Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'UGI UTILITIES INC | ' |
Entity Central Index Key | '0000100548 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 26,781,785 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (unaudited) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash and cash equivalents | $14,238 | $4,707 | $58,329 |
Restricted cash | 0 | 3,181 | 0 |
Accounts receivable (less allowances for doubtful accounts of $12,098, $5,519 and $8,052, respectively) | 181,823 | 53,341 | 141,053 |
Accounts receivable — related parties | 8,633 | 3,497 | 9,518 |
Accrued utility revenues | 49,710 | 18,868 | 48,857 |
Inventories | 20,629 | 89,661 | 16,215 |
Deferred income taxes | 12,877 | 14,165 | 32,815 |
Regulatory assets | 4,242 | 8,217 | 1,072 |
Derivative financial instruments | 3,221 | 43 | 8,528 |
Prepaid expenses & other current assets | 13,705 | 15,862 | 16,755 |
Total current assets | 309,078 | 211,542 | 333,142 |
Property, plant and equipment, at cost (less accumulated depreciation and amortization of $877,460, $853,675 and $837,110, respectively) | 1,611,934 | 1,574,135 | 1,508,985 |
Goodwill | 182,145 | 182,145 | 182,145 |
Regulatory assets | 231,689 | 236,694 | 321,257 |
Other assets | 5,771 | 5,806 | 2,808 |
Total assets | 2,340,617 | 2,210,322 | 2,348,337 |
Current liabilities: | ' | ' | ' |
Current maturities of long-term debt | 0 | 0 | 133,000 |
Bank loans | 6,500 | 17,500 | 0 |
Accounts payable | 69,468 | 51,970 | 48,099 |
Accounts payable — related parties | 20,715 | 12,487 | 12,535 |
Deferred fuel refunds | 3,204 | 8,283 | 31,209 |
Derivative financial instruments | 372 | 6,677 | 29,077 |
Other current liabilities | 149,983 | 110,596 | 149,801 |
Total current liabilities | 250,242 | 207,513 | 403,721 |
Long-term debt | 642,000 | 642,000 | 467,000 |
Deferred income taxes | 448,678 | 436,810 | 413,168 |
Deferred investment tax credits | 4,100 | 4,270 | 4,440 |
Pension and postretirement benefit obligations | 65,972 | 72,505 | 174,905 |
Other noncurrent liabilities | 52,669 | 55,610 | 53,965 |
Total liabilities | 1,463,661 | 1,418,708 | 1,517,199 |
Commitments and contingencies (note 8) | ' | ' | ' |
Common stockholder’s equity: | ' | ' | ' |
Common Stock, $2.25 par value (authorized — 40,000,000 shares; issued and outstanding — 26,781,785 shares) | 60,259 | 60,259 | 60,259 |
Additional paid-in capital | 470,761 | 470,098 | 469,501 |
Retained earnings | 353,680 | 269,977 | 324,450 |
Accumulated other comprehensive loss | -7,744 | -8,720 | -23,072 |
Total common stockholder’s equity | 876,956 | 791,614 | 831,138 |
Total liabilities and stockholder’s equity | $2,340,617 | $2,210,322 | $2,348,337 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (unaudited) Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | |||
Statement of Financial Position [Abstract] | ' | ' | ' |
Allowance for doubtful accounts on accounts receivable | $12,098 | $5,519 | $8,052 |
Accumulated depreciation and amortization on property, plant and equipment | $877,460 | $853,675 | $837,110 |
Common stock, par value | $2.25 | $2.25 | $2.25 |
Common stock, shares authorized | 40,000,000 | 40,000,000 | 40,000,000 |
Common stock, shares issued | 26,781,785 | 26,781,785 | 26,781,785 |
Common stock, shares outstanding | 26,781,785 | 26,781,785 | 26,781,785 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenues | $513,956 | $395,901 | $812,855 | $669,698 |
Costs and expenses: | ' | ' | ' | ' |
Cost of sales — gas, fuel and purchased power (excluding depreciation shown below) | 300,424 | 212,785 | 452,289 | 351,062 |
Operating and administrative expenses | 54,306 | 52,421 | 95,451 | 96,656 |
Operating and administrative expenses — related parties | 3,769 | 3,012 | 5,612 | 4,817 |
Taxes other than income taxes | 4,801 | 4,684 | 8,980 | 8,960 |
Depreciation | 13,815 | 12,895 | 27,437 | 25,648 |
Amortization | 828 | 817 | 1,656 | 1,635 |
Other (income) loss, net | -1,941 | 57 | -2,367 | -874 |
Total costs and expenses | 376,002 | 286,671 | 589,058 | 487,904 |
Operating income | 137,954 | 109,230 | 223,797 | 181,794 |
Interest expense | 8,806 | 9,820 | 17,603 | 19,897 |
Income before income taxes | 129,148 | 99,410 | 206,194 | 161,897 |
Income taxes | 53,038 | 41,151 | 84,798 | 66,826 |
Net income | $76,110 | $58,259 | $121,396 | $95,071 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $76,110 | $58,259 | $121,396 | $95,071 |
Other comprehensive income: | ' | ' | ' | ' |
Net gains in fair value of derivative instruments (net of tax of $0, $(2,538), $0 and $(4,337), respectively) | 0 | 3,578 | 0 | 6,115 |
Reclassifications of net losses on derivative instruments (net of tax of $(278), $(84), $(556) and $(168), respectively) | 392 | 118 | 783 | 237 |
Benefit plans reclassifications of actuarial losses and prior service costs (net of tax of $(67), $(139), $(137) and $(278), respectively) | 95 | 198 | 193 | 393 |
Other comprehensive income | 487 | 3,894 | 976 | 6,745 |
Comprehensive income | $76,597 | $62,153 | $122,372 | $101,816 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (unaudited) Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Tax on (loss) gain on derivative instruments | $0 | ($2,538) | $0 | ($4,337) |
Tax on reclassifications of net losses (gains) on derivative instruments | -278 | -84 | -556 | -168 |
Tax on benefit plans | ($67) | ($139) | ($137) | ($278) |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $121,396 | $95,071 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Depreciation and amortization | 29,093 | 27,283 |
Deferred income taxes, net | 12,109 | 4,241 |
Provision for uncollectible accounts | 8,716 | 6,059 |
Other, net | 414 | 7,537 |
Net change in: | ' | ' |
Accounts receivable and accrued utility revenues | -173,176 | -136,644 |
Inventories | 69,032 | 51,119 |
Deferred fuel and power costs, net of changes in unsettled derivatives | -10,181 | 33,311 |
Accounts payable | 25,726 | 3,688 |
Other current assets | 1,746 | 12,632 |
Other current liabilities | 38,355 | 18,120 |
Net cash provided by operating activities | 123,230 | 122,417 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Expenditures for property, plant and equipment | -65,902 | -55,519 |
Net costs of property, plant and equipment disposals | -2,948 | -1,437 |
Decrease in restricted cash | 3,181 | 0 |
Net cash used by investing activities | -65,669 | -56,956 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Payment of dividends | -37,693 | 0 |
Issuances of long-term debt | 175,000 | 0 |
Repayments of long-term debt | -175,000 | 0 |
Decrease in bank loans | -11,000 | -9,200 |
Other | 663 | 809 |
Net cash used by financing activities | -48,030 | -8,391 |
Cash and cash equivalents increase | 9,531 | 57,070 |
CASH AND CASH EQUIVALENTS: | ' | ' |
End of period | 14,238 | 58,329 |
Beginning of period | 4,707 | 1,259 |
Increase | $9,531 | $57,070 |
Nature_of_Operations
Nature of Operations | 6 Months Ended |
Mar. 31, 2014 | |
Nature of Operations [Abstract] | ' |
Nature of Operations | ' |
Nature of Operations | |
UGI Utilities, Inc. (“UGI Utilities”), a wholly owned subsidiary of UGI Corporation (“UGI”), and UGI Utilities’ wholly owned subsidiaries UGI Penn Natural Gas, Inc. (“PNG”) and UGI Central Penn Gas, Inc. (“CPG”), own and operate natural gas distribution utilities in eastern, northeastern and central Pennsylvania and in a portion of one Maryland county. UGI Utilities also owns and operates an electric distribution utility in northeastern Pennsylvania (“Electric Utility”). UGI Utilities’ natural gas distribution utility is referred to as “UGI Gas.” UGI Gas, PNG and CPG are collectively referred to as “Gas Utility.” Gas Utility is subject to regulation by the Pennsylvania Public Utility Commission (“PUC”) and, with respect to its small Maryland service territory, the Maryland Public Service Commission, and Electric Utility is subject to regulation by the PUC. Gas Utility and Electric Utility are collectively referred to as “Utilities.” PNG also has a heating, ventilation and air-conditioning service business, UGI Penn HVAC Services, Inc., which operates principally in the PNG service territory (“HVAC Business”). | |
The term “UGI Utilities” is used sometimes as an abbreviated reference to UGI Utilities, Inc., or to UGI Utilities, Inc. and its subsidiaries, including PNG and CPG. |
Significant_Accounting_Policie
Significant Accounting Policies | 6 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Significant Accounting Policies | ' | ||||||||||||
Significant Accounting Policies | |||||||||||||
Basis of Presentation. Our condensed consolidated financial statements include the accounts of UGI Utilities and its subsidiaries (collectively, “we” or the “Company”). We eliminate all significant intercompany accounts when we consolidate. | |||||||||||||
The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). They include all adjustments that we consider necessary for a fair statement of the results for the interim periods presented. Such adjustments consisted only of normal recurring items unless otherwise disclosed. The September 30, 2013, condensed consolidated balance sheet data was derived from audited financial statements but do not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). These financial statements should be read in conjunction with the financial statements and related notes included in our Annual Report on Form 10-K for the year ended September 30, 2013 (“Company’s 2013 Annual Financial Statements and Notes”). Due to the seasonal nature of our businesses, the results of operations for interim periods are not necessarily indicative of the results to be expected for a full year. | |||||||||||||
Comprehensive Income. Comprehensive income comprises net income and other comprehensive income. Other comprehensive income principally reflects net gains (losses) on interest rate protection agreements qualifying as cash flow hedges and actuarial gains and losses on postretirement benefit plans, net of reclassifications to net income. | |||||||||||||
Changes in accumulated other comprehensive loss during the three and six months ended March 31, 2014 are as follows: | |||||||||||||
Postretirement | Derivative | ||||||||||||
Three Months Ended March 31, 2014: | Benefit Plans | Instruments | Total | ||||||||||
Balance, December 31, 2013 | $ | (5,185 | ) | $ | (3,046 | ) | $ | (8,231 | ) | ||||
Reclassification of benefit plan actuarial losses and prior service cost | 95 | — | 95 | ||||||||||
Reclassifications of net losses on interest rate protection agreements | — | 392 | 392 | ||||||||||
Balance, March 31, 2014 | $ | (5,090 | ) | $ | (2,654 | ) | $ | (7,744 | ) | ||||
Six Months Ended March 31, 2014: | |||||||||||||
Balance, September 30, 2013 | $ | (5,283 | ) | $ | (3,437 | ) | $ | (8,720 | ) | ||||
Reclassification of benefit plan actuarial losses and prior service cost | 193 | — | 193 | ||||||||||
Reclassifications of net losses on interest rate protection agreements | — | 783 | 783 | ||||||||||
Balance, March 31, 2014 | $ | (5,090 | ) | $ | (2,654 | ) | $ | (7,744 | ) | ||||
Amounts in the table above are net of tax. | |||||||||||||
Reclassifications of net losses on interest rate protection agreements are reflected in interest expense on the Condensed Consolidated Statements of Income. | |||||||||||||
