — | — | ||||||||||||||||||||||
At June 30, 2021 | $ | $ | $ | $ | ( | ( | $ | ( | $ | |||||||||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | ||||||||||||||||||||
Dividends declared on common stock | — | — | — | ( | — | — | — | ( | ||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | ||||||||||||||||||||
Issuance of common stock | — | — | — | — | ||||||||||||||||||||||
At September 30, 2021 | $ | $ | $ | $ | ( | ( | $ | ( | $ |
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 Cash Flows | ||||||||
(Unaudited) | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2021 | 2020 | |||||||
(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 | ( | ( | ||||||
Repurchase of common stock | ( | |||||||
Tax withholding on stock-based compensation | ( | ( | ||||||
Net cash provided by (used in) financing activities | ( | |||||||
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 December 31, 2020 | $ | $ | $ | $ | $ | $ | ||||||||||||||
Current expected credit loss provision | ( | ( | ( | |||||||||||||||||
Less write-offs charged against the allowance | ||||||||||||||||||||
Credit loss recoveries collected | ||||||||||||||||||||
At March 31, 2021 | $ | $ | $ | $ | $ | $ | ||||||||||||||
Current expected credit loss provision | ( | ( | ( | ( | ||||||||||||||||
Less write-offs charged against the allowance | ||||||||||||||||||||
Credit loss recoveries collected | ||||||||||||||||||||
At June 30, 2021 | $ | $ | $ | $ | $ | $ | ||||||||||||||
Current expected credit loss provision | ( | |||||||||||||||||||
Less write-offs charged against the allowance | ||||||||||||||||||||
Credit loss recoveries collected | ||||||||||||||||||||
At September 30, 2021 | $ | $ | $ | $ | $ | $ | ||||||||||||||
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, 2021 | September 30, 2020 | December 31, 2020 | |||||||||
(In thousands) | |||||||||||
Aggregates held for resale | $ | $ | $ | ||||||||
Asphalt oil | |||||||||||
Natural gas in storage (current) | |||||||||||
Materials and supplies | |||||||||||
Merchandise for resale | |||||||||||
Other | |||||||||||
Total | $ | $ | $ |
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
(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 | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
(In millions) | ||||||||||||||
Shares issued | ||||||||||||||
Net proceeds * | $ | $ | $ | $ | ||||||||||
Issuance costs | $ | $ | $ | $ |
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, 2020 | $ | ( | $ | ( | $ | $ | ( | |||||||
Other comprehensive loss before reclassifications | ( | ( | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ||||||||||||||
Net current-period other comprehensive income (loss) | ( | |||||||||||||
At March 31, 2021 | $ | ( | $ | ( | $ | $ | ( | |||||||
Other comprehensive loss before reclassifications | ( | ( | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ||||||||||||||
Net current-period other comprehensive income (loss) | ( | |||||||||||||
At June 30, 2021 | $ | ( | $ | ( | $ | $ | ( | |||||||
Other comprehensive loss before reclassifications | ( | ( | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ||||||||||||||
Net current-period other comprehensive income (loss) | ( | |||||||||||||
At September 30, 2021 | $ | ( | $ | ( | $ | $ | ( |
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 from (to) 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 | $ | ( | $ | ( | $ | $ | ( |
Three Months Ended | Nine Months Ended | Location on Consolidated Statements of Income | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
(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, 2021 | 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 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, 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, 2021 | 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 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 | $ | $ | $ | $ | $ | $ | ( | $ |
September 30, 2021 | December 31, 2020 | 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 assets (liabilities) | $ | $ | ( | $ |
Balance at January 1, 2021 | Goodwill Acquired During the Year | Measurement Period Adjustments | Balance at September 30, 2021 | |||||||||||
(In thousands) | ||||||||||||||
Natural gas distribution | $ | $ | $ | $ | ||||||||||
Construction materials and contracting | ( | |||||||||||||
Construction services | ||||||||||||||
Total | $ | $ | $ | ( | $ |
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, 2020 | Goodwill Acquired During the Year | Measurement Period Adjustments | Balance at December 31, 2020 | |||||||||||
(In thousands) | ||||||||||||||
Natural gas distribution | $ | $ | $ | $ | ||||||||||
Construction materials and contracting | ( | |||||||||||||
Construction services | ||||||||||||||
Total | $ | $ | $ | $ |
September 30, 2021 | September 30, 2020 | December 31, 2020 | |||||||||
(In thousands) | |||||||||||
Customer relationships | $ | $ | $ | ||||||||
Less accumulated amortization | |||||||||||
Noncompete agreements | |||||||||||
Less accumulated amortization | |||||||||||
Other | |||||||||||
Less accumulated amortization | |||||||||||
Total | $ | $ | $ |
Remainder of 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Amortization expense | $ | $ | $ | $ | $ | $ |
Estimated Recovery or Refund Period as of September 30, 2021 | * | September 30, 2021 | September 30, 2020 | December 31, 2020 | |||||||||||||
(In thousands) | |||||||||||||||||
Regulatory assets: | |||||||||||||||||
Current: | |||||||||||||||||
Natural gas costs recoverable through rate adjustments | $ | $ | $ | ||||||||||||||
Conservation programs | |||||||||||||||||
Cost recovery mechanisms | |||||||||||||||||
Other | |||||||||||||||||
Noncurrent: | |||||||||||||||||
Pension and postretirement benefits | |||||||||||||||||
Plant costs/asset retirement obligations | |||||||||||||||||
Plant retirement | |||||||||||||||||
Cost recovery mechanisms | |||||||||||||||||
Manufactured gas plant site remediation | |||||||||||||||||
Taxes recoverable from customers | |||||||||||||||||
Natural gas costs recoverable through rate adjustments | |||||||||||||||||
Long-term debt refinancing costs | |||||||||||||||||
Other | |||||||||||||||||
Total regulatory assets | $ | $ | $ | ||||||||||||||
Regulatory liabilities: | |||||||||||||||||
Current: | |||||||||||||||||
Taxes refundable to customers | $ | $ | $ | ||||||||||||||
Electric fuel and purchased power deferral | |||||||||||||||||
Natural gas costs refundable through rate adjustments | |||||||||||||||||
Other | |||||||||||||||||
Noncurrent: | |||||||||||||||||
Taxes refundable to customers | |||||||||||||||||
Plant removal and decommissioning costs | |||||||||||||||||
Pension and postretirement benefits | |||||||||||||||||
Other | |||||||||||||||||
Total regulatory liabilities | $ | $ | $ | ||||||||||||||
Net regulatory position | $ | $ | ( | $ | ( |
September 30, 2021 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||
(In thousands) | ||||||||||||||
Mortgage-backed securities | $ | $ | $ | $ | ||||||||||
U.S. Treasury securities | ||||||||||||||
Total | $ | $ | $ | $ |
September 30, 2020 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||
(In thousands) | ||||||||||||||
Mortgage-backed securities | $ | $ | $ | $ | ||||||||||
U.S. Treasury securities | ||||||||||||||
Total | $ | $ | $ | $ |
December 31, 2020 | 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, 2021, 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, 2021 | |||||||||||
(In thousands) | ||||||||||||||
Assets: | ||||||||||||||
Money market funds | $ | — | $ | $ | — | $ | ||||||||
Insurance contracts* | — | — | ||||||||||||
Available-for-sale securities: | ||||||||||||||
Mortgage-backed securities | — | — | ||||||||||||
U.S. Treasury securities | — | — | ||||||||||||
Total assets measured at fair value | $ | — | $ | $ | — | $ | ||||||||
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 December 31, 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 December 31, 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 | $ | — | $ | $ | — | $ | ||||||||
September 30, 2021 | September 30, 2020 | December 31, 2020 | |||||||||
(In thousands) | |||||||||||
Carrying amount | $ | $ | $ | ||||||||
Fair value | $ | $ | $ |
Weighted Average Interest Rate at September 30, 2021 | September 30, 2021 | September 30, 2020 | December 31, 2020 | |||||||||||
(In thousands) | ||||||||||||||
Senior Notes due on dates ranging from October 22, 2022 to September 15, 2061 | % | $ | $ | $ | ||||||||||
Commercial paper supported by revolving credit agreements | % | |||||||||||||
Credit agreements due on June 7, 2024 | % | |||||||||||||
Medium-Term Notes due on dates ranging from September 15, 2027 to March 16, 2029 | % | |||||||||||||
Term Loan Agreement due on September 3, 2032 | % | |||||||||||||
Other notes due on dates ranging from January 2, 2022 to January 1, 2061 | % | |||||||||||||
Less unamortized debt issuance costs | ||||||||||||||
Less discount | ||||||||||||||
Total long-term debt | ||||||||||||||
Less current maturities | ||||||||||||||
Net long-term debt | $ | $ | $ |
Remainder of 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Long-term debt maturities | $ | $ | $ | $ | $ | $ |
Nine Months Ended | ||||||||
September 30, | ||||||||
2021 | 2020 | |||||||
(In thousands) | ||||||||
Interest, net* | $ | $ | ||||||
Income taxes paid, net | $ | $ |
September 30, 2021 | September 30, 2020 | December 31, 2020 | |||||||||
