Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 30, 2015 | |
Entity Information [Line Items] | ||
Entity Registrant Name | VECTREN CORP | |
Entity Central Index Key | 1,096,385 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 82,703,774 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Current Assets [Abstract] | ||
Cash & cash equivalents | $ 4.8 | $ 86.4 |
Accounts receivable - less reserves of $5.3 & $6.0, respectively | 219.1 | 196 |
Accrued unbilled revenues | 119.5 | 164.8 |
Inventories | 130.3 | 118.5 |
Recoverable fuel & natural gas costs | 0 | 9.8 |
Prepayments & other current assets | 65.2 | 110.9 |
Total current assets | 538.9 | 686.4 |
Utility Plant [Abstract] | ||
Original cost | 6,001.4 | 5,718.7 |
Less: accumulated depreciation & amortization | 2,385.3 | 2,279.7 |
Net utility plant | 3,616.1 | 3,439 |
Investments in unconsolidated affiliates | 21.9 | 23.4 |
Other utility & corporate investments | 32.7 | 37.2 |
Other nonutility investments | 32.2 | 33.6 |
Nonutility plant - net | 415.5 | 378 |
Goodwill - net | 293.6 | 289.9 |
Regulatory assets | 256.7 | 233.6 |
Other assets | 42.5 | 41.2 |
TOTAL ASSETS | 5,250.1 | 5,162.3 |
Current Liabilities [Abstract] | ||
Accounts payable | 218.4 | 248.9 |
Refundable fuel & natural gas costs | 19.8 | 2.5 |
Accrued liabilities | 182.1 | 184.9 |
Short-term borrowings | 111 | 156.4 |
Current maturities of long-term debt | 88 | 170 |
Total current liabilities | 619.3 | 762.7 |
Long-term Debt - Net of Current Maturities | 1,522.7 | 1,407.3 |
Deferred Credits & Other Liabilities [Abstract] | ||
Deferred income taxes | 777.4 | 741.2 |
Regulatory liabilities | 430.5 | 410.3 |
Deferred credits & other liabilities | 250.7 | 234.2 |
Total deferred credits & other liabilities | $ 1,458.6 | $ 1,385.7 |
Common Shareholders' Equity [Abstract] | ||
Commitments & Contingencies (Notes 7, 10-13) | ||
Common stock (no par value) – issued & outstanding 82.7 & 82.6, respectively | $ 720.8 | $ 715.7 |
Retained earnings | 930 | 892.2 |
Accumulated other comprehensive (loss) | (1.3) | (1.3) |
Total common shareholders' equity | 1,649.5 | 1,606.6 |
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY | $ 5,250.1 | $ 5,162.3 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) shares in Millions, $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Current Assets [Abstract] | ||
Reserves | $ 5.3 | $ 6 |
Common Shareholders' Equity [Abstract] | ||
Common Stock, Shares, Issued | 82.7 | 82.6 |
Common Stock, Shares, Outstanding | 82.7 | 82.6 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
OPERATING REVENUES [Abstract] | ||||
Gas utility | $ 108.5 | $ 105.1 | $ 590.1 | $ 681.1 |
Electric utility | 164.4 | 165.9 | 466 | 480.9 |
Nonutility | 300.6 | 324.6 | 774.6 | 772.9 |
Total operating revenues | 573.5 | 595.6 | 1,830.7 | 1,934.9 |
OPERATING EXPENSES [Abstract] | ||||
Cost of gas sold | 27.3 | 28.8 | 235.8 | 343.4 |
Cost of fuel & purchased power | 47.9 | 50.3 | 144.9 | 155.4 |
Cost of nonutility revenues | 106.8 | 112.4 | 264.5 | 259.7 |
Other operating | 234.3 | 245.6 | 690.5 | 701.1 |
Depreciation & amortization | 65 | 61.4 | 191.6 | 211 |
Taxes other than income taxes | 12.3 | 12.6 | 44.6 | 46.9 |
Total operating expenses | 493.6 | 511.1 | 1,571.9 | 1,717.5 |
OPERATING INCOME | 79.9 | 84.5 | 258.8 | 217.4 |
OTHER INCOME [Abstract] | ||||
Equity in earnings (losses) of unconsolidated affiliates | (0.6) | 0.3 | (0.6) | 0.4 |
Other income - net | 4 | 7.3 | 14.7 | 15.8 |
Total other income | 3.4 | 7.6 | 14.1 | 16.2 |
INTEREST EXPENSE | 21.2 | 21.7 | 63.1 | 65.7 |
INCOME BEFORE INCOME TAXES | 62.1 | 70.4 | 209.8 | 167.9 |
INCOME TAXES | 22.8 | 23.1 | 77.7 | 57.5 |
NET INCOME AND COMPREHENSIVE INCOME | $ 39.3 | $ 47.3 | $ 132.1 | $ 110.4 |
AVERAGE COMMON SHARES OUTSTANDING | 82.7 | 82.5 | 82.7 | 82.5 |
DILUTED COMMOM SHARES OUTSTANDING | 82.7 | 82.5 | 82.7 | 82.5 |
EARNINGS PER SHARE OF COMMON STOCK: | ||||
BASIC | $ 0.48 | $ 0.57 | $ 1.60 | $ 1.34 |
DILUTED | 0.48 | 0.57 | 1.60 | 1.34 |
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK | $ 0.380 | $ 0.360 | $ 1.140 | $ 1.080 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITES [Abstract] | ||
Net income | $ 132.1 | $ 110.4 |
Adjustments to reconcile net income to cash from operating activities: | ||
Depreciation & amortization | 191.6 | 211 |
Deferred income taxes & investment tax credits | 44.6 | (9.4) |
Equity in (earnings)/losses of unconsolidated affiliates | 0.6 | (0.4) |
Provision for uncollectible accounts | 5.9 | 5.3 |
Expense portion of pension & postretirement benefit cost | 4.7 | 5.1 |
Other non-cash items - net | 6.3 | 4 |
Loss on assets held for sale (pretax) | 0 | 41.8 |
Changes in working capital accounts [Abstract] | ||
Accounts receivable & accrued unbilled revenues | 17.8 | 101.9 |
Inventories | (11.8) | (18.8) |
Recoverable/refundable fuel & natural gas costs | 27.1 | (22.6) |
Prepayments & other current assets | 46.9 | (8.3) |
Accounts payable, including to affiliated companies | (36.5) | (62.5) |
Accrued liabilities | (1.9) | (1.7) |
Unconsolidated affiliate dividends | 0.8 | 0 |
Employer contributions to pension & postretirement plans | (23.3) | (3.5) |
Changes in noncurrent assets | (15.8) | (7) |
Changes in noncurrent liabilities | (2.5) | (1.6) |
Net cash provided by operating activities | 386.6 | 343.7 |
Proceeds from: | ||
Proceeds from Issuance of Long-term Debt | 37.5 | 63 |
Dividend reinvestment plan & other common stock issuances | 4.7 | 4.7 |
Requirements for: | ||
Dividends on common stock | (94.3) | (89.1) |
Retirement of long-term debt | (5) | (293.6) |
Other financing activities | 0 | 0.1 |
Net change in short-term borrowings | (45.4) | (6.2) |
Net cash used in financing activities | (102.5) | (321.1) |
Proceeds from: | ||
Sale of business | 0 | 319.8 |
Sale of assets and other collections | 7.4 | 3.6 |
Requirements for: | ||
Capital expenditures, excluding AFUDC equity | (349.4) | (321.6) |
Business acquisitions and other costs | (14) | (37.5) |
Change in restricted cash | (9.7) | 0 |
Net cash used in investing activities | (365.7) | (35.7) |
Net change in cash & cash equivalents | (81.6) | (13.1) |
Cash & cash equivalents at beginning of period | 86.4 | 21.5 |
Cash & cash equivalents at end of period | $ 4.8 | $ 8.4 |
Organization and Nature of Oper
Organization and Nature of Operations | 9 Months Ended |
Sep. 30, 2015 | |
Organization and Nature of Operations [Abstract] | |
Organization and Nature of Operations | Organization and Nature of Operations Vectren Corporation (the Company or Vectren), an Indiana corporation, is an energy holding company headquartered in Evansville, Indiana. The Company’s wholly owned subsidiary, Vectren Utility Holdings, Inc. (Utility Holdings or VUHI), serves as the intermediate holding company for three public utilities: Indiana Gas Company, Inc. (Indiana Gas or Vectren Energy Delivery of Indiana - North), Southern Indiana Gas and Electric Company (SIGECO or Vectren Energy Delivery of Indiana - South), and Vectren Energy Delivery of Ohio, Inc. (VEDO). Utility Holdings also has other assets that provide information technology and other services to the three utilities. Utility Holdings’ consolidated operations are collectively referred to as the Utility Group. Both Vectren and Utility Holdings are holding companies as defined by the Energy Policy Act of 2005 (Energy Act). Vectren was incorporated under the laws of Indiana on June 10, 1999. Indiana Gas provides energy delivery services to approximately 579,000 natural gas customers located in central and southern Indiana. SIGECO provides energy delivery services to approximately 144,000 electric customers and over 111,000 gas customers located near Evansville in southwestern Indiana. SIGECO also owns and operates electric generation assets to serve its electric customers and optimizes those assets in the wholesale power market. Indiana Gas and SIGECO generally do business as Vectren Energy Delivery of Indiana. VEDO provides energy delivery services to approximately 314,000 natural gas customers located near Dayton in west-central Ohio. The Company, through Vectren Enterprises, Inc. (Enterprises), is involved in nonutility activities in two primary business areas: Infrastructure Services and Energy Services. Infrastructure Services provides underground pipeline construction and repair services. Energy Services provides energy performance contracting and sustainable infrastructure, such as renewables, distributed generation, and combined heat and power projects. Prior to August 29, 2014, the Company had activities in its Coal Mining business. Results in the financial statements include the results of Vectren Fuels, Inc. (Vectren Fuels) through the date of sale of August 29, 2014, when the Company exited the coal mining business through the sale of Vectren Fuels. Enterprises has other legacy businesses that have invested in energy-related opportunities and services, real estate, and a leveraged lease among other investments. All of the above are collectively referred to as the Nonutility Group. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Basis of Presentation The interim condensed consolidated financial statements included in this report have been prepared by the Company, without audit, as provided in the rules and regulations of the Securities and Exchange Commission and include a review of subsequent events through the date the financial statements were issued. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been omitted as provided in such rules and regulations. The information in this report reflects all adjustments which are, in the opinion of management, necessary to fairly state the interim periods presented, inclusive of adjustments that are normal and recurring in nature. These interim condensed consolidated financial statements and related notes should be read in conjunction with the Company’s audited annual consolidated financial statements for the year ended December 31, 2014 , filed with the Securities and Exchange Commission on February 17, 2015, on Form 10-K. Because of the seasonal nature of the Company’s operations, the results shown on a quarterly basis are not necessarily indicative of annual results. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The Company uses the two class method to calculate earnings per share (EPS). The two class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common shareholders. Under the two class method, earnings for a period are allocated between common shareholders and participating security holders based on their respective rights to receive dividends as if all undistributed book earnings for the period were distributed. Basic EPS is computed by dividing net income attributable to only the common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS includes the impact of stock options and other equity based instruments to the extent the effect is dilutive. The following table illustrates the basic and dilutive EPS calculations for the periods presented in these financial statements. Three Months Ended Nine Months Ended September 30, September 30, (In millions, except per share data) 2015 2014 2015 2014 Numerator: Reported net income (Numerator for Basic and Diluted EPS) $ 39.3 $ 47.3 $ 132.1 $ 110.4 Denominator: Weighted average common shares outstanding (Denominator for Basic and Diluted EPS) 82.7 82.5 82.7 82.5 Basic EPS $ 0.48 $ 0.57 $ 1.60 $ 1.34 Diluted EPS $ 0.48 $ 0.57 $ 1.60 $ 1.34 For the three and nine months ended September 30, 2015 and 2014 , all options and equity based instruments were dilutive and immaterial. |
Excise and Utility Receipts Tax
Excise and Utility Receipts Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Excise and Utility Receipts Taxes [Abstract] | |
Excise and Utility Receipts Taxes | Excise and Utility Receipts Taxes Excise taxes and a portion of utility receipts taxes are included in rates charged to customers. Accordingly, the Company records these taxes received, which totaled $5.0 million and $4.9 million in the three months ended September 30, 2015 and 2014 , respectively, as a component of operating revenues. During the nine months ended September 30, 2015 and 2014 , these taxes totaled $22.1 million and $23.3 million , respectively. Expenses associated with excise and utility receipts taxes are recorded as a component of Taxes other than income taxes . |
Retirement Plans and Other Post
Retirement Plans and Other Postretirement Benefits | 9 Months Ended |
Sep. 30, 2015 | |
Pension and Other Postretirement Benefit Expense [Abstract] | |