Restricted Cash. Restricted cash represents those cash balances in our commodity futures brokerage accounts that are restricted from withdrawal. | |||||||||||||
Correction of Error. We identified an error in the classification of deferred income tax assets on the March 31, 2013, Condensed Consolidated Balance Sheet. We evaluated the impact of the error and have determined that such error is not material. We have revised the March 31, 2013, Condensed Consolidated Balance Sheet to correct the error which decreased the following Condensed Consolidated Balance Sheet items by $20,709: current deferred income taxes; total current assets and total assets; long-term deferred income tax liabilities; total liabilities; and total liabilities and stockholder’s equity. | |||||||||||||
Use of Estimates. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and costs. These estimates are based on management’s knowledge of current events, historical experience and various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may be different from these estimates and assumptions. |
Accounting_Changes
Accounting Changes | 6 Months Ended |
Mar. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Accounting Changes | ' |
Accounting Changes | |
Adoption of New Accounting Standards | |
Disclosures about Reclassifications Out of Accumulated Other Comprehensive Income. Effective October 1, 2013, the Company adopted new accounting guidance regarding disclosures for items reclassified out of accumulated other comprehensive income (“AOCI”). The disclosures required by the new accounting guidance are included in the Note 2 to the condensed consolidated financial statements. The new disclosures are applied prospectively. As this guidance only affects disclosure requirements, the adoption of this guidance did not impact our results of operations, cash flows or financial position. | |
Disclosures about Offsetting Assets and Liabilities. In Fiscal 2014 the Company adopted new accounting guidance requiring entities to disclose both gross and net information about recognized derivative instruments that are offset on the balance sheet as a result of an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset on the balance sheet. The new disclosures are applied retroactively for all periods presented. The disclosures required are included in Note 10 to the condensed consolidated financial statements. As this guidance only affects disclosure requirements, the adoption of this guidance did not impact our results of operations, cash flows or financial position. |
Segment_Information
Segment Information | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
Segment Information | ||||||||||||||||
We have determined that we have two reportable segments: (1) Gas Utility and (2) Electric Utility. Gas Utility revenues are derived principally from the sale and distribution of natural gas to customers in eastern, northeastern and central Pennsylvania. Electric Utility derives its revenues principally from the sale and distribution of electricity in two northeastern Pennsylvania counties. The HVAC Business does not meet the quantitative thresholds for separate segment reporting under GAAP relating to business segment reporting and has been included in “Other.” | ||||||||||||||||
The accounting policies of our reportable segments are the same as those described in Note 2 of the Company’s 2013 Annual Financial Statements and Notes. We evaluate the performance of our Gas Utility and Electric Utility segments principally based upon their income before income taxes. | ||||||||||||||||
No single customer represents more than ten percent of our consolidated revenues and there are no significant intersegment transactions. In addition, all of our reportable segments’ revenues are derived from sources within the United States and all of our reportable segments’ long-lived assets are located in the United States. | ||||||||||||||||
Financial information by business segment follows: | ||||||||||||||||
Three Months Ended March 31, 2014: | ||||||||||||||||
Reportable Segments | ||||||||||||||||
Total | Gas | Electric | Other | |||||||||||||
Utility | Utility | |||||||||||||||
Revenues | $ | 513,956 | $ | 480,163 | $ | 33,552 | $ | 241 | ||||||||
Cost of sales | $ | 300,424 | $ | 278,748 | $ | 21,676 | $ | — | ||||||||
Depreciation and amortization | $ | 14,643 | $ | 13,575 | $ | 1,068 | $ | — | ||||||||
Operating income | $ | 137,954 | $ | 134,560 | $ | 3,492 | $ | (98 | ) | |||||||
Interest expense | $ | 8,806 | $ | 8,362 | $ | 444 | $ | — | ||||||||
Income before income taxes | $ | 129,148 | $ | 126,198 | $ | 3,048 | $ | (98 | ) | |||||||
Total assets (at period end) | $ | 2,340,617 | $ | 2,195,437 | $ | 145,180 | $ | — | ||||||||
Goodwill (at period end) | $ | 182,145 | $ | 182,145 | $ | — | $ | — | ||||||||
Capital expenditures | $ | 31,648 | $ | 30,039 | $ | 1,609 | $ | — | ||||||||
Three Months Ended March 31, 2013: | ||||||||||||||||
Reportable Segments | ||||||||||||||||
Total | Gas | Electric | Other | |||||||||||||
Utility | Utility | |||||||||||||||
Revenues | $ | 395,901 | $ | 368,635 | $ | 26,951 | $ | 315 | ||||||||
Cost of sales | $ | 212,785 | $ | 196,742 | $ | 16,043 | $ | — | ||||||||
Depreciation and amortization | $ | 13,712 | $ | 12,731 | $ | 981 | $ | — | ||||||||
Operating income | $ | 109,230 | $ | 105,749 | $ | 3,389 | $ | 92 | ||||||||
Interest expense | $ | 9,820 | $ | 9,327 | $ | 493 | $ | — | ||||||||
Income before income taxes | $ | 99,410 | $ | 96,422 | $ | 2,896 | $ | 92 | ||||||||
Total assets (at period end) | $ | 2,348,337 | $ | 2,184,816 | $ | 163,521 | $ | — | ||||||||
Goodwill (at period end) | $ | 182,145 | $ | 182,145 | $ | — | $ | — | ||||||||
Capital expenditures | $ | 25,791 | $ | 24,430 | $ | 1,361 | $ | — | ||||||||
Six Months Ended March 31, 2014: | ||||||||||||||||
Reportable Segments | ||||||||||||||||
Total | Gas | Electric | Other | |||||||||||||
Utility | Utility | |||||||||||||||
Revenues | $ | 812,855 | $ | 751,725 | $ | 60,513 | $ | 617 | ||||||||
Cost of sales | $ | 452,289 | $ | 414,235 | $ | 38,054 | $ | — | ||||||||
Depreciation and amortization | $ | 29,093 | $ | 26,959 | $ | 2,134 | $ | — | ||||||||
Operating income | $ | 223,797 | $ | 216,613 | $ | 7,181 | $ | 3 | ||||||||
Interest expense | $ | 17,603 | $ | 16,748 | $ | 855 | $ | — | ||||||||
Income before income taxes | $ | 206,194 | $ | 199,865 | $ | 6,326 | $ | 3 | ||||||||
Total assets (at period end) | $ | 2,340,617 | $ | 2,195,437 | $ | 145,180 | $ | — | ||||||||
Goodwill (at period end) | $ | 182,145 | $ | 182,145 | $ | — | $ | — | ||||||||
Capital expenditures | $ | 65,902 | $ | 62,851 | $ | 3,051 | $ | — | ||||||||
Six Months Ended March 31, 2013: | ||||||||||||||||
Reportable Segments | ||||||||||||||||
Total | Gas | Electric | Other | |||||||||||||
Utility | Utility | |||||||||||||||
Revenues | $ | 669,698 | $ | 616,889 | $ | 52,069 | $ | 740 | ||||||||
Cost of sales | $ | 351,062 | $ | 320,316 | $ | 30,746 | $ | — | ||||||||
Depreciation and amortization | $ | 27,283 | $ | 25,336 | $ | 1,947 | $ | — | ||||||||
Operating income | $ | 181,794 | $ | 175,538 | $ | 6,013 | $ | 243 | ||||||||
Interest expense | $ | 19,897 | $ | 18,899 | $ | 998 | $ | — | ||||||||
Income before income taxes | $ | 161,897 | $ | 156,639 | $ | 5,015 | $ | 243 | ||||||||
Total assets (at period end) | $ | 2,348,337 | $ | 2,184,816 | $ | 163,521 | $ | — | ||||||||
Goodwill (at period end) | $ | 182,145 | $ | 182,145 | $ | — | $ | — | ||||||||
Capital expenditures | $ | 55,519 | $ | 52,949 | $ | 2,570 | $ | — | ||||||||
Inventories
Inventories | 6 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||
Inventories | ' | |||||||||||
Inventories | ||||||||||||
Inventories comprise the following: | ||||||||||||
March 31, 2014 | September 30, 2013 | March 31, 2013 | ||||||||||
Gas Utility natural gas | $ | 7,490 | $ | 78,950 | $ | 5,366 | ||||||
Materials, supplies and other | 13,139 | 10,711 | 10,849 | |||||||||
Total inventories | $ | 20,629 | $ | 89,661 | $ | 16,215 | ||||||
At March 31, 2014, UGI Utilities is a party to four storage contract administrative agreements (“SCAAs”) having terms of one to three years. Three of the SCAAs are with Energy Services, LLC (“Energy Services”), a second-tier, wholly owned subsidiary of UGI (see Note 9). Pursuant to SCAAs, UGI Utilities has, among other things, released certain storage and transportation contracts for the terms of the SCAAs. UGI Utilities also transferred certain associated storage inventories upon commencement of the SCAAs, will receive a transfer of storage inventories at the end of the SCAAs, and makes payments associated with refilling storage inventories during the terms of the SCAAs. The historical cost of natural gas storage inventories released under the SCAAs, which represents a portion of Gas Utility’s total natural gas storage inventories, and any exchange receivable (representing amounts of natural gas inventories used by the other parties to the agreement but not yet replenished), are included in the caption “Gas Utility natural gas” in the table above. | ||||||||||||
The carrying value of gas storage inventories released under UGI Utilities’ principal SCAAs at March 31, 2014, September 30, 2013 and March 31, 2013, comprising 1.3 billion cubic feet (“bcf”), 11.0 bcf and 1.0 bcf of natural gas, was $5,421, $44,366 and $3,315, respectively. In conjunction with these SCAAs, UGI Utilities held total security deposits received from its SCAA counterparties of $17,600 at March 31, 2014, and $16,500 at September 30, 2013 and March 31, 2013. These amounts are included in “Other current liabilities” on the Condensed Consolidated Balance Sheets. |
Regulatory_Assets_and_Liabilit
Regulatory Assets and Liabilities and Regulatory Matters | 6 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | ' | |||||||||||
Regulatory Assets and Liabilities and Regulatory Matters | ' | |||||||||||
Regulatory Assets and Liabilities and Regulatory Matters | ||||||||||||
For a description of the Company’s regulatory assets and liabilities other than those described below, see Note 4 to the Company’s 2013 Annual Financial Statements and Notes. UGI Utilities does not recover a rate of return on its regulatory assets. The following regulatory assets and liabilities associated with Gas Utility and Electric Utility are included in our accompanying Condensed Consolidated Balance Sheets: | ||||||||||||
March 31, 2014 | September 30, 2013 | March 31, 2013 | ||||||||||
Regulatory assets: | ||||||||||||
Income taxes recoverable | $ | 106,800 | $ | 106,069 | $ | 104,229 | ||||||
Underfunded pension and postretirement plans | 90,996 | 94,515 | 181,305 | |||||||||
Environmental costs | 14,544 | 17,054 | 16,841 | |||||||||
Deferred fuel and power costs | 4,308 | 8,283 | 2,122 | |||||||||
Removal costs, net | 14,379 | 13,333 | 11,856 | |||||||||
Other | 4,904 | 5,657 | 5,976 | |||||||||
Total regulatory assets | $ | 235,931 | $ | 244,911 | $ | 322,329 | ||||||
Regulatory liabilities: | ||||||||||||
Postretirement benefits | $ | 17,196 | $ | 16,497 | $ | 13,865 | ||||||
Environmental overcollections | 1,855 | 2,552 | 2,980 | |||||||||
Deferred fuel and power refunds | 3,204 | 8,283 | 31,209 | |||||||||
State tax benefits — distribution system repairs | 8,998 | 8,453 | 7,900 | |||||||||
Other | 1,895 | 1,502 | 700 | |||||||||
Total regulatory liabilities | $ | 33,148 | $ | 37,287 | $ | 56,654 | ||||||
