Page | ||
Part I | ||
Item 1. | ||
Item 1A. | ||
Item 1B. | ||
Item 2. | ||
Item 3. | ||
Item 4. | Mine Safety Disclosures | |
Part II | ||
Item 5. | ||
Item 6. | ||
Item 7. | ||
Item 7A. | ||
Item 8. | ||
Item 9. | ||
Item 9A. | ||
Item 9B. | ||
Part III | ||
Item 10. | ||
Item 11. | ||
Item 12. | ||
Item 13. | ||
Item 14. | ||
Part IV | ||
Item 15. |
AEC | Atmos Energy Corporation |
AEH | Atmos Energy Holdings, Inc. |
AEM | Atmos Energy Marketing, LLC |
AOCI | Accumulated Other Comprehensive Income |
APS | Atmos Pipeline and Storage, LLC |
ATO | Trading symbol for Atmos Energy Corporation common stock on the New York Stock Exchange |
Bcf | Billion cubic feet |
CFTC | Commodity Futures Trading Commission |
COSO | Committee of Sponsoring Organizations of the Treadway Commission |
ERISA | Employee Retirement Income Security Act of 1974 |
FASB | Financial Accounting Standards Board |
FERC | Federal Energy Regulatory Commission |
Fitch | Fitch Ratings, Ltd. |
GAAP | Generally Accepted Accounting Principles |
GRIP | Gas Reliability Infrastructure Program |
GSRS | Gas System Reliability Surcharge |
KPSC | Kentucky Public Service Commission |
LTIP | 1998 Long-Term Incentive Plan |
Mcf | Thousand cubic feet |
MDWQ | Maximum daily withdrawal quantity |
Mid-Tex Cities | Represents all incorporated cities other than Dallas, or approximately 80 percent of the Mid-Tex Division’s customers, with whom a settlement agreement was reached during the fiscal 2008 second quarter. |
MMcf | Million cubic feet |
Moody’s | Moody’s Investor Service, Inc. |
NYMEX | New York Mercantile Exchange, Inc. |
NYSE | New York Stock Exchange |
PAP | Pension Account Plan |
PPA | Pension Protection Act of 2006 |
RRC | Railroad Commission of Texas |
RRM | Rate Review Mechanism |
RSC | Rate Stabilization Clause |
S&P | Standard & Poor’s Corporation |
SEC | United States Securities and Exchange Commission |
SRF | Stable Rate Filing |
WNA | Weather Normalization Adjustment |
ITEM 1. | Business. |
• | operating our business exceptionally well |
• | investing in our people and infrastructure |
• | enhancing our culture. |
• | The regulated distribution segment, which includes our regulated distribution and related sales operations |
• | The regulated pipeline segment, which includes the 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. |
Division | Service Areas | Communities Served | Customer Meters | |||
Mid-Tex | Texas, including the Dallas/Fort Worth Metroplex | 550 | 1,649,291 | |||
Kentucky/Mid-States | Kentucky | 230 | 179,717 | |||
Tennessee | 143,942 | |||||
Virginia | 23,820 | |||||
Louisiana | Louisiana | 280 | 358,972 | |||
West Texas | Amarillo, Lubbock, Midland | 80 | 308,988 | |||
Mississippi | Mississippi | 110 | 269,750 | |||
Colorado-Kansas | Colorado | 170 | 117,017 | |||
Kansas | 134,012 |
• | Formula rate mechanisms in place in four states that provide for an annual rate review and adjustment to rates. |
• | Infrastructure programs in place in the majority of our states that provide for an annual rate adjustment to rates for qualifying capital expenditures. Through our annual formula rate mechanisms and infrastructure programs, we have the ability to recover over 90 percent of our capital expenditures within six months. |
• | Authorization in tariffs, statute or commission rules that allows us to defer certain elements of our cost of service until they are included in rates, such as depreciation, ad valorem taxes and pension costs. |
• | WNA mechanisms in seven states that serve to minimize the effects of weather on approximately 97 percent of our distribution gross margin. |
• | The ability to recover the gas cost portion of bad debts in five states. |
Division | Jurisdiction | Effective Date of Last Rate/GRIP Action | Rate Base (thousands)(1) | Authorized Rate of Return(1) | Authorized Debt/ Equity Ratio | Authorized Return on Equity(1) | |||||
Atmos Pipeline — Texas | Texas | 05/01/2011 | $807,733 | 9.36% | 50/50 | 11.80% | |||||
Atmos Pipeline — Texas — GRIP | Texas | 05/03/2016 | 722,700(2) | 9.36% | N/A | 11.80% | |||||
Colorado-Kansas | Colorado | 01/01/2016 | 129,094 | 7.82% | 48/52 | 9.60% | |||||
Colorado SSIR | 01/01/2016 | 9,478 | 7.82% | 48/52 | 9.60% | ||||||
Kansas | 03/17/2016 | 200,564 | (4) | (4) | (4) | ||||||
Kentucky/Mid-States | Kentucky | 08/15/2016 | 335,833 | (4) | (4) | (4) | |||||
Tennessee | 06/01/2016 | 274,595 | 7.72% | 47/53 | 9.80% | ||||||
Virginia | 04/01/2016 | 49,132 | (4) | (4) | 9.00% - 10.00% | ||||||
Louisiana | Trans La | 04/01/2016 | 138,692 | 7.79% | 46/54 | 9.80% | |||||
LGS | 07/01/2016 | 350,837 | 7.73% | 46/54 | 9.80% | ||||||
Mid-Tex Cities | Texas | 06/01/2016 | 2,130,568(3) | 8.43% | 45/55 | 10.50% | |||||
Mid-Tex — Dallas | Texas | 06/01/2016 | 2,076,415(3) | 8.28% | 43/57 | 10.10% | |||||
Mississippi | Mississippi | 12/21/2015 | 357,646 | 7.94% | 47/53 | 9.88% | |||||
Mississippi - SGR | 12/03/2015 | 3,475 | 9.37% | 47/53 | 12.00% | ||||||
West Texas(5) | Texas | 03/15/2016 | (4) | (4) | (4) | 10.50% | |||||
Texas-GRIP | 05/03/2016 | 419,976 | 8.57% | 48/52 | 10.50% |
Division | Jurisdiction | Bad Debt Rider(6) | Formula Rate | Infrastructure Mechanism | Performance Based Rate Program(7) | WNA Period | |||||
Atmos Pipeline — Texas | Texas | No | Yes | Yes | N/A | N/A | |||||
Colorado-Kansas | Colorado | No | No | Yes | No | N/A | |||||
Kansas | Yes | No | Yes | No | October-May | ||||||
Kentucky/Mid-States | Kentucky | Yes | No | Yes | Yes | November-April | |||||
Tennessee | Yes | Yes | No | Yes | October-April | ||||||
Virginia | Yes | No | Yes | No | January-December | ||||||
Louisiana | Trans La | No | Yes | Yes | No | December-March | |||||
LGS | No | Yes | Yes | No | December-March | ||||||
Mid-Tex Cities | Texas | Yes | Yes | Yes | No | November-April | |||||
Mid-Tex — Dallas | Texas | Yes | Yes | Yes | No | November-April | |||||
Mississippi | Mississippi | No | Yes | Yes | Yes | November-April | |||||
West Texas(5) | Texas | Yes | Yes | Yes | No | October-May |
(1) | The rate base, authorized rate of return and authorized return on equity presented in this table are those from the most recent regulatory filing for each jurisdiction. These rate bases, rates of return and returns on equity are not necessarily indicative of current or future rate bases, rates of return or returns on equity. |
(2) | This APT rate base represents the incremental rate base approved through annual GRIP filings since APT's last rate case in 2011. |
(3) | The Mid-Tex Rate Base amounts for the Mid-Tex Cities and Dallas areas represent “system-wide”, or 100 percent, of the Mid-Tex Division’s rate base. |
(4) | A rate base, rate of return, return on equity or debt/equity ratio was not included in the respective state commission’s final decision. |
(5) | On April 1, 2014, a rate case settlement approved by the West Texas Cities reestablished an annual rate mechanism for all West Texas Division cities except Amarillo, Channing, Dalhart and Lubbock. |
(6) | The bad debt rider allows us to recover from ratepayers the gas cost portion of uncollectible accounts. |
(7) | The performance-based rate program provides incentives to distribution companies to minimize purchased gas costs by allowing the companies and its customers to share the purchased gas costs savings. |
Annual Increase to Operating Income For the Fiscal Year Ended September 30 | ||||||||||||
Rate Action | 2016 | 2015 | 2014 | |||||||||
(In thousands) | ||||||||||||
Annual formula rate mechanisms | $ | 114,974 | $ | 113,706 | $ | 71,749 | ||||||
Rate case filings | 7,716 | 711 | 21,819 | |||||||||
Other ratemaking activity | (183 | ) | 78 | (226 | ) | |||||||
$ | 122,507 | $ | 114,495 | $ | 93,342 |
Division | Rate Action | Jurisdiction | Operating Income Requested | ||
(In thousands) | |||||
Kentucky/Mid-States | SAVE(1) | Virginia | $ | (181 | ) |
PRP(1) | Kentucky | 4,938 | |||
ARM(2) True-Up | Tennessee | 5,514 | |||
Mississippi | SIR(1) | Mississippi | 3,334 | ||
SGR(3) | Mississippi | 1,292 | |||
$ | 14,897 |
(1) | The Steps to Advance Virginia Energy (SAVE) Plan, the Pipeline Replacement Program (PRP) and the System Integrity Rider (SIR) surcharges relate to long-term programs to replace aging infrastructure. |
(2) | The Annual Rate Mechanism (ARM) is a formula rate mechanism that refreshes the Company's rates on an annual basis. |
(3) | 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. |
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 Reliability Infrastructure Program (GRIP), (1) | Dallas Annual Rate Review (DARR), Rate Review Mechanism (RRM) | ||
Virginia | Steps to Advance Virginia Energy (SAVE) | — |
(1) | 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 (Texas only), until the next rate proceeding (rate case or annual rate filing), at which time investment and costs would be recoverable through base rates. |
Division | Jurisdiction | Test Year Ended | Increase (Decrease) in Annual Operating Income | Effective Date | ||||||
(In thousands) | ||||||||||
2016 Filings: | ||||||||||
Louisiana | LGS(1) | 12/2015 | $ | 8,686 | 07/01/2016 | |||||
Kentucky/Mid-States | Tennessee | 05/2017 | 4,888 | 06/01/2016 | ||||||
Mid-Tex | Mid-Tex Cities RRM | 12/2015 | 25,816 | 06/01/2016 | ||||||
Mid-Tex | Mid-Tex DARR | 09/2015 | 5,429 | 06/01/2016 | ||||||
Mid-Tex | Mid-Tex Environs | 12/2015 | 1,325 | 05/03/2016 | ||||||
Atmos Pipeline — Texas | Texas | 12/2015 | 40,658 | 05/03/2016 | ||||||
West Texas | West Texas Environs | 12/2015 | 646 | 05/03/2016 | ||||||
West Texas | West Texas ALDC | 12/2015 | 3,484 | 04/26/2016 | ||||||
Louisiana | Trans La(1) | 09/2015 | 6,216 | 04/01/2016 | ||||||
Colorado-Kansas | Colorado | 12/2016 | 764 | 01/01/2016 | ||||||
Mississippi | Mississippi-SRF(2) | 10/2016 | 9,192 | 01/01/2016 | ||||||
Mississippi | Mississippi-SGR | 10/2016 | 250 | 12/01/2015 | ||||||
Kentucky/Mid-States | Kentucky-PRP | 09/2016 | 3,786 | 10/01/2015 | ||||||
Kentucky/Mid-States | Virginia-SAVE | 09/2016 | 118 | 10/01/2015 | ||||||
West Texas | West Texas Cities | 09/2015 | 3,716 | 10/01/2015 | ||||||
Total 2016 Filings | $ | 114,974 | ||||||||
2015 Filings: | ||||||||||
Louisiana | LGS | 12/2014 | $ | 1,321 | 07/01/2015 | |||||
West Texas | Environs | 12/2014 | 697 | 06/12/2015 | ||||||
Mid-Tex | Environs | 12/2014 | 1,158 | 06/01/2015 | ||||||
Mid-Tex | Mid-Tex Cities | 12/2014 | 16,801 | 06/01/2015 | ||||||
Mid-Tex | Dallas | 09/2014 | 4,420 | 06/01/2015 | ||||||
West Texas | Cities | 12/2014 | 4,593 | 05/01/2015 | ||||||
Atmos Pipeline — Texas | Texas | 12/2014 | 37,248 | 04/08/2015 | ||||||
Louisiana | Trans La | 09/2014 | (286 | ) | 04/01/2015 | |||||
West Texas | West Texas Cities | 09/2014 | 4,300 | 03/15/2015 | ||||||
Colorado-Kansas | Kansas | 09/2014 | 301 | 02/01/2015 | ||||||
Mississippi | Mississippi-SRF | 10/2015 | 4,441 | 02/01/2015 | ||||||
Mississippi | Mississippi-SGR | 10/2015 | 782 | 11/01/2014 | ||||||
Kentucky/Mid-States | Kentucky | 09/2015 | 4,382 | 10/10/2014 | ||||||
Kentucky/Mid-States | Virginia | 09/2015 | 133 | 10/01/2014 | ||||||
Mid-Tex | Mid-Tex Cities | 12/2013 | 33,415 | 06/01/2014 | ||||||
Total 2015 Filings | $ | 113,706 | ||||||||
2014 Filings: | ||||||||||
Louisiana | LGS | 12/2013 | $ | 1,383 | 07/01/2014 | |||||
West Texas | West Texas | 12/2013 | 858 | 06/17/2014 | ||||||
Mid-Tex | City of Dallas | 09/2013 | 5,638 | 06/01/2014 | ||||||
Mid-Tex | Environs | 12/2013 | 881 | 05/22/2014 | ||||||
Atmos Pipeline — Texas | Texas | 12/2013 | 45,589 | 05/06/2014 | ||||||
Louisiana | Trans La | 09/2013 | 550 | 04/01/2014 | ||||||
Colorado-Kansas | Kansas | 09/2013 | 882 | 02/01/2014 | ||||||
Mid-Tex | Mid-Tex Cities | 12/2012 | 12,497 | 11/01/2013 | ||||||
Kentucky/Mid-States | Kentucky | 09/2014 | 2,493 | 10/01/2013 |
Kentucky/Mid-States | Virginia | 09/2014 | 210 | 10/01/2013 | ||||||
Mid-Tex | Environs | 12/2012 | 768 | 10/01/2013 | ||||||
Total 2014 Filings | $ | 71,749 |
(1) | On April 1 and July 1, 2016, RSC rates, subject to refund, were implemented in our two Louisiana jurisdictions. |
(2) | 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. |
Division | State | Increase in Annual Operating Income | Effective Date | |||||
(In thousands) | ||||||||
2016 Rate Case Filings: | ||||||||
Kentucky/Mid-States | Kentucky | $ | 2,723 | 08/15/2016 | ||||
Kentucky/Mid-States | Virginia(1) | 537 | 04/01/2016 | |||||
Colorado-Kansas | Kansas | 2,372 | 03/17/2016 | |||||
Colorado-Kansas | Colorado | 2,084 | 01/01/2016 | |||||
Total 2016 Rate Case Filings | $ | 7,716 | ||||||
2015 Rate Case Filings: | ||||||||
Kentucky/Mid-States | Tennessee | $ | 711 | 06/01/2015 | ||||
Total 2015 Rate Case Filings | $ | 711 | ||||||
2014 Rate Case Filings: | ||||||||
Kentucky/Mid-States | Virginia | $ | 976 | 09/09/2014 | ||||
Colorado-Kansas | Kansas | 2,571 | 09/04/2014 | |||||
Colorado-Kansas | Colorado | 2,400 | 08/26/2014 | |||||
Kentucky/Mid-States | Kentucky | 5,823 | 04/22/2014 | |||||
West Texas | Texas | 8,440 | 04/01/2014 | |||||
Colorado-Kansas | Colorado | 1,609 | 03/01/2014 | |||||
Total 2014 Rate Case Filings | $ | 21,819 |
(1) | On April 1, 2016, interim rates, subject to refund, were implemented in Virginia. |
Division | Jurisdiction | Rate Activity | Increase in Annual Operating Income | Effective Date | ||||||
(In thousands) | ||||||||||
2016 Other Rate Activity: | ||||||||||
Colorado-Kansas | Kansas | Ad-Valorem(1) | $ | (183 | ) | 02/01/2016 | ||||
Total 2016 Other Rate Activity | $ | (183 | ) | |||||||
2015 Other Rate Activity: | ||||||||||
Colorado-Kansas | Kansas | Ad Valorem(1) | $ | 78 | 02/01/2015 | |||||
Total 2015 Other Rate Activity | $ | 78 | ||||||||
2014 Other Rate Activity: | ||||||||||
Colorado-Kansas | Kansas | Ad Valorem(1) | $ | (226 | ) | 02/01/2014 | ||||
Total 2014 Other Rate Activity | $ | (226 | ) |
(1) | The Ad Valorem filing relates to property taxes that are either over or uncollected compared to the amount included in our Kansas service area’s base rates. |
ITEM 1A. | Risk Factors. |
ITEM 1B. | Unresolved Staff Comments. |
ITEM 2. | Properties. |
State | Usable Capacity (Mcf) | Cushion Gas (Mcf)(1) | Total Capacity (Mcf) | Maximum Daily Delivery Capability (Mcf) | ||||||||
Regulated Distribution Segment | ||||||||||||
Kentucky | 4,442,696 | 6,322,283 | 10,764,979 | 105,100 | ||||||||
Kansas | 3,239,000 | 2,300,000 | 5,539,000 | 45,000 | ||||||||
Mississippi | 1,907,571 | 2,442,917 | 4,350,488 | 31,000 | ||||||||
Total | 9,589,267 | 11,065,200 | 20,654,467 | 181,100 | ||||||||
Regulated Pipeline Segment — Texas | 46,083,549 | 15,878,025 | 61,961,574 | 1,235,000 | ||||||||
Nonregulated Segment | ||||||||||||
Kentucky | 3,438,900 | 3,240,000 | 6,678,900 | 67,500 | ||||||||
Louisiana | 438,583 | 300,973 | 739,556 | 56,000 | ||||||||
Total | 3,877,483 | 3,540,973 | 7,418,456 | 123,500 | ||||||||
Total | 59,550,299 | 30,484,198 | 90,034,497 | 1,539,600 |
(1) | Cushion gas represents the volume of gas that must be retained in a facility to maintain reservoir pressure. |
Segment | Division/Company | Maximum Storage Quantity (MMBtu) | Maximum Daily Withdrawal Quantity (MDWQ)(1) | |||||
Regulated Distribution Segment | ||||||||
Colorado-Kansas Division | 5,261,909 | 118,889 | ||||||
Kentucky/Mid-States Division | 11,181,603 | 268,739 | ||||||
Louisiana Division | 2,595,619 | 179,347 | ||||||
Mid-Tex Division | 3,500,000 | 175,000 | ||||||
Mississippi Division | 3,554,535 | 151,334 | ||||||
West Texas Division | 4,500,000 | 146,000 | ||||||
Total | 30,593,666 | 1,039,309 | ||||||
Nonregulated Segment | ||||||||
Atmos Energy Marketing, LLC | 8,026,869 | 250,937 | ||||||
Trans Louisiana Gas Pipeline, Inc. | 1,674,000 | 67,507 | ||||||
Total | 9,700,869 | 318,444 | ||||||
Total Contracted Storage Capacity | 40,294,535 | 1,357,753 |
(1) | Maximum daily withdrawal quantity (MDWQ) amounts will fluctuate depending upon the season and the month. Unless otherwise noted, MDWQ amounts represent the MDWQ amounts as of November 1, which is the beginning of the winter heating season. |
ITEM 3. | Legal Proceedings. |
ITEM 4. | Mine Safety Disclosures. |
ITEM 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. |
Fiscal 2016 | Fiscal 2015 | ||||||||||||||||||||||
High | Low | Dividends Paid | High | Low | Dividends Paid | ||||||||||||||||||
Quarter ended: | |||||||||||||||||||||||
December 31 | $ | 64.25 | $ | 57.82 | $ | 0.42 | $ | 58.08 | $ | 47.35 | $ | 0.39 | |||||||||||
March 31 | 74.33 | 61.74 | 0.42 | 58.81 | 52.02 | 0.39 | |||||||||||||||||
June 30 | 81.32 | 70.60 | 0.42 | 56.41 | 51.28 | 0.39 | |||||||||||||||||
September 30 | 81.16 | 71.88 | 0.42 | 58.18 | 51.48 | 0.39 | |||||||||||||||||
$ | 1.68 | $ | 1.56 |
Cumulative Total Return | |||||||||||||||||
9/30/2011 | 9/30/2012 | 9/30/2013 | 9/30/2014 | 9/30/2015 | 9/30/2016 | ||||||||||||
Atmos Energy Corporation | 100.00 | 114.96 | 141.77 | 163.78 | 205.60 | 269.55 | |||||||||||
S&P 500 Index | 100.00 | 130.20 | 155.39 | 186.05 | 184.91 | 213.44 | |||||||||||
Peer Group | 100.00 | 117.20 | 137.59 | 161.70 | 179.33 | 232.91 |
(1) | AGL Resources Inc., Questar Corporation and TECO Energy, Inc. were acquired prior to September 30, 2016. As a result, the cumulative total return of these companies is not included in the Comparison Company Index represented in the graph above. |
Number of securities to be issued upon exercise of outstanding options, restricted stock units, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | |||||||
(a) | (b) | (c) | |||||||
Equity compensation plans approved by security holders: | |||||||||
1998 Long-Term Incentive Plan | 1,338,162 | (1) | $ | — | 2,359,106 | ||||
Total equity compensation plans approved by security holders | 1,338,162 | — | 2,359,106 | ||||||
Equity compensation plans not approved by security holders | — | — | — | ||||||
Total | 1,338,162 | $ | — | 2,359,106 |
(1) | Comprised of a total of 614,588 time-lapse restricted stock units, 326,249 director share units and 397,325 performance-based restricted stock units at the target level of performance granted under our 1998 Long-Term Incentive Plan. |
ITEM 6. | Selected Financial Data. |
Fiscal Year Ended September 30 | |||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012(1) | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||
Results of Operations | |||||||||||||||||||
Operating revenues | $ | 3,349,949 | $ | 4,142,136 | $ | 4,940,916 | $ | 3,875,460 | $ | 3,436,162 | |||||||||
Gross profit | $ | 1,744,896 | $ | 1,680,017 | $ | 1,582,426 | $ | 1,412,050 | $ | 1,323,739 | |||||||||
Income from continuing operations | $ | 350,104 | $ | 315,075 | $ | 289,817 | $ | 230,698 | $ | 192,196 | |||||||||
Net income | $ | 350,104 | $ | 315,075 | $ | 289,817 | $ | 243,194 | $ | 216,717 | |||||||||
Diluted income per share from continuing operations | $ | 3.38 | $ | 3.09 | $ | 2.96 | $ | 2.50 | $ | 2.10 | |||||||||
Diluted net income per share | $ | 3.38 | $ | 3.09 | $ | 2.96 | $ | 2.64 | $ | 2.37 | |||||||||
Cash dividends declared per share | $ | 1.68 | $ | 1.56 | $ | 1.48 | $ | 1.40 | $ | 1.38 | |||||||||
Financial Condition | |||||||||||||||||||
Net property, plant and equipment(2) | $ | 8,280,511 | $ | 7,430,580 | $ | 6,725,906 | $ | 6,030,655 | $ | 5,475,604 | |||||||||
Total assets | $ | 10,010,889 | $ | 9,075,072 | $ | 8,581,006 | $ | 7,919,069 | $ | 7,484,518 | |||||||||
Capitalization: | |||||||||||||||||||
Shareholders’ equity | $ | 3,463,059 | $ | 3,194,797 | $ | 3,086,232 | $ | 2,580,409 | $ | 2,359,243 | |||||||||
Long-term debt (excluding current maturities) | 2,188,779 | 2,437,515 | 2,442,288 | 2,440,472 | 1,945,148 | ||||||||||||||
Total capitalization | $ | 5,651,838 | $ | 5,632,312 | $ | 5,528,520 | $ | 5,020,881 | $ | 4,304,391 |
(1) | Financial results for fiscal 2012 reflect a $5.3 million pre-tax loss for the impairment of certain assets. |
(2) | Amounts shown for fiscal 2012 are net of assets held for sale. |
ITEM 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
Critical Accounting Policy | Summary of Policy | Factors Influencing Application of the Policy |
Regulation | Our regulated distribution and pipeline operations meet the criteria of a cost-based, rate-regulated entity under accounting principles generally accepted in the United States. Accordingly, the financial results for these operations reflect the effects of the ratemaking and accounting practices and policies of the various regulatory commissions to which we are subject. As a result, certain costs that would normally be expensed under accounting principles generally accepted in the United States are permitted to be capitalized or deferred on the balance sheet because it is probable they can be recovered through rates. Further, regulation may impact the period in which revenues or expenses are recognized. The amounts expected to be recovered or recognized are based upon historical experience and our understanding of the regulations. Discontinuing the application of this method of accounting for regulatory assets and liabilities or changes in the accounting for our various regulatory mechanisms could significantly increase our operating expenses as fewer costs would likely be capitalized or deferred on the balance sheet, which could reduce our net income. | Decisions of regulatory authorities Issuance of new regulations or regulatory mechanisms Assessing the probability of the recoverability of deferred costs Continuing to meet the criteria of a cost-based, rate regulated entity for accounting purposes |
Unbilled Revenue | We follow the revenue accrual method of accounting for regulated distribution segment revenues whereby revenues attributable to gas delivered to customers, but not yet billed under the cycle billing method, are estimated and accrued and the related costs are charged to expense. On occasion, we are permitted to implement new rates that have not been formally approved by our regulatory authorities, which are subject to refund. We recognize this revenue and establish a reserve for amounts that could be refunded based on our experience for the jurisdiction in which the rates were implemented. | Estimates of delivered sales volumes based on actual tariff information and weather information and estimates of customer consumption and/or behavior Estimates of purchased gas costs related to estimated deliveries Estimates of uncollectible amounts billed subject to refund |
Critical Accounting Policy | Summary of Policy | Factors Influencing Application of the Policy |
Pension and other postretirement plans | Pension and other postretirement plan costs and liabilities are determined on an actuarial basis using a September 30 measurement date and are affected by numerous assumptions and estimates including the market value of plan assets, estimates of the expected return on plan assets, assumed discount rates and current demographic and actuarial mortality data. The assumed discount rate and the expected return are the assumptions that generally have the most significant impact on our pension costs and liabilities. The assumed discount rate, the assumed health care cost trend rate and assumed rates of retirement generally have the most significant impact on our postretirement plan costs and liabilities. The discount rate is utilized principally in calculating the actuarial present value of our pension and postretirement obligations and net periodic pension and postretirement benefit plan costs. When establishing our discount rate, we consider high quality corporate bond rates based on bonds available in the marketplace that are suitable for settling the obligations, changes in those rates from the prior year and the implied discount rate that is derived from matching our projected benefit disbursements with currently available high quality corporate bonds. The expected long-term rate of return on assets is utilized in calculating the expected return on plan assets component of our annual pension and postretirement plan costs. We estimate the expected return on plan assets by evaluating expected bond returns, equity risk premiums, asset allocations, the effects of active plan management, the impact of periodic plan asset rebalancing and historical performance. We also consider the guidance from our investment advisors in making a final determination of our expected rate of return on assets. To the extent the actual rate of return on assets realized over the course of a year is greater than or less than the assumed rate, that year’s annual pension or postretirement plan costs are not affected. Rather, this gain or loss reduces or increases future pension or postretirement plan costs over a period of approximately ten to twelve years. The market-related value of our plan assets represents the fair market value of the plan assets, adjusted to smooth out short-term market fluctuations over a five-year period. The use of this methodology will delay the impact of current market fluctuations on the pension expense for the period. We estimate the assumed health care cost trend rate used in determining our postretirement net expense based upon our actual health care cost experience, the effects of recently enacted legislation and general economic conditions. Our assumed rate of retirement is estimated based upon our annual review of our participant census information as of the measurement date. | General economic and market conditions Assumed investment returns by asset class Assumed future salary increases Assumed discount rate Projected timing of future cash disbursements Health care cost experience trends Participant demographic information Actuarial mortality assumptions Impact of legislation Impact of regulation |
Contingencies | In the normal course of business, we are confronted with issues or events that may result in a contingent liability. These generally relate to uncollectible receivables, lawsuits, claims made by third parties or the action of various regulatory agencies. We recognize these contingencies in our consolidated financial statements when we determine, based on currently available facts and circumstances it is probable that a liability has been incurred or an asset will not be recovered, and an amount can be reasonably estimated. Actual results may differ from estimates, depending on actual outcomes or changes in the facts or expectations surrounding each potential exposure. Changes in the estimates related to contingencies could have a negative impact on our consolidated results of operations, cash flows or financial position. Our contingencies are further discussed in Note 11 to our consolidated financial statements. | Currently available facts Management’s estimate of future resolution |
Critical Accounting Policy | Summary of Policy | Factors Influencing Application of the Policy |
Financial instruments and hedging activities | We use financial instruments to mitigate commodity price risk and interest rate risk. The objectives for using financial instruments have been tailored to meet the needs of our regulated and nonregulated businesses. These objectives are more fully described in Note 13 to the consolidated financial statements. We record all of our financial instruments on the balance sheet at fair value as required by accounting principles generally accepted in the United States, with changes in fair value ultimately recorded in the income statement. The recognition of the changes in fair value of these financial instruments recorded in the income statement is contingent upon whether the financial instrument has been designated and qualifies as a part of a hedging relationship or if regulatory rulings require a different accounting treatment. Our accounting elections for financial instruments and hedging activities utilized are more fully described in Note 13 to the consolidated financial statements. The criteria used to determine if a financial instrument meets the definition of a derivative and qualifies for hedge accounting treatment are complex and require management to exercise professional judgment. Further, as more fully discussed below, significant changes in the fair value of these financial instruments could materially impact our financial position, results of operations or cash flows. Finally, changes in the effectiveness of the hedge relationship could impact the accounting treatment. | Designation of contracts under the hedge accounting rules Judgment in the application of accounting guidance Assessment of the probability that future hedged transactions will occur Changes in market conditions and the related impact on the fair value of the hedged item and the associated designated financial instrument Changes in the effectiveness of the hedge relationship |
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). The assets and liabilities we recognize at fair value are subject to potentially significant volatility based on numerous considerations including, but not limited to changes in commodity prices, interest rates, maturity and timing of settlement. Prices actively quoted on national exchanges are used to determine the fair value of most of our assets and liabilities recorded on our balance sheet at fair value. Within our nonregulated operations, we utilize a mid-market pricing convention (the mid-point between the bid and ask prices) for determining fair value measurement, as permitted under current accounting standards. Values derived from these sources reflect the market in which transactions involving these financial instruments are executed. We utilize models and other valuation methods to determine fair value when external sources are not available. Values are adjusted to reflect the potential impact of an orderly liquidation of our positions over a reasonable period of time under then-current market conditions. We believe the market prices and models used to value these financial instruments represent the best information available with respect to the market in which transactions involving these financial instruments are executed, the closing exchange and over-the-counter quotations, time value and volatility factors underlying the contracts. Fair-value estimates also consider our own creditworthiness and the creditworthiness of the counterparties involved. Our counterparties consist primarily of financial institutions and major energy companies. This concentration of counterparties may materially impact our exposure to credit risk resulting from market, economic or regulatory conditions. We seek to minimize counterparty credit risk through an evaluation of their financial condition and credit ratings and the use of collateral requirements under certain circumstances. | General economic and market conditions Volatility in underlying market conditions Maturity dates of financial instruments Creditworthiness of our counterparties Creditworthiness of Atmos Energy Impact of credit risk mitigation activities on the assessment of the creditworthiness of Atmos Energy and its counterparties |
Critical Accounting Policy | Summary of Policy | Factors Influencing Application of the Policy |
Impairment assessments | We review the carrying value of our long-lived assets, including goodwill and identifiable intangibles, whenever events or changes in circumstance indicate that such carrying values may not be recoverable, and at least annually for goodwill, as required by U.S. accounting standards. The evaluation of our goodwill balances and other long-lived assets or identifiable assets for which uncertainty exists regarding the recoverability of the carrying value of such assets involves the assessment of future cash flows and external market conditions and other subjective factors that could impact the estimation of future cash flows including, but not limited to the commodity prices, the amount and timing of future cash flows, future growth rates and the discount rate. Unforeseen events and changes in circumstances or market conditions could adversely affect these estimates, which could result in an impairment charge. | General economic and market conditions Projected timing and amount of future discounted cash flows Judgment in the evaluation of relevant data |
For the Fiscal Year Ended September 30 | |||||||||||
2016 | 2015 | 2014 | |||||||||
(In thousands, except per share data) | |||||||||||
Operating revenues | $ | 3,349,949 | $ | 4,142,136 | $ | 4,940,916 | |||||
Gross profit | 1,744,896 | 1,680,017 | 1,582,426 | ||||||||
Operating expenses | 1,076,878 | 1,048,622 | 971,077 | ||||||||
Operating income | 668,018 | 631,395 | 611,349 | ||||||||
Interest charges | 115,948 | 116,241 | 129,295 | ||||||||
Income before income taxes | 550,477 | 510,765 | 476,819 | ||||||||
Net income(1) | $ | 350,104 | $ | 315,075 | $ | 289,817 | |||||
Diluted net income per share(1) | $ | 3.38 | $ | 3.09 | $ | 2.96 |
(1) | Unrealized gains/losses in our nonregulated operations during fiscal 2016, 2015 and 2014 increased/(decreased) net income by $0.7 million, $(1.5) million and $5.8 million, or $0.01, $(0.01) and $0.06 per diluted share. |
For the Fiscal Year Ended September 30 | |||||||||||
2016 | 2015 | 2014 | |||||||||
(In thousands) | |||||||||||
Regulated distribution segment | $ | 232,370 | $ | 204,813 | $ | 171,585 | |||||
Regulated pipeline segment | 101,689 | 94,662 | 86,191 | ||||||||
Nonregulated segment | 16,045 | 15,600 | 32,041 | ||||||||
Net income | $ | 350,104 | $ | 315,075 | $ | 289,817 |
For the Fiscal Year Ended September 30 | |||||||||||||||||||
2016 | 2015 | 2014 | 2016 vs. 2015 | 2015 vs. 2014 | |||||||||||||||
(In thousands, unless otherwise noted) | |||||||||||||||||||
Gross profit | $ | 1,272,805 | $ | 1,237,577 | $ | 1,176,515 | $ | 35,228 | $ | 61,062 | |||||||||
Operating expenses | 833,221 | 817,428 | 791,947 | 15,793 | 25,481 | ||||||||||||||
Operating income | 439,584 | 420,149 | 384,568 | 19,435 | 35,581 | ||||||||||||||
Miscellaneous income (expense) | 455 | (377 | ) | (381 | ) | 832 | 4 | ||||||||||||
Interest charges | 79,404 | 84,132 | 94,918 | (4,728 | ) | (10,786 | ) | ||||||||||||
Income before income taxes | 360,635 | 335,640 | 289,269 | 24,995 | 46,371 | ||||||||||||||
Income tax expense | 128,265 | 130,827 | 117,684 | (2,562 | ) | 13,143 | |||||||||||||
Net Income | $ | 232,370 | $ | 204,813 | $ | 171,585 | $ | 27,557 | $ | 33,228 | |||||||||
Consolidated regulated distribution sales volumes — MMcf | 242,589 | 293,350 | 317,320 | (50,761 | ) | (23,970 | ) | ||||||||||||
Consolidated regulated distribution transportation volumes — MMcf | 133,378 | 135,972 | 134,483 | (2,594 | ) | 1,489 | |||||||||||||
Total consolidated regulated distribution throughput — MMcf | 375,967 | 429,322 | 451,803 | (53,355 | ) | (22,481 | ) | ||||||||||||
Consolidated regulated distribution average cost of gas per Mcf sold | $ | 4.20 | $ | 5.20 | $ | 5.94 | $ | (1.00 | ) | $ | (0.74 | ) |
• | a $47.5 million net increase in rate adjustments. Our Mid-Tex Division accounted for $20.9 million of this increase. We also experienced increases in our Mississippi and West Texas Divisions. |
• | The impact of weather that was 25 percent warmer than the prior year, before adjusting for weather normalization mechanisms. Therefore, although sales volumes declined 17 percent, gross margin experienced just a $3.4 million decline from lower consumption. |
• | Customer growth, primarily in our Mid-Tex, Louisiana and Tennessee service areas, which contributed an incremental $6.6 million. |
• | a $15.4 million decrease in revenue-related taxes primarily in our Mid-Tex and West Texas Divisions, offset by a corresponding $16.1 million decrease in the related tax expense. |
• | a $70.6 million net increase in rate adjustments, primarily in our Mid-Tex, West Texas, Kentucky/Mid-States and Colorado-Kansas Divisions. |
• | a $4.5 million increase in transportation revenue. Transportation volumes increased one percent due to increased economic activity experienced in our Kentucky/Mid-States Division and increased consumption in our West Texas Division due to colder than normal weather. |
• | a $10.5 million decrease in consumption associated with an eight percent decrease in sales volumes. Fiscal 2015 weather was ten percent warmer compared to fiscal 2014, before adjusting for weather normalization mechanisms. |
• | a $2.5 million decrease in revenue-related taxes primarily in our Mid-Tex Division. |
For the Fiscal Year Ended September 30 | |||||||||||||||||||
2016 | 2015 | 2014 | 2016 vs. 2015 | 2015 vs. 2014 | |||||||||||||||
(In thousands) | |||||||||||||||||||
Mid-Tex | $ | 211,578 | $ | 197,559 | $ | 187,265 | $ | 14,019 | $ | 10,294 | |||||||||
Kentucky/Mid-States | 62,413 | 59,233 | 55,968 | 3,180 | 3,265 | ||||||||||||||
Louisiana | 52,223 | 51,001 | 56,648 | 1,222 | (5,647 | ) | |||||||||||||
West Texas | 41,322 | 37,180 | 29,250 | 4,142 | 7,930 | ||||||||||||||
Mississippi | 37,559 | 34,333 | 28,473 | 3,226 | 5,860 | ||||||||||||||
Colorado-Kansas | 31,998 | 28,720 | 28,077 | 3,278 | 643 | ||||||||||||||
Other | 2,491 | 12,123 | (1,113 | ) | (9,632 | ) | 13,236 | ||||||||||||
Total | $ | 439,584 | $ | 420,149 | $ | 384,568 | $ | 19,435 | $ | 35,581 |
For the Fiscal Year Ended September 30 | |||||||||||||||||||
2016 | 2015 | 2014 | 2016 vs. 2015 | 2015 vs. 2014 | |||||||||||||||
(In thousands, unless otherwise noted) | |||||||||||||||||||
Mid-Tex Division transportation | $ | 308,621 | $ | 264,059 | $ | 227,230 | $ | 44,562 | $ | 36,829 | |||||||||
Third-party transportation | 85,996 | 94,893 | 76,109 | (8,897 | ) | 18,784 | |||||||||||||
Storage and park and lend services | 3,783 | 3,575 | 5,344 | 208 | (1,769 | ) | |||||||||||||
Other | 10,433 | 7,585 | 9,776 | 2,848 | (2,191 | ) | |||||||||||||
Gross profit | 408,833 | 370,112 | 318,459 | 38,721 | 51,653 | ||||||||||||||
Operating expenses | 209,399 | 188,845 | 145,640 | 20,554 | 43,205 | ||||||||||||||
Operating income | 199,434 | 181,267 | 172,819 | 18,167 | 8,448 | ||||||||||||||
Miscellaneous expense | (1,683 | ) | (1,243 | ) | (3,181 | ) | (440 | ) | 1,938 | ||||||||||
Interest charges | 36,574 | 33,151 | 36,280 | 3,423 | (3,129 | ) | |||||||||||||
Income before income taxes | 161,177 | 146,873 | 133,358 | 14,304 | 13,515 | ||||||||||||||
Income tax expense | 59,488 | 52,211 | 47,167 | 7,277 | 5,044 | ||||||||||||||
Net income | $ | 101,689 | $ | 94,662 | $ | 86,191 | $ | 7,027 | $ | 8,471 | |||||||||
Gross pipeline transportation volumes — MMcf | 677,001 | 738,532 | 714,464 | (61,531 | ) | 24,068 | |||||||||||||
Consolidated pipeline transportation volumes — MMcf | 505,188 | 528,068 | 493,360 | (22,880 | ) | 34,708 |
• | The demand for natural gas. Higher prices may cause customers to conserve or use alternative energy sources. Conversely, lower prices could cause customers such as electric power generators to switch from alternative energy sources to natural gas. |
• | 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 amount of interest expense recognized by this segment. |
• | Price volatility influences basis differentials, which provide opportunities to profit from identifying the lowest cost alternative among the natural gas supplies, transportation and markets to which we have access. |
• | Increased or decreased volatility impacts the amounts of unrealized margins recorded in our gross profit and could impact the amount of cash required to collateralize our risk management liabilities. |
For the Fiscal Year Ended September 30 | |||||||||||||||||||
2016 | 2015 | 2014 | 2016 vs. 2015 | 2015 vs. 2014 | |||||||||||||||
(In thousands, unless otherwise noted) | |||||||||||||||||||
Realized margins | |||||||||||||||||||
Gas delivery and related services | $ | 46,664 | $ | 48,930 | $ | 39,529 | $ | (2,266 | ) | $ | 9,401 | ||||||||
Storage and transportation services | 13,395 | 13,575 | 14,696 | (180 | ) | (1,121 | ) | ||||||||||||
Other | 2,470 | 12,755 | 24,170 | (10,285 | ) | (11,415 | ) | ||||||||||||
Total realized margins | 62,529 | 75,260 | 78,395 | (12,731 | ) | (3,135 | ) | ||||||||||||
Unrealized margins | 1,261 | (2,400 | ) | 9,560 | 3,661 | (11,960 | ) | ||||||||||||
Gross profit | 63,790 | 72,860 | 87,955 | (9,070 | ) | (15,095 | ) | ||||||||||||
Operating expenses | 34,790 | 42,881 | 33,993 | (8,091 | ) | 8,888 | |||||||||||||
Operating income | 29,000 | 29,979 | 53,962 | (979 | ) | (23,983 | ) | ||||||||||||
Miscellaneous income (expense) | 1,443 | (760 | ) | 2,216 | 2,203 | (2,976 | ) | ||||||||||||
Interest charges | 1,778 | 967 | 1,986 | 811 | (1,019 | ) | |||||||||||||
Income before income taxes | 28,665 | 28,252 | 54,192 | 413 | (25,940 | ) | |||||||||||||
Income tax expense | 12,620 | 12,652 | 22,151 | (32 | ) | (9,499 | ) | ||||||||||||
Net income | $ | 16,045 | $ | 15,600 | $ | 32,041 | $ | 445 | $ | (16,441 | ) | ||||||||
Gross nonregulated delivered gas sales volumes — MMcf | 387,379 | 410,044 | 439,014 | (22,665 | ) | (28,970 | ) | ||||||||||||
Consolidated nonregulated delivered gas sales volumes — MMcf | 341,597 | 351,427 | 377,441 | (9,830 | ) | (26,014 | ) | ||||||||||||
Net physical position (Bcf) | 19.2 | 14.6 | 9.3 | 4.6 | 5.3 |
• | A $10.3 million decrease in other realized margins. As a result of warmer weather, we modified storage positions to meet customer needs throughout the winter and captured less favorable spread values on the related supply repurchases. Additionally, we experienced an increase in storage demand fees related primarily to higher park and loan activity. |
• | A $2.3 million decrease in gas delivery and related services margins, primarily due to a three percent decrease in consolidated sales volumes due to warmer weather. However, lower net transportation costs and other variable costs driven by fewer deliveries resulted in per-unit margins of 12 cents per Mcf, which is consistent with prior year per-unit margins. |
• | An $11.4 million decrease in other realized margins primarily due to lower natural gas price volatility. In fiscal 2014, strong market demand caused by significantly colder-than-normal weather resulted in increased market volatility. These market conditions created the opportunity to accelerate physical withdrawals that had been planned for future periods in the fiscal 2014 second quarter to capture incremental gross profit margin. Market conditions in fiscal 2015 were less volatile than fiscal 2014, which provided fewer opportunities to capture incremental gross profit. |
• | A $9.4 million increase in gas delivery and related services margins, primarily due to an increase in per-unit margins from 9 cents to 12 cents per Mcf, partially offset by a seven percent decrease in consolidated sales volumes. AEH elected not to renew excess transportation capacity in certain markets in late fiscal 2014 and early fiscal 2015. As a result, AEH experienced fewer deliveries to low-margin marketing and power generation customers during fiscal 2015, which was the primary driver for the decrease in consolidated sales volumes and higher per-unit margins. |
September 30 | |||||||||||||
2016 | 2015 | ||||||||||||
(In thousands, except percentages) | |||||||||||||
Short-term debt | $ | 829,811 | 12.3 | % | $ | 457,927 | 7.5 | % | |||||
Long-term debt(1) | 2,438,779 | 36.2 | % | 2,437,515 | 40.0 | % | |||||||
Shareholders’ equity | 3,463,059 | 51.5 | % | 3,194,797 | 52.5 | % | |||||||
Total capitalization, including short-term debt | $ | 6,731,649 | 100.0 | % | $ | 6,090,239 | 100.0 | % |
(1) | Net of $17.0 million and $17.9 million of unamortized debt issuance costs which were reclassified from deferred charges and other assets to long-term debt on the September 30, 2016 and 2015 consolidated balance sheets, as discussed in Note 2. |
For the Fiscal Year Ended September 30 | |||||||||||||||||||
2016 | 2015 | 2014 | 2016 vs. 2015 | 2015 vs. 2014 | |||||||||||||||
(In thousands) | |||||||||||||||||||
Total cash provided by (used in) | |||||||||||||||||||
Operating activities | $ | 794,990 | $ | 811,914 | $ | 732,813 | $ | (16,924 | ) | $ | 79,101 | ||||||||
Investing activities | (1,079,732 | ) | (956,602 | ) | (824,979 | ) | (123,130 | ) | (131,623 | ) | |||||||||
Financing activities | 303,623 | 131,083 | 68,225 | 172,540 | 62,858 | ||||||||||||||
Change in cash and cash equivalents | 18,881 | (13,605 | ) | (23,941 | ) | 32,486 | 10,336 | ||||||||||||
Cash and cash equivalents at beginning of period | 28,653 | 42,258 | 66,199 | (13,605 | ) | (23,941 | ) | ||||||||||||
Cash and cash equivalents at end of period | $ | 47,534 | $ | 28,653 | $ | 42,258 | $ | 18,881 | $ | (13,605 | ) |
• | A $69.5 million increase in capital spending in our regulated distribution segment, which reflects the repair and replacement of our transmission and distribution pipelines as part of a planned increase in safety and reliability investment in fiscal 2016, the installation and replacement of measurement and regulating equipment and other pipeline integrity projects. |