Retirement Plans and Other Postretirement Benefits | Retirement Plans & Other Postretirement Benefits The Company maintains three qualified defined benefit pension plans, a nonqualified supplemental executive retirement plan (SERP), and a postretirement benefit plan. The defined benefit pension plans and postretirement benefit plan, which cover eligible full-time regular employees, are primarily noncontributory. The postretirement health care and life insurance plans are a combination of self-insured and fully insured plans. The qualified pension plans and the SERP plan are aggregated under the heading “Pension Benefits.” The postretirement benefit plan is presented under the heading “Other Benefits.” Net Periodic Benefit Costs A summary of the components of net periodic benefit cost follows and the amortizations shown below are primarily reflected in Regulatory assets as a majority of pension and other postretirement benefits are being recovered through rates. Three Months Ended September 30, Pension Benefits Other Benefits (In millions) 2015 2014 2015 2014 Service cost $ 1.9 $ 1.8 $ 0.1 $ 0.1 Interest cost 3.7 3.8 0.5 0.6 Expected return on plan assets (5.6 ) (5.6 ) — — Amortization of prior service cost 0.2 0.3 (0.7 ) (0.7 ) Amortization of transitional obligation — — — — Amortization of actuarial loss 2.1 1.3 0.2 0.1 Settlement charge — — — — Net periodic benefit cost $ 2.3 $ 1.6 $ 0.1 $ 0.1 Nine Months Ended September 30, Pension Benefits Other Benefits (In millions) 2015 2014 2015 2014 Service cost $ 5.9 $ 5.5 $ 0.3 $ 0.3 Interest cost 11.0 11.7 1.5 1.7 Expected return on plan assets (16.9 ) (17.1 ) — — Amortization of prior service cost 0.6 0.8 (2.2 ) (2.2 ) Amortization of transitional obligation — — — — Amortization of actuarial loss 6.3 3.7 0.5 0.3 Settlement charge — 2.6 — — Net periodic benefit cost $ 6.9 $ 7.2 $ 0.1 $ 0.1 Employer Contributions to Qualified Pension Plans As of September 30, 2015 , the Company has made $20 million in contributions to its qualified pension plans. The Company did not make any contributions to its qualified pension plans in 2014. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information As of September 30, 2015 and December 31, 2014 , the Company has accruals related to utility and nonutility plant purchases totaling approximately $23.1 million and $20.2 million , respectively. |
ProLiance Holdings, LLC
ProLiance Holdings, LLC | 9 Months Ended |
Sep. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
ProLiance Holdings, LLC | ProLiance Holdings, LLC The Company has an investment in ProLiance Holdings, LLC (ProLiance or ProLiance Holdings), an affiliate of the Company and Citizens Energy Group (Citizens). Much of the ProLiance business was sold on June 18, 2013 when ProLiance exited the natural gas marketing business through the disposition of certain of the net assets of its energy marketing business, ProLiance Energy, LLC. The Company's remaining investment in ProLiance relates primarily to an investment in LA Storage, LLC (LA Storage). Consistent with its ownership percentage, the Company is allocated 61 percent of ProLiance’s profits and losses; however, governance and voting rights remain at 50 percent for each member, and therefore, the Company accounts for its investment in ProLiance using the equity method of accounting. The Company's investment at September 30, 2015 , shown at its 61 percent ownership share of the individual net assets of ProLiance, is as follows. As of September 30, (In millions) 2015 Cash $ 3.9 Investment in LA Storage 21.0 Other midstream asset investment 4.9 Total investment in ProLiance $ 29.8 Included in: Investments in unconsolidated affiliates 19.7 Other nonutility investments 10.1 LA Storage ProLiance Transportation and Storage, LLC (PT&S), a subsidiary of ProLiance, and Sempra Energy International, a subsidiary of Sempra Energy, through a joint venture, have a 100 percent interest in a development project for salt-cavern natural gas storage facilities known as LA Storage. PT&S is the minority member with a 25 percent interest, which it accounts for using the equity method. The project, which includes a pipeline system, is expected to include 12-19 Bcf of storage capacity, and has the potential for further expansion. This pipeline system is currently connected with several interstate pipelines, including the Cameron Interstate Pipeline operated by Sempra Pipelines & Storage, and will connect area liquefied natural gas regasification terminals to an interstate natural gas transmission system and storage facilities. Approximately 12 Bcf of the storage, which comprises three of the four FERC certified caverns, is fully tested but additional work is required to further develop the caverns. The timing and extent of development of these caverns is dependent on market conditions, including pricing, need for storage capacity, and development of the liquefied natural gas market, among other factors. To date, development activity has been modest due to current low demand for storage facilities. The development of the storage market and related pricing are critical assumptions in the analysis of the recoverability of the investment's carrying value. As of September 30, 2015 and December 31, 2014 , ProLiance's investment in the joint venture was $34.3 million and $35.4 million , respectively. The joint venture received a demand for arbitration from Williams Midstream Natural Gas Liquids, Inc. (Williams) in February 2011 related to a sublease agreement. Williams alleged that the joint venture was negligent in its attempt to convert certain salt caverns to natural gas storage and sought damages of $56.7 million . In August 2015, the joint venture and Williams agreed to settle the dispute for $8.9 million . The Company's share of the $8.9 million settlement was not material to its results of operations or statement of financial condition. |
Sale of Vectren Fuels, Inc.
Sale of Vectren Fuels, Inc. | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Sale of Vectren Fuels, Inc. On July 1, 2014, the Company announced that it had reached an agreement to sell its wholly owned coal mining subsidiary, Vectren Fuels, to Sunrise Coal, LLC (Sunrise Coal), an Indiana-based wholly owned subsidiary of Hallador Energy Company and on August 29, 2014, the transaction closed. At June 30, 2014, the Company reported the coal mining business as held for sale and recorded an estimated loss in other operating expenses, including costs to sell, of approximately $32 million , or $20 million after tax. At September 30, 2014, the pre-tax loss of $32 million was reflected in the Condensed Consolidated Statement of Income as a $42 million charge to other operating expense, offset by $10 million in lower depreciation expense as depreciation ceased for the assets classified as held for sale at June 30, 2014. Results from Coal Mining for the quarter and year to date periods ended September 30, 2014, inclusive of the loss on sale, were losses of $2.1 million and $21.4 million, net of tax, respectively. The sale of Vectren Fuels did not meet the requirements under GAAP to qualify as discontinued operations since Vectren's electric utility has significant continuing cash flows related to the purchase of coal from the buyer of these mines. After the exit of the coal mining business by Vectren, Sunrise assumed Vectren Fuels' supply contracts and also negotiated new contracts for similar quality coal that will result in the Company purchasing most of its coal supply from Sunrise. |
Financing Activities
Financing Activities | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Financing Activities | Financing Activities Indiana Gas Unsecured Note Retirement On March 15, 2015, a $5 million Indiana Gas senior unsecured note matured. The Series E note carried a fixed interest rate of 7.15 percent. The repayment of debt was funded by the Company's commercial paper program. Vectren Utility Holdings and Vectren Capital Debt Transactions On June 11, 2015, Utility Holdings entered into a private placement Note Purchase Agreement pursuant to which institutional investors have agreed to purchase the following tranches of notes: (i) $25 million of 3.90 percent Guaranteed Senior Notes, Series A, due December 15, 2035, (ii) $135 million of 4.36 percent Guaranteed Senior Notes, Series B, due December 15, 2045, and (iii) $40 million of 4.51 percent Guaranteed Senior Notes, Series C, due December 15, 2055. The notes will be unconditionally guaranteed by Indiana Gas, SIGECO and VEDO. Additionally, on June 11, 2015, Vectren Capital entered into a private placement Note Purchase Agreement pursuant to which institutional investors have agreed to purchase the following tranches of notes: (i) $75 million of 3.33 percent Guaranteed Senior Notes, Series A, due December 15, 2022 and (ii) $75 million of 3.90 percent Guaranteed Senior Notes, Series B, due December 15, 2030. The notes will be guaranteed by Vectren Corporation. Subject to the satisfaction of customary conditions precedent, both financings are scheduled to close on or about December 15, 2015. As a result of the long-term financing arrangements signed on June 11, 2015, the Company had established the intent and ability to refinance $150 million of debt maturing in the next twelve months. As of June 30, 2015, this debt to be refinanced is classified in long-term debt. SIGECO Debt Issuance On September 9, 2015, SIGECO completed a $38.2 million tax-exempt first mortgage bond issuance. The principal terms of the two new series of tax-exempt debt are: (i) $23.0 million in Environmental Improvement Revenue Bonds, Series 2015, issued by the City of Mount Vernon, Indiana and (ii) $15.2 million in Environmental Improvement Revenue Bonds, Series 2015, issued by Warrick County, Indiana. Both bonds were sold in a public offering at an initial interest rate of 2.375 percent per annum that is fixed until September 2020 when the bonds will be remarketed. The bonds have a final maturity of September 2055. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments & Contingencies Performance Guarantees & Product Warranties In the normal course of business, wholly owned subsidiaries, such as Energy Systems Group (ESG), a subsidiary of the Energy Services operating segment, issue payment and performance bonds and other forms of assurance that commit them to timely install infrastructure, operate facilities, pay vendors and subcontractors, and/or support warranty obligations. Specific to ESG, in its role as a general contractor in the performance contracting industry, at September 30, 2015 , there are 47 open surety bonds supporting future performance. The average face amount of these obligations is $8.9 million , and the largest obligation has a face amount of $57.3 million , where construction related to the project is 99 percent complete. The maximum exposure from these obligations is limited to the level of uncompleted work and bonds issued to ESG by various subcontractors. At September 30, 2015 , approximately 49 percent of work was completed on projects with open surety bonds. A significant portion of these open surety bonds will be released within one year. In instances where ESG operates facilities, project guarantees extend over a longer period. In addition to its performance obligations, ESG also warrants the functionality of certain installed infrastructure generally for one year and the associated energy savings over a specified number of years. Based on a history of meeting performance obligations and installed products operating effectively, no liability or cost has been recognized for the periods presented. Corporate Guarantees The Company issues parent level guarantees to certain vendors and customers of its wholly owned subsidiaries. These guarantees do not represent incremental consolidated obligations; rather, they represent parental guarantees of subsidiary obligations in order to allow those subsidiaries the flexibility to conduct business without posting other forms of collateral. At September 30, 2015 , parent level guarantees support a maximum of $187 million of ESG’s performance contracting commitments, warranty obligations, project guarantees, and energy savings guarantees. Further, an energy facility operated by ESG and managed by Keenan Ft. Detrick Energy, LLC (Keenan), is governed by an operations agreement. All payment obligations to Keenan under this agreement are also guaranteed by the Company. The Company guarantee of the Keenan Ft. Detrick Energy operations agreement does not state a maximum guarantee. Due to the nature of work performed under this contract, the Company cannot estimate a maximum potential amount of future payments. In addition, the Company also has other guarantees outstanding, including letters of credit, supporting other consolidated subsidiary operations. While there can be no assurance that the Company guarantee provisions will be called upon, the Company believes that the likelihood of a material amount being triggered under any of these provisions is remote. Commitments The Company's regulated utilities have both firm and non-firm commitments to purchase natural gas, electricity, and coal as well as certain transportation and storage rights. Costs arising from these commitments, while significant, are pass-through costs, generally collected dollar-for-dollar from retail customers through regulator-approved cost recovery mechanisms. Legal & Regulatory Proceedings The Company is party to various legal proceedings, audits, and reviews by taxing authorities and other government agencies arising in the normal course of business. In the opinion of management, there are no legal proceedings or other regulatory reviews or audits pending against the Company that are likely to have a material adverse effect on its financial position, results of operations or cash flows. |