Deferred fuel and power — costs and refunds. Gas Utility’s tariffs and Electric Utility’s tariffs contain clauses which permit recovery of all prudently incurred purchased gas and power costs through the application of purchased gas cost (“PGC”) rates in the case of Gas Utility and default service (“DS”) rates in the case of Electric Utility. The clauses provide for periodic adjustments to PGC and DS rates for differences between the total amount of purchased gas and electric generation supply costs collected from customers and recoverable costs incurred. Net undercollected costs are classified as a regulatory asset and net overcollections are classified as a regulatory liability. | ||||||||||||
Gas Utility uses derivative financial instruments to reduce volatility in the cost of natural gas it purchases for firm- residential, commercial and industrial (“retail core-market”) customers. Realized and unrealized gains or losses on natural gas derivative financial instruments are included in deferred fuel costs or refunds. Net unrealized gains (losses) on such contracts at March 31, 2014, September 30, 2013, and March 31, 2013, were $2,389, $(1,743) and $4,129, respectively. | ||||||||||||
Electric Utility enters into forward electricity purchase contracts to meet a substantial portion of its electricity supply needs. Because these contracts do not qualify for the normal purchases and normal sales exception under GAAP, the fair values of these contracts are recognized on the Condensed Consolidated Balance Sheet with an associated adjustment to regulatory assets or liabilities in accordance with GAAP related to rate-regulated entities. At March 31, 2014, September 30, 2013, and March 31, 2013, the fair values of Electric Utility’s electricity supply contracts were net gains (losses) of $358, $(4,759) and $(5,458), respectively, which amounts are reflected in current derivative financial instrument assets and liabilities and other noncurrent liabilities on the Condensed Consolidated Balance Sheets with equal and offsetting amounts reflected in deferred fuel and power costs or refunds in the table above. | ||||||||||||
In order to reduce volatility associated with a substantial portion of its electric transmission congestion costs, Electric Utility obtains financial transmission rights (“FTRs”). FTRs are derivative financial instruments that entitle the holder to receive compensation for electricity transmission congestion charges when there is insufficient electricity transmission capacity on the electric transmission grid. Because Electric Utility is entitled to fully recover its DS costs, realized and unrealized gains or losses on FTRs are included in deferred fuel and power costs or deferred fuel and power refunds. Unrealized gains or losses on FTRs at March 31, 2014, September 30, 2013, and March 31, 2013, were not material. |
Defined_Benefit_Pension_and_Ot
Defined Benefit Pension and Other Postretirement Plans | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||
Defined Benefit Pension and Other Postretirement Plans | ' | |||||||||||||||
Defined Benefit Pension and Other Postretirement Plans | ||||||||||||||||
We currently sponsor one defined benefit pension plan (“Pension Plan”) for employees hired prior to January 1, 2009, of UGI Utilities, PNG, CPG, UGI and certain of UGI’s other wholly owned domestic subsidiaries. In addition, we provide postretirement health care benefits to certain retirees and postretirement life insurance benefits to nearly all active and retired employees. | ||||||||||||||||
Net periodic pension expense and other postretirement benefit costs relating to our employees include the following components: | ||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 1,623 | $ | 2,053 | $ | 41 | $ | 51 | ||||||||
Interest cost | 5,721 | 5,196 | 127 | 143 | ||||||||||||
Expected return on assets | (6,650 | ) | (6,198 | ) | (139 | ) | (132 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior service benefit | 87 | 62 | (160 | ) | (105 | ) | ||||||||||
Actuarial loss | 1,661 | 3,366 | 37 | 91 | ||||||||||||
Net benefit cost (income) | 2,442 | 4,479 | (94 | ) | 48 | |||||||||||
Change in associated regulatory liabilities | — | — | 918 | 815 | ||||||||||||
Net expense | $ | 2,442 | $ | 4,479 | $ | 824 | $ | 863 | ||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 3,246 | $ | 4,105 | $ | 82 | $ | 102 | ||||||||
Interest cost | 11,442 | 10,391 | 254 | 286 | ||||||||||||
Expected return on assets | (13,299 | ) | (12,396 | ) | (278 | ) | (264 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior service cost (benefit) | 174 | 124 | (320 | ) | (210 | ) | ||||||||||
Actuarial loss | 3,321 | 6,732 | 74 | 182 | ||||||||||||
Net benefit cost | 4,884 | 8,956 | (188 | ) | 96 | |||||||||||
Change in associated regulatory liabilities | — | — | 1,836 | 1,630 | ||||||||||||
Net expense | $ | 4,884 | $ | 8,956 | $ | 1,648 | $ | 1,726 | ||||||||
Pension Plan assets are held in trust and consist principally of publicly traded, diversified equity and fixed income mutual funds and UGI Common Stock. It is our general policy to fund amounts for Pension Plan benefits equal to at least the minimum contribution required by ERISA. Based upon current assumptions, the Company estimates that it will be required to contribute approximately $10,912 to the Pension Plan during the remainder of Fiscal 2014. During the six months ended March 31, 2014 and 2013, the Company made contributions to the Pension Plan of $6,972 and $6,393, respectively. UGI Utilities has established a Voluntary Employees’ Beneficiary Association (“VEBA”) trust to pay UGI Gas’ and Electric Utility’s postretirement health care and life insurance benefits referred to above by depositing into the VEBA the annual amount of postretirement benefit costs determined under GAAP. The difference between such amounts calculated under GAAP and the amounts included in UGI Gas’ and Electric Utility’s rates is deferred for future recovery from, or refund to, ratepayers. | ||||||||||||||||
We also participate in an unfunded and non-qualified defined benefit supplemental executive retirement plan. Net benefit costs associated with this plan for all periods presented were not material. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
CPG is party to a Consent Order and Agreement (“CPG-COA”) with the Pennsylvania Department of Environmental Protection (“DEP”) requiring CPG to perform a specified level of activities associated with environmental investigation and remediation work at certain properties in Pennsylvania on which manufactured gas plant (“MGP”) related facilities were operated (“CPG MGP Properties”) and to plug a minimum number of non-producing natural gas wells per year. In addition, PNG is a party to a Multi-Site Remediation Consent Order and Agreement (“PNG-COA”) with the DEP. The PNG-COA requires PNG to perform annually a specified level of activities associated with environmental investigation and remediation work at certain properties on which MGP-related facilities were operated (“PNG MGP Properties”). Under these agreements, environmental expenditures relating to the CPG MGP Properties and the PNG MGP Properties are capped at $1,800 and $1,100, respectively, in any calendar year. The CPG-COA was recently renewed and is scheduled to terminate at the end of 2018. The PNG-COA terminates in 2019 but may be terminated by either party effective at the end of any two-year period beginning with the original effective date in March 2004. At March 31, 2014 and 2013, our accrued liabilities for environmental investigation and remediation costs related to the CPG-COA and the PNG-COA totaled $11,097 and $14,338, respectively. In accordance with GAAP related to rate-regulated entities, we have recorded associated regulatory assets in equal amounts. | |
From the late 1800s through the mid-1900s, UGI Utilities and its former subsidiaries owned and operated a number of MGPs prior to the general availability of natural gas. Some constituents of coal tars and other residues of the manufactured gas process are today considered hazardous substances under the Superfund Law and may be present on the sites of former MGPs. Between 1882 and 1953, UGI Utilities owned the stock of subsidiary gas companies in Pennsylvania and elsewhere and also operated the businesses of some gas companies under agreement. Pursuant to the requirements of the Public Utility Holding Company Act of 1935, by the early 1950s UGI Utilities divested all of its utility operations other than certain Pennsylvania operations, including those which now constitute UGI Gas and Electric Utility. | |
The Company does not expect its costs for investigation and remediation of hazardous substances at Pennsylvania MGP sites to be material to its results of operations because (1) UGI Gas is currently permitted to include in rates, through future base rate proceedings, a five-year average of such prudently incurred remediation costs and (2) CPG Gas and PNG Gas are currently getting regulatory recovery of estimated environmental investigation and remediation costs associated with Pennsylvania sites. At March 31, 2014, neither the undiscounted nor the accrued liability for environmental investigation and cleanup costs for UGI Gas was material for UGI Utilities. | |
From time to time, UGI Utilities is notified of sites outside Pennsylvania on which private parties allege MGPs were formerly owned or operated by UGI Utilities or owned or operated by its former subsidiaries. Such parties generally investigate the extent of environmental contamination or perform environmental remediation. Management believes that under applicable law UGI Utilities should not be liable in those instances in which a former subsidiary owned or operated an MGP. There could be, however, significant future costs of an uncertain amount associated with environmental damage caused by MGPs outside Pennsylvania that UGI Utilities directly operated, or that were owned or operated by former subsidiaries of UGI Utilities if a court were to conclude that (1) the subsidiary’s separate corporate form should be disregarded or (2) UGI Utilities should be considered to have been an operator because of its conduct with respect to its subsidiary’s MGP. | |
There are pending claims and legal actions arising in the normal course of our businesses. While the results of these pending claims and legal actions cannot be predicted with certainty, we believe, after consultation with counsel, that the final outcome of such matters will not have a material effect on our consolidated financial position, results of operations or cash flows. |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
UGI provides certain financial and administrative services to UGI Utilities. UGI bills UGI Utilities monthly for all direct expenses incurred by UGI on behalf of UGI Utilities and an allocated share of indirect corporate expenses incurred or paid with respect to services provided to UGI Utilities. The allocation of indirect UGI corporate expenses to UGI Utilities utilizes a weighted, three-component formula comprising revenues, operating expenses and net assets employed and considers UGI Utilities’ relative percentage of such items to the total of such items for all UGI operating subsidiaries for which general and administrative services are provided. Management believes that this allocation method is reasonable and equitable to UGI Utilities and this allocation method has been accepted by the PUC in past rate case proceedings and management audits as a reasonable method of allocating such expenses. These billed expenses are classified as operating and administrative expenses — related parties in the Condensed Consolidated Statements of Income. In addition, UGI Utilities provides limited administrative services to UGI and certain of UGI’s subsidiaries, principally payroll-related services. Amounts billed to these entities by UGI Utilities for all periods presented were not material. | |