(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 | $ | $ | $ |
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
(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, | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
(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, | 2021 | 2020 | 2021 | 2020 | ||||||||||
(In thousands) | ||||||||||||||
Components of net periodic benefit credit: | ||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||
Interest cost | ||||||||||||||
Expected return on assets | ( | ( | ( | ( | ||||||||||
Amortization of prior service credit | ( | ( | ||||||||||||
Amortization of net actuarial loss | ||||||||||||||
Net periodic benefit credit, including amount capitalized | ( | ( | ( | ( | ||||||||||
Less amount capitalized | ||||||||||||||
Net periodic benefit credit | $ | ( | $ | ( | $ | ( | $ | ( |
Pension Benefits | Other Postretirement Benefits | |||||||||||||
Nine Months Ended September 30, | 2021 | 2020 | 2021 | 2020 | ||||||||||
(In thousands) | ||||||||||||||
Components of net periodic benefit credit: | ||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||
Interest cost | ||||||||||||||
Expected return on assets | ( | ( | ( | ( | ||||||||||
Amortization of prior service credit | ( | ( | ||||||||||||
Amortization of net actuarial loss | ||||||||||||||
Net periodic benefit credit, including amount capitalized | ( | ( | ( | ( | ||||||||||
Less amount capitalized | ||||||||||||||
Net periodic benefit credit | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
(In millions, except per share amounts) | ||||||||||||||
Electric | $ | 20.6 | $ | 16.8 | $ | 41.6 | $ | 40.3 | ||||||
Natural gas distribution | (15.4) | (17.6) | 20.1 | 13.8 | ||||||||||
Pipeline | 10.6 | 8.0 | 28.7 | 24.3 | ||||||||||
Construction materials and contracting | 96.3 | 107.3 | 116.9 | 122.1 | ||||||||||
Construction services | 23.1 | 29.8 | 81.8 | 74.5 | ||||||||||
Other | 3.8 | 8.7 | 2.2 | 3.4 | ||||||||||
Income from continuing operations | 139.0 | 153.0 | 291.3 | 278.4 | ||||||||||
Income (loss) from discontinued operations, net of tax | .3 | .1 | .3 | (.5) | ||||||||||
Net income | $ | 139.3 | $ | 153.1 | $ | 291.6 | $ | 277.9 | ||||||
Earnings per share - basic: | ||||||||||||||
Income from continuing operations | $ | .68 | $ | .76 | $ | 1.44 | $ | 1.39 | ||||||
Discontinued operations, net of tax | — | — | — | — | ||||||||||
Earnings per share - basic | $ | .68 | $ | .76 | $ | 1.44 | $ | 1.39 | ||||||
Earnings per share - diluted: | ||||||||||||||
Income from continuing operations | $ | .68 | $ | .76 | $ | 1.44 | $ | 1.39 | ||||||
Discontinued operations, net of tax | — | — | — | — | ||||||||||
Earnings per share - diluted | $ | .68 | $ | .76 | $ | 1.44 | $ | 1.39 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | Variance | 2021 | 2020 | Variance | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating revenues | $ | 99.1 | $ | 87.6 | 13 | % | $ | 267.7 | $ | 250.4 | 7 | % | |||||||||||
Electric fuel and purchased power | 19.5 | 15.5 | 26 | % | 56.2 | 50.6 | 11 | % | |||||||||||||||
Taxes, other than income | .2 | .1 | 100 | % | .6 | .5 | 20 | % | |||||||||||||||
Adjusted gross margin | 79.4 | 72.0 | 10 | % | 210.9 | 199.3 | 6 | % | |||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Operation and maintenance | 31.2 | 30.7 | 2 | % | 93.8 | 90.5 | 4 | % | |||||||||||||||
Depreciation, depletion and amortization | 17.0 | 15.8 | 8 | % | 50.0 | 47.0 | 6 | % | |||||||||||||||
Taxes, other than income | 3.9 | 4.4 | (11) | % | 13.1 | 13.0 | 1 | % | |||||||||||||||
Total operating expenses | 52.1 | 50.9 | 2 | % | 156.9 | 150.5 | 4 | % | |||||||||||||||
Operating income | 27.3 | 21.1 | 29 | % | 54.0 | 48.8 | 11 | % | |||||||||||||||
Other income | 1.2 | 1.2 | — | % | 3.4 | 3.3 | 3 | % | |||||||||||||||
Interest expense | 6.6 | 6.4 | 3 | % | 19.8 | 20.1 | (1) | % | |||||||||||||||
Income before income taxes | 21.9 | 15.9 | 38 | % | 37.6 | 32.0 | 18 | % | |||||||||||||||
Income tax (benefit) expense | 1.3 | (.9) | 244 | % | (4.0) | (8.3) | 52 | % | |||||||||||||||
Net income | $ | 20.6 | $ | 16.8 | 22 | % | $ | 41.6 | $ | 40.3 | 3 | % |
Operating statistics | Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
Retail sales (million kWh): | ||||||||||||||
Residential | 317.3 | 296.1 | 906.3 | 884.4 | ||||||||||
Commercial | 393.0 | 356.7 | 1,101.9 | 1,056.2 | ||||||||||
Industrial | 145.1 | 117.1 | 433.7 | 386.0 | ||||||||||
Other | 23.8 | 21.3 | 65.1 | 62.1 | ||||||||||
879.2 | 791.2 | 2,507.0 | 2,388.7 | |||||||||||
Average cost of electric fuel and purchased power per kWh | $ | .020 | $ | .018 | $ | .020 | $ | .019 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | Variance | 2021 | 2020 | Variance | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating revenues | $ | 110.5 | $ | 94.9 | 16 | % | $ | 614.8 | $ | 563.2 | 9 | % | |||||||||||
Purchased natural gas sold | 44.9 | 35.0 | 28 | % | 318.0 | 290.3 | 10 | % | |||||||||||||||
Taxes, other than income | 3.8 | 3.8 | — | % | 24.1 | 23.1 | 4 | % | |||||||||||||||
Adjusted gross margin | 61.8 | 56.1 | 10 | % | 272.7 | 249.8 | 9 | % | |||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Operation and maintenance | 47.7 | 46.9 | 2 | % | 145.0 | 135.9 | 7 | % | |||||||||||||||
Depreciation, depletion and amortization | 21.5 | 21.3 | 1 | % | 64.2 | 63.1 | 2 | % | |||||||||||||||
Taxes, other than income | 6.8 | 6.3 | 8 | % | 20.6 | 18.5 | 11 | % | |||||||||||||||
Total operating expenses | 76.0 | 74.5 | 2 | % | 229.8 | 217.5 | 6 | % | |||||||||||||||
Operating income (loss) | (14.2) | (18.4) | 23 | % | 42.9 | 32.3 | 33 | % | |||||||||||||||
Other income | 1.3 | 2.2 | (41) | % | 5.4 | 6.6 | (18) | % | |||||||||||||||
Interest expense | 9.3 | 9.3 | — | % | 27.6 | 27.5 | — | % | |||||||||||||||
Income (loss) before income taxes | (22.2) | (25.5) | 13 | % | 20.7 | 11.4 | 82 | % | |||||||||||||||
Income tax (benefit) expense | (6.8) | (7.9) | 14 | % | .6 | (2.4) | 125 | % | |||||||||||||||
Net income (loss) | $ | (15.4) | $ | (17.6) | 13 | % | $ | 20.1 | $ | 13.8 | 46 | % |
Operating statistics | Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
Volumes (MMdk) | ||||||||||||||
Retail sales: | ||||||||||||||
Residential | 4.5 | 4.4 | 42.3 | 41.8 | ||||||||||
Commercial | 4.2 | 4.0 | 29.3 | 29.1 | ||||||||||
Industrial | .9 | .9 | 3.5 | 3.4 | ||||||||||
9.6 | 9.3 | 75.1 | 74.3 | |||||||||||
Transportation sales: | ||||||||||||||
Commercial | .2 | .3 | 1.3 | 1.4 | ||||||||||
Industrial | 44.7 | 39.6 | 127.5 | 115.4 | ||||||||||
44.9 | 39.9 | 128.8 | 116.8 | |||||||||||
Total throughput | 54.5 | 49.2 | 203.9 | 191.1 | ||||||||||
Average cost of natural gas per dk | $ | 4.72 | $ | 3.75 | $ | 4.24 | $ | 3.90 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | Variance | 2021 | 2020 | Variance | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating revenues | $ | 34.9 | $ | 35.7 | (2) | % | $ | 106.7 | $ | 107.2 | — | % | |||||||||||
Operating expenses: | |||||||||||||||||||||||
Operation and maintenance | 14.2 | 15.4 | (8) | % | 45.5 | 45.4 | — | % | |||||||||||||||
Depreciation, depletion and amortization | 5.2 | 5.2 | — | % | 15.5 | 16.5 | (6) | % | |||||||||||||||
Taxes, other than income | 3.2 | 3.3 | (3) | % | 9.8 | 9.9 | (1) | % | |||||||||||||||
Total operating expenses | 22.6 | 23.9 | (5) | % | 70.8 | 71.8 | (1) | % | |||||||||||||||
Operating income | 12.3 | 11.8 | 4 | % | 35.9 | 35.4 | 1 | % | |||||||||||||||
Other income | 2.8 | .2 | NM | 5.6 | 1.2 | NM | |||||||||||||||||
Interest expense | 1.7 | 1.9 | (11) | % | 5.6 | 5.7 | (2) | % | |||||||||||||||
Income before income taxes | 13.4 | 10.1 | 33 | % | 35.9 | 30.9 | 16 | % | |||||||||||||||
Income tax expense | 2.8 | 2.1 | 33 | % | 7.2 | 6.6 | 9 | % | |||||||||||||||
Net income | $ | 10.6 | $ | 8.0 | 32 | % | $ | 28.7 | $ | 24.3 | 18 | % |
Operating statistics | Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
Transportation volumes (MMdk) | 122.0 | 108.9 | 351.5 | 316.2 | ||||||||||
Natural gas gathering volumes (MMdk) | — | 2.0 | — | 7.4 | ||||||||||
Customer natural gas storage balance (MMdk): | ||||||||||||||
Beginning of period | 16.0 | 19.1 | 25.5 | 16.2 | ||||||||||
Net injections | 12.8 | 14.0 | 3.3 | 16.9 | ||||||||||
End of period | 28.8 | 33.1 | 28.8 | 33.1 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | Variance | 2021 | 2020 | Variance | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating revenues | $ | 831.3 | $ | 822.5 | 1 | % | $ | 1,730.8 | $ | 1,705.9 | 1 | % | |||||||||||
Cost of sales: | |||||||||||||||||||||||
Operation and maintenance | 636.3 | 612.4 | 4 | % | 1,376.5 | 1,351.2 | 2 | % | |||||||||||||||
Depreciation, depletion and amortization | 24.5 | 22.2 | 10 | % | 71.1 | 63.0 | 13 | % | |||||||||||||||
Taxes, other than income | 13.9 | 13.6 | 2 | % | 37.6 | 36.6 | 3 | % | |||||||||||||||
Total cost of sales | 674.7 | 648.2 | 4 | % | 1,485.2 | 1,450.8 | 2 | % | |||||||||||||||
Gross margin | 156.6 | 174.3 | (10) | % | 245.6 | 255.1 | (4) | % | |||||||||||||||
Selling, general and administrative expense: | |||||||||||||||||||||||
Operation and maintenance | 20.9 | 23.7 | (12) | % | 66.8 | 67.5 | (1) | % | |||||||||||||||
Depreciation, depletion and amortization | 1.0 | 1.3 | (23) | % | 3.1 | 3.6 | (14) | % | |||||||||||||||
Taxes, other than income | 1.0 | .8 | 25 | % | 4.4 | 4.0 | 10 | % | |||||||||||||||
Total selling, general and administrative expense | 22.9 | 25.8 | (11) | % | 74.3 | 75.1 | (1) | % | |||||||||||||||
