þ | 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 |
Texas and Virginia | 75-1743247 | |
(State or other jurisdiction of incorporation or organization) | (IRS employer identification no.) | |
Three Lincoln Centre, Suite 1800 5430 LBJ Freeway, Dallas, Texas | 75240 (Zip code) | |
(Address of principal executive offices) |
Large Accelerated Filer þ | Accelerated Filer ¨ | Non-Accelerated Filer ¨ | Smaller Reporting Company ¨ |
Class | Shares Outstanding | |
No Par Value | 102,106,896 |
AEC | Atmos Energy Corporation |
AEH | Atmos Energy Holdings, Inc. |
AEM | Atmos Energy Marketing, LLC |
AOCI | Accumulated other comprehensive income |
Bcf | Billion cubic feet |
FASB | Financial Accounting Standards Board |
Fitch | Fitch Ratings, Ltd. |
GAAP | Generally Accepted Accounting Principles |
GRIP | Gas Reliability Infrastructure Program |
Mcf | Thousand cubic feet |
MMcf | Million cubic feet |
Moody’s | Moody’s Investors Services, Inc. |
NYMEX | New York Mercantile Exchange, Inc. |
PPA | Pension Protection Act of 2006 |
PRP | Pipeline Replacement Program |
RRC | Railroad Commission of Texas |
RRM | Rate Review Mechanism |
S&P | Standard & Poor’s Corporation |
SEC | United States Securities and Exchange Commission |
WNA | Weather Normalization Adjustment |
Item 1. | Financial Statements |
December 31, 2015 | September 30, 2015 | ||||||
(Unaudited) | |||||||
(In thousands, except share data) | |||||||
ASSETS | |||||||
Property, plant and equipment | $ | 9,502,944 | $ | 9,240,100 | |||
Less accumulated depreciation and amortization | 1,849,657 | 1,809,520 | |||||
Net property, plant and equipment | 7,653,287 | 7,430,580 | |||||
Current assets | |||||||
Cash and cash equivalents | 78,903 | 28,653 | |||||
Accounts receivable, net | 456,904 | 295,160 | |||||
Gas stored underground | 236,017 | 236,603 | |||||
Other current assets | 91,446 | 70,569 | |||||
Total current assets | 863,270 | 630,985 | |||||
Goodwill | 742,702 | 742,702 | |||||
Deferred charges and other assets | 295,394 | 288,678 | |||||
$ | 9,554,653 | $ | 9,092,945 | ||||
CAPITALIZATION AND LIABILITIES | |||||||
Shareholders’ equity | |||||||
Common stock, no par value (stated at $.005 per share); 200,000,000 shares authorized; issued and outstanding: December 31, 2015 — 102,079,316 shares; September 30, 2015 — 101,478,818 shares | $ | 510 | $ | 507 | |||
Additional paid-in capital | 2,242,307 | 2,230,591 | |||||
Accumulated other comprehensive loss | (102,962 | ) | (109,330 | ) | |||
Retained earnings | 1,132,254 | 1,073,029 | |||||
Shareholders’ equity | 3,272,109 | 3,194,797 | |||||
Long-term debt | 2,455,474 | 2,455,388 | |||||
Total capitalization | 5,727,583 | 5,650,185 | |||||
Current liabilities | |||||||
Accounts payable and accrued liabilities | 280,487 | 238,942 | |||||
Other current liabilities | 471,333 | 457,954 | |||||
Short-term debt | 763,236 | 457,927 | |||||
Total current liabilities | 1,515,056 | 1,154,823 | |||||
Deferred income taxes | 1,441,325 | 1,411,315 | |||||
Regulatory cost of removal obligation | 425,555 | 427,553 | |||||
Pension and postretirement liabilities | 289,939 | 287,373 | |||||
Deferred credits and other liabilities | 155,195 | 161,696 | |||||
$ | 9,554,653 | $ | 9,092,945 |
Three Months Ended December 31 | |||||||
2015 | 2014 | ||||||
(Unaudited) (In thousands, except per share data) | |||||||
Operating revenues | |||||||
Regulated distribution segment | $ | 638,602 | $ | 846,772 | |||
Regulated pipeline segment | 94,677 | 83,567 | |||||
Nonregulated segment | 272,524 | 462,288 | |||||
Intersegment eliminations | (99,582 | ) | (133,862 | ) | |||
906,221 | 1,258,765 | ||||||
Purchased gas cost | |||||||
Regulated distribution segment | 305,141 | 522,960 | |||||
Regulated pipeline segment | — | — | |||||
Nonregulated segment | 256,766 | 446,249 | |||||
Intersegment eliminations | (99,449 | ) | (133,729 | ) | |||
462,458 | 835,480 | ||||||
Gross profit | 443,763 | 423,285 | |||||
Operating expenses | |||||||
Operation and maintenance | 124,848 | 118,582 | |||||
Depreciation and amortization | 71,239 | 67,593 | |||||
Taxes, other than income | 51,471 | 49,385 | |||||
Total operating expenses | 247,558 | 235,560 | |||||
Operating income | 196,205 | 187,725 | |||||
Miscellaneous expense | (1,209 | ) | (1,707 | ) | |||
Interest charges | 30,483 | 29,764 | |||||
Income before income taxes | 164,513 | 156,254 | |||||
Income tax expense | 61,652 | 58,659 | |||||
Net income | $ | 102,861 | $ | 97,595 | |||
Basic and diluted net income per share | $ | 1.00 | $ | 0.96 | |||
Cash dividends per share | $ | 0.42 | $ | 0.39 | |||
Basic and diluted weighted average shares outstanding | 102,713 | 101,581 |
Three Months Ended December 31 | |||||||
2015 | 2014 | ||||||
(Unaudited) (In thousands) | |||||||
Net income | $ | 102,861 | $ | 97,595 | |||
Other comprehensive income (loss), net of tax | |||||||
Net unrealized holding losses on available-for-sale securities, net of tax of $442 and $613 | (768 | ) | (1,067 | ) | |||
Cash flow hedges: | |||||||
Amortization and unrealized gain (loss) on interest rate agreements, net of tax of $2,749 and $(29,768) | 4,783 | (51,787 | ) | ||||
Net unrealized gains (losses) on commodity cash flow hedges, net of tax of $1,505 and $(18,696) | 2,353 | (28,952 | ) | ||||
Total other comprehensive income (loss) | 6,368 | (81,806 | ) | ||||
Total comprehensive income | $ | 109,229 | $ | 15,789 |
Three Months Ended December 31 | |||||||
2015 | 2014 | ||||||
(Unaudited) (In thousands) | |||||||
Cash Flows From Operating Activities | |||||||
Net income | $ | 102,861 | $ | 97,595 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization: | |||||||
Charged to depreciation and amortization | 71,239 | 67,593 | |||||
Charged to other accounts | 326 | 275 | |||||
Deferred income taxes | 59,299 | 55,418 | |||||
Other | 4,407 | 4,889 | |||||
Net assets / liabilities from risk management activities | (7,495 | ) | (20,828 | ) | |||
Net change in operating assets and liabilities | (160,144 | ) | (177,527 | ) | |||
Net cash provided by operating activities | 70,493 | 27,415 | |||||
Cash Flows From Investing Activities | |||||||
Capital expenditures | (291,674 | ) | (261,313 | ) | |||
Other, net | 1,029 | (739 | ) | ||||
Net cash used in investing activities | (290,645 | ) | (262,052 | ) | |||
Cash Flows From Financing Activities | |||||||
Net increase in short-term debt | 305,309 | 350,574 | |||||
Net proceeds from issuance of long-term debt | — | 493,538 | |||||
Settlement of interest rate agreements | — | 13,364 | |||||
Repayment of long-term debt | — | (500,000 | ) | ||||
Cash dividends paid | (43,636 | ) | (39,592 | ) | |||
Repurchase of equity awards | — | (7,985 | ) | ||||
Issuance of common stock | 8,729 | 6,312 | |||||
Net cash provided by financing activities | 270,402 | 316,211 | |||||
Net increase in cash and cash equivalents | 50,250 | 81,574 | |||||
Cash and cash equivalents at beginning of period | 28,653 | 42,258 | |||||
Cash and cash equivalents at end of period | $ | 78,903 | $ | 123,832 |
December 31, 2015 | September 30, 2015 | ||||||
(In thousands) | |||||||
Regulatory assets: | |||||||
Pension and postretirement benefit costs(1) | $ | 116,485 | $ | 121,183 | |||
Infrastructure mechanisms(2) | 43,385 | 32,813 | |||||
Deferred gas costs | 16,310 | 9,715 | |||||
Recoverable loss on reacquired debt | 15,680 | 16,319 | |||||
APT annual adjustment mechanism | — | 1,002 | |||||
Rate case costs | 1,568 | 1,533 | |||||
Other | 11,878 | 9,774 | |||||
$ | 205,306 | $ | 192,339 | ||||
Regulatory liabilities: | |||||||
Regulatory cost of removal obligation | $ | 482,544 | $ | 483,676 | |||
Deferred gas costs | 32,895 | 28,100 | |||||
Asset retirement obligation | 9,063 | 9,063 | |||||
APT annual adjustment mechanism | 1,721 | — | |||||
Other | 3,415 | 3,693 | |||||
$ | 529,638 | $ | 524,532 |
(1) | Includes $14.3 million and $16.6 million of pension and postretirement expense deferred pursuant to regulatory authorization. |
(2) | Infrastructure mechanisms in Texas and Louisiana allow for the deferral of all expenses associated with capital expenditures incurred pursuant to these rules, which primarily consists of interest, depreciation and other taxes, until the next rate proceeding (rate case or annual rate filing), at which time investment and costs would be recoverable through base rates. |
• | The regulated distribution segment, which includes our regulated natural gas distribution and related sales operations, |
• | The regulated pipeline segment, which includes the regulated pipeline and storage operations of our Atmos Pipeline — Texas Division and |
• | The nonregulated segment, which is comprised of our nonregulated natural gas management, nonregulated natural gas transmission, storage and other services. |
Three Months Ended December 31, 2015 | |||||||||||||||||||
Regulated Distribution | Regulated Pipeline | Nonregulated | Eliminations | Consolidated | |||||||||||||||
(In thousands) | |||||||||||||||||||
Operating revenues from external parties | $ | 637,167 | $ | 23,407 | $ | 245,647 | $ | — | $ | 906,221 | |||||||||
Intersegment revenues | 1,435 | 71,270 | 26,877 | (99,582 | ) | — | |||||||||||||
638,602 | 94,677 | 272,524 | (99,582 | ) | 906,221 | ||||||||||||||
Purchased gas cost | 305,141 | — | 256,766 | (99,449 | ) | 462,458 | |||||||||||||
Gross profit | 333,461 | 94,677 | 15,758 | (133 | ) | 443,763 | |||||||||||||
Operating expenses | |||||||||||||||||||
Operation and maintenance | 91,349 | 27,088 | 6,544 | (133 | ) | 124,848 | |||||||||||||
Depreciation and amortization | 57,334 | 12,770 | 1,135 | — | 71,239 | ||||||||||||||
Taxes, other than income | 45,261 | 5,571 | 639 | — | 51,471 | ||||||||||||||
Total operating expenses | 193,944 | 45,429 | 8,318 | (133 | ) | 247,558 | |||||||||||||
Operating income | 139,517 | 49,248 | 7,440 | — | 196,205 | ||||||||||||||
Miscellaneous income (expense) | (752 | ) | (429 | ) | 379 | (407 | ) | (1,209 | ) | ||||||||||
Interest charges | 20,705 | 9,147 | 1,038 | (407 | ) | 30,483 | |||||||||||||
Income before income taxes | 118,060 | 39,672 | 6,781 | — | 164,513 | ||||||||||||||
Income tax expense | 44,805 | 14,086 | 2,761 | — | 61,652 | ||||||||||||||
Net income | $ | 73,255 | $ | 25,586 | $ | 4,020 | $ | — | $ | 102,861 | |||||||||
Capital expenditures | $ | 166,544 | $ | 125,283 | $ | (153 | ) | $ | — | $ | 291,674 |
Three Months Ended December 31, 2014 | |||||||||||||||||||
Regulated Distribution | Regulated Pipeline | Nonregulated | Eliminations | Consolidated | |||||||||||||||
(In thousands) | |||||||||||||||||||
Operating revenues from external parties | $ | 845,404 | $ | 20,551 | $ | 392,810 | $ | — | $ | 1,258,765 | |||||||||
Intersegment revenues | 1,368 | 63,016 | 69,478 | (133,862 | ) | — | |||||||||||||
846,772 | 83,567 | 462,288 | (133,862 | ) | 1,258,765 | ||||||||||||||
Purchased gas cost | 522,960 | — | 446,249 | (133,729 | ) | 835,480 | |||||||||||||
Gross profit | 323,812 | 83,567 | 16,039 | (133 | ) | 423,285 | |||||||||||||
Operating expenses | |||||||||||||||||||
Operation and maintenance | 86,985 | 24,615 | 7,115 | (133 | ) | 118,582 | |||||||||||||
Depreciation and amortization | 55,086 | 11,382 | 1,125 | — | 67,593 | ||||||||||||||
Taxes, other than income | 43,644 | 4,865 | 876 | — | 49,385 | ||||||||||||||
Total operating expenses | 185,715 | 40,862 | 9,116 | (133 | ) | 235,560 | |||||||||||||
Operating income | 138,097 | 42,705 | 6,923 | — | 187,725 | ||||||||||||||
Miscellaneous income (expense) | (1,329 | ) | (252 | ) | 300 | (426 | ) | (1,707 | ) | ||||||||||
Interest charges | 21,640 | 8,324 | 226 | (426 | ) | 29,764 | |||||||||||||
Income before income taxes | 115,128 | 34,129 | 6,997 | — | 156,254 | ||||||||||||||
Income tax expense | 43,741 | 12,094 | 2,824 | — | 58,659 | ||||||||||||||
Net income | $ | 71,387 | $ | 22,035 | $ | 4,173 | $ | — | $ | 97,595 | |||||||||
Capital expenditures | $ | 166,247 | $ | 94,754 | $ | 312 | $ | — | $ | 261,313 |
December 31, 2015 | |||||||||||||||||||
Regulated Distribution | Regulated Pipeline | Nonregulated | Eliminations | Consolidated | |||||||||||||||
(In thousands) | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Property, plant and equipment, net | $ | 5,779,479 | $ | 1,821,114 | $ | 52,694 | $ | — | $ | 7,653,287 | |||||||||
Investment in subsidiaries | 1,020,629 | — | — | (1,020,629 | ) | — | |||||||||||||
Current assets | |||||||||||||||||||
Cash and cash equivalents | 57,691 | — | 21,212 | — | 78,903 | ||||||||||||||
Assets from risk management activities | 716 | — | 18,229 | — | 18,945 | ||||||||||||||
Other current assets | 589,257 | 20,008 | 420,897 | (264,740 | ) | 765,422 | |||||||||||||
Intercompany receivables | 943,005 | — | — | (943,005 | ) | — | |||||||||||||
Total current assets | 1,590,669 | 20,008 | 460,338 | (1,207,745 | ) | 863,270 | |||||||||||||
Goodwill | 575,449 | 132,542 | 34,711 | — | 742,702 | ||||||||||||||
Noncurrent assets from risk management activities | 96 | — | — | — | 96 | ||||||||||||||
Deferred charges and other assets | 277,662 | 17,095 | 541 | — | 295,298 | ||||||||||||||
$ | 9,243,984 | $ | 1,990,759 | $ | 548,284 | $ | (2,228,374 | ) | $ | 9,554,653 | |||||||||
CAPITALIZATION AND LIABILITIES | |||||||||||||||||||
Shareholders’ equity | $ | 3,272,109 | $ | 602,861 | $ | 417,768 | $ | (1,020,629 | ) | $ | 3,272,109 | ||||||||
Long-term debt | 2,455,474 | — | — | — | 2,455,474 | ||||||||||||||
Total capitalization | 5,727,583 | 602,861 | 417,768 | (1,020,629 | ) | 5,727,583 | |||||||||||||
Current liabilities | |||||||||||||||||||
Short-term debt | 1,017,236 | — | — | (254,000 | ) | 763,236 | |||||||||||||
Liabilities from risk management activities | 6,738 | — | — | — | 6,738 | ||||||||||||||
Other current liabilities | 625,055 | 28,197 | 102,570 | (10,740 | ) | 745,082 | |||||||||||||
Intercompany payables | — | 923,366 | 19,639 | (943,005 | ) | — | |||||||||||||
Total current liabilities | 1,649,029 | 951,563 | 122,209 | (1,207,745 | ) | 1,515,056 | |||||||||||||
Deferred income taxes | 1,008,353 | 434,497 | (1,525 | ) | — | 1,441,325 | |||||||||||||
Noncurrent liabilities from risk management activities | 103,337 | — | — | — | 103,337 | ||||||||||||||
Regulatory cost of removal obligation | 425,555 | — | — | — | 425,555 | ||||||||||||||
Pension and postretirement liabilities | 289,939 | — | — | — | 289,939 | ||||||||||||||
Deferred credits and other liabilities | 40,188 | 1,838 | 9,832 | — | 51,858 | ||||||||||||||
$ | 9,243,984 | $ | 1,990,759 | $ | 548,284 | $ | (2,228,374 | ) | $ | 9,554,653 |
September 30, 2015 | |||||||||||||||||||
Regulated Distribution | Regulated Pipeline | Nonregulated | Eliminations | Consolidated | |||||||||||||||
(In thousands) | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Property, plant and equipment, net | $ | 5,670,306 | $ | 1,706,449 | $ | 53,825 | $ | — | $ | 7,430,580 | |||||||||
Investment in subsidiaries | 1,038,670 | — | (2,096 | ) | (1,036,574 | ) | — | ||||||||||||
Current assets | |||||||||||||||||||
Cash and cash equivalents | 23,863 | — | 4,790 | — | 28,653 | ||||||||||||||
Assets from risk management activities | 378 | — | 8,854 | — | 9,232 | ||||||||||||||
Other current assets | 426,270 | 24,628 | 480,503 | (338,301 | ) | 593,100 | |||||||||||||
Intercompany receivables | 887,713 | — | — | (887,713 | ) | — | |||||||||||||
Total current assets | 1,338,224 | 24,628 | 494,147 | (1,226,014 | ) | 630,985 | |||||||||||||
Goodwill | 575,449 | 132,542 | 34,711 | — | 742,702 | ||||||||||||||
Noncurrent assets from risk management activities | 368 | — | — | — | 368 | ||||||||||||||
Deferred charges and other assets | 265,693 | 17,288 | 5,329 | — | 288,310 | ||||||||||||||
$ | 8,888,710 | $ | 1,880,907 | $ | 585,916 | $ | (2,262,588 | ) | $ | 9,092,945 | |||||||||
CAPITALIZATION AND LIABILITIES | |||||||||||||||||||
Shareholders’ equity | $ | 3,194,797 | $ | 577,275 | $ | 461,395 | $ | (1,038,670 | ) | $ | 3,194,797 | ||||||||
Long-term debt | 2,455,388 | — | — | — | 2,455,388 | ||||||||||||||
Total capitalization | 5,650,185 | 577,275 | 461,395 | (1,038,670 | ) | 5,650,185 | |||||||||||||
Current liabilities | |||||||||||||||||||
Short-term debt | 782,927 | — | — | (325,000 | ) | 457,927 | |||||||||||||
Liabilities from risk management activities | 9,568 | — | — | — | 9,568 | ||||||||||||||
Other current liabilities | 569,273 | 29,780 | 99,480 | (11,205 | ) | 687,328 | |||||||||||||
Intercompany payables | — | 867,409 | 20,304 | (887,713 | ) | — | |||||||||||||
Total current liabilities | 1,361,768 | 897,189 | 119,784 | (1,223,918 | ) | 1,154,823 | |||||||||||||
Deferred income taxes | 1,008,091 | 406,254 | (3,030 | ) | — | 1,411,315 | |||||||||||||
Noncurrent liabilities from risk management activities | 110,539 | — | — | — | 110,539 | ||||||||||||||
Regulatory cost of removal obligation | 427,553 | — | — | — | 427,553 | ||||||||||||||
Pension and postretirement liabilities | 287,373 | — | — | — | 287,373 | ||||||||||||||
Deferred credits and other liabilities | 43,201 | 189 | 7,767 | — | 51,157 | ||||||||||||||
$ | 8,888,710 | $ | 1,880,907 | $ | 585,916 | $ | (2,262,588 | ) | $ | 9,092,945 |