• | A $54.8 million increase in capital spending in our regulated pipeline segment, primarily related to the enhancement and fortification of two storage fields to ensure the reliability of gas service to our Mid-Tex Division. |
• | A $96.2 million increase in capital spending in our regulated distribution segment, which primarily reflects a planned increase in safety and reliability investment in fiscal 2015. |
• | A $43.4 million increase in capital spending in our regulated pipeline segment, primarily related to the enhancement and fortification of two storage fields to ensure the reliability of gas service to our Mid-Tex Division. |
For the Fiscal Year Ended September 30 | ||||||||
2016 | 2015 | 2014 | ||||||
Shares issued: | ||||||||
Direct Stock Purchase Plan | 133,133 | 176,391 | 83,150 | |||||
Retirement Savings Plan | 359,414 | 398,047 | — | |||||
1998 Long-Term Incentive Plan | 598,439 | 664,752 | 653,130 | |||||
Outside Directors Stock-For-Fee Plan | — | — | 1,735 | |||||
February 2014 Offering | — | — | 9,200,000 | |||||
At-the-Market (ATM) Equity Sales Program | 1,360,756 | — | — | |||||
Total shares issued | 2,451,742 | 1,239,190 | 9,938,015 |
S&P | Moody’s | Fitch | ||||||||||
Senior unsecured long-term debt | A | A2 | A | |||||||||
Short-term debt | A-1 | P-1 | F-2 |
Payments Due by Period | |||||||||||||||||||
Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | |||||||||||||||
(In thousands) | |||||||||||||||||||
Contractual Obligations | |||||||||||||||||||
Long-term debt(1) | $ | 2,460,000 | $ | 250,000 | $ | 450,000 | $ | — | $ | 1,760,000 | |||||||||
Short-term debt(1) | 829,811 | 829,811 | — | — | — | ||||||||||||||
Interest charges(2) | 2,112,610 | 135,518 | 227,809 | 172,134 | 1,577,149 | ||||||||||||||
Operating leases(3) | 125,875 | 17,073 | 32,274 | 28,814 | 47,714 | ||||||||||||||
Demand fees for contracted storage(4) | 6,670 | 4,865 | 1,590 | 215 | — | ||||||||||||||
Demand fees for contracted transportation(5) | 6,560 | 4,200 | 1,170 | 512 | 678 | ||||||||||||||
Financial instrument obligations(6) | 240,819 | 56,771 | 184,048 | — | — | ||||||||||||||
Pension and postretirement benefit plan contributions(7) | 407,359 | 52,410 | 62,497 | 83,377 | 209,075 | ||||||||||||||
Uncertain tax positions (including interest)(8) | 20,298 | — | 20,298 | — | — | ||||||||||||||
Total contractual obligations | $ | 6,210,002 | $ | 1,350,648 | $ | 979,686 | $ | 285,052 | $ | 3,594,616 |
(1) | See Note 5 to the consolidated financial statements. |
(2) | Interest charges were calculated using the effective rate for each debt issuance. |
(3) | See Note 10 to the consolidated financial statements. |
(4) | Represents third party contractual demand fees for contracted storage in our nonregulated segment. Contractual demand fees for contracted storage for our regulated distribution segment are excluded as these costs are fully recoverable through our purchase gas adjustment mechanisms. |
(5) | Represents third party contractual demand fees for transportation in our nonregulated segment. |
(6) | Represents liabilities for natural gas commodity and interest rate financial instruments that were valued as of September 30, 2016. The ultimate settlement amounts of these remaining liabilities are unknown because they are subject to continuing market risk until the financial instruments are settled. |
(7) | Represents expected contributions to our pension and postretirement benefit plans, which are discussed in Note 7 to the consolidated financial statements. |
(8) | Represents liabilities associated with uncertain tax positions claimed or expected to be claimed on tax returns. |
Fair value of contracts at September 30, 2015 | $ | (119,361 | ) |
Contracts realized/settled | (20,847 | ) | |
Fair value of new contracts | 4,811 | ||
Other changes in value | (126,241 | ) | |
Fair value of contracts at September 30, 2016 | (261,638 | ) | |
Netting of cash collateral | 25,670 | ||
Cash collateral and fair value of contracts at September 30, 2016 | $ | (235,968 | ) |
Fair Value of Contracts at September 30, 2016 | |||||||||||||||||||
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 | $ | (65,452 | ) | $ | (196,186 | ) | $ | — | $ | — | $ | (261,638 | ) | ||||||
Prices based on models and other valuation methods | — | — | — | — | — | ||||||||||||||
Total Fair Value | $ | (65,452 | ) | $ | (196,186 | ) | $ | — | $ | — | $ | (261,638 | ) |
Fair value of contracts at September 30, 2015 | $ | (34,620 | ) |
Contracts realized/settled | 25,958 | ||
Fair value of new contracts | — | ||
Other changes in value | (9,243 | ) | |
Fair value of contracts at September 30, 2016 | (17,905 | ) | |
Netting of cash collateral | 24,680 | ||
Cash collateral and fair value of contracts at September 30, 2016 | $ | 6,775 |
Fair Value of Contracts at September 30, 2016 | |||||||||||||||||||
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 | $ | (15,946 | ) | $ | (1,418 | ) | $ | (541 | ) | $ | — | $ | (17,905 | ) | |||||
Prices based on models and other valuation methods | — | — | — | — | — | ||||||||||||||
Total Fair Value | $ | (15,946 | ) | $ | (1,418 | ) | $ | (541 | ) | $ | — | $ | (17,905 | ) |
ITEM 7A. | Quantitative and Qualitative Disclosures About Market Risk. |
ITEM 8. | Financial Statements and Supplementary Data. |
Page | |
Financial statements and supplementary data: | |
Consolidated balance sheets at September 30, 2016 and 2015 | |
Consolidated statements of income for the years ended September 30, 2016, 2015 and 2014 | |
Consolidated statements of comprehensive income for the years ended September 30, 2016, 2015 and 2014 | |
Consolidated statements of shareholders' equity for the years ended September 30, 2016, 2015 and 2014 | |
Consolidated statements of cash flow for the years ended September 30, 2016, 2015 and 2014 | |
Financial statement schedule for the years ended September 30, 2016, 2015 and 2014 | |
September 30 | |||||||
2016 | 2015 | ||||||
(In thousands, except share data) | |||||||
ASSETS | |||||||
Property, plant and equipment | $ | 9,987,078 | $ | 8,959,702 | |||
Construction in progress | 184,062 | 280,398 | |||||
10,171,140 | 9,240,100 | ||||||
Less accumulated depreciation and amortization | 1,890,629 | 1,809,520 | |||||
Net property, plant and equipment | 8,280,511 | 7,430,580 | |||||
Current assets | |||||||
Cash and cash equivalents | 47,534 | 28,653 | |||||
Accounts receivable, less allowance for doubtful accounts of $13,367 in 2016 and $15,283 in 2015 | 300,007 | 295,160 | |||||
Gas stored underground | 233,316 | 236,603 | |||||
Other current assets | 100,829 | 65,890 | |||||
Total current assets | 681,686 | 626,306 | |||||
Goodwill | 743,407 | 742,702 | |||||
Deferred charges and other assets | 305,285 | 275,484 | |||||
$ | 10,010,889 | $ | 9,075,072 | ||||
CAPITALIZATION AND LIABILITIES | |||||||
Shareholders’ equity | |||||||
Common stock, no par value (stated at $.005 per share); 200,000,000 shares authorized; issued and outstanding: 2016 — 103,930,560 shares, 2015 — 101,478,818 shares | $ | 520 | $ | 507 | |||
Additional paid-in capital | 2,388,027 | 2,230,591 | |||||
Accumulated other comprehensive loss | (188,022 | ) | (109,330 | ) | |||
Retained earnings | 1,262,534 | 1,073,029 | |||||
Shareholders’ equity | 3,463,059 | 3,194,797 | |||||
Long-term debt | 2,188,779 | 2,437,515 | |||||
Total capitalization | 5,651,838 | 5,632,312 | |||||
Commitments and contingencies | |||||||
Current liabilities | |||||||
Accounts payable and accrued liabilities | 259,434 | 238,942 | |||||
Other current liabilities | 449,036 | 457,954 | |||||
Short-term debt | 829,811 | 457,927 | |||||
Current maturities of long-term debt | 250,000 | — | |||||
Total current liabilities | 1,788,281 | 1,154,823 | |||||
Deferred income taxes | 1,603,056 | 1,411,315 | |||||
Regulatory cost of removal obligation | 424,281 | 427,553 | |||||
Pension and postretirement liabilities | 297,743 | 287,373 | |||||
Deferred credits and other liabilities | 245,690 | 161,696 | |||||
$ | 10,010,889 | $ | 9,075,072 |
Year Ended September 30 | |||||||||||
2016 | 2015 | 2014 | |||||||||
(In thousands, except per share data) | |||||||||||
Operating revenues | |||||||||||
Regulated distribution segment | $ | 2,291,866 | $ | 2,763,835 | $ | 3,061,546 | |||||
Regulated pipeline segment | 408,833 | 370,112 | 318,459 | ||||||||
Nonregulated segment | 1,066,363 | 1,472,209 | 2,067,292 | ||||||||
Intersegment eliminations | (417,113 | ) | (464,020 | ) | (506,381 | ) | |||||
3,349,949 | 4,142,136 | 4,940,916 | |||||||||
Purchased gas cost | |||||||||||
Regulated distribution segment | 1,019,061 | 1,526,258 | 1,885,031 | ||||||||
Regulated pipeline segment | — | — | — | ||||||||
Nonregulated segment | 1,002,573 | 1,399,349 | 1,979,337 | ||||||||
Intersegment eliminations | (416,581 | ) | (463,488 | ) | (505,878 | ) | |||||
1,605,053 | 2,462,119 | 3,358,490 | |||||||||
Gross profit | 1,744,896 | 1,680,017 | 1,582,426 | ||||||||
Operating expenses | |||||||||||
Operation and maintenance | 560,766 | 541,868 | 505,154 | ||||||||
Depreciation and amortization | 293,096 | 274,796 | 253,987 | ||||||||
Taxes, other than income | 223,016 | 231,958 | 211,936 | ||||||||
Total operating expenses | 1,076,878 | 1,048,622 | 971,077 | ||||||||
Operating income | 668,018 | 631,395 | 611,349 | ||||||||
Miscellaneous expense, net | (1,593 | ) | (4,389 | ) | (5,235 | ) | |||||
Interest charges | 115,948 | 116,241 | 129,295 | ||||||||
Income before income taxes | 550,477 | 510,765 | 476,819 | ||||||||
Income tax expense | 200,373 | 195,690 | 187,002 | ||||||||
Net income | $ | 350,104 | $ | 315,075 | $ | 289,817 | |||||
Basic net income per share | $ | 3.38 | $ | 3.09 | $ | 2.96 | |||||
Diluted net income per share | $ | 3.38 | $ | 3.09 | $ | 2.96 | |||||
Weighted average shares outstanding: | |||||||||||
Basic | 103,524 | 101,892 | 97,606 | ||||||||
Diluted | 103,524 | 101,892 | 97,608 |
Year Ended September 30 | |||||||||||
2016 | 2015 | 2014 | |||||||||
(In thousands) | |||||||||||
Net income | $ | 350,104 | $ | 315,075 | $ | 289,817 | |||||
Other comprehensive income (loss), net of tax | |||||||||||
Net unrealized holding gains (losses) on available-for-sale securities, net of tax of $(245), $(1,559) and $1,199 | (465 | ) | (2,713 | ) | 2,214 | ||||||
Cash flow hedges: | |||||||||||
Amortization and unrealized loss on interest rate agreements, net of tax of $(56,723), $(40,501) and $(32,353) | (98,682 | ) | (70,461 | ) | (56,287 | ) | |||||
Net unrealized gains (losses) on commodity cash flow hedges, net of tax of $13,078, $(15,193) and $1,791 | 20,455 | (23,763 | ) | 2,802 | |||||||
Total other comprehensive loss | (78,692 | ) | (96,937 | ) | (51,271 | ) | |||||
Total comprehensive income | $ | 271,412 | $ | 218,138 | $ | 238,546 |
Common stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total | ||||||||||||||||||
Number of Shares | Stated Value | |||||||||||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||||||||
Balance, September 30, 2013 | 90,640,211 | $ | 453 | $ | 1,765,811 | $ | 38,878 | $ | 775,267 | $ | 2,580,409 | |||||||||||
Net income | — | — | — | — | 289,817 | 289,817 | ||||||||||||||||
Other comprehensive loss | — | — | — | (51,271 | ) | — | (51,271 | ) | ||||||||||||||
Repurchase of equity awards | (190,134 | ) | (1 | ) | (8,716 | ) | — | — | (8,717 | ) | ||||||||||||
Cash dividends ($1.48 per share) | — | — | — | — | (146,248 | ) | (146,248 | ) | ||||||||||||||
Common stock issued: | ||||||||||||||||||||||
Public offering | 9,200,000 | 46 | 390,159 | — | — | 390,205 | ||||||||||||||||
Direct stock purchase plan | 83,150 | 1 | 4,066 | — | — | 4,067 | ||||||||||||||||
1998 Long-term incentive plan | 653,130 | 3 | 5,214 | — | (864 | ) | 4,353 | |||||||||||||||
Employee stock-based compensation | — | — | 23,536 | — | — | 23,536 | ||||||||||||||||
Outside directors stock-for-fee plan | 1,735 | — | 81 | — | — | 81 | ||||||||||||||||
Balance, September 30, 2014 | 100,388,092 | 502 | 2,180,151 | (12,393 | ) | 917,972 | 3,086,232 | |||||||||||||||
Net income | — | — | — | — | 315,075 | 315,075 | ||||||||||||||||
Other comprehensive loss | — | — | — | (96,937 | ) | — | (96,937 | ) | ||||||||||||||
Repurchase of equity awards | (148,464 | ) | (1 | ) | (7,984 | ) | — | — | (7,985 | ) | ||||||||||||
Cash dividends ($1.56 per share) | — | — | — | — | (160,018 | ) | (160,018 | ) | ||||||||||||||
Common stock issued: | ||||||||||||||||||||||
Direct stock purchase plan | 176,391 | 1 | 10,625 | — | — | 10,626 | ||||||||||||||||
Retirement savings plan | 398,047 | 2 | 20,324 | — | — | 20,326 | ||||||||||||||||
1998 Long-term incentive plan | 664,752 | 3 | 2,263 | — | — | 2,266 | ||||||||||||||||
Employee stock-based compensation | — | — | 25,212 | — | — | 25,212 | ||||||||||||||||
Balance, September 30, 2015 | 101,478,818 | 507 | 2,230,591 | (109,330 | ) | 1,073,029 | 3,194,797 | |||||||||||||||
Net income | — | — | — | — | 350,104 | 350,104 | ||||||||||||||||
Other comprehensive loss | — | — | — | (78,692 | ) | — | (78,692 | ) | ||||||||||||||
Cash dividends ($1.68 per share) | — | — | — | — | (175,126 | ) | (175,126 | ) | ||||||||||||||
Cumulative effect of accounting change | — | — | — | — | 14,527 | 14,527 | ||||||||||||||||
Common stock issued: | ||||||||||||||||||||||
Public offering | 1,360,756 | 7 | 98,567 | — | — | 98,574 | ||||||||||||||||
Direct stock purchase plan | 133,133 | 1 | 9,228 | — | — | 9,229 | ||||||||||||||||
Retirement savings plan | 359,414 | 2 | 25,047 | — | — | 25,049 | ||||||||||||||||
1998 Long-term incentive plan | 598,439 | 3 | 3,175 | — | — | 3,178 | ||||||||||||||||
Employee stock-based compensation | — | — | 21,419 | — | — | 21,419 | ||||||||||||||||
Balance, September 30, 2016 | 103,930,560 | $ | 520 | $ | 2,388,027 | $ | (188,022 | ) | $ | 1,262,534 | $ | 3,463,059 |
Year Ended September 30 | |||||||||||
2016 | 2015 | 2014 | |||||||||
(In thousands) | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income | $ | 350,104 | $ | 315,075 | $ | 289,817 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 293,096 | 274,796 | 253,987 | ||||||||
Deferred income taxes | 193,556 | 192,886 | 189,952 | ||||||||
Stock-based compensation | 14,760 | 15,980 | 14,721 | ||||||||
Debt financing costs | 5,667 | 5,922 | 9,409 | ||||||||
Other | 1,019 | 359 | 541 | ||||||||
Changes in assets and liabilities: | |||||||||||
(Increase) decrease in accounts receivable | (4,847 | ) | 48,240 | (41,408 | ) | ||||||
(Increase) decrease in gas stored underground | 20,577 | 33,234 | (31,996 | ) | |||||||
Increase in other current assets | (18,739 | ) | (11,951 | ) | (24,411 | ) | |||||
(Increase) decrease in deferred charges and other assets | (24,860 | ) | 51,614 | 28,875 | |||||||
Increase (decrease) in accounts payable and accrued liabilities | (5,195 | ) | (59,112 | ) | 60,465 | ||||||
Increase (decrease) in other current liabilities | (44,482 | ) | 896 | 2,413 | |||||||
Increase (decrease) in deferred credits and other liabilities | 14,334 | (56,025 | ) | (19,552 | ) | ||||||
Net cash provided by operating activities | 794,990 | 811,914 | 732,813 | ||||||||
CASH FLOWS USED IN INVESTING ACTIVITIES | |||||||||||
Capital expenditures | (1,086,950 | ) | (963,621 | ) | (824,441 | ) | |||||
Purchases of available-for-sale securities | (32,551 | ) | (29,527 | ) | (32,734 | ) | |||||
Proceeds from sale of available-for-sale securities | 27,019 | 24,889 | 24,872 | ||||||||
Maturities of available-for-sale securities | 6,290 | 6,235 | 5,215 | ||||||||
Other, net | 6,460 | 5,422 | 2,109 | ||||||||
Net cash used in investing activities | (1,079,732 | ) | (956,602 | ) | (824,979 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Net increase (decrease) in short-term debt | 371,884 | 261,232 | (171,289 | ) | |||||||
Proceeds from issuance of long-term debt, net of discount | — | 499,060 | — | ||||||||
Net proceeds from equity offering | 98,574 | — | 390,205 | ||||||||
Issuance of common stock through stock purchase and employee retirement plans | 34,278 | 30,952 | 4,274 | ||||||||
Settlement of interest rate agreements | — | 13,364 | — | ||||||||
Interest rate agreements cash collateral | (25,670 | ) | — | — | |||||||
Repayment of long-term debt | — | (500,000 | ) | — | |||||||
Cash dividends paid | (175,126 | ) | (160,018 | ) | (146,248 | ) | |||||
Repurchase of equity awards | — | (7,985 | ) | (8,717 | ) | ||||||
Other | (317 | ) | (5,522 | ) | — | ||||||
Net cash provided by financing activities | 303,623 | 131,083 | 68,225 | ||||||||
Net increase (decrease) in cash and cash equivalents | 18,881 | (13,605 | ) | (23,941 | ) | ||||||
Cash and cash equivalents at beginning of year | 28,653 | 42,258 | 66,199 | ||||||||
Cash and cash equivalents at end of year | $ | 47,534 | $ | 28,653 | $ | 42,258 | |||||
CASH PAID (RECEIVED) DURING THE PERIOD FOR: | |||||||||||
Interest | $ | 154,748 | $ | 151,334 | $ | 156,606 | |||||
Income taxes | $ | 7,794 | $ | 1,802 | $ | (610 | ) |
Division | Service Area | |
Atmos Energy Colorado-Kansas Division | Colorado, Kansas | |
Atmos Energy Kentucky/Mid-States Division | Kentucky, Tennessee, Virginia(1) | |
Atmos Energy Louisiana Division | Louisiana | |
Atmos Energy Mid-Tex Division | Texas, including the Dallas/Fort Worth metropolitan area | |
Atmos Energy Mississippi Division | Mississippi | |
Atmos Energy West Texas Division | West Texas |
(1) | Denotes location where we have more limited service areas. |
September 30 | |||||||
2016 | 2015 | ||||||
(In thousands) | |||||||
Regulatory assets: | |||||||
Pension and postretirement benefit costs(1) | $ | 132,348 | $ | 121,183 | |||
Infrastructure Mechanisms(2) | 42,719 | 32,813 | |||||
Deferred gas costs | 45,184 | 9,715 | |||||
Recoverable loss on reacquired debt | 13,761 | 16,319 | |||||
Deferred pipeline record collection costs | 7,336 | 3,118 | |||||
APT annual adjustment mechanism | 7,171 | 1,002 | |||||
Rate case costs | 1,539 | 1,533 | |||||
Other | 13,565 | 6,656 | |||||
$ | 263,623 | $ | 192,339 | ||||
Regulatory liabilities: | |||||||
Regulatory cost of removal obligation | $ | 476,891 | $ | 483,676 | |||
Deferred gas costs | 20,180 | 28,100 | |||||
Asset retirement obligation | 13,404 | 9,063 | |||||
Other | 4,250 | 3,693 | |||||
$ | 514,725 | $ | 524,532 |
(1) | Includes $12.4 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 eligible expenses associated with capital expenditures incurred pursuant to these rules, including the recording of interest on the deferred expenses until the next rate proceeding (rate case or annual rate filing), at which time investment and costs would be recovered through base rates. |
• | Recognition of all excess tax benefits and tax deficiencies associated with stock-based compensation as income tax expense or benefit in the income statement in the period the awards vest. The guidance also requires these income tax inflows and outflows to be classified as an operating activity. |
• | Simplification of the accounting for forfeitures. |
• | Clarification that cash paid by an employer when directly withholding shares for tax-withholding purposes should be classified as a financing activity. |
• | The regulated distribution segment, includes our regulated distribution and related sales operations. |
• | The regulated pipeline segment, includes the regulated pipeline and storage operations of our Atmos Pipeline — Texas Division. |
• | The nonregulated segment, is comprised of our nonregulated natural gas management, nonregulated natural gas transmission, storage and other services. |
Year Ended September 30, 2016 | |||||||||||||||||||
Regulated Distribution | Regulated Pipeline | Nonregulated | Eliminations | Consolidated | |||||||||||||||
(In thousands) | |||||||||||||||||||
Operating revenues from external parties | $ | 2,284,185 | $ | 104,007 | $ | 961,757 | $ | — | $ | 3,349,949 | |||||||||
Intersegment revenues | 7,681 | 304,826 | 104,606 | (417,113 | ) | — | |||||||||||||
2,291,866 | 408,833 | 1,066,363 | (417,113 | ) | 3,349,949 | ||||||||||||||
Purchased gas cost | 1,019,061 | — | 1,002,573 | (416,581 | ) | 1,605,053 | |||||||||||||
Gross profit | 1,272,805 | 408,833 | 63,790 | (532 | ) | 1,744,896 | |||||||||||||
Operating expenses | |||||||||||||||||||
Operation and maintenance | 404,115 | 129,525 | 27,658 | (532 | ) | 560,766 | |||||||||||||
Depreciation and amortization | 233,036 | 55,576 | 4,484 | — | 293,096 | ||||||||||||||
Taxes, other than income | 196,070 | 24,298 | 2,648 | — | 223,016 | ||||||||||||||
Total operating expenses | 833,221 | 209,399 | 34,790 | (532 | ) | 1,076,878 | |||||||||||||
Operating income | 439,584 | 199,434 | 29,000 | — | 668,018 | ||||||||||||||
Miscellaneous income (expense) | 455 | (1,683 | ) | 1,443 | (1,808 | ) | (1,593 | ) | |||||||||||
Interest charges | 79,404 | 36,574 | 1,778 | (1,808 | ) | 115,948 | |||||||||||||
Income before income taxes | 360,635 | 161,177 | 28,665 | — | 550,477 | ||||||||||||||
Income tax expense | 128,265 | 59,488 | 12,620 | — | 200,373 | ||||||||||||||
Net income | $ | 232,370 | $ | 101,689 | $ | 16,045 | $ | — | $ | 350,104 | |||||||||
Capital expenditures | $ | 740,039 | $ | 346,400 | $ | 511 | $ | — | $ | 1,086,950 |
Year Ended September 30, 2015 | |||||||||||||||||||
Regulated Distribution | Regulated Pipeline | Nonregulated | Eliminations | Consolidated | |||||||||||||||
(In thousands) | |||||||||||||||||||
Operating revenues from external parties | $ | 2,757,585 | $ | 97,662 | $ | 1,286,889 | $ | — | $ | 4,142,136 | |||||||||
Intersegment revenues | 6,250 | 272,450 | 185,320 | (464,020 | ) | — | |||||||||||||
2,763,835 | 370,112 | 1,472,209 | (464,020 | ) | 4,142,136 | ||||||||||||||
Purchased gas cost | 1,526,258 | — | 1,399,349 | (463,488 | ) | 2,462,119 | |||||||||||||
Gross profit | 1,237,577 | 370,112 | 72,860 | (532 | ) | 1,680,017 | |||||||||||||
Operating expenses | |||||||||||||||||||
Operation and maintenance | 388,486 | 118,866 | 35,048 | (532 | ) | 541,868 | |||||||||||||
Depreciation and amortization | 223,048 | 47,236 | 4,512 | — | 274,796 | ||||||||||||||
Taxes, other than income | 205,894 | 22,743 | 3,321 | — | 231,958 | ||||||||||||||
Total operating expenses | 817,428 | 188,845 | 42,881 | (532 | ) | 1,048,622 | |||||||||||||
Operating income | 420,149 | 181,267 | 29,979 | — | 631,395 | ||||||||||||||
Miscellaneous expense | (377 | ) | (1,243 | ) | (760 | ) | (2,009 | ) | (4,389 | ) | |||||||||
Interest charges | 84,132 | 33,151 | 967 | (2,009 | ) | 116,241 | |||||||||||||
Income before income taxes | 335,640 | 146,873 | 28,252 | — | 510,765 | ||||||||||||||
Income tax expense | 130,827 | 52,211 | 12,652 | — | 195,690 | ||||||||||||||
Net income | $ | 204,813 | $ | 94,662 | $ | 15,600 | $ | — | $ | 315,075 | |||||||||
Capital expenditures | $ | 670,575 | $ | 291,603 | $ | 1,443 | $ | — | $ | 963,621 |
Year Ended September 30, 2014 | |||||||||||||||||||
Regulated Distribution | Regulated Pipeline | Nonregulated | Eliminations | Consolidated | |||||||||||||||
(In thousands) | |||||||||||||||||||
Operating revenues from external parties | $ | 3,056,212 | $ | 92,166 | $ | 1,792,538 | $ | — | $ | 4,940,916 | |||||||||
Intersegment revenues | 5,334 | 226,293 | 274,754 | (506,381 | ) | — | |||||||||||||
3,061,546 | 318,459 | 2,067,292 | (506,381 | ) | 4,940,916 | ||||||||||||||
Purchased gas cost | 1,885,031 | — | 1,979,337 | (505,878 | ) | 3,358,490 | |||||||||||||
Gross profit | 1,176,515 | 318,459 | 87,955 | (503 | ) | 1,582,426 | |||||||||||||
Operating expenses | |||||||||||||||||||
Operation and maintenance | 387,228 | 91,466 | 26,963 | (503 | ) | 505,154 | |||||||||||||
Depreciation and amortization | 208,376 | 41,031 | 4,580 | — | 253,987 | ||||||||||||||
Taxes, other than income | 196,343 | 13,143 | 2,450 | — | 211,936 | ||||||||||||||
Total operating expenses | 791,947 | 145,640 | 33,993 | (503 | ) | 971,077 | |||||||||||||
Operating income | 384,568 | 172,819 | 53,962 | — | 611,349 | ||||||||||||||
Miscellaneous income (expense) | (381 | ) | (3,181 | ) | 2,216 | (3,889 | ) | (5,235 | ) | ||||||||||
Interest charges | 94,918 | 36,280 | 1,986 | (3,889 | ) | 129,295 | |||||||||||||
Income before income taxes | 289,269 | 133,358 | 54,192 | — | 476,819 | ||||||||||||||
Income tax expense | 117,684 | 47,167 | 22,151 | — | 187,002 | ||||||||||||||
Net income | $ | 171,585 | $ | 86,191 | $ | 32,041 | $ | — | $ | 289,817 | |||||||||
Capital expenditures | $ | 574,372 | $ | 248,230 | $ | 1,839 | $ | — | $ | 824,441 |
2016 | 2015 | 2014 | |||||||||
(In thousands) | |||||||||||
Regulated distribution revenues: | |||||||||||
Gas sales revenues: | |||||||||||
Residential | $ | 1,477,049 | $ | 1,761,689 | $ | 1,933,099 | |||||
Commercial | 619,979 | 772,187 | 876,042 | ||||||||
Industrial | 51,999 | 74,981 | 90,536 | ||||||||
Public authority and other | 41,307 | 53,401 | 64,779 | ||||||||
Total gas sales revenues | 2,190,334 | 2,662,258 | 2,964,456 | ||||||||
Transportation revenues | 70,383 | 67,475 | 64,049 | ||||||||
Other gas revenues | 23,468 | 27,852 | 27,707 | ||||||||
Total regulated distribution revenues | 2,284,185 | 2,757,585 | 3,056,212 | ||||||||
Regulated pipeline revenues | 104,007 | 97,662 | 92,166 | ||||||||
Nonregulated revenues | 961,757 | 1,286,889 | 1,792,538 | ||||||||
Total operating revenues | $ | 3,349,949 | $ | 4,142,136 | $ | 4,940,916 |
September 30, 2016 | |||||||||||||||||||
Regulated Distribution | Regulated Pipeline | Nonregulated | Eliminations | Consolidated | |||||||||||||||
(In thousands) | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Property, plant and equipment, net | $ | 6,220,425 | $ | 2,008,997 | $ | 51,089 | $ | — | $ | 8,280,511 | |||||||||
Investment in subsidiaries | 1,026,859 | — | — | (1,026,859 | ) | — | |||||||||||||
Current assets | |||||||||||||||||||
Cash and cash equivalents | 21,072 | — | 26,462 | — | 47,534 | ||||||||||||||
Assets from risk management activities | 3,029 | — | 6,775 | — | 9,804 | ||||||||||||||
Other current assets | 446,868 | 19,204 | 367,220 | (208,944 | ) | 624,348 | |||||||||||||
Intercompany receivables | 978,093 | — | — | (978,093 | ) | — | |||||||||||||
Total current assets | 1,449,062 | 19,204 | 400,457 | (1,187,037 | ) | 681,686 | |||||||||||||
Goodwill | 576,114 | 132,582 | 34,711 | — | 743,407 | ||||||||||||||
Noncurrent assets from risk management activities | 1,822 | — | — | — | 1,822 | ||||||||||||||
Deferred charges and other assets | 275,496 | 27,631 | 336 | — | 303,463 | ||||||||||||||
$ | 9,549,778 | $ | 2,188,414 | $ | 486,593 | $ | (2,213,896 | ) | $ | 10,010,889 | |||||||||
CAPITALIZATION AND LIABILITIES | |||||||||||||||||||
Shareholders’ equity | $ | 3,463,059 | $ | 678,964 | $ | 347,895 | $ | (1,026,859 | ) | $ | 3,463,059 | ||||||||
Long-term debt | 2,188,779 | — | — | — | 2,188,779 | ||||||||||||||
Total capitalization | 5,651,838 | 678,964 | 347,895 | (1,026,859 | ) | 5,651,838 | |||||||||||||
Current liabilities | |||||||||||||||||||
Current maturities of long-term debt | 250,000 | — | — | — | 250,000 | ||||||||||||||
Short-term debt | 1,026,811 | — | — | (197,000 | ) | 829,811 | |||||||||||||
Liabilities from risk management activities | 56,771 | — | — | — | 56,771 | ||||||||||||||
Other current liabilities | 549,328 | 22,427 | 91,888 | (11,944 | ) | 651,699 | |||||||||||||
Intercompany payables | — | 950,215 | 27,878 | (978,093 | ) | — | |||||||||||||
Total current liabilities | 1,882,910 | 972,642 | 119,766 | (1,187,037 | ) | 1,788,281 | |||||||||||||
Deferred income taxes | 1,058,895 | 536,732 | 7,429 | — | 1,603,056 | ||||||||||||||
Noncurrent liabilities from risk management activities | 184,048 | — | — | — | 184,048 | ||||||||||||||
Regulatory cost of removal obligation | 424,281 | — | — | — | 424,281 | ||||||||||||||
Pension and postretirement liabilities | 297,743 | — | — | — | 297,743 | ||||||||||||||
Deferred credits and other liabilities | 50,063 | 76 | 11,503 | — | 61,642 | ||||||||||||||
$ | 9,549,778 | $ | 2,188,414 | $ | 486,593 | $ | (2,213,896 | ) | $ | 10,010,889 |
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 | 421,591 | 24,628 | 480,503 | (338,301 | ) | 588,421 | |||||||||||||
Intercompany receivables | 887,713 | — | — | (887,713 | ) | — | |||||||||||||
Total current assets | 1,333,545 | 24,628 | 494,147 | (1,226,014 | ) | 626,306 | |||||||||||||
Goodwill | 575,449 | 132,542 | 34,711 | — | 742,702 | ||||||||||||||
Noncurrent assets from risk management activities | 368 | — | — | — | 368 | ||||||||||||||
Deferred charges and other assets | 252,499 | 17,288 | 5,329 | — | 275,116 | ||||||||||||||
$ | 8,870,837 | $ | 1,880,907 | $ | 585,916 | $ | (2,262,588 | ) | $ | 9,075,072 | |||||||||
CAPITALIZATION AND LIABILITIES | |||||||||||||||||||
Shareholders’ equity | $ | 3,194,797 | $ | 577,275 | $ | 461,395 | $ | (1,038,670 | ) | $ | 3,194,797 | ||||||||
Long-term debt | 2,437,515 | — | — | — | 2,437,515 | ||||||||||||||
Total capitalization | 5,632,312 | 577,275 | 461,395 | (1,038,670 | ) | 5,632,312 | |||||||||||||
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 | ||||||||||||||
$ | 8,870,837 | $ | 1,880,907 | $ | 585,916 | $ | (2,262,588 | ) | $ | 9,075,072 |
2016 | 2015 | 2014 | |||||||||
(In thousands, except per share data) | |||||||||||
Basic Earnings Per Share | |||||||||||
Net Income | $ | 350,104 | $ | 315,075 | $ | 289,817 | |||||
Less: Income allocated to participating securities | 546 | 626 | 711 | ||||||||
Net Income available to common shareholders | $ | 349,558 | $ | 314,449 | $ | 289,106 | |||||
Basic weighted average shares outstanding | 103,524 | 101,892 | 97,606 | ||||||||
Net Income per share — Basic | $ | 3.38 | $ | 3.09 | $ | 2.96 | |||||
Diluted Earnings Per Share | |||||||||||
Net Income available to common shareholders | $ | 349,558 | $ | 314,449 | $ | 289,106 | |||||
Effect of dilutive stock options and other shares | — | — | — | ||||||||
Net Income available to common shareholders | $ | 349,558 | $ | 314,449 | $ | 289,106 | |||||
Basic weighted average shares outstanding | 103,524 | 101,892 | 97,606 | ||||||||
Additional dilutive stock options and other shares | — | — | 2 | ||||||||
Diluted weighted average shares outstanding | 103,524 | 101,892 | 97,608 | ||||||||
Net Income per share — Diluted | $ | 3.38 | $ | 3.09 | $ | 2.96 |
2016 | 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 Series A notes, 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 | 4,270 | 4,612 | |||||
Debt issuance cost | 16,951 | 17,873 | |||||
Current maturities | 250,000 | — | |||||
$ | 2,188,779 | $ | 2,437,515 |
2017 | $ | 250,000 | |
2018 | — | ||
2019 | 450,000 | ||
2020 | — | ||
2021 | — | ||
Thereafter | 1,760,000 | ||
$ | 2,460,000 |
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 | (263 | ) | (99,029 | ) | (11,662 | ) | (110,954 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | (202 | ) | 347 | 32,117 | 32,262 | ||||||||||
Net current-period other comprehensive income (loss) | (465 | ) | (98,682 | ) | 20,455 | (78,692 | ) | ||||||||
September 30, 2016 | $ | 4,484 | $ | (187,524 | ) | $ | (4,982 | ) | $ | (188,022 | ) |
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 | (2,173 | ) | (71,003 | ) | (49,211 | ) | (122,387 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | (540 | ) | 542 | 25,448 | 25,450 | ||||||||||
Net current-period other comprehensive income (loss) | (2,713 | ) | (70,461 | ) | (23,763 | ) | (96,937 | ) | |||||||
September 30, 2015 | $ | 4,949 | $ | (88,842 | ) | $ | (25,437 | ) | $ | (109,330 | ) |
Fiscal Year Ended September 30, 2016 | |||||
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 | $ | 318 | Operation and maintenance expense | ||
318 | Total before tax | ||||
(116 | ) | Tax expense | |||
$ | 202 | Net of tax | |||
Cash flow hedges | |||||
Interest rate agreements | $ | (546 | ) | Interest charges | |
Commodity contracts | (52,651 | ) | Purchased gas cost | ||
(53,197 | ) | Total before tax | |||
20,733 | Tax benefit | ||||
$ | (32,464 | ) | Net of tax | ||
Total reclassifications | $ | (32,262 | ) | Net of tax |
Fiscal Year Ended September 30, 2015 | |||||
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 | $ | 850 | Operation and maintenance expense | ||
850 | Total before tax | ||||
(310 | ) | Tax expense | |||
$ | 540 | Net of tax | |||
Cash flow hedges | |||||
Interest rate agreements | $ | (853 | ) | Interest charges | |
Commodity contracts | (41,716 | ) | Purchased gas cost | ||
(42,569 | ) | Total before tax | |||
16,579 | Tax benefit | ||||
$ | (25,990 | ) | Net of tax | ||
Total reclassifications | $ | (25,450 | ) | Net of tax |
Defined Benefits Plan | Supplemental Executive Retirement Plans | Postretirement Plans | Total | ||||||||||||
(In thousands) | |||||||||||||||
September 30, 2016 | |||||||||||||||
Unrecognized prior service credit | $ | (1,509 | ) | $ | — | $ | (2,880 | ) | $ | (4,389 | ) | ||||
Unrecognized actuarial (gain) loss | 127,028 | 51,558 | (54,298 | ) | 124,288 | ||||||||||
$ | 125,519 | $ | 51,558 | $ | (57,178 | ) | $ | 119,899 | |||||||
September 30, 2015 | |||||||||||||||
Unrecognized transition obligation | $ | — | $ | — | $ | 82 | $ | 82 | |||||||
Unrecognized prior service credit | (1,735 | ) | — | (4,524 | ) | (6,259 | ) | ||||||||
Unrecognized actuarial (gain) loss | 120,948 | 36,915 | (47,149 | ) | 110,714 | ||||||||||
$ | 119,213 | $ | 36,915 | $ | (51,591 | ) | $ | 104,537 |
Targeted Allocation Range | Actual Allocation September 30 | ||||||
Security Class | 2016 | 2015 | |||||
Domestic equities | 35%-55% | 40.5 | % | 41.3 | % | ||
International equities | 10%-20% | 15.5 | % | 14.9 | % | ||
Fixed income | 5%-30% | 11.2 | % | 11.0 | % | ||
Company stock | 0%-15% | 15.1 | % | 15.2 | % | ||
Other assets | 0%-20% | 17.7 | % | 17.6 | % |
Pension Liability | Pension Cost | |||||||||||||
2016 | 2015 | 2016 | 2015 | 2014 | ||||||||||
Discount rate | 3.73 | % | 4.55 | % | 4.55 | % | 4.43 | % | 4.95 | % | ||||
Rate of compensation increase | 3.50 | % | 3.50 | % | 3.50 | % | 3.50 | % | 3.50 | % | ||||
Expected return on plan assets | 7.00 | % | 7.00 | % | 7.00 | % | 7.25 | % | 7.25 | % |
2016 | 2015 | ||||||
(In thousands) | |||||||
Accumulated benefit obligation | $ | 516,924 | $ | 485,921 | |||
Change in projected benefit obligation: | |||||||
Benefit obligation at beginning of year | $ | 508,599 | $ | 493,594 | |||
Service cost | 16,419 | 16,231 | |||||
Interest cost | 23,193 | 21,850 | |||||
Actuarial loss | 41,847 | 7,420 | |||||
Benefits paid(1) | (44,578 | ) | (30,496 | ) | |||
Benefit obligation at end of year | 545,480 | 508,599 | |||||
Change in plan assets: | |||||||
Fair value of plan assets at beginning of year | 450,932 | 434,767 | |||||
Actual return on plan assets | 52,596 | 8,661 | |||||
Employer contributions | 15,000 | 38,000 | |||||
Benefits paid(1) | (44,578 | ) | (30,496 | ) | |||
Fair value of plan assets at end of year | 473,950 | 450,932 | |||||
Reconciliation: | |||||||
Funded status | (71,530 | ) | (57,667 | ) | |||
Unrecognized prior service cost | — | — | |||||
Unrecognized net loss | — | — | |||||
Accrued pension cost | $ | (71,530 | ) | $ | (57,667 | ) |
(1) | Includes $12.8 million of one-time payments to eligible deferred vested participants who elected to receive a lump-sum payout of their pension benefits during fiscal 2016. |
Fiscal Year Ended September 30 | |||||||||||
2016 | 2015 | 2014 | |||||||||
(In thousands) | |||||||||||
Components of net periodic pension cost: | |||||||||||
Service cost | $ | 16,419 | $ | 16,231 | $ | 15,345 | |||||
Interest cost | 23,193 | 21,850 | 22,330 | ||||||||
Expected return on assets | (27,522 | ) | (25,744 | ) | (23,601 | ) | |||||
Amortization of prior service credit | (226 | ) | (192 | ) | (136 | ) | |||||
Recognized actuarial loss | 10,693 | 13,322 | 13,777 | ||||||||
Net periodic pension cost | $ | 22,557 | $ | 25,467 | $ | 27,715 |
Assets at Fair Value as of September 30, 2016 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(In thousands) | |||||||||||||||
Investments: | |||||||||||||||
Common stocks | $ | 157,111 | $ | — | $ | — | $ | 157,111 | |||||||
Money market funds | — | 11,522 | — | 11,522 | |||||||||||
Registered investment companies | 87,396 | — | — | 87,396 | |||||||||||
Common/collective trusts | — | 105,124 | — | 105,124 | |||||||||||
Government securities: | |||||||||||||||
Mortgage-backed securities | — | 15,223 | — | 15,223 | |||||||||||
U.S. treasuries | 4,704 | 863 | — | 5,567 | |||||||||||
Corporate bonds | — | 31,929 | — | 31,929 | |||||||||||
Limited partnerships | — | 57,438 | — | 57,438 | |||||||||||
Total investments at fair value | $ | 249,211 | $ | 222,099 | $ | — | $ | 471,310 |
Assets at Fair Value as of September 30, 2015 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(In thousands) | |||||||||||||||
Investments: | |||||||||||||||
Common stocks | $ | 159,304 | $ | — | $ | — | $ | 159,304 | |||||||
Money market funds | — | 11,787 | — | 11,787 | |||||||||||
Registered investment companies | 81,960 | — | — | 81,960 | |||||||||||
Common/collective trusts | — | 93,081 | — | 93,081 | |||||||||||
Government securities: | |||||||||||||||
Mortgage-backed securities | — | 14,359 | — | 14,359 | |||||||||||
U.S. treasuries | 5,279 | 805 | — | 6,084 | |||||||||||
Corporate bonds | — | 28,973 | — | 28,973 | |||||||||||
Limited partnerships | — | 52,996 | — | 52,996 | |||||||||||
Total investments at fair value | $ | 246,543 | $ | 202,001 | $ | — | $ | 448,544 |
Pension Liability | Pension Cost | |||||||||||||
2016 | 2015 | 2016 | 2015 | 2014 | ||||||||||
Discount rate | 3.73 | % | 4.55 | % | 4.55 | % | 4.43 | % | 4.95 | % | ||||
Rate of compensation increase | 3.50 | % | 3.50 | % | 3.50 | % | 3.50 | % | 3.50 | % |
2016 | 2015 | ||||||
(In thousands) | |||||||
Accumulated benefit obligation | $ | 137,616 | $ | 118,835 | |||
Change in projected benefit obligation: | |||||||
Benefit obligation at beginning of year | $ | 122,393 | $ | 113,219 | |||
Service cost | 2,371 | 3,971 | |||||
Interest cost | 5,185 | 4,943 | |||||
Actuarial loss | 17,229 | 4,811 | |||||
Benefits paid | (4,604 | ) | (4,551 | ) | |||
Benefit obligation at end of year | 142,574 | 122,393 | |||||
Change in plan assets: | |||||||
Fair value of plan assets at beginning of year | — | — | |||||
Employer contribution | 4,604 | 4,551 | |||||
Benefits paid | (4,604 | ) | (4,551 | ) | |||
Fair value of plan assets at end of year | — | — | |||||
Reconciliation: | |||||||
Funded status | (142,574 | ) | (122,393 | ) | |||
Unrecognized prior service cost | — | — | |||||
Unrecognized net loss | — | — | |||||
Accrued pension cost | $ | (142,574 | ) | $ | (122,393 | ) |
Fiscal Year Ended September 30 | |||||||||||
2016 | 2015 | 2014 | |||||||||
(In thousands) | |||||||||||
Components of net periodic pension cost: | |||||||||||
Service cost | $ | 2,371 | $ | 3,971 | $ | 3,607 | |||||
Interest cost | 5,185 | 4,943 | 4,966 | ||||||||
Amortization of transition asset | — | — | — | ||||||||
Amortization of prior service cost | — | — | — | ||||||||
Recognized actuarial loss | 2,586 | 2,343 | 1,948 | ||||||||
Settlements | — | — | 4,539 | ||||||||
Net periodic pension cost | $ | 10,142 | $ | 11,257 | $ | 15,060 |
Pension Plan | Supplemental Plans | ||||||
(In thousands) | |||||||
2017 | $ | 31,306 | $ | 36,604 | |||
2018 | 32,047 | 14,289 | |||||
2019 | 33,674 | 7,181 | |||||
2020 | 35,232 | 4,395 | |||||
2021 | 37,279 | 4,306 | |||||
2022-2026 | 202,442 | 60,658 |
Actual Allocation September 30 | |||||
Security Class | 2016 | 2015 | |||
Diversified investment funds | 97.2 | % | 97.5 | % | |
Cash and cash equivalents | 2.8 | % | 2.5 | % |
Postretirement Liability | Postretirement Cost | |||||||||||||
2016 | 2015 | 2016 | 2015 | 2014 | ||||||||||
Discount rate | 3.73 | % | 4.55 | % | 4.55 | % | 4.43 | % | 4.95 | % | ||||
Expected return on plan assets | 4.45 | % | 4.45 | % | 4.45 | % | 4.60 | % | 4.60 | % | ||||
Initial trend rate | 7.50 | % | 7.50 | % | 7.50 | % | 7.50 | % | 8.00 | % | ||||
Ultimate trend rate | 5.00 | % | 5.00 | % | 5.00 | % | 5.00 | % | 5.00 | % | ||||
Ultimate trend reached in | 2022 | 2021 | 2021 | 2020 | 2020 |
2016 | 2015 | ||||||
(In thousands) | |||||||
Change in benefit obligation: | |||||||
Benefit obligation at beginning of year | $ | 267,179 | $ | 315,118 | |||
Service cost | 10,823 | 15,583 | |||||
Interest cost | 12,424 | 14,385 | |||||
Plan participants’ contributions | 4,289 | 4,563 | |||||
Actuarial gain | (1,052 | ) | (69,962 | ) | |||
Benefits paid | (14,441 | ) | (12,508 | ) | |||
Benefit obligation at end of year | 279,222 | 267,179 | |||||
Change in plan assets: | |||||||
Fair value of plan assets at beginning of year | 138,009 | 134,821 | |||||
Actual return on plan assets | 14,528 | (8,851 | ) | ||||
Employer contributions | 16,592 | 19,984 | |||||
Plan participants’ contributions | 4,289 | 4,563 | |||||
Benefits paid | (14,441 | ) | (12,508 | ) | |||
Fair value of plan assets at end of year | 158,977 | 138,009 | |||||
Reconciliation: | |||||||
Funded status | (120,245 | ) | (129,170 | ) | |||
Unrecognized transition obligation | — | — | |||||
Unrecognized prior service cost | — | — | |||||
Unrecognized net loss | — | — | |||||
Accrued postretirement cost | $ | (120,245 | ) | $ | (129,170 | ) |
Fiscal Year Ended September 30 | |||||||||||
2016 | 2015 | 2014 | |||||||||
(In thousands) | |||||||||||
Components of net periodic postretirement cost: | |||||||||||
Service cost | $ | 10,823 | $ | 15,583 | $ | 16,784 | |||||
Interest cost | 12,424 | 14,385 | 15,951 | ||||||||
Expected return on assets | (6,264 | ) | (6,431 | ) | (5,167 | ) | |||||
Amortization of transition obligation | 82 | 272 | 274 | ||||||||
Amortization of prior service credit | (1,644 | ) | (1,644 | ) | (1,450 | ) | |||||
Recognized actuarial (gain) loss | (2,167 | ) | — | 631 | |||||||
Net periodic postretirement cost | $ | 13,254 | $ | 22,165 | $ | 27,023 |
One-Percentage Point Increase | One-Percentage Point Decrease | ||||||
(In thousands) | |||||||
Effect on total service and interest cost components | $ | 4,539 | $ | (3,596 | ) | ||
Effect on postretirement benefit obligation | $ | 42,079 | $ | (34,531 | ) |
Assets at Fair Value as of September 30, 2016 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(In thousands) | |||||||||||||||
Investments: | |||||||||||||||
Money market funds | $ | — | $ | 4,470 | $ | — | $ | 4,470 | |||||||
Registered investment companies | 154,507 | — | — | 154,507 | |||||||||||
Total investments at fair value | $ | 154,507 | $ | 4,470 | $ | — | $ | 158,977 |
Assets at Fair Value as of September 30, 2015 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(In thousands) | |||||||||||||||
Investments: | |||||||||||||||
Money market funds | $ | — | $ | 3,486 | $ | — | $ | 3,486 | |||||||
Registered investment companies | 134,523 | — | — | 134,523 | |||||||||||
Total investments at fair value | $ | 134,523 | $ | 3,486 | $ | — | $ | 138,009 |
Company Payments | Retiree Payments | Subsidy Payments | Total Postretirement Benefits | ||||||||||||
(In thousands) | |||||||||||||||
2017 | $ | 15,806 | $ | 3,679 | $ | — | $ | 19,485 | |||||||
2018 | 11,602 | 3,992 | — | 15,594 | |||||||||||
2019 | 12,165 | 4,036 | — | 16,201 | |||||||||||
2020 | 13,246 | 4,756 | — | 18,002 | |||||||||||
2021 | 14,210 | 5,420 | — | 19,630 | |||||||||||
2022-2026 | 84,642 | 36,837 | — | 121,479 |
2016 | 2015 | 2014 | ||||||||||||||||||
Number of Restricted Units | Weighted Average Grant-Date Fair Value | Number of Restricted Units | Weighted Average Grant-Date Fair Value | Number of Restricted Units | Weighted Average Grant-Date Fair Value | |||||||||||||||
Nonvested at beginning of year | 878,104 | $ | 48.24 | 988,637 | $ | 42.22 | 1,052,844 | $ | 36.20 | |||||||||||
Granted | 357,323 | 65.98 | 444,543 | 50.50 | 464,438 | 45.05 | ||||||||||||||
Vested | (448,136 | ) | 45.88 | (551,688 | ) | 39.28 | (524,532 | ) | 32.67 | |||||||||||
Forfeited | (4,860 | ) | 53.52 | (3,388 | ) | 48.55 | (4,113 | ) | 39.00 | |||||||||||
Nonvested at end of year | 782,431 | $ | 57.66 | 878,104 | $ | 48.24 | 988,637 | $ | 42.22 |
September 30 | |||||||
2016 | 2015 | ||||||
(In thousands) | |||||||
Billed accounts receivable | $ | 206,248 | $ | 204,585 | |||
Unbilled revenue | 67,396 | 65,008 | |||||
Other accounts receivable | 39,730 | 40,850 | |||||
Total accounts receivable | 313,374 | 310,443 | |||||
Less: allowance for doubtful accounts | (13,367 | ) | (15,283 | ) | |||
Net accounts receivable | $ | 300,007 | $ | 295,160 |
September 30 | |||||||
2016 | 2015 | ||||||
(In thousands) | |||||||
Assets from risk management activities | $ | 9,804 | $ | 9,232 | |||
Deferred gas costs | 45,184 | 9,715 | |||||
Taxes receivable | 5,456 | 4,479 | |||||
Prepaid expenses | 23,053 | 23,055 | |||||
Materials and supplies | 5,825 | 12,587 | |||||
Other | 11,507 | 6,822 | |||||
Total | $ | 100,829 | $ | 65,890 |
September 30 | |||||||