Operating income | 133.7 | 148.5 | (10) | % | 171.3 | 180.0 | (5) | % | |||||||||||||||
Other income (expense) | (.3) | .3 | (200) | % | .8 | 1.0 | (20) | % | |||||||||||||||
Interest expense | 4.8 | 5.0 | (4) | % | 14.4 | 15.9 | (9) | % | |||||||||||||||
Income before income taxes | 128.6 | 143.8 | (11) | % | 157.7 | 165.1 | (4) | % | |||||||||||||||
Income tax expense | 32.3 | 36.5 | (12) | % | 40.8 | 43.0 | (5) | % | |||||||||||||||
Net income | $ | 96.3 | $ | 107.3 | (10) | % | $ | 116.9 | $ | 122.1 | (4) | % |
Operating statistics | Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
(In thousands) | ||||||||||||||
Sales: | ||||||||||||||
Aggregates (tons) | 11,346 | 10,722 | 25,687 | 23,678 | ||||||||||
Asphalt (tons) | 3,290 | 3,542 | 5,675 | 5,935 | ||||||||||
Ready-mixed concrete (cubic yards) | 1,350 | 1,266 | 3,283 | 3,089 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | Variance | 2021 | 2020 | Variance | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating revenues | $ | 514.8 | $ | 551.0 | (7) | % | $ | 1,558.9 | $ | 1,562.9 | — | % | |||||||||||
Cost of sales: | |||||||||||||||||||||||
Operation and maintenance | 441.5 | 461.7 | (4) | % | 1,310.7 | 1,309.0 | — | % | |||||||||||||||
Depreciation, depletion and amortization | 3.9 | 3.9 | — | % | 11.8 | 11.8 | — | % | |||||||||||||||
Taxes, other than income | 14.2 | 17.2 | (17) | % | 49.9 | 57.8 | (14) | % | |||||||||||||||
Total cost of sales | 459.6 | 482.8 | (5) | % | 1,372.4 | 1,378.6 | — | % | |||||||||||||||
Gross margin | 55.2 | 68.2 | (19) | % | 186.5 | 184.3 | 1 | % | |||||||||||||||
Selling, general and administrative expense: | |||||||||||||||||||||||
Operation and maintenance | 23.0 | 24.9 | (8) | % | 71.2 | 72.4 | (2) | % | |||||||||||||||
Depreciation, depletion and amortization | 1.0 | 1.8 | (44) | % | 3.4 | 5.9 | (42) | % | |||||||||||||||
Taxes, other than income | 1.1 | 1.0 | 10 | % | 3.7 | 3.8 | (3) | % | |||||||||||||||
Total selling, general and administrative expense | 25.1 | 27.7 | (9) | % | 78.3 | 82.1 | (5) | % | |||||||||||||||
Operating income | 30.1 | 40.5 | (26) | % | 108.2 | 102.2 | 6 | % | |||||||||||||||
Other income | .9 | .6 | 50 | % | 2.6 | 1.3 | 100 | % | |||||||||||||||
Interest expense | .9 | 1.0 | (10) | % | 2.6 | 3.3 | (21) | % | |||||||||||||||
Income before income taxes | 30.1 | 40.1 | (25) | % | 108.2 | 100.2 | 8 | % | |||||||||||||||
Income tax expense | 7.0 | 10.3 | (32) | % | 26.4 | 25.7 | 3 | % | |||||||||||||||
Net income | $ | 23.1 | $ | 29.8 | (22) | % | $ | 81.8 | $ | 74.5 | 10 | % |
2021 | 2020 | |||||||
(In millions) | ||||||||
Inside specialty contracting | $ | 1,041 | $ | 1,074 | ||||
Outside specialty contracting | 232 | 211 | ||||||
$ | 1,273 | $ | 1,285 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | Variance | 2021 | 2020 | Variance | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating revenues | $ | 3.4 | $ | 3.1 | 10 | % | $ | 10.1 | $ | 8.9 | 13 | % | |||||||||||
Operating expenses: | |||||||||||||||||||||||
Operation and maintenance | 2.3 | 2.3 | — | % | 6.9 | 6.7 | 3 | % | |||||||||||||||
Depreciation, depletion and amortization | 1.1 | .6 | 83 | % | 3.5 | 1.9 | 84 | % | |||||||||||||||
Total operating expenses | 3.4 | 2.9 | 17 | % | 10.4 | 8.6 | 21 | % | |||||||||||||||
Operating income (loss) | — | .2 | NM | (.3) | .3 | NM | |||||||||||||||||
Other income | — | .1 | NM | .5 | .4 | 25 | % | ||||||||||||||||
Interest expense | .1 | .1 | — | % | .2 | .7 | (71) | % | |||||||||||||||
Income (loss) before income taxes | (.1) | .2 | NM | — | — | — | % | ||||||||||||||||
Income tax benefit | (3.9) | (8.5) | 54 | % | (2.2) | (3.4) | 35 | % | |||||||||||||||
Net income | $ | 3.8 | $ | 8.7 | (57) | % | $ | 2.2 | $ | 3.4 | (34) | % |
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
(In millions) | ||||||||||||||
Intersegment transactions: | ||||||||||||||
Operating revenues | $ | 8.0 | $ | 7.5 | $ | 51.4 | $ | 50.9 | ||||||
Operation and maintenance | 4.2 | 4.0 | 14.0 | 14.4 | ||||||||||
Purchased natural gas sold | 3.8 | 3.5 | 37.4 | 36.5 | ||||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2021 | 2020 | |||||||
(In millions) | ||||||||
Net cash provided by (used in): | ||||||||
Operating activities | $ | 365.8 | $ | 481.7 | ||||
Investing activities | (432.6) | (461.8) | ||||||
Financing activities | 64.5 | (20.3) | ||||||
Decrease in cash and cash equivalents | (2.3) | (.4) | ||||||
Cash and cash equivalents -- beginning of year | 59.6 | 66.5 | ||||||
Cash and cash equivalents -- end of period | $ | 57.3 | $ | 66.1 |
Nine Months Ended | |||||||||||
September 30, | |||||||||||
2021 | 2020 | Variance | |||||||||
Components of net cash provided by operating activities: | (In millions) | ||||||||||
Income from continuing operations | $ | 291.3 | $ | 278.4 | $ | 12.9 | |||||
Depreciation, depletion and amortization | 222.6 | 212.8 | 9.8 | ||||||||
Deferred income taxes | 30.4 | 16.4 | 14.0 | ||||||||
Receivables | (104.4) | (100.1) | (4.3) | ||||||||
Inventories | (21.4) | (9.6) | (11.8) | ||||||||
Other current assets | (74.4) | 1.3 | (75.7) | ||||||||
Accounts payable | 33.1 | 19.1 | 14.0 | ||||||||
Other current liabilities | 14.2 | 74.3 | (60.1) | ||||||||
Other noncurrent changes | (25.5) | (10.2) | (15.3) | ||||||||
Net cash used in discontinued operations | (.1) | (.7) | .6 | ||||||||
Net cash provided by operating activities | $ | 365.8 | $ | 481.7 | $ | (115.9) |
Nine Months Ended | |||||||||||
September 30, | |||||||||||
2021 | 2020 | Variance | |||||||||
Components of net cash used in investing activities: | (In millions) | ||||||||||
Capital expenditures | $ | (428.1) | $ | (413.8) | $ | (14.3) | |||||
Acquisitions, net of cash acquired | (13.7) | (71.5) | 57.8 | ||||||||
Net proceeds from sale or disposition of property and other | 13.0 | 23.5 | (10.5) | ||||||||
Investments | (3.8) | — | (3.8) | ||||||||
Net cash used in investing activities | $ | (432.6) | $ | (461.8) | $ | 29.2 |
Nine Months Ended | |||||||||||
September 30, | |||||||||||
2021 | 2020 | Variance | |||||||||
Components of net cash provided by (used in) financing activities: | (In millions) | ||||||||||
Issuance of short-term borrowings | $ | 50.0 | $ | 75.0 | $ | (25.0) | |||||
Repayment of short-term borrowings | (50.0) | — | (50.0) | ||||||||
Issuance of long-term debt | 178.5 | 100.2 | 78.3 | ||||||||
Repayment of long-term debt | (63.8) | (73.7) | 9.9 | ||||||||
Proceeds from issuance of common stock | 88.8 | 3.4 | 85.4 | ||||||||
Dividends paid | (128.1) | (124.8) | (3.3) | ||||||||
Repurchase of common stock | (6.7) | — | (6.7) | ||||||||
Tax withholding on stock-based compensation | (4.2) | (.4) | (3.8) | ||||||||
Net cash provided by (used in) financing activities | $ | 64.5 | $ | (20.3) | $ | 84.8 |
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 | $ | 29.8 | $ | — | 12/19/24 | |||||||||||||||||||||||
Cascade Natural Gas Corporation | Revolving credit agreement | $ | 100.0 | (b) | $ | 49.6 | $ | 2.2 | (c) | 6/7/24 | ||||||||||||||||||||||
Intermountain Gas Company | Revolving credit agreement | $ | 85.0 | (d) | $ | 44.7 | $ | — | 6/7/24 | |||||||||||||||||||||||
Centennial Energy Holdings, Inc. | Commercial paper/Revolving credit agreement | (e) | $ | 600.0 | $ | 139.0 | $ | — | 12/19/24 |
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
(In millions) | ||||||||||||||
Shares issued | 1.0 | — | 2.8 | — | ||||||||||
Net proceeds * | $ | 34.2 | $ | — | $ | 88.8 | $ | — | ||||||
Issuance costs | $ | .5 | $ | — | $ | 1.2 | $ | — |
Less than 1 year | 1-3 years | 3-5 years | More than 5 years | Total | |||||||||||||
(In millions) | |||||||||||||||||
Purchase commitments | $ | 594.4 | $ | 373.9 | $ | 200.3 | $ | 786.3 | $ | 1,954.9 |
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
(In millions) | ||||||||||||||
Operating income | $ | 27.3 | $ | 21.1 | $ | 54.0 | $ | 48.8 | ||||||
Adjustments: | ||||||||||||||
Operating expenses: | ||||||||||||||
Operation and maintenance | 31.2 | 30.7 | 93.8 | 90.5 | ||||||||||
Depreciation, depletion and amortization | 17.0 | 15.8 | 50.0 | 47.0 | ||||||||||
Taxes, other than income | 3.9 | 4.4 | 13.1 | 13.0 | ||||||||||
Total adjustments | 52.1 | 50.9 | 156.9 | 150.5 | ||||||||||
Adjusted gross margin | $ | 79.4 | $ | 72.0 | $ | 210.9 | $ | 199.3 |
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
(In millions) | ||||||||||||||
Operating income (loss) | $ | (14.2) | $ | (18.4) | $ | 42.9 | $ | 32.3 | ||||||
Adjustments: | ||||||||||||||
Operating expenses: | ||||||||||||||
Operation and maintenance | 47.7 | 46.9 | 145.0 | 135.9 | ||||||||||
Depreciation, depletion and amortization | 21.5 | 21.3 | 64.2 | 63.1 | ||||||||||
Taxes, other than income | 6.8 | 6.3 | 20.6 | 18.5 | ||||||||||
Total adjustments | 76.0 | 74.5 | 229.8 | 217.5 | ||||||||||
Adjusted gross margin | $ | 61.8 | $ | 56.1 | $ | 272.7 | $ | 249.8 |
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, 2021 | — | — | — | — | ||||||||||
August 1 through August 31, 2021 | — | — | — | — | ||||||||||
September 1 through September 30, 2021 | — | — | — | — | ||||||||||
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 | |||||||||||||||||||
+10(c) | X | ||||||||||||||||||||||
31(a) | X | ||||||||||||||||||||||
31(b) | X | ||||||||||||||||||||||
32 | X | ||||||||||||||||||||||