Three Months Ended December 31 | |||||||
2015 | 2014 | ||||||
(In thousands, except per share amounts) | |||||||
Basic and Diluted Earnings Per Share | |||||||
Net income | $ | 102,861 | $ | 97,595 | |||
Less: Income allocated to participating securities | 172 | 216 | |||||
Income available to common shareholders | $ | 102,689 | $ | 97,379 | |||
Basic and diluted weighted average shares outstanding | 102,713 | 101,581 | |||||
Net income per share - Basic and Diluted | $ | 1.00 | $ | 0.96 |
December 31, 2015 | September 30, 2015 | ||||||
(In thousands) | |||||||
Unsecured 6.35% Senior Notes, due June 2017 | $ | 250,000 | $ | 250,000 | |||
Unsecured 8.50% Senior Notes, due 2019 | 450,000 | 450,000 | |||||
Unsecured 5.95% Senior Notes, due 2034 | 200,000 | 200,000 | |||||
Unsecured 5.50% Senior Notes, due 2041 | 400,000 | 400,000 | |||||
Unsecured 4.15% Senior Notes, due 2043 | 500,000 | 500,000 | |||||
Unsecured 4.125% Senior Notes, due 2044 | 500,000 | 500,000 | |||||
Medium-term note Series A, 1995-1, 6.67%, due 2025 | 10,000 | 10,000 | |||||
Unsecured 6.75% Debentures, due 2028 | 150,000 | 150,000 | |||||
Total long-term debt | 2,460,000 | 2,460,000 | |||||
Less: | |||||||
Original issue discount on unsecured senior notes and debentures | 4,526 | 4,612 | |||||
$ | 2,455,474 | $ | 2,455,388 |
Three Months Ended December 31 | |||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(In thousands) | |||||||||||||||
Components of net periodic pension cost: | |||||||||||||||
Service cost | $ | 4,698 | $ | 5,051 | $ | 2,706 | $ | 3,896 | |||||||
Interest cost | 7,095 | 6,699 | 3,106 | 3,596 | |||||||||||
Expected return on assets | (6,881 | ) | (6,436 | ) | (1,566 | ) | (1,608 | ) | |||||||
Amortization of transition obligation | — | — | 21 | 68 | |||||||||||
Amortization of prior service credit | (57 | ) | (49 | ) | (411 | ) | (411 | ) | |||||||
Amortization of actuarial loss | 3,320 | 3,917 | (542 | ) | — | ||||||||||
Net periodic pension cost | $ | 8,175 | $ | 9,182 | $ | 3,314 | $ | 5,541 |
Pension Benefits | Other Benefits | |||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||
Discount rate | 4.55 | % | 4.43 | % | 4.55 | % | 4.43 | % | ||||
Rate of compensation increase | 3.50 | % | 3.50 | % | N/A | N/A | ||||||
Expected return on plan assets | 7.00 | % | 7.25 | % | 4.45 | % | 4.60 | % |
• | Gas delivery and related services - Certain financial instruments, designated as cash flow hedges of anticipated purchases and sales at index prices, are used to mitigate the commodity price risk associated with deliveries under fixed-priced forward contracts to either deliver gas to customers or purchase gas from suppliers. These financial instruments have maturity dates ranging from one to 58 months. |
• | Transportation and storage services - Our nonregulated operations use storage swaps and futures to capture additional storage arbitrage opportunities that arise subsequent to the execution of the original fair value hedge associated with our physical natural gas inventory, basis swaps to insulate and protect the economic value of our fixed price and storage books and various over-the-counter and exchange-traded options. These financial instruments have not been designated as hedges for accounting purposes. |
• | Aggregating and purchasing gas supply - Certain financial instruments, designated as fair value hedges, are used to hedge our natural gas inventory used in asset optimization activities. |
Contract Type | Hedge Designation | Regulated Distribution | Nonregulated | |||||
Quantity (MMcf) | ||||||||
Commodity contracts | Fair Value | — | (23,528 | ) | ||||
Cash Flow | — | 63,305 | ||||||
Not designated | 11,792 | 51,663 | ||||||
11,792 | 91,440 |
Regulated Distribution | Nonregulated | ||||||||||||||||
Balance Sheet Location | Assets | Liabilities | Assets | Liabilities | |||||||||||||
(In thousands) | |||||||||||||||||
December 31, 2015 | |||||||||||||||||
Designated As Hedges: | |||||||||||||||||
Commodity contracts | Other current assets / Other current liabilities | $ | — | $ | — | $ | 24,704 | $ | (38,275 | ) | |||||||
Commodity contracts | Deferred charges and other assets / Deferred credits and other liabilities | — | — | 432 | (8,821 | ) | |||||||||||
Interest rate contracts | Deferred charges and other assets / Deferred credits and other liabilities | — | (103,142 | ) | — | — | |||||||||||
Total | — | (103,142 | ) | 25,136 | (47,096 | ) | |||||||||||
Not Designated As Hedges: | |||||||||||||||||
Commodity contracts | Other current assets / Other current liabilities | 716 | (6,738 | ) | 41,780 | (42,232 | ) | ||||||||||
Commodity contracts | Deferred charges and other assets / Deferred credits and other liabilities | 96 | (195 | ) | 17,577 | (16,184 | ) | ||||||||||
Total | 812 | (6,933 | ) | 59,357 | (58,416 | ) | |||||||||||
Gross Financial Instruments | 812 | (110,075 | ) | 84,493 | (105,512 | ) | |||||||||||
Gross Amounts Offset on Consolidated Balance Sheet: | |||||||||||||||||
Contract netting | — | — | (84,493 | ) | 84,493 | ||||||||||||
Net Financial Instruments | 812 | (110,075 | ) | — | (21,019 | ) | |||||||||||
Cash collateral | — | — | 18,229 | 21,019 | |||||||||||||
Net Assets/Liabilities from Risk Management Activities | $ | 812 | $ | (110,075 | ) | $ | 18,229 | $ | — |
Regulated Distribution | Nonregulated | ||||||||||||||||
Balance Sheet Location | Assets | Liabilities | Assets | Liabilities | |||||||||||||
(In thousands) | |||||||||||||||||
September 30, 2015 | |||||||||||||||||
Designated As Hedges: | |||||||||||||||||
Commodity contracts | Other current assets / Other current liabilities | $ | — | $ | — | $ | 11,680 | $ | (36,067 | ) | |||||||
Commodity contracts | Deferred charges and other assets / Deferred credits and other liabilities | — | — | 126 | (9,918 | ) | |||||||||||
Interest rate contracts | Deferred charges and other assets / Deferred credits and other liabilities | — | (110,539 | ) | — | — | |||||||||||
Total | — | (110,539 | ) | 11,806 | (45,985 | ) | |||||||||||
Not Designated As Hedges: | |||||||||||||||||
Commodity contracts | Other current assets / Other current liabilities | 378 | (9,568 | ) | 65,239 | (65,780 | ) | ||||||||||
Commodity contracts | Deferred charges and other assets / Deferred credits and other liabilities | 368 | — | 14,318 | (14,218 | ) | |||||||||||
Total | 746 | (9,568 | ) | 79,557 | (79,998 | ) | |||||||||||
Gross Financial Instruments | 746 | (120,107 | ) | 91,363 | (125,983 | ) | |||||||||||
Gross Amounts Offset on Consolidated Balance Sheet: | |||||||||||||||||
Contract netting | — | — | (91,363 | ) | 91,363 | ||||||||||||
Net Financial Instruments | 746 | (120,107 | ) | — | (34,620 | ) | |||||||||||
Cash collateral | — | — | 8,854 | 34,620 | |||||||||||||
Net Assets/Liabilities from Risk Management Activities | $ | 746 | $ | (120,107 | ) | $ | 8,854 | $ | — |
Three Months Ended December 31 | |||||||
2015 | 2014 | ||||||
(In thousands) | |||||||
Commodity contracts | $ | 5,744 | $ | 15,090 | |||
Fair value adjustment for natural gas inventory designated as the hedged item | 2,161 | (16,782 | ) | ||||
Total (increase) decrease in purchased gas cost | $ | 7,905 | $ | (1,692 | ) | ||
The (increase) decrease in purchased gas cost is comprised of the following: | |||||||
Basis ineffectiveness | $ | 1,289 | $ | 986 | |||
Timing ineffectiveness | 6,616 | (2,678 | ) | ||||
$ | 7,905 | $ | (1,692 | ) |
Three Months Ended December 31, 2015 | |||||||||||
Regulated Distribution | Nonregulated | Consolidated | |||||||||
(In thousands) | |||||||||||
Loss reclassified from AOCI for effective portion of commodity contracts | $ | — | $ | (22,965 | ) | $ | (22,965 | ) | |||
Loss arising from ineffective portion of commodity contracts | — | (43 | ) | (43 | ) | ||||||
Total impact on purchased gas cost | — | (23,008 | ) | (23,008 | ) | ||||||
Net loss on settled interest rate agreements reclassified from AOCI into interest expense | (137 | ) | — | (137 | ) | ||||||
Total Impact from Cash Flow Hedges | $ | (137 | ) | $ | (23,008 | ) | $ | (23,145 | ) |
Three Months Ended December 31, 2014 | ||||||||||||
Regulated Distribution | Nonregulated | Consolidated | ||||||||||
(In thousands) | ||||||||||||
Gain reclassified from AOCI for effective portion of commodity contracts | $ | — | $ | 344 | $ | 344 | ||||||
Loss arising from ineffective portion of commodity contracts | — | (490 | ) | (490 | ) | |||||||
Total impact on purchased gas cost | — | (146 | ) | (146 | ) | |||||||
Net loss on settled interest rate agreements reclassified from AOCI into interest expense | (444 | ) | — | — | (444 | ) | ||||||
Total Impact from Cash Flow Hedges | $ | (444 | ) | $ | (146 | ) | $ | (590 | ) |
Three Months Ended December 31 | |||||||
2015 | 2014 | ||||||
(In thousands) | |||||||
Increase (decrease) in fair value: | |||||||
Interest rate agreements | $ | 4,696 | $ | (52,069 | ) | ||
Forward commodity contracts | (11,656 | ) | (28,742 | ) | |||
Recognition of (gains) losses in earnings due to settlements: | |||||||
Interest rate agreements | 87 | 282 | |||||
Forward commodity contracts | 14,009 | (210 | ) | ||||
Total other comprehensive income (loss) from hedging, net of tax(1) | $ | 7,136 | $ | (80,739 | ) |
(1) | Utilizing an income tax rate ranging from 37 percent to 39 percent based on the effective rates in each taxing jurisdiction. |
Interest Rate Agreements | Commodity Contracts | Total | |||||||||
(In thousands) | |||||||||||
Next twelve months | $ | (347 | ) | $ | (17,979 | ) | $ | (18,326 | ) | ||
Thereafter | (18,217 | ) | (5,105 | ) | (23,322 | ) | |||||
Total(1) | $ | (18,564 | ) | $ | (23,084 | ) | $ | (41,648 | ) |
(1) | Utilizing an income tax rate ranging from 37 percent to 39 percent based on the effective rates in each taxing jurisdiction. |
Available- for-Sale Securities | Interest Rate Agreement Cash Flow Hedges | Commodity Contracts Cash Flow Hedges | Total | ||||||||||||
(In thousands) | |||||||||||||||
September 30, 2015 | $ | 4,949 | $ | (88,842 | ) | $ | (25,437 | ) | $ | (109,330 | ) | ||||
Other comprehensive income (loss) before reclassifications | (768 | ) | 4,696 | (11,656 | ) | (7,728 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income | — | 87 | 14,009 | 14,096 | |||||||||||
Net current-period other comprehensive income (loss) | (768 | ) | 4,783 | 2,353 | 6,368 | ||||||||||
December 31, 2015 | $ | 4,181 | $ | (84,059 | ) | $ | (23,084 | ) | $ | (102,962 | ) |
Available- for-Sale Securities | Interest Rate Agreement Cash Flow Hedges | Commodity Contracts Cash Flow Hedges | Total | ||||||||||||
(In thousands) | |||||||||||||||
September 30, 2014 | $ | 7,662 | $ | (18,381 | ) | $ | (1,674 | ) | $ | (12,393 | ) | ||||
Other comprehensive income (loss) before reclassifications | (1,063 | ) | (52,069 | ) | (28,742 | ) | (81,874 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | (4 | ) | 282 | (210 | ) | 68 | |||||||||
Net current-period other comprehensive income (loss) | (1,067 | ) | (51,787 | ) | (28,952 | ) | (81,806 | ) | |||||||
December 31, 2014 | $ | 6,595 | $ | (70,168 | ) | $ | (30,626 | ) | $ | (94,199 | ) |
Three Months Ended December 31, 2015 | |||||
Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statement of Income | |||
(In thousands) | |||||
Cash flow hedges | |||||
Interest rate agreements | $ | (137 | ) | Interest charges | |
Commodity contracts | (22,965 | ) | Purchased gas cost | ||
(23,102 | ) | Total before tax | |||
9,006 | Tax benefit | ||||
Total reclassifications | $ | (14,096 | ) | Net of tax |
Three Months Ended December 31, 2014 | |||||
Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statement of Income | |||
(In thousands) | |||||
Available-for-sale securities | $ | 6 | Operation and maintenance expense | ||
6 | Total before tax | ||||
(2 | ) | Tax expense | |||
$ | 4 | Net of tax | |||
Cash flow hedges | |||||
Interest rate agreements | $ | (444 | ) | Interest charges | |
Commodity contracts | 344 | Purchased gas cost | |||
(100 | ) | Total before tax | |||
28 | Tax benefit | ||||
$ | (72 | ) | Net of tax | ||
Total reclassifications | $ | (68 | ) | Net of tax |
Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2)(1) | Significant Other Unobservable Inputs (Level 3) | Netting and Cash Collateral(2) | December 31, 2015 | |||||||||||||||
(In thousands) | |||||||||||||||||||
Assets: | |||||||||||||||||||
Financial instruments | |||||||||||||||||||
Regulated distribution segment | $ | — | $ | 812 | $ | — | $ | — | $ | 812 | |||||||||
Nonregulated segment | — | 84,493 | — | (66,264 | ) | 18,229 | |||||||||||||
Total financial instruments | — | 85,305 | — | (66,264 | ) | 19,041 | |||||||||||||
Hedged portion of gas stored underground | 53,347 | — | — | — | 53,347 | ||||||||||||||
Available-for-sale securities | |||||||||||||||||||
Money market funds | — | 72 | — | — | 72 | ||||||||||||||
Registered investment companies | 41,978 | — | — | — | 41,978 | ||||||||||||||
Bonds | — | 33,129 | — | — | 33,129 | ||||||||||||||
Total available-for-sale securities | 41,978 | 33,201 | — | — | 75,179 | ||||||||||||||
Total assets | $ | 95,325 | $ | 118,506 | $ | — | $ | (66,264 | ) | $ | 147,567 | ||||||||
Liabilities: | |||||||||||||||||||
Financial instruments | |||||||||||||||||||
Regulated distribution segment | $ | — | $ | 110,075 | $ | — | $ | — | $ | 110,075 | |||||||||
Nonregulated segment | — | 105,512 | — | (105,512 | ) | — | |||||||||||||
Total liabilities | $ | — | $ | 215,587 | $ | — | $ | (105,512 | ) | $ | 110,075 |
Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2)(1) | Significant Other Unobservable Inputs (Level 3) | Netting and Cash Collateral(3) | September 30, 2015 | |||||||||||||||
(In thousands) | |||||||||||||||||||
Assets: | |||||||||||||||||||
Financial instruments | |||||||||||||||||||
Regulated distribution segment | $ | — | $ | 746 | $ | — | $ | — | $ | 746 | |||||||||
Nonregulated segment | — | 91,363 | — | (82,509 | ) | 8,854 | |||||||||||||
Total financial instruments | — | 92,109 | — | (82,509 | ) | 9,600 | |||||||||||||
Hedged portion of gas stored underground | 43,901 | — | — | — | 43,901 | ||||||||||||||
Available-for-sale securities | |||||||||||||||||||
Money market funds | — | 1,072 | — | — | 1,072 | ||||||||||||||
Registered investment companies | 40,619 | — | — | — | 40,619 | ||||||||||||||
Bonds | — | 32,509 | — | — | 32,509 | ||||||||||||||
Total available-for-sale securities | 40,619 | 33,581 | — | — | 74,200 | ||||||||||||||
Total assets | $ | 84,520 | $ | 125,690 | $ | — | $ | (82,509 | ) | $ | 127,701 | ||||||||
Liabilities: | |||||||||||||||||||
Financial instruments | |||||||||||||||||||
Regulated distribution segment | $ | — | $ | 120,107 | $ | — | $ | — | $ | 120,107 | |||||||||
Nonregulated segment | — | 125,983 | — | (125,983 | ) | — | |||||||||||||
Total liabilities | $ | — | $ | 246,090 | $ | — | $ | (125,983 | ) | $ | 120,107 |
(1) | Our Level 2 measurements consist of over-the-counter options and swaps which are valued using a market-based approach in which observable market prices are adjusted for criteria specific to each instrument, such as the strike price, notional amount or basis differences, municipal and corporate bonds which are valued based on the most recent available quoted market prices and money market funds which are valued at cost. |
(2) | This column reflects adjustments to our gross financial instrument assets and liabilities to reflect netting permitted under our master netting agreements and the relevant authoritative accounting literature. In addition, as of December 31, 2015, we had $39.2 million of cash held in margin accounts to collateralize certain financial instruments. Of this amount, $21.0 million was used to offset current and noncurrent risk management liabilities under master netting arrangements and the remaining $18.2 million is classified as current risk management assets. |
(3) | This column reflects adjustments to our gross financial instrument assets and liabilities to reflect netting permitted under our master netting agreements and the relevant authoritative accounting literature. In addition, as of September 30, 2015, we had $43.5 million of cash held in margin accounts to collateralize certain financial instruments. Of this amount, $34.6 million was used to offset current and noncurrent risk management liabilities under master netting arrangements and the remaining $8.9 million is classified as current risk management assets. |
Amortized Cost | Gross Unrealized Gain | Gross Unrealized Loss | Fair Value | ||||||||||||
(In thousands) | |||||||||||||||
As of December 31, 2015 | |||||||||||||||
Domestic equity mutual funds | $ | 30,054 | $ | 6,843 | $ | (1,133 | ) | $ | 35,764 | ||||||
Foreign equity mutual funds | 5,346 | 868 | — | 6,214 | |||||||||||
Bonds | 33,149 | 40 | (60 | ) | 33,129 | ||||||||||
Money market funds | 72 | — | — | 72 | |||||||||||
$ | 68,621 | $ | 7,751 | $ | (1,193 | ) | $ | 75,179 | |||||||
As of September 30, 2015 | |||||||||||||||
Domestic equity mutual funds | $ | 27,643 | $ | 7,332 | $ | (456 | ) | $ | 34,519 | ||||||