UGI Utilities is a party to several SCAAs with Energy Services which have terms of one to three years. Under the SCAAs, UGI Utilities has, among other things, and subject to recall for operational purposes, released certain storage and transportation contracts to Energy Services for the terms of the SCAAs. UGI Utilities also transferred certain associated storage inventories upon the commencement of the SCAAs, receives a transfer of storage inventories at the end of the SCAAs, and makes payments associated with refilling storage inventories during the term of the SCAAs. Energy Services, in turn, provides a firm delivery service and makes certain payments to UGI Utilities for its various obligations under the SCAAs. UGI Utilities incurred costs associated with Energy Services’ SCAAs totaling $248 and $6,695 during the three and six months ended March 31, 2014, respectively, and $702 and $5,026 during the three and six months ended March 31, 2013, respectively. In conjunction with the SCAAs, UGI Utilities received security deposits from Energy Services. The amounts of such security deposits, which are included in “Other current liabilities” on the Condensed Consolidated Balance Sheets, were $10,600 as of March 31, 2014, and $16,500 as of September 30, 2013 and March 31, 2013. | |
UGI Utilities reflects the historical cost of the gas storage inventories and any exchange receivable from Energy Services (representing amounts of natural gas inventories used but not yet replenished by Energy Services) on its balance sheet under the caption “Inventories.” The carrying value of these gas storage inventories at March 31, 2014, comprising approximately 1.1 bcf of natural gas, was $4,653. The carrying value of these gas storage inventories at September 30, 2013, comprising approximately 10.4 bcf of natural gas, was $41,988. The carrying value of these gas storage inventories at March 31, 2013, comprising approximately 1.0 bcf of natural gas, was $3,315. | |
UGI Utilities has gas supply and delivery service agreements with Energy Services pursuant to which Energy Services provides certain gas supply and related delivery service to Gas Utility during the heating season months of November through March. The aggregate amount of these transactions (exclusive of transactions pursuant to the SCAAs) during the three and six months ended March 31, 2014 , totaled $13,330 and $32,708, respectively. During the three and six months ended March 31, 2013, such transactions totaled $14,701 and $32,526, respectively. | |
From time to time, the Company sells natural gas or pipeline capacity to Energy Services. During the three and six months ended March 31, 2014, revenues associated with such sales to Energy Services totaled $75,133 and $92,249, respectively. During the three and six months ended March 31, 2013, revenues associated with such sales to Energy Services totaled $25,428 and $45,252, respectively. Also from time to time, the Company purchases natural gas, pipeline capacity and electricity from Energy Services (in addition to those transactions already described above) and purchases a firm storage service from UGI Storage Company, a subsidiary of Energy Services, under one-year agreements. During the three and six months ended March 31, 2014, the aggregate amount of such purchases totaled $70,619 and $92,697, respectively. During the three and six months ended March 31, 2013, the aggregate amount of such purchases totaled $18,213 and $37,233, respectively. These transactions did not have a material effect on the Company’s financial position, results of operations or cash flows. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||
The following table presents our financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of March 31, 2014, September 30, 2013 and March 31, 2013: | ||||||||||||||||
Asset (Liability) | ||||||||||||||||
Quoted Prices | Significant | Unobservable | Total | |||||||||||||
in Active | Other | Inputs | ||||||||||||||
Markets for | Observable | (Level 3) | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
and Liabilities | (Level 2) | |||||||||||||||
(Level 1) | ||||||||||||||||
March 31, 2014: | ||||||||||||||||
Assets: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | 2,491 | $ | 730 | $ | — | $ | 3,221 | ||||||||
Liabilities: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | (9 | ) | $ | (363 | ) | $ | — | $ | (372 | ) | |||||
September 30, 2013: | ||||||||||||||||
Assets: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | 43 | $ | — | $ | — | $ | 43 | ||||||||
Liabilities: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | (2,162 | ) | $ | (4,515 | ) | $ | — | $ | (6,677 | ) | |||||
March 31, 2013: | ||||||||||||||||
Assets: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | 4,299 | $ | — | $ | — | $ | 4,299 | ||||||||
Interest rate contracts | $ | — | $ | 4,229 | $ | — | $ | 4,229 | ||||||||
Liabilities: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | (406 | ) | $ | (5,061 | ) | $ | — | $ | (5,467 | ) | |||||
Interest rate contracts | $ | — | $ | (24,298 | ) | $ | — | $ | (24,298 | ) | ||||||
The fair values of our Level 1 exchange-traded commodity futures and option derivative contracts and certain non exchange-traded electricity forward contracts are based upon actively-quoted market prices for identical assets and liabilities. The fair values of the remainder of our derivative financial instruments and electricity forward contracts, which are designated as Level 2, are generally based upon recent market transactions and related market indicators. There were no transfers between Level 1 and Level 2 during the periods presented. | ||||||||||||||||
Other Financial Instruments | ||||||||||||||||
The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. The carrying amount and estimated fair value of our long-term debt at March 31, 2014, were $642,000 and $704,811, respectively. The carrying amount and estimated fair value of our long-term debt at March 31, 2013, were $600,000 and $690,459, respectively. We estimate the fair value of long-term debt by using current market rates and by discounting future cash flows using rates available for similar types of debt (Level 2). | ||||||||||||||||
Disclosures About Offsetting Derivative Assets and Liabilities | ||||||||||||||||
Derivative assets and liabilities are presented net by counterparty on our Condensed Consolidated Balance Sheets if the right of offset exists. Our derivative financial instruments include both over-the-counter transactions and those that are executed on an exchange and centrally cleared. Over-the-counter contracts are bilateral contracts that are transacted directly with a third party. Exchange contracts utilize a financial intermediary, exchange, or clearinghouse to enter, execute, or clear the transactions. Certain over-the-counter and exchange contracts contain contractual rights of offset through master netting arrangements, derivative clearing agreements, and contract default provisions. In addition, the contracts may be subject to conditional rights of offset through counterparty nonperformance, insolvency, or other conditions. | ||||||||||||||||
In general, most of our over-the-counter transactions and most exchange contracts are subject to collateral requirements. Types of collateral generally includes cash or letters of credit. Any cash collateral paid by us to our derivative counterparties is reflected in the table below to offset derivative liabilities. Any cash collateral received by us from our derivative counterparties is reflected in the table below to offset derivative assets. Certain other accounts receivable and accounts payable balances recognized on our Condensed Consolidated Balance Sheets with our derivative counterparties are not included in the tables below but could reduce our net exposure to such counterparties because they are subject to master netting or similar arrangements. | ||||||||||||||||
Gross Amount Recognized | Gross Amount Offset in the Balance Sheet | Net Amounts Presented in the Balance Sheet | ||||||||||||||
March 31, 2014: | ||||||||||||||||
Derivative assets | $ | 3,526 | $ | (305 | ) | $ | 3,221 | |||||||||
Derivative (liabilities) | $ | (677 | ) | $ | 305 | $ | (372 | ) | ||||||||
September 30, 2013: | ||||||||||||||||
Derivative assets | $ | 92 | $ | (49 | ) | $ | 43 | |||||||||
Derivative (liabilities) | $ | (6,726 | ) | $ | 49 | $ | (6,677 | ) | ||||||||
March 31, 2013: | ||||||||||||||||
Derivative assets | $ | 12,241 | $ | (3,713 | ) | $ | 8,528 | |||||||||
Derivative (liabilities) | $ | (33,478 | ) | $ | 3,713 | $ | (29,765 | ) | ||||||||
Disclosures_About_Derivative_I
Disclosures About Derivative Instruments and Hedging Activities | 6 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||
Disclosures About Derivative Instruments and Hedging Activities | ' | |||||||||||||||||||
Disclosures about Derivative Instruments and Hedging Activities | ||||||||||||||||||||
We are exposed to certain market risks related to our ongoing business operations. Management uses derivative financial and commodity instruments, among other things, to manage these risks. The primary risks managed by derivative instruments are (1) commodity price risk and (2) interest rate risk. Although we use derivative financial and commodity instruments to reduce market risk associated with forecasted transactions, we do not use derivative financial and commodity instruments for speculative or trading purposes. The use of derivative instruments is controlled by our risk management and credit policies which govern, among other things, the derivative instruments we can use, counterparty credit limits and contract authorization limits. Because most of our commodity derivative instruments are generally subject to regulatory ratemaking mechanisms, we have limited commodity price risk associated with our Gas Utility or Electric Utility operations. | ||||||||||||||||||||
Commodity Price Risk | ||||||||||||||||||||
Gas Utility’s tariffs contain clauses that permit recovery of all of the prudently incurred costs of natural gas it sells to retail core-market customers, including the cost of financial instruments used to hedge purchased gas costs. As permitted and agreed to by the PUC pursuant to Gas Utility’s annual PGC filings, Gas Utility currently uses New York Mercantile Exchange (“NYMEX”) natural gas futures and option contracts to reduce commodity price volatility associated with a portion of the natural gas it purchases for its retail core-market customers. At March 31, 2014 and 2013, the volumes of natural gas associated with Gas Utility’s unsettled NYMEX natural gas futures and option contracts totaled 9.0 million dekatherms and 10.0 million dekatherms, respectively. At March 31, 2014, the maximum period over which Gas Utility is hedging natural gas market price risk is 11 months. Gains and losses on natural gas futures contracts and any gains on natural gas option contracts are recorded in regulatory assets or liabilities on the Condensed Consolidated Balance Sheets in accordance with accounting guidance related to rate-regulated entities and reflected in cost of sales through the PGC mechanism (see Note 6). | ||||||||||||||||||||