2016 | 2015 | ||||||
(In thousands) | |||||||
Production plant | $ | 66 | $ | 131 | |||
Storage plant | 353,523 | 286,011 | |||||
Transmission plant | 2,232,927 | 1,844,117 | |||||
Distribution plant | 6,598,990 | 6,019,001 | |||||
General plant | 761,057 | 769,311 | |||||
Intangible plant | 40,515 | 41,131 | |||||
9,987,078 | 8,959,702 | ||||||
Construction in progress | 184,062 | 280,398 | |||||
10,171,140 | 9,240,100 | ||||||
Less: accumulated depreciation and amortization | (1,890,629 | ) | (1,809,520 | ) | |||
Net property, plant and equipment(1) | $ | 8,280,511 | $ | 7,430,580 |
(1) | Net property, plant and equipment includes plant acquisition adjustments of $(59.8) million and $(68.1) million at September 30, 2016 and 2015. |
Regulated Distribution | Regulated Pipeline | Nonregulated | Total | ||||||||||||
(In thousands) | |||||||||||||||
Balance as of September 30, 2015 | $ | 575,449 | $ | 132,542 | $ | 34,711 | $ | 742,702 | |||||||
Deferred tax adjustments on prior acquisitions(1) | 665 | 40 | — | 705 | |||||||||||
Balance as of September 30, 2016 | $ | 576,114 | $ | 132,582 | $ | 34,711 | $ | 743,407 |
(1) | We annually adjust certain deferred taxes recorded in connection with acquisitions completed in fiscal 2001 and fiscal 2004, which resulted in an increase to goodwill and net deferred tax liabilities of $0.7 million for fiscal 2016. |
September 30 | |||||||
2016 | 2015 | ||||||
(In thousands) | |||||||
Marketable securities | $ | 72,701 | $ | 74,200 | |||
Regulatory assets | 214,890 | 182,573 | |||||
Assets from risk management activities | 1,822 | 368 | |||||
Other | 15,872 | 18,343 | |||||
Total | $ | 305,285 | $ | 275,484 |
September 30 | |||||||
2016 | 2015 | ||||||
(In thousands) | |||||||
Trade accounts payable | $ | 114,533 | $ | 78,534 | |||
Accrued gas payable | 108,526 | 119,825 | |||||
Accrued liabilities | 36,375 | 40,583 | |||||
Total | $ | 259,434 | $ | 238,942 |
September 30 | |||||||
2016 | 2015 | ||||||
(In thousands) | |||||||
Customer credit balances and deposits | $ | 81,890 | $ | 100,232 | |||
Accrued employee costs | 47,058 | 47,602 | |||||
Deferred gas costs | 20,180 | 28,100 | |||||
Accrued interest | 34,863 | 34,914 | |||||
Liabilities from risk management activities | 56,771 | 9,568 | |||||
Taxes payable | 104,457 | 93,674 | |||||
Pension and postretirement obligations | 36,606 | 21,857 | |||||
Current deferred tax liability | — | 55,918 | |||||
Regulatory cost of removal accrual | 52,610 | 56,123 | |||||
Other | 14,601 | 9,966 | |||||
Total | $ | 449,036 | $ | 457,954 |
September 30 | |||||||
2016 | 2015 | ||||||
(In thousands) | |||||||
Customer advances for construction | $ | 9,850 | $ | 9,316 | |||
Regulatory liabilities | 4,152 | 3,693 | |||||
Asset retirement obligation | 13,404 | 9,063 | |||||
Liabilities from risk management activities | 184,048 | 110,539 | |||||
Other | 34,236 | 29,085 | |||||
Total | $ | 245,690 | $ | 161,696 |
Operating Leases | |||
(In thousands) | |||
2017 | $ | 17,073 | |
2018 | 16,824 | ||
2019 | 15,450 | ||
2020 | 14,479 | ||
2021 | 14,335 | ||
Thereafter | 47,714 | ||
Total minimum lease payments | $ | 125,875 |
2017 | $ | 9,065 | |
2018 | 2,336 | ||
2019 | 424 | ||
2020 | 400 | ||
2021 | 327 | ||
Thereafter | 678 | ||
$ | 13,230 |
2016 | 2015 | 2014 | |||||||||
(In thousands) | |||||||||||
Current | |||||||||||
Federal | $ | — | $ | — | $ | — | |||||
State | 6,822 | 7,251 | 5,527 | ||||||||
Deferred | |||||||||||
Federal | 181,790 | 175,897 | 169,106 | ||||||||
State | 11,766 | 12,548 | 12,375 | ||||||||
Investment tax credits | (5 | ) | (6 | ) | (6 | ) | |||||
$ | 200,373 | $ | 195,690 | $ | 187,002 |
2016 | 2015 | 2014 | |||||||||
(In thousands) | |||||||||||
Tax at statutory rate of 35% | $ | 192,667 | $ | 178,768 | $ | 166,887 | |||||
Common stock dividends deductible for tax reporting | (2,570 | ) | (2,413 | ) | (2,307 | ) | |||||
State taxes (net of federal benefit) | 11,504 | 12,869 | 11,636 | ||||||||
Change in valuation allowance | 1,324 | 4,998 | 6,969 | ||||||||
Other, net | (2,552 | ) | 1,468 | 3,817 | |||||||
Income tax expense | $ | 200,373 | $ | 195,690 | $ | 187,002 |
2016 | 2015 | ||||||
(In thousands) | |||||||
Deferred tax assets: | |||||||
Employee benefit plans | $ | 122,682 | $ | 121,619 | |||
Interest rate agreements | 107,782 | 51,067 | |||||
Net operating loss carryforwards | 514,391 | 313,224 | |||||
Charitable and other credit carryforwards | 22,273 | 22,281 | |||||
Other | 23,648 | 36,695 | |||||
Total deferred tax assets | 790,776 | 544,886 | |||||
Valuation allowance | (10,481 | ) | (10,872 | ) | |||
Net deferred tax assets | 780,295 | 534,014 | |||||
Deferred tax liabilities: | |||||||
Difference in net book value and net tax value of assets | (2,259,278 | ) | (1,890,886 | ) | |||
Pension funding | (30,652 | ) | (35,247 | ) | |||
Gas cost adjustments | (54,725 | ) | (43,634 | ) | |||
Other | (38,696 | ) | (31,480 | ) | |||
Total deferred tax liabilities | (2,383,351 | ) | (2,001,247 | ) | |||
Net deferred tax liabilities | $ | (1,603,056 | ) | $ | (1,467,233 | ) | |
Deferred credits for rate regulated entities | $ | 861 | $ | 412 |
2016 | 2015 | ||||||
(In thousands) | |||||||
Unrecognized tax benefits - beginning balance | $ | 17,069 | $ | 12,629 | |||
Increase (decrease) resulting from prior period tax positions | (290 | ) | 1,009 | ||||
Increase resulting from current period tax positions | 3,519 | 3,431 | |||||
Unrecognized tax benefits - ending balance | 20,298 | 17,069 | |||||
Less: deferred federal and state income tax benefits | (7,104 | ) | (5,974 | ) | |||
Total unrecognized tax benefits that, if recognized, would impact the effective income tax rate as of the end of the year | $ | 13,194 | $ | 11,095 |
Regulated Distribution | Nonregulated | Total | |||||||||
(In thousands) | |||||||||||
September 30, 2016 | |||||||||||
Assets from risk management activities, current(1) | $ | 3,029 | $ | 6,775 | $ | 9,804 | |||||
Assets from risk management activities, noncurrent | 1,822 | — | 1,822 | ||||||||
Liabilities from risk management activities, current(1) | (56,771 | ) | — | (56,771 | ) | ||||||
Liabilities from risk management activities, noncurrent(1) | (184,048 | ) | — | (184,048 | ) | ||||||
Net assets (liabilities) | $ | (235,968 | ) | $ | 6,775 | $ | (229,193 | ) | |||
September 30, 2015 | |||||||||||
Assets from risk management activities, current(2) | $ | 378 | $ | 8,854 | $ | 9,232 | |||||
Assets from risk management activities, noncurrent | 368 | — | 368 | ||||||||
Liabilities from risk management activities, current(2) | (9,568 | ) | — | (9,568 | ) | ||||||
Liabilities from risk management activities, noncurrent(2) | (110,539 | ) | — | (110,539 | ) | ||||||
Net assets (liabilities) | $ | (119,361 | ) | $ | 8,854 | $ | (110,507 | ) |
(1) | Includes $25.7 million of cash held on deposit to collateralize certain regulated distribution financial instruments, which were used to offset current and noncurrent risk management liabilities. Also includes $24.7 million of cash held on |
(2) | Includes $43.5 million of cash held on deposit to collateralize certain nonregulated 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. |
Contract Type | Hedge Designation | Regulated Distribution | Nonregulated | |||||
Quantity (MMcf) | ||||||||
Commodity contracts | Fair Value | — | (19,395 | ) | ||||
Cash Flow | — | 39,278 | ||||||
Not designated | 18,595 | 71,147 | ||||||
18,595 | 91,030 |
Regulated Distribution | Nonregulated | ||||||||||||||||
Balance Sheet Location | Assets | Liabilities | Assets | Liabilities | |||||||||||||
(In thousands) | |||||||||||||||||
September 30, 2016 | |||||||||||||||||
Designated As Hedges: | |||||||||||||||||
Commodity contracts | Other current assets / Other current liabilities | $ | — | $ | — | $ | 6,612 | $ | (21,903 | ) | |||||||
Interest rate contracts | Other current assets / Other current liabilities | — | (68,481 | ) | — | — | |||||||||||
Commodity contracts | Deferred charges and other assets / Deferred credits and other liabilities | — | — | 2,178 | (3,779 | ) | |||||||||||
Interest rate contracts | Deferred charges and other assets / Deferred credits and other liabilities | — | (198,008 | ) | — | — | |||||||||||
Total | — | (266,489 | ) | 8,790 | (25,682 | ) | |||||||||||
Not Designated As Hedges: | |||||||||||||||||
Commodity contracts | Other current assets / Other current liabilities | 3,029 | — | 18,157 | (18,812 | ) | |||||||||||
Commodity contracts | Deferred charges and other assets / Deferred credits and other liabilities | 1,822 | — | 12,343 | (12,701 | ) | |||||||||||
Total | 4,851 | — | 30,500 | (31,513 | ) | ||||||||||||
Gross Financial Instruments | 4,851 | (266,489 | ) | 39,290 | (57,195 | ) | |||||||||||
Gross Amounts Offset on Consolidated Balance Sheet: | |||||||||||||||||
Contract netting | — | — | (39,290 | ) | 39,290 | ||||||||||||
Net Financial Instruments | 4,851 | (266,489 | ) | — | (17,905 | ) | |||||||||||
Cash collateral | — | 25,670 | 6,775 | 17,905 | |||||||||||||
Net Assets/Liabilities from Risk Management Activities | $ | 4,851 | $ | (240,819 | ) | $ | 6,775 | $ | — |
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 | $ | — |
Fiscal Year Ended September 30 | |||||||||||
2016 | 2015 | 2014 | |||||||||
(In thousands) | |||||||||||
Commodity contracts | $ | 3,516 | $ | 10,311 | $ | (792 | ) | ||||
Fair value adjustment for natural gas inventory designated as the hedged item | 18,079 | (9,768 | ) | 2,486 | |||||||
Total decrease in purchased gas cost | $ | 21,595 | $ | 543 | $ | 1,694 | |||||
The decrease in purchased gas cost is comprised of the following: | |||||||||||
Basis ineffectiveness | $ | (1,390 | ) | $ | 811 | $ | (919 | ) | |||
Timing ineffectiveness | 22,985 | (268 | ) | 2,613 | |||||||
$ | 21,595 | $ | 543 | $ | 1,694 |
Fiscal Year Ended September 30, 2016 | |||||||||||
Regulated Distribution | Nonregulated | Consolidated | |||||||||
(In thousands) | |||||||||||
Loss reclassified from AOCI for effective portion of commodity contracts | $ | — | $ | (52,651 | ) | $ | (52,651 | ) | |||
Loss arising from ineffective portion of commodity contracts | — | (19 | ) | (19 | ) | ||||||
Total impact on purchased gas cost | — | (52,670 | ) | (52,670 | ) | ||||||
Net loss on settled interest rate agreements reclassified from AOCI into interest expense | (546 | ) | — | (546 | ) | ||||||
Total impact from cash flow hedges | $ | (546 | ) | $ | (52,670 | ) | $ | (53,216 | ) |
Fiscal Year Ended September 30, 2015 | |||||||||||
Regulated Distribution | Nonregulated | Consolidated | |||||||||
(In thousands) | |||||||||||
Loss reclassified from AOCI for effective portion of commodity contracts | $ | — | $ | (41,716 | ) | $ | (41,716 | ) | |||
Loss arising from ineffective portion of commodity contracts | — | (325 | ) | (325 | ) | ||||||
Total impact on purchased gas cost | — | (42,041 | ) | (42,041 | ) | ||||||
Net loss on settled interest rate agreements reclassified from AOCI into interest expense | (853 | ) | — | (853 | ) | ||||||
Total impact from cash flow hedges | $ | (853 | ) | $ | (42,041 | ) | $ | (42,894 | ) |
Fiscal Year Ended September 30, 2014 | |||||||||||
Regulated Distribution | Nonregulated | Consolidated | |||||||||
(In thousands) | |||||||||||
Gain reclassified from AOCI for effective portion of commodity contracts | $ | — | $ | 8,365 | $ | 8,365 | |||||
Gain arising from ineffective portion of commodity contracts | — | 198 | 198 | ||||||||
Total impact on purchased gas cost | — | 8,563 | 8,563 | ||||||||
Net loss on settled interest rate agreements reclassified from AOCI into interest expense | (4,230 | ) | — | (4,230 | ) | ||||||
Total impact from cash flow hedges | $ | (4,230 | ) | $ | 8,563 | $ | 4,333 |
Fiscal Year Ended September 30 | |||||||
2016 | 2015 | ||||||
(In thousands) | |||||||
Decrease in fair value: | |||||||
Interest rate agreements | $ | (99,029 | ) | $ | (71,003 | ) | |
Forward commodity contracts | (11,662 | ) | (49,211 | ) | |||
Recognition of losses in earnings due to settlements: | |||||||
Interest rate agreements | 347 | 542 | |||||
Forward commodity contracts | 32,117 | 25,448 | |||||
Total other comprehensive income (loss) from hedging, net of tax(1) | $ | (78,227 | ) | $ | (94,224 | ) |
(1) | Utilizing an income tax rate ranging from approximately 37 percent to 39 percent based on the effective rates in each taxing jurisdiction. |
Interest Rate Agreements | Commodity Contracts | Total | |||||||||
(In thousands) | |||||||||||
2017 | $ | (447 | ) | $ | (3,983 | ) | $ | (4,430 | ) | ||
2018 | (649 | ) | (561 | ) | (1,210 | ) | |||||
2019 | (673 | ) | (414 | ) | (1,087 | ) | |||||
2020 | (698 | ) | (26 | ) | (724 | ) | |||||
2021 | (698 | ) | 2 | (696 | ) | ||||||
Thereafter | (15,139 | ) | — | (15,139 | ) | ||||||
Total(1) | $ | (18,304 | ) | $ | (4,982 | ) | $ | (23,286 | ) |
(1) | Utilizing an income tax rate ranging from approximately 37 percent to 39 percent based on the effective rates in each taxing jurisdiction. |
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) | September 30, 2016 | |||||||||||||||
(In thousands) | |||||||||||||||||||
Assets: | |||||||||||||||||||
Financial instruments | |||||||||||||||||||
Regulated distribution segment | $ | — | $ | 4,851 | $ | — | $ | — | $ | 4,851 | |||||||||
Nonregulated segment | — | 39,290 | — | (32,515 | ) | 6,775 | |||||||||||||
Total financial instruments | — | 44,141 | — | (32,515 | ) | 11,626 | |||||||||||||
Hedged portion of gas stored underground | 52,578 | — | — | — | 52,578 | ||||||||||||||
Available-for-sale securities | |||||||||||||||||||
Money market funds | — | 2,630 | — | — | 2,630 | ||||||||||||||
Registered investment companies | 38,677 | — | — | — | 38,677 | ||||||||||||||
Bonds | — | 31,394 | — | — | 31,394 | ||||||||||||||
Total available-for-sale securities | 38,677 | 34,024 | — | — | 72,701 | ||||||||||||||
Total assets | $ | 91,255 | $ | 78,165 | $ | — | $ | (32,515 | ) | $ | 136,905 | ||||||||
Liabilities: | |||||||||||||||||||
Financial instruments | |||||||||||||||||||
Regulated distribution segment | $ | — | $ | 266,489 | $ | — | $ | (25,670 | ) | $ | 240,819 | ||||||||
Nonregulated segment | — | 57,195 | — | (57,195 | ) | — | |||||||||||||
Total liabilities | $ | — | $ | 323,684 | $ | — | $ | (82,865 | ) | $ | 240,819 |
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 September 30, 2016, we had $25.7 million of cash held in margin accounts to collateralize certain regulated distribution financial instruments, which were used to offset current and noncurrent risk management liabilities. As of September 30, 2016 we also had $24.7 million of cash held in margin accounts to collateralize certain nonregulated financial instruments. Of this amount, $17.9 million was used to offset current and noncurrent risk management liabilities under master netting agreements and the remaining $6.8 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 nonregulated financial instruments. Of this amount, $34.6 million was used to offset current and noncurrent risk management liabilities under master netting agreements 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 September 30, 2016 | |||||||||||||||
Domestic equity mutual funds | $ | 26,692 | $ | 6,419 | $ | (590 | ) | $ | 32,521 | ||||||
Foreign equity mutual funds | 4,954 | 1,202 | — | 6,156 | |||||||||||
Bonds | 31,296 | 108 | (10 | ) | 31,394 | ||||||||||
Money market funds | 2,630 | — | — | 2,630 | |||||||||||
$ | 65,572 | $ | 7,729 | $ | (600 | ) | $ | 72,701 | |||||||
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 |
September 30, 2016 | |||
(In thousands) | |||
Carrying Amount | $ | 2,460,000 | |
Fair Value | $ | 2,844,990 |
September 30, 2016 | |||
(In thousands) | |||
Assets: | |||
Net property, plant and equipment | $ | 13,000 | |
Accounts receivable | 94,000 | ||
Gas stored underground | 56,000 | ||
Other current assets | 13,000 | ||
Goodwill | 15,000 | ||
Deferred charges and other assets | 300 | ||
Total assets included in disposal group | $ | 191,300 | |
Liabilities: | |||
Accounts payable and accrued liabilities | $ | 71,000 | |
Other current liabilities | 8,000 | ||
Deferred credits and other | 200 | ||
Total liabilities included in disposal group | $ | 79,200 |
Quarter Ended | |||||||||||||||
December 31 | March 31 | June 30 | September 30 | ||||||||||||
(In thousands, except per share data) | |||||||||||||||
Fiscal year 2016: | |||||||||||||||
Operating revenues | |||||||||||||||
Regulated distribution | $ | 638,602 | $ | 849,685 | $ | 414,226 | $ | 389,353 | |||||||
Regulated pipeline | 94,677 | 95,703 | 109,249 | 109,204 | |||||||||||
Nonregulated | 272,524 | 287,395 | 214,555 | 291,889 | |||||||||||
Intersegment eliminations | (99,582 | ) | (100,490 | ) | (105,114 | ) | (111,927 | ) | |||||||
906,221 | 1,132,293 | 632,916 | 678,519 | ||||||||||||
Gross profit | 443,763 | 517,811 | 407,311 | 376,011 | |||||||||||
Operating income | 196,205 | 250,016 | 137,164 | 84,633 | |||||||||||
Net income | 102,861 | 141,810 | 71,193 | 34,240 | |||||||||||
Net income per share — basic | $ | 1.00 | $ | 1.38 | $ | 0.69 | $ | 0.33 | |||||||
Net income per share — diluted | $ | 1.00 | $ | 1.38 | $ | 0.69 | $ | 0.33 |
Quarter Ended | |||||||||||||||
December 31 | March 31 | June 30 | September 30 | ||||||||||||
(In thousands, except per share data) | |||||||||||||||
Fiscal year 2015: | |||||||||||||||
Operating revenues | |||||||||||||||
Regulated distribution | $ | 846,772 | $ | 1,130,613 | $ | 416,794 | $ | 369,656 | |||||||
Regulated pipeline | 83,567 | 91,730 | 97,008 | 97,807 | |||||||||||
Nonregulated | 462,288 | 438,322 | 278,769 | 292,830 | |||||||||||
Intersegment eliminations | (133,862 | ) | (120,597 | ) | (106,170 | ) | (103,391 | ) | |||||||
1,258,765 | 1,540,068 | 686,401 | 656,902 | ||||||||||||
Gross profit | 423,285 | 520,738 | 381,673 | 354,321 | |||||||||||
Operating income | 187,725 | 250,210 | 117,607 | 75,853 | |||||||||||
Net income | 97,595 | 137,684 | 56,281 | 23,515 | |||||||||||
Net income per share — basic | $ | 0.96 | $ | 1.35 | $ | 0.55 | $ | 0.23 | |||||||
Net income per share — diluted | $ | 0.96 | $ | 1.35 | $ | 0.55 | $ | 0.23 |
ITEM 9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. |
ITEM 9A. | Controls and Procedures. |
/s/ KIM R. COCKLIN | /s/ BRET J. ECKERT | |
Kim R. Cocklin | Bret J. Eckert | |
Chief Executive Officer and Director | Senior Vice President and Chief Financial Officer | |
November 14, 2016 |
ITEM 9B. | Other Information. |
ITEM 10. | Directors, Executive Officers and Corporate Governance. |
Name | Age | Years of Service | Office Currently Held | ||
Kim R. Cocklin | 65 | 10 | Chief Executive Officer and Director | ||
Michael E. Haefner | 56 | 8 | President and Chief Operating Officer and Director | ||
Bret J. Eckert | 49 | 4 | Senior Vice President and Chief Financial Officer | ||
Marvin L. Sweetin | 53 | 16 | Senior Vice President, Safety and Enterprise Services | ||
Louis P. Gregory | 61 | 16 | Senior Vice President, General Counsel and Corporate Secretary |
ITEM 11. | Executive Compensation. |
ITEM 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. |
ITEM 13. | Certain Relationships and Related Transactions, and Director Independence. |
ITEM 14. | Principal Accountant Fees and Services. |
ITEM 15. | Exhibits and Financial Statement Schedules. |
ATMOS ENERGY CORPORATION | ||||
(Registrant) | ||||
By: | /s/ BRET J. ECKERT | |||
Bret J. Eckert Senior Vice President and Chief Financial Officer |
/s/ KIM R. COCKLIN | Chief Executive Officer and Director | November 14, 2016 | ||
Kim R. Cocklin | ||||
/s/ MICHAEL E. HAEFNER | President, Chief Operating Officer and Director | November 14, 2016 | ||
Michael E. Haefner | ||||
/s/ BRET J. ECKERT | Senior Vice President and Chief Financial Officer | November 14, 2016 | ||
Bret J. Eckert | ||||
/s/ CHRISTOPHER T. FORSYTHE | Vice President and Controller (Principal Accounting Officer) | November 14, 2016 | ||
Christopher T. Forsythe | ||||
/s/ ROBERT W. BEST | Chairman of the Board | November 14, 2016 | ||
Robert W. Best | ||||
/s/ KELLY H. COMPTON | Director | November 14, 2016 | ||
Kelly H. Compton | ||||
/s/ RICHARD W. DOUGLAS | Director | November 14, 2016 | ||
Richard W. Douglas | ||||
/s/ RUBEN E. ESQUIVEL | Director | November 14, 2016 | ||
Ruben E. Esquivel | ||||
/s/ RAFAEL G. GARZA | Director | November 14, 2016 | ||
Rafael G. Garza | ||||
/s/ RICHARD K. GORDON | Director | November 14, 2016 | ||
Richard K. Gordon | ||||
/s/ ROBERT C. GRABLE | Director | November 14, 2016 | ||
Robert C. Grable | ||||
/s/ THOMAS C. MEREDITH | Director | November 14, 2016 | ||
Thomas C. Meredith | ||||
/s/ NANCY K. QUINN | Director | November 14, 2016 | ||
Nancy K. Quinn | ||||
/s/ RICHARD A. SAMPSON | Director | November 14, 2016 | ||
Richard A. Sampson | ||||
/s/ STEPHEN R. SPRINGER | Director | November 14, 2016 | ||
Stephen R. Springer | ||||
/s/ RICHARD WARE II | Director | November 14, 2016 | ||
Richard Ware II |
Additions | ||||||||||||||||||||
Balance at beginning of period | Charged to cost & expenses | Charged to other accounts | Deductions | Balance at end of period | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
2016 | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 15,283 | $ | 10,397 | $ | — | $ | 12,313 | (1) | $ | 13,367 | |||||||||
2015 | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 23,992 | $ | 15,082 | $ | — | $ | 23,791 | (1) | $ | 15,283 | |||||||||
2014 | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 20,624 | $ | 19,491 | $ | — | $ | 16,123 | (1) | $ | 23,992 |
(1) | Uncollectible accounts written off. |
Exhibit Number | Description | Page Number or Incorporation by Reference to | ||
Plan of Acquisition, Reorganization, Arrangement, Liquidation or Succession | ||||
2.1 | Membership Interest Purchase Agreement by and between Atmos Energy Holdings, Inc. as Seller and CenterPoint Energy Services, Inc. as Buyer, dated as of October 29 2016 | Exhibit 2.1 to Form 8-K dated October 29, 2016 (File No. 1-10042) | ||
Articles of Incorporation and Bylaws | ||||
3.1 | Restated Articles of Incorporation of Atmos Energy Corporation - Texas (As Amended Effective February 3, 2010) | Exhibit 3.1 to Form 10-Q dated March 31, 2010 (File No. 1-10042) | ||
3.2 | Restated Articles of Incorporation of Atmos Energy Corporation - Virginia (As Amended Effective February 3, 2010) | Exhibit 3.2 to Form 10-Q dated March 31, 2010 (File No. 1-10042) | ||
3.3 | Amended and Restated Bylaws of Atmos Energy Corporation (as of September 28, 2015) | Exhibit 3.1 to Form 8-K dated September 28, 2015 (File No. 1-10042) | ||
Instruments Defining Rights of Security Holders, Including Indentures | ||||
4.1 | Specimen Common Stock Certificate (Atmos Energy Corporation) | Exhibit 4.1 to Form 10-K for fiscal year ended September 30, 2012 (File No. 1-10042) | ||
4.2 | Indenture dated as of November 15, 1995 between United Cities Gas Company and Bank of America Illinois, Trustee | Exhibit 4.11(a) to Form S-3 dated August 31, 2004 (File No. 333-118706) | ||
4.3 | Indenture dated as of July 15, 1998 between Atmos Energy Corporation and U.S. Bank Trust National Association, Trustee | Exhibit 4.8 to Form S-3 dated August 31, 2004 (File No. 333-118706) | ||
4.4 | Indenture dated as of May 22, 2001 between Atmos Energy Corporation and SunTrust Bank, Trustee | Exhibit 99.3 to Form 8-K dated May 15, 2001 (File No. 1-10042) | ||
4.5 | Indenture dated as of June 14, 2007, between Atmos Energy Corporation and U.S. Bank National Association, Trustee | Exhibit 4.1 to Form 8-K dated June 11, 2007 (File No. 1-10042) | ||
4.6 | Indenture dated as of March 23, 2009 between Atmos Energy Corporation and U.S. Bank National Corporation, Trustee | Exhibit 4.1 to Form 8-K dated March 26, 2009 (File No. 1-10042) | ||
4.7(a) | Debenture Certificate for the 6 3/4% Debentures due 2028 | Exhibit 99.2 to Form 8-K dated July 22, 1998 (File No. 1-10042) | ||
4.7(b) | Global Security for the 5.95% Senior Notes due 2034 | Exhibit 10(2)(g) to Form 10-K for fiscal year ended September 30, 2004 (File No. 1-10042) | ||
4.7(c) | Global Security for the 6.35% Senior Notes due 2017 | Exhibit 4.2 to Form 8-K dated June 11, 2007 (File No. 1-10042) | ||
4.7(d) | Global Security for the 8.50% Senior Notes due 2019 | Exhibit 4.2 to Form 8-K dated March 26, 2009 (File No. 1-10042) | ||
4.7(e) | Global Security for the 5.5% Senior Notes due 2041 | Exhibit 4.2 to Form 8-K dated June 10, 2011 (File No. 1-10042) |
4.7(f) | Global Security for the 4.15% Senior Notes due 2043 | Exhibit 4.2 to Form 8-K dated January 8, 2013 (File No. 1-10042) | ||
4.7(g) | Global Security for the 4.125% Senior Notes due 2044 | Exhibit 4.2 to Form 8-K dated October 15, 2014 (File No. 1-10042) | ||
Material Contracts | ||||
10.1(a) | Revolving Credit Agreement, dated as of September 25, 2015 among Atmos Energy Corporation, the Lenders from time to time parties thereto, Crédit Agricole Corporate and Investment Bank as Administrative Agent, and Mizuho Bank Ltd., as Syndication Agent | Exhibit 10.1 to Form 8-K dated October 1, 2015 (File No. 1-10042) | ||
10.1(b) | First Amendment to Revolving Credit Agreement, dated as of October 5, 2016, by and among Atmos Energy Corporation, the lenders from time to time parties thereto (the "Lenders") and Credit Agricole Corporate and Investment Bank, in its capacity as administrative agent for the Lenders | Exhibit 10.1 to Form 8-K dated October 5, 2016 (File No. 1-10042) | ||
10.1(c) | Term Loan Agreement, dated as of September 22, 2016, by and among Atmos Energy Corporation, the Lenders from time to time parties thereto and Branch Banking and Trust Company as Administrative Agent | Exhibit 10.1 to Form 8-K dated September 22, 2016 (File No. 1-10042) | ||
10.2 | Equity Distribution Agreement, dated as of March 28, 2016, among Atmos Energy Corporation, Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC. | Exhibit 1.1 to Form 8-K dated March 28, 2016 (File No. 1-10042) | ||
Executive Compensation Plans and Arrangements | ||||
10.3(a)* | Form of Atmos Energy Corporation Change in Control Severance Agreement - Tier I | Exhibit 10.7(a) to Form 10-K for fiscal year ended September 30, 2010 (File No. 1-10042) | ||
10.3(b)* | Form of Atmos Energy Corporation Change in Control Severance Agreement - Tier II | Exhibit 10.7(b) to Form 10-K for fiscal year ended September 30, 2010 (File No. 1-10042) | ||
10.4(a)* | Atmos Energy Corporation Executive Retiree Life Plan | Exhibit 10.31 to Form 10-K for fiscal year ended September 30, 1997 (File No. 1-10042) | ||
10.4(b)* | Amendment No. 1 to the Atmos Energy Corporation Executive Retiree Life Plan | Exhibit 10.31(a) to Form 10-K for fiscal year ended September 30, 1997 (File No. 1-10042) | ||
10.5* | Atmos Energy Corporation Annual Incentive Plan for Management (as amended and restated October 1, 2016) | |||
10.6(a)* | Atmos Energy Corporation Supplemental Executive Benefits Plan, Amended and Restated in its Entirety August 7, 2007 | Exhibit 10.8(a) to Form 10-K for fiscal year ended September 30, 2008 (File No. 1-10042) | ||
10.6(b)* | Form of Individual Trust Agreement for the Supplemental Executive Benefits Plan | Exhibit 10.3 to Form 10-Q for quarter ended December 31, 2000 (File No. 1-10042) | ||
10.7(a)* | Atmos Energy Corporation Supplemental Executive Retirement Plan (As Amended and Restated, Effective as of January 1, 2016) | |||
10.7(b)* | Atmos Energy Corporation Performance-Based Supplemental Executive Benefits Plan Trust Agreement, Effective Date December 1, 2000 | Exhibit 10.1 to Form 10-Q for quarter ended December 31, 2000 (File No. 1-10042) |
10.8* | Atmos Energy Corporation Account Balance Supplemental Executive Retirement Plan (As Amended and Restated, Effective as of January 1, 2016) | |||
10.9(a)* | Mini-Med/Dental Benefit Extension Agreement dated October 1, 1994 | Exhibit 10.28(f) to Form 10-K for fiscal year ended September 30, 2001 (File No. 1-10042) | ||
10.9(b)* | Amendment No. 1 to Mini-Med/Dental Benefit Extension Agreement dated August 14, 2001 | Exhibit 10.28(g) to Form 10-K for fiscal year ended September 30, 2001 (File No. 1-10042) | ||
10.9(c)* | Amendment No. 2 to Mini-Med/Dental Benefit Extension Agreement dated December 31, 2002 | Exhibit 10.1 to Form 10-Q for quarter ended December 31, 2002 (File No. 1-10042) | ||
10.10* | Atmos Energy Corporation Equity Incentive and Deferred Compensation Plan for Non-Employee Directors, Amended and Restated as of January 1, 2012 | Exhibit 10.1 to Form 10-Q for quarter ended December 31, 2011 (File No. 1-10042) | ||
10.11(a)* | Atmos Energy Corporation 1998 Long-Term Incentive Plan (as amended and restated February 3, 2016) | Exhibit 99.1 to Form S-8 dated March 29, 2016 (File No. 333-210461) | ||
10.11(b)* | Form of Award Agreement of Time-Lapse Restricted Stock Units under the Atmos Energy Corporation 1998 Long-Term Incentive Plan | |||
10.11(c)* | Form of Award Agreement of Performance-Based Restricted Stock Units under the Atmos Energy Corporation 1998 Long-Term Incentive Plan | |||
10.12* | Atmos Energy Corporation Outside Directors Stock-for-Fee Plan, Amended and Restated as of October 1, 2009 | Exhibit 10.13 to Form 10-K for fiscal year ended September 30, 2010 (File No. 1-10042) | ||
12 | Statement of computation of ratio of earnings to fixed charges | |||
Other Exhibits, as indicated | ||||
21 | Subsidiaries of the registrant | |||
23.1 | Consent of independent registered public accounting firm, Ernst & Young LLP | |||
24 | Power of Attorney | Signature page of Form 10-K for fiscal year ended September 30, 2016 | ||
31 | Rule 13a-14(a)/15d-14(a) Certifications | |||
32 | Section 1350 Certifications** | |||
Interactive Data File | ||||
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 |
* | This exhibit constitutes a "management contract or compensatory plan, contract, or arrangement." |
** | These certifications 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 Annual Report on Form 10-K, will not be deemed to be filed with the Securities and Exchange 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. |
(c) | Pre-tax or after-tax profit levels, including: earnings per share; earnings before interest and taxes; earnings before interest, taxes, depreciation and amortization; net operating profits after tax, and net income; |
(g) | Levels of operating expense or other expense items as reported on the income statement, including operating and maintenance expense; and/or |
(h) | Measures of customer satisfaction and customer service as surveyed from time to time, including the relative improvement therein. |
ARTICLE I | Purpose and Effective Date |
Section 1.1. | Purpose |
Section 1.2. | Effective Date |
ARTICLE II | Definitions and Construction |
Section 2.1. | Definitions |
Section 2.2. | Construction |
Section 2.3. | Governing Law |
ARTICLE III | Eligibility and Participation |
Section 3.1. | Employees Eligible to Participate |
ARTICLE IV | Assets Used for Benefits |
Section 4.1. | Amounts Provided by the Employer |
Section 4.2. | Funding |
ARTICLE V | Supplemental Pension Benefits |
Section 5.1. | Eligibility for Supplemental Pension |
Section 5.2. | Amount of Supplemental Pension |
Section 5.3. | Form of Payment of Supplemental Pension |
Section 5.4. | Commencement of Supplemental Pension |
Section 5.5. | Supplemental Pensions After a Change in Control |
ARTICLE VI | Disability Benefits |
Section 6.1. | Eligibility For Disability Benefit |
Section 6.2. | Amount of Disability Benefit |
Section 6.3. | Payment of Disability Benefit |
Section 6.4. | Payment of Supplemental Pension to Disabled Participants |
ARTICLE VII | Death Benefits |
Section 7.1. | Eligibility For Death Benefit |
Section 7.2. | Amount of Death Benefit |
Section 7.3. | Form of Payment of Death Benefits |
Section 7.4. | Commencement of Death Benefits |
ARTICLE VIII | Administration |
Section 8.1. | Plan Administration |
Section 8.2. | Powers of Plan Administrator |
Section 8.3. | Calculation of Funding Obligations |
Section 8.4. | Annual Statements |
ARTICLE IX | Miscellaneous Provisions |
Section 9.1. | Amendment or Termination of the Plan |
Section 9.2. | Nonguarantee of Employment |
Section 9.3. | Nonalienation of Benefits |
Section 9.4. | Liability |
Section 9.5. | Participation Agreement |
Section 9.6. | Successors to the Employer |
Section 9.7. | Tax Withholding |
Exhibit A | Summary of Actuarial Assumptions for Determining Lump Sum Distributions and Optional Annuity Forms |
Exhibit B | Summary of Actuarial Assumptions and Methods for Determining Supplemental Executive Retirement Plan Trust Annual Funding Liabilities |
(i) | Interest: The applicable segment rates as defined in Code Section 417(e)(3)(D) for the November (from and after January 1, 2010, the September) preceding the first day of the calendar year in which the participant retires or otherwise becomes entitled to payments under the Supplemental Executive Retirement Plan without regard to Section 5.4(c) of the Plan and without regard to the phase-in percentages specified in Code Section 417(e)(3)(D)(iii). |
(ii) | Mortality: The applicable mortality table as defined in Code Section 417(e)(3), and amended by the Pension Protection Act. |
(i) | Interest: 6.0% per year. |
(ii) | Mortality: 1983 Unisex Group Annuity Mortality (50% 1983 Group Annuity Mortality for males, 50% 1983 Group Annuity Mortality for females). |
(1) | The greater of (A) Participant’s annual base salary at the date of his termination of employment, or (B) the average of the Participant’s annual base salary for the highest three (3) calendar years (whether or not consecutive) of the Participant’s employment with the Employer. |
(2) | The greater of (A) the Participant’s last Performance Award or (B) the average of the highest three (3) Performance Awards (whether or not consecutive). |
ARTICLE I | Purpose and Effective Date |
Section 1.1. | Purpose |
Section 1.2. | Effective Date |
ARTICLE II | Definitions and Construction |
Section 2.1. | Definitions |
Section 2.2. | Construction |
Section 2.3. | Governing Law |
ARTICLE III | Eligibility and Participation |
Section 3.1. | Employees Eligible to Participate |
ARTICLE IV | Assets Used for Benefits |
Section 4.1. | Amounts Provided by the Employer |
Section 4.2. | Funding |
ARTICLE V | Supplemental Benefits |
Section 5.1. | Eligibility for Supplemental Benefit |
Section 5.2. | Amount of Supplemental Benefit |
Section 5.3. | Form of Payment of Supplemental Benefit |
Section 5.4. | Time of Payment of Supplemental Benefit |
ARTICLE VI | Administration |
Section 6.1. | Plan Administration |
Section 6.2. | Powers of Plan Administrator |
Section 6.3. | Annual Statements |
ARTICLE VII | Miscellaneous Provisions |
Section 7.1. | Amendment or Termination of the Plan |
Section 7.2. | Nonguarantee of Employment or Participation |
Section 7.3. | Nonalienation of Benefits |
Section 7.4. | Liability |
Section 7.5. | Participation Agreement |
Section 7.6. | Successors to the Employer |
Section 7.7. | Tax Withholding |
Section 7.8. | Code Section 409A |
4. | Forfeiture of Units. |
5. | Removal of Restrictions. |
Performance-Based Restricted Stock Units Performance Schedule for Grant of Performance Period FY 2016-2018 | ||
Performance Level | Cumulative 3-Yr. EPS | Restricted Stock Units Earned |
Below Threshold | Less than $_____ | 0% |
Threshold | $_____ | 50% |
Target | $_____ | 100% |
Maximum | $_____ | 200% |
4. | Forfeiture of Units. |
5. | Removal of Restrictions. |
6. | Credit of Dividend Equivalents. |
Year Ended September 30 | ||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Income from continuing operations before provision for income taxes per statement of income | $ | 550,477 | $ | 510,765 | $ | 476,819 | $ | 373,297 | $ | 290,422 | ||||||||||
Add: | ||||||||||||||||||||
Portion of rents representative of the interest factor | 12,525 | 12,383 | 12,231 | 12,442 | 12,623 | |||||||||||||||
Interest on debt & amortization of debt expense | 115,948 | 116,241 | 129,295 | 128,385 | 141,174 | |||||||||||||||
Income as adjusted | $ | 678,950 | $ | 639,389 | $ | 618,345 | $ | 514,124 | $ | 444,219 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest on debt & amortization of debt expense (1) | $ | 115,948 | $ | 116,241 | $ | 129,295 | $ | 128,385 | $ | 141,174 | ||||||||||
Capitalized interest (2) | 2,790 | 2,260 | 1,522 | 1,895 | 2,642 | |||||||||||||||
Rents | 37,575 | 37,150 | 36,693 | 37,326 | 37,868 | |||||||||||||||
Portion of rents representative of the interest factor (3) | 12,525 | 12,383 | 12,231 | 12,442 | 12,623 | |||||||||||||||
Fixed charges (1)+(2)+(3) | $ | 131,263 | $ | 130,884 | $ | 143,048 | $ | 142,722 | $ | 156,439 | ||||||||||
Ratio of earnings to fixed charges | 5.17 | 4.89 | 4.32 | 3.60 | 2.84 |
Name | State of Incorporation | Percent of Ownership | ||
ATMOS ENERGY HOLDINGS, INC. (wholly owned by Atmos Energy Corporation) | Delaware | 100% | ||
BLUE FLAME INSURANCE SERVICES, LTD (wholly owned by Atmos Energy Corporation) | Bermuda | 100% | ||
ATMOS ENERGY SERVICES, LLC (a limited liability company) (wholly owned by Atmos Energy Holdings, Inc.) | Delaware | 100% | ||
EGASCO, LLC (a limited liability company) (wholly owned by Atmos Energy Holdings, Inc.) | Texas | 100% | ||
ATMOS ENERGY MARKETING, LLC (a limited liability company) (wholly owned by Atmos Energy Holdings, Inc.) | Delaware | 100% | ||
ATMOS POWER SYSTEMS, INC. (a wholly owned by Atmos Energy Holdings, Inc.) | Georgia | 100% | ||
ATMOS PIPELINE AND STORAGE, LLC (a limited liability company) (wholly owned by Atmos Energy Holdings, Inc.) | Delaware | 100% | ||
UCG STORAGE, INC. (wholly owned by Atmos Pipeline and Storage, LLC) | Delaware | 100% | ||
WKG STORAGE, INC. (wholly owned by Atmos Pipeline and Storage, LLC) | Delaware | 100% | ||
ATMOS EXPLORATION AND PRODUCTION, INC. (wholly owned by Atmos Pipeline and Storage, LLC) | Delaware | 100% |
Name | State of Incorporation | Percent of Ownership |
TRANS LOUISIANA GAS PIPELINE, INC. (wholly owned by Atmos Pipeline and Storage, LLC) | Louisiana | 100% |
TRANS LOUISIANA GAS STORAGE, INC. (wholly owned by Atmos Pipeline and Storage, LLC) | Delaware | 100% |
ATMOS GATHERING COMPANY, LLC (a limited liability company) (wholly owned by Atmos Pipeline and Storage, LLC) | Delaware | 100% |
PHOENIX GAS GATHERING COMPANY (wholly owned by Atmos Gathering Company, LLC) | Delaware | 100% |
FORT NECESSITY GAS STORAGE, LLC (a limited liability company) (wholly owned by Atmos Pipeline and Storage, LLC) | Delaware | 100% |
1. | I have reviewed this Annual Report on Form 10-K 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. |
1. | I have reviewed this Annual Report on Form 10-K 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. |
(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. |
(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. |
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Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Nov. 09, 2016 |
Mar. 31, 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-K | ||
Document Period End Date | Sep. 30, 2016 | ||
Document Fiscal Year Focus | 2016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock Shares Outstanding | 103,964,735 | ||
Entity Well Known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 7,463,087,078 |
CONSOLIDATED BALANCE SHEETS (PARENTHETICALS) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Sep. 30, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 13,367 | $ 15,283 |
Common Stock, Stated Value Per Share | $ 0.005 | $ 0.005 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued | 103,930,560 | 101,478,818 |
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|
Operating revenues | |||||||||||
Operating revenues | $ 678,519 | $ 632,916 | $ 1,132,293 | $ 906,221 | $ 656,902 | $ 686,401 | $ 1,540,068 | $ 1,258,765 | $ 3,349,949 | $ 4,142,136 | $ 4,940,916 |
Purchased gas cost | |||||||||||
Purchased gas cost | 1,605,053 | 2,462,119 | 3,358,490 | ||||||||
Gross profit | 376,011 | 407,311 | 517,811 | 443,763 | 354,321 | 381,673 | 520,738 | 423,285 | 1,744,896 | 1,680,017 | 1,582,426 |
Operating expenses | |||||||||||
Operation and maintenance | 560,766 | 541,868 | 505,154 | ||||||||
Depreciation and amortization | 293,096 | 274,796 | 253,987 | ||||||||
Taxes, other than income | 223,016 | 231,958 | 211,936 | ||||||||
Total operating expenses | 1,076,878 | 1,048,622 | 971,077 | ||||||||
Operating income | 84,633 | 137,164 | 250,016 | 196,205 | 75,853 | 117,607 | 250,210 | 187,725 | 668,018 | 631,395 | 611,349 |
Miscellaneous income (expense), net | (1,593) | (4,389) | (5,235) | ||||||||
Interest charges | 115,948 | 116,241 | 129,295 | ||||||||
Income before income taxes | 550,477 | 510,765 | 476,819 | ||||||||
Income tax expense | 200,373 | 195,690 | 187,002 | ||||||||
Net income | $ 34,240 | $ 71,193 | $ 141,810 | $ 102,861 | $ 23,515 | $ 56,281 | $ 137,684 | $ 97,595 | $ 350,104 | $ 315,075 | $ 289,817 |
Basic net income per share | $ 0.33 | $ 0.69 | $ 1.38 | $ 1.00 | $ 0.23 | $ 0.55 | $ 1.35 | $ 0.96 | $ 3.38 | $ 3.09 | $ 2.96 |
Diluted net income per share | $ 0.33 | $ 0.69 | $ 1.38 | $ 1.00 | $ 0.23 | $ 0.55 | $ 1.35 | $ 0.96 | $ 3.38 | $ 3.09 | $ 2.96 |
Weighted average shares outstanding: | |||||||||||
Basic (shares) | 103,524 | 101,892 | 97,606 | ||||||||
Diluted (shares) | 103,524 | 101,892 | 97,608 | ||||||||
Regulated Distribution Segment [Member] | |||||||||||
Operating revenues | |||||||||||
Operating revenues | $ 389,353 | $ 414,226 | $ 849,685 | $ 638,602 | $ 369,656 | $ 416,794 | $ 1,130,613 | $ 846,772 | $ 2,291,866 | $ 2,763,835 | $ 3,061,546 |
Purchased gas cost | |||||||||||
Purchased gas cost | 1,019,061 | 1,526,258 | 1,885,031 | ||||||||
Gross profit | 1,272,805 | 1,237,577 | 1,176,515 | ||||||||
Operating expenses | |||||||||||
Operation and maintenance | 404,115 | 388,486 | 387,228 | ||||||||
Depreciation and amortization | 233,036 | 223,048 | 208,376 | ||||||||
Taxes, other than income | 196,070 | 205,894 | 196,343 | ||||||||
Total operating expenses | 833,221 | 817,428 | 791,947 | ||||||||
Operating income | 439,584 | 420,149 | 384,568 | ||||||||
Miscellaneous income (expense), net | 455 | (377) | (381) | ||||||||
Interest charges | 79,404 | 84,132 | 94,918 | ||||||||
Income before income taxes | 360,635 | 335,640 | 289,269 | ||||||||
Income tax expense | 128,265 | 130,827 | 117,684 | ||||||||
Net income | 232,370 | 204,813 | 171,585 | ||||||||
Regulated Pipeline Segment [Member] | |||||||||||
Operating revenues | |||||||||||
Operating revenues | 109,204 | 109,249 | 95,703 | 94,677 | 97,807 | 97,008 | 91,730 | 83,567 | 408,833 | 370,112 | 318,459 |
Purchased gas cost | |||||||||||
Purchased gas cost | 0 | 0 | 0 | ||||||||
Gross profit | 408,833 | 370,112 | 318,459 | ||||||||
Operating expenses | |||||||||||
Operation and maintenance | 129,525 | 118,866 | 91,466 | ||||||||
Depreciation and amortization | 55,576 | 47,236 | 41,031 | ||||||||
Taxes, other than income | 24,298 | 22,743 | 13,143 | ||||||||
Total operating expenses | 209,399 | 188,845 | 145,640 | ||||||||
Operating income | 199,434 | 181,267 | 172,819 | ||||||||
Miscellaneous income (expense), net | (1,683) | (1,243) | (3,181) | ||||||||
Interest charges | 36,574 | 33,151 | 36,280 | ||||||||
Income before income taxes | 161,177 | 146,873 | 133,358 | ||||||||
Income tax expense | 59,488 | 52,211 | 47,167 | ||||||||
Net income | 101,689 | 94,662 | 86,191 | ||||||||
Nonregulated Segment [Member] | |||||||||||
Operating revenues | |||||||||||
Operating revenues | 291,889 | 214,555 | 287,395 | 272,524 | 292,830 | 278,769 | 438,322 | 462,288 | 1,066,363 | 1,472,209 | 2,067,292 |
Purchased gas cost | |||||||||||
Purchased gas cost | 1,002,573 | 1,399,349 | 1,979,337 | ||||||||
Gross profit | 63,790 | 72,860 | 87,955 | ||||||||
Operating expenses | |||||||||||
Operation and maintenance | 27,658 | 35,048 | 26,963 | ||||||||
Depreciation and amortization | 4,484 | 4,512 | 4,580 | ||||||||
Taxes, other than income | 2,648 | 3,321 | 2,450 | ||||||||
Total operating expenses | 34,790 | 42,881 | 33,993 | ||||||||
Operating income | 29,000 | 29,979 | 53,962 | ||||||||
Miscellaneous income (expense), net | 1,443 | (760) | 2,216 | ||||||||
Interest charges | 1,778 | 967 | 1,986 | ||||||||
Income before income taxes | 28,665 | 28,252 | 54,192 | ||||||||
Income tax expense | 12,620 | 12,652 | 22,151 | ||||||||
Net income | 16,045 | 15,600 | 32,041 | ||||||||
Intersegment Elimination [Member] | |||||||||||
Operating revenues | |||||||||||
Operating revenues | $ (111,927) | $ (105,114) | $ (100,490) | $ (99,582) | $ (103,391) | $ (106,170) | $ (120,597) | $ (133,862) | (417,113) | (464,020) | (506,381) |
Purchased gas cost | |||||||||||
Purchased gas cost | (416,581) | (463,488) | (505,878) | ||||||||
Gross profit | (532) | (532) | (503) | ||||||||