Foreign equity mutual funds | 5,261 | 905 | (66 | ) | 6,100 | ||||||||||
Bonds | 32,423 | 106 | (20 | ) | 32,509 | ||||||||||
Money market funds | 1,072 | — | — | 1,072 | |||||||||||
$ | 66,399 | $ | 8,343 | $ | (542 | ) | $ | 74,200 |
December 31, 2015 | September 30, 2015 | ||||||
(In thousands) | |||||||
Carrying Amount | $ | 2,460,000 | $ | 2,460,000 | |||
Fair Value | $ | 2,666,801 | $ | 2,669,323 |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
• | the regulated distribution segment, which includes our regulated natural gas distribution and related sales operations, |
• | the regulated pipeline segment, which includes the regulated pipeline and storage operations of our Atmos Pipeline — Texas Division and |
• | the nonregulated segment, which includes our nonregulated natural gas management, nonregulated natural gas transmission, storage and other services. |
• | Regulation |
• | Unbilled revenue |
• | Pension and other postretirement plans |
• | Contingencies |
• | Financial instruments and hedging activities |
• | Fair value measurements |
• | Impairment assessments |
Three Months Ended December 31 | |||||||||||
2015 | 2014 | Change | |||||||||
(In thousands, except per share data) | |||||||||||
Regulated operations | $ | 98,841 | $ | 93,422 | $ | 5,419 | |||||
Nonregulated operations | 4,020 | 4,173 | (153 | ) | |||||||
Net income | $ | 102,861 | $ | 97,595 | $ | 5,266 | |||||
Diluted EPS from regulated operations | $ | 0.96 | $ | 0.92 | $ | 0.04 | |||||
Diluted EPS from nonregulated operations | 0.04 | 0.04 | — | ||||||||
Consolidated diluted EPS | $ | 1.00 | $ | 0.96 | $ | 0.04 |
Kansas, West Texas | October — May |
Tennessee | October — April |
Kentucky, Mississippi, Mid-Tex | November — April |
Louisiana | December — March |
Virginia | January — December |
Three Months Ended December 31 | |||||||||||
2015 | 2014 | Change | |||||||||
(In thousands, unless otherwise noted) | |||||||||||
Gross profit | $ | 333,461 | $ | 323,812 | $ | 9,649 | |||||
Operating expenses | 193,944 | 185,715 | 8,229 | ||||||||
Operating income | 139,517 | 138,097 | 1,420 | ||||||||
Miscellaneous expense | (752 | ) | (1,329 | ) | 577 | ||||||
Interest charges | 20,705 | 21,640 | (935 | ) | |||||||
Income before income taxes | 118,060 | 115,128 | 2,932 | ||||||||
Income tax expense | 44,805 | 43,741 | 1,064 | ||||||||
Net income | $ | 73,255 | $ | 71,387 | $ | 1,868 | |||||
Consolidated regulated distribution sales volumes — MMcf | 68,717 | 86,922 | (18,205 | ) | |||||||
Consolidated regulated distribution transportation volumes — MMcf | 32,211 | 36,512 | (4,301 | ) | |||||||
Total consolidated regulated distribution throughput — MMcf | 100,928 | 123,434 | (22,506 | ) | |||||||
Consolidated regulated distribution average cost of gas per Mcf sold | $ | 4.44 | $ | 6.02 | $ | (1.58 | ) |
• | a $13.5 million net increase in rate adjustments. Our Mid-Tex Division accounted for $7.1 million of this increase. We also experienced increases in our Mississippi and West Texas Divisions. |
• | a $1.3 million decrease in revenue-related taxes in our Mid-Tex and West Texas Divisions, offset by a corresponding $0.3 million decrease in the related tax expense. |
• | a $1.1 million decrease in consumption. Current-quarter weather was 29 percent warmer than the prior-year quarter, before adjusting for weather normalization mechanisms. As a result, sales volumes decreased 21 percent. |
Three Months Ended December 31 | |||||||||||
2015 | 2014 | Change | |||||||||
(In thousands) | |||||||||||
Mid-Tex | $ | 68,131 | $ | 59,114 | $ | 9,017 | |||||
Kentucky/Mid-States | 18,918 | 19,796 | (878 | ) | |||||||
Louisiana | 15,052 | 16,725 | (1,673 | ) | |||||||
West Texas | 12,930 | 11,098 | 1,832 | ||||||||
Mississippi | 12,827 | 14,299 | (1,472 | ) | |||||||
Colorado-Kansas | 10,126 | 9,989 | 137 | ||||||||
Other | 1,533 | 7,076 | (5,543 | ) | |||||||
Total | $ | 139,517 | $ | 138,097 | $ | 1,420 |
Rate Action | Annual Increase to Operating Income | |||
(In thousands) | ||||
Annual formula rate mechanisms | $ | 13,346 | ||
Rate case filings | — | |||
Other rate activity | — | |||
$ | 13,346 |
Division | Rate Action | Jurisdiction | Operating Income Requested | |||||
(In thousands) | ||||||||
Colorado-Kansas | Rate Case(1) | Colorado | $ | 5,276 | ||||
Colorado-Kansas | Infrastructure Mechanism(2) | Colorado | 764 | |||||
Colorado-Kansas | Rate Case | Kansas | 5,667 | |||||
Colorado-Kansas | Ad Valorem Tax Rider(3) | Kansas | (183 | ) | ||||
Kentucky/Mid-States | Rate Case | Kentucky | 5,531 | |||||
Louisiana | Formula Rate Filing | Trans LA | 6,216 | |||||
West Texas | Formula Rate Filing | WT Cities | 4,168 | |||||
$ | 27,439 |
(1) | The Colorado Public Utilities Commission (PUC) issued a final order approving a $2.1 million increase in annual operating income on January 1, 2016. |
(2) | The PUC allowed the $0.8 million requested amount effected by operation of law on January 1, 2016. |
(3) | The Ad Valorem filing relates to a collection of property taxes in excess of the amount included in our Kansas service area’s base rates. |
Annual Formula Rate Mechanisms | ||||
State | Infrastructure Programs | Formula Rate Mechanisms | ||
Colorado | System Safety and Integrity Rider (SSIR) | — | ||
Kansas | Gas System Reliability Surcharge (GSRS) | — | ||
Kentucky | Pipeline Replacement Program (PRP) | — | ||
Louisiana | (1) | Rate Stabilization Clause (RSC) | ||
Mississippi | System Integrity Rider (SIR) | Stable Rate Filing (SRF), Supplemental Growth Filing (SGR) | ||
Tennessee | — | Annual Rate Mechanism (ARM) | ||
Texas | Gas Infrastructure Reliability Program (GRIP), (1) | Dallas Annual Rate Review (DARR), Rate Review Mechanism (RRM) | ||
Virginia | Steps to Advance Virginia Energy (SAVE) | — |
Division | Jurisdiction | Test Year Ended | Increase (Decrease) in Annual Operating Income | Effective Date | ||||||
(In thousands) | ||||||||||
2016 Filings: | ||||||||||
Mississippi | Mississippi-SRF(1) | 10/31/2016 | $ | 9,192 | 01/01/2016 | |||||
Mississippi | Mississippi-SGR (2) | 10/31/2016 | 250 | 12/01/2015 | ||||||
Kentucky/Mid-States | Kentucky-PRP | 09/30/2016 | 3,786 | 10/01/2015 | ||||||
Kentucky/Mid-States | Virginia-SAVE | 09/30/2016 | 118 | 10/01/2015 | ||||||
Total 2016 Filings | $ | 13,346 |
(1) | The commission issued a final order approving a $9.2 million increase in annual operating income on December 21, 2015 with an effective date of January 1, 2016. |
(2) | The Mississippi Supplemental Growth Rider (SGR) permits the Company to pursue up to $5.0 million of eligible industrial growth projects beyond the Division’s normal main extension policies. This is the third year of the SGR program. |
Three Months Ended December 31 | |||||||||||
2015 | 2014 | Change | |||||||||
(In thousands, unless otherwise noted) | |||||||||||
Mid-Tex transportation | $ | 68,287 | $ | 60,079 | $ | 8,208 | |||||
Third-party transportation | 21,288 | 20,394 | 894 | ||||||||
Storage and park and lend services | 976 | 1,004 | (28 | ) | |||||||
Other | 4,126 | 2,090 | 2,036 | ||||||||
Gross profit | 94,677 | 83,567 | 11,110 | ||||||||
Operating expenses | 45,429 | 40,862 | 4,567 | ||||||||
Operating income | 49,248 | 42,705 | 6,543 | ||||||||
Miscellaneous expense | (429 | ) | (252 | ) | (177 | ) | |||||
Interest charges | 9,147 | 8,324 | 823 | ||||||||
Income before income taxes | 39,672 | 34,129 | 5,543 | ||||||||
Income tax expense | 14,086 | 12,094 | 1,992 | ||||||||
Net income | $ | 25,586 | $ | 22,035 | $ | 3,551 | |||||
Gross pipeline transportation volumes — MMcf | 178,202 | 181,362 | (3,160 | ) | |||||||
Consolidated pipeline transportation volumes — MMcf | 129,159 | 120,634 | 8,525 |
• | The collection of accounts receivable from customers, which could affect the level of bad debt expense recognized by this segment. |
• | The level of borrowings under our credit facilities, which affects the level of interest expense recognized by this |
• | Price volatility influences basis differentials, which provide opportunities to profit from identifying the lowest cost |
• | Increased or decreased volatility impacts the amounts of unrealized margins recorded in our gross profit and could |
Three Months Ended December 31 | |||||||||||
2015 | 2014 | Change | |||||||||
(In thousands, unless otherwise noted) | |||||||||||
Realized margins | |||||||||||
Gas delivery and related services | $ | 11,850 | $ | 10,759 | $ | 1,091 | |||||
Storage and transportation services | 3,255 | 3,313 | (58 | ) | |||||||
Other | (11,251 | ) | (5,831 | ) | (5,420 | ) | |||||
Total realized margins | 3,854 | 8,241 | (4,387 | ) | |||||||
Unrealized margins | 11,904 | 7,798 | 4,106 | ||||||||
Gross profit | 15,758 | 16,039 | (281 | ) | |||||||
Operating expenses | 8,318 | 9,116 | (798 | ) | |||||||
Operating income | 7,440 | 6,923 | 517 | ||||||||
Miscellaneous income | 379 | 300 | 79 | ||||||||
Interest charges | 1,038 | 226 | 812 | ||||||||
Income before income taxes | 6,781 | 6,997 | (216 | ) | |||||||
Income tax expense | 2,761 | 2,824 | (63 | ) | |||||||
Net income | $ | 4,020 | $ | 4,173 | $ | (153 | ) | ||||
Gross nonregulated delivered gas sales volumes — MMcf | 96,733 | 108,193 | (11,460 | ) | |||||||
Consolidated nonregulated delivered gas sales volumes — MMcf | 85,131 | 90,930 | (5,799 | ) | |||||||
Net physical position (Bcf) | 23.5 | 17.1 | 6.4 |
• | A $1.1 million increase in gas delivery and related services margins, primarily due to an increase in per-unit margins from 10 cents to 12 cents per Mcf, partially offset by a six percent decrease in consolidated sales volumes due to warmer weather in the current-year quarter. |
• | A $5.4 million decrease in other realized margins, primarily due to larger losses on the settlement of financial positions in a period of falling gas prices combined with increased third-party storage fees. |
December 31, 2015 | September 30, 2015 | December 31, 2014 | ||||||||||||||||||
(In thousands, except percentages) | ||||||||||||||||||||
Short-term debt | $ | 763,236 | 11.8 | % | $ | 457,927 | 7.5 | % | $ | 550,903 | 9.1 | % | ||||||||
Long-term debt | 2,455,474 | 37.8 | % | 2,455,388 | 40.2 | % | 2,455,131 | 40.4 | % | |||||||||||
Shareholders’ equity | 3,272,109 | 50.4 | % | 3,194,797 | 52.3 | % | 3,063,925 | 50.5 | % | |||||||||||
Total | $ | 6,490,819 | 100.0 | % | $ | 6,108,112 | 100.0 | % | $ | 6,069,959 | 100.0 | % |
Three Months Ended December 31 | |||||||||||
2015 | 2014 | Change | |||||||||
(In thousands) | |||||||||||
Total cash provided by (used in) | |||||||||||
Operating activities | $ | 70,493 | $ | 27,415 | $ | 43,078 | |||||
Investing activities | (290,645 | ) | (262,052 | ) | (28,593 | ) | |||||
Financing activities | 270,402 | 316,211 | (45,809 | ) | |||||||
Change in cash and cash equivalents | 50,250 | 81,574 | (31,324 | ) | |||||||
Cash and cash equivalents at beginning of period | 28,653 | 42,258 | (13,605 | ) | |||||||
Cash and cash equivalents at end of period | $ | 78,903 | $ | 123,832 | $ | (44,929 | ) |
Three Months Ended December 31 | |||||
2015 | 2014 | ||||
Shares issued: | |||||
Direct Stock Purchase Plan | 35,417 | 60,936 | |||
1998 Long-Term Incentive Plan | 458,607 | 477,649 | |||
Retirement Savings Plan and Trust | 106,474 | 75,580 | |||
Outside Directors Stock-for-Fee Plan | — | 424 | |||
Total shares issued | 600,498 | 614,589 |
S&P | Moody’s | Fitch | ||||||
Senior unsecured long-term debt | A- | A2 | A | |||||
Commercial paper | A-2 | P-1 | F-2 |
Three Months Ended December 31 | |||||||
2015 | 2014 | ||||||
(In thousands) | |||||||
Fair value of contracts at beginning of period | $ | (119,361 | ) | $ | 14,284 | ||
Contracts realized/settled | (12,630 | ) | (23,156 | ) | |||
Fair value of new contracts | (183 | ) | (365 | ) | |||
Other changes in value | 22,911 | (85,611 | ) | ||||
Fair value of contracts at end of period | $ | (109,263 | ) | $ | (94,848 | ) |
Fair Value of Contracts at December 31, 2015 | |||||||||||||||||||
Maturity in Years | |||||||||||||||||||
Source of Fair Value | Less Than 1 | 1-3 | 4-5 | Greater Than 5 | Total Fair Value | ||||||||||||||
(In thousands) | |||||||||||||||||||
Prices actively quoted | $ | (6,022 | ) | $ | (103,241 | ) | $ | — | $ | — | $ | (109,263 | ) | ||||||
Prices based on models and other valuation methods | — | — | — | — | — | ||||||||||||||
Total Fair Value | $ | (6,022 | ) | $ | (103,241 | ) | $ | — | $ | — | $ | (109,263 | ) |
Three Months Ended December 31 | |||||||
2015 | 2014 | ||||||
(In thousands) | |||||||
Fair value of contracts at beginning of period | $ | (34,620 | ) | $ | (3,033 | ) | |
Contracts realized/settled | 18,898 | 7,165 | |||||
Fair value of new contracts | — | — | |||||
Other changes in value | (5,297 | ) | (30,231 | ) | |||
Fair value of contracts at end of period | (21,019 | ) | (26,099 | ) | |||
Netting of cash collateral | 39,248 | 43,501 | |||||
Cash collateral and fair value of contracts at period end | $ | 18,229 | $ | 17,402 |
Fair Value of Contracts at December 31, 2015 | |||||||||||||||||||
Maturity in Years | |||||||||||||||||||
Source of Fair Value | Less Than 1 | 1-3 | 4-5 | Greater Than 5 | Total Fair Value | ||||||||||||||
(In thousands) | |||||||||||||||||||
Prices actively quoted | $ | (14,023 | ) | $ | (6,378 | ) | $ | (618 | ) | $ | — | $ | (21,019 | ) | |||||
Prices based on models and other valuation methods | — | — | — | — | — | ||||||||||||||
Total Fair Value | $ | (14,023 | ) | $ | (6,378 | ) | $ | (618 | ) | $ | — | $ | (21,019 | ) |
Three Months Ended December 31 | |||||||
2015 | 2014 | ||||||
METERS IN SERVICE, end of period | |||||||
Residential | 2,891,676 | 2,862,369 | |||||
Commercial | 265,766 | 261,593 | |||||
Industrial | 1,489 | 1,538 | |||||
Public authority and other | 8,421 | 8,451 | |||||
Total meters | 3,167,352 | 3,133,951 | |||||
INVENTORY STORAGE BALANCE — Bcf | 58.5 | 53.0 | |||||
SALES VOLUMES — MMcf(1) | |||||||
Gas sales volumes | |||||||
Residential | 40,169 | 52,218 | |||||
Commercial | 23,418 | 28,715 | |||||
Industrial | 3,456 | 3,890 | |||||
Public authority and other | 1,674 | 2,099 | |||||
Total gas sales volumes | 68,717 | 86,922 | |||||
Transportation volumes | 35,124 | 38,835 | |||||
Total throughput | 103,841 | 125,757 | |||||
OPERATING REVENUES (000’s)(1) | |||||||
Gas sales revenues | |||||||
Residential | $ | 415,985 | $ | 541,725 | |||
Commercial | 172,025 | 241,630 | |||||
Industrial | 14,285 | 22,911 | |||||
Public authority and other | 10,533 | 14,998 | |||||
Total gas sales revenues | 612,828 | 821,264 | |||||
Transportation revenues | 19,481 | 19,152 | |||||
Other gas revenues | 6,293 | 6,356 | |||||
Total operating revenues | $ | 638,602 | $ | 846,772 | |||
Average cost of gas per Mcf sold | $ | 4.44 | $ | 6.02 |
Three Months Ended December 31 | |||||||
2015 | 2014 | ||||||
CUSTOMERS, end of period | |||||||
Industrial | 758 | 747 | |||||
Municipal | 128 | 129 | |||||
Other | 523 | 539 | |||||
Total | 1,409 | 1,415 | |||||
NONREGULATED INVENTORY STORAGE | |||||||
BALANCE — Bcf | 25.4 | 21.6 | |||||
REGULATED PIPELINE VOLUMES — MMcf(1) | 178,202 | 181,362 | |||||
NONREGULATED DELIVERED GAS SALES | |||||||
VOLUMES — MMcf(1) | 96,733 | 108,193 | |||||
OPERATING REVENUES (000’s)(1) | |||||||
Regulated pipeline | $ | 94,677 | $ | 83,567 | |||
Nonregulated | 272,524 | 462,288 | |||||
Total operating revenues | $ | 367,201 | $ | 545,855 |
(1) | Sales volumes and revenues reflect segment operations, including intercompany sales and transportation amounts. |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 6. | Exhibits |
ATMOS ENERGY CORPORATION (Registrant) | |||
By: /s/ BRET J. ECKERT | |||
Bret J. Eckert Senior Vice President and Chief Financial Officer (Duly authorized signatory) |
Exhibit Number | Description | Page Number or Incorporation by Reference to | |
12 | Computation of ratio of earnings to fixed charges | ||
15 | Letter regarding unaudited interim financial information | ||
31 | Rule 13a-14(a)/15d-14(a) Certifications | ||
32 | Section 1350 Certifications* | ||
101.INS | XBRL Instance Document | ||
101.SCH | XBRL Taxonomy Extension Schema | ||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | ||
101.DEF | XBRL Taxonomy Extension Definition Linkbase | ||
101.LAB | XBRL Taxonomy Extension Labels Linkbase | ||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
* | These certifications, which were made pursuant to 18 U.S.C. Section 1350 by the Company’s Chief Executive Officer and Chief Financial Officer, furnished as Exhibit 32 to this Quarterly Report on Form 10-Q, will not be deemed to be filed with the Commission or incorporated by reference into any filing by the Company under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Company specifically incorporates such certifications by reference. |
Three Months Ended December 31 | ||||||||
2015 | 2014 | |||||||
(Dollars in thousands) | ||||||||
Income from continuing operations before provision for income taxes per statement of income | $ | 164,513 | $ | 156,254 | ||||
Add: | ||||||||
Portion of rents representative of the interest factor | 3,142 | 3,144 | ||||||
Interest on debt & amortization of debt expense | 30,483 | 29,764 | ||||||