Electric Utility’s DS tariffs permit the recovery of all prudently incurred costs of electricity it sells to DS customers, including the cost of financial instruments used to hedge electricity costs. Electric Utility enters into forward electricity purchase contracts to meet a substantial portion of its electricity supply needs. Because these contracts currently do not qualify for the normal purchases and normal sales exception under GAAP, the fair values of these contracts are required to be recognized on the balance sheet. At March 31, 2014 and 2013, the fair values of Electric Utility’s forward purchase power agreements comprising net gains of $358 and net losses of $5,458, respectively, are reflected in current derivative financial instrument assets and liabilities and other noncurrent liabilities in the accompanying Condensed Consolidated Balance Sheets. In accordance with GAAP related to rate-regulated entities, Electric Utility has recorded equal and offsetting amounts in regulatory assets and liabilities. At March 31, 2014 and 2013, the volumes of Electric Utility’s forward electricity purchase contracts were 207.0 million kilowatt hours and 403.2 million kilowatt hours, respectively. At March 31, 2014, the maximum period over which these contracts extend is 8 months. | ||||||||||||||||||||
In order to reduce volatility associated with a substantial portion of its electric transmission congestion costs, Electric Utility obtains FTRs through an annual allocation process and by purchases of FTRs at monthly auctions. FTRs are derivative financial instruments that entitle the holder to receive compensation for electricity transmission congestion charges that result when there is insufficient electricity transmission capacity on the electric transmission grid. Because Electric Utility is entitled to fully recover its DS costs, gains and losses on Electric Utility FTRs are recorded in regulatory assets or liabilities in accordance with GAAP related to rate-regulated entities and reflected in cost of sales through the DS recovery mechanism (see Note 6). At March 31, 2014 and 2013, the volumes associated with Electric Utility FTRs totaled 47.4 million kilowatt hours and 47.5 million kilowatt hours, respectively. | ||||||||||||||||||||
In order to reduce operating expense volatility, UGI Utilities from time to time enters into NYMEX gasoline futures and swap contracts for a portion of gasoline volumes expected to be used in the operation of its vehicles and equipment. Associated volumes, fair values and effects on net income were not material for all periods presented. | ||||||||||||||||||||
Interest Rate Risk | ||||||||||||||||||||
Our long-term debt typically is issued at fixed rates of interest. As these long-term debt issues mature, we typically refinance such debt with new debt having interest rates reflecting then-current market conditions. In order to reduce market rate risk on the underlying benchmark rate of interest associated with near- to medium-term forecasted issuances of fixed-rate debt, from time to time we enter into interest rate protection agreements (“IRPAs”). We account for IRPAs as cash flow hedges. Changes in the fair values of IRPAs are recorded in AOCI, to the extent effective in offsetting changes in the underlying interest rate risk, until earnings are affected by the hedged interest expense. As of March 31, 2014 we had no unsettled IRPAs. As of March 31, 2013, the total notional amounts of unsettled IRPAs was $173,000. | ||||||||||||||||||||
At March 31, 2014, the amount of net losses associated with settled IRPAs expected to be reclassified into earnings during the next twelve months based upon current fair values is $2,680. | ||||||||||||||||||||
Derivative Financial Instrument Credit Risk | ||||||||||||||||||||
Our natural gas exchange-traded futures contracts generally require cash deposits in margin accounts. At March 31, 2014 and 2013, there was no restricted cash in brokerage accounts. | ||||||||||||||||||||
The following table provides information regarding the balance sheet location and fair values of our derivative assets and liabilities existing as of March 31, 2014 and 2013: | ||||||||||||||||||||
Derivative Assets | Derivative (Liabilities) | |||||||||||||||||||
Balance Sheet | Fair Value | Balance Sheet | Fair Value | |||||||||||||||||
Location | 2014 | 2013 | Location | 2014 | 2013 | |||||||||||||||
Derivatives Designated as Hedging Instruments: | ||||||||||||||||||||
Interest rate contracts | Derivative financial instruments | $ | — | $ | 4,229 | Derivative financial instruments | $ | — | $ | (24,298 | ) | |||||||||
Derivatives Subject to Utility Rate Regulation: | ||||||||||||||||||||
Commodity contracts | Derivative financial instruments | 3,153 | 4,130 | Derivative financial instruments and Other noncurrent liabilities | (372 | ) | (5,467 | ) | ||||||||||||
Derivatives Not Designated as Hedging Instruments: | ||||||||||||||||||||
Commodity contracts | Derivative financial instruments | 68 | 169 | Derivative financial instruments | — | — | ||||||||||||||
Total Derivatives | $ | 3,221 | $ | 8,528 | $ | (372 | ) | $ | (29,765 | ) | ||||||||||
The following table provides information on the effects of derivative instruments on the Condensed Consolidated Statements of Income and changes in AOCI for the three and six months ended March 31, 2014 and 2013: | ||||||||||||||||||||
Three Months Ended March 31, : | ||||||||||||||||||||
Gain (Loss) Recognized in AOCI | Gain (Loss) Reclassified from AOCI into Income | Location of Gain or | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | (Loss) Reclassified from AOCI into Income | ||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||
Interest rate contracts | $ | — | $ | 6,116 | $ | (670 | ) | $ | (202 | ) | Interest expense | |||||||||
Derivatives Not Designated | ||||||||||||||||||||
as Hedging Instruments: | Gain (Loss) Recognized in Income | Location of Gain (Loss) Recognized in Income | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Commodity contracts | $ | (18 | ) | $ | 107 | Operating expenses/other income, net | ||||||||||||||
Six Months Ended March 31, : | ||||||||||||||||||||
Gain (Loss) Recognized in AOCI | Gain (Loss) Reclassified from AOCI into Income | Location of Gain or | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | (Loss) Reclassified from AOCI into Income | ||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||
Interest rate contracts | $ | — | $ | 10,452 | $ | 1,339 | $ | (405 | ) | Interest expense | ||||||||||
Derivatives Not Designated | ||||||||||||||||||||
as Hedging Instruments: | Gain (Loss) Recognized in Income | Location of Gain (Loss) Recognized in Income | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Commodity contracts | $ | 79 | $ | 105 | Operating expenses/other income, net | |||||||||||||||
We are also a party to a number of contracts that have elements of a derivative instrument. These contracts include, among others, binding purchase orders and contracts that provide for the purchase and delivery, or sale, of natural gas and service contracts that require the counterparty to provide commodity storage, transportation or capacity service to meet our normal sales commitments. Although many of these contracts have the requisite elements of a derivative instrument, these contracts qualify for normal purchase and normal sale exception accounting under GAAP because they provide for the delivery of products or services in quantities that are expected to be used in the normal course of operating our business and the price in the contract is based on an underlying that is directly associated with the price of the product or service being purchased or sold. |
Debt
Debt | 6 Months Ended |
Mar. 31, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure | ' |
Debt | |
On March 26, 2014, UGI Utilities issued in a private placement $175,000 of 4.98% Senior Notes due March 26, 2044 (“4.98% Senior Notes”). The 4.98% Senior Notes were issued pursuant to a Note Purchase Agreement dated October 30, 2013, between UGI Utilities and certain note purchasers. The 4.98% Senior Notes are unsecured and rank equally with UGI Utilities’ existing outstanding senior debt. The net proceeds from the sale of the 4.98% Senior Notes were used to repay $175,000 of borrowings under UGI Utilities’ 364-day term loan credit agreement scheduled to expire in September 2014. The 4.98% Senior Notes include the usual and customary covenants for similar type notes including, among others, maintenance of existence, payment of taxes when due, compliance with laws and maintenance of insurance. The 4.98% Senior Notes also contain restrictive and financial covenants including a Consolidated Debt to Consolidated Total Capital, as defined therein, of 0.65 to 1.00. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 6 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Comprehensive Income | ' |
Comprehensive Income. Comprehensive income comprises net income and other comprehensive income. Other comprehensive income principally reflects net gains (losses) on interest rate protection agreements qualifying as cash flow hedges and actuarial gains and losses on postretirement benefit plans, net of reclassifications to net income. | |
Restricted Cash | ' |
Restricted Cash. Restricted cash represents those cash balances in our commodity futures brokerage accounts that are restricted from withdrawal. | |
Use of Estimates | ' |
Use of Estimates. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and costs. These estimates are based on management’s knowledge of current events, historical experience and various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may be different from these estimates and assumptions. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 6 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Schedule of Changes in AOCI | ' | ||||||||||||
Changes in accumulated other comprehensive loss during the three and six months ended March 31, 2014 are as follows: | |||||||||||||
Postretirement | Derivative | ||||||||||||
Three Months Ended March 31, 2014: | Benefit Plans | Instruments | Total | ||||||||||
Balance, December 31, 2013 | $ | (5,185 | ) | $ | (3,046 | ) | $ | (8,231 | ) | ||||
Reclassification of benefit plan actuarial losses and prior service cost | 95 | — | 95 | ||||||||||
Reclassifications of net losses on interest rate protection agreements | — | 392 | 392 | ||||||||||
Balance, March 31, 2014 | $ | (5,090 | ) | $ | (2,654 | ) | $ | (7,744 | ) | ||||
Six Months Ended March 31, 2014: | |||||||||||||
Balance, September 30, 2013 | $ | (5,283 | ) | $ | (3,437 | ) | $ | (8,720 | ) | ||||
Reclassification of benefit plan actuarial losses and prior service cost | 193 | — | 193 | ||||||||||
Reclassifications of net losses on interest rate protection agreements | — | 783 | 783 | ||||||||||