Operating expenses | |||||||||||
Operation and maintenance | (532) | (532) | (503) | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Taxes, other than income | 0 | 0 | 0 | ||||||||
Total operating expenses | (532) | (532) | (503) | ||||||||
Operating income | 0 | 0 | 0 | ||||||||
Miscellaneous income (expense), net | (1,808) | (2,009) | (3,889) | ||||||||
Interest charges | (1,808) | (2,009) | (3,889) | ||||||||
Income before income taxes | 0 | 0 | 0 | ||||||||
Income tax expense | 0 | 0 | 0 | ||||||||
Net income | $ 0 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|||
Statement of Comprehensive Income [Abstract] | |||||
Net income | $ 350,104 | $ 315,075 | $ 289,817 | ||
Other comprehensive income (loss), net of tax [Abstract] | |||||
Net unrealized holding gains (losses) on available-for-sale securities, net of tax of $(245), $(1,559) and $1,199 | (465) | (2,713) | 2,214 | ||
Schedule of Other Comprehensive Income (Loss), Cash Flow Hedges [Line Items] | |||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | [1] | (78,227) | (94,224) | ||
Total other comprehensive income (loss) | (78,692) | (96,937) | (51,271) | ||
Total comprehensive income | 271,412 | 218,138 | 238,546 | ||
Interest Rate Contract [Member] | |||||
Schedule of Other Comprehensive Income (Loss), Cash Flow Hedges [Line Items] | |||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | (98,682) | (70,461) | (56,287) | ||
Commodity Contract [Member] | |||||
Schedule of Other Comprehensive Income (Loss), Cash Flow Hedges [Line Items] | |||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | $ 20,455 | $ (23,763) | $ 2,802 | ||
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (PARENTHETICAL) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent, Parenthetical Disclosures [Abstract] | |||
Unrealized holding gains (losses) on available-for-sale securities, tax | $ (245) | $ (1,559) | $ 1,199 |
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 | (56,723) | (40,501) | (32,353) |
Commodity Contract [Member] | |||
Schedule of Other Comprehensive Income (Loss), Tax, Cash Flow Hedges [Line Items] | |||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | $ 13,078 | $ (15,193) | $ 1,791 |
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands |
Total |
Common Stock [Member] |
Additional Paid In Capital [Member] |
Accumulated Other Comprehensive Income [Member] |
Retained Earnings [Member] |
---|---|---|---|---|---|
Common stock shares outstanding, balance at Sep. 30, 2013 | 90,640,211 | ||||
Shareholders' equity, beginning balance at Sep. 30, 2013 | $ 2,580,409 | $ 453 | $ 1,765,811 | $ 38,878 | $ 775,267 |
Net income | 289,817 | 289,817 | |||
Other comprehensive income (loss) | (51,271) | (51,271) | |||
Repurchase of equity awards, shares | (190,134) | ||||
Repurchase of equity awards, amount | (8,717) | $ (1) | (8,716) | ||
Cash dividends | (146,248) | (146,248) | |||
Common stock issued: | |||||
Public offering, shares | 9,200,000 | ||||
Public offering, amount | 390,205 | $ 46 | 390,159 | ||
Direct stock purchase plan, shares | 83,150 | ||||
Direct stock purchase plan, amount | 4,067 | $ 1 | 4,066 | ||
Retirement savings plan, shares | 398,047 | ||||
Retirement savings plan, amount | 20,326 | $ 2 | 20,324 | ||
1998 Long-term incentive plan, shares | 653,130 | ||||
1998 Long-term incentive plan, amount | 4,353 | $ 3 | 5,214 | (864) | |
Employee stock-based compensation | 23,536 | 23,536 | |||
Outside directors stock-for-fee plan, shares | 1,735 | ||||
Outside directors stock-for-fee-plan, amount | 81 | 81 | |||
Common stock shares outstanding, ending balance at Sep. 30, 2014 | 100,388,092 | ||||
Shareholders' equity, ending balance at Sep. 30, 2014 | 3,086,232 | $ 502 | 2,180,151 | (12,393) | 917,972 |
Net income | 315,075 | 315,075 | |||
Other comprehensive income (loss) | (96,937) | (96,937) | |||
Repurchase of equity awards, shares | (148,464) | ||||
Repurchase of equity awards, amount | (7,985) | $ (1) | (7,984) | ||
Cash dividends | (160,018) | (160,018) | |||
Common stock issued: | |||||
Direct stock purchase plan, shares | 176,391 | ||||
Direct stock purchase plan, amount | 10,626 | $ 1 | 10,625 | ||
1998 Long-term incentive plan, shares | 664,752 | ||||
1998 Long-term incentive plan, amount | 2,266 | $ 3 | 2,263 | 0 | |
Employee stock-based compensation | 25,212 | 25,212 | |||
Common stock shares outstanding, ending balance at Sep. 30, 2015 | 101,478,818 | ||||
Shareholders' equity, ending balance at Sep. 30, 2015 | 3,194,797 | $ 507 | 2,230,591 | (109,330) | 1,073,029 |
Net income | 350,104 | 350,104 | |||
Other comprehensive income (loss) | (78,692) | (78,692) | |||
Cash dividends | (175,126) | (175,126) | |||
Common stock issued: | |||||
Public offering, shares | 1,360,756 | ||||
Public offering, amount | 98,574 | $ 7 | 98,567 | ||
Direct stock purchase plan, shares | 133,133 | ||||
Direct stock purchase plan, amount | 9,229 | $ 1 | 9,228 | ||
Retirement savings plan, shares | 359,414 | ||||
Retirement savings plan, amount | 25,049 | $ 2 | 25,047 | ||
1998 Long-term incentive plan, shares | 598,439 | ||||
1998 Long-term incentive plan, amount | 3,178 | $ 3 | 3,175 | 0 | |
Employee stock-based compensation | 21,419 | 21,419 | |||
Common stock shares outstanding, ending balance at Sep. 30, 2016 | 103,930,560 | ||||
Shareholders' equity, ending balance at Sep. 30, 2016 | 3,463,059 | $ 520 | $ 2,388,027 | $ (188,022) | 1,262,534 |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 14,527 | $ 14,527 |
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (PARENTHETICALS) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends per share | $ 1.68 | $ 1.56 | $ 1.48 |
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 350,104 | $ 315,075 | $ 289,817 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 293,096 | 274,796 | 253,987 |
Deferred income taxes | 193,556 | 192,886 | 189,952 |
Stock-based compensation | 14,760 | 15,980 | 14,721 |
Debt financing costs | 5,667 | 5,922 | 9,409 |
Other | 1,019 | 359 | 541 |
Changes in assets and liabilities: | |||
(Increase) decreased in accounts receivable | (4,847) | 48,240 | (41,408) |
Decrease in gas stored underground | 20,577 | 33,234 | (31,996) |
(Increase) decrease in other current assets | (18,739) | (11,951) | (24,411) |
(Increase) decrease in deferred charges and other assets | (24,860) | 51,614 | 28,875 |
Increase (decrease) in account payable and accrued liabilities | (5,195) | (59,112) | 60,465 |
Increase (decrease) in other current liabilities | (44,482) | 896 | 2,413 |
Increase (decrease) in deferred credits and other liabilities | 14,334 | (56,025) | (19,552) |
Net cash provided by operating activities | 794,990 | 811,914 | 732,813 |
CASH FLOWS USED IN INVESTING ACTIVITIES | |||
Capital expenditures | (1,086,950) | (963,621) | (824,441) |
Payments to Acquire Available-for-sale Securities | (32,551) | (29,527) | (32,734) |
Proceeds from Sale of Available-for-sale Securities | 27,019 | 24,889 | 24,872 |
Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities | 6,290 | 6,235 | 5,215 |
Other, net | 6,460 | 5,422 | 2,109 |
Net cash used in investing activities | (1,079,732) | (956,602) | (824,979) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net increase (decrease) in short-term debt | 371,884 | 261,232 | (171,289) |
Proceeds from issuance of long-term debt | 0 | 499,060 | 0 |
Net proceeds from equity offering | 98,574 | 0 | 390,205 |
Issuance of common stock through stock purchase and employee retirement plans | 34,278 | 30,952 | 4,274 |
Settlement of interest rate agreement | 0 | 13,364 | 0 |
Interest rate agreements cash collateral | (25,670) | 0 | 0 |
Repayment of long-term debt | 0 | (500,000) | 0 |
Cash dividends paid | (175,126) | (160,018) | (146,248) |
Repurchase of equity awards | 0 | (7,985) | (8,717) |
Other | (317) | (5,522) | 0 |
Net cash provided by (used in) financing activities | 303,623 | 131,083 | 68,225 |
Net increase (decrease) in cash and cash equivalents | 18,881 | (13,605) | (23,941) |
Cash and cash equivalents at beginning of period | 28,653 | 42,258 | 66,199 |
Cash and cash equivalents at end of period | 47,534 | 28,653 | 42,258 |
CASH PAID (RECEIVED) DURING THE PERIOD FOR: | |||
Interest | 154,748 | 151,334 | 156,606 |
Income taxes | $ 7,794 | $ 1,802 | $ (610) |
Nature of Business |
12 Months Ended | |||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | ||||||||||||||||||||||||||||||||
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 certain other nonregulated businesses. Through our regulated distribution business, we deliver natural gas through sales and transportation arrangements to over three million residential, commercial, public-authority and industrial customers through our six regulated distribution divisions in the service areas described below:
In addition, we transport natural gas for others through our distribution system. Our distribution business is 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 corporate headquarters and shared-services function are located in Dallas, Texas, and our customer support centers are located in Amarillo and Waco, Texas. Our regulated pipeline business, which is also subject to federal and state regulation, consists of the regulated operations of our Atmos Pipeline–Texas Division, a division of the Company. This division transports natural gas to our Mid-Tex Division, transports natural gas for third parties and manages five underground storage reservoirs in Texas. We also provide ancillary services customary to the pipeline industry including parking arrangements, lending and sales of inventory on hand. Our nonregulated businesses operate primarily in the Midwest and Southeast through various wholly-owned subsidiaries of Atmos Energy Holdings, Inc., (AEH). AEH is a wholly-owned subsidiary of the Company and based in Houston, Texas. Through AEH, we provide natural gas management and transportation services to municipalities, regulated distribution companies, including certain divisions of Atmos Energy and third parties. |
Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of consolidation — The accompanying consolidated financial statements include the accounts of Atmos Energy Corporation and its wholly-owned subsidiaries. All material intercompany transactions have been eliminated; however, we have not eliminated intercompany profits when such amounts are probable of recovery under the affiliates’ rate regulation process. Basis of comparison — As described under Recent Accounting Pronouncements below, we reclassified debt issuance costs from deferred charges and other assets to long-term debt. Additionally, we recorded immaterial corrections to the presentation of certain activities on our Consolidated Statement of Cash Flows for the years ended September 30, 2015 and 2014. Use of estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. The most significant estimates include the allowance for doubtful accounts, unbilled revenues, contingency accruals, pension and postretirement obligations, deferred income taxes, impairment of long-lived assets, risk management and trading activities, fair value measurements and the valuation of goodwill and other long-lived assets. Actual results could differ from those estimates. Regulation — Our regulated distribution and regulated pipeline operations are subject to regulation with respect to rates, service, maintenance of accounting records and various other matters by the respective regulatory authorities in the states in which we operate. Our accounting policies recognize the financial effects of the ratemaking and accounting practices and policies of the various regulatory commissions. 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 that would normally be expensed under accounting principles generally accepted in the United States are permitted to be capitalized or deferred on the balance sheet because it is probable they can be recovered through rates. Further, regulation may impact the period in which revenues or expenses are recognized. The amounts to be recovered or recognized are based upon historical experience and our understanding of the regulations. We record regulatory assets as a component of other current assets and deferred charges and other assets for costs that have been deferred for which future recovery through customer rates is considered probable. Regulatory liabilities are recorded either on the face of the balance sheet or as a component of current liabilities, deferred income taxes or deferred credits and other liabilities when it is probable that revenues will be reduced for amounts that will be credited to customers through the ratemaking process. Significant regulatory assets and liabilities as of September 30, 2016 and 2015 included the following:
Revenue recognition — Sales of natural gas to our regulated distribution customers are billed on a monthly basis; however, the billing cycle periods for certain classes of customers do not necessarily coincide with accounting periods used for financial reporting purposes. We follow the revenue accrual method of accounting for regulated distribution segment revenues whereby revenues applicable to gas delivered to customers, but not yet billed under the cycle billing method, are estimated and accrued and the related costs are charged to expense. On occasion, we are permitted to implement new rates that have not been formally approved by our state regulatory commissions, which are subject to refund. As permitted by accounting principles generally accepted in the United States, we recognize this revenue and establish a reserve for amounts that could be refunded based on our experience for the jurisdiction in which the rates were implemented. Rates established by regulatory authorities are adjusted for increases and decreases in our purchased gas costs through purchased gas cost adjustment mechanisms. Purchased gas cost adjustment mechanisms provide gas distribution companies a method of recovering purchased gas costs on an ongoing basis without filing a rate case to address all of their non-gas costs. There is no gross profit generated through purchased gas cost adjustments, but they provide a dollar-for-dollar offset to increases or decreases in our regulated distribution segment’s gas costs. The effects of these purchased gas cost adjustment mechanisms are recorded as deferred gas costs on our balance sheet. Operating revenues for our regulated pipeline and nonregulated segments are recognized in the period in which actual volumes are transported and storage services are provided. Operating revenues for our nonregulated segment and the associated carrying value of natural gas inventory (inclusive of storage costs) are recognized when we sell the gas and physically deliver it to our customers. Operating revenues include realized gains and losses arising from the settlement of financial instruments used in our nonregulated activities. Cash and cash equivalents — We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Accounts receivable and allowance for doubtful accounts — Accounts receivable arise from natural gas sales to residential, commercial, industrial, municipal and other customers. We establish an allowance for doubtful accounts to reduce the net receivable balance to the amount we reasonably expect to collect based on our collection experience or where we are aware of a specific customer’s inability or reluctance to pay. However, if circumstances change, our estimate of the recoverability of accounts receivable could be affected. Circumstances which could affect our estimates include, but are not limited to, customer credit issues, the level of natural gas prices, customer deposits and general economic conditions. Accounts are written off once they are deemed to be uncollectible. Gas stored underground — Our gas stored underground is comprised of natural gas injected into storage to support the winter season withdrawals for our regulated distribution operations and natural gas held by our nonregulated segment to conduct their operations. The average cost method is used for substantially all of our regulated operations. Our nonregulated segment utilizes the average cost method; however, most of this inventory is hedged and is therefore reported at fair value at the end of each month. Gas in storage that is retained as cushion gas to maintain reservoir pressure is classified as property, plant and equipment and is valued at cost. Regulated property, plant and equipment — Regulated property, plant and equipment is stated at original cost, net of contributions in aid of construction. The cost of additions includes direct construction costs, payroll related costs (taxes, pensions and other fringe benefits), administrative and general costs and an allowance for funds used during construction. The allowance for funds used during construction represents the estimated cost of funds used to finance the construction of major projects and are capitalized in the rate base for ratemaking purposes when the completed projects are placed in service. Interest expense of $2.8 million, $2.3 million and $1.5 million was capitalized in 2016, 2015 and 2014. Major renewals, including replacement pipe, and betterments that are recoverable under our regulatory rate base are capitalized while the costs of maintenance and repairs that are not recoverable through rates are charged to expense as incurred. The costs of large projects are accumulated in construction in progress until the project is completed. When the project is completed, tested and placed in service, the balance is transferred to the regulated plant in service account included in the rate base and depreciation begins. Regulated property, plant and equipment is depreciated at various rates on a straight-line basis. These rates are approved by our regulatory commissions and are comprised of two components: one based on average service life and one based on cost of removal. Accordingly, we recognize our cost of removal expense as a component of depreciation expense. The related cost of removal accrual is reflected as a regulatory liability on the consolidated balance sheet. At the time property, plant and equipment is retired, removal expenses less salvage, are charged to the regulatory cost of removal accrual. The composite depreciation rate was 3.2 percent for the fiscal year ended September 30, 2016, and 3.3 percent for each of the fiscal years ended September 30, 2015 and 2014. Nonregulated property, plant and equipment — Nonregulated property, plant and equipment is stated at cost. Depreciation is generally computed on the straight-line method for financial reporting purposes based upon estimated useful lives ranging from three to 43 years. Asset retirement obligations — We record a liability at fair value for an asset retirement obligation when the legal obligation to retire the asset has been incurred with an offsetting increase to the carrying value of the related asset. Accretion of the asset retirement obligation due to the passage of time is recorded as an operating expense. As of September 30, 2016 and 2015, we had asset retirement obligations of $13.4 million and $11.1 million. Additionally, we had $8.1 million and $4.8 million of asset retirement costs recorded as a component of property, plant and equipment that will be depreciated over the remaining life of the underlying associated assets. We believe we have a legal obligation to retire our natural gas storage facilities. However, we have not recognized an asset retirement obligation associated with our storage facilities because we are not able to determine the settlement date of this obligation as we do not anticipate taking our storage facilities out of service permanently. Therefore, we cannot reasonably estimate the fair value of this obligation. Impairment of long-lived assets — We periodically evaluate whether events or circumstances have occurred that indicate that other long-lived assets may not be recoverable or that the remaining useful life may warrant revision. When such events or circumstances are present, we assess the recoverability of long-lived assets by determining whether the carrying value will be recovered through the expected future cash flows. In the event the sum of the expected future cash flows resulting from the use of the asset is less than the carrying value of the asset, an impairment loss equal to the excess of the asset’s carrying value over its fair value is recorded. Goodwill — We annually evaluate our goodwill balances for impairment during our second fiscal quarter or more frequently as impairment indicators arise. We use a present value technique based on discounted cash flows to estimate the fair value of our reporting units. These calculations are dependent on several subjective factors including the timing of future cash flows, future growth rates and the discount rate. An impairment charge is recognized if the carrying value of a reporting unit’s goodwill exceeds its fair value. Marketable securities — As of September 30, 2016 and 2015, all of our marketable securities were classified as available for sale. In accordance with the authoritative accounting standards, 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 an individual investment by investment 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 investment is written down to its estimated fair value. Financial instruments and hedging activities — We use financial instruments to mitigate commodity price risk in our regulated distribution and nonregulated segments and interest rate risk. The objectives and strategies for using financial instruments have been tailored to our regulated and nonregulated businesses and are discussed in Note 13. We record all of our financial instruments on the balance sheet at fair value, with changes in fair value ultimately recorded in the income statement. These financial instruments are reported as risk management assets and liabilities and are classified as current or noncurrent other assets or liabilities based upon the anticipated settlement date of the underlying financial instrument. We record the cash flow impact of our financial instruments in operating cash flows based upon their balance sheet classification. The timing of when changes in fair value of our financial instruments are recorded in the income statement depends on whether the financial instrument has been designated and qualifies as a part of a hedging relationship or if regulatory rulings require a different accounting treatment. Changes in fair value for financial instruments that do not meet one of these criteria are recognized in the income statement as they occur. Financial Instruments Associated with Commodity Price Risk In our regulated distribution segment, the costs associated with and the gains and losses arising from the use of financial instruments to mitigate commodity price risk are included in our purchased gas cost adjustment mechanisms in accordance with regulatory requirements. Therefore, changes in the fair value of these financial instruments are initially recorded as a component of deferred gas costs and 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 in accordance with accounting principles generally accepted in the United States. Accordingly, there is no earnings impact on our regulated distribution segment as a result of the use of financial instruments. In our nonregulated segment, we have designated most of the natural gas inventory held by this operating segment as the hedged item in a fair-value hedge. This inventory is marked to market at the end of each month based on the Gas Daily index, with changes in fair value recognized as unrealized gains or losses in purchased gas cost in the period of change. The financial instruments associated with this natural gas inventory have been designated as fair-value hedges and are marked to market each month based upon the NYMEX price with changes in fair value recognized as unrealized gains or losses in purchased gas cost in the period of change. We have elected to exclude this spot/forward differential for purposes of assessing the effectiveness of these fair-value hedges. For the fiscal years ended September 30, 2016, 2015 and 2014, we included unrealized gains (losses) on open contracts of $1.3 million, $(2.4) million and $9.6 million as a component of nonregulated purchased gas cost. Additionally, we have elected to treat fixed-price forward contracts used in our nonregulated segment to deliver natural gas as normal purchases and normal sales. As such, these deliveries are recorded on an accrual basis in accordance with our revenue recognition policy. Financial instruments used to mitigate the commodity price risk associated with these contracts have been designated as cash flow hedges of anticipated purchases and sales at indexed prices. Accordingly, unrealized gains and losses on these open financial instruments are recorded as a component of accumulated other comprehensive income, and are recognized in earnings as a component of purchased gas cost when the hedged volumes are sold. Gains and losses from hedge ineffectiveness are recognized in the income statement. Fair value and cash flow hedge ineffectiveness arising from natural gas market price differences between the locations of the hedged inventory and the delivery location specified in the financial instruments is referred to as basis ineffectiveness. Ineffectiveness arising from changes in the fair value of the fair value hedges 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 is referred to as timing ineffectiveness. Hedge ineffectiveness, to the extent incurred, is reported as a component of purchased gas cost. Our nonregulated segment also utilizes master netting agreements with significant counterparties that allow us to offset gains and losses arising from financial instruments that may be settled in cash with gains and losses arising from financial instruments that may be settled with the physical commodity. Assets and liabilities from risk management activities, as well as accounts receivable and payable, reflect the master netting agreements in place. Additionally, the accounting guidance for master netting arrangements requires us to include the fair value of cash collateral or the obligation to return cash in the amounts that have been netted under master netting agreements used to offset gains and losses arising from financial instruments. As of September 30, 2016 and 2015, the Company netted $24.7 million and $43.5 million of cash held in margin accounts into its current and noncurrent risk management assets and liabilities. Financial Instruments Associated with Interest Rate Risk We manage interest rate risk, primarily when we plan to issue new long-term debt or to refinance existing long-term debt. We currently manage this risk through the use of forward starting interest rate swaps to fix the Treasury yield component of the interest cost associated with anticipated financings. We designate these financial instruments as cash flow hedges at the time the agreements are executed. Unrealized gains and losses associated with the instruments are recorded as a component of accumulated other comprehensive income (loss). When the instruments settle, the realized gain or loss is recorded as a component of accumulated other comprehensive income (loss) and recognized as a component of interest expense over the life of the related financing arrangement. Hedge ineffectiveness to the extent incurred is reported as a component of interest expense. As of September 30, 2016, the Company netted $25.7 million of cash held in margin accounts into its current and noncurrent risk management liabilities. As of September 30, 2015 no cash was required to be held in margin accounts. 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 primarily use quoted market prices and other observable market pricing information in valuing our financial assets and liabilities and minimize the use of unobservable pricing inputs in our measurements. Fair-value estimates also consider our own creditworthiness and the creditworthiness of the counterparties involved. Our counterparties consist primarily of financial institutions and major energy companies. This concentration of counterparties may materially impact our exposure to credit risk resulting from market, economic or regulatory conditions. We seek to minimize counterparty credit risk through an evaluation of their financial condition and credit ratings and the use of collateral requirements under certain circumstances. Amounts reported at fair value are subject to potentially significant volatility based upon changes in market prices, including, but not limited to, the valuation of the portfolio of our contracts, maturity and settlement of these contracts and newly originated transactions and interest rates, each of which directly affect the estimated fair value of our financial instruments. We believe the market prices and models used to value these financial instruments represent the best information available with respect to closing exchange and over-the-counter quotations, time value and volatility factors underlying the contracts. Values are adjusted to reflect the potential impact of an orderly liquidation of our positions over a reasonable period of time under then current market conditions. 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) and the lowest priority given to unobservable inputs (Level 3). The levels of the hierarchy are described below: Level 1 — Represents unadjusted quoted prices in active markets for identical assets or liabilities. An active market for the asset or liability is defined as a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Prices actively quoted on national exchanges are used to determine the fair value of most of our assets and liabilities recorded on our balance sheet at fair value. Within our nonregulated operations, we utilize a mid-market pricing convention (the mid-point between the bid and ask prices), as permitted under current accounting standards. Values derived from these sources reflect the market in which transactions involving these financial instruments are executed. Our Level 1 measurements consist primarily of exchange-traded financial instruments, gas stored underground that has been designated as the hedged item in a fair value hedge and our available-for-sale securities. The Level 1 measurements for investments in the Atmos Energy Corporation Master Retirement Trust (the Master Trust), Supplemental Executive Benefit Plan and postretirement benefit plan consist primarily of exchange-traded financial instruments. Level 2 — Represents pricing inputs other than quoted prices included in Level 1 that are either directly or indirectly observable for the asset or liability as of the reporting date. These inputs are derived principally from, or corroborated by, observable market data. Our Level 2 measurements primarily consist of non-exchange-traded financial instruments, such as over-the-counter options and swaps and municipal and corporate bonds where market data for pricing is observable. The Level 2 measurements for investments in our Master Trust, Supplemental Executive Benefit Plan and postretirement benefit plan consist primarily of non-exchange traded financial instruments such as common collective trusts, corporate bonds and investments in limited partnerships. Level 3 — Represents generally unobservable pricing inputs which are developed based on the best information available, including our own internal data, in situations where there is little if any market activity for the asset or liability at the measurement date. The pricing inputs utilized reflect what a market participant would use to determine fair value. We currently do not have any Level 3 investments. Pension and other postretirement plans — Pension and other postretirement plan costs and liabilities are determined on an actuarial basis and are affected by numerous assumptions and estimates including the market value of plan assets, estimates of the expected return on plan assets, assumed discount rates and current demographic and actuarial mortality data. Our measurement date is September 30. The assumed discount rate and the expected return are the assumptions that generally have the most significant impact on our pension costs and liabilities. The assumed discount rate, the assumed health care cost trend rate and assumed rates of retirement generally have the most significant impact on our postretirement plan costs and liabilities. The discount rate is utilized principally in calculating the actuarial present value of our pension and postretirement obligation and net pension and postretirement cost. When establishing our discount rate, we consider high quality corporate bond rates based on bonds available in the marketplace that are suitable for settling the obligations, changes in those rates from the prior year and the implied discount rate that is derived from matching our projected benefit disbursements with currently available high quality corporate bonds. The expected long-term rate of return on assets is utilized in calculating the expected return on plan assets component of the annual pension and postretirement plan cost. We estimate the expected return on plan assets by evaluating expected bond returns, equity risk premiums, asset allocations, the effects of active plan management, the impact of periodic plan asset rebalancing and historical performance. We also consider the guidance from our investment advisors when making a final determination of our expected rate of return on assets. To the extent the actual rate of return on assets realized over the course of a year is greater than or less than the assumed rate, that year’s annual pension or postretirement plan cost is not affected. Rather, this gain or loss is amortized over the expected future working lifetime of the plan participants. The expected return on plan assets is then calculated by applying the expected long-term rate of return on plan assets to the market-related value of the plan assets. The market-related value of our plan assets represents the fair market value of the plan assets, adjusted to smooth out short-term market fluctuations over a five-year period. The use of this calculation will delay the impact of current market fluctuations on the pension expense for the period. We use a corridor approach to amortize actuarial gains and losses. Under this approach, net gains or losses in excess of ten percent of the larger of the pension benefit obligation or the market-related value of the assets are amortized on a straight-line basis. The period of amortization is the average remaining service of active participants who are expected to receive benefits under the plan. We estimate the assumed health care cost trend rate used in determining our annual postretirement net cost based upon our actual health care cost experience, the effects of recently enacted legislation and general economic conditions. Our assumed rate of retirement is estimated based upon the annual review of our participant census information as of the measurement date. Income taxes — Income taxes are determined based on the liability method, which results in income tax assets and liabilities arising from temporary differences. Temporary differences are differences between the tax bases of assets and liabilities and their reported amounts in the financial statements that will result in taxable or deductible amounts in future years. The liability method requires the effect of tax rate changes on accumulated deferred income taxes to be reflected in the period in which the rate change was enacted. The liability method also requires that deferred tax assets be reduced by a valuation allowance unless it is more likely than not that the assets will be realized. The Company may recognize the tax benefit from uncertain tax positions only if it is at least more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon settlement with the taxing authorities. We recognize accrued interest related to unrecognized tax benefits as a component of interest expense. We recognize penalties related to unrecognized tax benefits as a component of miscellaneous income (expense) in accordance with regulatory requirements. Tax collections — We are allowed to recover from customers revenue-related taxes that are imposed upon us. We record such taxes as operating expenses and record the corresponding customer charges as operating revenues. However, we do collect and remit various other taxes on behalf of various governmental authorities, and we record these amounts in our consolidated balance sheets on a net basis. We do not collect income taxes from our customers on behalf of governmental authorities. Contingencies — In the normal course of business, we are confronted with issues or events that may result in a contingent liability. These generally relate to lawsuits, claims made by third parties or the action of various regulatory agencies. For such matters, we record liabilities when they are considered probable and reasonably estimable, based on currently available facts and our estimates of the ultimate outcome or resolution of the liability in the future. Actual results may differ from estimates, depending on actual outcomes or changes in the facts or expectations surrounding each potential exposure. Subsequent events — Except as noted in Note 5 regarding the renewal of our revolving credit facility and the AEM uncommitted 364-day bilateral credit facility and Note 15 regarding the proposed sale of AEM, no events occurred subsequent to the balance sheet date that would require recognition or disclosure in the financial statements. Recent accounting pronouncements — 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. As of September 30, 2016, we were actively evaluating all of our sources of revenue to determine the potential effect of the new standard on our financial position, results of operations and cash flows and the transition approach we will utilize. We are also actively monitoring the deliberations of the FASB's Transition Resource Group as decisions made by this group will impact the final conclusions of this evaluation. 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. The new guidance aligns the presentation of debt issuance costs with debt discounts and premiums. While the guidance would have been effective for us beginning October 1, 2016, we elected early adoption effective September 30, 2016 and have applied the provisions of the new guidance to each prior period presented. As a result, we reclassified $17.0 million and $17.9 million of unamortized debt issuance costs from deferred charges and other assets to long-term debt on the September 30, 2016 and 2015 consolidated balance sheets. In April 2015, the FASB issued guidance to simplify the accounting for fees paid in connection with arrangements with cloud-based software providers. Under the new guidance, unless a software arrangement includes specific elements enabling customers to possess and operate software on platforms other than that offered by the cloud-based provider, the cost of such arrangements is to be accounted for as an operating expense in the period incurred. The new guidance is effective for us beginning October 1, 2016 and may be applied either prospectively or retrospectively with early adoption permitted. The adoption of this standard will not impact on our financial position, results of operations and cash flows. In May 2015, the FASB issued guidance removing the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The guidance is effective for us on October 1, 2016 to be applied retrospectively. The adoption of this standard will have no impact on our results of operations, consolidated balance sheets or 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. Previously, entities were required to separate deferred income tax liabilities and assets into current and noncurrent amounts in a classified balance sheet. As permitted under the new guidance, we elected early adoption as of March 31, 2016. The adoption of this guidance had no impact on our results of operations or cash flows. Because we adopted this new guidance prospectively, prior periods have not been adjusted. In January 2016, the FASB issued guidance related to the classification and measurement of financial instruments. The amendments modify the accounting and presentation for certain financial liabilities and equity investments not consolidated or reported using the equity method. The guidance is effective for us beginning October 1, 2018; limited early adoption is permitted. We are currently evaluating the potential impact of this new guidance. In February 2016, the FASB issued a comprehensive new leasing standard that will require lessees to recognize a lease liability and a right-of-use asset for all leases, including operating leases, with a term greater than 12 months on its balance sheet. The new standard will be effective for us beginning on October 1, 2019; early adoption is permitted. The new leasing standard requires modified retrospective transition, which requires application of the new guidance at the beginning of the earliest comparative period presented in the year of adoption. We are currently evaluating the effect on our financial position, results of operations and cash flows. In March 2016, the FASB issued guidance to simplify the accounting and reporting of share-based payment arrangements. Key modifications required under the new guidance include:
As permitted under the new guidance, we elected early adoption as of March 31, 2016. In accordance with the transition requirements, we recorded a $14.5 million cumulative-effect increase to retained earnings as of October 1, 2015, with an offsetting increase to the Company’s net operating loss (NOL) deferred tax asset to recognize the effect of excess tax benefits earned prior to September 30, 2015. For the year ended September 30, 2016, we have recognized a total income tax benefit of $5.0 million. The new guidance provides for certain provisions to be accounted for prospectively and others retrospectively. In June 2016, the FASB issued new guidance which will require credit losses on most financial assets measured at amortized cost and certain other instruments to be measured using an expected credit loss model. Under this model, entities will estimate credit losses over the entire contractual term of the instrument from the date of initial recognition of that instrument. In contrast, current U.S. GAAP is based on an incurred loss model that delays recognition of credit losses until it is probable the loss has been incurred. The new guidance also introduces a new impairment recognition model for available-for-sale securities that will require credit losses for available-for-sale debt securities to be recorded through an allowance account. The new standard will be effective for us beginning on October 1, 2021; early adoption is permitted beginning on October 1, 2019. We are currently evaluating the potential impact of this new guidance. |
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Segment Information | Segment Information Atmos Energy Corporation and its subsidiaries are engaged primarily in the regulated natural gas distribution and pipeline business as well as other nonregulated businesses. We distribute natural gas through sales and transportation arrangements to over three million residential, commercial, public authority and industrial customers through our six regulated distribution divisions, which cover service areas located in eight states. In addition, we transport natural gas for others through our distribution system. Through our nonregulated business, we provide natural gas management and transportation services to municipalities, regulated distribution companies, including certain divisions of Atmos Energy and third parties. 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 aggregated and 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. We evaluate performance based on net income or loss of the respective operating units. Interest expense is allocated pro rata to each segment based upon our net investment in each segment. Income taxes are allocated to each segment as if each segment’s taxes were calculated on a separate return basis. Summarized income statements and capital expenditures by segment are shown in the following tables.
The following table summarizes our revenues from external parties by products and services for the fiscal year ended September 30.