Gas Rate & Regulatory Matters
Gas Rate & Regulatory Matters | 9 Months Ended |
Sep. 30, 2015 | |
Public Utilities, General Disclosures [Abstract] | |
Gas Rate and Regulatory Matters | Gas Rate & Regulatory Matters Regulatory Treatment of Investments in Natural Gas Infrastructure Replacement The Company monitors and maintains its natural gas distribution system to ensure that natural gas is delivered in a safe and efficient manner. The Company's natural gas utilities are currently engaged in programs to replace bare steel and cast iron infrastructure and other activities in both Indiana and Ohio to mitigate risk, improve the system, and comply with applicable regulations, many of which are a result of federal pipeline safety requirements. Laws passed in both Indiana and Ohio provide utilities the opportunity to timely recover costs of federally mandated projects and other infrastructure improvement projects outside of a base rate proceeding. In April 2011, Indiana Senate Bill 251 (Senate Bill 251) was signed into Indiana law. The law provides a framework to recover 80 percent of federally mandated costs through a periodic rate adjustment mechanism outside of a general rate case. Such costs include a return on the federally mandated capital investment, based on the overall rate of return most recently approved by the Commission, along with recovery of depreciation and other operating costs associated with these mandates. The remaining 20 percent of those costs is deferred for future recovery in the utility's next general rate case. In April 2013, Indiana Senate Bill 560 (Senate Bill 560) was signed into Indiana law. This legislation supplements Senate Bill 251 described above, and provides for cost recovery outside of a base rate proceeding for projects that either improve electric and gas system reliability and safety or are economic development projects that provide rural areas with access to gas service. Provisions of the legislation require that, among other things, requests for recovery include a seven-year project plan. Once the plan is approved by the IURC, 80 percent of such costs are eligible for current recovery using a periodic rate adjustment mechanism. Recoverable costs include a return on the investment that reflects the current capital structure and associated costs, with the exception of the rate of return on equity, which remains fixed at the rate determined in the Company's last rate case. Recoverable costs also include recovery of depreciation and other operating expenses. The remaining 20 percent of project costs is deferred and recovered in the utility’s next general rate case, which must be filed before the expiration of the seven year plan. The adjustment mechanism is capped at an annual increase in retail revenues of no more than two percent. In June 2011, Ohio House Bill 95 (House Bill 95) was signed into law. Outside of a base rate proceeding, this legislation permits a natural gas utility to apply for recovery of much of its capital expenditure program. The legislation also allows for the deferral of costs, such as depreciation, property taxes, and debt-related post in service carrying costs until recovery is approved by the PUCO. Indiana Recovery and Deferral Mechanisms The Company's Indiana natural gas utilities received Orders in 2008 and 2007 associated with the most recent base rate cases. These Orders authorized the deferral of financial impacts associated with bare steel and cast iron replacement activities. The Orders provide for the deferral of depreciation and post in service carrying costs on qualifying projects totaling $20 million annually at Indiana Gas and $3 million annually at SIGECO. The debt-related post-in-service carrying costs are recognized in the Condensed Consolidated Statements of Income currently. The recording of post-in-service carrying costs and depreciation deferral is limited by individual qualifying projects to three years after being placed into service at SIGECO and four years after being placed into service at Indiana Gas. At September 30, 2015 and December 31, 2014, the Company has regulatory assets totaling $19.1 million and $16.4 million , respectively, associated with the deferral of depreciation and debt-related post-in-service carrying cost activities. Beginning in 2014, all bare steel and cast iron replacement activities are now part of the Company’s seven -year capital investment plan filed pursuant to Senate Bill 251, discussed further below. Requests for Recovery Under Indiana Regulatory Mechanisms On August 27, 2014, the IURC issued an Order (August 2014 Order) approving the Company’s seven-year capital infrastructure replacement and improvement plan, beginning in 2014, and the proposed accounting authority and recovery, pursuant to Senate Bill 251 and 560. As provided in the two laws, the Order approved semi-annual filings for rate recovery of 100 percent of the costs, inclusive of return, related to these capital investments and operating expenses, with 80 percent of the costs recovered currently via an approved tracking mechanism and 20 percent of the costs deferred and recovered in the Company’s next base rate proceeding. In addition, the Order established guidelines to annually update the seven-year capital investment plan. Finally, the Order approved the Company’s proposal to recover eligible costs via a fixed monthly charge per residential customer. On September 26, 2014, the OUCC filed an appeal of the IURC's finding that the remaining value of retired assets replaced during the infrastructure projects should not be netted against the cost being recovered in the tracking mechanism. In June 2015, the Indiana Court of Appeals issued an opinion in favor of the Company that agreed with the IURC finding as issued in its original August 2014 Order. On January 14, 2015, the IURC issued an Order approving the Company’s initial request for recovery of the revenue requirement through June 30, 2014 as part of its approved seven-year plan. As the next step of the recovery process, as outlined in the legislation, this Order initiates the rates and charges necessary to begin cash recovery of 80 percent of the revenue requirement, with the remaining 20 percent deferred for recovery in the Company's next base rate cases. Also, consistent with the guidelines set forth in the original August 2014 Order, the IURC approved the Company’s update to its seven-year plan, to reflect changes to project prioritization as a result of both additional risk modeling and cost fluctuations. On April 1, 2015, the Company filed its second request for recovery of the revenue requirement associated with capital investment and applicable operating costs through December 31, 2014. On June 1, 2015, the Company amended its case to delay the recovery of a portion of the investment associated with the Senate Bill 560 approved investment made from July 2014 to December 2014, until its third filing when it committed to provide additional project detail for the later years of the plan. This commitment is in response to challenges to the proposed Transmission, Distribution, and Storage Improvement Charge (TDSIC) plans of other Indiana utilities in their cases. On July 22, 2015, the IURC issued an Order, approving the recovery of these investments consistent with the Company's proposal, with modification, specifically to the rate of return applicable to the Senate Bill 251 compliance component. The IURC found that the overall rate of return to be applied to the investment in determining the revenue requirement is to be updated with each filing, reflecting the current capital structure and associated costs, with the exception of the rate of return on equity, which remains fixed at the rate determined in the Company's last base rate case. This IURC interpretation of the overall rate of return to be used is the same as that already in place for the Senate Bill 560 component. On October 1, 2015, the Company filed its third request for recovery of the revenue requirement associated with capital investment and applicable operating costs through June 30, 2015, including investment associated with the Senate Bill 560 approved investment made from July 2014 to December 2014 that was delayed in the second request. The Company provided an update to its seven-year plan, as well as the additional detail on the planned investments included in the plan. The updated plan reflects capital expenditures of approximately $1 billion , an increase of $100 million from the previous plan, of which $240 million has been spent as of September 30, 2015 . Pursuant to the process outlined in Senate Bill 560, the Company expects an order by early 2016. Ohio Recovery and Deferral Mechanisms The PUCO Order approving the Company's 2009 base rate case in the Ohio service territory authorized a distribution replacement rider (DRR). The DRR's primary purpose is recovery of investments in utility plant and related operating expenses associated with replacing bare steel and cast iron pipelines and certain other infrastructure. This rider is updated annually for qualifying capital expenditures and allows for a return on those capital expenditures based on the rate of return approved in the 2009 base rate case. In addition, deferral of depreciation and the ability to accrue debt-related post-in-service carrying costs is also allowed until the related capital expenditures are included in the DRR. The Order also initially established a prospective bill impact evaluation on the annual deferrals. To date, the Company has made capital investments under this rider totaling $179.6 million . Regulatory assets associated with post-in-service carrying costs and depreciation deferrals were $16.9 million and $13.1 million at September 30, 2015 and December 31, 2014, respectively. Due to the expiration of the initial five -year term for the DRR in early 2014, the Company filed a request in August 2013 to extend and expand the DRR. On February 19, 2014, the PUCO issued an Order approving a Stipulation entered into by the PUCO Staff and the Company which provided for the extension of the DRR for the recovery of costs incurred through 2017 and expanded the types of investment covered by the DRR to include recovery of other infrastructure investments. The Order limits the resulting DRR fixed charge per month for residential and small general service customers to specific graduated levels over the next five years. The Company's five-year capital expenditure plan related to these infrastructure investments for calendar years 2013 through 2017 totals approximately $200 million . The capital expenditure plan is subject to the graduated caps on the fixed DRR monthly charge applicable to residential and small general service customers approved in the Order however, is not expected to exceed those caps. In addition, the Order approved the Company's commitment that the DRR can only be further extended as part of a base rate case. On August 26, 2015, the Company received an Order approving its adjustment to the DRR for recovery of costs incurred through December 31, 2014. Given the extension of the DRR through 2017 as discussed above and the continued ability to defer other capital expenses under House Bill 95, it is anticipated that the Company will file a general rate case for the inclusion in rate base of the above costs near the expiration of the DRR. As such, the bill impact limits discussed below are not expected to be reached given the Company's capital expenditure plan during the remaining three-year time frame. The PUCO has also issued Orders approving the Company's filings under Ohio House Bill 95. These Orders approve deferral of the Company’s Ohio capital expenditure program for items not covered by the DRR as well as expenditures necessary to comply with PUCO rules, regulations, orders, and system expansion to some new customers. Ohio House Bill 95 Orders also have established a prospective bill impact evaluation on the cumulative deferrals, limiting the total deferrals at a level which would equal $1.50 per residential and small general service customer per month. As of September 30, 2015 , the Company's deferrals have not reached this bill impact cap. In addition, the Orders approved the Company's proposal that subsequent requests for accounting authority will be filed annually in April. The Company submitted its most recent annual filing on April 30, 2015, which covers the Company’s capital expenditure program through calendar year 2015. Other Regulatory Matters Indiana Gas & SIGECO Gas Decoupling Extension Filing On September 9, 2015, the IURC issued an Order granting the extension of the current decoupling mechanism in place at both Indiana gas companies and recovery of conservation program costs through December 2019. |