Balance, March 31, 2014 | $ | (5,090 | ) | $ | (2,654 | ) | $ | (7,744 | ) | ||||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
No single customer represents more than ten percent of our consolidated revenues and there are no significant intersegment transactions. In addition, all of our reportable segments’ revenues are derived from sources within the United States and all of our reportable segments’ long-lived assets are located in the United States. | ||||||||||||||||
Financial information by business segment follows: | ||||||||||||||||
Three Months Ended March 31, 2014: | ||||||||||||||||
Reportable Segments | ||||||||||||||||
Total | Gas | Electric | Other | |||||||||||||
Utility | Utility | |||||||||||||||
Revenues | $ | 513,956 | $ | 480,163 | $ | 33,552 | $ | 241 | ||||||||
Cost of sales | $ | 300,424 | $ | 278,748 | $ | 21,676 | $ | — | ||||||||
Depreciation and amortization | $ | 14,643 | $ | 13,575 | $ | 1,068 | $ | — | ||||||||
Operating income | $ | 137,954 | $ | 134,560 | $ | 3,492 | $ | (98 | ) | |||||||
Interest expense | $ | 8,806 | $ | 8,362 | $ | 444 | $ | — | ||||||||
Income before income taxes | $ | 129,148 | $ | 126,198 | $ | 3,048 | $ | (98 | ) | |||||||
Total assets (at period end) | $ | 2,340,617 | $ | 2,195,437 | $ | 145,180 | $ | — | ||||||||
Goodwill (at period end) | $ | 182,145 | $ | 182,145 | $ | — | $ | — | ||||||||
Capital expenditures | $ | 31,648 | $ | 30,039 | $ | 1,609 | $ | — | ||||||||
Three Months Ended March 31, 2013: | ||||||||||||||||
Reportable Segments | ||||||||||||||||
Total | Gas | Electric | Other | |||||||||||||
Utility | Utility | |||||||||||||||
Revenues | $ | 395,901 | $ | 368,635 | $ | 26,951 | $ | 315 | ||||||||
Cost of sales | $ | 212,785 | $ | 196,742 | $ | 16,043 | $ | — | ||||||||
Depreciation and amortization | $ | 13,712 | $ | 12,731 | $ | 981 | $ | — | ||||||||
Operating income | $ | 109,230 | $ | 105,749 | $ | 3,389 | $ | 92 | ||||||||
Interest expense | $ | 9,820 | $ | 9,327 | $ | 493 | $ | — | ||||||||
Income before income taxes | $ | 99,410 | $ | 96,422 | $ | 2,896 | $ | 92 | ||||||||
Total assets (at period end) | $ | 2,348,337 | $ | 2,184,816 | $ | 163,521 | $ | — | ||||||||
Goodwill (at period end) | $ | 182,145 | $ | 182,145 | $ | — | $ | — | ||||||||
Capital expenditures | $ | 25,791 | $ | 24,430 | $ | 1,361 | $ | — | ||||||||
Six Months Ended March 31, 2014: | ||||||||||||||||
Reportable Segments | ||||||||||||||||
Total | Gas | Electric | Other | |||||||||||||
Utility | Utility | |||||||||||||||
Revenues | $ | 812,855 | $ | 751,725 | $ | 60,513 | $ | 617 | ||||||||
Cost of sales | $ | 452,289 | $ | 414,235 | $ | 38,054 | $ | — | ||||||||
Depreciation and amortization | $ | 29,093 | $ | 26,959 | $ | 2,134 | $ | — | ||||||||
Operating income | $ | 223,797 | $ | 216,613 | $ | 7,181 | $ | 3 | ||||||||
Interest expense | $ | 17,603 | $ | 16,748 | $ | 855 | $ | — | ||||||||
Income before income taxes | $ | 206,194 | $ | 199,865 | $ | 6,326 | $ | 3 | ||||||||
Total assets (at period end) | $ | 2,340,617 | $ | 2,195,437 | $ | 145,180 | $ | — | ||||||||
Goodwill (at period end) | $ | 182,145 | $ | 182,145 | $ | — | $ | — | ||||||||
Capital expenditures | $ | 65,902 | $ | 62,851 | $ | 3,051 | $ | — | ||||||||
Six Months Ended March 31, 2013: | ||||||||||||||||
Reportable Segments | ||||||||||||||||
Total | Gas | Electric | Other | |||||||||||||
Utility | Utility | |||||||||||||||
Revenues | $ | 669,698 | $ | 616,889 | $ | 52,069 | $ | 740 | ||||||||
Cost of sales | $ | 351,062 | $ | 320,316 | $ | 30,746 | $ | — | ||||||||
Depreciation and amortization | $ | 27,283 | $ | 25,336 | $ | 1,947 | $ | — | ||||||||
Operating income | $ | 181,794 | $ | 175,538 | $ | 6,013 | $ | 243 | ||||||||
Interest expense | $ | 19,897 | $ | 18,899 | $ | 998 | $ | — | ||||||||
Income before income taxes | $ | 161,897 | $ | 156,639 | $ | 5,015 | $ | 243 | ||||||||
Total assets (at period end) | $ | 2,348,337 | $ | 2,184,816 | $ | 163,521 | $ | — | ||||||||
Goodwill (at period end) | $ | 182,145 | $ | 182,145 | $ | — | $ | — | ||||||||
Capital expenditures | $ | 55,519 | $ | 52,949 | $ | 2,570 | $ | — | ||||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||
Schedule of Inventories | ' | |||||||||||
Inventories comprise the following: | ||||||||||||
March 31, 2014 | September 30, 2013 | March 31, 2013 | ||||||||||
Gas Utility natural gas | $ | 7,490 | $ | 78,950 | $ | 5,366 | ||||||
Materials, supplies and other | 13,139 | 10,711 | 10,849 | |||||||||
Total inventories | $ | 20,629 | $ | 89,661 | $ | 16,215 | ||||||
Regulatory_Assets_and_Liabilit1
Regulatory Assets and Liabilities and Regulatory Matters (Tables) | 6 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Regulatory Assets and Liabilities Disclosure [Abstract] | ' | |||||||||||
Schedule of regulatory assets and liabilities associated with Gas Utility and Electric Utility | ' | |||||||||||
The following regulatory assets and liabilities associated with Gas Utility and Electric Utility are included in our accompanying Condensed Consolidated Balance Sheets: | ||||||||||||
March 31, 2014 | September 30, 2013 | March 31, 2013 | ||||||||||
Regulatory assets: | ||||||||||||
Income taxes recoverable | $ | 106,800 | $ | 106,069 | $ | 104,229 | ||||||
Underfunded pension and postretirement plans | 90,996 | 94,515 | 181,305 | |||||||||
Environmental costs | 14,544 | 17,054 | 16,841 | |||||||||
Deferred fuel and power costs | 4,308 | 8,283 | 2,122 | |||||||||
Removal costs, net | 14,379 | 13,333 | 11,856 | |||||||||
Other | 4,904 | 5,657 | 5,976 | |||||||||
Total regulatory assets | $ | 235,931 | $ | 244,911 | $ | 322,329 | ||||||
Regulatory liabilities: | ||||||||||||
Postretirement benefits | $ | 17,196 | $ | 16,497 | $ | 13,865 | ||||||
Environmental overcollections | 1,855 | 2,552 | 2,980 | |||||||||
Deferred fuel and power refunds | 3,204 | 8,283 | 31,209 | |||||||||
State tax benefits — distribution system repairs | 8,998 | 8,453 | 7,900 | |||||||||
Other | 1,895 | 1,502 | 700 | |||||||||
Total regulatory liabilities | $ | 33,148 | $ | 37,287 | $ | 56,654 | ||||||
Defined_Benefit_Pension_and_Ot1
Defined Benefit Pension and Other Postretirement Plans (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||
Schedule of components of net periodic pension expense and other postretirement benefit costs | ' | |||||||||||||||
Net periodic pension expense and other postretirement benefit costs relating to our employees include the following components: | ||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 1,623 | $ | 2,053 | $ | 41 | $ | 51 | ||||||||
Interest cost | 5,721 | 5,196 | 127 | 143 | ||||||||||||
Expected return on assets | (6,650 | ) | (6,198 | ) | (139 | ) | (132 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior service benefit | 87 | 62 | (160 | ) | (105 | ) | ||||||||||
Actuarial loss | 1,661 | 3,366 | 37 | 91 | ||||||||||||
Net benefit cost (income) | 2,442 | 4,479 | (94 | ) | 48 | |||||||||||
Change in associated regulatory liabilities | — | — | 918 | 815 | ||||||||||||
Net expense | $ | 2,442 | $ | 4,479 | $ | 824 | $ | 863 | ||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 3,246 | $ | 4,105 | $ | 82 | $ | 102 | ||||||||
Interest cost | 11,442 | 10,391 | 254 | 286 | ||||||||||||
Expected return on assets | (13,299 | ) | (12,396 | ) | (278 | ) | (264 | ) | ||||||||
Amortization of: | ||||||||||||||||
Prior service cost (benefit) | 174 | 124 | (320 | ) | (210 | ) | ||||||||||
Actuarial loss | 3,321 | 6,732 | 74 | 182 | ||||||||||||
Net benefit cost | 4,884 | 8,956 | (188 | ) | 96 | |||||||||||
Change in associated regulatory liabilities | — | — | 1,836 | 1,630 | ||||||||||||
Net expense | $ | 4,884 | $ | 8,956 | $ | 1,648 | $ | 1,726 | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Financial assets and financial liabilities that are measured at fair value on a recurring basis | ' | |||||||||||||||
The following table presents our financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of March 31, 2014, September 30, 2013 and March 31, 2013: | ||||||||||||||||
Asset (Liability) | ||||||||||||||||
Quoted Prices | Significant | Unobservable | Total | |||||||||||||
in Active | Other | Inputs | ||||||||||||||
Markets for | Observable | (Level 3) | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
and Liabilities | (Level 2) | |||||||||||||||
(Level 1) | ||||||||||||||||
March 31, 2014: | ||||||||||||||||
Assets: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | 2,491 | $ | 730 | $ | — | $ | 3,221 | ||||||||
Liabilities: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | (9 | ) | $ | (363 | ) | $ | — | $ | (372 | ) | |||||
September 30, 2013: | ||||||||||||||||
Assets: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | 43 | $ | — | $ | — | $ | 43 | ||||||||
Liabilities: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | (2,162 | ) | $ | (4,515 | ) | $ | — | $ | (6,677 | ) | |||||
March 31, 2013: | ||||||||||||||||
Assets: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | 4,299 | $ | — | $ | — | $ | 4,299 | ||||||||
Interest rate contracts | $ | — | $ | 4,229 | $ | — | $ | 4,229 | ||||||||
Liabilities: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Commodity contracts | $ | (406 | ) | $ | (5,061 | ) | $ | — | $ | (5,467 | ) | |||||
Interest rate contracts | $ | — | $ | (24,298 | ) | $ | — | $ | (24,298 | ) | ||||||
Schedule of fair value, by balance sheet grouping | ' | |||||||||||||||
Any cash collateral paid by us to our derivative counterparties is reflected in the table below to offset derivative liabilities. Any cash collateral received by us from our derivative counterparties is reflected in the table below to offset derivative assets. Certain other accounts receivable and accounts payable balances recognized on our Condensed Consolidated Balance Sheets with our derivative counterparties are not included in the tables below but could reduce our net exposure to such counterparties because they are subject to master netting or similar arrangements. | ||||||||||||||||
Gross Amount Recognized | Gross Amount Offset in the Balance Sheet | Net Amounts Presented in the Balance Sheet | ||||||||||||||
March 31, 2014: | ||||||||||||||||
Derivative assets | $ | 3,526 | $ | (305 | ) | $ | 3,221 | |||||||||
Derivative (liabilities) | $ | (677 | ) | $ | 305 | $ | (372 | ) | ||||||||
September 30, 2013: | ||||||||||||||||
Derivative assets | $ | 92 | $ | (49 | ) | $ | 43 | |||||||||
Derivative (liabilities) | $ | (6,726 | ) | $ | 49 | $ | (6,677 | ) | ||||||||
March 31, 2013: | ||||||||||||||||
Derivative assets | $ | 12,241 | $ | (3,713 | ) | $ | 8,528 | |||||||||
Derivative (liabilities) | $ | (33,478 | ) | $ | 3,713 | $ | (29,765 | ) | ||||||||
Disclosures_About_Derivative_I1
Disclosures About Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||
Balance sheet location and fair value of derivative assets and liabilities | ' | |||||||||||||||||||
The following table provides information regarding the balance sheet location and fair values of our derivative assets and liabilities existing as of March 31, 2014 and 2013: | ||||||||||||||||||||
Derivative Assets | Derivative (Liabilities) | |||||||||||||||||||
Balance Sheet | Fair Value | Balance Sheet | Fair Value | |||||||||||||||||
Location | 2014 | 2013 | Location | 2014 | 2013 | |||||||||||||||
Derivatives Designated as Hedging Instruments: | ||||||||||||||||||||