Balance sheet information at September 30, 2016 and 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 Since we have non-vested share-based payments with a nonforfeitable right to dividends or dividend equivalents (referred to as participating securities), we are required to use the two-class method of computing earnings per share. The Company’s non-vested restricted stock units, granted under the 1998 Long-Term Incentive Plan, for which vesting is predicated solely on the passage of time, are considered to be participating securities. 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 fiscal years ended September 30 are calculated as follows:
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Long-term debt Long-term debt at September 30, 2016 and 2015 consisted of the following:
On September 22, 2016, we entered into a three year, $200 million multi-draw term loan agreement with a syndicate of three lenders. Borrowings under the term loan may be made in increments of $1.0 million or higher, may be repaid at any time during the loan period and will bear interest at a rate dependent upon our credit ratings at the time of such borrowing and based, at our election, on a base rate or LIBOR for the applicable interest period. The term loan will be used to refinance existing indebtedness and for working capital, capital expenditures and other general corporate purposes. At September 30, 2016, there were no borrowings under the term loan. 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 discussed in Note 13. 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 and general corporate liquidity. Our short-term borrowings typically reach their highest levels in the winter months. As of September 30, 2016, we financed 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 a total availability from third-party lenders of approximately $1.3 billion of working capital funding. On October 5, 2016, we amended our existing $1.25 billion unsecured credit facility (the five-year unsecured credit facility) which increased the committed loan to $1.5 billion and extended the facility through September 25, 2021. The amended facility also retains the $250 million accordion feature, which provides the opportunity to increase the total committed loan amount to $1.75 billion. After giving effect to the amended facility, we have total availability from third-party lenders of approximately $1.6 billion of working capital funding. At September 30, 2016 and 2015, there was $829.8 million and $457.9 million outstanding under our commercial paper program with weighted average interest rates of 0.81% and 0.42%, with average maturities of less than one month. We also use intercompany credit facilities to supplement the funding provided by these third-party committed credit facilities. These facilities are described in greater detail below. 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. The first facility is the five-year unsecured credit facility described above, which bears interest at a base rate or at a LIBOR-based rate for the applicable interest period, plus a spread ranging from zero percent to 1.25 percent, based on the Company’s credit ratings. This credit facility serves primarily as a backup liquidity facility for our commercial paper program. At September 30, 2016, there were no borrowings under this facility, but we had $829.8 million of commercial paper outstanding leaving $420.2 million available. The second facility is a $25 million unsecured facility that bears interest at a daily negotiated rate, generally based on the Federal Funds rate plus a variable margin. This facility was renewed on April 1, 2016. At September 30, 2016, there were no borrowings outstanding under this facility. The third facility, which was renewed on September 30, 2016, is a $10 million committed revolving credit facility, used primarily to issue letters of credit and bears interest at a LIBOR-based rate plus 1.5 percent. At September 30, 2016, there were no borrowings outstanding under this credit facility; however, letters of credit totaling $5.9 million had been issued under the facility at September 30, 2016, which reduced the amount available by a corresponding amount. The availability of funds under these 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 our five-year unsecured facility to maintain, at the end of each fiscal quarter, a ratio of total debt to total capitalization of no greater than 70 percent. At September 30, 2016, our total-debt-to-total-capitalization ratio, as defined, was 50 percent. In addition, both the interest margin over the Eurodollar rate and the fee that we pay on unused amounts under each of these facilities are subject to adjustment depending upon our credit ratings. In addition to these third-party facilities, our regulated operations have a $500 million intercompany revolving credit facility with AEH. This facility 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. We intend to seek renewal of this facility during the first quarter of fiscal 2017. There was $197.0 million outstanding under this facility at September 30, 2016. Nonregulated Operations Atmos Energy Marketing, LLC (AEM), which is wholly owned by AEH, has one uncommitted $25 million 364-day bilateral credit facility that expires in December 2016 and one committed $15 million 364-day bilateral credit facility that was renewed on September 30, 2016. On October 25, 2016, the uncommitted $25 million 364-day bilateral credit facility was renewed through July 31, 2017. 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 $32.8 million at September 30, 2016. 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. We intend to seek renewal of this facility during the first quarter of fiscal 2017. There were no borrowings outstanding under this facility at September 30, 2016. Debt Covenants In addition to the financial covenants described above, 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 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 September 30, 2016. 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. Maturities of long-term debt at September 30, 2016 were as follows (in thousands):
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Shareholders' Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | Shelf Registration On March 28, 2016, we filed a registration statement with the Securities and Exchange Commission (SEC) that originally permitted us to issue, from time to time, up to $2.5 billion in common stock and/or debt securities, which replaced our registration statement that expired on March 28, 2016. At September 30, 2016, $2.4 billion of securities remain available for issuance under the shelf registration statement. At-the-Market Equity Sales Program On March 28, 2016, we entered into an at-the-market (ATM) equity distribution agreement (the Agreement) with Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC in their capacity as agents and/or as principals (Agents). Under the terms of the Agreement, we may issue and sell, through any of the Agents, shares of our common stock, up to an aggregate offering price of $200 million, through the period ended March 28, 2019. We may also sell shares from time to time to an Agent for its own account at a price to be agreed upon at the time of sale. We will pay each Agent a commission of 1.0% of the gross offering proceeds of the shares sold through it as a sales agent. We have no obligation to offer or sell any shares under the Agreement, and may at any time suspend offers and sales under the Agreement. The shares will be issued pursuant to our shelf registration statement filed with the SEC on March 28, 2016. During fiscal 2016, we sold 1,360,756 shares of common stock under the ATM program for $100.0 million and received net proceeds of $98.6 million. 1998 Long-Term Incentive Plan In August 1998, the Board of Directors approved and adopted the 1998 Long-Term Incentive Plan (LTIP), which became effective in October 1998 after approval by our shareholders. The LTIP is a comprehensive, long-term incentive compensation plan providing for discretionary awards of incentive stock options, non-qualified stock options, stock appreciation rights, bonus stock, time-lapse restricted stock, time-lapse restricted stock units, performance-based restricted stock units and stock units to certain employees and non-employee directors of the Company and our subsidiaries. The objectives of this plan include attracting and retaining the best personnel, providing for additional performance incentives and promoting our success by providing employees with the opportunity to acquire our common stock. As of September 30, 2015, we were authorized to grant awards for up to a maximum of 8.7 million shares of common stock under this plan subject to certain adjustment provisions. In February 2016, our shareholders voted to increase the number of authorized LTIP shares by 2.5 million shares and to extend the term of the plan for an additional five years, through September 2021. On March 29, 2016, we filed with the SEC a registration statement on Form S-8 to register an additional 2.5 million shares; we also listed such shares with the New York Stock Exchange. As of September 30, 2016, we were authorized to grant awards for up to a maximum of 11.2 million shares of common stock under this plan subject to certain adjustment provisions. 2014 Equity Offering On February 18, 2014, we completed the public offering of 9,200,000 shares of our common stock including the underwriters’ exercise of their overallotment option of 1,200,000 shares under our existing shelf registration statement. The offering was priced at $44.00 per share and generated net proceeds of $390.2 million, which were used to repay short-term debt outstanding under our commercial paper program, to fund infrastructure spending primarily to enhance the safety and reliability of our system and for general corporate purposes. Share Repurchase Program On September 28, 2011, the Board of Directors approved a program authorizing the repurchase of up to five million shares of common stock over a five-year period. The program expired on September 30, 2016 and will not be renewed. We did not repurchase any shares during fiscal 2016, 2015, or 2014 under the program. Accumulated Other Comprehensive Income (Loss) We record deferred gains (losses) in accumulated other comprehensive income (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 fiscal years ended September 30, 2016 and 2015. Amounts in parentheses below indicate decreases to net income in the statement of income.
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement and Post-Retirement Employee Benefit Plans | Retirement and Post-Retirement Employee Benefit Plans We have both funded and unfunded noncontributory defined benefit plans that together cover most of our employees. We also maintain post-retirement plans that provide health care benefits to retired employees. Finally, we sponsor a defined contribution plan that cover substantially all employees. These plans are discussed in further detail below. As a rate regulated entity, we generally recover our pension costs in our rates over a period of up to 15 years. The amounts that have not yet been recognized in net periodic pension cost that have been recorded as regulatory assets are as follows:
Defined Benefit Plans Employee Pension Plan Prior to December 31, 2014, we maintained two defined benefit plans: the Atmos Energy Corporation Pension Account Plan (the Plan) and the Atmos Energy Corporation Retirement Plan for Mississippi Valley Gas Union Employees (the Union Plan) (collectively referred to as the Plans). The assets of the Plans were held within the Atmos Energy Corporation Master Retirement Trust (the Master Trust). In June 2014, active collectively bargained employees of Atmos Energy’s Mississippi Division voted to decertify the union. As a result of this vote, effective January 1, 2015, active participants of the Union Plan became participants in the Plan. Opening account balances were established at the time of transfer equal to the present value of their respective accrued benefits under the Union Plan at December 31, 2014. Additionally, effective January 1, 2015, current retirees in the Union Plan as well as those participants who terminated and were vested in the Union Plan were transferred to the Plan with the same provisions that were in place at the time of their retirement or termination. The Plan is a cash balance pension plan that was established effective January 1999 and covers most of the employees of Atmos Energy’s regulated operations that were hired before September 30, 2010. The plan was closed to new participants effective October 1, 2010. Opening account balances were established for participants as of January 1999 equal to the present value of their respective accrued benefits under the pension plans which were previously in effect as of December 31, 1998. The Plan credits an allocation to each participant’s account at the end of each year according to a formula based on the participant’s age, service and total pay (excluding incentive pay). In addition, at the end of each year, a participant’s account is credited with interest on the employee’s prior year account balance. Participants are fully vested in their account balances after three years of service and may choose to receive their account balances as a lump sum or an annuity. Generally, our funding policy is to contribute annually an amount in accordance with the requirements of the Employee Retirement Income Security Act of 1974, including the funding requirements under the Pension Protection Act of 2006 (PPA). However, additional voluntary contributions are made from time to time as considered necessary. Contributions are intended to provide not only for benefits attributed to service to date but also for those expected to be earned in the future. During fiscal 2016 and 2015 we contributed $15.0 million and $38.0 million in cash to the Plan to achieve a desired level of funding while maximizing the tax deductibility of this payment. Based upon market conditions at September 30, 2016, the current funded position of the Plan and the funding requirements under the PPA, we do not anticipate a minimum required contribution for fiscal 2017. However, we may consider whether a voluntary contribution is prudent to maintain certain funding levels. We make investment decisions and evaluate performance of the assets in the Master Trust on a medium-term horizon of at least three to five years. We also consider our current financial status when making recommendations and decisions regarding the Master Trust’s assets. Finally, we strive to ensure the Master Trust’s assets are appropriately invested to maintain an acceptable level of risk and meet the Master Trust’s long-term asset investment policy adopted by the Board of Directors. To achieve these objectives, we invest the Master Trust’s assets in equity securities, fixed income securities, interests in commingled pension trust funds, other investment assets and cash and cash equivalents. Investments in equity securities are diversified among the market’s various subsectors in an effort to diversify risk and maximize returns. Fixed income securities are invested in investment grade securities. Cash equivalents are invested in securities that either are short term (less than 180 days) or readily convertible to cash with modest risk. The following table presents asset allocation information for the Master Trust as of September 30, 2016 and 2015.
At September 30, 2016 and 2015, the Plan held 956,700 and 1,169,700 shares of our common stock which represented 15.1 percent and 15.2 percent of total Plan assets. These shares generated dividend income for the Plan of approximately $1.8 million during fiscal 2016 and 2015. Our employee pension plan expenses and liabilities are determined on an actuarial basis and are affected by numerous assumptions and estimates including the market value of plan assets, estimates of the expected return on plan assets and assumed discount rates and demographic data. We review the estimates and assumptions underlying our employee pension plans annually based upon a September 30 measurement date. The development of our assumptions is fully described in our significant accounting policies in Note 2. The actuarial assumptions used to determine the pension liability for the Plan was determined as of September 30, 2016 and 2015 and the actuarial assumptions used to determine the net periodic pension cost for the Plan was determined as of September 30, 2015, 2014 and 2013. On October 20, 2016, the Society of Actuaries released its annually-updated mortality improvement scale for pension plans incorporating new assumptions surrounding life expectancies in the United States. As of September 30, 2016, we updated our assumed mortality rates to incorporate the updated mortality table. Additional assumptions are presented in the following table:
The following table presents the Plan’s accumulated benefit obligation, projected benefit obligation and funded status as of September 30, 2016 and 2015:
Net periodic pension cost for the Plan for fiscal 2016, 2015 and 2014 is recorded as operating expense and included the following components:
The following table sets forth by level, within the fair value hierarchy, the Plan's assets at fair value as of September 30, 2016 and 2015. As required by authoritative accounting literature, assets are categorized in their entirety based on the lowest level of input that is significant to the fair value measurement. The methods used to determine fair value for the assets held by the Plan are fully described in Note 2. In addition to the assets shown below, the Plan had net accounts receivable of $2.6 million and $2.4 million at September 30, 2016 and 2015 which materially approximates fair value due to the short-term nature of these assets.
Supplemental Executive Retirement Plans We have three nonqualified supplemental plans which provide additional pension, disability and death benefits to our officers, division presidents and certain other employees of the Company. The first plan is referred to as the Supplemental Executive Benefits Plan (SEBP) and covers our officers, division presidents and certain other employees of the Company who were employed on or before August 12, 1998. The SEBP is a defined benefit arrangement which provides a benefit equal to 75 percent of covered compensation under which benefits paid from the underlying qualified defined benefit plan are an offset to the benefits under the SEBP. In August 1998, we adopted the Supplemental Executive Retirement Plan (SERP) (formerly known as the Performance-Based Supplemental Executive Benefits Plan), which covers all officers or division presidents selected to participate in the plan between August 12, 1998 and August 5, 2009, any corporate officer who may be appointed to the Management Committee after August 5, 2009 and any other employees selected by our Board of Directors at its discretion. The SERP is a defined benefit arrangement which provides a benefit equal to 60 percent of covered compensation under which benefits paid from the underlying qualified defined benefit plan are an offset to the benefits under the SERP. Effective August 5, 2009, we adopted a new defined benefit Supplemental Executive Retirement Plan (the 2009 SERP), for corporate officers (other than such officer who is appointed as a member of the Company’s Management Committee), division presidents or any other employees selected at the discretion of the Board. Under the 2009 SERP, a nominal account has been established for each participant, to which the Company contributes at the end of each calendar year an amount equal to ten percent of the total of each participant’s base salary and cash incentive compensation earned during each prior calendar year, beginning December 31, 2009. The benefits vest after three years of service and attainment of age 55 and earn interest credits at the same annual rate as the Company’s Pension Account Plan (currently 4.69%). On October 2, 2013, due to the retirement of one of our executives, we recognized a settlement loss of $4.5 million associated with our SEBP and made a $16.8 million benefit payment. Similar to our employee pension plans, we review the estimates and assumptions underlying our supplemental plans annually based upon a September 30 measurement date using the same techniques as our employee pension plans. The actuarial assumptions used to determine the pension liability for the supplemental plans were determined as of September 30, 2016 and 2015 and the actuarial assumptions used to determine the net periodic pension cost for the supplemental plans were determined as of September 30, 2015, 2014 and 2013. These assumptions are presented in the following table:
The following table presents the supplemental plans’ accumulated benefit obligation, projected benefit obligation and funded status as of September 30, 2016 and 2015:
Assets for the supplemental plans are held in separate rabbi trusts. At September 30, 2016 and 2015, assets held in the rabbi trusts consisted of available-for-sale securities of $41.3 million and $41.7 million, which are included in our fair value disclosures in Note 14. Net periodic pension cost for the supplemental plans for fiscal 2016, 2015 and 2014 is recorded as operating expense and included the following components:
Estimated Future Benefit Payments The following benefit payments for our defined benefit plans, which reflect expected future service, as appropriate, are expected to be paid in the following fiscal years:
Postretirement Benefits We sponsor the Retiree Medical Plan for Retirees and Disabled Employees of Atmos Energy Corporation (the Atmos Retiree Medical Plan). This plan provides medical and prescription drug protection to all qualified participants based on their date of retirement. The Atmos Retiree Medical Plan provides different levels of benefits depending on the level of coverage chosen by the participants and the terms of predecessor plans; however, we generally pay 80 percent of the projected net claims and administrative costs and participants pay the remaining 20 percent of this cost. Effective January 1, 2015 for employees who had not met the participation requirements by September 30, 2009, the contribution rates for the Company will be limited to a three percent cost increase in claims and administrative costs each year, with the participant responsible for the additional costs. Generally, our funding policy is to contribute annually an amount in accordance with the requirements of ERISA. However, additional voluntary contributions are made annually as considered necessary. Contributions are intended to provide not only for benefits attributed to service to date but also for those expected to be earned in the future. We expect to contribute between $10 million and $20 million to our postretirement benefits plan during fiscal 2017. We maintain a formal investment policy with respect to the assets in our postretirement benefits plan to ensure the assets funding the postretirement benefit plan are appropriately invested to maintain an acceptable level of risk. We also consider our current financial status when making recommendations and decisions regarding the postretirement benefits plan. We currently invest the assets funding our postretirement benefit plan in diversified investment funds which consist of common stocks, preferred stocks and fixed income securities. The diversified investment funds may invest up to 75 percent of assets in common stocks and convertible securities. The following table presents asset allocation information for the postretirement benefit plan assets as of September 30, 2016 and 2015.
Similar to our employee pension and supplemental plans, we review the estimates and assumptions underlying our postretirement benefit plan annually based upon a September 30 measurement date using the same techniques as our employee pension plans. The actuarial assumptions used to determine the pension liability for our postretirement plan were determined as of September 30, 2016 and 2015 and the actuarial assumptions used to determine the net periodic pension cost for the postretirement plan were determined as of September 30, 2015, 2014 and 2013. The assumptions are presented in the following table:
The following table presents the postretirement plan’s benefit obligation and funded status as of September 30, 2016 and 2015:
Net periodic postretirement cost for fiscal 2016, 2015 and 2014 is recorded as operating expense and included the components presented below.
Assumed health care cost trend rates have a significant effect on the amounts reported for the plan. A one-percentage point change in assumed health care cost trend rates would have the following effects on the latest actuarial calculations:
We are currently recovering other postretirement benefits costs through our regulated rates under accrual accounting as prescribed by accounting principles generally accepted in the United States in substantially all of our service areas. Other postretirement benefits costs have been specifically addressed in rate orders in each jurisdiction served by our Kentucky/Mid-States, West Texas, Mid-Tex and Mississippi Divisions as well as our Kansas jurisdiction and Atmos Pipeline – Texas or have been included in a rate case and not disallowed. Management believes that this accounting method is appropriate and will continue to seek rate recovery of accrual-based expenses in its ratemaking jurisdictions that have not yet approved the recovery of these expenses. The following tables set forth by level, within the fair value hierarchy, the Retiree Medical Plan’s assets at fair value as of September 30, 2016 and 2015. The methods used to determine fair value for the assets held by the Retiree Medical Plan are fully described in Note 2.
Estimated Future Benefit Payments The following benefit payments paid by us, retirees and prescription drug subsidy payments for our postretirement benefit plans, which reflect expected future service, as appropriate, are expected to be paid in the following fiscal years. Company payments for fiscal 2016 include contributions to our postretirement plan trusts.
Defined Contribution Plan The Atmos Energy Corporation Retirement Savings Plan and Trust (the Retirement Savings Plan) covers substantially all employees and is subject to the provisions of Section 401(k) of the Internal Revenue Code. Effective January 1, 2007, employees automatically become participants of the Retirement Savings Plan on the date of employment. Participants may elect a salary reduction up to a maximum of 65 percent of eligible compensation, as defined by the Plan, not to exceed the maximum allowed by the Internal Revenue Service. New participants are automatically enrolled in the Plan at a salary reduction amount of four percent of eligible compensation, from which they may opt out. We match 100 percent of a participant’s contributions, limited to four percent of the participant’s salary, in our common stock. However, participants have the option to immediately transfer this matching contribution into other funds held within the plan. Participants are eligible to receive matching contributions after completing one year of service. Participants are also permitted to take out loans against their accounts subject to certain restrictions. Employees hired on or after October 1, 2010 participate in the enhanced plan in which participants receive a fixed annual contribution of four percent of eligible earnings to their Retirement Savings Plan account. Participants will continue to be eligible for company matching contributions of up to four percent of their eligible earnings and will be fully vested in the fixed annual contribution after three years of service. Prior to December 31, 2015, we also maintained the Atmos Energy Holdings, LLC 401(k) Profit-Sharing Plan (the AEH 401(k) Profit-Sharing Plan), which covered substantially all AEH employees. On November 4, 2015, the Atmos Energy Corporation Board of Directors voted to approve the merger of the assets and liabilities of the AEH 401(k) Profit-Sharing Plan with the Retirement Savings Plan, effective January 1, 2016. On December 31, 2015, the AEH 401(k) Profit Sharing Plan was merged into the Retirement Savings Plan and all assets and loans of active and inactive participants were transferred to the Retirement Savings Plan. Prior to December 31, 2014, we maintained the Atmos Energy Corporation Savings Plan for MVG Union Employees (the Union 401(k) Plan). In June 2014, active collectively bargained employees of Atmos Energy’s Mississippi Division voted to decertify the Union. As a result, effective July 19, 2014, active participants of the Union 401(k) Plan were eligible to participate in the Retirement Savings Plan. Effective January 1, 2015, all remaining participants became participants in the Retirement Savings Plan and the Union 401(k) Plan was terminated. Matching contributions to the Retirement Savings Plan (and prior to December 31, 2014, the Union 401(k) Plan) are expensed as incurred and amounted to $12.6 million, $11.5 million and $10.9 million for fiscal years 2016, 2015 and 2014. The Board of Directors may also approve discretionary contributions, subject to the provisions of the Internal Revenue Code and applicable Treasury regulations. No discretionary contributions were made for fiscal years 2016, 2015 or 2014. At September 30, 2016 and 2015, the Retirement Savings Plan held 4.2 percent and 4.3 percent of our outstanding common stock. Discretionary contributions to the AEH 401(k) Profit-Sharing Plan were expensed as incurred and amounted to $0.3 million, $1.1 million and $1.4 million for fiscal years 2016, 2015 and 2014. |
Stock and Other Compensation Plans |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock and Other Compensation Plans | Stock and Other Compensation Plans Stock-Based Compensation Plans Total stock-based compensation cost was $24.6 million, $27.5 million and $25.5 million for the fiscal years ended September 30, 2016, 2015 and 2014. Of this amount, $9.8 million, $11.5 million and $10.8 million was capitalized. Tax benefits related to stock-based compensation were $5.0 million, $4.7 million and $3.1 million for the fiscal years ended September 30, 2016, 2015 and 2014. 1998 Long-Term Incentive Plan In August 1998, the Board of Directors approved and adopted the 1998 Long-Term Incentive Plan (LTIP), which became effective in October 1998 after approval by our shareholders. The LTIP is a comprehensive, long-term incentive compensation plan providing for discretionary awards of incentive stock options, non-qualified stock options, stock appreciation rights, bonus stock, time-lapse restricted stock, time-lapse restricted stock units, performance-based restricted stock units and stock units to certain employees and non-employee directors of the Company and our subsidiaries. The objectives of this plan include attracting and retaining the best personnel, providing for additional performance incentives and promoting our success by providing employees with the opportunity to acquire common stock. As of September 30, 2016, we were authorized to grant awards for up to a maximum of 11.2 million shares of common stock under this plan subject to certain adjustment provisions. As of September 30, 2016, non-qualified stock options, bonus stock, time-lapse restricted stock, time-lapse restricted stock units, performance-based restricted stock units and stock units had been issued under this plan, and 2.4 million shares were available for future issuance. Restricted Stock Unit Award Grants As noted above, the LTIP provides for discretionary awards of restricted stock units to help attract, retain and reward employees of Atmos Energy and its subsidiaries. Certain of these awards vest based upon the passage of time and other awards vest based upon the passage of time and the achievement of specified performance targets. The fair value of the awards granted is based on the market price of our stock at the date of grant. We estimate forfeitures using our historical forfeiture rate. The associated expense is recognized ratably over the vesting period. We use authorized and unissued shares to meet share requirements for the vesting of restricted stock units. Employees who are granted time-lapse restricted stock units under our LTIP have a nonforfeitable right to dividend equivalents that are paid at the same rate and at the same time at which they are paid on shares of stock without restrictions. Time-lapse restricted stock units contain only a service condition that the employee recipients render continuous services to the Company for a period of three years from the date of grant, except for accelerated vesting in the event of death, disability, change of control of the Company or termination without cause (with certain exceptions). There are no performance conditions required to be met for employees to be vested in time-lapse restricted stock units. Employees who are granted performance-based restricted stock units under our LTIP have a forfeitable right to dividend equivalents that accrue at the same rate at which they are paid on shares of stock without restrictions. Dividend equivalents on the performance-based restricted stock units are paid either in cash or in the form of shares upon the vesting of the award. Performance-based restricted stock units contain a service condition that the employee recipients render continuous services to the Company for a period of three years from the beginning of the applicable three-year performance period, except for accelerated vesting in the event of death, disability, change of control of the Company or termination without cause (with certain exceptions) and a performance condition based on a cumulative earnings per share target amount. The following summarizes information regarding the restricted stock units granted under the plan during the fiscal years ended September 30, 2016, 2015 and 2014:
As of September 30, 2016, there was $11.4 million of total unrecognized compensation cost related to nonvested time-lapse restricted stock units granted under the LTIP. That cost is expected to be recognized over a weighted-average period of 1.6 years. The fair value of restricted stock vested during the fiscal years ended September 30, 2016, 2015 and 2014 was $20.6 million, $21.7 million and $17.1 million. Other Plans Direct Stock Purchase Plan We maintain a Direct Stock Purchase Plan, open to all investors, which allows participants to have all or part of their cash dividends paid quarterly in additional shares of our common stock. The minimum initial investment required to join the plan is $1,250. Direct Stock Purchase Plan participants may purchase additional shares of our common stock as often as weekly with voluntary cash payments of at least $25, up to an annual maximum of $100,000. Outside Directors Stock-For-Fee Plan In November 1994, the Board of Directors adopted the Outside Directors Stock-for-Fee Plan, which was approved by our shareholders in February 1995. The plan permits non-employee directors to receive all or part of their annual retainer and meeting fees in stock rather than in cash. This plan was terminated by the Board of Directors, effective September 1, 2014, when the LTIP was amended to incorporate substantially all of its provisions. Equity Incentive and Deferred Compensation Plan for Non-Employee Directors In November 1998, the Board of Directors adopted the Equity Incentive and Deferred Compensation Plan for Non-Employee Directors, which was approved by our shareholders in February 1999. This plan amended the Atmos Energy Corporation Deferred Compensation Plan for Outside Directors adopted by the Company in May 1990 and replaced the pension payable under our Retirement Plan for Non-Employee Directors. The plan provides non-employee directors of Atmos Energy with the opportunity to defer receipt, until retirement, of compensation for services rendered to the Company and invest deferred compensation into either a cash account or a stock account. Other Discretionary Compensation Plans We have an annual incentive program covering substantially all employees to give each employee an opportunity to share in our financial success based on the achievement of key performance measures considered critical to achieving business objectives for a given year with minimum and maximum thresholds. The Company must meet the minimum threshold for the plan to be funded and distributed to employees. These performance measures may include earnings growth objectives, improved cash flow objectives or crucial customer satisfaction and safety results. We monitor progress towards the achievement of the performance measures throughout the year and record accruals based upon the expected payout using the best estimates available at the time the accrual is recorded. During the last several fiscal years, we have used earnings per share as our sole performance measure. |
Details of Selected Consolidated Balance Sheet Captions |
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Details Of Selected Consolidated Balance Sheet Captions Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Details of Selected Consolidated Balance Sheet Captions | Details of Selected Consolidated Balance Sheet Captions The following tables provide additional information regarding the composition of certain of our balance sheet captions. Accounts receivable Accounts receivable was comprised of the following at September 30, 2016 and 2015:
Other current assets Other current assets as of September 30, 2016 and 2015 were comprised of the following accounts.
Property, plant and equipment Property, plant and equipment was comprised of the following as of September 30, 2016 and 2015:
Goodwill The following presents our goodwill balance allocated by segment and changes in the balance for the fiscal year ended September 30, 2016:
Deferred charges and other assets Deferred charges and other assets as of September 30, 2016 and 2015 were comprised of the following accounts.
Accounts payable and accrued liabilities Accounts payable and accrued liabilities as of September 30, 2016 and 2015 were comprised of the following accounts.
Other current liabilities Other current liabilities as of September 30, 2016 and 2015 were comprised of the following accounts.
Deferred credits and other liabilities Deferred credits and other liabilities as of September 30, 2016 and 2015 were comprised of the following accounts.
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Leases |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases We have entered into operating leases for office and warehouse space, vehicles and heavy equipment used in our operations. The remaining lease terms range from one to 18 years and generally provide for the payment of taxes, insurance and maintenance by the lessee. Renewal options exist for certain of these leases. The related future minimum lease payments at September 30, 2016 were as follows:
Consolidated lease and rental expense amounted to $32.6 million, $32.5 million and $31.7 million for fiscal 2016, 2015 and 2014. |
Commitments and Contingencies |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Litigation We are a party to various litigation that has arisen in the ordinary course of our business. While the results of such litigation cannot be predicted with certainty, we believe the final outcome of such litigation will not have a material adverse effect on our financial condition, results of operations or cash flows. Environmental Matters We are a party to environmental matters and claims that have arisen in the ordinary course of our business. While the ultimate results of response actions to these environmental matters and claims cannot be predicted with certainty, we believe the final outcome of such response actions will not have a material adverse effect on our financial condition, results of operations or cash flows because we believe that the expenditures related to such response actions will either be recovered through rates, shared with other parties or are adequately covered by insurance. Purchase Commitments Our regulated distribution divisions 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 trading hubs. At September 30, 2016, we were committed to purchase 28.5 Bcf within one year, 4.2 Bcf within two to three years and 0.6 Bcf beyond three years under indexed contracts. Purchases under these contracts totaled $85.3 million, $113.3 million and $140.9 million for 2016, 2015, 2014. Our nonregulated segment has commitments to purchase physical quantities of natural gas under contracts indexed to the forward NYMEX strip or fixed price contracts. At September 30, 2016, we were committed to purchase 93.5 Bcf within one year, 9.1 Bcf within two to three years and 0.2 Bcf after three years under indexed contracts. We are committed to purchase 11.9 Bcf within one year and 1.3 Bcf within one to three years under fixed price contracts with prices ranging from $0.25 to $3.16 per Mcf. Purchases under these contracts totaled $763.2 million , $1,141.3 million and $1,687.5 million for 2016, 2015 and 2014. In addition, our nonregulated segment maintains long-term contracts related to storage and transportation. The estimated contractual demand fees for contracted storage and transportation under these contracts as of September 30, 2016 are as follows (in thousands):
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The components of income tax expense from continuing operations for 2016, 2015 and 2014 were as follows:
Reconciliations of the provision for income taxes computed at the statutory rate to the reported provisions for income taxes from continuing operations for 2016, 2015 and 2014 are set forth below:
Deferred income taxes reflect the tax effect of differences between the basis of assets and liabilities for book and tax purposes. The tax effect of temporary differences that gave rise to significant components of the deferred tax liabilities and deferred tax assets at September 30, 2016 and 2015 are presented below:
At September 30, 2016, we had $494.0 million of federal net operating loss carryforwards. The federal net operating loss carryforwards are available to offset taxable income and will begin to expire in 2029. The Company also has $10.1 million of federal alternative minimum tax credit carryforwards which do not expire. In addition, the Company has $11.0 million in charitable contribution carryforwards to offset taxable income. The Company’s charitable contribution carryforwards expire in 2017 - 2021. For state taxable income, the Company has $20.4 million of state net operating loss carryforwards (net of $11.0 million of federal effects) and $1.1 million of state tax credits carryforwards (net of federal effects). Depending on the jurisdiction in which the state net operating loss was generated, the carryforwards will begin to expire between 2017 and 2031. We believe it is more likely than not that the benefit from certain charitable contribution carryforwards, state net operating loss carryforwards and state credit carryforwards will not be realized. Due to the uncertainty of realizing a benefit from the deferred tax asset recorded for the carryforwards, a valuation allowance of $1.1 million and $5.0 million was established for the years ended September 30, 2016 and 2015. In addition, $1.4 million of deferred tax assets expired for which a valuation allowance had previously been recorded and $0.2 million of deferred tax assets expired for which a valuation allowance had not been previously recorded during the year ended September 30, 2016. At September 30, 2016, we had recorded liabilities associated with unrecognized tax benefits totaling $20.3 million. The following table reconciles the beginning and ending balance of our unrecognized tax benefits:
The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expense. During the years ended September 30, 2016 and 2015, the Company recognized approximately $2.5 million and $0.5 million in interest and penalties. The Company had approximately $3.3 million and $0.8 million for the payment of interest and penalties accrued at September 30, 2016 and 2015. We file income tax returns in the U.S. federal jurisdiction as well as in various states where we have operations. We have concluded substantially all U.S. federal income tax matters through fiscal year 2007 and concluded substantially all Texas income tax matters through fiscal year 2010. |
Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial Instruments We use financial instruments to mitigate commodity price risk and interest rate risk. The objectives and strategies for using financial instruments have been tailored to our regulated and nonregulated businesses. Currently, we utilize financial instruments in our regulated distribution and nonregulated segments. We currently do not manage commodity price risk with financial instruments in our regulated pipeline segment. Our financial instruments do not contain any credit-risk-related or other contingent features that could cause accelerated payments when our financial instruments are in net liability positions. As discussed in Note 2, we report our financial instruments as risk management assets and liabilities, each of which is classified as current or noncurrent based upon the anticipated settlement date of the underlying financial instrument. The following table shows the fair values of our risk management assets and liabilities by segment at September 30, 2016 and 2015:
Regulated Commodity Risk Management Activities Although our purchased gas cost adjustment mechanisms essentially insulate our regulated distribution segment from commodity price risk, 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. Our regulated distribution gas supply department is responsible for executing this segment’s commodity risk management activities in conformity with regulatory requirements. In jurisdictions where we are permitted to mitigate commodity price risk through financial instruments, the relevant regulatory authorities may establish the level of heating season gas purchases that can be hedged. Historically, if the regulatory authority does not establish this level, we 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 hedged approximately 33 percent, or approximately 23.0 Bcf of the winter flowing gas requirements at a weighted average cost of approximately $3.14 per Mcf. We have not designated these financial instruments as hedges. Nonregulated Commodity Risk Management Activities In our nonregulated operations, we buy, sell and deliver natural gas at competitive prices by aggregating and purchasing gas supply, arranging transportation and storage logistics and effectively managing commodity price risk. As a result of these activities, our nonregulated segment is exposed to risks associated with changes in the market price of natural gas. 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. Future contracts provide the right to buy or sell the commodity at a fixed price in the future. Option contracts provide the right, but not the requirement, to buy or sell the commodity at a fixed price. Swap contracts require receipt of payment for the commodity based on the difference between a fixed price and the market price on the settlement date. Specifically, these operations use financial instruments in the following ways: •Gas delivery and related services - We use financial instruments, designated as cash flow hedges of anticipated purchases and sales at index prices, 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 63 months. •Transportation and storage services - Our nonregulated operations use storage and basis swaps, futures and various over-the-counter and exchange-traded options 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. Our nonregulated risk management activities are controlled through various risk management policies and procedures. Our Audit Committee has oversight responsibility for our nonregulated risk management limits and policies. A risk committee, comprised of corporate and business unit officers, is responsible for establishing and enforcing our nonregulated risk management policies and procedures. Under our risk management policies, we seek to match our financial instrument positions to our physical storage positions as well as our expected current and future sales and purchase obligations in order to maintain no open positions at the end of each trading day. The determination of our net open position as of any day, however, requires us to make assumptions as to future circumstances, including the use of gas by our customers in relation to our anticipated storage and market positions. Because the price risk associated with any net open position at the end of each day may increase if the assumptions are not realized, we review these assumptions as part of our daily monitoring activities. Our operations can also be affected by intraday fluctuations of gas prices, since the price of natural gas purchased or sold for future delivery earlier in the day may not be hedged until later in the day. At times, limited net open positions related to our existing and anticipated commitments may occur. At the close of business on September 30, 2016, our nonregulated segment had net open positions (including existing storage and related financial contracts) of 0.1 Bcf. Interest Rate Risk Management Activities We currently manage interest rate risk through the use of forward starting interest rate swaps to fix the Treasury yield component of the interest cost associated with anticipated financings. In October 2012, we entered into forward starting interest rate swaps to fix the Treasury yield component associated with the then anticipated issuance of $500 million senior notes in October 2014. These notes were issued as planned in October 2014 and we settled swaps with the receipt of $13.4 million. Because the swaps were effective, the realized gain was recorded as a component of accumulated other comprehensive income and is being recognized as a component of interest expense over the 30-year life of the senior notes. In October 2012, we entered into forward starting interest rate swaps to fix the Treasury yield component associated with $210 million of the anticipated issuance of $250 million unsecured senior notes in fiscal 2017. Additionally, in fiscal 2014 and 2015, we entered into forward starting interest rate swaps to effectively fix the Treasury yield component associated with $450 million of the anticipated issuance of $450 million unsecured senior notes in fiscal 2019. We designated all of these swaps as cash flow hedges at the time the agreements were executed. Accordingly, unrealized gains and losses associated with the forward starting interest rate swaps will be recorded as a component of accumulated other comprehensive income (loss). When the forward starting interest rate swaps settle, the realized gain or loss will be recorded as a component of accumulated other comprehensive income (loss) and recognized as a component of interest expense over the life of the related financing arrangement. Hedge ineffectiveness to the extent incurred, will be reported as a component of interest expense. Prior to fiscal 2012, we entered into several interest rate agreements to fix the Treasury yield component of the interest cost of financing for various issuances of long-term debt and senior notes. The gains and losses realized upon settlement of these interest rate agreements were recorded as a component of accumulated other comprehensive income (loss) when they were settled and are being recognized as a component of interest expense over the life of the associated notes from the date of settlement. The remaining amortization periods for the settled interest rate agreements extend through fiscal 2045. Quantitative Disclosures Related to Financial Instruments The following tables present detailed information concerning the impact of financial instruments on our consolidated balance sheet and income statements. As of September 30, 2016, 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 September 30, 2016, 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 September 30, 2016 and 2015. The gross amounts of recognized assets and liabilities are netted within our 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 years ended September 30, 2016, 2015 and 2014, we recognized a gain arising from fair value and cash flow hedge ineffectiveness of $21.6 million, $0.2 million and $1.9 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 consolidated income statement for the years ended September 30, 2016, 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 consolidated income statements for the years ended September 30, 2016, 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 years ended September 30, 2016 and 2015. The amounts included in the table below exclude gains and losses arising from ineffectiveness because these 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, while deferred 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 September 30, 2016. However, the table below does not include the expected recognition in earnings of our outstanding interest rate agreements as those financial 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 consolidated income statements for the years ended September 30, 2016, 2015 and 2014 was an increase (decrease) in purchased gas cost of $(15.5) million, $15.5 million and $(5.0) 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. |
Fair Value Measurements |
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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. Fair value measurements also apply to the valuation of our pension and post-retirement plan assets. The fair value of these assets is presented in Note 7. Quantitative Disclosures Financial Instruments The classification of our fair value measurements requires judgment regarding the degree to which market data are observable or corroborated by observable market data. 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 September 30, 2016 and 2015. As required under authoritative accounting literature, 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 September 30, 2016 and 2015, our available-for-sale securities included $41.3 million and $41.7 million related to assets held in separate rabbi trusts for our supplemental executive retirement plans as discussed in Note 7. At September 30, 2016 we maintained investments in bonds that have contractual maturity dates ranging from October 2016 through May 2020. Other Fair Value Measures In addition to the financial instruments above, we have several financial and nonfinancial assets and liabilities subject to fair value measures. These financial assets and liabilities include cash and cash equivalents, accounts receivable, accounts payable and debt. The nonfinancial assets and liabilities include asset retirement obligations and pension and post-retirement plan assets. We record cash and cash equivalents, accounts receivable, accounts payable and debt at carrying value. For cash and cash equivalents, accounts receivable and accounts payable, we consider carrying value to materially approximate fair value due to the short-term nature of these assets and liabilities. 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 September 30, 2016:
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Subsequent Events |
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Subsequent Events [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events [Text Block] | Subsequent Event On October 29, 2016, AEH entered into a Membership Interest Purchase Agreement (the Agreement) with CenterPoint Energy Services, Inc., a subsidiary of CenterPoint Energy, Inc. to sell all of the equity interests of AEM for $40.0 million plus working capital at the date of closing. No material gain or loss is currently anticipated in connection with the closing of this transaction. We expect this transaction to close during the second quarter of fiscal 2017. The following table summarizes the approximate value of the assets and liabilities that are part of the disposal group as of September 30, 2016:
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Concentration of Credit Risk |
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Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | Concentration of Credit Risk Credit risk is the risk of financial loss to us if a customer fails to perform its contractual obligations. We engage in transactions for the purchase and sale of products and services with major companies in the energy industry and with industrial, commercial, residential and municipal energy consumers. These transactions principally occur in the southern and midwestern regions of the United States. We believe that this geographic concentration does not contribute significantly to our overall exposure to credit risk. Credit risk associated with trade accounts receivable for the regulated distribution segment is mitigated by the large number of individual customers and diversity in our customer base. The credit risk for our other segments is not significant. |
Selected Quarterly Financial Data |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) Summarized unaudited quarterly financial data is presented below. The sum of net income per share by quarter may not equal the net income per share for the fiscal year due to variations in the weighted average shares outstanding used in computing such amounts. Our businesses are seasonal due to weather conditions in our service areas. For further information on its effects on quarterly results, see the “Results of Operations” discussion included in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section herein.