Electric Rate and Regulatory Ma
Electric Rate and Regulatory Matters | 9 Months Ended |
Sep. 30, 2015 | |
Public Utilities, General Disclosures [Abstract] | |
Electric Rate and Regulatory Matters | Electric Rate & Regulatory Matters SIGECO Electric Environmental Compliance Filing On January 28, 2015, the IURC issued an Order (January Order) approving the Company’s request for approval of capital investments on its coal-fired generation units to comply with new EPA mandates related to mercury and air toxic standards (MATS) effective in 2015 and to address an outstanding Notice of Violation (NOV) from the EPA. As of September 30, 2015 , approximately $30 million has been spent on equipment to control mercury in both air and water emissions, and $26 million to address the issues raised in the NOV proceeding on the increase in sulfur trioxide emissions. The total investment is estimated to be between $75 and $85 million. The Order approved the Company’s request for deferred accounting treatment, as supported by provisions under Indiana Senate Bill 29 (Senate Bill 29) and Senate Bill 251. The accounting treatment includes the deferral of depreciation and property tax expense related to these investments, accrual of post-in-service carrying costs, and deferral of incremental operating expenses related to compliance with these standards. The initial phase of the projects went into service in 2014, with the remaining investment expected to occur in 2015 and 2016. As of September 30, 2015 , the Company has approximately $2 million deferred related to depreciation, property tax, and operating expense, and $0.8 million deferred related to post-in-service carrying costs. In March 2015, the Company was notified that certain parties had filed a Notice of Appeal with the Indiana Court of Appeals in response to the IURC's Order. In June 2015, Joint Appellants’ Citizens Action Coalition of Indiana, Inc., Sierra Club, Inc., and Valley Watch, Inc. (the appellants) filed a brief which challenged the sufficiency of the findings in the IURC's January Order approving the Company’s investments and proposed accounting treatment in terms of whether that Order made certain findings required by statute. On October 29, 2015, the Indiana Court of Appeals issued its opinion affirming the IURC’s findings with regard to equipment required to comply with MATS and certain national pollutant discharge elimination system rules (approximately $34 million). The Court remanded the case back to the IURC so that it can make the findings required by statute with regard to equipment required by the NOV (approximately $39 million). Given the Commission’s previous approval of this project, the Company believes the Commission will make these findings and issue a new order in support of the project. Coal Procurement Procedures Entering 2014, SIGECO had in place staggered term coal contracts with Vectren Fuels and one other supplier to provide coal for its generating units. During 2014, SIGECO entered into separate negotiations with Vectren Fuels and Sunrise Coal to modify its existing contracts as well as enter into new long-term contracts in order to secure its supply of coal with specifications that support its compliance with MATS. Subsequent to the sale of Vectren Fuels to Sunrise Coal in August 2014, all such contracts have been assigned to Sunrise Coal. Those contracts were submitted to the IURC for review as part of the 2014 annual sub docket proceeding. In December 2014, the IURC determined that the terms of the coal contracts were reasonable. The annual sub docket proceeding is no longer required. On December 5, 2011 within the quarterly FAC filing, SIGECO submitted a joint proposal with the OUCC to reduce its fuel costs billed to customers by accelerating into 2012 the impact of lower cost coal under new term contracts effective after 2012. The cost difference was deferred to a regulatory asset and is being recovered over a six -year period without interest beginning in 2014. The IURC approved this proposal on January 25, 2012, with the reduction to customer’s rates effective February 1, 2012. The total balance deferred for recovery through the Company’s FAC, which began February 2014, was $42.4 million , of which $30.0 million remains as of September 30, 2015 . SIGECO Electric Demand Side Management (DSM) Program Filing On August 31, 2011, the IURC issued an Order approving an initial three -year DSM plan in the SIGECO electric service territory that complied with the IURC’s energy saving targets. Consistent with the Company’s proposal, the Order approved, among other items, the following: 1) recovery of costs associated with implementing the DSM Plan; 2) the recovery of a performance incentive mechanism based on measured savings related to certain DSM programs; 3) lost margin recovery associated with the implementation of DSM programs for large customers; and 4) deferral of lost margin up to $3 million in 2012 and $1 million in 2011 associated with small customer DSM programs for subsequent recovery under a tracking mechanism to be proposed by the Company. On June 20, 2012, the IURC issued an Order approving a small customer lost margin recovery mechanism, inclusive of all previous deferrals. This mechanism is an alternative to the electric decoupling proposal that was denied by the IURC in the Company's last base rate proceeding. For the nine months ended September 30, 2015 and 2014 , the Company recognized electric utility revenue of $7.5 million and $6.6 million , respectively, associated with this approved lost margin recovery mechanism. On March 28, 2014, Indiana Senate Bill 340 was signed into law. This legislation ended electric DSM programs on December 31, 2014 that had been conducted to meet the energy savings requirements established by the IURC in 2009. The legislation also allows for industrial customers to opt out of participating in energy efficiency programs. As of January 1, 2015, approximately 80 percent of the Company’s eligible industrial load has opted out of participation in the applicable energy efficiency programs. The Company filed a request for IURC approval of a new portfolio of DSM programs on May 29, 2014 to be offered in 2015. On October 15, 2014, the IURC issued an Order approving a Settlement between the OUCC and the Company regarding the new portfolio of DSM programs effective January 2015, and new programs were implemented during the first quarter of 2015. On May 6, 2015, Indiana's governor signed Indiana Senate Bill 412 into law requiring electricity suppliers to submit energy efficiency plans to the IURC at least once every three years. Senate Bill 412 also supports the recovery of all program costs, including lost revenues and financial incentives associated with those plans and approved by the IURC. The Company made its first filing pursuant to this bill in June 2015, which proposed energy efficiency programs for calendar years 2016 and 2017. In September 2015, the Company received an Order to continue offering and recovering the associated cost of its 2015 programs until March 31, 2016. In that same timeframe, the Commission is expected to issue an order approving the 2016-2017 programs. In October 2015, the OUCC and Citizens Action Coalition of Indiana filed testimony recommending the rejection of the Company’s plan, contending it was not reasonable under the terms of Indiana Senate Bill 412 due to the program design and the Company’s proposal to recover lost revenues and incentives associated with the measures. Vectren filed rebuttal testimony in October 2015 defending the plan’s compliance with Indiana Senate Bill 412. A hearing is scheduled for November 13, 2015. FERC Return on Equity (ROE) Complaint On November 12, 2013, certain parties representing a group of industrial customers filed a joint complaint with the FERC under Section 206 of the Federal Power Act against MISO and various MISO transmission owners, including SIGECO. The joint parties seek to reduce the 12.38 percent return on equity used in the MISO transmission owners’ rates, including SIGECO’s formula transmission rates, to 9.15 percent , and to set a capital structure in which the equity component does not exceed 50 percent . The MISO transmission owners filed their response to the complaint on January 6, 2014, opposing any change to the return. As of September 30, 2015 , the Company had invested approximately $157.7 million in qualifying projects. The net plant balance for these projects totaled $141.1 million at September 30, 2015 . This joint complaint is similar to a complaint against the New England Transmission Owners (NETO) filed in September 2011, which requested that the 11.14 percent incentive return granted on qualifying investments in NETO be lowered. On October 16, 2014, the FERC issued an Order in the NETO case approving a 10.57 percent return on equity and a methodology set out in its June 19, 2014 decision. In addition to the NETO ruling, the FERC acknowledged that the pending complaint raised against the MISO transmission owners is reasonable, and ordered the initiation of a formal settlement discussion, mediated by a FERC appointed judge, in November 2014. A settlement has not been reached, however an evidentiary hearing was conducted in August 2015. An initial decision is expected by early 2016. The timing of the final order from the FERC is unknown at this time. The Company has established a reserve pending the outcome of these complaints. Separately, on January 6, 2015, the FERC approved a MISO transmission owner joint request for an adder to the approved ROE. Under FERC regulations, transmission owners that are part of a Regional Transmission Organization (RTO) such as MISO are authorized to earn an incentive of 50 basis points above the FERC approved ROE. The FERC deferred the implementation of this adder until the pending complaint is resolved. Once the FERC sets a new ROE in the complaint case, this adder will be applied to that ROE, with retroactive billing to occur back to January 7, 2015. |
Environmental Matters
Environmental Matters | 9 Months Ended |
Sep. 30, 2015 | |
Environmental Matters Disclosure [Abstract] | |
Environmental Matters | Environmental Matters Indiana Senate Bill 251 Senate Bill 251 is also applicable to federal environmental mandates impacting SIGECO electric operations. The Company continues with its ongoing evaluation of the stricter regulations the EPA is currently pursuing involving carbon and air quality, fly ash disposal, cooling tower intake facilities, waste water discharges, and the applicability of Senate Bill 251 if costs to comply are incurred. These issues are further discussed below. Air Quality Mercury and Air Toxics (MATS) Rule On December 21, 2011, the EPA finalized the utility MATS Rule. The MATS Rule sets emission limits for hazardous air pollutants for existing and new coal-fired power plants and identifies the following broad categories of hazardous air pollutants: mercury, non-mercury hazardous air pollutants (primarily arsenic, chromium, cobalt, and selenium), and acid gases (hydrogen cyanide, hydrogen chloride, and hydrogen fluoride). The rule imposes mercury emission limits for two sub-categories of coal and proposed surrogate limits for non-mercury and acid gas hazardous air pollutants. Reductions are to be achieved within three years of publication of the final rule in the Federal Register. Legal challenges to the MATS Rule continue. In July 2014, a coalition of twenty-one states, including Indiana, filed a petition with the U.S. Supreme Court seeking review of the decision of the appellate court that found that the EPA appropriately based its decision to list coal and oil fired generation units as a source of the pollutants at issue solely on those pollutants’ impact on public health. On June 29, 2015, the U.S. Supreme Court reversed the appellate court decision on the basis of the EPA’s failure to consider costs before determining whether it was appropriate and necessary to regulate steam electric generating units under Section 112 of the Clean Air Act. The Court did not vacate the rule, but remanded the MATS rule back to the appellate court for further proceedings consistent with the opinion. MATS compliance was required to commence April 16, 2015, and the Company continues to operate in full compliance with the MATS rule during the pendency of the appellate court remand which could take