95 | X | ||||||||||||||||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||||||||||||||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | ||||||||||||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||||||||||||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | ||||||||||||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | ||||||||||||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
MDU RESOURCES GROUP, INC. | |||||||||||
DATE: | November 4, 2021 | BY: | /s/ Jason L. Vollmer | ||||||||
Jason L. Vollmer | |||||||||||
Vice President and Chief Financial Officer | |||||||||||
BY: | /s/ Stephanie A. Barth | ||||||||||
Stephanie A. Barth | |||||||||||
Vice President, Chief Accounting Officer and Controller |
Name of Employer | EIN | ||||
MDU Resources Group, Inc. for itself and its subsidiaries | 30-1133956 |
minimum deferral: | % | |||||||
maximum deferral: | % |
minimum deferral: | % | |||||||
maximum deferral: | % |
(i) | Immediate 100% vesting. | ||||||||||
(ii) | 100% vesting after Years of Service. | ||||||||||
(iii) | 100% vesting at age . | ||||||||||
XX | (iv) | Number of Years of Service | Vested Percentage |
Less than | 1 | 0 | % | ||||||||
1 | 34 | % | |||||||||
2 | 67 | % | |||||||||
3 | 100 | % | |||||||||
4 | % | ||||||||||
5 | % | ||||||||||
6 | % | ||||||||||
7 | % | ||||||||||
8 | % | ||||||||||
9 | % | ||||||||||
10 or more | % |
(1) | First day of Service. | |||||||
(2) | Effective date of Plan participation. | |||||||
XX | (3) | Each Crediting Date. Under this option (3), each Employer Credit shall vest based on the Years of Service of a Participant from the Crediting Date on which each Employer Credit is made to his or her Deferred Compensation Account. |
(i) | Immediate 100% vesting. | ||||||||||
(ii) | 100% vesting after Years of Service. | ||||||||||
(iii) | 100% vesting at age . | ||||||||||
(iv) | Number of Years of Service | Vested Percentage |
Less than | 1 | % | ||||||
1 | % | |||||||
2 | % | |||||||
3 | % | |||||||
4 | % | |||||||
5 | % | |||||||
6 | % |
By: | |||||
Authorized Person | |||||
Date: |
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 (#) | ||||||||||||
10-02089 | — | — | 136 | — | — | ||||||||||||
13-02222 | — | — | 125 | — | — | ||||||||||||
21-03133 | — | — | 125 | — | — | ||||||||||||
21-03219 | — | — | 125 | — | — | ||||||||||||
21-03502 | — | — | 125 | — | — | ||||||||||||
21-03572 | 1 | — | 987 | — | — | ||||||||||||
21-03642 | — | — | 125 | — | — | ||||||||||||
24-00478 | — | — | 125 | — | — | ||||||||||||
32-00776 | 1 | — | 595 | — | — | ||||||||||||
32-00777 | — | — | 125 | — | — | ||||||||||||
32-00950 | — | — | 500 | — | — | ||||||||||||
35-00512 | — | — | 125 | 1 | 1 | ||||||||||||
35-00521 | — | — | 125 | — | — | ||||||||||||
35-02382 | — | — | 737 | 1 | 1 | ||||||||||||
35-02906 | — | — | 125 | — | — | ||||||||||||
35-02968 | — | — | 271 | 2 | 1 | ||||||||||||
35-03022 | — | — | 261 | — | — | ||||||||||||
35-03321 | — | — | 250 | — | — | ||||||||||||
35-03505 | — | — | 125 | — | — | ||||||||||||
35-03527 | — | — | 625 | — | — | ||||||||||||
35-03558 | — | — | 125 | — | — | ||||||||||||
35-03667 | — | — | 655 | — | — | ||||||||||||
35-03678 | — | — | 250 | — | — | ||||||||||||
35-03751 | 1 | — | 271 | — | — | ||||||||||||
35-03380 | — | — | 250 | — | — | ||||||||||||
39-00008 | 1 | — | — | — | — | ||||||||||||
41-03931 | 1 | — | — | 1 | 1 | ||||||||||||
48-01383 | 2 | 1 | 20,777 | — | — | ||||||||||||
48-01518 | 3 | — | — | — | — | ||||||||||||
50-00883 | — | — | 375 | — | — | ||||||||||||
50-01196 | — | — | 750 | — | — | ||||||||||||
10 | 1 | $ | 29,190 | 5 | 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 | ||||||||||||||
35-00512 | 1 | — | — | — | — | — | ||||||||||||||
35-02382 | 1 | — | — | — | — | — | ||||||||||||||
35-02968 | 2 | — | — | — | — | — | ||||||||||||||
41-03931 | 1 | — | — | — | — | — | ||||||||||||||
5 | — | — | — | — | — |
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Operating revenues: | ||||
Operating revenues: | $ 1,586,013 | $ 1,587,289 | $ 4,237,608 | $ 4,147,591 |
Operating expenses: | ||||
Operation and maintenance: | 1,212,898 | 1,214,019 | 3,102,353 | 3,064,189 |
Purchased natural gas sold | 41,135 | 31,524 | 280,584 | 253,780 |
Depreciation, depletion and amortization | 75,229 | 72,084 | 222,613 | 212,832 |
Taxes, other than income | 48,096 | 50,501 | 163,819 | 167,197 |
Electric fuel and purchased power | 19,486 | 15,450 | 56,216 | 50,557 |
Total operating expenses | 1,396,844 | 1,383,578 | 3,825,585 | 3,748,555 |
Operating income | 189,169 | 203,711 | 412,023 | 399,036 |
Other income | 5,930 | 4,612 | 18,310 | 13,669 |
Interest expense | 23,389 | 23,761 | 70,224 | 73,132 |
Income before income taxes | 171,710 | 184,562 | 360,109 | 339,573 |
Income taxes | 32,748 | 31,547 | 68,860 | 61,178 |
Income from continuing operations | 138,962 | 153,015 | 291,249 | 278,395 |
Income (loss) from discontinued operations, net of tax | 314 | 63 | 348 | (484) |
Net income | $ 139,276 | $ 153,078 | $ 291,597 | $ 277,911 |
Earnings per share - basic: | ||||
Income from continuing operations | $ 0.68 | $ 0.76 | $ 1.44 | $ 1.39 |
Discontinued operations, net of tax | 0 | 0 | 0 | 0 |
Earnings per share - basic | 0.68 | 0.76 | 1.44 | 1.39 |
Earnings per share - diluted: | ||||
Income from continuing operations | 0.68 | 0.76 | 1.44 | 1.39 |
Discontinued operations, net of tax | 0 | 0 | 0 | 0 |
Earnings per share - diluted | $ 0.68 | $ 0.76 | $ 1.44 | $ 1.39 |
Weighted average common shares outstanding - basic | 202,863 | 200,522 | 201,647 | 200,495 |
Weighted average common shares outstanding - diluted | 203,190 | 200,619 | 201,955 | 200,515 |
Regulated operation | ||||
Operating revenues: | ||||
Operating revenues: | $ 237,065 | $ 210,115 | $ 940,017 | $ 870,151 |
Operating expenses: | ||||
Operation and maintenance: | 90,058 | 89,080 | 273,796 | 259,791 |
Income from continuing operations | 15,399 | 6,985 | 89,207 | 77,991 |
Nonregulated operation | ||||
Operating revenues: | ||||
Operating revenues: | 1,348,948 | 1,377,174 | 3,297,591 | 3,277,440 |
Operating expenses: | ||||
Operation and maintenance: | 1,122,840 | 1,124,939 | 2,828,557 | 2,804,398 |
Income from continuing operations | $ 123,563 | $ 146,030 | $ 202,042 | $ 200,404 |
Consolidated Balance Sheets - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
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Current assets: | |||
Cash and cash equivalents | $ 57,241 | $ 59,547 | $ 66,070 |
Receivables, net | 979,862 | 873,986 | 1,009,433 |
Inventories | 312,285 | 291,167 | 286,223 |
Current regulatory assets | 133,135 | 68,527 | 79,125 |
Prepayments and other current assets | 83,364 | 44,120 | 61,706 |
Total current assets | 1,565,887 | 1,337,347 | 1,502,557 |
Noncurrent assets: | |||
Property, plant and equipment | 8,634,737 | 8,300,770 | 8,203,751 |
Less accumulated depreciation, depletion and amortization | 3,175,756 | 3,133,831 | 3,115,805 |
Net property, plant and equipment | 5,458,981 | 5,166,939 | 5,087,946 |
Goodwill | 717,646 | 714,963 | 712,677 |
Other intangible assets, net | 22,241 | 25,496 | 26,376 |
Regulatory assets | 379,245 | 379,381 | 369,764 |
Investments | 171,859 | 165,022 | 158,440 |
Operating lease right-of-use assets | 109,439 | 120,113 | 120,534 |
Other | 143,565 | 144,111 | 147,205 |
Total noncurrent assets | 7,002,976 | 6,716,025 | 6,622,942 |
Total assets | 8,568,863 | 8,053,372 | 8,125,499 |
Current liabilities: | |||
Short-term borrowings | 50,000 | 50,000 | 75,000 |
Long-term debt due within one year | 1,548 | 1,555 | 1,558 |
Accounts payable | 525,704 | 426,264 | 436,718 |
Taxes payable | 87,455 | 88,844 | 96,708 |
Dividends payable | 43,212 | 42,611 | 41,608 |
Accrued compensation | 105,867 | 90,629 | 110,730 |
Operating lease liabilities due within one year | 30,502 | 33,655 | 33,770 |
Regulatory liabilities due within one year | 16,491 | 31,450 | 39,837 |
Other accrued liabilities | 212,140 | 198,514 | 231,061 |
Total current liabilities | 1,072,919 | 963,522 | 1,066,990 |
Noncurrent liabilities: | |||
Long-term debt | 2,326,718 | 2,211,575 | 2,268,732 |
Deferred income taxes | 557,582 | 516,098 | 533,524 |
Asset retirement obligations | 455,522 | 440,356 | 425,567 |
Regulatory liabilities | 426,141 | 428,075 | 434,936 |
Operating lease liabilities | 79,397 | 86,868 | 87,140 |
Other | 318,306 | 327,773 | 295,845 |
Total noncurrent liabilities | 4,163,666 | 4,010,745 | 4,045,744 |
Commitments and contingencies | |||
Stockholders' equity: | |||
Common stock | 203,889 | 201,061 | 201,061 |
Other paid-in capital | 1,458,208 | 1,371,385 | 1,366,494 |
Retained earnings | 1,720,232 | 1,558,363 | 1,489,085 |
Accumulated other comprehensive loss | (46,425) | (48,078) | (40,249) |
Treasury stock at cost - 538,921 shares | (3,626) | (3,626) | (3,626) |
Total stockholders' equity | 3,332,278 | 3,079,105 | 3,012,765 |
Total liabilities and stockholders' equity | $ 8,568,863 | $ 8,053,372 | $ 8,125,499 |
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 | 203,889,661 | 201,061,198 | 201,061,198 |
Treasury Stock, Common, Shares | 538,921 | 538,921 | 538,921 |
Basis of presentation |
9 Months Ended |
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Sep. 30, 2021 | |