Interest rate contracts | Derivative financial instruments | $ | — | $ | 4,229 | Derivative financial instruments | $ | — | $ | (24,298 | ) | |||||||||
Derivatives Subject to Utility Rate Regulation: | ||||||||||||||||||||
Commodity contracts | Derivative financial instruments | 3,153 | 4,130 | Derivative financial instruments and Other noncurrent liabilities | (372 | ) | (5,467 | ) | ||||||||||||
Derivatives Not Designated as Hedging Instruments: | ||||||||||||||||||||
Commodity contracts | Derivative financial instruments | 68 | 169 | Derivative financial instruments | — | — | ||||||||||||||
Total Derivatives | $ | 3,221 | $ | 8,528 | $ | (372 | ) | $ | (29,765 | ) | ||||||||||
Effects of derivative instruments on the Condensed Consolidated Statements of Income and changes in AOCI and noncontrolling interest | ' | |||||||||||||||||||
The following table provides information on the effects of derivative instruments on the Condensed Consolidated Statements of Income and changes in AOCI for the three and six months ended March 31, 2014 and 2013: | ||||||||||||||||||||
Three Months Ended March 31, : | ||||||||||||||||||||
Gain (Loss) Recognized in AOCI | Gain (Loss) Reclassified from AOCI into Income | Location of Gain or | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | (Loss) Reclassified from AOCI into Income | ||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||
Interest rate contracts | $ | — | $ | 6,116 | $ | (670 | ) | $ | (202 | ) | Interest expense | |||||||||
Derivatives Not Designated | ||||||||||||||||||||
as Hedging Instruments: | Gain (Loss) Recognized in Income | Location of Gain (Loss) Recognized in Income | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Commodity contracts | $ | (18 | ) | $ | 107 | Operating expenses/other income, net | ||||||||||||||
Six Months Ended March 31, : | ||||||||||||||||||||
Gain (Loss) Recognized in AOCI | Gain (Loss) Reclassified from AOCI into Income | Location of Gain or | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | (Loss) Reclassified from AOCI into Income | ||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||
Interest rate contracts | $ | — | $ | 10,452 | $ | 1,339 | $ | (405 | ) | Interest expense | ||||||||||
Derivatives Not Designated | ||||||||||||||||||||
as Hedging Instruments: | Gain (Loss) Recognized in Income | Location of Gain (Loss) Recognized in Income | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Commodity contracts | $ | 79 | $ | 105 | Operating expenses/other income, net | |||||||||||||||
Significant_Accounting_Policie3
Significant Accounting Policies - Schedule of Changes in AOCI (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 |
Schedule of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | ($7,744) | ($23,072) | ' | ($7,744) | ($23,072) | ($8,231) | ($8,720) |
Reclassification of benefit plan actuarial losses and prior service cost | 95 | ' | ' | 193 | ' | ' | ' |
Reclassifications of net losses on interest rate protection agreements | 392 | 118 | ' | 783 | 237 | ' | ' |
Quantifying Misstatement in Current Year Financial Statements, Amount | ' | ' | 20,709 | ' | ' | ' | ' |
Derivative | ' | ' | ' | ' | ' | ' | ' |
Schedule of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | -2,654 | ' | ' | -2,654 | ' | -3,046 | -3,437 |
Reclassification of benefit plan actuarial losses and prior service cost | 0 | ' | ' | 0 | ' | ' | ' |
Reclassifications of net losses on interest rate protection agreements | 392 | ' | ' | 783 | ' | ' | ' |
Other Pension Plan, Postretirement or Supplemental Plans, Defined Benefit [Member] | ' | ' | ' | ' | ' | ' | ' |
Schedule of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -5,090 | ' | ' | -5,090 | ' | -5,185 | -5,283 |
Reclassification of benefit plan actuarial losses and prior service cost | -95 | ' | ' | -193 | ' | ' | ' |
Reclassifications of net losses on interest rate protection agreements | $0 | ' | ' | $0 | ' | ' | ' |
Significant_Accounting_Policie4
Significant Accounting Policies Significant Accounting Policies - Phantom (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Condensed Balance Sheet Statements, Captions | ' |
Quantifying Misstatement in Current Year Financial Statements, Amount | $20,709 |
Current Deferred Income Tax | ' |
Condensed Balance Sheet Statements, Captions | ' |
Quantifying Misstatement in Current Year Financial Statements, Amount | 20,700 |
Total Current Assets | ' |
Condensed Balance Sheet Statements, Captions | ' |
Quantifying Misstatement in Current Year Financial Statements, Amount | 20,700 |
Total Assets | ' |
Condensed Balance Sheet Statements, Captions | ' |
Quantifying Misstatement in Current Year Financial Statements, Amount | 20,700 |
Long-term Deferred Income Tax Liability | ' |
Condensed Balance Sheet Statements, Captions | ' |
Quantifying Misstatement in Current Year Financial Statements, Amount | 20,700 |
Total Liabilities | ' |
Condensed Balance Sheet Statements, Captions | ' |
Quantifying Misstatement in Current Year Financial Statements, Amount | 20,700 |
Total Liabilities and Stockholders' Equity | ' |
Condensed Balance Sheet Statements, Captions | ' |
Quantifying Misstatement in Current Year Financial Statements, Amount | $20,700 |
Segment_Information_Segment_In
Segment Information - Segment Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 |
Segment | |||||
Segment Reporting Information | ' | ' | ' | ' | ' |
Revenues | $513,956 | $395,901 | $812,855 | $669,698 | ' |
Cost of sales | 300,424 | 212,785 | 452,289 | 351,062 | ' |
Depreciation and amortization | 14,643 | 13,712 | 29,093 | 27,283 | ' |
Operating income | 137,954 | 109,230 | 223,797 | 181,794 | ' |
Interest expense | 8,806 | 9,820 | 17,603 | 19,897 | ' |
Income before income taxes | 129,148 | 99,410 | 206,194 | 161,897 | ' |
Total assets (at period end) | 2,340,617 | 2,348,337 | 2,340,617 | 2,348,337 | 2,210,322 |
Goodwill (at period end) | 182,145 | 182,145 | 182,145 | 182,145 | 182,145 |
Capital expenditures | 31,648 | 25,791 | 65,902 | 55,519 | ' |
Number of reportable segments (in segments) | 2 | ' | ' | ' | ' |
Concentration risk, percentage | 10.00% | ' | ' | ' | ' |
Gas Utility | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' |
Revenues | 480,163 | 368,635 | 751,725 | 616,889 | ' |
Cost of sales | 278,748 | 196,742 | 414,235 | 320,316 | ' |
Depreciation and amortization | 13,575 | 12,731 | 26,959 | 25,336 | ' |
Operating income | 134,560 | 105,749 | 216,613 | 175,538 | ' |
Interest expense | 8,362 | 9,327 | 16,748 | 18,899 | ' |
Income before income taxes | 126,198 | 96,422 | 199,865 | 156,639 | ' |
Total assets (at period end) | 2,195,437 | 2,184,816 | 2,195,437 | 2,184,816 | ' |
Goodwill (at period end) | 182,145 | 182,145 | 182,145 | 182,145 | ' |
Capital expenditures | 30,039 | 24,430 | 62,851 | 52,949 | ' |
Electric Utility | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' |
Revenues | 33,552 | 26,951 | 60,513 | 52,069 | ' |
Cost of sales | 21,676 | 16,043 | 38,054 | 30,746 | ' |
Depreciation and amortization | 1,068 | 981 | 2,134 | 1,947 | ' |
Operating income | 3,492 | 3,389 | 7,181 | 6,013 | ' |
Interest expense | 444 | 493 | 855 | 998 | ' |
Income before income taxes | 3,048 | 2,896 | 6,326 | 5,015 | ' |
Total assets (at period end) | 145,180 | 163,521 | 145,180 | 163,521 | ' |
Goodwill (at period end) | 0 | 0 | 0 | 0 | ' |
Capital expenditures | 1,609 | 1,361 | 3,051 | 2,570 | ' |
Counties of operation, number | 2 | ' | ' | ' | ' |
Other | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' |
Revenues | 241 | 315 | 617 | 740 | ' |
Cost of sales | 0 | 0 | 0 | 0 | ' |
Depreciation and amortization | 0 | 0 | 0 | 0 | ' |
Operating income | -98 | 92 | 3 | 243 | ' |
Interest expense | 0 | 0 | 0 | 0 | ' |
Income before income taxes | -98 | 92 | 3 | 243 | ' |
Total assets (at period end) | 0 | 0 | 0 | 0 | ' |
Goodwill (at period end) | 0 | 0 | 0 | 0 | ' |
Capital expenditures | $0 | $0 | $0 | $0 | ' |
Customer Concentration Risk | Revenue | ' | ' | ' | ' | ' |
Segment Reporting Information | ' | ' | ' | ' | ' |
Number of customers exceeding threshold | 0 | ' | ' | ' | ' |
Inventories_Narrative_Details
Inventories - Narrative (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ft3 | ft3 | ft3 |
Public Utilities, Inventory | ' | ' | ' |
Volume of gas storage inventories released under SCAAs with non-affiliates (In Cubic Feet) | 1,300,000,000 | 11,000,000,000 | 1,000,000,000 |
Carrying value of gas storage inventories released under SCAAs with non-affiliates | $5,421 | $44,366 | $3,315 |
Security Deposit Liability | 17,600 | ' | ' |
SCAAs | ' | ' | ' |
Public Utilities, Inventory | ' | ' | ' |
Number of storage agreements (in storage agreements) | 4 | ' | ' |
Number of Storage Agreements with Energy Services | 3 | ' | ' |
SCAAs | Other current liabilities | ' | ' | ' |
Public Utilities, Inventory | ' | ' | ' |
Security Deposit Liability | ' | $16,500 | $16,500 |
Inventories_Schedule_of_Invent
Inventories - Schedule of Inventories (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||||
Public Utilities, Inventory | ' | ' | ' | ' | ' |
Total inventories | $20,629 | $20,629 | $89,661 | $16,215 | $16,215 |
Gas Utility Natural Gas | ' | ' | ' | ' | ' |
Public Utilities, Inventory | ' | ' | ' | ' | ' |
Total inventories | ' | 7,490 | 78,950 | ' | 5,366 |
Materials, Supplies and Other | ' | ' | ' | ' | ' |
Public Utilities, Inventory | ' | ' | ' | ' | ' |
Total inventories | ' | $13,139 | $10,711 | ' | $10,849 |
Regulatory_Assets_and_Liabilit2
Regulatory Assets and Liabilities and Regulatory Matters - Narrative (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Gas Utility Derivative Financial Instruments | ' | ' | ' |
Regulatory Assets | ' | ' | ' |
Gas utility unrealized gain (losses) on derivative financial instrument contracts | $2,389 | ($1,743) | $4,129 |
Electric Utility Forward Supply Contracts | ' | ' | ' |
Regulatory Assets | ' | ' | ' |
Net gains (losses) on electricity supply contracts | $358 | ($4,759) | ($5,458) |
Regulatory_Assets_and_Liabilit3
Regulatory Assets and Liabilities and Regulatory Matters - Schedule of Regulatory Assets and Liabilities Associated With Gas Utility and Electric Utility (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Regulatory Assets and Liabilities | ' | ' | ' |
Regulatory Assets | $235,931 | $244,911 | $322,329 |
Regulatory Liabilities | 33,148 | 37,287 | 56,654 |
Postretirement benefits | ' | ' | ' |
Regulatory Assets and Liabilities | ' | ' | ' |
Regulatory Liabilities | 17,196 | 16,497 | 13,865 |
Environmental overcollections | ' | ' | ' |
Regulatory Assets and Liabilities | ' | ' | ' |
Regulatory Liabilities | 1,855 | 2,552 | 2,980 |
Deferred fuel and power refunds | ' | ' | ' |
Regulatory Assets and Liabilities | ' | ' | ' |
Regulatory Liabilities | 3,204 | 8,283 | 31,209 |
State tax benefits -- distribution system repairs | ' | ' | ' |
Regulatory Assets and Liabilities | ' | ' | ' |
Regulatory Liabilities | 8,998 | 8,453 | 7,900 |
Other | ' | ' | ' |
Regulatory Assets and Liabilities | ' | ' | ' |
Regulatory Liabilities | 1,895 | 1,502 | 700 |
Income taxes recoverable | ' | ' | ' |
Regulatory Assets and Liabilities | ' | ' | ' |
Regulatory Assets | 106,800 | 106,069 | 104,229 |
Underfunded pension and postretirement plans | ' | ' | ' |
Regulatory Assets and Liabilities | ' | ' | ' |
Regulatory Assets | 90,996 | 94,515 | 181,305 |
Environmental costs | ' | ' | ' |