several months. Notice of Violation for A.B. Brown Power Plant The Company received a NOV from the EPA in November 2011 pertaining to its A.B. Brown generating station. The NOV asserts that when the facility was equipped with Selective Catalytic Reduction (SCR) systems, the correct permits were not obtained or the best available control technology to control incidental sulfuric acid mist was not installed. The Company reached a settlement in principle with the EPA to resolve the NOV and expects the EPA to execute the final settlement yet in 2015. As noted previously, on January 28, 2015, the IURC issued an Order approving the Company’s request for approval of capital investments on its coal-fired generation units to comply with new EPA mandates related to MATS effective in 2015 and to address an outstanding NOV from the EPA. The total investment is estimated to be between $75 and $85 million , roughly half of which will be made to control mercury in both air and water emissions, and the remaining investment will be made to address the issues raised in the NOV proceeding on the increase in sulfur trioxide emissions. Ozone NAAQS and Clean Air Act On November 26, 2014, the EPA proposed to tighten the current National Ambient Air Quality Standard (NAAQS) for ozone from the current standard of 75 parts per billion (ppb) to a level with the range of 65 to 70 ppb. On October 1, 2015, the EPA finalized a new NAAQS for ozone at the high end of the range, or 70 ppb. The EPA is expected to make final determinations as to whether a region is in attainment for the new NAAQS in 2018 based upon monitoring data from 2014-2016. While it is possible that counties in southwest Indiana could be declared in non-attainment with the new standard, and thus could have an effect on future economic development activities in the Company's service territory, the Company does not anticipate any significant compliance cost impacts from the determination given its previous investment in SCR technology for NOx control on its units as explained below. To comply with Indiana’s implementation plan of the Clean Air Act, the Company obtained authority from the IURC to invest in clean coal technology. Using this authorization, the Company invested approximately $411 million starting in 2001 with the last equipment being placed into service on January 1, 2010. The pollution control equipment included SCR systems, fabric filters, and an SO2 scrubber at its generating facility that is jointly owned with Alcoa Power Generating, Inc. SCR technology is the most effective method of reducing NOx emissions where high removal efficiencies are required and fabric filters control particulate matter emissions. The unamortized portion of the $411 million clean coal technology investment was included in rate base for purposes of determining SIGECO’s electric base rates approved in the latest base rate order obtained April 27, 2011. SIGECO’s coal-fired generating fleet is 100 percent scrubbed for SO2 and 90 percent controlled for NOx. Utilization of the Company’s NOx and SO2 allowances can be impacted as regulations are revised and implemented. Most of these allowances were granted to the Company at zero cost; therefore, any reduction in carrying value that could result from future changes in regulations would be immaterial. Coal Ash Waste Disposal, Ash Ponds and Water Coal Combustion Residuals Rule In December 2014, the EPA released its final Coal Combustion Residuals (CCR) rule which regulates ash as non-hazardous material under Subtitle D of the Resource Conservation and Recovery Act (RCRA). On April 17, 2015, the final rule was published in the Federal Register. The final rule allows beneficial reuse of ash and the Company will continue to reuse a majority of its ash. Legislation is currently being considered by Congress that would provide for enforcement of the federal program by states. Under the final CCR rule, the Company is required to complete a series of integrity assessments, including seismic modeling given the Company’s facilities are located within two seismic zones, and groundwater monitoring studies to determine whether one or more of its ash ponds can continue in service, or whether a pond must be retrofitted with liners or closed and bottom ash handling conversions completed. The Company estimates capital expenditures to comply with the alternatives in the final rule could range from approximately $35 million to $80 million for final capping and monitoring costs of the ponds at both F.B. Culley and A.B. Brown generating stations. At this time the Company does not believe that these rules are applicable to its Warrick generating unit, as this unit is part of a larger generating station that predominantly serves an adjacent industrial facility. As of September 30, 2015, the Company has recorded an approximate $25 million asset retirement obligation (ARO). The recorded ARO reflects the current present value of the approximate $35 million in estimated costs in the range above that represent the legal obligation to cap the existing ponds at the end of the anticipated pond life based on compliance with the CCR rule. The estimated obligation is based on additional assumptions such as future ash levels, remaining life of the ash ponds, compliance assessments within the final rule at future dates, and costs for future construction services. These assumptions and estimations are subject to change in the future and could materially impact the amount of the estimated ARO. Effluent Limitation Guidelines (ELGs) Under the Clean Water Act, the EPA sets technology-based guidelines for water discharges from new and existing facilities. On September 30, 2015, the EPA released final revisions to the existing steam electric ELGs setting stringent technology-based water discharge limits for the electric power industry. The EPA focused this rulemaking on wastewater generated primarily by pollution control equipment necessitated by the comprehensive air regulations, specifically setting strict water discharge limits for arsenic, mercury and selenium for scrubber waste waters. ELGs will be implemented when existing water discharge permits for the plants are renewed, with compliance activities expected to commence within the 2018-2023 timeframe. The ELGs work in tandem with the recently released CCR requirements, and effectively prohibit the use of less costly lined sediment basin options for disposal of coal combustion residuals, and virtually mandate conversions to dry bottom ash handling. Cooling Water Intake Structures Section 316(b) of the Clean Water Act requires that generating facilities use the “best technology available” (BTA) to minimize adverse environmental impacts on a body of water. More specifically, Section 316(b) is concerned with impingement and entrainment of aquatic species in once-through cooling water intake structures used at electric generating facilities. A final rule was issued by the EPA on May 19, 2014. The final rule does not mandate cooling water tower retrofits but requires a state level case-by-case assessment of BTA for each facility. The final rule lists seven presumptive technologies which would qualify as BTA. These technologies range from intake screen modifications to cooling water tower retrofits. Ecological and technology assessment studies must be completed prior to determining BTA for the Company’s facilities. To comply, the Company believes that capital investments will likely be in the range of $4 to $8 million . Climate Change In April 2007, the US Supreme Court determined that greenhouse gases (GHG) meet the definition of "air pollutant" under the Clean Air Act and ordered the EPA to determine whether GHG emissions cause or contribute to air pollution that may reasonably be anticipated to endanger public health or welfare. The endangerment finding was finalized in December 2009, concluding that carbon emissions pose an endangerment to public health and the environment. The EPA has finalized three sets of GHG regulations that apply to the Company’s generating facilities. In 2009, the EPA finalized a mandatory GHG emissions registry which requires the reporting of emissions. The EPA has also finalized a revision to the Prevention of Significant Deterioration (PSD) and Title V permitting rules which would require facilities that emit 75,000 tons or more of GHG's a year to obtain a PSD permit for new construction or a significant modification of an existing facility. The EPA's PSD and Title V permitting rules for GHG's were upheld by the US Court of Appeals for the District of Columbia, and in June 2014 the US Supreme Court upheld the regulations with respect to applicability to major sources such as coal-fired power plants that are required to hold PSD construction and Title V air operating permits for other criteria pollutants. On August 3, 2015, the EPA released its final Clean Power Plan (CPP) rule which requires a 32 percent reduction in carbon emissions from 2005 levels. The original proposal in June 2014 called for a 30 percent reduction. The final CPP rule is significantly different in many respects from the June 2014 proposal. The EPA removed the energy efficiency block in the final rule and increased the assumption related to reliance upon renewables for compliance. In addition to the change in energy efficiency and renewables assumptions, the EPA also incorporated a new emission rate factor as a means of leveling the emission reduction requirements across the states. This resulted in the final emission rate reduction goal for Indiana of 1,242 lb CO2/MWh to be achieved by 2030, as compared to a goal of 1,531 lb CO2/MWh as proposed in June of 2014. Final state goals now fall within a narrower, lower range (between 771 lb CO2/MWh and 1,305 lb CO2/MWh), with states having higher percentages of coal-fired generation receiving more stringent emission rate goals than those in the original proposal. The new rule also gives states the option of seeking a two-year extension request to submit a final state implementation plan (SIP). Under the CPP, states have the flexibility to include energy efficiency and other measures should it choose to implement a SIP as provided in the final rule. While states are given an interim goal (1,451 lb CO2/MWh for Indiana), the final rule gives states the flexibility to shape their own emissions reduction over the 2022-2029 time period. The final rule was published in the Federal Register on October 23, 2015 and that action was immediately followed by litigation initiated by the State of Indiana and 23 other states as a coalition challenging the rule. In the event that a state does not submit a SIP, the EPA also released a proposed federal implementation plan (FIP), which would be imposed in those states without an approved SIP. The proposed FIP would apply an emission rate requirement directly on affected units. Under the proposed FIP, the CO2 emission rate limit for coal-fired units would start at 1,671 lbs CO2/MWh in 2022 and decrease to a final emission rate cap of 1,305 lbs CO2/MWh by 2030. While the FIP emission rate cap appears to be slightly less stringent than the state reduction goal for Indiana, the cap would apply directly to affected units and these units would not have the benefit of averaging emission rates with rates from zero-carbon sources as would be available in a SIP. Purchases of emission credits from zero-carbon sources can be made for compliance. The FIP will be subject to extensive public comments prior to finalization. While the State of Indiana has not formally committed to file a SIP, the utilities in Indiana are working with the state's designated agency to analyze various compliance options for consideration and possible integration into a state plan submittal. Indiana is the 5th largest carbon emitter in the nation in tons of CO2 produced from electric generation. In 2013, Indiana’s electric utilities generated 105.6 million tons of CO2. The Company’s share of that total was 6.3 million , or less than 6 percent . Since 2005, the Company’s emissions of CO2 have declined 23 percent (on a tonnage basis). These reductions have come from the retirement of F.B. Culley Unit 1, expiration of municipal contracts, electric conservation, the addition of renewable generation, and the installation of more efficient dense pack turbine technology. With respect to renewable generation, in 2008 and 2009, the Company executed long-term purchase power commitments for a total of 80 MW of wind energy. The Company currently has approximately 4 percent of its electricity being provided by clean energy sources due to the long-term wind contracts and landfill gas investment. With respect to CO2 emission rate, since 2005 the Company has lowered its CO2 emission rate (as measured in lbs CO2/MWh) from 1,967 lbs CO2/MWh to 1,922 lbs CO2/MWh, for a reduction of 3 percent . The Company’s CO2 emission rate