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Schedule II - Valuation and Qualifying Accounts |
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Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II Valuation and Qualifying Accounts | ATMOS ENERGY CORPORATION Valuation and Qualifying Accounts Three Years Ended September 30, 2016
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Summary of Significant Accounting Policies (Policy) |
12 Months Ended |
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Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Principles of consolidation | Principles of consolidation — The accompanying consolidated financial statements include the accounts of Atmos Energy Corporation and its wholly-owned subsidiaries. All material intercompany transactions have been eliminated; however, we have not eliminated intercompany profits when such amounts are probable of recovery under the affiliates’ rate regulation process. |
Basis of comparison | Basis of comparison — As described under Recent Accounting Pronouncements below, we reclassified debt issuance costs from deferred charges and other assets to long-term debt. Additionally, we recorded immaterial corrections to the presentation of certain activities on our Consolidated Statement of Cash Flows for the years ended September 30, 2015 and 2014. |
Use of estimates | Use of estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. The most significant estimates include the allowance for doubtful accounts, unbilled revenues, contingency accruals, pension and postretirement obligations, deferred income taxes, impairment of long-lived assets, risk management and trading activities, fair value measurements and the valuation of goodwill and other long-lived assets. Actual results could differ from those estimates. |
Regulation | Regulation — Our regulated distribution and regulated pipeline operations are subject to regulation with respect to rates, service, maintenance of accounting records and various other matters by the respective regulatory authorities in the states in which we operate. Our accounting policies recognize the financial effects of the ratemaking and accounting practices and policies of the various regulatory commissions. 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 that would normally be expensed under accounting principles generally accepted in the United States are permitted to be capitalized or deferred on the balance sheet because it is probable they can be recovered through rates. Further, regulation may impact the period in which revenues or expenses are recognized. The amounts to be recovered or recognized are based upon historical experience and our understanding of the regulations. We record regulatory assets as a component of other current assets and deferred charges and other assets for costs that have been deferred for which future recovery through customer rates is considered probable. Regulatory liabilities are recorded either on the face of the balance sheet or as a component of current liabilities, deferred income taxes or deferred credits and other liabilities when it is probable that revenues will be reduced for amounts that will be credited to customers through the ratemaking process. |
Revenue recognition | Revenue recognition — Sales of natural gas to our regulated distribution customers are billed on a monthly basis; however, the billing cycle periods for certain classes of customers do not necessarily coincide with accounting periods used for financial reporting purposes. We follow the revenue accrual method of accounting for regulated distribution segment revenues whereby revenues applicable to gas delivered to customers, but not yet billed under the cycle billing method, are estimated and accrued and the related costs are charged to expense. On occasion, we are permitted to implement new rates that have not been formally approved by our state regulatory commissions, which are subject to refund. As permitted by accounting principles generally accepted in the United States, we recognize this revenue and establish a reserve for amounts that could be refunded based on our experience for the jurisdiction in which the rates were implemented. Rates established by regulatory authorities are adjusted for increases and decreases in our purchased gas costs through purchased gas cost adjustment mechanisms. Purchased gas cost adjustment mechanisms provide gas distribution companies a method of recovering purchased gas costs on an ongoing basis without filing a rate case to address all of their non-gas costs. There is no gross profit generated through purchased gas cost adjustments, but they provide a dollar-for-dollar offset to increases or decreases in our regulated distribution segment’s gas costs. The effects of these purchased gas cost adjustment mechanisms are recorded as deferred gas costs on our balance sheet. Operating revenues for our regulated pipeline and nonregulated segments are recognized in the period in which actual volumes are transported and storage services are provided. Operating revenues for our nonregulated segment and the associated carrying value of natural gas inventory (inclusive of storage costs) are recognized when we sell the gas and physically deliver it to our customers. Operating revenues include realized gains and losses arising from the settlement of financial instruments used in our nonregulated activities. |
Cash and cash equivalents | Cash and cash equivalents — We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. |
Accounts receivable and allowance for doubtful accounts | Accounts receivable and allowance for doubtful accounts — Accounts receivable arise from natural gas sales to residential, commercial, industrial, municipal and other customers. We establish an allowance for doubtful accounts to reduce the net receivable balance to the amount we reasonably expect to collect based on our collection experience or where we are aware of a specific customer’s inability or reluctance to pay. However, if circumstances change, our estimate of the recoverability of accounts receivable could be affected. Circumstances which could affect our estimates include, but are not limited to, customer credit issues, the level of natural gas prices, customer deposits and general economic conditions. Accounts are written off once they are deemed to be uncollectible. |
Gas stored underground | Gas stored underground — Our gas stored underground is comprised of natural gas injected into storage to support the winter season withdrawals for our regulated distribution operations and natural gas held by our nonregulated segment to conduct their operations. The average cost method is used for substantially all of our regulated operations. Our nonregulated segment utilizes the average cost method; however, most of this inventory is hedged and is therefore reported at fair value at the end of each month. Gas in storage that is retained as cushion gas to maintain reservoir pressure is classified as property, plant and equipment and is valued at cost. |
Property, plant and equipment | Regulated property, plant and equipment — Regulated property, plant and equipment is stated at original cost, net of contributions in aid of construction. The cost of additions includes direct construction costs, payroll related costs (taxes, pensions and other fringe benefits), administrative and general costs and an allowance for funds used during construction. The allowance for funds used during construction represents the estimated cost of funds used to finance the construction of major projects and are capitalized in the rate base for ratemaking purposes when the completed projects are placed in service. Interest expense of $2.8 million, $2.3 million and $1.5 million was capitalized in 2016, 2015 and 2014. Major renewals, including replacement pipe, and betterments that are recoverable under our regulatory rate base are capitalized while the costs of maintenance and repairs that are not recoverable through rates are charged to expense as incurred. The costs of large projects are accumulated in construction in progress until the project is completed. When the project is completed, tested and placed in service, the balance is transferred to the regulated plant in service account included in the rate base and depreciation begins. Regulated property, plant and equipment is depreciated at various rates on a straight-line basis. These rates are approved by our regulatory commissions and are comprised of two components: one based on average service life and one based on cost of removal. Accordingly, we recognize our cost of removal expense as a component of depreciation expense. The related cost of removal accrual is reflected as a regulatory liability on the consolidated balance sheet. At the time property, plant and equipment is retired, removal expenses less salvage, are charged to the regulatory cost of removal accrual. The composite depreciation rate was 3.2 percent for the fiscal year ended September 30, 2016, and 3.3 percent for each of the fiscal years ended September 30, 2015 and 2014. Nonregulated property, plant and equipment — Nonregulated property, plant and equipment is stated at cost. Depreciation is generally computed on the straight-line method for financial reporting purposes based upon estimated useful lives ranging from three to 43 years. |
Asset retirement obligations | Asset retirement obligations — We record a liability at fair value for an asset retirement obligation when the legal obligation to retire the asset has been incurred with an offsetting increase to the carrying value of the related asset. Accretion of the asset retirement obligation due to the passage of time is recorded as an operating expense. As of September 30, 2016 and 2015, we had asset retirement obligations of $13.4 million and $11.1 million. Additionally, we had $8.1 million and $4.8 million of asset retirement costs recorded as a component of property, plant and equipment that will be depreciated over the remaining life of the underlying associated assets. We believe we have a legal obligation to retire our natural gas storage facilities. However, we have not recognized an asset retirement obligation associated with our storage facilities because we are not able to determine the settlement date of this obligation as we do not anticipate taking our storage facilities out of service permanently. Therefore, we cannot reasonably estimate the fair value of this obligation. |
Impairment of long-lived assets | Impairment of long-lived assets — We periodically evaluate whether events or circumstances have occurred that indicate that other long-lived assets may not be recoverable or that the remaining useful life may warrant revision. When such events or circumstances are present, we assess the recoverability of long-lived assets by determining whether the carrying value will be recovered through the expected future cash flows. In the event the sum of the expected future cash flows resulting from the use of the asset is less than the carrying value of the asset, an impairment loss equal to the excess of the asset’s carrying value over its fair value is recorded. |
Goodwill | Goodwill — We annually evaluate our goodwill balances for impairment during our second fiscal quarter or more frequently as impairment indicators arise. We use a present value technique based on discounted cash flows to estimate the fair value of our reporting units. These calculations are dependent on several subjective factors including the timing of future cash flows, future growth rates and the discount rate. An impairment charge is recognized if the carrying value of a reporting unit’s goodwill exceeds its fair value. |
Marketable securities | Marketable securities — As of September 30, 2016 and 2015, all of our marketable securities were classified as available for sale. In accordance with the authoritative accounting standards, 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 an individual investment by investment 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 investment is written down to its estimated fair value. |
Financial instruments and hedging activities | Financial instruments and hedging activities — We use financial instruments to mitigate commodity price risk in our regulated distribution and nonregulated segments and interest rate risk. The objectives and strategies for using financial instruments have been tailored to our regulated and nonregulated businesses and are discussed in Note 13. We record all of our financial instruments on the balance sheet at fair value, with changes in fair value ultimately recorded in the income statement. These financial instruments are reported as risk management assets and liabilities and are classified as current or noncurrent other assets or liabilities based upon the anticipated settlement date of the underlying financial instrument. We record the cash flow impact of our financial instruments in operating cash flows based upon their balance sheet classification. The timing of when changes in fair value of our financial instruments are recorded in the income statement depends on whether the financial instrument has been designated and qualifies as a part of a hedging relationship or if regulatory rulings require a different accounting treatment. Changes in fair value for financial instruments that do not meet one of these criteria are recognized in the income statement as they occur. Financial Instruments Associated with Commodity Price Risk In our regulated distribution segment, the costs associated with and the gains and losses arising from the use of financial instruments to mitigate commodity price risk are included in our purchased gas cost adjustment mechanisms in accordance with regulatory requirements. Therefore, changes in the fair value of these financial instruments are initially recorded as a component of deferred gas costs and 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 in accordance with accounting principles generally accepted in the United States. Accordingly, there is no earnings impact on our regulated distribution segment as a result of the use of financial instruments. In our nonregulated segment, we have designated most of the natural gas inventory held by this operating segment as the hedged item in a fair-value hedge. This inventory is marked to market at the end of each month based on the Gas Daily index, with changes in fair value recognized as unrealized gains or losses in purchased gas cost in the period of change. The financial instruments associated with this natural gas inventory have been designated as fair-value hedges and are marked to market each month based upon the NYMEX price with changes in fair value recognized as unrealized gains or losses in purchased gas cost in the period of change. We have elected to exclude this spot/forward differential for purposes of assessing the effectiveness of these fair-value hedges. For the fiscal years ended September 30, 2016, 2015 and 2014, we included unrealized gains (losses) on open contracts of $1.3 million, $(2.4) million and $9.6 million as a component of nonregulated purchased gas cost. Additionally, we have elected to treat fixed-price forward contracts used in our nonregulated segment to deliver natural gas as normal purchases and normal sales. As such, these deliveries are recorded on an accrual basis in accordance with our revenue recognition policy. Financial instruments used to mitigate the commodity price risk associated with these contracts have been designated as cash flow hedges of anticipated purchases and sales at indexed prices. Accordingly, unrealized gains and losses on these open financial instruments are recorded as a component of accumulated other comprehensive income, and are recognized in earnings as a component of purchased gas cost when the hedged volumes are sold. Gains and losses from hedge ineffectiveness are recognized in the income statement. Fair value and cash flow hedge ineffectiveness arising from natural gas market price differences between the locations of the hedged inventory and the delivery location specified in the financial instruments is referred to as basis ineffectiveness. Ineffectiveness arising from changes in the fair value of the fair value hedges 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 is referred to as timing ineffectiveness. Hedge ineffectiveness, to the extent incurred, is reported as a component of purchased gas cost. Our nonregulated segment also utilizes master netting agreements with significant counterparties that allow us to offset gains and losses arising from financial instruments that may be settled in cash with gains and losses arising from financial instruments that may be settled with the physical commodity. Assets and liabilities from risk management activities, as well as accounts receivable and payable, reflect the master netting agreements in place. Additionally, the accounting guidance for master netting arrangements requires us to include the fair value of cash collateral or the obligation to return cash in the amounts that have been netted under master netting agreements used to offset gains and losses arising from financial instruments. As of September 30, 2016 and 2015, the Company netted $24.7 million and $43.5 million of cash held in margin accounts into its current and noncurrent risk management assets and liabilities. Financial Instruments Associated with Interest Rate Risk We manage interest rate risk, primarily when we plan to issue new long-term debt or to refinance existing long-term debt. We currently manage this risk through the use of forward starting interest rate swaps to fix the Treasury yield component of the interest cost associated with anticipated financings. We designate these financial instruments as cash flow hedges at the time the agreements are executed. Unrealized gains and losses associated with the instruments are recorded as a component of accumulated other comprehensive income (loss). When the instruments settle, the realized gain or loss is recorded as a component of accumulated other comprehensive income (loss) and recognized as a component of interest expense over the life of the related financing arrangement. Hedge ineffectiveness to the extent incurred is reported as a component of interest expense. As of September 30, 2016, the Company netted $25.7 million of cash held in margin accounts into its current and noncurrent risk management liabilities. As of September 30, 2015 no cash was required to be held in margin accounts. |
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 primarily use quoted market prices and other observable market pricing information in valuing our financial assets and liabilities and minimize the use of unobservable pricing inputs in our measurements. Fair-value estimates also consider our own creditworthiness and the creditworthiness of the counterparties involved. Our counterparties consist primarily of financial institutions and major energy companies. This concentration of counterparties may materially impact our exposure to credit risk resulting from market, economic or regulatory conditions. We seek to minimize counterparty credit risk through an evaluation of their financial condition and credit ratings and the use of collateral requirements under certain circumstances. Amounts reported at fair value are subject to potentially significant volatility based upon changes in market prices, including, but not limited to, the valuation of the portfolio of our contracts, maturity and settlement of these contracts and newly originated transactions and interest rates, each of which directly affect the estimated fair value of our financial instruments. We believe the market prices and models used to value these financial instruments represent the best information available with respect to closing exchange and over-the-counter quotations, time value and volatility factors underlying the contracts. Values are adjusted to reflect the potential impact of an orderly liquidation of our positions over a reasonable period of time under then current market conditions. 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) and the lowest priority given to unobservable inputs (Level 3). The levels of the hierarchy are described below: Level 1 — Represents unadjusted quoted prices in active markets for identical assets or liabilities. An active market for the asset or liability is defined as a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Prices actively quoted on national exchanges are used to determine the fair value of most of our assets and liabilities recorded on our balance sheet at fair value. Within our nonregulated operations, we utilize a mid-market pricing convention (the mid-point between the bid and ask prices), as permitted under current accounting standards. Values derived from these sources reflect the market in which transactions involving these financial instruments are executed. Our Level 1 measurements consist primarily of exchange-traded financial instruments, gas stored underground that has been designated as the hedged item in a fair value hedge and our available-for-sale securities. The Level 1 measurements for investments in the Atmos Energy Corporation Master Retirement Trust (the Master Trust), Supplemental Executive Benefit Plan and postretirement benefit plan consist primarily of exchange-traded financial instruments. Level 2 — Represents pricing inputs other than quoted prices included in Level 1 that are either directly or indirectly observable for the asset or liability as of the reporting date. These inputs are derived principally from, or corroborated by, observable market data. Our Level 2 measurements primarily consist of non-exchange-traded financial instruments, such as over-the-counter options and swaps and municipal and corporate bonds where market data for pricing is observable. The Level 2 measurements for investments in our Master Trust, Supplemental Executive Benefit Plan and postretirement benefit plan consist primarily of non-exchange traded financial instruments such as common collective trusts, corporate bonds and investments in limited partnerships. Level 3 — Represents generally unobservable pricing inputs which are developed based on the best information available, including our own internal data, in situations where there is little if any market activity for the asset or liability at the measurement date. The pricing inputs utilized reflect what a market participant would use to determine fair value. We currently do not have any Level 3 investments. |
Pension and other postretirement plans | Pension and other postretirement plans — Pension and other postretirement plan costs and liabilities are determined on an actuarial basis and are affected by numerous assumptions and estimates including the market value of plan assets, estimates of the expected return on plan assets, assumed discount rates and current demographic and actuarial mortality data. Our measurement date is September 30. The assumed discount rate and the expected return are the assumptions that generally have the most significant impact on our pension costs and liabilities. The assumed discount rate, the assumed health care cost trend rate and assumed rates of retirement generally have the most significant impact on our postretirement plan costs and liabilities. The discount rate is utilized principally in calculating the actuarial present value of our pension and postretirement obligation and net pension and postretirement cost. When establishing our discount rate, we consider high quality corporate bond rates based on bonds available in the marketplace that are suitable for settling the obligations, changes in those rates from the prior year and the implied discount rate that is derived from matching our projected benefit disbursements with currently available high quality corporate bonds. The expected long-term rate of return on assets is utilized in calculating the expected return on plan assets component of the annual pension and postretirement plan cost. We estimate the expected return on plan assets by evaluating expected bond returns, equity risk premiums, asset allocations, the effects of active plan management, the impact of periodic plan asset rebalancing and historical performance. We also consider the guidance from our investment advisors when making a final determination of our expected rate of return on assets. To the extent the actual rate of return on assets realized over the course of a year is greater than or less than the assumed rate, that year’s annual pension or postretirement plan cost is not affected. Rather, this gain or loss is amortized over the expected future working lifetime of the plan participants. The expected return on plan assets is then calculated by applying the expected long-term rate of return on plan assets to the market-related value of the plan assets. The market-related value of our plan assets represents the fair market value of the plan assets, adjusted to smooth out short-term market fluctuations over a five-year period. The use of this calculation will delay the impact of current market fluctuations on the pension expense for the period. We use a corridor approach to amortize actuarial gains and losses. Under this approach, net gains or losses in excess of ten percent of the larger of the pension benefit obligation or the market-related value of the assets are amortized on a straight-line basis. The period of amortization is the average remaining service of active participants who are expected to receive benefits under the plan. We estimate the assumed health care cost trend rate used in determining our annual postretirement net cost based upon our actual health care cost experience, the effects of recently enacted legislation and general economic conditions. Our assumed rate of retirement is estimated based upon the annual review of our participant census information as of the measurement date. |
Income taxes | Income taxes — Income taxes are determined based on the liability method, which results in income tax assets and liabilities arising from temporary differences. Temporary differences are differences between the tax bases of assets and liabilities and their reported amounts in the financial statements that will result in taxable or deductible amounts in future years. The liability method requires the effect of tax rate changes on accumulated deferred income taxes to be reflected in the period in which the rate change was enacted. The liability method also requires that deferred tax assets be reduced by a valuation allowance unless it is more likely than not that the assets will be realized. The Company may recognize the tax benefit from uncertain tax positions only if it is at least more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon settlement with the taxing authorities. We recognize accrued interest related to unrecognized tax benefits as a component of interest expense. We recognize penalties related to unrecognized tax benefits as a component of miscellaneous income (expense) in accordance with regulatory requirements. |
Contingencies | Contingencies — In the normal course of business, we are confronted with issues or events that may result in a contingent liability. These generally relate to lawsuits, claims made by third parties or the action of various regulatory agencies. For such matters, we record liabilities when they are considered probable and reasonably estimable, based on currently available facts and our estimates of the ultimate outcome or resolution of the liability in the future. Actual results may differ from estimates, depending on actual outcomes or changes in the facts or expectations surrounding each potential exposure. |
Earnings per share | Since we have non-vested share-based payments with a nonforfeitable right to dividends or dividend equivalents (referred to as participating securities), we are required to use the two-class method of computing earnings per share. The Company’s non-vested restricted stock units, granted under the 1998 Long-Term Incentive Plan, for which vesting is predicated solely on the passage of time, are considered to be participating securities. 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. |
Segment Reporting Policy | 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 aggregated and 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. We evaluate performance based on net income or loss of the respective operating units. Interest expense is allocated pro rata to each segment based upon our net investment in each segment. Income taxes are allocated to each segment as if each segment’s taxes were calculated on a separate return basis. |
Tax Collections | Tax collections — We are allowed to recover from customers revenue-related taxes that are imposed upon us. We record such taxes as operating expenses and record the corresponding customer charges as operating revenues. However, we do collect and remit various other taxes on behalf of various governmental authorities, and we record these amounts in our consolidated balance sheets on a net basis. We do not collect income taxes from our customers on behalf of governmental authorities. |
Nature of Business (Table) |
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Schedule of Divisions And Service Areas Table [Abstract] | ||||||||||||||||||||||||||||||||
Schedule of divisions and service areas | Through our regulated distribution business, we deliver natural gas through sales and transportation arrangements to over three million residential, commercial, public-authority and industrial customers through our six regulated distribution divisions in the service areas described below:
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Summary of Significant Accounting Policies (Table) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Regulatory Assets And Liabilities | Significant regulatory assets and liabilities as of September 30, 2016 and 2015 included the following:
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Segment Information (Table) |
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---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of segment reporting income statement, by segment | Summarized income statements and capital expenditures by segment are shown in the following tables.
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Revenue from External Customers by Products and Services | The following table summarizes our revenues from external parties by products and services for the fiscal year ended September 30.
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Schedule of segment reporting balance sheet information, by segment | Balance sheet information at September 30, 2016 and 2015 by segment is presented in the following tables.
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Earnings Per Share (Table) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share table | Basic and diluted earnings per share for the fiscal years ended September 30 are calculated as follows:
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Debt (Table) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument table | Long-term debt at September 30, 2016 and 2015 consisted of the following:
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Debt maturity schedule | Maturities of long-term debt at September 30, 2016 were as follows (in thousands):
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Shareholders' Equity (Table) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 fiscal years ended September 30, 2016 and 2015. Amounts in parentheses below indicate decreases to net income in the statement of income.
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Retirement and Post-Retirement Employee Benefit Plans (Table) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Periodic Benefit Cost Not Yet Recognized And Recorded as Regulatory Assets | The amounts that have not yet been recognized in net periodic pension cost that have been recorded as regulatory assets are as follows:
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Schedule of Allocation of Plan Assets | The following table presents asset allocation information for the Master Trust as of September 30, 2016 and 2015.
The following table presents asset allocation information for the postretirement benefit plan assets as of September 30, 2016 and 2015.
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Schedule of Employee Pension Plans Investments at Fair Value | In addition to the assets shown below, the Plan had net accounts receivable of $2.6 million and $2.4 million at September 30, 2016 and 2015 which materially approximates fair value due to the short-term nature of these assets.
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Schedule of Expected Benefit Payments | The following benefit payments for our defined benefit plans, which reflect expected future service, as appropriate, are expected to be paid in the following fiscal years:
The following benefit payments paid by us, retirees and prescription drug subsidy payments for our postretirement benefit plans, which reflect expected future service, as appropriate, are expected to be paid in the following fiscal years. Company payments for fiscal 2016 include contributions to our postretirement plan trusts.
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Schedule of Postretirement Benefit Plans Investments at Fair Value |
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Schedule of Assumptions Used [Table Text Block] | The actuarial assumptions used to determine the pension liability for the supplemental plans were determined as of September 30, 2016 and 2015 and the actuarial assumptions used to determine the net periodic pension cost for the supplemental plans were determined as of September 30, 2015, 2014 and 2013. These assumptions are presented in the following table:
Additional assumptions are presented in the following table:
The actuarial assumptions used to determine the pension liability for our postretirement plan were determined as of September 30, 2016 and 2015 and the actuarial assumptions used to determine the net periodic pension cost for the postretirement plan were determined as of September 30, 2015, 2014 and 2013. The assumptions are presented in the following table:
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Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | The following table presents the Plan’s accumulated benefit obligation, projected benefit obligation and funded status as of September 30, 2016 and 2015:
The following table presents the supplemental plans’ accumulated benefit obligation, projected benefit obligation and funded status as of September 30, 2016 and 2015:
The following table presents the postretirement plan’s benefit obligation and funded status as of September 30, 2016 and 2015:
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Schedule of Net Benefit Costs [Table Text Block] | Net periodic pension cost for the supplemental plans for fiscal 2016, 2015 and 2014 is recorded as operating expense and included the following components:
Net periodic pension cost for the Plan for fiscal 2016, 2015 and 2014 is recorded as operating expense and included the following components:
Net periodic postretirement cost for fiscal 2016, 2015 and 2014 is recorded as operating expense and included the components presented below.
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Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | Assumed health care cost trend rates have a significant effect on the amounts reported for the plan. A one-percentage point change in assumed health care cost trend rates would have the following effects on the latest actuarial calculations:
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Stock and Other Compensation Plans (Table) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of restricted stock activity | The following summarizes information regarding the restricted stock units granted under the plan during the fiscal years ended September 30, 2016, 2015 and 2014:
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Details of Selected Consolidated Balance Sheet Captions (Table) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Details Of Selected Consolidated Balance Sheet Captions Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivables Detail Table | Accounts receivable was comprised of the following at September 30, 2016 and 2015:
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Other Current Assets Detail Table | Other current assets as of September 30, 2016 and 2015 were comprised of the following accounts.
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Property, Plant and Equipment Detail Table | Property, plant and equipment was comprised of the following as of September 30, 2016 and 2015:
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Goodwill Detail Table | The following presents our goodwill balance allocated by segment and changes in the balance for the fiscal year ended September 30, 2016:
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Deferred Charges and Other Assets Detail Table | Deferred charges and other assets as of September 30, 2016 and 2015 were comprised of the following accounts.
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Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities as of September 30, 2016 and 2015 were comprised of the following accounts.
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Other Current Liabilities Detail Table | Other current liabilities as of September 30, 2016 and 2015 were comprised of the following accounts.
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Deferred Credits and Other Liabilities Detail Table | Deferred credits and other liabilities as of September 30, 2016 and 2015 were comprised of the following accounts.
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Leases (Table) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Lease Payments | The related future minimum lease payments at September 30, 2016 were as follows:
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Commitments and Contingencies (Table) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Estimated Contractual Demand Fees | The estimated contractual demand fees for contracted storage and transportation under these contracts as of September 30, 2016 are as follows (in thousands):
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Income Taxes (Table) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense from continuing operations for 2016, 2015 and 2014 were as follows:
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Schedule of Effective Income Tax Rate Reconciliation | Reconciliations of the provision for income taxes computed at the statutory rate to the reported provisions for income taxes from continuing operations for 2016, 2015 and 2014 are set forth below:
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Schedule of Deferred Tax Assets and Liabilities | The tax effect of temporary differences that gave rise to significant components of the deferred tax liabilities and deferred tax assets at September 30, 2016 and 2015 are presented below:
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Schedule of Unrecognized Tax Benefits Roll Forward | The following table reconciles the beginning and ending balance of our unrecognized tax benefits:
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Financial Instruments (Table) |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of financial instrument assets and liabilities at fair value | The following table shows the fair values of our risk management assets and liabilities by segment at September 30, 2016 and 2015:
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Outstanding commodity contracts volumes table | As of September 30, 2016, 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 September 30, 2016 and 2015. The gross amounts of recognized assets and liabilities are netted within our 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 consolidated income statement for the years ended September 30, 2016, 2015 and 2014 is presented below.
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Cash flow hedges table | The impact of cash flow hedges on our consolidated income statements for the years ended September 30, 2016, 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 years ended September 30, 2016 and 2015. The amounts included in the table below exclude gains and losses arising from ineffectiveness because these amounts are immediately recognized in the income statement as incurred.
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Expected recognition in earnings of deferred 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 September 30, 2016. However, the table below does not include the expected recognition in earnings of our outstanding interest rate agreements as those financial instruments have not yet settled.
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Fair Value Measurements (Table) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 September 30, 2016 and 2015. As required under authoritative accounting literature, 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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Available for sale securities | 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 September 30, 2016:
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Subsequent Events (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations [Table Text Block] | The following table summarizes the approximate value of the assets and liabilities that are part of the disposal group as of September 30, 2016:
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Selected Quarterly Financial Data (Table) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | Summarized unaudited quarterly financial data is presented below. The sum of net income per share by quarter may not equal the net income per share for the fiscal year due to variations in the weighted average shares outstanding used in computing such amounts. Our businesses are seasonal due to weather conditions in our service areas. For further information on its effects on quarterly results, see the “Results of Operations” discussion included in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section herein.
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Nature of Business (Details) customers in Millions |
Sep. 30, 2016
customers
regulated_gas_distributions_divisions
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number Of Divisions, Regulated Distribution | regulated_gas_distributions_divisions | 6 |
Number Of Customers, Regulated Distribution | customers | 3 |
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||||
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Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
Mar. 31, 2016 |
||||||
Regulatory Assets [Line Items] | |||||||||
Regulatory Assets | $ 263,623 | $ 192,339 | |||||||
Regulatory Liabilities [Line Items] | |||||||||
Regulatory Liabilities | 514,725 | 524,532 | |||||||
Regulatory Assets and Liabilities, Other Disclosures [Abstract] | |||||||||
Regulatory Asset - Future Recoverable Pension Costs | 12,400 | 16,600 | |||||||
Property, Plant and Equipment [Line Items] | |||||||||
Interest Costs Capitalized | $ 2,800 | $ 2,300 | $ 1,500 | ||||||
Composite depreciation rate for regulated property, plant and equipment | 3.20% | 3.30% | 3.30% | ||||||
Derivative [Line Items] | |||||||||
Unrealized gain (loss) on open contracts | $ 1,300 | $ (2,400) | $ 9,600 | ||||||
Asset Retirement Costs in Property, Plant and Equipment | 8,100 | 4,800 | |||||||
Asset Retirement Obligation | 13,400 | 11,100 | |||||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||||||
Deferred charges and other assets | 305,285 | 275,484 | |||||||
Deferred Tax Assets, Operating Loss Carryforwards | 514,391 | 313,224 | |||||||
Retained earnings | 1,262,534 | 1,073,029 | |||||||
Long-term debt | (2,188,779) | (2,437,515) | |||||||
Income tax expense | 200,373 | 195,690 | 187,002 | ||||||
Regulated Distribution Segment [Member] | |||||||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||||||
Long-term debt | (2,188,779) | (2,437,515) | |||||||
Income tax expense | 128,265 | 130,827 | 117,684 | ||||||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 25,670 | 0 | |||||||
Nonregulated Segment [Member] | |||||||||
Derivative [Line Items] | |||||||||
Cash Held in Margin Accounts | 24,700 | 43,500 | |||||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||||||
Long-term debt | 0 | 0 | |||||||
Income tax expense | 12,620 | 12,652 | $ 22,151 | ||||||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 17,905 | 34,620 | |||||||
Regulatory Cost Of Removal Liability [Member] | |||||||||
Regulatory Liabilities [Line Items] | |||||||||
Regulatory Liabilities | 476,891 | 483,676 | |||||||
Deferred Gas Costs [Member] | |||||||||
Regulatory Liabilities [Line Items] | |||||||||
Regulatory Liabilities | 20,180 | 28,100 | |||||||
Asset Retirement Obligation Costs [Member] | |||||||||
Regulatory Liabilities [Line Items] | |||||||||
Regulatory Liabilities | 13,404 | 9,063 | |||||||
Other [Member] | |||||||||
Regulatory Liabilities [Line Items] | |||||||||
Regulatory Liabilities | 4,250 | 3,693 | |||||||
Pension And Postretirement Benefit Costs [Member] | |||||||||
Regulatory Assets [Line Items] | |||||||||
Regulatory Assets | [1] | 132,348 | 121,183 | ||||||
Infrastructure Mechanisms [Member] | |||||||||
Regulatory Assets [Line Items] | |||||||||
Regulatory Assets | [2] | 42,719 | 32,813 | ||||||
Deferred Gas Costs [Member] | |||||||||
Regulatory Assets [Line Items] | |||||||||
Regulatory Assets | 45,184 | 9,715 | |||||||
Recoverable Loss On Reacquired Debt [Member] | |||||||||
Regulatory Assets [Line Items] | |||||||||
Regulatory Assets | 13,761 | 16,319 | |||||||
Deferred Pipeline Record Collection Costs [Member] | |||||||||
Regulatory Assets [Line Items] | |||||||||
Regulatory Assets | 7,336 | 3,118 | |||||||
APT Annual Adjustment Mechanism Asset [Member] | |||||||||
Regulatory Assets [Line Items] | |||||||||
Regulatory Assets | 7,171 | 1,002 | |||||||
Rate Case Costs [Member] | |||||||||
Regulatory Assets [Line Items] | |||||||||
Regulatory Assets | 1,539 | 1,533 | |||||||
Other [Member] | |||||||||
Regulatory Assets [Line Items] | |||||||||
Regulatory Assets | $ 13,565 | 6,656 | |||||||
Minimum [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Estimated useful lives for nonregulated property, plant and equipment | 3 years | ||||||||
Maximum [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Estimated useful lives for nonregulated property, plant and equipment | 43 years | ||||||||
New Accounting Pronouncement, Early Adoption, Effect [Member] | Accounting Standards Update 2016-09 [Member] | |||||||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||||||
Deferred Tax Assets, Operating Loss Carryforwards | $ 5,000 | ||||||||
Income tax expense | (5,000) | ||||||||
New Accounting Pronouncement, Early Adoption, Effect [Member] | Accounting Standards Update 2015-03 [Member] | |||||||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||||||
Deferred charges and other assets | (17,000) | (17,900) | |||||||
Long-term debt | $ (17,000) | $ (17,900) | |||||||
Adjustments for New Accounting Principle, Early Adoption [Member] | Accounting Standards Update 2016-09 [Member] | |||||||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||||||
Deferred Tax Assets, Operating Loss Carryforwards | $ 14,500 | ||||||||
Retained earnings | $ 14,500 | ||||||||
|
Segment Information (Details) customers in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016
USD ($)
state
customers
regulated_gas_distributions_divisions
|
Jun. 30, 2016
USD ($)
|
Mar. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Sep. 30, 2015
USD ($)
|
Jun. 30, 2015
USD ($)
|
Mar. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Sep. 30, 2016
USD ($)
segment
state
customers
regulated_gas_distributions_divisions
|
Sep. 30, 2015
USD ($)
|
Sep. 30, 2014
USD ($)
|
Sep. 30, 2013
USD ($)
|
|||||||||||
Segment Reporting Information Profit Loss [Abstract] | ||||||||||||||||||||||
Operating revenues | $ 678,519,000 | $ 632,916,000 | $ 1,132,293,000 | $ 906,221,000 | $ 656,902,000 | $ 686,401,000 | $ 1,540,068,000 | $ 1,258,765,000 | $ 3,349,949,000 | $ 4,142,136,000 | $ 4,940,916,000 | |||||||||||
Purchased gas cost | 1,605,053,000 | 2,462,119,000 | 3,358,490,000 | |||||||||||||||||||
Gross profit | 376,011,000 | 407,311,000 | 517,811,000 | 443,763,000 | 354,321,000 | 381,673,000 | 520,738,000 | 423,285,000 | 1,744,896,000 | 1,680,017,000 | 1,582,426,000 | |||||||||||
Operating expenses | ||||||||||||||||||||||
Operation and maintenance | 560,766,000 | 541,868,000 | 505,154,000 | |||||||||||||||||||
Depreciation and amortization | 293,096,000 | 274,796,000 | 253,987,000 | |||||||||||||||||||
Taxes, other than income | 223,016,000 | 231,958,000 | 211,936,000 | |||||||||||||||||||
Total operating expenses | 1,076,878,000 | 1,048,622,000 | 971,077,000 | |||||||||||||||||||
Operating income | 84,633,000 | 137,164,000 | 250,016,000 | 196,205,000 | 75,853,000 | 117,607,000 | 250,210,000 | 187,725,000 | 668,018,000 | 631,395,000 | 611,349,000 | |||||||||||
Miscellaneous income (expense), net | (1,593,000) | (4,389,000) | (5,235,000) | |||||||||||||||||||
Interest charges | 115,948,000 | 116,241,000 | 129,295,000 | |||||||||||||||||||
Income (loss) before income taxes | 550,477,000 | 510,765,000 | 476,819,000 | |||||||||||||||||||
Income tax expense | 200,373,000 | 195,690,000 | 187,002,000 | |||||||||||||||||||
Net income | 34,240,000 | 71,193,000 | 141,810,000 | 102,861,000 | 23,515,000 | 56,281,000 | 137,684,000 | 97,595,000 | 350,104,000 | 315,075,000 | 289,817,000 | |||||||||||
Capital expenditures | 1,086,950,000 | 963,621,000 | 824,441,000 | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||
Net property, plant and equipment | [1] | 8,280,511,000 | 7,430,580,000 | 8,280,511,000 | 7,430,580,000 | |||||||||||||||||
Investment in subsidaries | 0 | 0 | 0 | 0 | ||||||||||||||||||
Current assets | ||||||||||||||||||||||
Cash and cash equivalents | 47,534,000 | 28,653,000 | 47,534,000 | 28,653,000 | 42,258,000 | $ 66,199,000 | ||||||||||||||||
Assets from risk management activities current | 9,804,000 | 9,232,000 | 9,804,000 | 9,232,000 | ||||||||||||||||||
Other current assets | 624,348,000 | 588,421,000 | 624,348,000 | 588,421,000 | ||||||||||||||||||
Intercompany receivables | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total current assets | 681,686,000 | 626,306,000 | 681,686,000 | 626,306,000 | ||||||||||||||||||
Goodwill | 743,407,000 | 742,702,000 | 743,407,000 | 742,702,000 | ||||||||||||||||||
Assets from risk management activities noncurrent | 1,822,000 | 368,000 | 1,822,000 | 368,000 | ||||||||||||||||||
Deferred charges and other assets | 303,463,000 | 275,116,000 | 303,463,000 | 275,116,000 | ||||||||||||||||||
Total assets | 10,010,889,000 | 9,075,072,000 | 10,010,889,000 | 9,075,072,000 | ||||||||||||||||||
CAPITALIZATION AND LIABILITIES | ||||||||||||||||||||||
Shareholders' equity | 3,463,059,000 | 3,194,797,000 | 3,463,059,000 | 3,194,797,000 | 3,086,232,000 | $ 2,580,409,000 | ||||||||||||||||
Long-term debt | 2,188,779,000 | 2,437,515,000 | 2,188,779,000 | 2,437,515,000 | ||||||||||||||||||
Total capitalization | 5,651,838,000 | 5,632,312,000 | 5,651,838,000 | 5,632,312,000 | ||||||||||||||||||
Current liabilities | ||||||||||||||||||||||
Current maturities of long-term debt | 250,000,000 | 0 | 250,000,000 | 0 | ||||||||||||||||||
Short-term debt | 829,811,000 | 457,927,000 | 829,811,000 | 457,927,000 | ||||||||||||||||||
Liabilities from risk management activities current | 56,771,000 | 9,568,000 | 56,771,000 | 9,568,000 | ||||||||||||||||||
Other current liabilities | 651,699,000 | 687,328,000 | 651,699,000 | 687,328,000 | ||||||||||||||||||
Intercompany payables | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total current liabilities | 1,788,281,000 | 1,154,823,000 | 1,788,281,000 | 1,154,823,000 | ||||||||||||||||||
Deferred income taxes | 1,603,056,000 | 1,411,315,000 | 1,603,056,000 | 1,411,315,000 | ||||||||||||||||||
Liabilities from risk management activities noncurrent | 184,048,000 | 110,539,000 | 184,048,000 | 110,539,000 | ||||||||||||||||||
Regulatory cost of removal obligation | 424,281,000 | 427,553,000 | 424,281,000 | 427,553,000 | ||||||||||||||||||
Pension and postretirement liabilities | 297,743,000 | 287,373,000 | 297,743,000 | 287,373,000 | ||||||||||||||||||