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 2020 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. Beginning in March 2020, 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 to the United States and its communities and, as a result, operations have generally continued throughout the COVID-19 pandemic and reopening of the country's economy. The Company has assessed the impacts of the COVID-19 pandemic on its results of operations for the nine months ended September 30, 2021 and 2020, and determined there were no material adverse impacts. 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, 2021, up to the date of the issuance of these consolidated interim financial statements on November 4, 2021, that would require recognition or disclosure in the financial statements.
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New accounting standards |
9 Months Ended |
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Sep. 30, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New accounting standards | New accounting standards Recently adopted accounting standards 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 removed disclosures that are no longer considered cost beneficial, clarified the specific requirements of disclosures and added disclosure requirements identified as relevant. The guidance added, 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 removed, 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 effect a one percentage point change in assumed health care cost trend rates would have on certain benefit components. The Company adopted the guidance on January 1, 2021, on a retrospective basis. The Company determined the new guidance will not materially impact its consolidated financial statement 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 removed exceptions on intraperiod tax allocations and reporting and provided simplification on accounting for franchise taxes, tax basis goodwill and tax law changes. The Company adopted the guidance on January 1, 2021, and determined it did not have a material impact on its results of operations, financial position, cash flows or disclosures. Recently issued accounting standards not yet adopted ASU 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 applied 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 has updated its credit agreements to include language regarding the successor or alternate rate to LIBOR, and a review of other contracts and agreements is on-going. 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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Seasonality of operations |
9 Months Ended |
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Sep. 30, 2021 | |
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 |
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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 9. The Company's trade receivables are all due in 12 months or less. The total balance of receivables past due 90 days or more was $37.9 million, $48.9 million and $43.9 million at September 30, 2021 and 2020, and December 31, 2020, 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, general economic conditions of the various local economies and impacts of COVID-19, among others. Specific account balances are written off when management determines the amounts to be uncollectible. Management has reviewed the balance reserved through the allowance for expected credit losses and believes it is reasonable. Details of the Company's expected credit losses were as follows:
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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 $47.5 million at September 30, 2021 and December 31, 2020, and $48.3 million at September 30, 2020.
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Earnings per share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per 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 non-vested 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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Equity |
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Equity | Equity The Company currently has a shelf registration statement on file with the SEC, under which the Company may issue and sell any combination of common stock and debt securities. The Company may sell such securities if warranted by market conditions and the Company's capital requirements. In August 2020, the Company amended the Distribution Agreement dated February 22, 2019, with J.P. Morgan Securities LLC and MUFG Securities Americas Inc., as sales agents. This agreement, as amended, allows the offering, issuance and sale of up to 6.4 million shares of the Company's common stock in connection with an "at-the-market" offering. The common stock may be offered for sale, from time to time, in accordance with the terms and conditions of this agreement. As of September 30, 2021, the Company had capacity to issue up to 3.6 million additional shares of common stock under the "at-the-market" offering program. Details of the Company's "at-the-market" offering activity was as follows:
* Net proceeds were used for capital expenditures.
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Accumulated other comprehensive loss |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss The after-tax changes in the components of accumulated other comprehensive loss were as follows:
The following amounts were reclassified out of accumulated other comprehensive loss into net income. The amounts presented in parenthesis indicate a decrease to net income on the Consolidated Statements of Income. The reclassifications were as follows:
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Revenue from contracts with customers |
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 17.
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 $7.1 million and $152.4 million in revenue for the three and nine months ended September 30, 2021, respectively, which was previously included in contract liabilities at December 31, 2020. 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 a net increase in revenues of $19.2 million and $63.3 million for the three and nine months ended September 30, 2021, respectively, from performance obligations satisfied in prior periods. 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. 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 four and one years, respectively. At September 30, 2021, the Company's remaining performance obligations were $2.4 billion. The Company expects to recognize the following revenue amounts in future periods related to these remaining performance obligations: $1.6 billion within the next 12 months or less; $300.0 million within the next 13 to 24 months; and $478.7 million in 25 months or more.
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Business Combinations |
9 Months Ended |
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Sep. 30, 2021 | |
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, individually or in the aggregate, were material to the Company's financial position or 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. In 2021 and 2020, the construction materials and contracting segment's acquisitions included: •Mt. Hood Rock, a construction aggregates business in Oregon, acquired in April 2021. At September 30, 2021, the purchase price allocation was preliminary and will be finalized within 12 months of the acquisition date. •The assets of McMurry Ready-Mix Co., an aggregates and concrete supplier in Wyoming, acquired in December 2020. In the third quarter of 2021, the Company finalized the provisional accounting and recorded an immaterial measurement period adjustment. •The assets of Oldcastle Infrastructure Spokane, a prestressed-concrete business in Washington, acquired in February 2020. As of December 31, 2020, the purchase price adjustments had been settled with no material adjustments to the provisional accounting. In February 2020, the construction services segment acquired PerLectric, Inc., an electrical construction company in Virginia. As of March 31, 2021, the purchase price adjustments had been settled with no material adjustments to the provisional accounting. In 2021, the total purchase price for acquisitions was $13.8 million, subject to certain adjustments, with cash acquired totaling $100,000. The purchase price includes consideration paid of $13.7 million. The amounts allocated to the aggregated assets acquired and liabilities assumed during 2021 were as follows: $700,000 to current assets; $13.0 million to property, plant and equipment; $2.9 million to goodwill; $600,000 to other intangible assets; $200,000 to current liabilities; $100,000 to noncurrent liabilities - other and $3.2 million to deferred tax liabilities. The Company issued debt to finance the acquisitions. In 2020, the total purchase price for acquisitions was $110.2 million, subject to certain adjustments, with cash acquired totaling $1.7 million. The purchase price includes consideration paid of $106.0 million and $2.5 million of indemnity holdback liabilities. The amounts allocated to the aggregated assets acquired and liabilities assumed during 2020 were as follows: $54.8 million to current assets; $27.1 million to property, plant and equipment; $33.6 million to goodwill; $19.0 million to other intangible assets; $22.6 million to current liabilities; $300,000 to noncurrent liabilities - other and $1.4 million to asset retirement obligations. The Company issued debt to finance the acquisitions. Costs incurred for acquisitions are included in operation and maintenance expense on the Consolidated Statements of Income and were not material for the three or nine months ended September 30, 2021 and 2020.