Regulatory Assets and Liabilities | ' | ' | ' |
Regulatory Assets | 14,544 | 17,054 | 16,841 |
Deferred fuel and power costs | ' | ' | ' |
Regulatory Assets and Liabilities | ' | ' | ' |
Regulatory Assets | 4,308 | 8,283 | 2,122 |
Removal costs, net | ' | ' | ' |
Regulatory Assets and Liabilities | ' | ' | ' |
Regulatory Assets | 14,379 | 13,333 | 11,856 |
Other | ' | ' | ' |
Regulatory Assets and Liabilities | ' | ' | ' |
Regulatory Assets | $4,904 | $5,657 | $5,976 |
Defined_Benefit_Pension_and_Ot2
Defined Benefit Pension and Other Postretirement Plans - Narrative (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Defined Benefit Plan Disclosure | ' | ' |
Number of Defined Benefit Plans | 1 | ' |
Pension Benefits | ' | ' |
Defined Benefit Plan Disclosure | ' | ' |
Expected contribution to pensions plans in the remainder of current fiscal year | $10,912 | ' |
Contribution made to Pension Plan | $6,972 | $6,393 |
Defined_Benefit_Pension_and_Ot3
Defined Benefit Pension and Other Postretirement Plans - Schedule of Components of Net Periodic Pension Expense and Other Postretirement Benefit Costs (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Benefits | ' | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' | ' |
Service cost | $1,623 | $2,053 | $3,246 | $4,105 |
Interest cost | 5,721 | 5,196 | 11,442 | 10,391 |
Expected return on assets | -6,650 | -6,198 | -13,299 | -12,396 |
Amortization of: | ' | ' | ' | ' |
Prior service cost (benefit) | 87 | 62 | 174 | 124 |
Actuarial loss | 1,661 | 3,366 | 3,321 | 6,732 |
Net benefit cost (income) | 2,442 | 4,479 | 4,884 | 8,956 |
Change in associated regulatory liabilities | 0 | 0 | 0 | 0 |
Net expense | 2,442 | 4,479 | 4,884 | 8,956 |
Other Postretirement Benefit Plan, Defined Benefit | ' | ' | ' | ' |
Defined Benefit Plan Disclosure | ' | ' | ' | ' |
Service cost | 41 | 51 | 82 | 102 |
Interest cost | 127 | 143 | 254 | 286 |
Expected return on assets | -139 | -132 | -278 | -264 |
Amortization of: | ' | ' | ' | ' |
Prior service cost (benefit) | -160 | -105 | -320 | -210 |
Actuarial loss | 37 | 91 | 74 | 182 |
Net benefit cost (income) | -94 | 48 | -188 | 96 |
Change in associated regulatory liabilities | 918 | 815 | 1,836 | 1,630 |
Net expense | $824 | $863 | $1,648 | $1,726 |
Commitments_and_Contingencies_
Commitments and Contingencies - Narrative (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CPG MGP | ' | ' |
Commitments and Contingencies | ' | ' |
Environmental Remediation Expense | $1,800 | ' |
PNG MGP | ' | ' |
Commitments and Contingencies | ' | ' |
Environmental Remediation Expense | 1,100 | ' |
CPG and PNG COAs | ' | ' |
Commitments and Contingencies | ' | ' |
Option to termination agreement by either party effective at end of any two-year period beginning with the original effective date in March 2004 (in years) | '2 years | ' |
Accrual for environmental loss contingencies | $11,097 | $14,338 |
Environmental Issue | ' | ' |
Commitments and Contingencies | ' | ' |
Base year for determination of investigation and remediation cost (in years) | '5 years | ' |
Related_Party_Transactions_Nar
Related Party Transactions - Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Energy Services | Energy Services | Energy Services | Energy Services | Inventories | Inventories | Inventories | SCAAs | SCAAs | SCAAs | SCAAs | SCAAs | SCAAs | SCAAs | Exclusive of transactions pursuant SCAAs | Exclusive of transactions pursuant SCAAs | Exclusive of transactions pursuant SCAAs | Exclusive of transactions pursuant SCAAs | |||||
Energy Services | Energy Services | Energy Services | Energy Services | Energy Services | Energy Services | Energy Services | Other current liabilities | Other current liabilities | Other current liabilities | Energy Services | Energy Services | Energy Services | Energy Services | |||||||||
ft3 | ft3 | ft3 | Energy Services | Energy Services | Energy Services | |||||||||||||||||
Related Party Transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related party costs incurred | $3,769 | $3,012 | $5,612 | $4,817 | ' | ' | ' | ' | ' | ' | ' | $248 | $702 | $6,695 | $5,026 | ' | ' | ' | $13,330 | $14,701 | $32,708 | $32,526 |
Related party security deposits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,600 | 16,500 | 16,500 | ' | ' | ' | ' |
Volume of gas storage inventory (in bcf of natural gas) | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000,000 | 10,400,000,000 | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Natural gas storage inventory, related parties, current | ' | ' | ' | ' | ' | ' | ' | ' | 4,653 | 41,988 | 3,315 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from related parties | ' | ' | ' | ' | 75,133 | 25,428 | 92,249 | 45,252 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchases from related party | ' | ' | ' | ' | $70,619 | $18,213 | $92,697 | $37,233 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Narrat
Fair Value Measurements - Narrative (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Carrying amount of long-term debt | $642,000 | $600,000 |
Long-term Debt, Fair Value | $704,811 | $690,459 |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Assets and Financial Liabilities That are Measured at Fair Value on a Recurring Basis (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Commodity contracts | Commodity contracts | Commodity contracts | Commodity contracts | Commodity contracts | Commodity contracts | Commodity contracts | Commodity contracts | Commodity contracts | Commodity contracts | Commodity contracts | Commodity contracts | Interest rate contracts | Interest rate contracts | Interest rate contracts | Interest rate contracts | |||
Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | ||||
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Fair Value Inputs (Level 3) | Fair Value Inputs (Level 3) | Fair Value Inputs (Level 3) | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Fair Value Inputs (Level 3) | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative financial instruments, assets | $3,221 | $43 | $8,528 | $3,221 | $43 | $4,299 | $2,491 | $43 | $4,299 | $730 | $0 | $0 | $0 | $0 | $0 | $4,229 | $0 | $4,229 | $0 |
Derivative financial instruments, liabilities | ($372) | ($6,677) | ($29,765) | ($372) | ($6,677) | ($5,467) | ($9) | ($2,162) | ($406) | ($363) | ($4,515) | ($5,061) | $0 | $0 | $0 | ($24,298) | $0 | ($24,298) | $0 |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Fair Value by Balance Sheet Grouping (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Offsetting Derivatives Table | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | $3,526 | $92 | $12,241 |
Derivative Asset Offset Amount | -305 | -49 | -3,713 |
Derivative Assets, Fair Value, Net Amount | 3,221 | 43 | 8,528 |
Derivative Liabilities, Fair Value, Gross | -677 | -6,726 | -33,478 |
Derivative Liability Offset Amount | 305 | 49 | 3,713 |
Derivative Liabilities, Net Amount | ($372) | ($6,677) | ($29,765) |
Disclosures_About_Derivative_I2
Disclosures About Derivative Instruments and Hedging Activities - Narrative (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | Gas Utility | Gas Utility | Electric Utility | Electric Utility | Electric Utility | Electric Utility | Interest Rate Swap [Member] | Interest Rate Protection Agreements | Interest Rate Protection Agreements | |||
DTH | DTH | kWh | kWh | Electric Utility electric transmission congestion | Electric Utility electric transmission congestion | |||||||
kWh | kWh | |||||||||||
Derivative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' |
Notional amount (in units) | ' | ' | ' | 9,000,000 | 10,000,000 | 207,000,000 | 403,200,000 | 47,400,000 | 47,500,000 | ' | ' | ' |
Maximum length of time hedged in price risk cash flow hedges (in months) | ' | ' | ' | '11 months | ' | '8 months | ' | ' | ' | ' | ' | ' |
Total Derivatives Liability | 677 | 6,726 | 33,478 | ' | ' | 358 | -5,458 | ' | ' | ' | ' | ' |
Underlying variable rate debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 173,000 |
Amount of net losses associated with interest rate hedges to be reclassified with interest rate hedges during the next 12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,680 | ' |
Restricted Cash in brokerage accounts | $0 | $3,181 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disclosures_About_Derivative_I3
Disclosures About Derivative Instruments and Hedging Activities - Balance Sheet Location and Fair Value of Derivative Assets and Liabilities (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Derivatives, Fair Value | ' | ' | ' |
Derivative Assets, Fair Value, Net Amount | $3,221 | $43 | $8,528 |
Derivative Liabilities, Net Amount | -372 | -6,677 | -29,765 |
Interest rate contracts | Derivatives Designated as Hedging Instruments | Derivative financial instruments, assets | ' | ' | ' |
Derivatives, Fair Value | ' | ' | ' |
Derivative Assets, Fair Value, Net Amount | 0 | ' | 4,229 |
Interest rate contracts | Derivatives Designated as Hedging Instruments | Derivative financial instruments, liabilities | ' | ' | ' |
Derivatives, Fair Value | ' | ' | ' |
Derivative Liabilities, Net Amount | 0 | ' | -24,298 |
Commodity contracts | Derivatives Subject to Utility Rate Regulation | Derivative financial instruments, assets | ' | ' | ' |
Derivatives, Fair Value | ' | ' | ' |
Derivative Assets, Fair Value, Net Amount | 3,153 | ' | 4,130 |
Commodity contracts | Derivatives Subject to Utility Rate Regulation | Derivative financial instruments and other noncurrent liabilities | ' | ' | ' |
Derivatives, Fair Value | ' | ' | ' |
Derivative Liabilities, Net Amount | -372 | ' | -5,467 |
Commodity contracts | Derivatives Not Designated as Hedging Instruments | Derivative financial instruments, assets | ' | ' | ' |
Derivatives, Fair Value | ' | ' | ' |
Derivative Assets, Fair Value, Net Amount | 68 | ' | 169 |
Commodity contracts | Derivatives Not Designated as Hedging Instruments | Derivative financial instruments, liabilities | ' | ' | ' |
Derivatives, Fair Value | ' | ' | ' |
Derivative Liabilities, Net Amount | $0 | ' | $0 |
Disclosures_About_Derivative_I4
Disclosures About Derivative Instruments and Hedging Activities - Effects of Derivatives on Statements of Income and AOCI (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Derivatives Not Designated as Hedging Instruments | Commodity contracts | Operating expenses/other income, net | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Gain (Loss) recognized in income | ($18) | $107 | $79 | $105 |
Cash Flow Hedges | Interest rate contracts | Interest expense, net | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Gain or (loss) recognized in AOCI | 0 | 6,116 | 0 | 10,452 |
Gain (loss) reclassified from AOCI into income | ($670) | ($202) | $1,339 | ($405) |
Disclosures_About_Derivative_I5
Disclosures About Derivative Instruments and Hedging Activities - Phantom (Details) (USD $) | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Restricted Cash and Cash Equivalents, Noncurrent | $0 |
Debt_Details
Debt (Details) (USD $) | 0 Months Ended |
Mar. 26, 2014 | |
4.98% Senior Notes | ' |
Debt Instrument | ' |
Proceeds from 4.98% Senior Note | $175,000 |
Interest Rate | 4.98% |
Debt to Capital Ratio | 0.65 |
Term Loan, 364-day Credit Agreement | ' |
Debt Instrument | ' |
Debt Repayment | $175,000 |
Debt Instrument, Term | '364 days |