of 1,922 lbs CO2/MWh is basically the same as the State’s average CO2 emission rate of 1,923 lbs CO2/MWh. Impact of Legislative Actions & Other Initiatives is Unknown At this time, compliance costs and other effects associated with reductions in GHG emissions or obtaining renewable energy sources remain uncertain. The Company has gathered preliminary estimates of the costs to control GHG emissions. A preliminary investigation demonstrated costs to comply would be significant, first with regard to operating expenses and later for capital expenditures as technology becomes available to control GHG emissions. However, these compliance cost estimates were based on highly uncertain assumptions, including allowance prices if a cap and trade approach were employed, and energy efficiency targets. The Company will undertake a detailed review of the requirements of the CPP and the proposed FIP and commence a review of potential compliance options. In 2016 the Company will file its next integrated resource plan that will model compliance assumptions and costs and evaluate possible compliance alternatives. The Company will also continue to remain engaged with the State of Indiana to assess the final rule and to develop a plan that is the least cost to its customers. While the Company cannot reasonably estimate the total cost to comply with the CCR, ELG and CPP regulations at this time, the Company is exploring various compliance options ranging from continued compliance for all, or some, of the units to retirement of units. The cost of compliance with these new regulations could be significant. The Company believes that such compliance costs would be considered a federally mandated cost of providing electricity, and therefore, should be recoverable from customers through Senate Bill 251 as referenced above or Senate Bill 29, which was used by the Company to recover its initial pollution control investments. These compliance alternatives, including the impact on customer rates, will be fully considered as part of the Company’s public integrated resource planning process to be conducted in 2016. Manufactured Gas Plants In the past, the Company operated facilities to manufacture natural gas. Given the availability of natural gas transported by pipelines, these facilities have not been operated for many years. Under current environmental laws and regulations, those that owned or operated these facilities may now be required to take remedial action if certain contaminants are found above the regulatory thresholds. In the Indiana Gas service territory, the existence, location, and certain general characteristics of 26 gas manufacturing and storage sites have been identified for which the Company may have some remedial responsibility. A remedial investigation/ feasibility study (RI/FS) was completed at one of the sites under an agreed upon order between Indiana Gas and the IDEM, and a Record of Decision was issued by the IDEM in January 2000. The remaining sites have been submitted to the IDEM's Voluntary Remediation Program (VRP). The Company has identified its involvement in five manufactured gas plant sites in SIGECO’s service territory, all of which are currently enrolled in the IDEM’s VRP. The Company is currently conducting some level of remedial activities, including groundwater monitoring at certain sites. The Company has accrued the estimated costs for further investigation, remediation, groundwater monitoring, and related costs for the sites. While the total costs that may be incurred in connection with addressing these sites cannot be determined at this time, the Company has recorded cumulative costs that it has incurred or reasonably expects to incur totaling approximately $43.4 million ( $23.2 million at Indiana Gas and $20.2 million at SIGECO). The estimated accrued costs are limited to the Company’s share of the remediation efforts and are therefore net of exposures of other potentially responsible parties (PRP). With respect to insurance coverage, Indiana Gas has received approximately $20.8 million from all known insurance carriers under insurance policies in effect when these plants were in operation. Likewise, SIGECO has settlement agreements with all known insurance carriers and has received to date approximately $14.8 million of the expected $15.8 million in insurance recoveries. The costs the Company expects to incur are estimated by management using assumptions based on actual costs incurred, the timing of expected future payments, and inflation factors, among others. While the Company’s utilities have recorded all costs which they presently expect to incur in connection with activities at these sites, it is possible that future events may require remedial activities which are not presently foreseen and those costs may not be subject to PRP or insurance recovery. As of September 30, 2015 and December 31, 2014 , approximately $3.4 million and $3.6 million , respectively, of accrued, but not yet spent, costs are included in Other Liabilities related to the Indiana Gas and SIGECO sites. |
Impact of Recently Issued Accou
Impact of Recently Issued Accounting Principles | 9 Months Ended |
Sep. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Impact of Recently Issued Accounting Principles | Impact of Recently Issued Accounting Principles Revenue Recognition Guidance In May 2014, the FASB issued new accounting guidance to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP and IFRS. The amendments in this guidance state that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This new guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. On July 9, 2015, the FASB approved a one year deferral that became effective through an Accounting Standard Update in August and changed the effective date to annual reporting periods beginning after December 15, 2017, including interim periods, with early adoption permitted, but not before the original effective date of December 15, 2016. The Company is currently evaluating the standard to determine application date, transition method, and impact the standard will have on the financial statements. Financial Reporting of Discontinued Operations In April 2014, the FASB issued new accounting guidance on reporting discontinued operations and disclosures of disposals of a company or entity. The guidance changes the criteria for reporting discontinued operations and provides for enhanced disclosures in this area. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization's operations and financial results. Additionally, the new guidance requires expanded disclosures about discontinued operations to provide more information about the assets, liabilities, income, and expenses of discontinued operations. The new guidance also requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. This guidance is effective for fiscal years beginning on or after December 15, 2014, with early adoption permitted. The Company adopted this guidance on January 1, 2015. The Company did not early adopt this guidance in accounting for the sale of its Coal Mining assets. The adoption of this guidance had no impact on the Company's financial statements. Amendments to the Consolidation Analysis In February 2015, the FASB issued new accounting guidance on amendments to the consolidation analysis, which is intended to improve certain areas of consolidation guidance for legal entities such as limited partnerships, limited liability companies, and securitization structures. The ASU will reduce the number of consolidation models and will be effective for annual reporting periods beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the standard to understand the overall impact it will have on the financial statements, if any. Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued new accounting guidance on accounting for debt issuance costs which changes the presentation of debt issuance costs in financial statements. This ASU requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. This ASU is effective for annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The new guidance will be applied retrospectively to each prior period presented. The Company is evaluating whether it will early adopt this standard. Upon adoption, the Company will revise its current presentation of debt issuance costs in the Condensed Consolidated Balance Sheets; however, the Company does not expect a material impact on its future financial condition, results of operations, or cash flows as a result of the adoption. Management believes that other recently issued standards, which are not yet effective, will not have a material impact on the Company's financial position, results of operations, or cash flows upon adoption. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The carrying values and estimated fair values using primarily Level 2 assumptions of the Company's other financial instruments follow: September 30, 2015 December 31, 2014 (In millions) Carrying Amount Est. Fair Value Carrying Amount Est. Fair Value Long-term debt $ 1,610.7 $ 1,748.1 $ 1,577.3 $ 1,754.5 Short-term borrowings 111.0 111.0 156.4 156.4 Cash & cash equivalents 4.8 4.8 86.4 86.4 For the balance sheet dates presented in these financial statements, the Company had no material assets or liabilities marked to fair value. Certain methods and assumptions must be used to estimate the fair value of financial instruments. The fair value of the Company's long-term debt was estimated based on the quoted market prices for the same or similar issues or on the current rates offered to the Company for instruments with similar characteristics. Because of the maturity dates and variable interest rates of short-term borrowings and cash & cash equivalents, those carrying amounts approximate fair value. Because of the inherent difficulty of estimating interest rate and other market risks, the methods used to estimate fair value may not always be indicative of actual realizable value, and different methodologies could produce different fair value estimates at the reporting date. Under current regulatory treatment, call premiums on reacquisition of utility-related long-term debt are generally recovered in customer rates over the life of the refunding issue or over a 15 -year period. Accordingly, any reacquisition of this debt would not be expected to have a material effect on the Company's results of operations. Because of the nature of certain other investments and lack of a readily available market, it is not practical to estimate the fair value of these financial instruments at specific dates without considerable effort and cost. At September 30, 2015 and December 31, 2014 , the fair value for these financial instruments was not estimated. The carrying value of these investments at September 30, 2015 and December 31, 2014 was approximately $16.3 million and $10.4 million , respectively, and is included in Other nonutility investments . The increase in carrying value from December 31, 2014 is primarily related to a debt security and note received from the sale of a commercial real estate investment in June 2015. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company segregates its operations into three groups: 1) Utility Group, 2) Nonutility Group, and 3) Corporate and Other. The Utility Group is comprised of Vectren Utility Holdings, Inc.’s operations, which consist of the Company’s regulated operations and other operations that provide information technology and other support services to those regulated operations. The Company segregates its regulated operations between a Gas Utility Services operating segment and an Electric Utility Services operating segment. The Gas Utility Services segment provides natural gas distribution and transportation services to nearly two-thirds of Indiana and to west-central Ohio. The Electric Utility Services segment provides electric transmission and distribution services primarily to southwestern Indiana, and includes the Company’s power generating and wholesale power operations. Regulated operations supply natural gas and/or electricity to over one million customers. In total, the Utility Group reports three operating segments: Gas Utility Services, Electric Utility Services, and Other operations. The Nonutility Group has historically reported the following segments: Infrastructure Services, Energy Services, Coal Mining, and Other Businesses. In the 2015 periodic reports, the 2014 results for the Coal Mining segment include the results of Vectren Fuels through August 29, 2014 when it exited the coal mining business through the sale of Vectren Fuels (see Note 8 for additional information on this transaction). Energy Services provides energy performance contracting and sustainable infrastructure, such as renewables, distributed generation, and combined heat and power projects. The Infrastructure Services segment provides underground pipeline construction and repair services for customers that include Vectren Utility Holdings' utilities. Fees incurred by Vectren Utility Holdings and its subsidiaries for these pipeline construction and repair services totaled $36.6 million and $30.1 million for the three months ended September 30, 2015 and 2014, respectively, and for the nine months ended September 30, 2015 and 2014, totaled $85.9 million and $63.5 million , respectively. Corporate and Other includes unallocated corporate expenses such as advertising and certain charitable contributions, among other activities, that benefit the Company’s operations. Net income is the measure of profitability used by management for all operations. Information related to the Company’s reportable segments is summarized as follows: Three Months Ended Nine Months Ended September 30, September 30, (In millions) 2015 2014 2015 2014 Revenues Utility Group Gas Utility Services $ 108.5 $ 105.1 $ 590.1 $ 681.1 Electric Utility Services 164.4 165.9 466.0 480.9 Other Operations 10.2 9.6 30.5 28.7 Eliminations (10.1 ) (9.5 ) (30.3 ) (28.5 ) Total Utility Group 273.0 271.1 1,056.3 1,162.2 Nonutility Group Infrastructure Services 234.1 245.6 642.5 546.6 Energy Services 67.2 42.3 134.0 92.5 Coal Mining — 67.2 — 234.3 Total Nonutility Group 301.3 355.1 776.5 873.4 Corporate & Other Group 0.2 0.3 0.6 0.8 Eliminations (1.0 ) (30.9 ) (2.7 ) (101.5 ) Consolidated Revenues $ 573.5 $ 595.6 $ 1,830.7 $ 1,934.9 Profitability Measure - Net Income (Loss) Utility Group Net Income Gas Utility Services $ (3.3 ) $ (5.1 ) $ 40.4 $ 33.9 Electric Utility Services 28.2 26.7 67.1 65.9 Other Operations 2.0 2.7 6.8 8.7 Utility Group Net Income 26.9 24.3 114.3 108.5 Nonutility Group Net Income (Loss) Infrastructure Services 9.9 23.5 19.6 27.6 Energy Services 3.1 0.1 (0.4 ) (4.7 ) Coal Mining — (2.1 ) — (21.4 ) Other Businesses (0.5 ) 0.1 (1.0 ) (0.4 ) Nonutility Group Net Income 12.5 21.6 18.2 1.1 Corporate & Other Group Net Income (Loss) (0.1 ) 1.4 (0.4 ) 0.8 Consolidated Net Income $ 39.3 $ 47.3 $ 132.1 $ 110.4 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Basic and dilutive EPS | The following table illustrates the basic and dilutive EPS calculations for the periods presented in these financial statements. Three Months Ended Nine Months Ended September 30, September 30, (In millions, except per share data) 2015 2014 2015 2014 Numerator: Reported net income (Numerator for Basic and Diluted EPS) $ 39.3 $ 47.3 $ 132.1 $ 110.4 Denominator: Weighted average common shares outstanding (Denominator for Basic and Diluted EPS) 82.7 82.5 82.7 82.5 Basic EPS $ 0.48 $ 0.57 $ 1.60 $ 1.34 Diluted EPS $ 0.48 $ 0.57 $ 1.60 $ 1.34 |
Retirement Plans and Other Po23
Retirement Plans and Other Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Pension and Other Postretirement Benefit Expense [Abstract] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | A summary of the components of net periodic benefit cost follows and the amortizations shown below are primarily reflected in Regulatory assets as a majority of pension and other postretirement benefits are being recovered through rates. Three Months Ended September 30, Pension Benefits Other Benefits (In millions) 2015 2014 2015 2014 Service cost $ 1.9 $ 1.8 $ 0.1 $ 0.1 Interest cost 3.7 3.8 0.5 0.6 Expected return on plan assets (5.6 ) (5.6 ) — — Amortization of prior service cost 0.2 0.3 (0.7 ) (0.7 ) Amortization of transitional obligation — — — — Amortization of actuarial loss 2.1 1.3 0.2 0.1 Settlement charge — — — — Net periodic benefit cost $ 2.3 $ 1.6 $ 0.1 $ 0.1 Nine Months Ended September 30, Pension Benefits Other Benefits (In millions) 2015 2014 2015 2014 Service cost $ 5.9 $ 5.5 $ 0.3 $ 0.3 Interest cost 11.0 11.7 1.5 1.7 Expected return on plan assets (16.9 ) (17.1 ) — — Amortization of prior service cost 0.6 0.8 (2.2 ) (2.2 ) Amortization of transitional obligation — — — — Amortization of actuarial loss 6.3 3.7 0.5 0.3 Settlement charge — 2.6 — — Net periodic benefit cost $ 6.9 $ 7.2 $ 0.1 $ 0.1 |
ProLiance Holdings, LLC (Tables
ProLiance Holdings, LLC (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summarized Financial Information of Equity Investment [Table Text Block] | The Company's investment at September 30, 2015 , shown at its 61 percent ownership share of the individual net assets of ProLiance, is as follows. As of September 30, (In millions) 2015 Cash $ 3.9 Investment in LA Storage 21.0 Other midstream asset investment 4.9 Total investment in ProLiance $ 29.8 Included in: Investments in unconsolidated affiliates 19.7 Other nonutility investments 10.1 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The carrying values and estimated fair values using primarily Level 2 assumptions of the Company's other financial instruments follow: September 30, 2015 December 31, 2014 (In millions) Carrying Amount Est. Fair Value Carrying Amount Est. Fair Value Long-term debt $ 1,610.7 $ 1,748.1 $ 1,577.3 $ 1,754.5 Short-term borrowings 111.0 111.0 156.4 156.4 Cash & cash equivalents 4.8 4.8 86.4 86.4 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Information related to the Company’s reportable segments is summarized as follows: Three Months Ended Nine Months Ended September 30, September 30, (In millions) 2015 2014 2015 2014 Revenues Utility Group Gas Utility Services $ 108.5 $ 105.1 $ 590.1 $ 681.1 Electric Utility Services 164.4 165.9 466.0 480.9 Other Operations 10.2 9.6 30.5 28.7 Eliminations (10.1 ) (9.5 ) (30.3 ) (28.5 ) Total Utility Group 273.0 271.1 1,056.3 1,162.2 Nonutility Group Infrastructure Services 234.1 245.6 642.5 546.6 Energy Services 67.2 42.3 134.0 92.5 Coal Mining — 67.2 — 234.3 Total Nonutility Group 301.3 355.1 776.5 873.4 Corporate & Other Group 0.2 0.3 0.6 0.8 Eliminations (1.0 ) (30.9 ) (2.7 ) (101.5 ) Consolidated Revenues $ 573.5 $ 595.6 $ 1,830.7 $ 1,934.9 Profitability Measure - Net Income (Loss) Utility Group Net Income Gas Utility Services $ (3.3 ) $ (5.1 ) $ 40.4 $ 33.9 Electric Utility Services 28.2 26.7 67.1 65.9 Other Operations 2.0 2.7 6.8 8.7 Utility Group Net Income 26.9 24.3 114.3 108.5 Nonutility Group Net Income (Loss) Infrastructure Services 9.9 23.5 19.6 27.6 Energy Services 3.1 0.1 (0.4 ) (4.7 ) Coal Mining — (2.1 ) — (21.4 ) Other Businesses (0.5 ) 0.1 (1.0 ) (0.4 ) Nonutility Group Net Income 12.5 21.6 18.2 1.1 Corporate & Other Group Net Income (Loss) (0.1 ) 1.4 (0.4 ) 0.8 Consolidated Net Income $ 39.3 $ 47.3 $ 132.1 $ 110.4 |
Organization and Nature of Op27
Organization and Nature of Operations (Details) | 9 Months Ended |
Sep. 30, 2015 | |
Organization and Nature of Operations [Abstract] | |
Number of public utility subsidiaries owned by wholly owned subsidiary, Vectren Utility Holdings, Inc. (in number of subsidiaries) | 3 |
Estimated number of natural gas customers located in central and southern Indiana serviced by Indiana Gas Company, Inc. (in number of customers) | 579,000 |
Estimated number of electric customers located near Evansville in southwestern Indiana serviced by Southern Indiana Gas and Electric Company (in number of customers) | 144,000 |
Estimated number of natural gas customers located near Evansville in southwestern Indiana serviced by Southern Indiana Gas and Electric Company (in number of customers) | 111,000 |
Estimated number of natural gas customers located near Dayton in west central Ohio serviced by the Ohio operations (in number of customers) | 314,000 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Numerator [Abstract] | ||||
Net income | $ 39.3 | $ 47.3 | $ 132.1 | $ 110.4 |
Denominator [Abstract] | ||||
Weighted average common shares outstanding (Denominator for Basic EPS) (in shares) | 82.7 | 82.5 | 82.7 | 82.5 |
Adjusted weighted average shares outstanding and assumed conversions outstanding (Denominator for Diluted EPS) (in shares) | 82.7 | 82.5 | 82.7 | 82.5 |
Basic EPS (in dollars per share) | $ 0.48 | $ 0.57 | $ 1.60 | $ 1.34 |
Diluted EPS (in dollars per share) | $ 0.48 | $ 0.57 | $ 1.60 | $ 1.34 |
Excise and Utility Receipts T29
Excise and Utility Receipts Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Excise and Utility Receipts Taxes [Abstract] | ||||
Excise and utility taxes collected and reported in operating revenue | $ 5 | $ 4.9 | $ 22.1 | $ 23.3 |
Retirement Plans and Other Po30
Retirement Plans and Other Postretirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Number of qualified defined benefit pension plans | 3 | |||
Expected contribution to defined benefit plans for current year by employer | $ 20 | |||
Pension Benefits [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 1.9 | $ 1.8 | 5.9 | $ 5.5 |
Interest cost | 3.7 | 3.8 | 11 | 11.7 |
Expected return on plan assets | (5.6) | (5.6) | (16.9) | (17.1) |
Amortization of prior service cost | 0.2 | 0.3 | 0.6 | 0.8 |
Amortization of transitional obligation | 0 | 0 | 0 | 0 |
Amortization of actuarial loss | 2.1 | 1.3 | 6.3 | 3.7 |
Settlement Charge | 0 | 0 | 0 | 2.6 |
Net periodic benefit cost | 2.3 | 1.6 | 6.9 | 7.2 |
Other Benefits [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 0.1 | 0.1 | 0.3 | 0.3 |
Interest cost | 0.5 | 0.6 | 1.5 | 1.7 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | (0.7) | (0.7) | (2.2) | (2.2) |
Amortization of transitional obligation | 0 | 0 | 0 | 0 |
Amortization of actuarial loss | 0.2 | 0.1 | 0.5 | 0.3 |
Settlement Charge | 0 | 0 | 0 | 0 |
Net periodic benefit cost | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 |
Supplemental Cash Flow Inform31
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Supplemental Cash Flow Information [Abstract] | ||
Accruals related to utility and nonutility plant purchases | $ 23.1 | $ 20.2 |
ProLiance Holdings, LLC (Detail
ProLiance Holdings, LLC (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
Equity Method Investment, Ownership Percentage | 61.00% | 61.00% | |
Equity method investment,governance and voting rights percentage (in hundredths) | 50.00% | 50.00% | |
Summarized balance sheet information [Abstract] | |||
Equity method investment, investment in equity method investee's subsidiary (ProLiance Energy) | $ 3.9 | $ 3.9 | |
Equity method investment, investment in storage assets and cash from sale of storage assets | 21 | 21 | |
Equity method investment, minority interest in joint venture, investor's portion of interest | 4.9 | 4.9 | |
Equity method investment, gross investment in equity method investee | 29.8 | 29.8 | |
Investments in unconsolidated affiliates | 21.9 | 21.9 | $ 23.4 |
Other nonutility investments | $ 32.2 | $ 32.2 | 33.6 |
LA Storage [Member] | |||
Combined Joint Venture Ownership Percentage | 100.00% | 100.00% | |
Summarized balance sheet information [Abstract] | |||
Equity method investment holding minority interest in equity method investment (in hundredths) | 25.00% | 25.00% | |
Equity method investment minority interest in joint ventures | $ 34.3 | $ 34.3 | $ 35.4 |
Loss contingency, gross damages sought from a party that entered into a sub-lease agreement with a party that is an investment of an equity method investee | 56.7 | ||
Amount of loss settled upon by equity method investee and third party | 8.9 | ||
Proliance Holdings LLC [Member] | |||
Summarized balance sheet information [Abstract] | |||
Investments in unconsolidated affiliates | 19.7 | 19.7 | |
Other nonutility investments | $ 10.1 | $ 10.1 |
Sale of Vectren Fuels, Inc. Sal
Sale of Vectren Fuels, Inc. Sale of Vectren Fuels, Inc (Details) - Vectren Fuels, Inc. [Member] $ in Millions | 3 Months Ended |
Jun. 30, 2014USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Group, Including Discontinued Operation, Gross Loss | $ 32 |
Discontinued Operation, Loss on Disposal of Discontinued Operation, Net of Tax | $ 20 |
Financing Activities (Details)
Financing Activities (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Utility Group [Member] | Indiana Gas [Member] | Unsecured Debt [Member] | Fixed Rate Senior Unsecured Notes 2015 Series E 715 [Member] | |
Debt Instrument [Line Items] | |
Stated percentage rate (in hundredths) | 7.15% |
Maturity date | Mar. 15, 2015 |
Debt Instrument, Face Amount | $ 5 |
Utility Group [Member] | Vectren Utility Holdings Inc [Member] | Unsecured Debt [Member] | Fixed Rate Senior Unsecured Notes 2035,3.90% [Member] | |
Debt Instrument [Line Items] | |
Stated percentage rate (in hundredths) | 3.90% |
Debt Instrument, Face Amount | $ 25 |
Utility Group [Member] | Vectren Utility Holdings Inc [Member] | Unsecured Debt [Member] | Fixed Rate Senior Unsecured Notes 2045,4.36% [Member] | |
Debt Instrument [Line Items] | |
Stated percentage rate (in hundredths) | 4.36% |
Debt Instrument, Face Amount | $ 135 |
Utility Group [Member] | Vectren Utility Holdings Inc [Member] | Unsecured Debt [Member] | Fixed Rate Senior Unsecured Notes 2055,4.51% [Member] | |
Debt Instrument [Line Items] | |
Stated percentage rate (in hundredths) | 4.51% |
Debt Instrument, Face Amount | $ 40 |