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Leases |
9 Months Ended |
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Sep. 30, 2021 | |
Leases [Abstract] | |
Lessee, Operating Leases | 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 $11.8 million and $36.6 million for the three and nine months ended September 30, 2021, respectively. 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. At September 30, 2021, the Company had $8.3 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 2021 and 2020. For more information related to these business combinations, see Note 10. Amortization expense for amortizable intangible assets for the three and nine months ended September 30, 2021, was $1.2 million and $3.9 million, respectively. 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. Estimated amortization expense for identifiable intangible assets as of September 30, 2021, 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 or refund period for amounts currently being recovered or refunded in rates charged to customers. ** Recovered as expense is incurred or cash contributions are made. Regulatory assets not earning a rate of return were approximately $318.2 million at September 30, 2021 and 2020, and $332.5 million at December 31, 2020; however, these regulatory assets are expected to be recovered from customers in future rates. These assets are largely comprised of the unfunded portion of pension and postretirement benefits, asset retirement obligations, accelerated depreciation on plant retirement and the estimated future cost of manufactured gas plant site remediation. In February 2021, a prolonged period of unseasonably cold temperatures in the central United States significantly increased the demand for electric and natural gas services and contributed to increased market prices. Overall, Montana-Dakota and Great Plains incurred approximately $44.0 million in increased natural gas costs in order to maintain services for its customers. These extraordinary gas costs were recorded as regulatory assets as they are expected to be recovered from customers. Montana-Dakota and Great Plains have received approval for the recovery of purchased gas adjustments related to the cold-weather event in all jurisdictions impacted, including out-of-cycle purchased gas adjustment requests in most jurisdictions. For a discussion of the Company's most recent cases by jurisdiction, see Note 19. 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 the retirement of three aging coal-fired electric generating units. The Company accelerated the depreciation related to these facilities in property, plant and equipment and recorded the difference between the accelerated depreciation, in accordance with GAAP, and the depreciation approved for rate-making purposes as regulatory assets. The first unit ceased operations on March 31, 2021, and in the second quarter of 2021, the Company began amortizing plant retirement and closure costs related to this facility. Requests have been filed with the NDPSC and SDPUC to offset the savings associated with the cessation of operations of this unit with the amortization of the deferred regulatory assets. In the second quarter of 2021, the Company moved the costs being recovered for this facility from plant retirement to cost recovery mechanisms in the previous table. The remaining two units are expected to be retired in early 2022. The Company expects to recover the regulatory assets related to the plant retirements 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 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 insurance contracts, to satisfy its obligations under its unfunded, nonqualified defined benefit and defined contribution 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 $106.4 million, $95.7 million and $100.1 million, at September 30, 2021 and 2020, and December 31, 2020, respectively, are classified as investments on the Consolidated Balance Sheets. The net unrealized gains on these investments were $373,000 and $4.2 million for the three and nine months ended September 30, 2021, respectively. 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 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 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 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 insurance contracts are 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 contracts invest approximately 63 percent in fixed-income investments, 16 percent in common stock of large-cap companies, 8 percent in common stock of mid-cap companies, 7 percent in common stock of small-cap companies, 5 percent in target date investments and 1 percent in cash equivalents.
* 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 57 percent in fixed-income investments, 18 percent in common stock of large-cap companies, 9 percent in common stock of mid-cap companies, 9 percent in common stock of small-cap companies, 5 percent in target date investments and 2 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. The Company performed fair value assessments of the assets acquired and liabilities assumed in the business combinations that occurred during 2021 and 2020. The fair value of these assets and liabilities were determined based on Level 2 and Level 3 inputs. 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 | 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, 2021. In the event the 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. 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, 2021, were as follows:
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Cash flow information |
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Cash flow information | Cash flow information Cash expenditures for interest and income taxes were as follows:
* AFUDC - borrowed was $1.6 million and $2.0 million for the nine months ended September 30, 2021 and 2020, 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 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 and underground storage services through a regulated pipeline system primarily in the Rocky Mountain and northern Great Plains regions of the United States. This segment also provides non-regulated cathodic protection and other energy-related services. In 2020, the pipeline segment divested its regulated and non-regulated natural gas gathering assets. With the completion of these sales, the segment exited the natural gas gathering business. 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, as well as Alaska and Hawaii. The construction services segment provides inside and outside specialty contracting services in 43 states plus Washington D.C. Its inside services include design, construction and maintenance of electrical and communication wiring and infrastructure, fire suppression systems, and mechanical piping and services. Its outside services include design, construction and maintenance of overhead and underground electrical distribution and transmission lines, substations, external lighting, traffic signalization, and gas pipelines, as well as utility excavation and the manufacture and distribution of transmission line construction equipment. This segment also constructs and maintains renewable energy projects. These specialty contracting services are provided to utilities and large manufacturing, commercial, industrial, institutional and governmental customers. The Other category includes the activities of Centennial Capital, which, through its subsidiary InterSource Insurance Company, insures various types of risks as a captive insurer for certain of the Company's subsidiaries. The function of the captive insurer is to fund the self-insured layers of the insured Company's general liability, automobile liability, pollution liability and other coverages. Centennial Capital also owns certain real and personal property. In addition, the Other category includes certain assets, liabilities and tax adjustments of the holding company primarily associated with corporate functions and certain general and administrative costs (reflected in operation and maintenance expense) and interest expense, which were previously allocated to the refining business and Fidelity 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 2 of the Notes to Consolidated Financial Statements in the 2020 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] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee benefit plans | Employee benefit plans Pension and other postretirement plans The Company has noncontributory qualified defined benefit pension plans and other postretirement benefit plans for certain eligible employees. Components of net periodic benefit credit for the Company's pension and other postretirement benefit plans were as follows:
The components of net periodic benefit 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 was $769,000 and $2.3 million for the three and nine months ended September 30, 2021, respectively. 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 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, 2021 | |
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 open regulatory proceedings and cases by jurisdiction including updates to those reported in the 2020 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. IPUC On January 12, 2021, Intermountain filed an application with the IPUC for a decrease in its depreciation and amortization rates of approximately $2.9 million annually or a decrease from a combined rate of 3.0 percent to 2.6 percent. On June 3, 2021, Intermountain filed a joint settlement agreement with the IPUC Staff reflecting a revised annual decrease of approximately $3.8 million or approximately 2.4 percent. On August 18, 2021, the settlement agreement was approved with rates retroactive to January 1, 2021. MNPUC Great Plains defers the difference between the actual cost of gas spent to serve customers and that recovered from customers on a monthly basis. Annually, Great Plains prepares a true-up pursuant to the purchased gas adjustment tariff. On August 30, 2021, the MNPUC issued an order to allow Great Plains recovery of an out-of-cycle cost of gas adjustment of $8.8 million over a period of 27 months. The order was effective September 1, 2021, and is subject to a prudence review by the MNPUC. The requested increase was for the February 2021 extreme cold weather, primarily in the central United States, and market conditions surrounding the natural gas commodity market. The MNPUC prudence review is pending with an order to be issued on or before August 29, 2022. NDPSC On July 15, 2021, Montana-Dakota filed an annual update to its transmission cost adjustment rider with the NDPSC requesting to recover revenues of approximately $14.5 million, which includes a true-up of the prior period adjustment, resulting in a decrease of approximately $1.1 million from current rates. This filing includes approximately $5.1 million related to transmission capital projects. On September 22, 2021, the NDPSC approved the decrease with rates effective November 1, 2021. SDPUC On August 19, 2020, the SDPUC approved the use of deferred accounting by Montana-Dakota to track expenses and revenues related to the COVID-19 pandemic. Montana-Dakota has determined the deferred accounting order was not necessary as no costs were recorded as regulatory assets. The filing was withdrawn by Montana-Dakota on July 30, 2021. On March 11, 2021, Montana-Dakota filed an informational update to the infrastructure rider rate tariff with the SDPUC related to the retirement of Unit 1 at Lewis & Clark Station. The filing includes the annual revenue requirement offset by the related amortization of the accelerated depreciation on the plant, net of excess deferred income taxes, and the decommissioning costs projected to be incurred in 2021 resulting in no impact to customers. This matter is pending before the SDPUC. WUTC On June 1, 2021, Cascade filed its annual pipeline cost recovery mechanism requesting an increase in annual revenue of approximately $2.1 million or approximately 0.8 percent. On October 15, 2021, Cascade filed an update reflecting a revised increase in annual revenue of approximately $1.7 million, or approximately 0.6 percent, which includes actual costs as of September 30, 2021. On October 28, 2021, the filing was approved with rates effective November 1, 2021. On September 30, 2021, Cascade filed an application with the WUTC for a natural gas rate increase of approximately $13.7 million annually or approximately 5.1 percent above current rates. The requested increase was primarily to recover investments made in infrastructure upgrades, as well as to recover 2021 wage increases. The WUTC has 11 months to render a final decision on the rate case. This matter is pending before the WUTC. FERC On September 1, 2021, Montana-Dakota filed an update to its transmission formula rate under the MISO tariff for its multi-value project for $13.4 million, which is effective January 1, 2022.
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Contingencies |
9 Months Ended |
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Sep. 30, 2021 | |
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, 2021 and 2020, and December 31, 2020, the Company accrued liabilities which have not been discounted, including liabilities held for sale, of $34.7 million, $72.7 million and $41.5 million, respectively. At September 30, 2021 and 2020, and December 31, 2020, the Company also recorded corresponding insurance receivables of $11.7 million, $49.1 million and $17.5 million, respectively, and regulatory assets of $21.1 million, $20.9 million and $21.3 million, respectively, related to the accrued liabilities. The accruals are for contingencies resulting from 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 2020 Annual Report. 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, 2021, the fixed maximum amounts guaranteed under these agreements aggregate $147.6 million. Certain of the guarantees also have no fixed maximum amounts specified. At September 30, 2021, the amounts of scheduled expiration of the maximum amounts guaranteed under these agreements aggregate to $900,000 in 2021; $39.3 million in 2022; $50.3 million in 2023; $46.6 million in 2024; $600,000 in 2025; $900,000 thereafter; and $9.0 million, which has no scheduled maturity date. There were no amounts outstanding under the previously mentioned guarantees at September 30, 2021. 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, 2021, the fixed maximum amounts guaranteed under these letters of credit aggregated $25.5 million. At September 30, 2021, the amounts of scheduled expiration of the maximum amounts guaranteed under these letters of credit aggregate to $21.2 million in 2021 and $4.3 million in 2022. There were no amounts outstanding under the previously mentioned letters of credit at September 30, 2021. 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, 2021. 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, 2021, approximately $897.2 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, 2021, 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 $32.1 million.