Deferred credits and other liabilities | 61,642,000 | 51,157,000 | 61,642,000 | 51,157,000 | ||||||||||||||||||
Total shareholders' equity and liabilities | $ 10,010,889,000 | 9,075,072,000 | $ 10,010,889,000 | 9,075,072,000 | ||||||||||||||||||
Number Of Customers, Regulated Distribution | customers | 3 | 3 | ||||||||||||||||||||
Number Of Divisions, Regulated Distribution | regulated_gas_distributions_divisions | 6 | 6 | ||||||||||||||||||||
Number of States in which Entity Operates | state | 8 | 8 | ||||||||||||||||||||
Number of Operating Segments | segment | 3 | |||||||||||||||||||||
Reportable Subsegments [Member] | ||||||||||||||||||||||
Segment Reporting Information Profit Loss [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | $ 3,349,949,000 | 4,142,136,000 | 4,940,916,000 | |||||||||||||||||||
Revenue from External Customers by Products and Services Table [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | 3,349,949,000 | 4,142,136,000 | 4,940,916,000 | |||||||||||||||||||
Intersubsegment Eliminations [Member] | ||||||||||||||||||||||
Segment Reporting Information Profit Loss [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | 0 | 0 | 0 | |||||||||||||||||||
Revenue from External Customers by Products and Services Table [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | 0 | 0 | 0 | |||||||||||||||||||
Regulated Distribution Segment [Member] | ||||||||||||||||||||||
Segment Reporting Information Profit Loss [Abstract] | ||||||||||||||||||||||
Operating revenues | $ 389,353,000 | 414,226,000 | 849,685,000 | 638,602,000 | 369,656,000 | 416,794,000 | 1,130,613,000 | 846,772,000 | 2,291,866,000 | 2,763,835,000 | 3,061,546,000 | |||||||||||
Purchased gas cost | 1,019,061,000 | 1,526,258,000 | 1,885,031,000 | |||||||||||||||||||
Gross profit | 1,272,805,000 | 1,237,577,000 | 1,176,515,000 | |||||||||||||||||||
Operating expenses | ||||||||||||||||||||||
Operation and maintenance | 404,115,000 | 388,486,000 | 387,228,000 | |||||||||||||||||||
Depreciation and amortization | 233,036,000 | 223,048,000 | 208,376,000 | |||||||||||||||||||
Taxes, other than income | 196,070,000 | 205,894,000 | 196,343,000 | |||||||||||||||||||
Total operating expenses | 833,221,000 | 817,428,000 | 791,947,000 | |||||||||||||||||||
Operating income | 439,584,000 | 420,149,000 | 384,568,000 | |||||||||||||||||||
Miscellaneous income (expense), net | 455,000 | (377,000) | (381,000) | |||||||||||||||||||
Interest charges | 79,404,000 | 84,132,000 | 94,918,000 | |||||||||||||||||||
Income (loss) before income taxes | 360,635,000 | 335,640,000 | 289,269,000 | |||||||||||||||||||
Income tax expense | 128,265,000 | 130,827,000 | 117,684,000 | |||||||||||||||||||
Net income | 232,370,000 | 204,813,000 | 171,585,000 | |||||||||||||||||||
Capital expenditures | 740,039,000 | 670,575,000 | 574,372,000 | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||
Net property, plant and equipment | 6,220,425,000 | 5,670,306,000 | 6,220,425,000 | 5,670,306,000 | ||||||||||||||||||
Investment in subsidaries | 1,026,859,000 | 1,038,670,000 | 1,026,859,000 | 1,038,670,000 | ||||||||||||||||||
Current assets | ||||||||||||||||||||||
Cash and cash equivalents | 21,072,000 | 23,863,000 | 21,072,000 | 23,863,000 | ||||||||||||||||||
Assets from risk management activities current | 3,029,000 | 378,000 | 3,029,000 | 378,000 | ||||||||||||||||||
Other current assets | 446,868,000 | 421,591,000 | 446,868,000 | 421,591,000 | ||||||||||||||||||
Intercompany receivables | 978,093,000 | 887,713,000 | 978,093,000 | 887,713,000 | ||||||||||||||||||
Total current assets | 1,449,062,000 | 1,333,545,000 | 1,449,062,000 | 1,333,545,000 | ||||||||||||||||||
Goodwill | 576,114,000 | 575,449,000 | 576,114,000 | 575,449,000 | ||||||||||||||||||
Assets from risk management activities noncurrent | 1,822,000 | 368,000 | 1,822,000 | 368,000 | ||||||||||||||||||
Deferred charges and other assets | 275,496,000 | 252,499,000 | 275,496,000 | 252,499,000 | ||||||||||||||||||
Total assets | 9,549,778,000 | 8,870,837,000 | 9,549,778,000 | 8,870,837,000 | ||||||||||||||||||
CAPITALIZATION AND LIABILITIES | ||||||||||||||||||||||
Shareholders' equity | 3,463,059,000 | 3,194,797,000 | 3,463,059,000 | 3,194,797,000 | ||||||||||||||||||
Long-term debt | 2,188,779,000 | 2,437,515,000 | 2,188,779,000 | 2,437,515,000 | ||||||||||||||||||
Total capitalization | 5,651,838,000 | 5,632,312,000 | 5,651,838,000 | 5,632,312,000 | ||||||||||||||||||
Current liabilities | ||||||||||||||||||||||
Current maturities of long-term debt | 250,000,000 | 250,000,000 | ||||||||||||||||||||
Short-term debt | 1,026,811,000 | 782,927,000 | 1,026,811,000 | 782,927,000 | ||||||||||||||||||
Liabilities from risk management activities current | 56,771,000 | 9,568,000 | 56,771,000 | 9,568,000 | ||||||||||||||||||
Other current liabilities | 549,328,000 | 569,273,000 | 549,328,000 | 569,273,000 | ||||||||||||||||||
Intercompany payables | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total current liabilities | 1,882,910,000 | 1,361,768,000 | 1,882,910,000 | 1,361,768,000 | ||||||||||||||||||
Deferred income taxes | 1,058,895,000 | 1,008,091,000 | 1,058,895,000 | 1,008,091,000 | ||||||||||||||||||
Liabilities from risk management activities noncurrent | 184,048,000 | 110,539,000 | 184,048,000 | 110,539,000 | ||||||||||||||||||
Regulatory cost of removal obligation | 424,281,000 | 427,553,000 | 424,281,000 | 427,553,000 | ||||||||||||||||||
Pension and postretirement liabilities | 297,743,000 | 287,373,000 | 297,743,000 | 287,373,000 | ||||||||||||||||||
Deferred credits and other liabilities | 50,063,000 | 43,201,000 | 50,063,000 | 43,201,000 | ||||||||||||||||||
Total shareholders' equity and liabilities | 9,549,778,000 | 8,870,837,000 | 9,549,778,000 | 8,870,837,000 | ||||||||||||||||||
Regulated Distribution Segment [Member] | Reportable Subsegments [Member] | ||||||||||||||||||||||
Segment Reporting Information Profit Loss [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | 2,284,185,000 | 2,757,585,000 | 3,056,212,000 | |||||||||||||||||||
Revenue from External Customers by Products and Services Table [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | 2,284,185,000 | 2,757,585,000 | 3,056,212,000 | |||||||||||||||||||
Regulated Distribution Segment [Member] | Reportable Subsegments [Member] | Gas Sales Revenues [Member] | ||||||||||||||||||||||
Segment Reporting Information Profit Loss [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | 2,190,334,000 | 2,662,258,000 | 2,964,456,000 | |||||||||||||||||||
Revenue from External Customers by Products and Services Table [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | 2,190,334,000 | 2,662,258,000 | 2,964,456,000 | |||||||||||||||||||
Regulated Distribution Segment [Member] | Reportable Subsegments [Member] | Gas Sales Revenues [Member] | Residential Customers [Member] | ||||||||||||||||||||||
Segment Reporting Information Profit Loss [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | 1,477,049,000 | 1,761,689,000 | 1,933,099,000 | |||||||||||||||||||
Revenue from External Customers by Products and Services Table [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | 1,477,049,000 | 1,761,689,000 | 1,933,099,000 | |||||||||||||||||||
Regulated Distribution Segment [Member] | Reportable Subsegments [Member] | Gas Sales Revenues [Member] | Commercial Customers [Member] | ||||||||||||||||||||||
Segment Reporting Information Profit Loss [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | 619,979,000 | 772,187,000 | 876,042,000 | |||||||||||||||||||
Revenue from External Customers by Products and Services Table [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | 619,979,000 | 772,187,000 | 876,042,000 | |||||||||||||||||||
Regulated Distribution Segment [Member] | Reportable Subsegments [Member] | Gas Sales Revenues [Member] | Industrial Customers [Member] | ||||||||||||||||||||||
Segment Reporting Information Profit Loss [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | 51,999,000 | 74,981,000 | 90,536,000 | |||||||||||||||||||
Revenue from External Customers by Products and Services Table [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | 51,999,000 | 74,981,000 | 90,536,000 | |||||||||||||||||||
Regulated Distribution Segment [Member] | Reportable Subsegments [Member] | Gas Sales Revenues [Member] | Public Authority and Other Customers [Member] | ||||||||||||||||||||||
Segment Reporting Information Profit Loss [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | 41,307,000 | 53,401,000 | 64,779,000 | |||||||||||||||||||
Revenue from External Customers by Products and Services Table [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | 41,307,000 | 53,401,000 | 64,779,000 | |||||||||||||||||||
Regulated Distribution Segment [Member] | Reportable Subsegments [Member] | Gas Transportation Revenues [Member] | ||||||||||||||||||||||
Segment Reporting Information Profit Loss [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | 70,383,000 | 67,475,000 | 64,049,000 | |||||||||||||||||||
Revenue from External Customers by Products and Services Table [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | 70,383,000 | 67,475,000 | 64,049,000 | |||||||||||||||||||
Regulated Distribution Segment [Member] | Reportable Subsegments [Member] | Other Gas Revenues [Member] | ||||||||||||||||||||||
Segment Reporting Information Profit Loss [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | 23,468,000 | 27,852,000 | 27,707,000 | |||||||||||||||||||
Revenue from External Customers by Products and Services Table [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | 23,468,000 | 27,852,000 | 27,707,000 | |||||||||||||||||||
Regulated Distribution Segment [Member] | Intersubsegment Eliminations [Member] | ||||||||||||||||||||||
Segment Reporting Information Profit Loss [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | 7,681,000 | 6,250,000 | 5,334,000 | |||||||||||||||||||
Revenue from External Customers by Products and Services Table [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | 7,681,000 | 6,250,000 | 5,334,000 | |||||||||||||||||||
Regulated Pipeline Segment [Member] | ||||||||||||||||||||||
Segment Reporting Information Profit Loss [Abstract] | ||||||||||||||||||||||
Operating revenues | 109,204,000 | 109,249,000 | 95,703,000 | 94,677,000 | 97,807,000 | 97,008,000 | 91,730,000 | 83,567,000 | 408,833,000 | 370,112,000 | 318,459,000 | |||||||||||
Purchased gas cost | 0 | 0 | 0 | |||||||||||||||||||
Gross profit | 408,833,000 | 370,112,000 | 318,459,000 | |||||||||||||||||||
Operating expenses | ||||||||||||||||||||||
Operation and maintenance | 129,525,000 | 118,866,000 | 91,466,000 | |||||||||||||||||||
Depreciation and amortization | 55,576,000 | 47,236,000 | 41,031,000 | |||||||||||||||||||
Taxes, other than income | 24,298,000 | 22,743,000 | 13,143,000 | |||||||||||||||||||
Total operating expenses | 209,399,000 | 188,845,000 | 145,640,000 | |||||||||||||||||||
Operating income | 199,434,000 | 181,267,000 | 172,819,000 | |||||||||||||||||||
Miscellaneous income (expense), net | (1,683,000) | (1,243,000) | (3,181,000) | |||||||||||||||||||
Interest charges | 36,574,000 | 33,151,000 | 36,280,000 | |||||||||||||||||||
Income (loss) before income taxes | 161,177,000 | 146,873,000 | 133,358,000 | |||||||||||||||||||
Income tax expense | 59,488,000 | 52,211,000 | 47,167,000 | |||||||||||||||||||
Net income | 101,689,000 | 94,662,000 | 86,191,000 | |||||||||||||||||||
Capital expenditures | 346,400,000 | 291,603,000 | 248,230,000 | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||
Net property, plant and equipment | 2,008,997,000 | 1,706,449,000 | 2,008,997,000 | 1,706,449,000 | ||||||||||||||||||
Investment in subsidaries | 0 | 0 | 0 | 0 | ||||||||||||||||||
Current assets | ||||||||||||||||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||||||||||||||||||
Assets from risk management activities current | 0 | 0 | 0 | 0 | ||||||||||||||||||
Other current assets | 19,204,000 | 24,628,000 | 19,204,000 | 24,628,000 | ||||||||||||||||||
Intercompany receivables | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total current assets | 19,204,000 | 24,628,000 | 19,204,000 | 24,628,000 | ||||||||||||||||||
Goodwill | 132,582,000 | 132,542,000 | 132,582,000 | 132,542,000 | ||||||||||||||||||
Assets from risk management activities noncurrent | 0 | 0 | 0 | 0 | ||||||||||||||||||
Deferred charges and other assets | 27,631,000 | 17,288,000 | 27,631,000 | 17,288,000 | ||||||||||||||||||
Total assets | 2,188,414,000 | 1,880,907,000 | 2,188,414,000 | 1,880,907,000 | ||||||||||||||||||
CAPITALIZATION AND LIABILITIES | ||||||||||||||||||||||
Shareholders' equity | 678,964,000 | 577,275,000 | 678,964,000 | 577,275,000 | ||||||||||||||||||
Long-term debt | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total capitalization | 678,964,000 | 577,275,000 | 678,964,000 | 577,275,000 | ||||||||||||||||||
Current liabilities | ||||||||||||||||||||||
Current maturities of long-term debt | 0 | 0 | ||||||||||||||||||||
Short-term debt | 0 | 0 | 0 | 0 | ||||||||||||||||||
Liabilities from risk management activities current | 0 | 0 | 0 | 0 | ||||||||||||||||||
Other current liabilities | 22,427,000 | 29,780,000 | 22,427,000 | 29,780,000 | ||||||||||||||||||
Intercompany payables | 950,215,000 | 867,409,000 | 950,215,000 | 867,409,000 | ||||||||||||||||||
Total current liabilities | 972,642,000 | 897,189,000 | 972,642,000 | 897,189,000 | ||||||||||||||||||
Deferred income taxes | 536,732,000 | 406,254,000 | 536,732,000 | 406,254,000 | ||||||||||||||||||
Liabilities from risk management activities noncurrent | 0 | 0 | 0 | 0 | ||||||||||||||||||
Regulatory cost of removal obligation | 0 | 0 | 0 | 0 | ||||||||||||||||||
Pension and postretirement liabilities | 0 | 0 | 0 | 0 | ||||||||||||||||||
Deferred credits and other liabilities | 76,000 | 189,000 | 76,000 | 189,000 | ||||||||||||||||||
Total shareholders' equity and liabilities | 2,188,414,000 | 1,880,907,000 | 2,188,414,000 | 1,880,907,000 | ||||||||||||||||||
Regulated Pipeline Segment [Member] | Reportable Subsegments [Member] | ||||||||||||||||||||||
Segment Reporting Information Profit Loss [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | 104,007,000 | 97,662,000 | 92,166,000 | |||||||||||||||||||
Revenue from External Customers by Products and Services Table [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | 104,007,000 | 97,662,000 | 92,166,000 | |||||||||||||||||||
Regulated Pipeline Segment [Member] | Intersubsegment Eliminations [Member] | ||||||||||||||||||||||
Segment Reporting Information Profit Loss [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | 304,826,000 | 272,450,000 | 226,293,000 | |||||||||||||||||||
Revenue from External Customers by Products and Services Table [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | 304,826,000 | 272,450,000 | 226,293,000 | |||||||||||||||||||
Nonregulated Segment [Member] | ||||||||||||||||||||||
Segment Reporting Information Profit Loss [Abstract] | ||||||||||||||||||||||
Operating revenues | 291,889,000 | 214,555,000 | 287,395,000 | 272,524,000 | 292,830,000 | 278,769,000 | 438,322,000 | 462,288,000 | 1,066,363,000 | 1,472,209,000 | 2,067,292,000 | |||||||||||
Purchased gas cost | 1,002,573,000 | 1,399,349,000 | 1,979,337,000 | |||||||||||||||||||
Gross profit | 63,790,000 | 72,860,000 | 87,955,000 | |||||||||||||||||||
Operating expenses | ||||||||||||||||||||||
Operation and maintenance | 27,658,000 | 35,048,000 | 26,963,000 | |||||||||||||||||||
Depreciation and amortization | 4,484,000 | 4,512,000 | 4,580,000 | |||||||||||||||||||
Taxes, other than income | 2,648,000 | 3,321,000 | 2,450,000 | |||||||||||||||||||
Total operating expenses | 34,790,000 | 42,881,000 | 33,993,000 | |||||||||||||||||||
Operating income | 29,000,000 | 29,979,000 | 53,962,000 | |||||||||||||||||||
Miscellaneous income (expense), net | 1,443,000 | (760,000) | 2,216,000 | |||||||||||||||||||
Interest charges | 1,778,000 | 967,000 | 1,986,000 | |||||||||||||||||||
Income (loss) before income taxes | 28,665,000 | 28,252,000 | 54,192,000 | |||||||||||||||||||
Income tax expense | 12,620,000 | 12,652,000 | 22,151,000 | |||||||||||||||||||
Net income | 16,045,000 | 15,600,000 | 32,041,000 | |||||||||||||||||||
Capital expenditures | 511,000 | 1,443,000 | 1,839,000 | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||
Net property, plant and equipment | 51,089,000 | 53,825,000 | 51,089,000 | 53,825,000 | ||||||||||||||||||
Investment in subsidaries | 0 | (2,096,000) | 0 | (2,096,000) | ||||||||||||||||||
Current assets | ||||||||||||||||||||||
Cash and cash equivalents | 26,462,000 | 4,790,000 | 26,462,000 | 4,790,000 | ||||||||||||||||||
Assets from risk management activities current | 6,775,000 | [2] | 8,854,000 | [3] | 6,775,000 | [2] | 8,854,000 | [3] | ||||||||||||||
Other current assets | 367,220,000 | 480,503,000 | 367,220,000 | 480,503,000 | ||||||||||||||||||
Intercompany receivables | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total current assets | 400,457,000 | 494,147,000 | 400,457,000 | 494,147,000 | ||||||||||||||||||
Goodwill | 34,711,000 | 34,711,000 | 34,711,000 | 34,711,000 | ||||||||||||||||||
Assets from risk management activities noncurrent | 0 | 0 | 0 | 0 | ||||||||||||||||||
Deferred charges and other assets | 336,000 | 5,329,000 | 336,000 | 5,329,000 | ||||||||||||||||||
Total assets | 486,593,000 | 585,916,000 | 486,593,000 | 585,916,000 | ||||||||||||||||||
CAPITALIZATION AND LIABILITIES | ||||||||||||||||||||||
Shareholders' equity | 347,895,000 | 461,395,000 | 347,895,000 | 461,395,000 | ||||||||||||||||||
Long-term debt | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total capitalization | 347,895,000 | 461,395,000 | 347,895,000 | 461,395,000 | ||||||||||||||||||
Current liabilities | ||||||||||||||||||||||
Current maturities of long-term debt | 0 | 0 | ||||||||||||||||||||
Short-term debt | 0 | 0 | 0 | 0 | ||||||||||||||||||
Liabilities from risk management activities current | 0 | [2] | 0 | [3] | 0 | [2] | 0 | [3] | ||||||||||||||
Other current liabilities | 91,888,000 | 99,480,000 | 91,888,000 | 99,480,000 | ||||||||||||||||||
Intercompany payables | 27,878,000 | 20,304,000 | 27,878,000 | 20,304,000 | ||||||||||||||||||
Total current liabilities | 119,766,000 | 119,784,000 | 119,766,000 | 119,784,000 | ||||||||||||||||||
Deferred income taxes | 7,429,000 | (3,030,000) | 7,429,000 | (3,030,000) | ||||||||||||||||||
Liabilities from risk management activities noncurrent | 0 | [2] | 0 | [3] | 0 | [2] | 0 | [3] | ||||||||||||||
Regulatory cost of removal obligation | 0 | 0 | 0 | 0 | ||||||||||||||||||
Pension and postretirement liabilities | 0 | 0 | 0 | 0 | ||||||||||||||||||
Deferred credits and other liabilities | 11,503,000 | 7,767,000 | 11,503,000 | 7,767,000 | ||||||||||||||||||
Total shareholders' equity and liabilities | 486,593,000 | 585,916,000 | 486,593,000 | 585,916,000 | ||||||||||||||||||
Nonregulated Segment [Member] | Reportable Subsegments [Member] | ||||||||||||||||||||||
Segment Reporting Information Profit Loss [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | 961,757,000 | 1,286,889,000 | 1,792,538,000 | |||||||||||||||||||
Revenue from External Customers by Products and Services Table [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | 961,757,000 | 1,286,889,000 | 1,792,538,000 | |||||||||||||||||||
Nonregulated Segment [Member] | Intersubsegment Eliminations [Member] | ||||||||||||||||||||||
Segment Reporting Information Profit Loss [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | 104,606,000 | 185,320,000 | 274,754,000 | |||||||||||||||||||
Revenue from External Customers by Products and Services Table [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | 104,606,000 | 185,320,000 | 274,754,000 | |||||||||||||||||||
Intersegment Elimination [Member] | ||||||||||||||||||||||
Segment Reporting Information Profit Loss [Abstract] | ||||||||||||||||||||||
Operating revenues | (111,927,000) | $ (105,114,000) | $ (100,490,000) | $ (99,582,000) | (103,391,000) | $ (106,170,000) | $ (120,597,000) | $ (133,862,000) | (417,113,000) | (464,020,000) | (506,381,000) | |||||||||||
Purchased gas cost | (416,581,000) | (463,488,000) | (505,878,000) | |||||||||||||||||||
Gross profit | (532,000) | (532,000) | (503,000) | |||||||||||||||||||
Operating expenses | ||||||||||||||||||||||
Operation and maintenance | (532,000) | (532,000) | (503,000) | |||||||||||||||||||
Depreciation and amortization | 0 | 0 | 0 | |||||||||||||||||||
Taxes, other than income | 0 | 0 | 0 | |||||||||||||||||||
Total operating expenses | (532,000) | (532,000) | (503,000) | |||||||||||||||||||
Operating income | 0 | 0 | 0 | |||||||||||||||||||
Miscellaneous income (expense), net | (1,808,000) | (2,009,000) | (3,889,000) | |||||||||||||||||||
Interest charges | (1,808,000) | (2,009,000) | (3,889,000) | |||||||||||||||||||
Income (loss) before income taxes | 0 | 0 | 0 | |||||||||||||||||||
Income tax expense | 0 | 0 | 0 | |||||||||||||||||||
Net income | 0 | 0 | 0 | |||||||||||||||||||
Capital expenditures | 0 | 0 | 0 | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||
Net property, plant and equipment | 0 | 0 | 0 | 0 | ||||||||||||||||||
Investment in subsidaries | (1,026,859,000) | (1,036,574,000) | (1,026,859,000) | (1,036,574,000) | ||||||||||||||||||
Current assets | ||||||||||||||||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||||||||||||||||||
Assets from risk management activities current | 0 | 0 | 0 | 0 | ||||||||||||||||||
Other current assets | (208,944,000) | (338,301,000) | (208,944,000) | (338,301,000) | ||||||||||||||||||
Intercompany receivables | (978,093,000) | (887,713,000) | (978,093,000) | (887,713,000) | ||||||||||||||||||
Total current assets | (1,187,037,000) | (1,226,014,000) | (1,187,037,000) | (1,226,014,000) | ||||||||||||||||||
Goodwill | 0 | 0 | 0 | 0 | ||||||||||||||||||
Assets from risk management activities noncurrent | 0 | 0 | 0 | 0 | ||||||||||||||||||
Deferred charges and other assets | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total assets | (2,213,896,000) | (2,262,588,000) | (2,213,896,000) | (2,262,588,000) | ||||||||||||||||||
CAPITALIZATION AND LIABILITIES | ||||||||||||||||||||||
Shareholders' equity | (1,026,859,000) | (1,038,670,000) | (1,026,859,000) | (1,038,670,000) | ||||||||||||||||||
Long-term debt | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total capitalization | (1,026,859,000) | (1,038,670,000) | (1,026,859,000) | (1,038,670,000) | ||||||||||||||||||
Current liabilities | ||||||||||||||||||||||
Current maturities of long-term debt | 0 | 0 | ||||||||||||||||||||
Short-term debt | (197,000,000) | (325,000,000) | (197,000,000) | (325,000,000) | ||||||||||||||||||
Liabilities from risk management activities current | 0 | 0 | 0 | 0 | ||||||||||||||||||
Other current liabilities | (11,944,000) | (11,205,000) | (11,944,000) | (11,205,000) | ||||||||||||||||||
Intercompany payables | (978,093,000) | (887,713,000) | (978,093,000) | (887,713,000) | ||||||||||||||||||
Total current liabilities | (1,187,037,000) | (1,223,918,000) | (1,187,037,000) | (1,223,918,000) | ||||||||||||||||||
Deferred income taxes | 0 | 0 | 0 | 0 | ||||||||||||||||||
Liabilities from risk management activities noncurrent | 0 | 0 | 0 | 0 | ||||||||||||||||||
Regulatory cost of removal obligation | 0 | 0 | 0 | 0 | ||||||||||||||||||
Pension and postretirement liabilities | 0 | 0 | 0 | 0 | ||||||||||||||||||
Deferred credits and other liabilities | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total shareholders' equity and liabilities | $ (2,213,896,000) | $ (2,262,588,000) | (2,213,896,000) | (2,262,588,000) | ||||||||||||||||||
Intersegment Elimination [Member] | Reportable Subsegments [Member] | ||||||||||||||||||||||
Segment Reporting Information Profit Loss [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | 0 | 0 | 0 | |||||||||||||||||||
Revenue from External Customers by Products and Services Table [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | 0 | 0 | 0 | |||||||||||||||||||
Intersegment Elimination [Member] | Intersubsegment Eliminations [Member] | ||||||||||||||||||||||
Segment Reporting Information Profit Loss [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | (417,113,000) | (464,020,000) | (506,381,000) | |||||||||||||||||||
Revenue from External Customers by Products and Services Table [Abstract] | ||||||||||||||||||||||
Operating revenues from external parties | $ (417,113,000) | $ (464,020,000) | $ (506,381,000) | |||||||||||||||||||
|
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|
Basic Earnings per Share | |||||||||||
Net income | $ 34,240 | $ 71,193 | $ 141,810 | $ 102,861 | $ 23,515 | $ 56,281 | $ 137,684 | $ 97,595 | $ 350,104 | $ 315,075 | $ 289,817 |
Less: Income allocated to participating securities | 546 | 626 | 711 | ||||||||
Net Income available to common shareholders | $ 349,558 | $ 314,449 | $ 289,106 | ||||||||
Basic weighted average shares outstanding (shares) | 103,524 | 101,892 | 97,606 | ||||||||
Income per share - basic (usd per share) | $ 3.38 | $ 3.09 | $ 2.96 | ||||||||
Diluted Earnings per Share | |||||||||||
Effect of dilutive stock options and other shares | $ 0 | $ 0 | $ 0 | ||||||||
Net Income available to common shareholders | $ 349,558 | $ 314,449 | $ 289,106 | ||||||||
Additional dilutive stock options and other shares | 0 | 0 | 2 | ||||||||
Diluted weighted average shares outstanding (shares) | 103,524 | 101,892 | 97,608 | ||||||||
Diluted net income per share | $ 0.33 | $ 0.69 | $ 1.38 | $ 1.00 | $ 0.23 | $ 0.55 | $ 1.35 | $ 0.96 | $ 3.38 | $ 3.09 | $ 2.96 |
Debt (Details) - USD ($) |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Oct. 29, 2016 |
Oct. 25, 2016 |
Oct. 20, 2016 |
Oct. 05, 2016 |
Oct. 15, 2014 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Debt Instrument [Line Items] | |||||||
Debt Instrument Carrying Amount | $ 2,460,000,000 | $ 2,460,000,000 | |||||
Debt Issuance Costs, Net | 16,951,000 | 17,873,000 | |||||
Debt Instrument Unamortized Discount | 4,270,000 | 4,612,000 | |||||
Current maturities of long-term debt | 250,000,000 | 0 | |||||
Long-term Debt, Excluding Current Maturities | 2,188,779,000 | 2,437,515,000 | |||||
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 | $ 829,800,000 | $ 457,900,000 | |||||
Commercial Paper Weighted Average Interest Rate | 0.81% | 0.42% | |||||
Term Loan Agreement, Maximum Borrowing Capacity | $ 200,000,000 | ||||||
Term Loan Agreement, Incremental Borrowings | 1,000,000 | ||||||
Term Loan Agreement, Amount Outstanding | 0 | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||
2017 | 250,000,000 | ||||||
2018 | 0 | ||||||
2019 | 450,000,000 | ||||||
2020 | 0 | ||||||
2021 | 0 | ||||||
Thereafter | $ 1,760,000,000 | ||||||
Subsequent Event [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Line Of Credit Facility Maximum Borrowing Capacity | $ 1,600,000,000 | ||||||
Subsequent Event, Date | Oct. 29, 2016 | Oct. 25, 2016 | Oct. 20, 2016 | Oct. 05, 2016 | |||
Subsequent Event, Description | AEH entered into a Membership Interest Purchase Agreement (the Agreement) with CenterPoint Energy Services, Inc., a subsidiary of CenterPoint Energy, Inc. to sell all of the equity interests of AEM for $40.0 million plus working capital at the date of closing. No material gain or loss is currently anticipated in connection with the closing of this transaction. We expect this transaction to close during the second quarter of fiscal 2017. |
the uncommitted $25 million 364-day bilateral credit facility was renewed through July 31, 2017. |
the Society of Actuaries released its annually-updated mortality improvement scale for pension plans incorporating new assumptions surrounding life expectancies in the United States. As of September 30, 2016, we updated our assumed mortality rates to incorporate the updated mortality table. |
we amended our existing $1.25 billion unsecured credit facility (the five-year unsecured credit facility) which increased the committed loan to $1.5 billion and extended the facility through September 25, 2021. |
|||
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 | 50.00% | ||||||
Unregulated Operation [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 32,800,000 | ||||||
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 | ||||||
Unsecured Senior Notes Due 2014 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument Interest Rate Stated Percentage | 4.95% | ||||||
Debt Instrument Carrying Amount | $ 500,000,000 | ||||||
Extinguishment of Debt, Amount | $ 500,000,000 | ||||||
Unsecured Senior Notes Due 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument Interest Rate Stated Percentage | 6.35% | 6.35% | |||||
Debt Instrument, Maturity Date | Jun. 15, 2017 | Jun. 15, 2017 | |||||
Debt Instrument Carrying Amount | $ 250,000,000 | $ 250,000,000 | |||||
Unsecured Senior Notes Due 2019 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument Interest Rate Stated Percentage | 8.50% | 8.50% | |||||
Debt Instrument, Maturity Date | Mar. 15, 2019 | Mar. 15, 2019 | |||||
Debt Instrument Carrying Amount | $ 450,000,000 | $ 450,000,000 | |||||
Unsecured Senior Notes Due 2034 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument Interest Rate Stated Percentage | 5.95% | 5.95% | |||||
Debt Instrument, Maturity Date | Oct. 15, 2034 | Oct. 15, 2034 | |||||
Debt Instrument Carrying Amount | $ 200,000,000 | $ 200,000,000 | |||||
Unsecured Senior Notes Due 2041 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument Interest Rate Stated Percentage | 5.50% | 5.50% | |||||
Debt Instrument, Maturity Date | Jun. 15, 2041 | Jun. 15, 2041 | |||||
Debt Instrument Carrying Amount | $ 400,000,000 | $ 400,000,000 | |||||
Unsecured Senior Notes Due 2043 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument Interest Rate Stated Percentage | 4.15% | 4.15% | |||||
Debt Instrument, Maturity Date | Jan. 15, 2043 | Jan. 15, 2043 | |||||
Debt Instrument Carrying Amount | $ 500,000,000 | $ 500,000,000 | |||||
Unsecured Senior Notes Due 2044 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument Interest Rate Stated Percentage | 4.125% | 4.125% | 4.125% | ||||
Debt Instrument, Maturity Date | Oct. 15, 2044 | Oct. 15, 2044 | |||||
Debt Instrument Carrying Amount | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | ||||
Debt Instrument Interest Rate Effective Percentage | 4.086% | ||||||
Net Proceeds From Issuance of Debt | $ 494,000,000 | ||||||
Medium Term Notes Due 2025 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument Interest Rate Stated Percentage | 6.67% | 6.67% | |||||
Debt Instrument, Maturity Date | Dec. 15, 2025 | Dec. 15, 2025 | |||||
Debt Instrument Carrying Amount | $ 10,000,000 | $ 10,000,000 | |||||
Unsecured Debentures Due 2028 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument Interest Rate Stated Percentage | 6.75% | 6.75% | |||||
Debt Instrument, Maturity Date | Jul. 15, 2028 | Jul. 15, 2028 | |||||
Debt Instrument Carrying Amount | $ 150,000,000 | $ 150,000,000 | |||||
Commercial Paper [Member] | Regulated Operation [Member] | Five Year Unsecured Revolving Credit Agreement [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Line Of Credit Facility Maximum Borrowing Capacity | 1,250,000,000 | ||||||
Line of Credit Facility, Accordion Feature | 250,000,000 | ||||||
Commercial Paper [Member] | Regulated Operation [Member] | Five Year Unsecured Revolving Credit Agreement [Member] | Subsequent Event [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Line Of Credit Facility Maximum Borrowing Capacity | $ 1,500,000,000 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity with Accordion Feature | $ 1,750,000,000 | ||||||
Uncommitted Revolving Credit Facility [Member] | Regulated Operation [Member] | Five Year Unsecured Revolving Credit Agreement [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Line Of Credit Facility Amount Outstanding | 0 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | 420,200,000 | ||||||
Uncommitted Revolving Credit Facility [Member] | Regulated Operation [Member] | Uncommitted Revolving Credit Facility and Promissory Note (AEH to AEC) [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Line Of Credit Facility Maximum Borrowing Capacity | 500,000,000 | ||||||
Line Of Credit Facility Amount Outstanding | 197,000,000 | ||||||
Uncommitted Revolving Credit Facility [Member] | Unregulated Operation [Member] | Uncommitted Revolving Credit Facility and Promissory Note (AEC to AEH) [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Line Of Credit Facility Maximum Borrowing Capacity | 500,000,000 | ||||||
Line Of Credit Facility Amount Outstanding | $ 0 | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||||
Uncommitted Revolving Credit Facility [Member] | Unregulated Operation [Member] | $25 Million Uncommitted Facility [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Line Of Credit Facility Maximum Borrowing Capacity | $ 25,000,000 | ||||||
Unsecured Revolving Credit Note [Member] | Regulated Operation [Member] | $10 Million Revolving Credit Note [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Line Of Credit Facility Maximum Borrowing Capacity | 10,000,000 | ||||||
Line Of Credit Facility Amount Outstanding | $ 0 | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||
Letters of Credit Outstanding, Amount | $ 5,900,000 | ||||||
Unsecured Revolving Credit Note [Member] | Unregulated Operation [Member] | $15 Million Revolving Credit Note [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Line Of Credit Facility Maximum Borrowing Capacity | 15,000,000 | ||||||
Unsecured Loan Agreement [Member] | Regulated Operation [Member] | $25 Million Bank Loan Agreement [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Line Of Credit Facility Maximum Borrowing Capacity | 25,000,000 | ||||||
Line Of Credit Facility Amount Outstanding | $ 0 |
Shareholders' Equity Components (Details) - USD ($) |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Feb. 18, 2014 |
Feb. 29, 2016 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Shareholders' equity, beginning balance | $ 3,194,797,000 | $ 3,086,232,000 | $ 2,580,409,000 | ||
Net current-period other comprehensive income (loss) | (78,692,000) | (96,937,000) | (51,271,000) | ||
Shareholders' equity, ending balance | 3,463,059,000 | $ 3,194,797,000 | 3,086,232,000 | ||
Shareholders' Equity Other Disclosures [Abstract] | |||||
Debt and Equity Securities Authorized for Issuance | 2,500,000,000.0 | ||||
Debt And Equity Securities Available For Issuance | 2,400,000,000 | ||||
ATM Equity Distribution Offering Price Maximum Amount | $ 200,000,000 | ||||
ATM Equity Distribution, Shares Issued | 1,360,756 | ||||
ATM Agent Commission Proceeds Percentage | 1.00% | ||||
ATM Equity Distribution, Net Proceeds | $ 98,600,000 | ||||
ATM Equity Distribution, Gross Proceeds | $ 100,000,000 | ||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 11,200,000.0 | 8,700,000.0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 2,500,000.0 | ||||
Stock Issued During Period, Shares, New Issues | 9,200,000 | ||||
Shares Issued At Overallotment Option | 1,200,000 | ||||
Share Price | $ 44.00 | ||||
Net proceeds from equity offering | $ 390,205,000 | $ 98,574,000 | $ 0 | 390,205,000 | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Shareholders' equity, beginning balance | 4,949,000 | 7,662,000 | |||
Other comprehensive income (loss) before reclassifications | (263,000) | (2,173,000) | |||
Amounts reclassified from accumulated other comprehensive income | (202,000) | (540,000) | |||
Net current-period other comprehensive income (loss) | (465,000) | (2,713,000) | |||
Shareholders' equity, ending balance | 4,484,000 | 4,949,000 | 7,662,000 | ||
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 | (88,842,000) | (18,381,000) | |||
Other comprehensive income (loss) before reclassifications | (99,029,000) | (71,003,000) | |||
Amounts reclassified from accumulated other comprehensive income | 347,000 | 542,000 | |||
Net current-period other comprehensive income (loss) | (98,682,000) | (70,461,000) | |||
Shareholders' equity, ending balance | (187,524,000) | (88,842,000) | (18,381,000) | ||
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 | (25,437,000) | (1,674,000) | |||
Other comprehensive income (loss) before reclassifications | (11,662,000) | (49,211,000) | |||
Amounts reclassified from accumulated other comprehensive income | 32,117,000 | 25,448,000 | |||
Net current-period other comprehensive income (loss) | 20,455,000 | (23,763,000) | |||
Shareholders' equity, ending balance | (4,982,000) | (25,437,000) | (1,674,000) | ||
Accumulated Other Comprehensive Income [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Shareholders' equity, beginning balance | (109,330,000) | (12,393,000) | 38,878,000 | ||
Other comprehensive income (loss) before reclassifications | (110,954,000) | (122,387,000) | |||
Amounts reclassified from accumulated other comprehensive income | 32,262,000 | 25,450,000 | |||
Net current-period other comprehensive income (loss) | (78,692,000) | (96,937,000) | (51,271,000) | ||
Shareholders' equity, ending balance | $ (188,022,000) | $ (109,330,000) | $ (12,393,000) |
Shareholders' Equity AOCI Affected Line Item in the Statement of Income (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Operation and maintenance | $ (560,766) | $ (541,868) | $ (505,154) |
Interest charges | (115,948) | (116,241) | (129,295) |
Purchased gas cost | (1,605,053) | (2,462,119) | (3,358,490) |
Income (loss) before income taxes | 550,477 | 510,765 | 476,819 |
Income Tax Expense (Benefit) | (200,373) | (195,690) | $ (187,002) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Income (loss) from continuing operations | (32,262) | (25,450) | |
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 | 318 | 850 | |
Income (loss) before income taxes | 318 | 850 | |
Income Tax Expense (Benefit) | (116) | (310) | |
Income (loss) from continuing operations | 202 | 540 | |
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) before income taxes | (53,197) | (42,569) | |
Income Tax Expense (Benefit) | 20,733 | 16,579 | |
Income (loss) from continuing operations | (32,464) | (25,990) | |
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 | (546) | (853) | |
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 | $ (52,651) | $ (41,716) |
Retirement and Post-Retirement Employee Benefit Plans Defined Benefit Plans Disclosure (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 29, 2016 |
Oct. 25, 2016 |
Oct. 20, 2016 |
Oct. 05, 2016 |
Oct. 02, 2013 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||
Remaining Recovery Period of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 15 years | ||||||||||
Available-for-sale Securities, Supplemental Executive Benefit Plans | $ 41,300 | $ 41,700 | |||||||||
Pension and Other Postretirement Plans Costs [Member] | Unrecognized Transition Obligation [Member] | |||||||||||
Net Periodic Benefit Cost Not Yet Recognized, Recorded as Regulatory Assets [Abstract] | |||||||||||
Net Regulatory Assets | 82 | ||||||||||
Pension and Other Postretirement Plans Costs [Member] | Unrecognized Prior Service Credit [Member] | |||||||||||
Net Periodic Benefit Cost Not Yet Recognized, Recorded as Regulatory Assets [Abstract] | |||||||||||
Net Regulatory Assets | (4,389) | (6,259) | |||||||||
Pension and Other Postretirement Plans Costs [Member] | Unrecognized Actuarial (Gain) Loss [Member] | |||||||||||
Net Periodic Benefit Cost Not Yet Recognized, Recorded as Regulatory Assets [Abstract] | |||||||||||
Net Regulatory Assets | 124,288 | 110,714 | |||||||||
Pension and Other Postretirement Plans Costs [Member] | Total Unrecognized in Net Periodic Pension Cost [Member] | |||||||||||
Net Periodic Benefit Cost Not Yet Recognized, Recorded as Regulatory Assets [Abstract] | |||||||||||
Net Regulatory Assets | $ 119,899 | $ 104,537 | |||||||||
Subsequent Event [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Subsequent Event, Date | Oct. 29, 2016 | Oct. 25, 2016 | Oct. 20, 2016 | Oct. 05, 2016 | |||||||
Subsequent Event, Description | AEH entered into a Membership Interest Purchase Agreement (the Agreement) with CenterPoint Energy Services, Inc., a subsidiary of CenterPoint Energy, Inc. to sell all of the equity interests of AEM for $40.0 million plus working capital at the date of closing. No material gain or loss is currently anticipated in connection with the closing of this transaction. We expect this transaction to close during the second quarter of fiscal 2017. |
the uncommitted $25 million 364-day bilateral credit facility was renewed through July 31, 2017. |
the Society of Actuaries released its annually-updated mortality improvement scale for pension plans incorporating new assumptions surrounding life expectancies in the United States. As of September 30, 2016, we updated our assumed mortality rates to incorporate the updated mortality table. |
we amended our existing $1.25 billion unsecured credit facility (the five-year unsecured credit facility) which increased the committed loan to $1.5 billion and extended the facility through September 25, 2021. |
|||||||
Pension Plans, Defined Benefit [Member] | |||||||||||
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost Abstract | |||||||||||
Discount rate | 4.55% | 4.43% | 4.95% | ||||||||
Rate of compensation increase | 3.50% | 3.50% | 3.50% | ||||||||
Expected return on plan assets | 7.00% | 7.25% | 7.25% | ||||||||
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation Abstract | |||||||||||
Discount rate | 3.73% | 4.55% | |||||||||
Rate of compensation increase | 3.50% | 3.50% | |||||||||
Expected return on plan assets | 7.00% | 7.00% | |||||||||
Defined Benefit Plan Change In Benefit Obligation Roll Forward | |||||||||||
Accumulated benefit obligation | $ 516,924 | $ 485,921 | |||||||||
Benefit obligation at beginning of year | 508,599 | 493,594 | |||||||||
Service cost | 16,419 | 16,231 | $ 15,345 | ||||||||
Interest cost | 23,193 | 21,850 | 22,330 | ||||||||
Actuarial (gain) loss | 41,847 | 7,420 | |||||||||
Benefits paid | (44,578) | [1] | (30,496) | ||||||||
Benefit obligation at end of year | 545,480 | 508,599 | $ 493,594 | ||||||||
Funded Status of Plan Reconciliation | |||||||||||
Funded status | (71,530) | (57,667) | |||||||||
Unrecognized prior service cost | 0 | 0 | |||||||||
Unrecognized net loss | 0 | 0 | |||||||||
Net amount recognized | (71,530) | $ (57,667) | |||||||||
Estimated Future Benefits Payment, Total | |||||||||||
FY2017 | 31,306 | ||||||||||
FY2018 | 32,047 | ||||||||||
FY2019 | 33,674 | ||||||||||
FY2020 | 35,232 | ||||||||||
FY2021 | 37,279 | ||||||||||
2022-2026 | 202,442 | ||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||
Defined Benefit Plan, One-Time Voluntary Pension Buyout | $ 12,800 | ||||||||||
Pension Plans, Defined Benefit [Member] | Minimum [Member] | |||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||
Defined Benefit Plan, Investment Performance Review Period | 3 years | ||||||||||
Pension Plans, Defined Benefit [Member] | Maximum [Member] | |||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||
Defined Benefit Plan, Investment Performance Review Period | 5 years | ||||||||||
Pension Plans, Defined Benefit [Member] | Domestic Equity Securities [Member] | |||||||||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||||||||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 35.00% | ||||||||||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 55.00% | ||||||||||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||||||||||
Defined Benefit Plan, Actual Plan Asset Allocations | 40.50% | 41.30% | |||||||||
Pension Plans, Defined Benefit [Member] | International Equity Securities [Member] | |||||||||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||||||||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 10.00% | ||||||||||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 20.00% | ||||||||||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||||||||||
Defined Benefit Plan, Actual Plan Asset Allocations | 15.50% | 14.90% | |||||||||
Pension Plans, Defined Benefit [Member] | Fixed Income Securities [Member] | |||||||||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||||||||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 5.00% | ||||||||||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 30.00% | ||||||||||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||||||||||
Defined Benefit Plan, Actual Plan Asset Allocations | 11.20% | 11.00% | |||||||||
Pension Plans, Defined Benefit [Member] | Company Stock [Member] | |||||||||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||||||||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 0.00% | ||||||||||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 15.00% | ||||||||||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||||||||||
Defined Benefit Plan, Actual Plan Asset Allocations | 15.10% | 15.20% | |||||||||
Number of shares of Atmos Energy common stock in Master Trust | 956,700 | 1,169,700 | |||||||||
Amount of dividend income from Atmos Energy common stock in Master Trust | $ 1,800 | $ 1,800 | |||||||||
Pension Plans, Defined Benefit [Member] | Other Investment Assets [Member] | |||||||||||
Defined Benefit Plan, Assets, Target Allocations [Abstract] | |||||||||||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 0.00% | ||||||||||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 20.00% | ||||||||||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||||||||||
Defined Benefit Plan, Actual Plan Asset Allocations | 17.70% | 17.60% | |||||||||
Pension Plans, Defined Benefit [Member] | Pension Costs [Member] | Unrecognized Transition Obligation [Member] | |||||||||||
Net Periodic Benefit Cost Not Yet Recognized, Recorded as Regulatory Assets [Abstract] | |||||||||||
Net Regulatory Assets | $ 0 | ||||||||||
Pension Plans, Defined Benefit [Member] | Pension Costs [Member] | Unrecognized Prior Service Credit [Member] | |||||||||||
Net Periodic Benefit Cost Not Yet Recognized, Recorded as Regulatory Assets [Abstract] | |||||||||||
Net Regulatory Assets | $ (1,509) | (1,735) | |||||||||
Pension Plans, Defined Benefit [Member] | Pension Costs [Member] | Unrecognized Actuarial (Gain) Loss [Member] | |||||||||||
Net Periodic Benefit Cost Not Yet Recognized, Recorded as Regulatory Assets [Abstract] | |||||||||||
Net Regulatory Assets | 127,028 | 120,948 | |||||||||
Pension Plans, Defined Benefit [Member] | Pension Costs [Member] | Total Unrecognized in Net Periodic Pension Cost [Member] | |||||||||||
Net Periodic Benefit Cost Not Yet Recognized, Recorded as Regulatory Assets [Abstract] | |||||||||||
Net Regulatory Assets | $ 125,519 | $ 119,213 | |||||||||
Pension Account Plan, Defined Benefit [Member] | |||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||
Defined Benefit Plan, Vesting Period | 3 years | ||||||||||
Supplemental Employee Retirement Plan [Member] | |||||||||||
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost Abstract | |||||||||||
Discount rate | 4.55% | 4.43% | 4.95% | ||||||||
Rate of compensation increase | 3.50% | 3.50% | 3.50% | ||||||||
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation Abstract | |||||||||||
Discount rate | 3.73% | 4.55% | |||||||||
Rate of compensation increase | 3.50% | 3.50% | |||||||||
Defined Benefit Plan Change In Benefit Obligation Roll Forward | |||||||||||
Accumulated benefit obligation | $ 137,616 | $ 118,835 | |||||||||
Benefit obligation at beginning of year | 122,393 | 113,219 | |||||||||
Service cost | 2,371 | 3,971 | $ 3,607 | ||||||||
Interest cost | 5,185 | 4,943 | 4,966 | ||||||||
Actuarial (gain) loss | 17,229 | 4,811 | |||||||||
Benefits paid | (4,604) | (4,551) | |||||||||
Benefit obligation at end of year | 142,574 | 122,393 | 113,219 | ||||||||
Funded Status of Plan Reconciliation | |||||||||||
Funded status | (142,574) | (122,393) | |||||||||
Unrecognized prior service cost | 0 | 0 | |||||||||
Unrecognized net loss | 0 | 0 | |||||||||
Net amount recognized | (142,574) | (122,393) | |||||||||
Estimated Future Benefits Payment, Total | |||||||||||
FY2017 | 36,604 | ||||||||||
FY2018 | 14,289 | ||||||||||
FY2019 | 7,181 | ||||||||||
FY2020 | 4,395 | ||||||||||
FY2021 | 4,306 | ||||||||||
2022-2026 | 60,658 | ||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||
Settlements | 0 | 0 | $ 4,539 | ||||||||
Supplemental Employee Retirement Plan [Member] | Supplemental Executive Benefit Plan Costs [Member] | Unrecognized Transition Obligation [Member] | |||||||||||
Net Periodic Benefit Cost Not Yet Recognized, Recorded as Regulatory Assets [Abstract] | |||||||||||
Net Regulatory Assets | 0 | ||||||||||
Supplemental Employee Retirement Plan [Member] | Supplemental Executive Benefit Plan Costs [Member] | Unrecognized Prior Service Credit [Member] | |||||||||||
Net Periodic Benefit Cost Not Yet Recognized, Recorded as Regulatory Assets [Abstract] | |||||||||||
Net Regulatory Assets | 0 | 0 | |||||||||
Supplemental Employee Retirement Plan [Member] | Supplemental Executive Benefit Plan Costs [Member] | Unrecognized Actuarial (Gain) Loss [Member] | |||||||||||
Net Periodic Benefit Cost Not Yet Recognized, Recorded as Regulatory Assets [Abstract] | |||||||||||
Net Regulatory Assets | 51,558 | 36,915 | |||||||||
Supplemental Employee Retirement Plan [Member] | Supplemental Executive Benefit Plan Costs [Member] | Total Unrecognized in Net Periodic Pension Cost [Member] | |||||||||||
Net Periodic Benefit Cost Not Yet Recognized, Recorded as Regulatory Assets [Abstract] | |||||||||||
Net Regulatory Assets | $ 51,558 | $ 36,915 | |||||||||
Supplemental Executive Benefit Plan, Defined Benefit [Member] | |||||||||||
Defined Benefit Plan Change In Benefit Obligation Roll Forward | |||||||||||
Benefits paid | $ (16,800) | ||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||
Defined Benefit Plan, Percent of Covered Compensation | 75.00% | ||||||||||
Defined Benefit Plan, Description of Settlements and Curtailments | On October 2, 2013, due to the retirement of one of our executives, we recognized a settlement loss of $4.5 million associated with our SEBP and made a $16.8 million benefit payment. | ||||||||||
Settlements | $ 4,500 | ||||||||||
1998 Supplemental Executive Retirement Plan, Defined Benefit [Member] | |||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||
Defined Benefit Plan, Percent of Covered Compensation | 60.00% | ||||||||||
2009 Supplemental Executive Retirement Plan, Defined Benefit [Member] | |||||||||||
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation Abstract | |||||||||||
Interest crediting rate | 4.69% | ||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||
Defined Benefit Plan, Vesting Period | 3 years | ||||||||||
Defined Benefit Plan, Age Attained | 55 years | ||||||||||
Defined Benefit Plan, Percent of Contributed Compensation | 10.00% | ||||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||||||||||
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Net Periodic Benefit Cost Abstract | |||||||||||
Discount rate | 4.55% | 4.43% | 4.95% | ||||||||
Expected return on plan assets | 4.45% | 4.60% | 4.60% | ||||||||
Initial Trend | 7.50% | 7.50% | 8.00% | ||||||||
Ultimate trend rate | 5.00% | 5.00% | 5.00% | ||||||||
Ultimate trend rate reached in | 2021 | 2020 | 2020 | ||||||||
Defined Benefit Plan Weighted Average Assumptions Used In Calculating Benefit Obligation Abstract | |||||||||||
Discount rate | 3.73% | 4.55% | |||||||||
Expected return on plan assets | 4.45% | 4.45% | |||||||||
Initial trend rate | 7.50% | 7.50% | |||||||||
Ultimate trend rate | 5.00% | 5.00% | |||||||||
Ultimate trend reached in | 2022 | 2021 | |||||||||
Defined Benefit Plan Change In Benefit Obligation Roll Forward | |||||||||||
Benefit obligation at beginning of year | $ 267,179 | $ 315,118 | |||||||||
Service cost | 10,823 | 15,583 | $ 16,784 | ||||||||
Interest cost | 12,424 | 14,385 | 15,951 | ||||||||
Plan participants' contributions | 4,289 | 4,563 | |||||||||
Actuarial (gain) loss | (1,052) | (69,962) | |||||||||
Benefits paid | (14,441) | (12,508) | |||||||||
Benefit obligation at end of year | 279,222 | 267,179 | $ 315,118 | ||||||||
Funded Status of Plan Reconciliation | |||||||||||
Funded status | (120,245) | (129,170) | |||||||||
Unrecognized prior service cost | 0 | 0 | |||||||||
Unrecognized transition obligation | 0 | 0 | |||||||||
Unrecognized net loss | 0 | 0 | |||||||||
Net amount recognized | (120,245) | $ (129,170) | |||||||||
Estimated company benefit payments | |||||||||||
FY2017 | 15,806 | ||||||||||
FY2018 | 11,602 | ||||||||||
FY2019 | 12,165 | ||||||||||
FY2020 | 13,246 | ||||||||||
FY2021 | 14,210 | ||||||||||
2022-2026 | 84,642 | ||||||||||
Estimated retiree benefit payments | |||||||||||
FY2017 | 3,679 | ||||||||||
FY2018 | 3,992 | ||||||||||
FY2019 | 4,036 | ||||||||||
