Summary of Significant Accounting Policies (Tables)

12 Months Ended

Sep. 30, 2017

Our equity and cost method investments are included in “Other assets” on the Consolidated Balance Sheets and comprise the following amounts at September 30, 2017 and 2016:



	2017		2016
Equity method investments	$	59.1	$	25.9
Cost method investments (a)	$	61.3	$	70.1


(a)	Cost method investments at September 30, 2017 and 2016 include $7.0 and $18.0, respectively, associated with our investment in a private equity partnership that invests in renewable energy companies.

Cost Method Investments

Our equity and cost method investments are included in “Other assets” on the Consolidated Balance Sheets and comprise the following amounts at September 30, 2017 and 2016:



	2017		2016
Equity method investments	$	59.1	$	25.9
Cost method investments (a)	$	61.3	$	70.1


(a)	Cost method investments at September 30, 2017 and 2016 include $7.0 and $18.0, respectively, associated with our investment in a private equity partnership that invests in renewable energy companies.

Shares Used in Computing Basic and Diluted Earnings Per Share

In the following table, we present shares used in computing basic and diluted earnings per share for Fiscal 2017, Fiscal 2016 and Fiscal 2015:



(Thousands of shares)	2017	2016	2015
Weighted-average common shares outstanding for basic computation	173,662	173,154	173,115
Incremental shares issuable for stock options and common stock awards (a)	3,497	2,418	2,552
Weighted-average common shares outstanding for diluted computation	177,159	175,572	175,667

(a)

For Fiscal 2017, Fiscal 2016 and Fiscal 2015, there were 146 shares, 38 shares and 1 share, respectively, associated with outstanding stock option awards that were not included in the computation of diluted earnings per share above because their effect was antidilutive. See “Equity-Based Compensation” below for a description of the impact on the calculation of diluted shares for Fiscal 2017, resulting from the adoption of new accounting guidance regarding share-based payments.

Estimated Useful Lives by Type

September 30, 2017, estimated useful lives by type were as follows:



Asset Type	Minimum Estimated Useful Life (in years)	Maximum Estimated Useful Life (in years)
Buildings and improvements	10	40
Equipment, primarily cylinders and tanks	5	40
Electricity generation facilities	25	40
Pipeline and related assets	25	40
Transportation equipment and office furniture and fixtures	3	12
Computer software	1	10

Property, plant and equipment comprise the following at September 30:



	2017		2016
Utilities:
Distribution	$	2,835.3	$	2,634.2
Transmission	96.4		93.5
Work in process	112.6		103.9
General and other	241.0		167.3
Total Utilities	3,285.3		2,998.9

Non-utility:
Land	180.1		169.9
Buildings and improvements	351.2		382.2
Transportation equipment	289.3		301.7
Equipment, primarily cylinders and tanks	3,529.4		3,421.5
Electric generation	310.0		309.4
Pipeline and related assets	454.5		235.8
Work in process	95.3		201.6
Other	354.8		324.3
Total non-utility	5,564.6		5,346.4
Total property, plant and equipment	$	8,849.9	$	8,345.3

Average Composite Depreciation Rates

The average composite depreciation rates at our Gas Utility and Electric Utility for Fiscal 2017, 2016 and 2015 were as follows:



	2017		2016		2015
Gas Utility	2.2	%	2.2	%	2.2	%
Electric Utility	2.4	%	2.5	%	2.5	%