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Basis of presentation (Policies) |
9 Months Ended |
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Sep. 30, 2021 | |
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 2020 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 |
---|---|
Sep. 30, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New accounting standards | Recently adopted accounting standards 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 removed disclosures that are no longer considered cost beneficial, clarified the specific requirements of disclosures and added disclosure requirements identified as relevant. The guidance added, 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 removed, 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 effect a one percentage point change in assumed health care cost trend rates would have on certain benefit components. The Company adopted the guidance on January 1, 2021, on a retrospective basis. The Company determined the new guidance will not materially impact its consolidated financial statement 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 removed exceptions on intraperiod tax allocations and reporting and provided simplification on accounting for franchise taxes, tax basis goodwill and tax law changes. The Company adopted the guidance on January 1, 2021, and determined it did not have a material impact on its results of operations, financial position, cash flows or disclosures. Recently issued accounting standards not yet adopted ASU 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 applied 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 has updated its credit agreements to include language regarding the successor or alternate rate to LIBOR, and a review of other contracts and agreements is on-going. 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 |
---|---|
Sep. 30, 2021 | |
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 9. The Company's trade receivables 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, general economic conditions of the various local economies and impacts of COVID-19, 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 |
---|---|
Sep. 30, 2021 | |
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 share (Policies) |
9 Months Ended |
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Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
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 non-vested 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, 2021 | |
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, 2021 | |
Business Combinations [Abstract] | |
Business Combinations Policy | 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, individually or in the aggregate, were material to the Company's financial position or results of operations. |
Fair value disclosures (Policies) |
9 Months Ended |
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Sep. 30, 2021 | |
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, 2021 | |
Segment Reporting [Abstract] | |
Business segment data | The Company's reportable segments are those that are based on the Company's method of internal reporting, which generally segregates the strategic business units due to differences in products, services and regulation. The internal reporting of these operating segments is defined based on the reporting and review process used by the Company's chief executive officer. |
Contingencies (Policies) |
9 Months Ended |
---|---|
Sep. 30, 2021 | |
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. |
Receivables and allowance for expected credit losses (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Details of the Company's expected credit losses were as follows:
|
Inventories and natural gas in storage (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories on the Consolidated Balance Sheets were as follows:
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Earnings per share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding | A reconciliation of the weighted average common shares outstanding used in the basic and diluted earnings per share calculations follows:
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Equity (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock by Class | Details of the Company's "at-the-market" offering activity was as follows:
* Net proceeds were used for capital expenditures.
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Accumulated other comprehensive loss (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 out of accumulated other comprehensive loss into net income. The amounts presented in parenthesis indicate a decrease to net income on the Consolidated Statements of Income. The reclassifications were as follows:
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Revenue from contracts with customers (Tables) |
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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 17.
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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, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021, was:
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Regulatory assets and liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Assets | The following table summarizes the individual components of unamortized regulatory assets and liabilities:
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Regulatory Liabilities | The following table summarizes the individual components of unamortized regulatory assets and liabilities:
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Fair value measurements (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 contracts invest approximately 63 percent in fixed-income investments, 16 percent in common stock of large-cap companies, 8 percent in common stock of mid-cap companies, 7 percent in common stock of small-cap companies, 5 percent in target date investments and 1 percent in cash equivalents.
* 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 57 percent in fixed-income investments, 18 percent in common stock of large-cap companies, 9 percent in common stock of mid-cap companies, 9 percent in common stock of small-cap companies, 5 percent in target date investments and 2 percent in cash equivalents.
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Fair value of long term debt outstanding | The estimated fair value of the Company's Level 2 long-term debt was as follows:
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Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021, were as follows:
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Cash flow information (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 $1.6 million and $2.0 million for the nine months ended September 30, 2021 and 2020, respectively. Noncash investing and financing transactions were as follows:
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Business segment data (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of net benefit costs | Components of net periodic benefit credit for the Company's pension and other postretirement benefit plans were as follows:
|
Receivables and allowance for expected credit losses (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
---|---|---|---|
Credit Loss [Abstract] | |||
Accounts Receivable, Noncurrent, 90 Days or More Past Due, Still Accruing | $ 37.9 | $ 43.9 | $ 48.9 |
Inventories and natural gas in storage (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
---|---|---|---|
Inventory Disclosure [Abstract] | |||
Aggregates held for resale | $ 183,693 | $ 175,782 | $ 168,132 |
Asphalt oil | 32,964 | 28,238 | 27,587 |
Natural gas in storage (current) | 28,683 | 21,919 | 27,135 |
Materials and supplies | 27,253 | 25,142 | 26,609 |
Merchandise for resale | 26,639 | 21,087 | 21,525 |
Other | 13,053 | 18,999 | 15,235 |
Total | 312,285 | 291,167 | 286,223 |
Natural gas in storage noncurrent | $ 47,500 | $ 47,500 | $ 48,300 |
Earnings per share (Details) - $ / shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Earnings Per Share [Abstract] | ||||
Weighted average common shares outstanding - basic | 202,863 | 200,522 | 201,647 | 200,495 |
Effect of dilutive performance share awards and restricted stock units | 327 | 97 | 308 | 20 |
Weighted average common shares outstanding - diluted | 203,190 | 200,619 | 201,955 | 200,515 |
Shares excluded from the calculation of diluted earnings per share | 0 | 87 | 0 | 139 |
Dividends declared per common share | $ 0.2125 | $ 0.2075 | $ 0.6375 | $ 0.6225 |
Equity (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Class of Stock [Line Items] | |||||
Common stock shares authorized under equity program | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 |
Net proceeds * | $ 88,830 | $ 3,410 | |||
At-the-market offering | |||||
Class of Stock [Line Items] | |||||
Common stock shares authorized under equity program | 6,400,000 | 6,400,000 | |||
Common stock shares reserved for future issuance | 3,600,000 | 3,600,000 | |||
Shares issued | 1,000,000.0 | 0 | 2,800,000 | 0 | |
Net proceeds * | $ 34,200 | $ 0 | $ 88,800 | $ 0 | |
Issuance costs | $ 500 | $ 0 | $ 1,200 | $ 0 |
Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Accumulated other comprehensive loss [Roll Forward] | ||||||||
Balance | $ 3,198,802 | $ 3,100,306 | $ 3,079,105 | $ 2,897,687 | $ 2,836,592 | $ 2,847,246 | $ 3,079,105 | $ 2,847,246 |
Other comprehensive income (loss) | 543 | 542 | 568 | 560 | 586 | 707 | 1,653 | 1,853 |
Balance | 3,332,278 | 3,198,802 | 3,100,306 | 3,012,765 | 2,897,687 | 2,836,592 | 3,332,278 | 3,012,765 |
Net unrealized gain (loss) on derivative instruments qualifying as hedges | ||||||||
Accumulated other comprehensive loss [Roll Forward] | ||||||||
Balance | (761) | (873) | (984) | (1,207) | (1,319) | (1,430) | (984) | (1,430) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 | 0 | 0 | ||
Amounts reclassified from (to) accumulated other comprehensive loss | 111 | 112 | 111 | 111 | 112 | 111 | ||
Other comprehensive income (loss) | 111 | 112 | 111 | 111 | 112 | 111 | ||
Balance | (650) | (761) | (873) | (1,096) | (1,207) | (1,319) | (650) | (1,096) |
Postretirement liability adjustment | ||||||||
Accumulated other comprehensive loss [Roll Forward] | ||||||||
Balance | (46,284) | (46,741) | (47,207) | (39,792) | (40,272) | (40,734) | (47,207) | (40,734) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 | 0 | 0 | ||
Amounts reclassified from (to) accumulated other comprehensive loss | 466 | 457 | 466 | 471 | 480 | 462 | ||
Other comprehensive income (loss) | 466 | 457 | 466 | 471 | 480 | 462 | ||