Income as adjusted | $ | 198,138 | $ | 189,162 | ||||
Fixed charges: | ||||||||
Interest on debt & amortization of debt expense (1) | $ | 30,483 | $ | 29,764 | ||||
Capitalized interest (2) | 717 | 602 | ||||||
Rents | 9,426 | 9,433 | ||||||
Portion of rents representative of the interest factor (3) | 3,142 | 3,144 | ||||||
Fixed charges (1)+(2)+(3) | $ | 34,342 | $ | 33,510 | ||||
Ratio of earnings to fixed charges | 5.77 | 5.64 |
1. | I have reviewed this Quarterly Report on Form 10-Q of Atmos Energy Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ KIM R. COCKLIN | ||
Kim R. Cocklin | ||
Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of Atmos Energy Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing equivalent functions): |
(a) | All significant deficiencies or material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ BRET J. ECKERT | ||
Bret J. Eckert | ||
Senior Vice President and | ||
Chief Financial Officer |
(1) | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ KIM R. COCKLIN | ||
Kim R. Cocklin | ||
Chief Executive Officer |
(1) | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ BRET J. ECKERT | ||
Bret J. Eckert | ||
Senior Vice President and | ||
Chief Financial Officer |
Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Jan. 29, 2016 |
|
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Atmos Energy Corporation | |
Entity Central Index Key | 0000731802 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 102,106,896 |
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (PARENTHETICALS) - $ / shares |
Dec. 31, 2015 |
Sep. 30, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common Stock, No Par Value | $ 0.005 | $ 0.005 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued | 102,079,316 | 101,478,818 |
Common Stock, Shares, Outstanding | 102,079,316 | 101,478,818 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (PARENTHETICALS) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Other Comprehensive Income Loss Tax Portion Attributable To Parent Abstract | ||
Unrealized holding gains (losses) on available-for-sale securities, tax | $ (442) | $ (613) |
Interest Rate Contract [Member] | ||
Schedule of Other Comprehensive Income (Loss), Tax, Cash Flow Hedges [Line Items] | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | 2,749 | (29,768) |
Commodity Contract [Member] | ||
Schedule of Other Comprehensive Income (Loss), Tax, Cash Flow Hedges [Line Items] | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | $ 1,505 | $ (18,696) |
Nature of Business |
3 Months Ended |
---|---|
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | Nature of Business Atmos Energy Corporation (“Atmos Energy” or the “Company”) and our subsidiaries are engaged primarily in the regulated natural gas distribution and pipeline businesses as well as other nonregulated natural gas businesses. Historically, our regulated businesses have generated over 90 percent of our consolidated net income. Through our regulated distribution business, we deliver natural gas through sales and transportation arrangements to approximately three million residential, commercial, public authority and industrial customers through our six regulated distribution divisions, which at December 31, 2015, covered service areas located in eight states. In addition, we transport natural gas for others through our distribution system. Our regulated businesses also include our regulated pipeline and storage operations, which include the transportation of natural gas to our North Texas distribution system and the management of our underground storage facilities. Our regulated businesses are subject to federal and state regulation and/or regulation by local authorities in each of the states in which our regulated distribution divisions operate. Our nonregulated businesses operate primarily in the Midwest and Southeast through various wholly-owned subsidiaries of Atmos Energy Holdings, Inc. (AEH). AEH is wholly owned by the Company and based in Houston, Texas. Through AEH, we provide natural gas management and transportation services to municipalities, natural gas distribution companies, including certain divisions of Atmos Energy, and third parties. |
Unaudited Financial Information |
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Unaudited Financial Information | Unaudited Financial Information These consolidated interim-period financial statements have been prepared in accordance with accounting principles generally accepted in the United States on the same basis as those used for the Company’s audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2015. In the opinion of management, all material adjustments (consisting of normal recurring accruals) necessary for a fair presentation have been made to the unaudited consolidated interim-period financial statements. These consolidated interim-period financial statements are condensed as permitted by the instructions to Form 10-Q and should be read in conjunction with the audited consolidated financial statements of Atmos Energy Corporation included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2015. Because of seasonal and other factors, the results of operations for the three-month period ended December 31, 2015 are not indicative of our results of operations for the full 2016 fiscal year, which ends September 30, 2016. No events have occurred subsequent to the balance sheet date that would require recognition or disclosure in the condensed consolidated financial statements. Significant accounting policies Our accounting policies are described in Note 2 to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended September 30, 2015. In May 2014, the Financial Accounting Standards Board (FASB) issued a comprehensive new revenue recognition standard that will supersede virtually all existing revenue recognition guidance under generally accepted accounting principles in the United States. Under the new standard, a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. The new standard is currently scheduled to become effective for us beginning on October 1, 2018 and can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. We are currently evaluating the effect on our financial position, results of operations and cash flows, as well as the transition approach we will select. In April 2015, the FASB issued guidance to simplify the presentation of debt issuance costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The new standard will be effective for us beginning on October 1, 2016, and will be applied retrospectively. We are currently evaluating the impact this standard may have on our financial position, results of operations and cash flows. In November 2015, the FASB issued guidance that requires all deferred income tax liabilities and assets to be presented as noncurrent in a classified balance sheet. Currently, entities are required to separate deferred income tax liabilities and assets into current and noncurrent amounts in a classified balance sheet. The new standard will become effective for us beginning on October 1, 2017, with the option to early adopt, and can be applied either prospectively or retrospectively. The adoption of this guidance will have no impact on our results of operations or cash flows. The reclassification of amounts from current to noncurrent will affect the presentation of our balance sheet. Regulatory assets and liabilities Accounting principles generally accepted in the United States require cost-based, rate-regulated entities that meet certain criteria to reflect the authorized recovery of costs due to regulatory decisions in their financial statements. As a result, certain costs are permitted to be capitalized rather than expensed because they can be recovered through rates. We record certain costs as regulatory assets when future recovery through customer rates is considered probable. Regulatory liabilities are recorded when it is probable that revenues will be reduced for amounts that will be credited to customers through the ratemaking process. Substantially all of our regulatory assets are recorded as a component of deferred charges and other assets and substantially all of our regulatory liabilities are recorded as a component of deferred credits and other liabilities. Deferred gas costs are recorded either in other current assets or liabilities and the regulatory cost of removal obligation is reported separately. Significant regulatory assets and liabilities as of December 31, 2015 and September 30, 2015 included the following:
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information We operate the Company through the following three segments:
Our determination of reportable segments considers the strategic operating units under which we manage sales of various products and services to customers in differing regulatory environments. Although our regulated distribution segment operations are geographically dispersed, they are reported as a single segment as each regulated distribution division has similar economic characteristics. The accounting policies of the segments are the same as those described in the summary of significant accounting policies found in our Annual Report on Form 10-K for the fiscal year ended September 30, 2015. We evaluate performance based on net income or loss of the respective operating units. Income statements for the three month periods ended December 31, 2015 and 2014 by segment are presented in the following tables:
Balance sheet information at December 31, 2015 and September 30, 2015 by segment is presented in the following tables:
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share We use the two-class method of computing earnings per share because we have participating securities in the form of non-vested restricted stock units with a nonforfeitable right to dividend equivalents, for which vesting is predicated solely on the passage of time. The calculation of earnings per share using the two-class method excludes income attributable to these participating securities from the numerator and excludes the dilutive impact of those shares from the denominator. Basic and diluted earnings per share for the three months ended December 31, 2015 and 2014 are calculated as follows:
2011 Share Repurchase Program We did not repurchase any shares during the three months ended December 31, 2015 and 2014 under our 2011 share repurchase program, which is scheduled to end on September 30, 2016. |
Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt The nature and terms of our debt instruments and credit facilities are described in detail in Note 5 to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended September 30, 2015. Except as noted below, there were no material changes in the terms of our debt instruments during the three months ended December 31, 2015. Long-term debt Long-term debt at December 31, 2015 and September 30, 2015 consisted of the following:
On October 15, 2014, we issued $500 million of 4.125% 30-year unsecured senior notes, which replaced, on a long-term basis, our $500 million unsecured 4.95% senior notes. The effective rate of these notes is 4.086%, after giving effect to the offering costs and the settlement of the associated forward starting interest rate swaps. The net proceeds of approximately $494 million were used to repay our $500 million 4.95% senior unsecured notes at maturity on October 15, 2014. Short-term debt Our short-term debt is utilized to fund ongoing working capital needs, such as our seasonal requirements for gas supply, general corporate liquidity and capital expenditures. Our short-term borrowing requirements are affected primarily by the seasonal nature of the natural gas business. Changes in the price of natural gas and the amount of natural gas we need to supply our customers’ needs could significantly affect our borrowing requirements. Our short-term borrowings typically reach their highest levels in the winter months. We currently finance our short-term borrowing requirements through a combination of a $1.25 billion commercial paper program, four committed revolving credit facilities and one uncommitted revolving credit facility with third-party lenders. These facilities provide approximately $1.3 billion of working capital funding. At December 31, 2015 and September 30, 2015 a total of $763.2 million and $457.9 million was outstanding under our commercial paper program. Regulated Operations We fund our regulated operations as needed, primarily through our commercial paper program and three committed revolving credit facilities with third-party lenders that provide approximately $1.3 billion of working capital funding, including a five-year $1.25 billion unsecured facility with an accordion feature, which, if utilized would increase the borrowing capacity to $1.5 billion, a $25 million unsecured facility and a $10 million unsecured revolving credit facility, which is used primarily to issue letters of credit. Due to outstanding letters of credit, the total amount available to us under our $10 million revolving credit facility was $4.1 million at December 31, 2015. In addition to these third-party facilities, our regulated operations have a $500 million intercompany revolving credit facility with AEH, which bears interest at the lower of (i) the Eurodollar rate under the five-year revolving credit facility or (ii) the lowest rate outstanding under the commercial paper program. Applicable state regulatory commissions have approved our use of this facility through December 31, 2016. Nonregulated Operations Atmos Energy Marketing, LLC (AEM), which is wholly owned by AEH, has one uncommitted $25 million bilateral credit facility and one committed $15 million bilateral credit facility that were renewed and extended in December 2015. The uncommitted $25 million bilateral credit facility currently expires in March 2016 and the $15 million bilateral credit facility expires in September 2016. These facilities are used primarily to issue letters of credit. Due to outstanding letters of credit, the total amount available to us under these bilateral credit facilities was $36.2 million at December 31, 2015. AEH has a $500 million intercompany demand credit facility with AEC. This facility bears interest at a rate equal to the one-month LIBOR rate plus 3.00 percent. Applicable state regulatory commissions have approved our use of this facility through December 31, 2016. Shelf Registration We filed a shelf registration statement with the Securities and Exchange Commission (SEC) on March 28, 2013 that originally permitted us to issue a total of $1.75 billion in common stock and/or debt securities. At December 31, 2015, $845 million of securities remain available for issuance under the shelf registration statement until March 28, 2016. Debt Covenants The availability of funds under our regulated credit facilities is subject to conditions specified in the respective credit agreements, all of which we currently satisfy. These conditions include our compliance with financial covenants and the continued accuracy of representations and warranties contained in these agreements. We are required by the financial covenants in each of these facilities to maintain, at the end of each fiscal quarter, a ratio of total debt to total capitalization of no greater than 70 percent. At December 31, 2015, our total-debt-to-total-capitalization ratio, as defined in the agreements, was 51 percent. In addition, both the interest margin and the fee that we pay on unused amounts under certain of these facilities are subject to adjustment depending upon our credit ratings. In addition to these financial covenants, our credit facilities and public indentures contain usual and customary covenants for our business, including covenants substantially limiting liens, substantial asset sales and mergers. Additionally, our public debt indentures relating to our senior notes and debentures, as well as certain of our revolving credit agreements, each contain a default provision that is triggered if outstanding indebtedness arising out of any other credit agreements in amounts ranging from in excess of $15 million to in excess of $100 million becomes due by acceleration or is not paid at maturity. We were in compliance with all of our debt covenants as of December 31, 2015. If we were unable to comply with our debt covenants, we would likely be required to repay our outstanding balances on demand, provide additional collateral or take other corrective actions. |
Interim Pension and Other Postretirement Benefit Plan Information |
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Interim Pension and Postretirement Benefit Plans | Interim Pension and Other Postretirement Benefit Plan Information The components of our net periodic pension cost for our pension and other postretirement benefit plans for the three months ended December 31, 2015 and 2014 are presented in the following table. Most of these costs are recoverable through our gas distribution rates; however, a portion of these costs is capitalized into our gas distribution rate base. The remaining costs are recorded as a component of operation and maintenance expense.