Utility Group [Member] | SIGECO [Member] | First Mortgage Bonds [Member] | Environmental Improvement Revenue Bonds, Mount Vernon, 2055, 2.375%, Series 2015 [Member] | |
Debt Instrument [Line Items] | |
Stated percentage rate (in hundredths) | 2.375% |
Debt Instrument, Face Amount | $ 23 |
Debt re-market date | September, 2020 |
Utility Group [Member] | SIGECO [Member] | First Mortgage Bonds [Member] | Environmental Improvement Revenue Bonds, Warrick County, 2055, 2.375%, Series 2015 [Member] | |
Debt Instrument [Line Items] | |
Stated percentage rate (in hundredths) | 2.375% |
Debt Instrument, Face Amount | $ 15.2 |
Debt re-market date | September, 2020 |
Nonutility Group [Member] | Vectren Capital [Member] | Unsecured Debt [Member] | Fixed Rate Senior Unsecured Notes 2022, 3.33% [Member] | |
Debt Instrument [Line Items] | |
Stated percentage rate (in hundredths) | 3.33% |
Debt Instrument, Face Amount | $ 75 |
Nonutility Group [Member] | Vectren Capital [Member] | Unsecured Debt [Member] | Fixed Rate Senior Unsecured Notes 2030,3.90% [Member] | |
Debt Instrument [Line Items] | |
Stated percentage rate (in hundredths) | 3.90% |
Debt Instrument, Face Amount | $ 75 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Performance Guarantees and Product Warranties [Abstract] | |
Product Warranty Accrual | $ 0 |
Guarantees for ESG [Member] | |
Corporate Guarantees [Abstract] | |
Maximum exposure by parent company on guarantees | $ 187 |
Performance Guarantee [Member] | Guarantees for ESG [Member] | |
Performance Guarantees and Product Warranties [Abstract] | |
Number of surety bonds wholly owned subsidiary has outstanding in role as general contractor (in number of surety bonds) | 47 |
Average face amount of surety bonds wholly owned subsidiary has outstanding | $ 8.9 |
Maximum face amount of surety bond wholly owned subsidiary has outstanding | $ 57.3 |
Percentage of work completed on open surety bond with largest face amount (in hundredths) | 0.99 |
Percentage of work completed on projects covered by open surety bonds (in hundredths) | 49.00% |
Timeframe when significant portion of performance guarantee commitments will be fulfilled | P1Y |
Gas Rate & Regulatory Matters (
Gas Rate & Regulatory Matters (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
OHIO | Ohio Recovery and Deferral Mechanisms [Member] | ||
Regulatory Treatment of Investments in Natural Gas Infrastructure Replacement [Line Items] | ||
Cumulative gross plant invesment made under Distribution Replacement Rider | $ 179,600,000 | |
Regulatory Asset associated with DRR deferrals of depreciation and post in-service carrying costs | $ 16,900,000 | $ 13,100,000 |
Initial distribution replacement rider mechanism term. | 5 years | |
Extension period requested to recover capital investments | 5 years | |
Amount of Capital Investment Expected Over Next Five Years Recoverable Under DRR | $ 200,000,000 | |
Bill impact per customer per month | 1.50 | |
INDIANA | Indiana Recovery and Deferral Mechanisms [Member] | ||
Regulatory Treatment of Investments in Natural Gas Infrastructure Replacement [Line Items] | ||
Regulatory Assset balance associated with Vectren north and south programs | $ 19,100,000 | $ 16,400,000 |
Length of project plan required for recovery under new legislation | 7 years | |
SIGECO [Member] | INDIANA | Indiana Recovery and Deferral Mechanisms [Member] | ||
Regulatory Treatment of Investments in Natural Gas Infrastructure Replacement [Line Items] | ||
Allowable capital expenditures under Vectren programs | $ 3,000,000 | |
Limitations of deferrals of debt-related post in service carrying costs | P3Y | |
Indiana Gas [Member] | INDIANA | Indiana Recovery and Deferral Mechanisms [Member] | ||
Regulatory Treatment of Investments in Natural Gas Infrastructure Replacement [Line Items] | ||
Allowable capital expenditures under Vectren programs | $ 20,000,000 | |
Limitations of deferrals of debt-related post in service carrying costs | P4Y | |
INDIANA | Senate Bill 251 and 560 [Member] | ||
Regulatory Treatment of Investments in Natural Gas Infrastructure Replacement [Line Items] | ||
Percentage of costs eligible for recovery using periodic rate recovery mechanism | 80.00% | |
Percentage of project costs to be deferred for future recovery | 20.00% | |
INDIANA | Pipeline Safety Law [Member] | ||
Regulatory Treatment of Investments in Natural Gas Infrastructure Replacement [Line Items] | ||
Expected Seven Year Period Modernization Investment | $ 1,000,000,000 | |
Capital Expenditure Increases | 100,000,000 | |
Expected annual operating costs associated with new pipeline safety regulations | $ 240,000,000 |
Electric Rate and Regulatory 37
Electric Rate and Regulatory Matters (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 01, 2014 | |
Vectren South Electric Environmental Compliance Filing [Abstract] | |||||
Amount of capital investments to date in equipment for mercury control | $ 30 | ||||
Amount of capital investments to date in equipment to control sulfur trioxide emissions | 26 | ||||
Lower range of request for approval of capital investments on coal-fired generation units | 75 | ||||
Upper range of request for approval of capital investments on coal-fired generation units | 85 | ||||
Amount of deferred costs to date related to depreciation, property tax, and operating expenses under Senate Bill 29 and Senate Bill 251 | 2 | ||||
Amount of deferred costs to date related to post in-service carrying costs under Senate Bill 29 and Senate Bill 251. | $ 0.8 | ||||
Coal Procurement Procedures [Abstract] | |||||
Number of years for recovery of coal costs | 6 years | ||||
Cumulative total deferrals related to coal purchases | $ 30 | $ 42.4 | |||
Vectren South Electric Demand Side Management Program Filing [Abstract] | |||||
Number of years in initial demand side management program | 3 years | ||||
Maximum Deferral Of Lost Margin Associated With Small Customer DSM Programs | $ 3 | $ 1 | |||
Electric revenue recognized associated with lost margin recovery | $ 7.5 | $ 6.6 | |||
Percent of industrial load opt out of applicable energy efficiency programs | 80.00% | ||||
FERC Return On Equity Complaint [Abstract] | |||||
Current return on equity used in MISO transmission owners rates | 12.38% | ||||
Reduced return on equity percentage sought by third party through joint complaint | 9.15% | ||||
Equity component, upper limit, as a percentage, sought by third party through joint complaint | 50.00% | ||||
Gross Investment In Qualifying Transmission Projects | $ 157.7 | ||||
Net Investment in Qualifying Transmission Projects | $ 141.1 | ||||
Incentive return granted on qualifying investments in NETO | 11.14% | ||||
Percentage return approved by FERC on ROE complaint against NETO | 10.57% | ||||
Number of incentive basis point above and beyond approved FERC approved ROE | 50 |
Environmental Matters (Details)
Environmental Matters (Details) T in Millions, $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015USD ($)MW | Dec. 31, 2013T | Dec. 31, 2014USD ($) | |
Ozone NAAQS and Clean Air Act [Abstract] | |||
SIGECO investment in Property, Plant and Equipment, Pollution control equipment | $ 411 | ||
Property, Plant and Equipment, amount of investment in pollution control equipment included in rate base | $ 411 | ||
Percentage of coal fired generating fleet currently being scrubbed for SO2 (in hundredths) | 100.00% | ||
Percentage of coal fired generating fleet currently controlled for NOx (in hundredths) | 90.00% | ||
Cost of most of the allowances granted to company for NOx and SO2 inventory usage | $ 0 | ||
Coal Ash Waste Disposal, Ash Ponds and Water [Abstract] | |||
Estimated Capital Expenditures to Comply With Ash Pond And Coal Ash Disposal Regulations - Lower Range | 35 | ||
Estimated Capital Expenditures to Comply With Ash Pond and Coal Ash Disposal Regulations - Upper Range | 80 | ||
Asset Retirement Obligation | 25 | ||
Potential capital investment of using 'best technology available' (BTA) to minimize adverse impacts in a body of water - upper range | 8 | ||
Potential capital investment of using 'best technology available' (BTA) to minimize adverse impacts in a body of water - lower range | $ 4 | ||
Climate Changes [Abstract] | |||
Vectren's share of Indiana's total CO2 emmisions in 2013 (in tons) | T | 6.3 | ||
Vectren's share of Indiana's CO2 emissions in 2013 (as a percent) | 6.00% | ||
Percent reduction of Vectren's CO2 emissions since 2005 | 23.00% | ||
Vectren's emission rate (as measured in lbs CO2/MWh) prior to installation of new technology | 1,967 | ||
Vectren's emission rate (as measured in lbs CO2/MWh) after installation of new technology | 1,922 | ||
Percentage reduction of lbs CO2/MWh since 2005 | 3.00% | ||
Indiana Senate Bill 251 [Abstract] | |||
Long term contract for purchase of electric power generated by wind energy (in megawatts) | MW | 80 | ||
Percentage of total electricity obtained by the supplier to meet the energy needs of its retail customers provided by clean energy sources (in hundredths) | 4.00% | ||
Manufactured Gas Plants | |||
Site contingency, accrual, undiscounted amount | $ 43.4 | ||
Accrual for Environmental Loss Contingencies | 3.4 | $ 3.6 | |
Indiana Gas [Member] | |||
Manufactured Gas Plants | |||
Site contingency, accrual, undiscounted amount | $ 23.2 | ||
Number of sites identified with potential remedial responsibility for entity (in number of sites) | 26 | ||
Environmental cost recognized, recover from insurance carriers credited to expense | $ 20.8 | ||
SIGECO [Member] | |||
Manufactured Gas Plants | |||
Site contingency, accrual, undiscounted amount | $ 20.2 | ||
Number of sites identified with potential remedial responsibility for entity (in number of sites) | 5 | ||
Environmental cost recognized, recover from insurance carriers credited to expense | $ 14.8 | ||
Expected Site Contingency Recovery from Insurance Carriers of Environmental Remediation Costs | $ 15.8 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Recovery period for call premiums on reacquisition of utility long-term debt (in years) | 15 | |
Notes Receivable, Fair Value Disclosure | $ 16.3 | $ 10.4 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 1,610.7 | 1,577.3 |
Short-term Debt, Fair Value | 111 | 156.4 |
Cash and cash equivalents | 4.8 | 86.4 |
Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 1,748.1 | 1,754.5 |
Short-term Debt, Fair Value | 111 | 156.4 |
Cash and cash equivalents | $ 4.8 | $ 86.4 |
Segment Reporting (Details)
Segment Reporting (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
Segment Reporting [Abstract] | ||||
Portion of Indiana that is provided natural gas distribution and transportation services by the Gas Utility Services segment (in hundredths) | 66.67% | 66.67% | ||
Segment Reporting Information [Line Items] | ||||
Number of operational groups | 3 | |||
Revenues | $ 573.5 | $ 595.6 | $ 1,830.7 | $ 1,934.9 |
Net income | $ 39.3 | 47.3 | 132.1 | 110.4 |
Number of reportable segments | 3 | |||
Utility Group [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 273 | 271.1 | 1,056.3 | 1,162.2 |
Net income | 26.9 | 24.3 | $ 114.3 | 108.5 |
Number of reportable segments | 3 | |||
Related Party Transaction, Expenses from Transactions with Related Party | 36.6 | 30.1 | $ 85.9 | 63.5 |
Utility Group [Member] | Gas Utility Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 108.5 | 105.1 | 590.1 | 681.1 |
Net income | (3.3) | (5.1) | 40.4 | 33.9 |
Utility Group [Member] | Electric Utility Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 164.4 | 165.9 | 466 | 480.9 |
Net income | 28.2 | 26.7 | 67.1 | 65.9 |
Utility Group [Member] | Other Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 10.2 | 9.6 | 30.5 | 28.7 |
Net income | 2 | 2.7 | 6.8 | 8.7 |
Utility Group [Member] | Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (10.1) | (9.5) | (30.3) | (28.5) |
Nonutility Group [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 301.3 | 355.1 | 776.5 | 873.4 |
Net income | 12.5 | 21.6 | $ 18.2 | 1.1 |
Number of reportable segments | 4 | |||
Nonutility Group [Member] | Infrastructure Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 234.1 | 245.6 | $ 642.5 | 546.6 |
Net income | 9.9 | 23.5 | 19.6 | 27.6 |
Nonutility Group [Member] | Energy Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 67.2 | 42.3 | 134 | 92.5 |
Net income | 3.1 | 0.1 | (0.4) | (4.7) |
Nonutility Group [Member] | Coal Mining [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0 | 67.2 | 0 | 234.3 |
Net income | 0 | (2.1) | 0 | (21.4) |
Nonutility Group [Member] | Other Businesses [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net income | (0.5) | 0.1 | (1) | (0.4) |
Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 0.2 | 0.3 | 0.6 | 0.8 |
Net income | (0.1) | 1.4 | $ (0.4) | 0.8 |
Number of reportable segments | 1 | |||
Consolidation, Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ (1) | $ (30.9) | $ (2.7) | $ (101.5) |