Balance | (45,818) | (46,284) | (46,741) | (39,321) | (39,792) | (40,272) | (45,818) | (39,321) |
Net unrealized gain (loss) on available-for-sale investments | ||||||||
Accumulated other comprehensive loss [Roll Forward] | ||||||||
Balance | 77 | 104 | 113 | 190 | 196 | 62 | 113 | 62 |
Other comprehensive income (loss) before reclassifications | (54) | (52) | (44) | (50) | (13) | 135 | ||
Amounts reclassified from (to) accumulated other comprehensive loss | 20 | 25 | 35 | 28 | 7 | (1) | ||
Other comprehensive income (loss) | (34) | (27) | (9) | (22) | (6) | 134 | ||
Balance | 43 | 77 | 104 | 168 | 190 | 196 | 43 | 168 |
Total accumulated other comprehensive loss | ||||||||
Accumulated other comprehensive loss [Roll Forward] | ||||||||
Balance | (46,968) | (47,510) | (48,078) | (40,809) | (41,395) | (42,102) | (48,078) | (42,102) |
Other comprehensive income (loss) before reclassifications | (54) | (52) | (44) | (50) | (13) | 135 | ||
Amounts reclassified from (to) accumulated other comprehensive loss | 597 | 594 | 612 | 610 | 599 | 572 | ||
Other comprehensive income (loss) | 543 | 542 | 568 | 560 | 586 | 707 | ||
Balance | $ (46,425) | $ (46,968) | $ (47,510) | $ (40,249) | $ (40,809) | $ (41,395) | $ (46,425) | $ (40,249) |
Contract balances (Details 2) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Revenue from Contract with Customer [Abstract] | |||||
Contract assets | $ 185,086 | $ 185,086 | $ 104,345 | ||
Change in contract assets | 80,741 | ||||
Contract liabilities - current | (153,408) | (153,408) | (158,603) | ||
Change in contract liabilities - current | 5,195 | ||||
Contract liabilities - noncurrent | (157) | (157) | (52) | ||
Change in contract liabilities - noncurrent | (105) | ||||
Net contract assets (liabilities) | 31,521 | 31,521 | $ (54,310) | ||
Change in net contract assets (liabilities) | 85,831 | ||||
Amounts included in contract liability at the beginning of the period | 7,100 | $ 15,600 | 152,400 | $ 137,300 | |
Amounts from performance obligations satisfied in prior periods | $ 19,200 | $ 34,700 | $ 63,300 | $ 58,800 |
Business Combinations (Details) - USD ($) |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
Dec. 31, 2019 |
|
Business Acquisition [Line Items] | ||||
Goodwill | $ 717,646,000 | $ 714,963,000 | $ 712,677,000 | $ 681,358,000 |
2021 Acquisition | ||||
Business Acquisition [Line Items] | ||||
Gross Aggregate Consideration | 13,800,000 | |||
Cash Assumed | 100,000 | |||
Business Combination, Consideration Transferred | 13,700,000 | |||
Current Assets | 700,000 | |||
Property, Plant, and Equipment | 13,000,000 | |||
Goodwill | 2,900,000 | |||
Other Intangibles | 600,000 | |||
Current Liabilities | 200,000 | |||
Deferred Credits and Other Liabilities | 100,000 | |||
Deferred Tax Liabilities | $ 3,200,000 |
Business Combinations (Details 2) - USD ($) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2019 |
|
Business Acquisition [Line Items] | ||||
Goodwill | $ 714,963,000 | $ 717,646,000 | $ 712,677,000 | $ 681,358,000 |
2020 Acquisition | ||||
Business Acquisition [Line Items] | ||||
Gross Aggregate Consideration | 110,200,000 | |||
Cash Assumed | 1,700,000 | |||
Business Combination, Consideration Transferred | 106,000,000 | |||
Business Combination, Consideration Transferred, Liabilities Incurred | 2,500,000 | |||
Current Assets | 54,800,000 | |||
Property, Plant, and Equipment | 27,100,000 | |||
Goodwill | 33,600,000 | |||
Other Intangibles | 19,000,000 | |||
Current Liabilities | 22,600,000 | |||
Deferred Credits and Other Liabilities | 300,000 | |||
Asset Retirement Obligation | $ 1,400,000 |
Lessor accounting (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Leases [Abstract] | ||||
Operating Lease, Lease Income | $ 11.8 | $ 10.7 | $ 36.6 | $ 34.0 |
Lessor, Operating Lease, Payments to be Received, Next Twelve Months | $ 8.3 | $ 8.3 |
Future amortization expense (Details 3) $ in Thousands |
Sep. 30, 2021
USD ($)
|
---|---|
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remainder of 2021 | $ 1,220 |
2022 | 4,678 |
2023 | 4,329 |
2024 | 3,957 |
2025 | 2,060 |
Thereafter | $ 5,997 |
Fair value measurements Insurance contracts (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Fair Value Disclosures [Abstract] | |||||
Investments used to satisfy nonqualified benefit plans obligations | $ 106,400,000 | $ 95,700,000 | $ 106,400,000 | $ 95,700,000 | $ 100,100,000 |
Net unrealized gain on investments used to satisfy obligations under nonqualified benefit plans | $ 373,000 | $ 3,300,000 | $ 4,200,000 | $ 8,700,000 |
Available-for-sale securities (Details 2) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
---|---|---|---|
Available-for-sale securities [Abstract] | |||
Cost | $ 11,278 | $ 11,185 | $ 10,979 |
Gross Unrealized Gains | 93 | 156 | 216 |
Gross Unrealized Losses | 39 | 14 | 4 |
Fair Value | 11,332 | 11,327 | 11,191 |
Mortgage-backed securities | |||
Available-for-sale securities [Abstract] | |||
Cost | 8,597 | 9,799 | 9,813 |
Gross Unrealized Gains | 93 | 156 | 213 |
Gross Unrealized Losses | 11 | 9 | 4 |
Fair Value | 8,679 | 9,946 | 10,022 |
U.S. Treasury securities | |||
Available-for-sale securities [Abstract] | |||
Cost | 2,681 | 1,386 | 1,166 |
Gross Unrealized Gains | 0 | 0 | 3 |
Gross Unrealized Losses | 28 | 5 | 0 |
Fair Value | $ 2,653 | $ 1,381 | $ 1,169 |
Fair value measurements (Details 4) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
---|---|---|---|
Fair value, balance sheet grouping [Line Items] | |||
Long-term debt | $ 2,328,266 | $ 2,213,130 | $ 2,270,290 |
Carrying amount | |||
Fair value, balance sheet grouping [Line Items] | |||
Long-term debt | 2,328,266 | 2,213,130 | 2,270,290 |
Fair value | |||
Fair value, balance sheet grouping [Line Items] | |||
Long-term debt, fair value | $ 2,599,907 | $ 2,537,289 | $ 2,593,743 |
Schedule of debt maturities (Details 2) $ in Thousands |
Sep. 30, 2021
USD ($)
|
---|---|
Long-term debt maturities [Line Items] | |
Remainder of 2021 | $ 77 |
2022 | 148,021 |
2023 | 77,921 |
2024 | 324,521 |
2025 | 177,802 |
Thereafter | $ 1,605,656 |
Cash flow information (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Supplemental Cash Flow Information [Abstract] | |||
Interest, net* | $ 59,876 | $ 63,086 | |
Income taxes paid, net | 61,250 | 43,448 | |
AFUDC borrowed | 1,600 | 2,000 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | 26,120 | 41,315 | $ 54,356 |
Property, plant and equipment additions in accounts payable | 88,355 | 33,240 | 26,082 |
Accrual for holdback payment related to a business combination | $ 0 | $ 5,000 | $ 2,500 |
IPUC (Details) - IPUC - Intermountain Gas - Gas Distribution [Member] - USD ($) $ in Millions |
Jan. 12, 2021 |
Jan. 01, 2021 |
---|---|---|
Public Utilities, General Disclosures [Line Items] | ||
Depreciation and Amortization Rate Case | $ (2.9) | |
Depreciation and Amortization, Rate, Percent | 3.00% | |
Depreciation and Amortization, Requested Rate, Percent | 2.60% | |
Depreciation and Amortization , Approved Rate Increase (Decrease), Amount | $ (3.8) | |
Depreciation and Amortization, Approved Rate, Percent | 2.40% |
MNPUC (Details 2) $ in Millions |
Sep. 01, 2021
USD ($)
|
---|---|
MNPUC [Member] | Gas Distribution [Member] | Great Plains Natural Gas Co. [Member] | Pending Rate Case [Member] | |
Public Utilities, General Disclosures [Line Items] | |
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 8.8 |
NDPSC (Details 3) - Electric - NDPSC [Member] - Montana-Dakota Utilities Co. [Member] - Subsequent Event [Member] $ in Millions |
Nov. 01, 2021
USD ($)
|
---|---|
Public Utilities, General Disclosures [Line Items] | |
Total Transmission Cost Adjustment Rider | $ 14.5 |
Public Utilities, Requested Rate Increase (Decrease), Amount | (1.1) |
Transmission Capital Projects Increase (Decrease) | $ 5.1 |
SDPUC (Details 4) |
Mar. 11, 2021
USD ($)
|
---|---|
SDPUC | Pending Rate Case [Member] | Electricity [Member] | Montana-Dakota Utilities Co. [Member] | |
Public Utilities, General Disclosures [Line Items] | |
Total Infrastructure Rider | $ 0 |
WUTC (Details 5) - Pending Rate Case [Member] - WUTC [Member] - Cascade Natural Gas [Member] - USD ($) $ in Millions |
Oct. 15, 2021 |
Sep. 30, 2021 |
Jun. 01, 2021 |
---|---|---|---|
Pipeline Cost Recovery Mechanism [Member] | |||
Public Utilities, General Disclosures [Line Items] | |||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 2.1 | ||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 0.80% | ||
Pipeline Cost Recovery Mechanism [Member] | Subsequent Event [Member] | |||
Public Utilities, General Disclosures [Line Items] | |||
Public Utilities, Requested Rate Increase (Decrease), Amended, Amount | $ 1.7 | ||
Public Utilities, Requested Rate Increase (Decrease), Amended, Percentage | 0.60% | ||
Gas Distribution [Member] | |||
Public Utilities, General Disclosures [Line Items] | |||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 13.7 | ||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 5.10% |
FERC (Details 6) $ in Millions |
Jan. 01, 2022
USD ($)
|
---|---|
MISO [Member] | Montana-Dakota Utilities Co. [Member] | Electric | Subsequent Event [Member] | |
Public Utilities, General Disclosures [Line Items] | |
Transmission Formula Revenue Requirement | $ 13.4 |
Litigation (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
---|---|---|---|
Loss Contingencies [Line Items] | |||
Potential liabilities related to litigation and environmental matters | $ 34.7 | $ 41.5 | $ 72.7 |
Insurance Receivable | 11.7 | 17.5 | 49.1 |
Regulatory Assets | $ 21.1 | $ 21.3 | $ 20.9 |
Guarantees (Details 2) |
Sep. 30, 2021
USD ($)
|
---|---|
Guarantor Obligations [Line Items] | |
Guarantor obligations, maximum exposure, undiscounted | $ 147,600,000 |
Fixed maximum amounts guaranteed by year 2021 | 900,000 |
Fixed maximum amounts guaranteed by year 2022 | 39,300,000 |
Fixed maximum amounts guaranteed by year 2023 | 50,300,000 |
Fixed maximum amounts guaranteed by year 2024 | 46,600,000 |
Fixed maximum amounts guaranteed by year 2025 | 600,000 |
Fixed maximum amounts guaranteed, thereafter | 900,000 |
No scheduled maturity date | 9,000,000 |
Amount outstanding under guarantees that is reflected on balance sheet | 0 |
Letters of credit | 25,500,000 |
Letters of credit set to expire - 2021 | 21,200,000 |
Letters of credit set to expire - 2022 | 4,300,000 |
Outstanding letters of credit | 0 |
Amount of surety bonds outstanding | $ 897,200,000 |
Variable interest entities (Details 3) $ in Millions |
Sep. 30, 2021
USD ($)
|
---|---|
Fuel contract | |
Variable Interest Entities [Line Items] | |
Variable interest entity, reporting entity involvement, maximum loss exposure, amount | $ 32.1 |
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