The discount rate used to compute the present value of a plan’s liabilities generally is based on rates of high-grade corporate bonds with maturities similar to the average period over which the benefits will be paid. Generally, our funding policy has been to contribute annually an amount in accordance with the requirements of the Employee Retirement Income Security Act of 1974. In accordance with the Pension Protection Act of 2006 (PPA), we determined the funded status of our plans as of January 1, 2016. Based on that determination, we are not required to make a minimum contribution to our defined benefit plans during the first quarter of fiscal 2016, nor do we anticipate making a contribution during the remainder of the fiscal year. We contributed $5.5 million to our other post-retirement benefit plans during the three months ended December 31, 2015. We expect to contribute between $15 million and $25 million to these plans during fiscal 2016. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation and Environmental Matters With respect to the specific litigation and environmental-related matters or claims that were disclosed in Note 10 to the financial statements in our Annual Report on Form 10-K for the fiscal year ended September 30, 2015, there were no material changes in the status of such litigation and environmental-related matters or claims during the three months ended December 31, 2015. We are a party to various litigation and environmental-related matters or claims that have arisen in the ordinary course of our business. While the results of such litigation and response actions to such environmental-related matters or claims cannot be predicted with certainty, we continue to believe the final outcome of such litigation and matters or claims will not have a material adverse effect on our financial condition, results of operations or cash flows. Purchase Commitments Our regulated distribution divisions, except for our Mid-Tex Division, maintain supply contracts with several vendors that generally cover a period of up to one year. Commitments for estimated base gas volumes are established under these contracts on a monthly basis at contractually negotiated prices. Commitments for incremental daily purchases are made as necessary during the month in accordance with the terms of the individual contract. Our Mid-Tex Division also maintains a limited number of long-term supply contracts to ensure a reliable source of gas for our customers in its service area which obligate it to purchase specified volumes at prices indexed to natural gas distribution hubs. These purchase commitment contracts are detailed in our Annual Report on Form 10-K for the fiscal year ended September 30, 2015. There were no material changes to the purchase commitments for the three months ended December 31, 2015. AEH has commitments to purchase physical quantities of natural gas under contracts indexed to the forward NYMEX strip or fixed price contracts. These purchase commitment contracts are detailed in our Annual Report on Form 10-K for the fiscal year ended September 30, 2015. Except for purchases made in the normal course of business under these contracts, there were no material changes to the purchase commitments for the three months ended December 31, 2015. Our nonregulated segment maintains long-term contracts related to storage and transportation. These estimated contractual demand fees for contracted storage and transportation under these contracts are detailed in our Annual Report on Form 10-K for the fiscal year ended September 30, 2015. There were no material changes to the estimated storage and transportation fees for the three months ended December 31, 2015. Regulatory Matters Various regulatory agencies, including the SEC and the Commodities Futures Trading Commission, continue to adopt regulations implementing many of the provisions of the Dodd-Frank Act of 2010. We continue to enact new procedures and modify existing business practices and contractual arrangements to comply with such regulations. Additional rulemakings are pending which we believe will result in new reporting and disclosure obligations. The costs associated with hedging certain risks inherent in our business may be further increased when these expected additional regulations are adopted. As of December 31, 2015, rate cases were in progress in our Colorado, Kansas and Kentucky service areas and formula rate filing mechanisms were in progress in Colorado, Kansas, Louisiana and West Texas. These regulatory proceedings are discussed in further detail below in Management’s Discussion and Analysis — Recent Ratemaking Developments. |
Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial Instruments We currently use financial instruments in our regulated distribution and nonregulated segments to mitigate commodity price risk and interest rate risk. The objectives and strategies for using financial instruments, which have been tailored to our regulated distribution and nonregulated segments, and the related accounting for these financial instruments are fully described in Notes 2 and 12 to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended September 30, 2015. During the three months ended December 31, 2015 there were no changes in our objectives, strategies and accounting for using financial instruments. Our financial instruments do not contain any credit-risk-related or other contingent features that could cause payments to be accelerated when our financial instruments are in net liability positions. The following summarizes those objectives and strategies. Regulated Commodity Risk Management Activities Our purchased gas cost adjustment mechanisms essentially insulate our regulated distribution segment from commodity price risk; however, our customers are exposed to the effects of volatile natural gas prices. We manage this exposure through a combination of physical storage, fixed-price forward contracts and financial instruments, primarily over-the-counter swap and option contracts, in an effort to minimize the impact of natural gas price volatility on our customers during the winter heating season. We typically seek to hedge between 25 and 50 percent of anticipated heating season gas purchases using financial instruments. For the 2015-2016 heating season (generally October through March), in the jurisdictions where we are permitted to utilize financial instruments, we anticipate hedging approximately 33 percent, or 23.0 Bcf of the winter flowing gas requirements. We have not designated these financial instruments as hedges for accounting purposes. Nonregulated Commodity Risk Management Activities Our nonregulated segment is exposed to risks associated with changes in the market price of natural gas through the purchase, sale and delivery of natural gas to its customers at competitive prices. We manage our exposure to such risks through a combination of physical storage and financial instruments, including futures, over-the-counter and exchange-traded options and swap contracts with counterparties. Specifically, these operations use financial instruments in the following ways:
Interest Rate Risk Management Activities We periodically manage interest rate risk by entering into financial instruments to effectively fix the Treasury yield component of the interest cost associated with anticipated financings. As of December 31, 2015, we had forward starting interest rate swaps to effectively fix the Treasury yield component associated with the anticipated issuance of $250 million and $450 million unsecured senior notes in fiscal 2017 and fiscal 2019, at 3.37% and 3.78%, which we designated as cash flow hedges at the time the swaps were executed. As of December 31, 2015, we had $18.6 million of net realized losses in accumulated other comprehensive income (AOCI) associated with the settlement of financial instruments used to fix the Treasury yield component of the interest cost of financing various issuances of long-term debt and senior notes, which will be recognized as a component of interest expense over the life of the associated notes from the date of settlement. The remaining amortization periods for these settled amounts extend through fiscal 2045. Quantitative Disclosures Related to Financial Instruments The following tables present detailed information concerning the impact of financial instruments on our condensed consolidated balance sheet and income statements. As of December 31, 2015, our financial instruments were comprised of both long and short commodity positions. A long position is a contract to purchase the commodity, while a short position is a contract to sell the commodity. As of December 31, 2015, we had net long/(short) commodity contracts outstanding in the following quantities:
Financial Instruments on the Balance Sheet The following tables present the fair value and balance sheet classification of our financial instruments by operating segment as of December 31, 2015 and September 30, 2015. The gross amounts of recognized assets and liabilities are netted within our unaudited Condensed Consolidated Balance Sheets to the extent that we have netting arrangements with the counterparties.
Impact of Financial Instruments on the Income Statement Hedge ineffectiveness for our nonregulated segment is recorded as a component of purchased gas cost and primarily results from differences in the location and timing of the derivative instrument and the hedged item. Hedge ineffectiveness could materially affect our results of operations for the reported period. For the three months ended December 31, 2015 and 2014 we recognized a gain (loss) arising from fair value and cash flow hedge ineffectiveness of $7.9 million and $(2.2) million. Additional information regarding ineffectiveness recognized in the income statement is included in the tables below. Fair Value Hedges The impact of our nonregulated commodity contracts designated as fair value hedges and the related hedged item on our condensed consolidated income statement for the three months ended December 31, 2015 and 2014 is presented below.
Basis ineffectiveness arises from natural gas market price differences between the locations of the hedged inventory and the delivery location specified in the hedge instruments. Timing ineffectiveness arises due to changes in the difference between the spot price and the futures price, as well as the difference between the timing of the settlement of the futures and the valuation of the underlying physical commodity. As the commodity contract nears the settlement date, spot-to-forward price differences should converge, which should reduce or eliminate the impact of this ineffectiveness on purchased gas cost. To the extent that the Company’s natural gas inventory does not qualify as a hedged item in a fair-value hedge, or has not been designated as such, the natural gas inventory is valued at the lower of cost or market. Cash Flow Hedges The impact of cash flow hedges on our condensed consolidated income statements for the three months ended December 31, 2015 and 2014 is presented below. Note that this presentation does not reflect the financial impact arising from the hedged physical transaction. Therefore, this presentation is not indicative of the economic gross profit we realized when the underlying physical and financial transactions were settled.
The following table summarizes the gains and losses arising from hedging transactions that were recognized as a component of other comprehensive income (loss), net of taxes, for the three months ended December 31, 2015 and 2014. The amounts included in the table below exclude gains and losses arising from ineffectiveness because those amounts are immediately recognized in the income statement as incurred.
Deferred gains (losses) recorded in AOCI associated with our interest rate agreements are recognized in earnings as they are amortized over the terms of the underlying debt instruments, while deferred gains (losses) associated with commodity contracts are recognized in earnings upon settlement. The following amounts, net of deferred taxes, represent the expected recognition in earnings of the deferred gains (losses) recorded in AOCI associated with our financial instruments, based upon the fair values of these financial instruments as of December 31, 2015. However, the table below does not include the expected recognition in earnings of our outstanding interest rate agreements as those instruments have not yet settled.
Financial Instruments Not Designated as Hedges The impact of financial instruments that have not been designated as hedges on our condensed consolidated income statements for the three months ended December 31, 2015 and 2014 was an (increase) decrease in purchased gas cost of $(2.2) million and $0.9 million. Note that this presentation does not reflect the expected gains or losses arising from the underlying physical transactions associated with these financial instruments. Therefore, this presentation is not indicative of the economic gross profit we realized when the underlying physical and financial transactions were settled. As discussed above, financial instruments used in our regulated distribution segment are not designated as hedges. However, there is no earnings impact on our regulated distribution segment as a result of the use of these financial instruments because the gains and losses arising from the use of these financial instruments are recognized in the consolidated statement of income as a component of purchased gas cost when the related costs are recovered through our rates and recognized in revenue. Accordingly, the impact of these financial instruments is excluded from this presentation. |
Accumulated Other Comprehensive Income |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income We record deferred gains (losses) in AOCI related to available-for-sale securities, interest rate agreement cash flow hedges and commodity contract cash flow hedges. Deferred gains (losses) for our available-for-sale securities and commodity contract cash flow hedges are recognized in earnings upon settlement, while deferred gains (losses) related to our interest rate agreement cash flow hedges are recognized in earnings as they are amortized. The following tables provide the components of our accumulated other comprehensive income (loss) balances, net of the related tax effects allocated to each component of other comprehensive income.
The following tables detail reclassifications out of AOCI for the three months ended December 31, 2015 and 2014. Amounts in parentheses below indicate decreases to net income in the statement of income.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements We report certain assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). We record cash and cash equivalents, accounts receivable and accounts payable at carrying value, which substantially approximates fair value due to the short-term nature of these assets and liabilities. For other financial assets and liabilities, we primarily use quoted market prices and other observable market pricing information to minimize the use of unobservable pricing inputs in our measurements when determining fair value. The methods used to determine fair value for our assets and liabilities are fully described in Note 2 to the financial statements in our Annual Report on Form 10-K for the fiscal year ended September 30, 2015. During the three months ended December 31, 2015, there were no changes in these methods. Fair value measurements also apply to the valuation of our pension and postretirement plan assets. Current accounting guidance requires employers to annually disclose information about fair value measurements of the assets of a defined benefit pension or other postretirement plan. The fair value of these assets is presented in Note 6 to the financial statements in our Annual Report on Form 10-K for the fiscal year ending September 30, 2015. Quantitative Disclosures Financial Instruments The classification of our fair value measurements requires judgment regarding the degree to which market data is observable or corroborated by observable market data. Authoritative accounting literature establishes a fair value hierarchy that prioritizes the inputs used to measure fair value based on observable and unobservable data. The hierarchy categorizes the inputs into three levels, with the highest priority given to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1), with the lowest priority given to unobservable inputs (Level 3). The following tables summarize, by level within the fair value hierarchy, our assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2015 and September 30, 2015. Assets and liabilities are categorized in their entirety based on the lowest level of input that is significant to the fair value measurement.