FY2020 | 4,756 | ||||||||||
FY2021 | 5,420 | ||||||||||
2022-2026 | 36,837 | ||||||||||
Disclosure Of Expected Gross Prescription Drug Subsidy Receipts Abstract | |||||||||||
FY2017 | 0 | ||||||||||
FY2018 | 0 | ||||||||||
FY2019 | 0 | ||||||||||
FY2020 | 0 | ||||||||||
FY2021 | 0 | ||||||||||
2022-2026 | 0 | ||||||||||
Estimated Future Benefits Payment, Total | |||||||||||
FY2017 | 19,485 | ||||||||||
FY2018 | 15,594 | ||||||||||
FY2019 | 16,201 | ||||||||||
FY2020 | 18,002 | ||||||||||
FY2021 | 19,630 | ||||||||||
2022-2026 | 121,479 | ||||||||||
Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates | |||||||||||
Effect of One Percentage Point Increase on Service and Interest Cost Components | 4,539 | ||||||||||
Effect of One Percentage Point Decrease on Service and Interest Cost Components | (3,596) | ||||||||||
Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 42,079 | ||||||||||
Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | $ (34,531) | ||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||
Defined Benefit Plan, Employer Claims Paid | 80.00% | ||||||||||
Defined Benefit Plan, Employee Paid Claims | 20.00% | ||||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Minimum [Member] | |||||||||||
Current Year Benefit Plan Contributions [Abstract] | |||||||||||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 10,000 | ||||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Maximum [Member] | |||||||||||
Current Year Benefit Plan Contributions [Abstract] | |||||||||||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 20,000 | ||||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Diversified Investment Funds [Member] | |||||||||||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||||||||||
Defined Benefit Plan, Actual Plan Asset Allocations | 97.20% | 97.50% | |||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||
Defined Benefit Plan, Funds Available for Investment in Common Stock and Convertible Securities | 75.00% | ||||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | |||||||||||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||||||||||
Defined Benefit Plan, Actual Plan Asset Allocations | 2.80% | 2.50% | |||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Postretirement Benefit Costs [Member] | Unrecognized Transition Obligation [Member] | |||||||||||
Net Periodic Benefit Cost Not Yet Recognized, Recorded as Regulatory Assets [Abstract] | |||||||||||
Net Regulatory Assets | $ 82 | ||||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Postretirement Benefit Costs [Member] | Unrecognized Prior Service Credit [Member] | |||||||||||
Net Periodic Benefit Cost Not Yet Recognized, Recorded as Regulatory Assets [Abstract] | |||||||||||
Net Regulatory Assets | $ (2,880) | (4,524) | |||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Postretirement Benefit Costs [Member] | Unrecognized Actuarial (Gain) Loss [Member] | |||||||||||
Net Periodic Benefit Cost Not Yet Recognized, Recorded as Regulatory Assets [Abstract] | |||||||||||
Net Regulatory Assets | (54,298) | (47,149) | |||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Postretirement Benefit Costs [Member] | Total Unrecognized in Net Periodic Pension Cost [Member] | |||||||||||
Net Periodic Benefit Cost Not Yet Recognized, Recorded as Regulatory Assets [Abstract] | |||||||||||
Net Regulatory Assets | $ (57,178) | $ (51,591) | |||||||||
|
Retirement and Post-Retirement Employee Benefit Plans Fair Value Disclosures (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Sep. 30, 2015 |
||
---|---|---|---|---|
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | $ 72,701 | $ 74,200 | ||
Fair Value Inputs Level 1 [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 38,677 | 40,619 | ||
Fair Value Inputs Level 2 [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | [1] | 34,024 | 33,581 | |
Fair Value Inputs Level 3 [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Pension Plans, Defined Benefit [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 471,310 | 448,544 | ||
Fair value of accounts receivable | 2,600 | 2,400 | ||
Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 157,111 | 159,304 | ||
Pension Plans, Defined Benefit [Member] | Money Market Funds [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 11,522 | 11,787 | ||
Pension Plans, Defined Benefit [Member] | Mutual Fund [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 87,396 | 81,960 | ||
Pension Plans, Defined Benefit [Member] | Common Collective Trusts [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 105,124 | 93,081 | ||
Pension Plans, Defined Benefit [Member] | Mortgage-backed securities [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 15,223 | 14,359 | ||
Pension Plans, Defined Benefit [Member] | U.S. Treasuries [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 5,567 | 6,084 | ||
Pension Plans, Defined Benefit [Member] | Corporate Debt Securities [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 31,929 | 28,973 | ||
Pension Plans, Defined Benefit [Member] | Limited Partnership Interest [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 57,438 | 52,996 | ||
Pension Plans, Defined Benefit [Member] | Fair Value Inputs Level 1 [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 249,211 | 246,543 | ||
Pension Plans, Defined Benefit [Member] | Fair Value Inputs Level 1 [Member] | Equity Securities [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 157,111 | 159,304 | ||
Pension Plans, Defined Benefit [Member] | Fair Value Inputs Level 1 [Member] | Money Market Funds [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Pension Plans, Defined Benefit [Member] | Fair Value Inputs Level 1 [Member] | Mutual Fund [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 87,396 | 81,960 | ||
Pension Plans, Defined Benefit [Member] | Fair Value Inputs Level 1 [Member] | Common Collective Trusts [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Pension Plans, Defined Benefit [Member] | Fair Value Inputs Level 1 [Member] | Mortgage-backed securities [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Pension Plans, Defined Benefit [Member] | Fair Value Inputs Level 1 [Member] | U.S. Treasuries [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 4,704 | 5,279 | ||
Pension Plans, Defined Benefit [Member] | Fair Value Inputs Level 1 [Member] | Corporate Debt Securities [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Pension Plans, Defined Benefit [Member] | Fair Value Inputs Level 1 [Member] | Limited Partnership Interest [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Pension Plans, Defined Benefit [Member] | Fair Value Inputs Level 2 [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 222,099 | 202,001 | ||
Pension Plans, Defined Benefit [Member] | Fair Value Inputs Level 2 [Member] | Equity Securities [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Pension Plans, Defined Benefit [Member] | Fair Value Inputs Level 2 [Member] | Money Market Funds [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 11,522 | 11,787 | ||
Pension Plans, Defined Benefit [Member] | Fair Value Inputs Level 2 [Member] | Mutual Fund [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Pension Plans, Defined Benefit [Member] | Fair Value Inputs Level 2 [Member] | Common Collective Trusts [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 105,124 | 93,081 | ||
Pension Plans, Defined Benefit [Member] | Fair Value Inputs Level 2 [Member] | Mortgage-backed securities [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 15,223 | 14,359 | ||
Pension Plans, Defined Benefit [Member] | Fair Value Inputs Level 2 [Member] | U.S. Treasuries [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 863 | 805 | ||
Pension Plans, Defined Benefit [Member] | Fair Value Inputs Level 2 [Member] | Corporate Debt Securities [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 31,929 | 28,973 | ||
Pension Plans, Defined Benefit [Member] | Fair Value Inputs Level 2 [Member] | Limited Partnership Interest [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 57,438 | 52,996 | ||
Pension Plans, Defined Benefit [Member] | Fair Value Inputs Level 3 [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Pension Plans, Defined Benefit [Member] | Fair Value Inputs Level 3 [Member] | Equity Securities [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Pension Plans, Defined Benefit [Member] | Fair Value Inputs Level 3 [Member] | Money Market Funds [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Pension Plans, Defined Benefit [Member] | Fair Value Inputs Level 3 [Member] | Mutual Fund [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Pension Plans, Defined Benefit [Member] | Fair Value Inputs Level 3 [Member] | Common Collective Trusts [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Pension Plans, Defined Benefit [Member] | Fair Value Inputs Level 3 [Member] | Mortgage-backed securities [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Pension Plans, Defined Benefit [Member] | Fair Value Inputs Level 3 [Member] | U.S. Treasuries [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Pension Plans, Defined Benefit [Member] | Fair Value Inputs Level 3 [Member] | Corporate Debt Securities [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Pension Plans, Defined Benefit [Member] | Fair Value Inputs Level 3 [Member] | Limited Partnership Interest [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 158,977 | 138,009 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Money Market Funds [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 4,470 | 3,486 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Mutual Fund [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 154,507 | 134,523 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fair Value Inputs Level 1 [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 154,507 | 134,523 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fair Value Inputs Level 1 [Member] | Money Market Funds [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fair Value Inputs Level 1 [Member] | Mutual Fund [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 154,507 | 134,523 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fair Value Inputs Level 2 [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 4,470 | 3,486 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fair Value Inputs Level 2 [Member] | Money Market Funds [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 4,470 | 3,486 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fair Value Inputs Level 2 [Member] | Mutual Fund [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fair Value Inputs Level 3 [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fair Value Inputs Level 3 [Member] | Money Market Funds [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fair Value Inputs Level 3 [Member] | Mutual Fund [Member] | ||||
Schedule of Total Investments at Fair Value [Line Items] | ||||
Available-for-sale Securities | $ 0 | $ 0 | ||
|
Retirement and Post-Retirement Employee Benefit Plans Fair Value of Plan Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
||||
Pension Plans, Defined Benefit [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets at beginning of year | $ 450,932 | $ 434,767 | |||
Actual return on plan assets | 52,596 | 8,661 | |||
Employer contributions | 15,000 | 38,000 | |||
Benefits paid | (44,578) | [1] | (30,496) | ||
Fair value of plan assets at end of year | 473,950 | 450,932 | |||
Supplemental Employee Retirement Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets at beginning of year | 0 | 0 | |||
Employer contributions | 4,604 | 4,551 | |||
Benefits paid | (4,604) | (4,551) | |||
Fair value of plan assets at end of year | 0 | 0 | |||
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets at beginning of year | 138,009 | 134,821 | |||
Actual return on plan assets | 14,528 | (8,851) | |||
Employer contributions | 16,592 | 19,984 | |||
Plan participants' contributions | 4,289 | 4,563 | |||
Benefits paid | (14,441) | (12,508) | |||
Fair value of plan assets at end of year | $ 158,977 | $ 138,009 | |||
|
Retirement and Post-Retirement Employee Benefit Plans Net Periodic Cost (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 16,419 | $ 16,231 | $ 15,345 |
Interest cost | 23,193 | 21,850 | 22,330 |
Expected return on assets | (27,522) | (25,744) | (23,601) |
Amortization of prior service cost | (226) | (192) | (136) |
Recognized actuarial loss | 10,693 | 13,322 | 13,777 |
Net periodic pension cost | 22,557 | 25,467 | 27,715 |
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 2,371 | 3,971 | 3,607 |
Interest cost | 5,185 | 4,943 | 4,966 |
Amortization of transition asset | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 |
Recognized actuarial loss | 2,586 | 2,343 | 1,948 |
Settlements | 0 | 0 | 4,539 |
Net periodic pension cost | 10,142 | 11,257 | 15,060 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 10,823 | 15,583 | 16,784 |
Interest cost | 12,424 | 14,385 | 15,951 |
Expected return on assets | (6,264) | (6,431) | (5,167) |
Amortization of transition asset | 82 | 272 | 274 |
Amortization of prior service cost | (1,644) | (1,644) | (1,450) |
Recognized actuarial loss | (2,167) | 0 | 631 |
Net periodic pension cost | $ 13,254 | $ 22,165 | $ 27,023 |
Retirement and Post-Retirement Employee Benefit Plans Defined Contribution Plans (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|
Retirement Savings Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 65.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | ||
Defined Contribution Plan, Employer Contribution Service Period Until Eligibility | 1 year | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
Defined Contribution Plan, Employer Discretionary Contribution Percent | 4.00% | ||
Defined Contribution Plan, Percent of Equity Securities Issued by Employer and Related Parties Included in Plan Assets | 4.20% | 4.30% | |
Defined Contribution Plan, Vesting Period | 3 years | ||
AEH 401K Profit-Sharing Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 300 | $ 1,100 | $ 1,400 |
Retirement Savings Plan and Union 401K Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | 12,600 | 11,500 | 10,900 |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0 | $ 0 | $ 0 |
Stock and Other Compensation Plans (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | |||
Stock Based Compensation Expense | $ 24,600,000 | $ 27,500,000 | $ 25,500,000 |
Share-based Compensation, Capitalized Amount | 9,800,000 | 11,500,000 | 10,800,000 |
Share Based Compensation, Tax Benefit | $ 5,000,000 | $ 4,700,000 | $ 3,100,000 |
Authorized Shares | 11,200,000.0 | 8,700,000.0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available | 2,400,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Nonvested at beginning of year-Shares | 878,104 | 988,637 | 1,052,844 |
Nonvested at beginning of year-Weighted Average | $ 48.24 | $ 42.22 | $ 36.20 |
Granted-Shares | 357,323 | 444,543 | 464,438 |
Granted-Weighted Average | $ 65.98 | $ 50.50 | $ 45.05 |
Vested-Shares | (448,136) | (551,688) | (524,532) |
Vested-Weighted Average | $ 45.88 | $ 39.28 | $ 32.67 |
Forfeited-Shares | (4,860) | (3,388) | (4,113) |
Forfeited-Weighted Average | $ 53.52 | $ 48.55 | $ 39.00 |
Nonvested at end of year-Shares | 782,431 | 878,104 | 988,637 |
Nonvested at end of year-Weighted Average | $ 57.66 | $ 48.24 | $ 42.22 |
Unrecognized Compensation Cost | $ 11,400,000 | ||
Weighted Average Recognized Period | 1 year 7 months | ||
Fair Value Restricted Stock Vested | $ 20,600,000 | $ 21,700,000 | $ 17,100,000 |
Direct Stock Purchse Plan [Abstract] | |||
Minimum Initial Investment for Direct Stock Purchase Plan | 1,250 | ||
Minimum Continuing Investment for Direct Stock Purchase Plan | 25 | ||
Annual Maximum Investment for Direct Stock Purchase Plan | $ 100,000 |
Details of Selected Consolidated Balance Sheet Captions (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Accounts Receivable, Gross, Current | $ 313,374 | $ 310,443 | |||||||||||
Less: allowance for doubtful accounts | (13,367) | (15,283) | |||||||||||
Net accounts receivable | 300,007 | 295,160 | |||||||||||
Schedule of Other Current Assets [Abstract] | |||||||||||||
Assets from risk management activities current | 9,804 | 9,232 | |||||||||||
Deferred gas cost | 45,184 | 9,715 | |||||||||||
Taxes receivable | 5,456 | 4,479 | |||||||||||
Prepaid expenses | 23,053 | 23,055 | |||||||||||
Materials and supplies | 5,825 | 12,587 | |||||||||||
Other | 11,507 | 6,822 | |||||||||||
Total other current assets | 100,829 | 65,890 | |||||||||||
Public Utilities, Property, Plant and Equipment [Abstract] | |||||||||||||
Production plant | 66 | 131 | |||||||||||
Storage plant | 353,523 | 286,011 | |||||||||||
Transmission plant | 2,232,927 | 1,844,117 | |||||||||||
Distribution plant | 6,598,990 | 6,019,001 | |||||||||||
General plant | 761,057 | 769,311 | |||||||||||
Intangible plant | 40,515 | 41,131 | |||||||||||
Property, plant and equipment | 9,987,078 | 8,959,702 | |||||||||||
Construction in progress | 184,062 | 280,398 | |||||||||||
Total property, plant and equipment and construction in progress | 10,171,140 | 9,240,100 | |||||||||||
Less accumulated depreciation and amortization | (1,890,629) | (1,809,520) | |||||||||||
Net property, plant and equipment | [1] | 8,280,511 | 7,430,580 | ||||||||||
Plant acquisition adjustments | (59,800) | (68,100) | |||||||||||
Goodwill [Line Items] | |||||||||||||
Goodwill, Beginning Balance | 742,702 | ||||||||||||
Goodwill, Other Changes | [2] | 705 | |||||||||||
Goodwill, Ending Balance | 743,407 | ||||||||||||
Schedule of Other Noncurrent Assets [Abstract] | |||||||||||||
Marketable securities | 72,701 | 74,200 | |||||||||||
Regulatory assets | 214,890 | 182,573 | |||||||||||
Assets from risk management activities noncurrent | 1,822 | 368 | |||||||||||
Other | 15,872 | 18,343 | |||||||||||
Total | 305,285 | 275,484 | |||||||||||
Schedule of Accounts Payable and Accrued Liabilities [Abstract] | |||||||||||||
Trade accounts payable | 114,533 | 78,534 | |||||||||||
Accrued gas payable | 108,526 | 119,825 | |||||||||||
Accrued liabilities | 36,375 | 40,583 | |||||||||||
Total | 259,434 | 238,942 | |||||||||||
Schedule of Other Current Liabilities [Abstract] | |||||||||||||
Customer deposits | 81,890 | 100,232 | |||||||||||
Accrued employee costs | 47,058 | 47,602 | |||||||||||
Deferred gas costs | 20,180 | 28,100 | |||||||||||
Accrued interest | 34,863 | 34,914 | |||||||||||
Liabilities from risk management activities current | 56,771 | 9,568 | |||||||||||
Taxes payable | 104,457 | 93,674 | |||||||||||
Pension and postretirement obligations | 36,606 | 21,857 | |||||||||||
Regulatory cost of removal accrual | 52,610 | 56,123 | |||||||||||
Current deferred tax liability | 0 | 55,918 | |||||||||||
Other | 14,601 | 9,966 | |||||||||||
Total | 449,036 | 457,954 | |||||||||||
Schedule of Other Noncurrent Liabilities [Abstract] | |||||||||||||
Customer advances for construction | 9,850 | 9,316 | |||||||||||
Regulatory liabilities | 4,152 | 3,693 | |||||||||||
Asset retirement obligation | 13,404 | 9,063 | |||||||||||
Liabilities from risk management activities noncurrent | 184,048 | 110,539 | |||||||||||
Other | 34,236 | 29,085 | |||||||||||
Total | 245,690 | 161,696 | |||||||||||
Regulated Distribution Segment [Member] | |||||||||||||
Schedule of Other Current Assets [Abstract] | |||||||||||||
Assets from risk management activities current | 3,029 | 378 | |||||||||||
Public Utilities, Property, Plant and Equipment [Abstract] | |||||||||||||
Net property, plant and equipment | 6,220,425 | 5,670,306 | |||||||||||
Goodwill [Line Items] | |||||||||||||
Goodwill, Beginning Balance | 575,449 | ||||||||||||
Goodwill, Other Changes | [2] | 665 | |||||||||||
Goodwill, Ending Balance | 576,114 | ||||||||||||
Schedule of Other Noncurrent Assets [Abstract] | |||||||||||||
Assets from risk management activities noncurrent | 1,822 | 368 | |||||||||||
Schedule of Other Current Liabilities [Abstract] | |||||||||||||
Liabilities from risk management activities current | 56,771 | 9,568 | |||||||||||
Schedule of Other Noncurrent Liabilities [Abstract] | |||||||||||||
Liabilities from risk management activities noncurrent | 184,048 | 110,539 | |||||||||||
Regulated Pipeline Segment [Member] | |||||||||||||
Schedule of Other Current Assets [Abstract] | |||||||||||||
Assets from risk management activities current | 0 | 0 | |||||||||||
Public Utilities, Property, Plant and Equipment [Abstract] | |||||||||||||
Net property, plant and equipment | 2,008,997 | 1,706,449 | |||||||||||
Goodwill [Line Items] | |||||||||||||
Goodwill, Beginning Balance | 132,542 | ||||||||||||
Goodwill, Other Changes | [2] | 40 | |||||||||||
Goodwill, Ending Balance | 132,582 | ||||||||||||
Schedule of Other Noncurrent Assets [Abstract] | |||||||||||||
Assets from risk management activities noncurrent | 0 | 0 | |||||||||||
Schedule of Other Current Liabilities [Abstract] | |||||||||||||
Liabilities from risk management activities current | 0 | 0 | |||||||||||
Schedule of Other Noncurrent Liabilities [Abstract] | |||||||||||||
Liabilities from risk management activities noncurrent | 0 | 0 | |||||||||||
Nonregulated Segment [Member] | |||||||||||||
Schedule of Other Current Assets [Abstract] | |||||||||||||
Assets from risk management activities current | 6,775 | [3] | 8,854 | [4] | |||||||||
Public Utilities, Property, Plant and Equipment [Abstract] | |||||||||||||
Net property, plant and equipment | 51,089 | 53,825 | |||||||||||
Goodwill [Line Items] | |||||||||||||
Goodwill, Beginning Balance | 34,711 | ||||||||||||
Goodwill, Other Changes | [2] | 0 | |||||||||||
Goodwill, Ending Balance | 34,711 | ||||||||||||
Schedule of Other Noncurrent Assets [Abstract] | |||||||||||||
Assets from risk management activities noncurrent | 0 | 0 | |||||||||||
Schedule of Other Current Liabilities [Abstract] | |||||||||||||
Liabilities from risk management activities current | 0 | [3] | 0 | [4] | |||||||||
Schedule of Other Noncurrent Liabilities [Abstract] | |||||||||||||
Liabilities from risk management activities noncurrent | 0 | [3] | 0 | [4] | |||||||||
Trade Accounts Receivable [Member] | Billed Revenues [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Accounts Receivable, Gross, Current | 206,248 | 204,585 | |||||||||||
Trade Accounts Receivable [Member] | Unbilled Revenues [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Accounts Receivable, Gross, Current | 67,396 | 65,008 | |||||||||||
Other Accounts Receivable [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Accounts Receivable, Gross, Current | $ 39,730 | $ 40,850 | |||||||||||
|
Leases (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2017 | $ 17,073 | ||
2018 | 16,824 | ||
2019 | 15,450 | ||
2020 | 14,479 | ||
2021 | 14,335 | ||
Operating Leases, Thereafter | 47,714 | ||
Total Operating Lease Payments | 125,875 | ||
Lease and Rental Expense | $ 32,600 | $ 32,500 | $ 31,700 |
Minimum [Member] | |||
Operating Leased Assets [Line Items] | |||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 1 year | ||
Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 18 years |
Commitments and Contingencies (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2016
USD ($)
$ / MMcf
MMcf
|
Sep. 30, 2015
USD ($)
|
Sep. 30, 2014
USD ($)
|
|
Estimated Contractual Demand Fees [Abstract] | |||
2017 | $ 9,065 | ||
2018 | 2,336 | ||
2019 | 424 | ||
2020 | 400 | ||
2021 | 327 | ||
Thereafter | 678 | ||
Total Estimated Contractual Demand Fees | 13,230 | ||
Mid-Tex Division [Member] | |||
Long Term Purchase Commitment [Line Items] | |||
Significant Purchase Commitment, Amount | 85,300 | $ 113,300 | $ 140,900 |
Nonregulated Segment [Member] | |||
Long Term Purchase Commitment [Line Items] | |||
Significant Purchase Commitment, Amount | $ 763,200 | $ 1,141,300 | $ 1,687,500 |
Inventories Under Indexed Contracts [Member] | Mid-Tex Division [Member] | |||
Long Term Purchase Commitment [Line Items] | |||
Long Term Purchase Commitment Minimum Quantity Required Within One Year | MMcf | 28,500 | ||
Long Term Purchase Commitment Minimum Quantity Required One To Three Years | MMcf | 4,200 | ||
Long Term Purchase Commitment Minimum Quantity Required After Three Years | MMcf | 600 | ||
Inventories Under Indexed Contracts [Member] | Nonregulated Segment [Member] | |||
Long Term Purchase Commitment [Line Items] | |||
Long Term Purchase Commitment Minimum Quantity Required Within One Year | MMcf | 93,500 | ||
Long Term Purchase Commitment Minimum Quantity Required One To Three Years | MMcf | 9,100 | ||
Long Term Purchase Commitment Minimum Quantity Required After Three Years | MMcf | 200 | ||
Inventories Under Fixed Price Contracts [Member] | |||
Long Term Purchase Commitment [Line Items] | |||
Long Term Purchase Commitment Minimum Quantity Required Within One Year | MMcf | 11,900 | ||
Inventories Under Fixed Price Contracts [Member] | Nonregulated Segment [Member] | |||
Long Term Purchase Commitment [Line Items] | |||
Long Term Purchase Commitment Minimum Quantity Required One To Three Years | MMcf | 1,300 | ||
Purchase Commitment Amount Minimum | $ / MMcf | 0.25 | ||
Purchase Commitment Amount Maximum | $ / MMcf | 3.16 |
Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|
Current income taxes | |||
Federal | $ 0 | $ 0 | $ 0 |
State | 6,822 | 7,251 | 5,527 |
Deferred income taxes | |||
Federal | 181,790 | 175,897 | 169,106 |
State | 11,766 | 12,548 | 12,375 |
Investment tax credits | (5) | (6) | (6) |
Income tax expense | 200,373 | 195,690 | 187,002 |
Deferred tax assets | |||
Employee benefit plans | 122,682 | 121,619 | |
Interest rate agreements | 107,782 | 51,067 | |
Tax net operating loss carryforwards | 514,391 | 313,224 | |
Tax credit carryforward | 22,273 | 22,281 | |
Other | 23,648 | 36,695 | |
Total deferred tax assets | 790,776 | 544,886 | |
Valuation allowance | (10,481) | (10,872) | |
Net deferred tax assets | 780,295 | 534,014 | |
Deferred tax liabilities | |||
Difference in net book value and net tax value of assets | (2,259,278) | (1,890,886) | |
Pension funding | (30,652) | (35,247) | |
Gas Cost Adjustments | (54,725) | (43,634) | |
Other | (38,696) | (31,480) | |
Total deferred tax liabilities | (2,383,351) | (2,001,247) | |
Net deferred tax liabilities | (1,603,056) | (1,467,233) | |
Deferred credits for rate regulated entities | 861 | 412 | |
Deferred Tax Assets, Charitable Contribution Carryforwards [Abstract] | |||
Deferred Tax Assets, Charitable Contribution Carryforwards | $ 11,000 | ||
Charitable Contribution Carryforwards, Expiration Date, Minimum | Dec. 31, 2017 | ||
Charitable Contribution Carryforwards, Expiration Date, Maximum | Dec. 31, 2021 | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Expiration of Deferred Tax Assets | $ 200 | ||
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Unrecognized Tax Benefits, Beginning Balance | 17,069 | 12,629 | |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 1,009 | ||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (290) | ||
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 3,519 | 3,431 | |
Unrecognized Tax Benefits, Ending Balance | 20,298 | 17,069 | $ 12,629 |
Unrecognized Tax Benefits, Deferred Federal and State Income Tax Benefits | (7,104) | (5,974) | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 13,194 | 11,095 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 2,500 | 500 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 3,300 | 800 | |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances and Reserves, Charged to Cost and Expense | 1,100 | $ 5,000 | |
Valuation Allowances and Reserves, Deductions | 1,400 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | 20,400 | ||
Operating Loss Carryforwards, Federal Tax Effects | $ 11,000 | ||
State and Local Jurisdiction [Member] | Minimum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2017 | ||
State and Local Jurisdiction [Member] | Maximum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2031 | ||
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | $ 494,000 | ||
Domestic Tax Authority [Member] | Minimum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2029 |
Income Taxes Tax Credit Carryforwards (Details) $ in Millions |
Sep. 30, 2016
USD ($)
|
---|---|
State and Local Jurisdiction [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforward, Amount | $ 1.1 |
Domestic Tax Authority [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforward, Amount | $ 10.1 |
Income Taxes Rate Reconciliation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Tax at statutory rate of 35% | $ 192,667 | $ 178,768 | $ 166,887 |
Common stock dividends deductible for tax reporting | (2,570) | (2,413) | (2,307) |
State taxes (net of federal benefit) | 11,504 | 12,869 | 11,636 |
Change in valuation allowance | 1,324 | 4,998 | 6,969 |
Other, net | (2,552) | 1,468 | 3,817 |
Income tax expense (benefit) | $ 200,373 | $ 195,690 | $ 187,002 |
Financial Instruments Financial Instruments at Fair Value (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Sep. 30, 2015 |
||||||
---|---|---|---|---|---|---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Derivative Asset, Current | $ 9,804 | $ 9,232 | ||||||
Derivative Asset, Noncurrent | 1,822 | 368 | ||||||
Derivative Liability, Current | (56,771) | (9,568) | ||||||
Derivative Liability, Noncurrent | (184,048) | (110,539) | ||||||
Derivative Assets (Liabilities), at Fair Value, Net | (229,193) | (110,507) | ||||||
Regulated Distribution Segment [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Derivative Asset, Current | 3,029 | 378 | ||||||
Derivative Asset, Noncurrent | 1,822 | 368 | ||||||
Derivative Liability, Current | (56,771) | (9,568) | ||||||
Derivative Liability, Noncurrent | (184,048) | (110,539) | ||||||
Derivative Assets (Liabilities), at Fair Value, Net | (235,968) | (119,361) | ||||||
Cash Held In Margin Accounts Used to Offset Risk Management Liabilities | 25,670 | 0 | ||||||
Cash Held In Margin Accounts Classified Current Risk Management Asset | 0 | 0 | ||||||
Nonregulated Segment [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Derivative Asset, Current | 6,775 | [1] | 8,854 | [2] | ||||
Derivative Asset, Noncurrent | 0 | 0 | ||||||
Derivative Liability, Current | 0 | [1] | 0 | [2] | ||||
Derivative Liability, Noncurrent | 0 | [1] | 0 | [2] | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 6,775 | 8,854 | ||||||
Cash Held in Margin Accounts | 24,700 | 43,500 | ||||||
Cash Held In Margin Accounts Used to Offset Risk Management Liabilities | 17,905 | 34,620 | ||||||
Cash Held In Margin Accounts Classified Current Risk Management Asset | $ 6,775 | $ 8,854 | ||||||
|
Financial Instruments Balance Sheet Location (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Sep. 30, 2015 |
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 11,626 | $ 9,600 |
Derivative Liability | (240,819) | (120,107) |
Regulated Distribution Segment [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 4,851 | 746 |
Derivative Asset, Contract Netting | 0 | 0 |
Derivative Asset, Net of Contract Netting | 4,851 | 746 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Asset | 4,851 | 746 |
Derivative Liability, Fair Value, Gross Liability | (266,489) | (120,107) |
Derivative Liability, Contract Netting | 0 | 0 |
Derivative Liability, Net of Contract Netting | (266,489) | (120,107) |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 25,670 | 0 |
Derivative Liability | (240,819) | (120,107) |
Regulated Distribution Segment [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | (266,489) | (110,539) |
Regulated Distribution Segment [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member] | Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Regulated Distribution Segment [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member] | Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | |
Regulated Distribution Segment [Member] | Designated as Hedging Instrument [Member] | Deferred Charges And Other Assets [Member] | Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Regulated Distribution Segment [Member] | Designated as Hedging Instrument [Member] | Deferred Charges And Other Assets [Member] | Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Regulated Distribution Segment [Member] | Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Regulated Distribution Segment [Member] | Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (68,481) | |
Regulated Distribution Segment [Member] | Designated as Hedging Instrument [Member] | Deferred Credits And Other Liabilities [Member] | Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Regulated Distribution Segment [Member] | Designated as Hedging Instrument [Member] | Deferred Credits And Other Liabilities [Member] | Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (198,008) | (110,539) |
Regulated Distribution Segment [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 4,851 | 746 |
Derivative Liability, Fair Value, Gross Liability | 0 | (9,568) |
Regulated Distribution Segment [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 3,029 | 378 |
Regulated Distribution Segment [Member] | Not Designated as Hedging Instrument [Member] | Deferred Charges And Other Assets [Member] | Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1,822 | 368 |
Regulated Distribution Segment [Member] | Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | (9,568) |
Regulated Distribution Segment [Member] | Not Designated as Hedging Instrument [Member] | Deferred Credits And Other Liabilities [Member] | Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Nonregulated Segment [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 39,290 | 91,363 |
Derivative Asset, Contract Netting | (39,290) | (91,363) |
Derivative Asset, Net of Contract Netting | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | 6,775 | 8,854 |
Derivative Asset | 6,775 | 8,854 |
Derivative Liability, Fair Value, Gross Liability | (57,195) | (125,983) |
Derivative Liability, Contract Netting | 39,290 | 91,363 |
Derivative Liability, Net of Contract Netting | (17,905) | (34,620) |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 17,905 | 34,620 |
Derivative Liability | 0 | 0 |
Nonregulated Segment [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 8,790 | 11,806 |
Derivative Liability, Fair Value, Gross Liability | (25,682) | (45,985) |
Nonregulated Segment [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member] | Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 6,612 | 11,680 |
Nonregulated Segment [Member] | Designated as Hedging Instrument [Member] | Other Current Assets [Member] | Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | |
Nonregulated Segment [Member] | Designated as Hedging Instrument [Member] | Deferred Charges And Other Assets [Member] | Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 2,178 | 126 |
Nonregulated Segment [Member] | Designated as Hedging Instrument [Member] | Deferred Charges And Other Assets [Member] | Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Nonregulated Segment [Member] | Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (21,903) | (36,067) |
Nonregulated Segment [Member] | Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | |
Nonregulated Segment [Member] | Designated as Hedging Instrument [Member] | Deferred Credits And Other Liabilities [Member] | Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (3,779) | (9,918) |
Nonregulated Segment [Member] | Designated as Hedging Instrument [Member] | Deferred Credits And Other Liabilities [Member] | Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Nonregulated Segment [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 30,500 | 79,557 |
Derivative Liability, Fair Value, Gross Liability | (31,513) | (79,998) |
Nonregulated Segment [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 18,157 | 65,239 |
Nonregulated Segment [Member] | Not Designated as Hedging Instrument [Member] | Deferred Charges And Other Assets [Member] | Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 12,343 | 14,318 |
Nonregulated Segment [Member] | Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (18,812) | (65,780) |
Nonregulated Segment [Member] | Not Designated as Hedging Instrument [Member] | Deferred Credits And Other Liabilities [Member] | Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ (12,701) | $ (14,218) |
Financial Instruments Descriptions (Details) $ in Millions |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2014
USD ($)
|
Sep. 30, 2016
USD ($)
$ / Mcf
MMcf
|
Sep. 30, 2015
USD ($)
|
Sep. 30, 2014
USD ($)
|
|
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 Actual Heating Season Gas | 33.00% | |||
Hedge Volume Of Actual Heating Season Gas | MMcf | 23,000 | |||
Weighted Average Cost Of Actual Heating Season Gas | $ / Mcf | 3.14 | |||
Minimum Length Of Time Hedged In Cash Flow Hedge | 1 month | |||
Maximum Length of Time Hedged in Cash Flow Hedge | 63 months | |||
Net Open Positions | MMcf | 100 | |||
Gain (Loss) On Hedge Ineffectiveness | $ 21.6 | $ 0.2 | $ 1.9 | |
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 | $ (15.5) | $ 15.5 | $ (5.0) | |
Interest Rate Hedges, Senior Notes 2015 Issuance [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 500.0 | |||
Derivative, Cash Received on Hedge | $ 13.4 | |||
Interest Rate Hedges, Senior Notes 2017 Issuance [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 210.0 | |||
Anticipated Debt Issuance, Amount | 250.0 | |||
Interest Rate Hedges, Senior Notes 2019 Issuance [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 450.0 | |||
Anticipated Debt Issuance, Amount | $ 450.0 |
Financial Instruments Commodity Contract Volumes (Details) |
Sep. 30, 2016
MMcf
|
---|---|
Regulated Distribution Segment [Member] | |
Commodity Contract Outstanding Volumes [Line Items] | |
Investment Contract Volume | 18,595 |
Regulated Distribution Segment [Member] | Not Designated as Hedging Instrument [Member] | |
Commodity Contract Outstanding Volumes [Line Items] | |
Investment Contract Volume | 18,595 |
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 | 91,030 |
Nonregulated Segment [Member] | Not Designated as Hedging Instrument [Member] | |
Commodity Contract Outstanding Volumes [Line Items] | |
Investment Contract Volume | 71,147 |
Nonregulated Segment [Member] | Fair Value Hedging [Member] | |
Commodity Contract Outstanding Volumes [Line Items] | |
Investment Contract Volume | (19,395) |
Nonregulated Segment [Member] | Cash Flow Hedging [Member] | |
Commodity Contract Outstanding Volumes [Line Items] | |
Investment Contract Volume | 39,278 |
Financial Instruments Fair Value Hedges and Cash Flow Hedges (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|
Effect of Fair Value Hedges on Results of Operations [Abstract] | |||
Commodity contracts | $ 3,516 | $ 10,311 | $ (792) |
Fair value adjustment for natural gas inventory designated as the hedged item | 18,079 | (9,768) | 2,486 |
Total (increase) decrease in purchased gas cost | 21,595 | 543 | 1,694 |
Fair Value Hedge Basis Ineffectiveness | (1,390) | 811 | (919) |
Fair Value Hedge Timing Ineffectiveness | 22,985 | (268) | 2,613 |
Cash Flow Hedge [Line Items] | |||
Gain (loss) reclassified from AOCI into purchased gas cost for effective portion of commodity contracts | (52,651) | (41,716) | 8,365 |
Gain (loss) arising from ineffective portion of commodity contracts | (19) | (325) | 198 |
Total impact on purchased gas cost | (52,670) | (42,041) | 8,563 |
Net loss on settled Treasury lock agreements reclassified from AOCI into interest expense | (546) | (853) | (4,230) |
Total Impact from Cash Flow Hedges | (53,216) | (42,894) | 4,333 |
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 | 0 |
Gain (loss) arising from ineffective portion of commodity contracts | 0 | 0 | 0 |
Total impact on purchased gas cost | 0 | 0 | 0 |
Net loss on settled Treasury lock agreements reclassified from AOCI into interest expense | (546) | (853) | (4,230) |
Total Impact from Cash Flow Hedges | (546) | (853) | (4,230) |
Nonregulated Segment [Member] | |||
Cash Flow Hedge [Line Items] | |||
Gain (loss) reclassified from AOCI into purchased gas cost for effective portion of commodity contracts | (52,651) | (41,716) | 8,365 |
Gain (loss) arising from ineffective portion of commodity contracts | (19) | (325) | 198 |
Total impact on purchased gas cost | (52,670) | (42,041) | 8,563 |
Net loss on settled Treasury lock agreements reclassified from AOCI into interest expense | 0 | 0 | 0 |
Total Impact from Cash Flow Hedges | $ (52,670) | $ (42,041) | $ 8,563 |
Financial Instruments Other Comprehensive Income (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
||||||
Other Comprehensive Income [Abstract] | ||||||||
Interest rate agreements fair value | $ (99,029) | $ (71,003) | ||||||
Forward commodity contracts fair value | (11,662) | (49,211) | ||||||
Interest rate agreements | 347 | 542 | ||||||
Forward commodity contracts | 32,117 | 25,448 | ||||||
Total other comprehensive income (loss) from hedging, net of tax | [1] | (78,227) | (94,224) | |||||
Expected Earnings [Line Items] | ||||||||
FY2017 | (4,430) | |||||||
FY2018 | (1,210) | |||||||
FY2019 | (1,087) | |||||||
FY2020 | (724) | |||||||
FY2021 | (696) | |||||||
Thereafter | (15,139) | |||||||
Cash Flow Hedge Gain (Loss) To Be Reclassiflied, Total | [2] | (23,286) | ||||||
Interest Rate Contract [Member] | ||||||||
Other Comprehensive Income [Abstract] | ||||||||
Total other comprehensive income (loss) from hedging, net of tax | (98,682) | (70,461) | $ (56,287) | |||||
Expected Earnings [Line Items] | ||||||||
FY2017 | (447) | |||||||
FY2018 | (649) | |||||||
FY2019 | (673) | |||||||
FY2020 | (698) | |||||||
FY2021 | (698) | |||||||
Thereafter | (15,139) | |||||||
Cash Flow Hedge Gain (Loss) To Be Reclassiflied, Total | [2] | (18,304) | ||||||
Commodity Contract [Member] | ||||||||
Other Comprehensive Income [Abstract] | ||||||||
Total other comprehensive income (loss) from hedging, net of tax | 20,455 | $ (23,763) | $ 2,802 | |||||
Expected Earnings [Line Items] | ||||||||
FY2017 | (3,983) | |||||||
FY2018 | (561) | |||||||
FY2019 | (414) | |||||||
FY2020 | (26) | |||||||
FY2021 | 2 | |||||||
Thereafter | 0 | |||||||
Cash Flow Hedge Gain (Loss) To Be Reclassiflied, Total | [2] | $ (4,982) | ||||||
|
Fair Value Measurements (Details) - USD ($) |
Sep. 30, 2016 |
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 | $ (32,515,000) | [1] | $ (82,509,000) | [2] | |||||||
Derivative Asset | 11,626,000 | 9,600,000 | |||||||||
Hedged portion of gas stored underground | 52,578,000 | 43,901,000 | |||||||||
Available-for-sale Securities | 72,701,000 | 74,200,000 | |||||||||
Total assets | 136,905,000 | 127,701,000 | |||||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (82,865,000) | [1] | (125,983,000) | [2] | |||||||
Derivative Liability | 240,819,000 | 120,107,000 | |||||||||
Additional Fair Value Elements [Abstract] | |||||||||||
Debt Instrument Carrying Amount | 2,460,000,000 | 2,460,000,000 | |||||||||
Debt Instrument Fair Value | 2,844,990,000 | ||||||||||
Money Market Funds [Member] | |||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||||
Available-for-sale Securities | 2,630,000 | 1,072,000 | |||||||||
Equity Securities [Member] | |||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||||
Available-for-sale Securities | 38,677,000 | 40,619,000 | |||||||||
Debt Securities [Member] | |||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||||
Available-for-sale Securities | 31,394,000 | 32,509,000 | |||||||||
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 | [1] | 0 | [2] | |||||||
Derivative Asset | 4,851,000 | 746,000 | |||||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (25,670,000) | [1] | 0 | [2] | |||||||
Derivative Liability | 240,819,000 | 120,107,000 | |||||||||
Cash Held In Margin Accounts Used to Offset Risk Management Liabilities | 25,670,000 | 0 | |||||||||
Cash Held In Margin Accounts Classified Current Risk Management Asset | 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 | (32,515,000) | [1] | (82,509,000) | [2] | |||||||
Derivative Asset | 6,775,000 | 8,854,000 | |||||||||
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (57,195,000) | [1] | (125,983,000) | [2] | |||||||
Derivative Liability | 0 | 0 | |||||||||
Cash Held in Margin Accounts | 24,700,000 | 43,500,000 | |||||||||
Cash Held In Margin Accounts Used to Offset Risk Management Liabilities | 17,905,000 | 34,620,000 | |||||||||
Cash Held In Margin Accounts Classified Current Risk Management Asset | 6,775,000 | 8,854,000 | |||||||||
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 | 52,578,000 | 43,901,000 | |||||||||
Available-for-sale Securities | 38,677,000 | 40,619,000 | |||||||||
Total assets | 91,255,000 | 84,520,000 | |||||||||
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 | 38,677,000 | 40,619,000 | |||||||||
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 | [3] | 44,141,000 | 92,109,000 | ||||||||
Hedged portion of gas stored underground | [3] | 0 | 0 | ||||||||
Available-for-sale Securities | [3] | 34,024,000 | 33,581,000 | ||||||||
Total assets | [3] | 78,165,000 | 125,690,000 | ||||||||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | [3] | 323,684,000 | 246,090,000 | ||||||||
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 | [3] | 2,630,000 | 1,072,000 | ||||||||
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 | [3] | 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 | [3] | 31,394,000 | 32,509,000 | ||||||||
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 | [3] | 4,851,000 | 746,000 | ||||||||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | [3] | 266,489,000 | 120,107,000 | ||||||||
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 | [3] | 39,290,000 | 91,363,000 | ||||||||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | [3] | 57,195,000 | 125,983,000 | ||||||||
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 |
Sep. 30, 2016 |
Sep. 30, 2015 |
---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 65,572 | $ 66,399 |
Gross Unrealized Gain | 7,729 | 8,343 |
Gross Unrealized Loss | (600) | (542) |
Fair value | 72,701 | 74,200 |
Available-for-sale Securities, Other Disclosure Items [Abstract] | ||
Available-for-sale Securities, Supplemental Executive Benefit Plans | 41,300 | 41,700 |
Equity Funds Domestic [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 26,692 | 27,643 |
Gross Unrealized Gain | 6,419 | 7,332 |
Gross Unrealized Loss | (590) | (456) |
Fair value | 32,521 | 34,519 |
Equity Funds Foreign [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,954 | 5,261 |
Gross Unrealized Gain | 1,202 | 905 |
Gross Unrealized Loss | 0 | (66) |
Fair value | 6,156 | 6,100 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 31,296 | 32,423 |
Gross Unrealized Gain | 108 | 106 |
Gross Unrealized Loss | (10) | (20) |
Fair value | 31,394 | 32,509 |
Money Market Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,630 | 1,072 |
Gross Unrealized Gain | 0 | 0 |
Gross Unrealized Loss | 0 | 0 |
Fair value | $ 2,630 | $ 1,072 |
Subsequent Events (Details) - USD ($) $ in Millions |
Oct. 29, 2016 |
Oct. 25, 2016 |
Oct. 20, 2016 |
Oct. 05, 2016 |
Sep. 30, 2016 |
---|---|---|---|---|---|
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Subsequent Event, Date | Oct. 29, 2016 | Oct. 25, 2016 | Oct. 20, 2016 | Oct. 05, 2016 | |
Subsequent Event, Description | AEH entered into a Membership Interest Purchase Agreement (the Agreement) with CenterPoint Energy Services, Inc., a subsidiary of CenterPoint Energy, Inc. to sell all of the equity interests of AEM for $40.0 million plus working capital at the date of closing. No material gain or loss is currently anticipated in connection with the closing of this transaction. We expect this transaction to close during the second quarter of fiscal 2017. |
the uncommitted $25 million 364-day bilateral credit facility was renewed through July 31, 2017. |
the Society of Actuaries released its annually-updated mortality improvement scale for pension plans incorporating new assumptions surrounding life expectancies in the United States. As of September 30, 2016, we updated our assumed mortality rates to incorporate the updated mortality table. |
we amended our existing $1.25 billion unsecured credit facility (the five-year unsecured credit facility) which increased the committed loan to $1.5 billion and extended the facility through September 25, 2021. |
|
Atmos Energy Marketing [Member] | |||||
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | |||||
Disposal Group, Including Discontinued Operation, Consideration | $ 40.0 | ||||
Atmos Energy Marketing [Member] | Disposal Group, Not Discontinued Operations [Member] | |||||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | |||||
Net property, plant and equipment | 13.0 | ||||
Accounts receivable | 94.0 | ||||
Gas stored underground | 56.0 | ||||
Other current assets | 13.0 | ||||
Goodwill | 15.0 | ||||
Deferred charges and other assets | 0.3 | ||||
Total assets included in disposal group | 191.3 | ||||
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | |||||
Accounts payable and accrued liabilities | 71.0 | ||||
Other current liabilities | 8.0 | ||||
Deferred credits and other | 0.2 | ||||
Total liabilities included in disposal group | $ 79.2 |
Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|
Operating Revenues by Segment [Line Items] | |||||||||||
Operating revenues | $ 678,519 | $ 632,916 | $ 1,132,293 | $ 906,221 | $ 656,902 | $ 686,401 | $ 1,540,068 | $ 1,258,765 | $ 3,349,949 | $ 4,142,136 | $ 4,940,916 |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Gross profit | 376,011 | 407,311 | 517,811 | 443,763 | 354,321 | 381,673 | 520,738 | 423,285 | 1,744,896 | 1,680,017 | 1,582,426 |
Operating income | 84,633 | 137,164 | 250,016 | 196,205 | 75,853 | 117,607 | 250,210 | 187,725 | 668,018 | 631,395 | 611,349 |
Net income | $ 34,240 | $ 71,193 | $ 141,810 | $ 102,861 | $ 23,515 | $ 56,281 | $ 137,684 | $ 97,595 | $ 350,104 | $ 315,075 | $ 289,817 |
Income per share - basic (usd per share) | $ 3.38 | $ 3.09 | $ 2.96 | ||||||||
Net income per share — basic (usd per share) | $ 0.33 | $ 0.69 | $ 1.38 | $ 1.00 | $ 0.23 | $ 0.55 | $ 1.35 | $ 0.96 | 3.38 | 3.09 | 2.96 |
Net income per share — diluted (usd per share) | $ 0.33 | $ 0.69 | $ 1.38 | $ 1.00 | $ 0.23 | $ 0.55 | $ 1.35 | $ 0.96 | $ 3.38 | $ 3.09 | $ 2.96 |
Regulated Distribution Segment [Member] | |||||||||||
Operating Revenues by Segment [Line Items] | |||||||||||
Operating revenues | $ 389,353 | $ 414,226 | $ 849,685 | $ 638,602 | $ 369,656 | $ 416,794 | $ 1,130,613 | $ 846,772 | $ 2,291,866 | $ 2,763,835 | $ 3,061,546 |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Gross profit | 1,272,805 | 1,237,577 | 1,176,515 | ||||||||
Operating income | 439,584 | 420,149 | 384,568 | ||||||||
Net income | 232,370 | 204,813 | 171,585 | ||||||||
Regulated Pipeline Segment [Member] | |||||||||||
Operating Revenues by Segment [Line Items] | |||||||||||
Operating revenues | 109,204 | 109,249 | 95,703 | 94,677 | 97,807 | 97,008 | 91,730 | 83,567 | 408,833 | 370,112 | 318,459 |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Gross profit | 408,833 | 370,112 | 318,459 | ||||||||
Operating income | 199,434 | 181,267 | 172,819 | ||||||||
Net income | 101,689 | 94,662 | 86,191 | ||||||||
Nonregulated Segment [Member] | |||||||||||
Operating Revenues by Segment [Line Items] | |||||||||||
Operating revenues | 291,889 | 214,555 | 287,395 | 272,524 | 292,830 | 278,769 | 438,322 | 462,288 | 1,066,363 | 1,472,209 | 2,067,292 |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Gross profit | 63,790 | 72,860 | 87,955 | ||||||||
Operating income | 29,000 | 29,979 | 53,962 | ||||||||
Net income | 16,045 | 15,600 | 32,041 | ||||||||
Intersegment Elimination [Member] | |||||||||||
Operating Revenues by Segment [Line Items] | |||||||||||
Operating revenues | $ (111,927) | $ (105,114) | $ (100,490) | $ (99,582) | $ (103,391) | $ (106,170) | $ (120,597) | $ (133,862) | (417,113) | (464,020) | (506,381) |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Gross profit | (532) | (532) | (503) | ||||||||
Operating income | 0 | 0 | 0 | ||||||||
Net income | $ 0 | $ 0 | $ 0 |
Valuation and Qualifying Accounts (Details) - Allowance For Doubtful Accounts Member - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
|||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Balance at beginning of period | $ 15,283 | $ 23,992 | $ 20,624 | ||
Charged to costs & expenses | 10,397 | 15,082 | 19,491 | ||
Charged to other accounts | 0 | 0 | 0 | ||
Valuation Allowances and Reserves, Deductions | [1] | 12,313 | 23,791 | 16,123 | |
Balance at end of period | $ 13,367 | $ 15,283 | $ 23,992 | ||
|
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