Available-for-sale securities are comprised of the following:
At December 31, 2015 and September 30, 2015, our available-for-sale securities included $42.1 million and $41.7 million related to assets held in separate rabbi trusts for our supplemental executive benefit plans. At December 31, 2015, we maintained investments in bonds that have contractual maturity dates ranging from January 2016 through September 2020. These securities are reported at market value with unrealized gains and losses shown as a component of accumulated other comprehensive income (loss). We regularly evaluate the performance of these investments on a fund by fund basis for impairment, taking into consideration the fund’s purpose, volatility and current returns. If a determination is made that a decline in fair value is other than temporary, the related fund is written down to its estimated fair value and the other-than-temporary impairment is recognized in the income statement. Other Fair Value Measures Our debt is recorded at carrying value. The fair value of our debt is determined using third party market value quotations, which are considered Level 1 fair value measurements for debt instruments with a recent, observable trade or Level 2 fair value measurements for debt instruments where fair value is determined using the most recent available quoted market price. The following table presents the carrying value and fair value of our debt as of December 31, 2015 and September 30, 2015:
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Concentration of Credit Risk |
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Dec. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | Concentration of Credit Risk Information regarding our concentration of credit risk is disclosed in Note 15 to the financial statements in our Annual Report on Form 10-K for the fiscal year ended September 30, 2015. During the three months ended December 31, 2015, there were no material changes in our concentration of credit risk. |
Accounting Policies (Policy) |
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Accounting Policies [Abstract] | |||||||||||||
Regulatory assets and liabilities | Regulatory assets and liabilities Accounting principles generally accepted in the United States require cost-based, rate-regulated entities that meet certain criteria to reflect the authorized recovery of costs due to regulatory decisions in their financial statements. As a result, certain costs are permitted to be capitalized rather than expensed because they can be recovered through rates. We record certain costs as regulatory assets when future recovery through customer rates is considered probable. Regulatory liabilities are recorded when it is probable that revenues will be reduced for amounts that will be credited to customers through the ratemaking process. Substantially all of our regulatory assets are recorded as a component of deferred charges and other assets and substantially all of our regulatory liabilities are recorded as a component of deferred credits and other liabilities. Deferred gas costs are recorded either in other current assets or liabilities and the regulatory cost of removal obligation is reported separately. |
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Segment Reporting | Segment Information We operate the Company through the following three segments:
Our determination of reportable segments considers the strategic operating units under which we manage sales of various products and services to customers in differing regulatory environments. Although our regulated distribution segment operations are geographically dispersed, they are reported as a single segment as each regulated distribution division has similar economic characteristics. The accounting policies of the segments are the same as those described in the summary of significant accounting policies found in our Annual Report on Form 10-K for the fiscal year ended September 30, 2015. We evaluate performance based on net income or loss of the respective operating units. |
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Earnings Per Share | Earnings Per Share We use the two-class method of computing earnings per share because we have participating securities in the form of non-vested restricted stock units with a nonforfeitable right to dividend equivalents, for which vesting is predicated solely on the passage of time. The calculation of earnings per share using the two-class method excludes income attributable to these participating securities from the numerator and excludes the dilutive impact of those shares from the denominator. |
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Fair Value Measurements | Fair Value Measurements We report certain assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). We record cash and cash equivalents, accounts receivable and accounts payable at carrying value, which substantially approximates fair value due to the short-term nature of these assets and liabilities. For other financial assets and liabilities, we primarily use quoted market prices and other observable market pricing information to minimize the use of unobservable pricing inputs in our measurements when determining fair value. The methods used to determine fair value for our assets and liabilities are fully described in Note 2 to the financial statements in our Annual Report on Form 10-K for the fiscal year ended September 30, 2015. During the three months ended December 31, 2015, there were no changes in these methods. |
Unaudited Financial Information (Table) |
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Regulatory Assets And Liabilities Table [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory assets and liabilities table | Significant regulatory assets and liabilities as of December 31, 2015 and September 30, 2015 included the following:
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Segment Information (Table) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Income statements for the three month periods ended December 31, 2015 and 2014 by segment are presented in the following tables:
Balance sheet information at December 31, 2015 and September 30, 2015 by segment is presented in the following tables:
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Earnings Per Share (Table) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share table | Basic and diluted earnings per share for the three months ended December 31, 2015 and 2014 are calculated as follows:
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Debt (Table) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Debt | Long-term debt at December 31, 2015 and September 30, 2015 consisted of the following:
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Interim Pension and Other Postretirement Benefits (Table) |
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General Discussion of Pension and Other Postretirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of net periodic pension cost table | The components of our net periodic pension cost for our pension and other postretirement benefit plans for the three months ended December 31, 2015 and 2014 are presented in the following table. Most of these costs are recoverable through our gas distribution rates; however, a portion of these costs is capitalized into our gas distribution rate base. The remaining costs are recorded as a component of operation and maintenance expense.
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Schedule of assumptions used table text block | The assumptions used to develop our net periodic pension cost for the three months ended December 31, 2015 and 2014 are as follows:
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Financial Instruments (Table) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oustanding commodity contracts volumes table | As of December 31, 2015, we had net long/(short) commodity contracts outstanding in the following quantities:
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Financial instruments on the balance sheet | The following tables present the fair value and balance sheet classification of our financial instruments by operating segment as of December 31, 2015 and September 30, 2015. The gross amounts of recognized assets and liabilities are netted within our unaudited Condensed Consolidated Balance Sheets to the extent that we have netting arrangements with the counterparties.
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Fair value hedges table | The impact of our nonregulated commodity contracts designated as fair value hedges and the related hedged item on our condensed consolidated income statement for the three months ended December 31, 2015 and 2014 is presented below.
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Cash flow hedges | The impact of cash flow hedges on our condensed consolidated income statements for the three months ended December 31, 2015 and 2014 is presented below. Note that this presentation does not reflect the financial impact arising from the hedged physical transaction. Therefore, this presentation is not indicative of the economic gross profit we realized when the underlying physical and financial transactions were settled.
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Other comprehensive income from hedging table | The following table summarizes the gains and losses arising from hedging transactions that were recognized as a component of other comprehensive income (loss), net of taxes, for the three months ended December 31, 2015 and 2014. The amounts included in the table below exclude gains and losses arising from ineffectiveness because those amounts are immediately recognized in the income statement as incurred.
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Expected recognition in earnings of deferred gains/(losses) in AOCI table | The following amounts, net of deferred taxes, represent the expected recognition in earnings of the deferred gains (losses) recorded in AOCI associated with our financial instruments, based upon the fair values of these financial instruments as of December 31, 2015. However, the table below does not include the expected recognition in earnings of our outstanding interest rate agreements as those instruments have not yet settled.
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Accumulated Other Comprehensive Income (Table) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables provide the components of our accumulated other comprehensive income (loss) balances, net of the related tax effects allocated to each component of other comprehensive income.
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Reclassification out of Accumulated Other Comprehensive Income | The following tables detail reclassifications out of AOCI for the three months ended December 31, 2015 and 2014. Amounts in parentheses below indicate decreases to net income in the statement of income.
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Fair Value Measurements (Table) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value measurements table | The following tables summarize, by level within the fair value hierarchy, our assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2015 and September 30, 2015. Assets and liabilities are categorized in their entirety based on the lowest level of input that is significant to the fair value measurement.
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Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Available-for-sale securities are comprised of the following:
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Other fair value measurements table | The following table presents the carrying value and fair value of our debt as of December 31, 2015 and September 30, 2015:
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Nature of Business (Details) customers in Millions |
Dec. 31, 2015
state
customers
regulated_gas_distributions_divisions
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---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Customers, Regulated Distribution | customers | 3 |
Number of Divisions, Regulated Distribution | regulated_gas_distributions_divisions | 6 |
Number of States in which Entity Operates | state | 8 |
Segment Information (Details) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015
USD ($)
segment
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Dec. 31, 2014
USD ($)
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Sep. 30, 2015
USD ($)
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Sep. 30, 2014
USD ($)
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Segment Reporting Information [Line Items] | ||||
Number of operating segments | segment | 3 | |||
Segment Reporting Information Profit Loss [Abstract] | ||||
Total operating revenues | $ 906,221 | $ 1,258,765 | ||
Purchased gas cost | 462,458 | 835,480 | ||
Gross profit | 443,763 | 423,285 | ||
Operating expenses | ||||
Operation and maintenance | 124,848 | 118,582 | ||
Depreciation and amortization | 71,239 | 67,593 | ||
Taxes, other than income | 51,471 | 49,385 | ||
Total operating expenses | 247,558 | 235,560 | ||
Operating income | 196,205 | 187,725 | ||
Miscellaneous income (expense) | (1,209) | (1,707) | ||
Interest charges | 30,483 | 29,764 | ||
Income (loss) before income taxes | 164,513 | 156,254 | ||
Income tax expense (benefit) | 61,652 | 58,659 | ||
Net income (loss) | 102,861 | 97,595 | ||
Capital expenditures | 291,674 | 261,313 | ||
ASSETS | ||||
Net property, plant and equipment | 7,653,287 | $ 7,430,580 | ||
Investment in subsidiaries | 0 | 0 | ||
Current assets | ||||
Cash and cash equivalents | 78,903 | 123,832 | 28,653 | $ 42,258 |
Assets from risk management activities | 18,945 | 9,232 | ||
Other current assets | 765,422 | 593,100 | ||
Intercompany receivables | 0 | 0 | ||
Total current assets | 863,270 | 630,985 | ||
Goodwill | 742,702 | 742,702 | ||
Noncurrent assets from risk management activities | 96 | 368 | ||
Deferred charges and other assets | 295,298 | 288,310 | ||
Total assets | 9,554,653 | 9,092,945 | ||
CAPITALIZATION AND LIABILITIES | ||||
Shareholders' equity | 3,272,109 | 3,194,797 | ||
Long-term debt | 2,455,474 | 2,455,388 | ||
Total capitalization | 5,727,583 | 5,650,185 | ||
Current liabilities | ||||
Short-term debt | 763,236 | 457,927 | ||
Liabilities from risk management activities | 6,738 | 9,568 | ||
Other current liabilities | 745,082 | 687,328 | ||
Intercompany payables | 0 | 0 | ||
Total current liabilities | 1,515,056 | 1,154,823 | ||
Deferred income taxes | 1,441,325 | 1,411,315 | ||
Derivative Liability, Noncurrent | 103,337 | 110,539 | ||
Regulatory cost of removal obligation | 425,555 | 427,553 | ||
Pension and postretirement liabilities | 289,939 | 287,373 | ||
Deferred credits and other liabilities | 51,858 | 51,157 | ||
Total shareholders' equity and liabilities | 9,554,653 | 9,092,945 | ||
Reportable Subsegments [Member] | ||||
Segment Reporting Information Profit Loss [Abstract] | ||||
Revenues | 906,221 | 1,258,765 | ||
Intersubsegment Eliminations [Member] | ||||
Segment Reporting Information Profit Loss [Abstract] | ||||
Revenues | 0 | 0 | ||
Regulated Distribution Segment [Member] | ||||
Segment Reporting Information Profit Loss [Abstract] | ||||
Total operating revenues | 638,602 | 846,772 | ||
Purchased gas cost | 305,141 | 522,960 | ||
Gross profit | 333,461 | 323,812 | ||
Operating expenses | ||||
Operation and maintenance | 91,349 | 86,985 | ||
Depreciation and amortization | 57,334 | 55,086 | ||
Taxes, other than income | 45,261 | 43,644 | ||
Total operating expenses | 193,944 | 185,715 | ||
Operating income | 139,517 | 138,097 | ||
Miscellaneous income (expense) | (752) | (1,329) | ||
Interest charges | 20,705 | 21,640 | ||
Income (loss) before income taxes | 118,060 | 115,128 | ||
Income tax expense (benefit) | 44,805 | 43,741 | ||
Net income (loss) | 73,255 | 71,387 | ||
Capital expenditures | 166,544 | 166,247 | ||
ASSETS | ||||
Net property, plant and equipment | 5,779,479 | 5,670,306 | ||
Investment in subsidiaries | 1,020,629 | 1,038,670 | ||
Current assets | ||||
Cash and cash equivalents | 57,691 | 23,863 | ||
Assets from risk management activities | 716 | 378 | ||
Other current assets | 589,257 | 426,270 | ||
Intercompany receivables | 943,005 | 887,713 | ||
Total current assets | 1,590,669 | 1,338,224 | ||
Goodwill | 575,449 | 575,449 | ||
Noncurrent assets from risk management activities | 96 | 368 | ||
Deferred charges and other assets | 277,662 | 265,693 | ||
Total assets | 9,243,984 | 8,888,710 | ||
CAPITALIZATION AND LIABILITIES | ||||
Shareholders' equity | 3,272,109 | 3,194,797 | ||
Long-term debt | 2,455,474 | 2,455,388 | ||
Total capitalization | 5,727,583 | 5,650,185 | ||
Current liabilities | ||||
Short-term debt | 1,017,236 | 782,927 | ||
Liabilities from risk management activities | 6,738 | 9,568 | ||
Other current liabilities | 625,055 | 569,273 | ||
Intercompany payables | 0 | 0 | ||
Total current liabilities | 1,649,029 | 1,361,768 | ||
Deferred income taxes | 1,008,353 | 1,008,091 | ||
Derivative Liability, Noncurrent | 103,337 | 110,539 | ||
Regulatory cost of removal obligation | 425,555 | 427,553 | ||
Pension and postretirement liabilities | 289,939 | 287,373 | ||
Deferred credits and other liabilities | 40,188 | 43,201 | ||
Total shareholders' equity and liabilities | 9,243,984 | 8,888,710 | ||
Regulated Distribution Segment [Member] | Reportable Subsegments [Member] | ||||
Segment Reporting Information Profit Loss [Abstract] | ||||
Revenues | 637,167 | 845,404 | ||
Regulated Distribution Segment [Member] | Intersubsegment Eliminations [Member] | ||||
Segment Reporting Information Profit Loss [Abstract] | ||||
Revenues | 1,435 | 1,368 | ||
Regulated Pipeline Segment [Member] | ||||
Segment Reporting Information Profit Loss [Abstract] | ||||
Total operating revenues | 94,677 | 83,567 | ||
Purchased gas cost | 0 | 0 | ||
Gross profit | 94,677 | 83,567 | ||
Operating expenses | ||||
Operation and maintenance | 27,088 | 24,615 | ||
Depreciation and amortization | 12,770 | 11,382 | ||
Taxes, other than income | 5,571 | 4,865 | ||
Total operating expenses | 45,429 | 40,862 | ||
Operating income | 49,248 | 42,705 | ||
Miscellaneous income (expense) | (429) | (252) | ||
Interest charges | 9,147 | 8,324 | ||
Income (loss) before income taxes | 39,672 | 34,129 | ||
Income tax expense (benefit) | 14,086 | 12,094 | ||
Net income (loss) | 25,586 | 22,035 | ||
Capital expenditures | 125,283 | 94,754 | ||
ASSETS | ||||
Net property, plant and equipment | 1,821,114 | 1,706,449 | ||
Investment in subsidiaries | 0 | 0 | ||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Assets from risk management activities | 0 | 0 | ||
Other current assets | 20,008 | 24,628 | ||
Intercompany receivables | 0 | 0 | ||
Total current assets | 20,008 | 24,628 | ||
Goodwill | 132,542 | 132,542 | ||
Noncurrent assets from risk management activities | 0 | 0 | ||
Deferred charges and other assets | 17,095 | 17,288 | ||
Total assets | 1,990,759 | 1,880,907 | ||
CAPITALIZATION AND LIABILITIES | ||||
Shareholders' equity | 602,861 | 577,275 | ||
Long-term debt | 0 | 0 | ||
Total capitalization | 602,861 | 577,275 | ||
Current liabilities | ||||
Short-term debt | 0 | 0 | ||
Liabilities from risk management activities | 0 | 0 | ||
Other current liabilities | 28,197 | 29,780 | ||
Intercompany payables | 923,366 | 867,409 | ||
Total current liabilities | 951,563 | 897,189 | ||
Deferred income taxes | 434,497 | 406,254 | ||
Derivative Liability, Noncurrent | 0 | 0 | ||
Regulatory cost of removal obligation | 0 | 0 | ||
Pension and postretirement liabilities | 0 | 0 | ||
Deferred credits and other liabilities | 1,838 | 189 | ||
Total shareholders' equity and liabilities | 1,990,759 | 1,880,907 | ||
Regulated Pipeline Segment [Member] | Reportable Subsegments [Member] | ||||
Segment Reporting Information Profit Loss [Abstract] | ||||
Revenues | 23,407 | 20,551 | ||
Regulated Pipeline Segment [Member] | Intersubsegment Eliminations [Member] | ||||
Segment Reporting Information Profit Loss [Abstract] | ||||
Revenues | 71,270 | 63,016 | ||
Nonregulated Segment [Member] | ||||
Segment Reporting Information Profit Loss [Abstract] | ||||
Total operating revenues | 272,524 | 462,288 | ||
Purchased gas cost | 256,766 | 446,249 | ||
Gross profit | 15,758 | 16,039 | ||
Operating expenses | ||||
Operation and maintenance | 6,544 | 7,115 | ||
Depreciation and amortization | 1,135 | 1,125 | ||
Taxes, other than income | 639 | 876 | ||
Total operating expenses | 8,318 | 9,116 | ||
Operating income | 7,440 | 6,923 | ||
Miscellaneous income (expense) | 379 | 300 | ||
Interest charges | 1,038 | 226 | ||
Income (loss) before income taxes | 6,781 | 6,997 | ||
Income tax expense (benefit) | 2,761 | 2,824 | ||
Net income (loss) | 4,020 | 4,173 | ||
Capital expenditures | (153) | 312 | ||
ASSETS | ||||
Net property, plant and equipment | 52,694 | 53,825 | ||
Investment in subsidiaries | 0 | (2,096) | ||
Current assets | ||||
Cash and cash equivalents | 21,212 | 4,790 | ||
Assets from risk management activities | 18,229 | 8,854 | ||
Other current assets | 420,897 | 480,503 | ||
Intercompany receivables | 0 | 0 | ||
Total current assets | 460,338 | 494,147 | ||
Goodwill | 34,711 | 34,711 | ||
Noncurrent assets from risk management activities | 0 | 0 | ||
Deferred charges and other assets | 541 | 5,329 | ||
Total assets | 548,284 | 585,916 | ||
CAPITALIZATION AND LIABILITIES | ||||
Shareholders' equity | 417,768 | 461,395 | ||
Long-term debt | 0 | 0 | ||
Total capitalization | 417,768 | 461,395 | ||
Current liabilities | ||||
Short-term debt | 0 | 0 | ||
Liabilities from risk management activities | 0 | 0 | ||
Other current liabilities | 102,570 | 99,480 | ||
Intercompany payables | 19,639 | 20,304 | ||
Total current liabilities | 122,209 | 119,784 | ||
Deferred income taxes | (1,525) | (3,030) | ||
Derivative Liability, Noncurrent | 0 | 0 | ||
Regulatory cost of removal obligation | 0 | 0 | ||
Pension and postretirement liabilities | 0 | 0 | ||
Deferred credits and other liabilities | 9,832 | 7,767 | ||
Total shareholders' equity and liabilities | 548,284 | 585,916 | ||
Nonregulated Segment [Member] | Reportable Subsegments [Member] | ||||
Segment Reporting Information Profit Loss [Abstract] | ||||
Revenues | 245,647 | 392,810 | ||
Nonregulated Segment [Member] | Intersubsegment Eliminations [Member] | ||||
Segment Reporting Information Profit Loss [Abstract] | ||||
Revenues | 26,877 | 69,478 | ||
Intersegment Elimination [Member] | ||||
Segment Reporting Information Profit Loss [Abstract] | ||||
Total operating revenues | (99,582) | (133,862) | ||
Purchased gas cost | (99,449) | (133,729) | ||
Gross profit | (133) | (133) | ||
Operating expenses | ||||
Operation and maintenance | (133) | (133) | ||
Depreciation and amortization | 0 | 0 | ||
Taxes, other than income | 0 | 0 | ||
Total operating expenses | (133) | (133) | ||
Operating income | 0 | 0 | ||
Miscellaneous income (expense) | (407) | (426) | ||
Interest charges | (407) | (426) | ||
Income (loss) before income taxes | 0 | 0 | ||
Income tax expense (benefit) | 0 | 0 | ||
Net income (loss) | 0 | 0 | ||
Capital expenditures | 0 | 0 | ||
ASSETS | ||||
Net property, plant and equipment | 0 | 0 | ||
Investment in subsidiaries | (1,020,629) | (1,036,574) | ||
Current assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Assets from risk management activities | 0 | 0 | ||
Other current assets | (264,740) | (338,301) | ||
Intercompany receivables | (943,005) | (887,713) | ||
Total current assets | (1,207,745) | (1,226,014) | ||
Goodwill | 0 | 0 | ||
Noncurrent assets from risk management activities | 0 | 0 | ||
Deferred charges and other assets | 0 | 0 | ||
Total assets | (2,228,374) | (2,262,588) | ||
CAPITALIZATION AND LIABILITIES | ||||
Shareholders' equity | (1,020,629) | (1,038,670) | ||
Long-term debt | 0 | 0 | ||
Total capitalization | (1,020,629) | (1,038,670) | ||
Current liabilities | ||||
Short-term debt | (254,000) | (325,000) | ||
Liabilities from risk management activities | 0 | 0 | ||
Other current liabilities | (10,740) | (11,205) | ||
Intercompany payables | (943,005) | (887,713) | ||
Total current liabilities | (1,207,745) | (1,223,918) | ||
Deferred income taxes | 0 | 0 | ||
Derivative Liability, Noncurrent | 0 | 0 | ||
Regulatory cost of removal obligation | 0 | 0 | ||
Pension and postretirement liabilities | 0 | 0 | ||
Deferred credits and other liabilities | 0 | 0 | ||
Total shareholders' equity and liabilities | (2,228,374) | $ (2,262,588) | ||
Intersegment Elimination [Member] | Reportable Subsegments [Member] | ||||
Segment Reporting Information Profit Loss [Abstract] | ||||
Revenues | 0 | 0 | ||
Intersegment Elimination [Member] | Intersubsegment Eliminations [Member] | ||||
Segment Reporting Information Profit Loss [Abstract] | ||||
Revenues | $ (99,582) | $ (133,862) |
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Earnings Per Share [Abstract] | ||
Net income (loss) | $ 102,861 | $ 97,595 |
Income allocated to participating securities | 172 | 216 |
Income available to common shareholders | $ 102,689 | $ 97,379 |
Basic and diluted net income per share | $ 1.00 | $ 0.96 |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 102,713,000 | 101,581,000 |
Earnings Per Share Diluted Other Disclosures Abstract | ||
Share Repurchase Program - Shares Purchased | 0 | 0 |
Debt (Details) - USD ($) |
3 Months Ended | |||
---|---|---|---|---|
Oct. 15, 2014 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|
Debt Instrument [Line Items] | ||||
Net Proceeds From Issuance Of Debt | $ 494,000,000 | |||
Debt Instrument Carrying Amount | $ 2,460,000,000 | $ 2,460,000,000 | ||
Debt Instrument, Unamortized Discount | 4,526,000 | 4,612,000 | ||
Long-term debt | 2,455,474,000 | 2,455,388,000 | ||
Extinguishment of Debt, Amount | 500,000,000 | |||
Line Of Credit Facility [Line Items] | ||||
Line Of Credit Facility Maximum Borrowing Capacity | 1,300,000,000 | |||
Long Term Debt Other Disclosures [Abstract] | ||||
Commercial Paper | 763,200,000 | 457,900,000 | ||
Debt and Equity Securities Authorized for Issuance | 1,750,000,000.00 | |||
Debt And Equity Securities Available For Issuance | $ 845,000,000 | |||
Required by Covenant [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Ratio of Total Debt to Total Capital | 70.00% | |||
Actual [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Ratio of Total Debt to Total Capital | 51.00% | |||
Regulated Operation [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Line Of Credit Facility Maximum Borrowing Capacity | $ 1,300,000,000 | |||
Unregulated Operation [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 36,200,000 | |||
Minimum [Member] | Required by Covenant [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Excess of Debt | 15,000,000 | |||
Maximum [Member] | Required by Covenant [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Excess of Debt | 100,000,000 | |||
Five Year Unsecured Revolving Credit Agreement [Member] | Regulated Operation [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity with Accordion Feature | 1,500,000,000.0 | |||
Five Year Unsecured Revolving Credit Agreement [Member] | Commercial Paper [Member] | Regulated Operation [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Line Of Credit Facility Maximum Borrowing Capacity | 1,250,000,000 | |||
Five Year Unsecured Revolving Credit Agreement [Member] | Uncommitted Revolving Credit Facility [Member] | Regulated Operation [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Line Of Credit Facility Maximum Borrowing Capacity | 1,250,000,000 | |||
$15 Million Revolving Credit Note [Member] | Unsecured Revolving Credit Note [Member] | Unregulated Operation [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Line Of Credit Facility Maximum Borrowing Capacity | 15,000,000 | |||
$25 Million Bank Loan Agreement [Member] | Unsecured Loan Agreement [Member] | Regulated Operation [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Line Of Credit Facility Maximum Borrowing Capacity | 25,000,000 | |||
$10 Million Revolving Credit Note [Member] | Unsecured Revolving Credit Note [Member] | Regulated Operation [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Line Of Credit Facility Maximum Borrowing Capacity | 10,000,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 4,100,000 | |||
Uncommitted Revolving Credit Facility and Promissory Note (AEH to AEC) [Member] | Uncommitted Revolving Credit Facility [Member] | Regulated Operation [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Line Of Credit Facility Maximum Borrowing Capacity | 500,000,000 | |||
Uncommitted Revolving Credit Facility and Promissory Note (AEC to AEH) [Member] | Uncommitted Revolving Credit Facility [Member] | Unregulated Operation [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Line Of Credit Facility Maximum Borrowing Capacity | $ 500,000,000 | |||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||
$25 Million Uncommitted Facility [Member] | Uncommitted Revolving Credit Facility [Member] | Unregulated Operation [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Line Of Credit Facility Maximum Borrowing Capacity | $ 25,000,000 | |||
Unsecured Senior Notes Due 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Carrying Amount | $ 250,000,000 | $ 250,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.35% | 6.35% | ||
Debt Instrument, Maturity Date | Jun. 15, 2017 | Jun. 15, 2017 | ||
Unsecured Senior Notes Due 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Carrying Amount | $ 450,000,000 | $ 450,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | 8.50% | ||
Debt Instrument, Maturity Date | Mar. 15, 2019 | Mar. 15, 2019 | ||
Unsecured Senior Notes Due 2034 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Carrying Amount | $ 200,000,000 | $ 200,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.95% | 5.95% | ||
Debt Instrument, Maturity Date | Oct. 15, 2034 | Oct. 15, 2034 | ||
Unsecured Senior Notes Due 2041 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Carrying Amount | $ 400,000,000 | $ 400,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | 5.50% | ||
Debt Instrument, Maturity Date | Jun. 15, 2041 | Jun. 15, 2041 | ||
Unsecured Senior Notes Due 2043 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Carrying Amount | $ 500,000,000 | $ 500,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | 4.15% | ||
Debt Instrument, Maturity Date | Jan. 15, 2043 | Jan. 15, 2043 | ||
Unsecured Senior Notes Due 2044 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Carrying Amount | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.125% | 4.125% | 4.125% | |
Debt Instrument, Maturity Date | Oct. 15, 2044 | Oct. 15, 2044 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.086% | |||
Medium Term Notes Due 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Carrying Amount | $ 10,000,000 | $ 10,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.67% | 6.67% | ||
Debt Instrument, Maturity Date | Dec. 15, 2025 | Dec. 15, 2025 | ||
Unsecured Debentures Due 2028 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Carrying Amount | $ 150,000,000 | $ 150,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | 6.75% | ||
Debt Instrument, Maturity Date | Jul. 15, 2028 | Jul. 15, 2028 | ||
Unsecured Senior Notes Due 2014 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Carrying Amount | $ 500,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.95% |
Interim Pension and Other Postretirement Benefits (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Pension Benefits [Member] | ||
Components of net periodic pension cost [Abstract] | ||
Service Cost | $ 4,698 | $ 5,051 |
Interest Cost | 7,095 | 6,699 |
Expected return on assets | (6,881) | (6,436) |
Amortization of transition (asset)/obligation | 0 | 0 |
Amortization of prior service (credit)/cost | (57) | (49) |
Amortization of actuarial (gain) loss | 3,320 | 3,917 |
Net periodic pension cost | $ 8,175 | $ 9,182 |
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost Abstract | ||
Discount Rate | 4.55% | 4.43% |
Rate of compensation increase | 3.50% | 3.50% |
Expected return on plan assets | 7.00% | 7.25% |
Other Benefits [Member] | ||
Components of net periodic pension cost [Abstract] | ||
Service Cost | $ 2,706 | $ 3,896 |
Interest Cost | 3,106 | 3,596 |
Expected return on assets | (1,566) | (1,608) |
Amortization of transition (asset)/obligation | 21 | 68 |
Amortization of prior service (credit)/cost | (411) | (411) |
Amortization of actuarial (gain) loss | (542) | 0 |
Net periodic pension cost | $ 3,314 | $ 5,541 |
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost Abstract | ||
Discount Rate | 4.55% | 4.43% |
Expected return on plan assets | 4.45% | 4.60% |
Current Year Benefit Plan Contributions [Abstract] | ||
Contributions Actual | $ 5,500 | |
Other Benefits [Member] | Minimum [Member] | ||
Current Year Benefit Plan Contributions [Abstract] | ||
Defined Benefit Plan, Expected Contributions in Current Fiscal Year | 15,000 | |
Other Benefits [Member] | Maximum [Member] | ||
Current Year Benefit Plan Contributions [Abstract] | ||
Defined Benefit Plan, Expected Contributions in Current Fiscal Year | $ 25,000 |
Financial Instruments Descriptions (Details) $ in Millions |
3 Months Ended | |
---|---|---|
Dec. 31, 2015
USD ($)
MMcf
|
Dec. 31, 2014
USD ($)
|
|
General Discussion Of Derivative Instruments And Hedging Activities [Abstract] | ||
Minimum Hedge Percentage Of Anticipated Heating Season Gas | 25.00% | |
Maximum Hedge Percentage Of Anticipated Heating Season Gas | 50.00% | |
Hedge Percentage Of Anticipated Heating Season Gas | 33.00% | |
Hedge Volume Of Anticipated Heating Season Gas | MMcf | 23,000 | |
Minimum Length Of Time Hedged In Cash Flow Hedge | 1 month | |
Maximum Length Of Time Hedged In Cash Flow Hedge | 58 months | |
Accumulated Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Interest Rate Agreements, Realized Gain (Loss), Net of Tax | $ (18.6) | |
Gain (Loss) On Hedge Ineffectiveness | $ 7.9 | $ (2.2) |
Regulated Segments Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate | 37.00% | 37.00% |
Nonregulated Segment Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate | 39.00% | 39.00% |
Gain (Loss) On Derivative Instruments Not Designated Hedges Net Pretax | $ (2.2) | $ 0.9 |
Interest Rate Hedges, Senior Notes 2017 Issuance [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Interest Rate Cash Flow Hedge Derivatives | 250.0 | |
Anticipated Debt Issuance, Amount | $ 250.0 | |
Derivative, Average Forward Interest Rate | 3.37% | |
Interest Rate Hedges, Senior Notes 2019 Issuance [Member] | ||
Derivative [Line Items] | ||
Notional Amount of Interest Rate Cash Flow Hedge Derivatives | $ 450.0 | |
Anticipated Debt Issuance, Amount | $ 450.0 | |
Derivative, Average Forward Interest Rate | 3.78% |
Financial Instruments Commodity Contract Volume (Details) |
Dec. 31, 2015
MMcf
|
---|---|
Regulated Distribution Segment [Member] | |
Commodity Contract Outstanding Volumes [Line Items] | |
Investment Contract Volume | 11,792 |
Regulated Distribution Segment [Member] | Nondesignated [Member] | |
Commodity Contract Outstanding Volumes [Line Items] | |
Investment Contract Volume | 11,792 |
Regulated Distribution Segment [Member] | Fair Value Hedging [Member] | |
Commodity Contract Outstanding Volumes [Line Items] | |
Investment Contract Volume | 0 |
Regulated Distribution Segment [Member] | Cash Flow Hedging [Member] | |
Commodity Contract Outstanding Volumes [Line Items] | |
Investment Contract Volume | 0 |
Nonregulated Segment [Member] | |
Commodity Contract Outstanding Volumes [Line Items] | |
Investment Contract Volume | 91,440 |
Nonregulated Segment [Member] | Nondesignated [Member] | |
Commodity Contract Outstanding Volumes [Line Items] | |
Investment Contract Volume | 51,663 |
Nonregulated Segment [Member] | Fair Value Hedging [Member] | |
Commodity Contract Outstanding Volumes [Line Items] | |
Investment Contract Volume | (23,528) |
Nonregulated Segment [Member] | Cash Flow Hedging [Member] | |
Commodity Contract Outstanding Volumes [Line Items] | |
Investment Contract Volume | 63,305 |
Financial Instruments Balance Sheet Location (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Sep. 30, 2015 |
---|---|---|
Derivatives Fair Value [Line Items] | ||
Derivative, Collateral, Right to Reclaim Cash | $ 18,200 | $ 8,900 |
Derivative Asset | 19,041 | 9,600 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 21,000 | 34,600 |
Derivative Liability | (110,075) | (120,107) |
Regulated Distribution Segment [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 812 | 746 |
Derivative Asset, Contract Netting | 0 | 0 |
Derivative Asset, Net of Contract Netting | 812 | 746 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Asset | 812 | 746 |
Derivative Liability, Fair Value, Gross Liability | (110,075) | (120,107) |
Derivative Liability, Contract Netting | 0 | 0 |
Derivative Liability, Net of Contract Netting | (110,075) | (120,107) |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 |
Derivative Liability | (110,075) | (120,107) |
Nonregulated Segment [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 84,493 | 91,363 |
Derivative Asset, Contract Netting | (84,493) | (91,363) |
Derivative Asset, Net of Contract Netting | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | 18,229 | 8,854 |
Derivative Asset | 18,229 | 8,854 |
Derivative Liability, Fair Value, Gross Liability | (105,512) | (125,983) |
Derivative Liability, Contract Netting | 84,493 | 91,363 |
Derivative Liability, Net of Contract Netting | (21,019) | (34,620) |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 21,019 | 34,620 |
Derivative Liability | 0 | 0 |
Designated As Hedging Instrument [Member] | Regulated Distribution Segment [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | (103,142) | (110,539) |
Designated As Hedging Instrument [Member] | Regulated Distribution Segment [Member] | Other Current Assets [Member] | Commodity Contract [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Designated As Hedging Instrument [Member] | Regulated Distribution Segment [Member] | Deferred Charges And Other Assets [Member] | Interest Rate Contract [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Designated As Hedging Instrument [Member] | Regulated Distribution Segment [Member] | Deferred Charges And Other Assets [Member] | Commodity Contract [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Designated As Hedging Instrument [Member] | Regulated Distribution Segment [Member] | Other Current Liabilities [Member] | Commodity Contract [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Designated As Hedging Instrument [Member] | Regulated Distribution Segment [Member] | Deferred Credits And Other Liabilities [Member] | Interest Rate Contract [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (103,142) | (110,539) |
Designated As Hedging Instrument [Member] | Regulated Distribution Segment [Member] | Deferred Credits And Other Liabilities [Member] | Commodity Contract [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Designated As Hedging Instrument [Member] | Nonregulated Segment [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 25,136 | 11,806 |
Derivative Liability, Fair Value, Gross Liability | (47,096) | (45,985) |
Designated As Hedging Instrument [Member] | Nonregulated Segment [Member] | Other Current Assets [Member] | Commodity Contract [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 24,704 | 11,680 |
Designated As Hedging Instrument [Member] | Nonregulated Segment [Member] | Deferred Charges And Other Assets [Member] | Interest Rate Contract [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Designated As Hedging Instrument [Member] | Nonregulated Segment [Member] | Deferred Charges And Other Assets [Member] | Commodity Contract [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 432 | 126 |
Designated As Hedging Instrument [Member] | Nonregulated Segment [Member] | Other Current Liabilities [Member] | Commodity Contract [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (38,275) | (36,067) |
Designated As Hedging Instrument [Member] | Nonregulated Segment [Member] | Deferred Credits And Other Liabilities [Member] | Interest Rate Contract [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Designated As Hedging Instrument [Member] | Nonregulated Segment [Member] | Deferred Credits And Other Liabilities [Member] | Commodity Contract [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (8,821) | (9,918) |
Nondesignated [Member] | Regulated Distribution Segment [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 812 | 746 |
Derivative Liability, Fair Value, Gross Liability | (6,933) | (9,568) |
Nondesignated [Member] | Regulated Distribution Segment [Member] | Other Current Assets [Member] | Commodity Contract [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 716 | 378 |
Nondesignated [Member] | Regulated Distribution Segment [Member] | Deferred Charges And Other Assets [Member] | Commodity Contract [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 96 | 368 |
Nondesignated [Member] | Regulated Distribution Segment [Member] | Other Current Liabilities [Member] | Commodity Contract [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (6,738) | (9,568) |
Nondesignated [Member] | Regulated Distribution Segment [Member] | Deferred Credits And Other Liabilities [Member] | Commodity Contract [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (195) | 0 |
Nondesignated [Member] | Nonregulated Segment [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 59,357 | 79,557 |
Derivative Liability, Fair Value, Gross Liability | (58,416) | (79,998) |
Nondesignated [Member] | Nonregulated Segment [Member] | Other Current Assets [Member] | Commodity Contract [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 41,780 | 65,239 |
Nondesignated [Member] | Nonregulated Segment [Member] | Deferred Charges And Other Assets [Member] | Commodity Contract [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 17,577 | 14,318 |
Nondesignated [Member] | Nonregulated Segment [Member] | Other Current Liabilities [Member] | Commodity Contract [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (42,232) | (65,780) |
Nondesignated [Member] | Nonregulated Segment [Member] | Deferred Credits And Other Liabilities [Member] | Commodity Contract [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ (16,184) | $ (14,218) |
Financial Instruments Fair Value Hedges and Cash Flow Hedges (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Effect of Fair Value Hedges on Results of Operations [Abstract] | ||
Commodity contracts | $ 5,744 | $ 15,090 |
Fair value adjustment for natural gas inventory designated as the hedged item | 2,161 | (16,782) |
Total (increase) decrease to purchased gas cost | 7,905 | (1,692) |
Basis ineffectiveness | (1,289) | (986) |
Timing ineffectiveness | (6,616) | 2,678 |
Cash Flow Hedge [Line Items] | ||
Gain (loss) reclassified from AOCI into purchased gas cost for effective portion of commodity contracts | (22,965) | 344 |
Gain (loss) arising from ineffective portion of commodity contracts | (43) | (490) |
Total impact on purchased gas cost | (23,008) | (146) |
Loss on settled Treasury Lock agreements reclassified from AOCI into interest expense | (137) | (444) |
Total Impact from Cash Flow Hedges | (23,145) | (590) |
Regulated Distribution Segment [Member] | ||
Cash Flow Hedge [Line Items] | ||
Gain (loss) reclassified from AOCI into purchased gas cost for effective portion of commodity contracts | 0 | 0 |
Gain (loss) arising from ineffective portion of commodity contracts | 0 | 0 |
Total impact on purchased gas cost | 0 | 0 |
Loss on settled Treasury Lock agreements reclassified from AOCI into interest expense | (137) | (444) |
Total Impact from Cash Flow Hedges | (137) | (444) |
Nonregulated Segment [Member] | ||
Cash Flow Hedge [Line Items] | ||
Gain (loss) reclassified from AOCI into purchased gas cost for effective portion of commodity contracts | (22,965) | 344 |
Gain (loss) arising from ineffective portion of commodity contracts | (43) | (490) |
Total impact on purchased gas cost | (23,008) | (146) |
Loss on settled Treasury Lock agreements reclassified from AOCI into interest expense | 0 | 0 |
Total Impact from Cash Flow Hedges | $ (23,008) | $ (146) |
Financial Instruments Other Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Interest rate agreements fair value | $ 4,696 | $ (52,069) |
Forward commodity contracts fair value | (11,656) | (28,742) |
Interest rate agreements | 87 | 282 |
Forward commodity contracts | 14,009 | (210) |
Total other comprehensive income (loss) from hedging, net of tax | 7,136 | $ (80,739) |
Expected Earnings [Line Items] | ||
Interest Rate Agreement Gain (Loss) Reclassified To Earnings | (18,564) | |
Commodity Contract Gain (Loss) Reclassified To Earnings | (23,084) | |
Total Hedge Gain (Loss) Reclassified To Earnings | (41,648) | |
Next Twelve Months [Member] | ||
Expected Earnings [Line Items] | ||
Interest Rate Agreement Gain (Loss) Reclassified To Earnings | (347) | |
Commodity Contract Gain (Loss) Reclassified To Earnings | (17,979) | |
Total Hedge Gain (Loss) Reclassified To Earnings | (18,326) | |
Thereafter [Member] | ||
Expected Earnings [Line Items] | ||
Interest Rate Agreement Gain (Loss) Reclassified To Earnings | (18,217) | |
Commodity Contract Gain (Loss) Reclassified To Earnings | (5,105) | |
Total Hedge Gain (Loss) Reclassified To Earnings | $ (23,322) |
Accumulated Other Comprehensive Income Components (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Shareholders' equity, beginning balance | $ 3,194,797 | |
Shareholders' equity, ending balance | 3,272,109 | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Shareholders' equity, beginning balance | 4,949 | $ 7,662 |
Other comprehensive income (loss) before reclassifications | (768) | (1,063) |
Amounts reclassified from accumulated other comprehensive income | 0 | (4) |
Net current-period other comprehensive income (loss) | (768) | (1,067) |
Shareholders' equity, ending balance | 4,181 | 6,595 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Interest Rate Contract [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Shareholders' equity, beginning balance | (88,842) | (18,381) |
Other comprehensive income (loss) before reclassifications | 4,696 | (52,069) |
Amounts reclassified from accumulated other comprehensive income | 87 | 282 |
Net current-period other comprehensive income (loss) | 4,783 | (51,787) |
Shareholders' equity, ending balance | (84,059) | (70,168) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Commodity Contract [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Shareholders' equity, beginning balance | (25,437) | (1,674) |
Other comprehensive income (loss) before reclassifications | (11,656) | (28,742) |
Amounts reclassified from accumulated other comprehensive income | 14,009 | (210) |
Net current-period other comprehensive income (loss) | 2,353 | (28,952) |
Shareholders' equity, ending balance | (23,084) | (30,626) |
AOCI Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Shareholders' equity, beginning balance | (109,330) | (12,393) |
Other comprehensive income (loss) before reclassifications | (7,728) | (81,874) |
Amounts reclassified from accumulated other comprehensive income | 14,096 | 68 |
Net current-period other comprehensive income (loss) | 6,368 | (81,806) |
Shareholders' equity, ending balance | $ (102,962) | $ (94,199) |
Accumulated Other Comprehensive Income Affected Line Item in the Statement of Income (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Operation and maintenance | $ (124,848) | $ (118,582) |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 164,513 | 156,254 |
Income Tax Expense | (61,652) | (58,659) |
Interest charges | (30,483) | (29,764) |
Purchased gas cost | (462,458) | (835,480) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income (loss) from continuing operations | (14,096) | (68) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Operation and maintenance | 6 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 6 | |
Income Tax Expense | (2) | |
Income (loss) from continuing operations | 4 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | (23,102) | (100) |
Income Tax Expense | 9,006 | 28 |
Income (loss) from continuing operations | (72) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Commodity Contract [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Purchased gas cost | (22,965) | 344 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Interest Rate Contract [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest charges | $ (137) | $ (444) |
Fair Value Measurements (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Sep. 30, 2015 |
---|---|---|
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | $ (66,264) | $ (82,509) |
Derivative Asset | 19,041 | 9,600 |
Hedged portion of gas stored underground | 53,347 | 43,901 |
Available-for-sale Securities | 75,179 | 74,200 |
Total assets | 147,567 | 127,701 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (105,512) | (125,983) |
Derivative Liability | 110,075 | 120,107 |
Additional Fair Value Elements [Abstract] | ||
Derivative, Cash Collateral | 39,200 | 43,500 |
Cash Held In Margin Accounts Classified Current Risk Management Asset | 18,200 | 8,900 |
Cash Held In Margin Accounts Offset Current Risk Management Liabilities | 21,000 | 34,600 |
Debt Instrument Carrying Amount | 2,460,000 | 2,460,000 |
Debt Instrument Fair Value | 2,666,801 | 2,669,323 |
Money Market Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 72 | 1,072 |
Equity Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 41,978 | 40,619 |
Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 33,129 | 32,509 |
Regulated Distribution Segment [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 0 | 0 |
Derivative Asset | 812 | 746 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 0 | 0 |
Derivative Liability | 110,075 | 120,107 |
Additional Fair Value Elements [Abstract] | ||
Cash Held In Margin Accounts Classified Current Risk Management Asset | 0 | 0 |
Cash Held In Margin Accounts Offset Current Risk Management Liabilities | 0 | 0 |
Nonregulated Segment [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (66,264) | (82,509) |
Derivative Asset | 18,229 | 8,854 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (105,512) | (125,983) |
Derivative Liability | 0 | 0 |
Additional Fair Value Elements [Abstract] | ||
Cash Held In Margin Accounts Classified Current Risk Management Asset | 18,229 | 8,854 |
Cash Held In Margin Accounts Offset Current Risk Management Liabilities | 21,019 | 34,620 |
Fair Value Inputs Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | 0 |
Hedged portion of gas stored underground | 53,347 | 43,901 |
Available-for-sale Securities | 41,978 | 40,619 |
Total assets | 95,325 | 84,520 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 0 |
Fair Value Inputs Level 1 [Member] | Money Market Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value Inputs Level 1 [Member] | Equity Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 41,978 | 40,619 |
Fair Value Inputs Level 1 [Member] | Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value Inputs Level 1 [Member] | Regulated Distribution Segment [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 0 |
Fair Value Inputs Level 1 [Member] | Nonregulated Segment [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 0 |
Fair Value Inputs Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 85,305 | 92,109 |
Hedged portion of gas stored underground | 0 | 0 |
Available-for-sale Securities | 33,201 | 33,581 |
Total assets | 118,506 | 125,690 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 215,587 | 246,090 |
Fair Value Inputs Level 2 [Member] | Money Market Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 72 | 1,072 |
Fair Value Inputs Level 2 [Member] | Equity Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value Inputs Level 2 [Member] | Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 33,129 | 32,509 |
Fair Value Inputs Level 2 [Member] | Regulated Distribution Segment [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 812 | 746 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 110,075 | 120,107 |
Fair Value Inputs Level 2 [Member] | Nonregulated Segment [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 84,493 | 91,363 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 105,512 | 125,983 |
Fair Value Inputs Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | 0 |
Hedged portion of gas stored underground | 0 | 0 |
Available-for-sale Securities | 0 | 0 |
Total assets | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 0 |
Fair Value Inputs Level 3 [Member] | Money Market Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value Inputs Level 3 [Member] | Equity Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value Inputs Level 3 [Member] | Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Fair Value Inputs Level 3 [Member] | Regulated Distribution Segment [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 0 |
Fair Value Inputs Level 3 [Member] | Nonregulated Segment [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | $ 0 | $ 0 |
Fair Value Measurements Available-For-Sale Securities (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Sep. 30, 2015 |
---|---|---|
Schedule Of Available For Sale Securities [Line Items] | ||
Available For Sale Securities Amortized Cost | $ 68,621 | $ 66,399 |
Gross Unrealized Gain | 7,751 | 8,343 |
Gross Unrealized Loss | (1,193) | (542) |
Fair value | 75,179 | 74,200 |
Available-for-sale Securities, Other Disclosure Items [Abstract] | ||
Available-for-sale Securities, Supplemental Executive Benefit Plans | 42,100 | 41,700 |
Equity Funds Domestic [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available For Sale Securities Amortized Cost | 30,054 | 27,643 |
Gross Unrealized Gain | 6,843 | 7,332 |
Gross Unrealized Loss | (1,133) | (456) |
Fair value | 35,764 | 34,519 |
Equity Funds Foreign [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available For Sale Securities Amortized Cost | 5,346 | 5,261 |
Gross Unrealized Gain | 868 | 905 |
Gross Unrealized Loss | 0 | (66) |
Fair value | 6,214 | 6,100 |
Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available For Sale Securities Amortized Cost | 33,149 | 32,423 |
Gross Unrealized Gain | 40 | 106 |
Gross Unrealized Loss | (60) | (20) |
Fair value | 33,129 | 32,509 |
Money Market Funds [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available For Sale Securities Amortized Cost | 72 | 1,072 |
Gross Unrealized Gain | 0 | 0 |
Gross Unrealized Loss | 0 | 0 |
Fair value | $ 72 | $ 1,072 |
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