Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 20, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'AWK | ' | ' |
Entity Registrant Name | 'American Water Works Company, Inc. | ' | ' |
Entity Central Index Key | '0001410636 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 178,722,663 | ' |
Entity Public Float | ' | ' | $7,336,584,365 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property plant and equipment | ' | ' |
Utility plant—at original cost, net of accumulated depreciation of $3,894,326 in 2013 and $3,657,221 in 2012 | $12,244,359 | $11,584,944 |
Nonutility property, net of accumulated depreciation of $228,465 in 2013 and $199,467 in 2012 | 146,803 | 154,420 |
Total property, plant and equipment | 12,391,162 | 11,739,364 |
Current assets | ' | ' |
Cash and cash equivalents | 26,964 | 24,433 |
Restricted funds | 28,505 | 29,756 |
Accounts receivable | 244,568 | 221,655 |
Allowance for uncollectible accounts | -33,953 | -26,874 |
Unbilled revenues | 217,147 | 180,628 |
Income taxes receivable | 5,778 | 9,594 |
Materials and supplies | 32,973 | 29,772 |
Other | 28,408 | 30,483 |
Total current assets | 550,390 | 499,447 |
Regulatory and other long-term assets | ' | ' |
Regulatory assets | 858,465 | 1,199,114 |
Restricted funds | 754 | 10,791 |
Goodwill | 1,207,764 | 1,207,250 |
Other | 60,998 | 63,010 |
Total regulatory and other long-term assets | 2,127,981 | 2,480,165 |
TOTAL ASSETS | 15,069,533 | 14,718,976 |
Capitalization | ' | ' |
Common stock ($0.01 par value, 500,000 shares authorized, 178,379 shares outstanding in 2013 and 176,988 in 2012) | 1,784 | 1,770 |
Paid-in-capital | 6,261,396 | 6,222,644 |
Accumulated deficit | -1,495,698 | -1,664,955 |
Accumulated other comprehensive income | -34,635 | -116,191 |
Treasury stock | -5,043 | 0 |
Common stockholders' equity | 4,727,804 | 4,443,268 |
Preferred stock without mandatory redemption requirements | 0 | 1,720 |
Total stockholders' equity | 4,727,804 | 4,444,988 |
Long-term debt | ' | ' |
Long-term debt | 5,212,881 | 5,190,509 |
Redeemable preferred stock at redemption value | 17,177 | 18,861 |
Total capitalization | 9,957,862 | 9,654,358 |
Current liabilities | ' | ' |
Short-term debt | 630,307 | 269,985 |
Current portion of long-term debt | 14,174 | 115,919 |
Accounts payable | 264,589 | 279,613 |
Taxes accrued | 32,400 | 35,555 |
Interest accrued | 52,087 | 53,810 |
Other | 241,976 | 239,950 |
Total current liabilities | 1,235,533 | 994,832 |
Regulatory and other long-term liabilities | ' | ' |
Advances for construction | 375,729 | 379,737 |
Deferred income taxes | 1,822,088 | 1,545,513 |
Deferred investment tax credits | 26,408 | 27,909 |
Regulatory liabilities | 373,319 | 364,181 |
Accrued pension expense | 108,542 | 461,647 |
Accrued postretirement benefit expense | 88,419 | 254,147 |
Other | 38,929 | 40,516 |
Total regulatory and other long-term liabilities | 2,833,434 | 3,073,650 |
Contributions in aid of construction | 1,042,704 | 996,136 |
Commitments and contingencies (See Note 15) | ' | ' |
TOTAL CAPITALIZATION AND LIABILITIES | $15,069,533 | $14,718,976 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Utility plant, accumulated depreciation | $3,894,326 | $3,657,221 |
Nonutility property, accumulated depreciation | $228,465 | $199,467 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares outstanding | 178,379,000 | 176,988,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Operating revenues | $2,901,858 | $2,876,889 | $2,666,236 | |||
Operating expenses | ' | ' | ' | |||
Operation and maintenance | 1,312,724 | 1,350,040 | 1,301,794 | |||
Depreciation and amortization | 407,718 | 381,503 | 351,821 | |||
General taxes | 234,642 | 221,212 | 210,478 | |||
(Gain) loss on asset dispositions and purchases | 925 | -839 | -993 | |||
Total operating expenses, net | 1,956,009 | 1,951,916 | 1,863,100 | |||
Operating income | 945,849 | 924,973 | 803,136 | |||
Other income (expenses) | ' | ' | ' | |||
Interest, net | -308,164 | -310,794 | -312,415 | |||
Loss on extinguishment of debt | -40,583 | 0 | 0 | |||
Allowance for other funds used during construction | 12,639 | 15,592 | 13,131 | |||
Allowance for borrowed funds used during construction | 6,377 | 7,771 | 5,923 | |||
Amortization of debt expense | -6,603 | -5,358 | -5,055 | |||
Other, net | -4,045 | -926 | -1,040 | |||
Total other income (expenses) | -340,379 | -293,715 | -299,456 | |||
Income from continuing operations before income taxes | 605,470 | 631,258 | 503,680 | |||
Provision for income taxes | 236,206 | 257,008 | 198,751 | |||
Income from continuing operations | 369,264 | 374,250 | 304,929 | |||
Income (loss) from discontinued operations | 0 | -16,180 | 4,684 | |||
Net income | 369,264 | 358,070 | 309,613 | |||
Other comprehensive income (loss), net of tax: | ' | ' | ' | |||
Change in employee benefit plan funded status, net of tax of $46,974, $(16,894) and $(19,498), respectively | 73,472 | -26,425 | -30,497 | |||
Pension plan amortized to periodic benefit cost: | ' | ' | ' | |||
Prior service cost, net of tax of $111, $113 and $112, respectively | 174 | 176 | 175 | |||
Actuarial loss, net of tax of $5,697, $4,668 and $2,879, respectively | 8,911 | 7,301 | 4,504 | |||
Foreign currency translation adjustment | -1,001 | 434 | -413 | |||
Other comprehensive income (loss) | 81,556 | -18,514 | -26,231 | |||
Comprehensive income | $450,820 | $339,556 | $283,382 | |||
Basic earnings per share | ' | ' | ' | |||
Income from continuing operations | $2.08 | [1] | $2.12 | [1] | $1.74 | [1] |
Income (loss) from discontinued operations | $0 | [1] | ($0.09) | [1] | $0.03 | [1] |
Net income | $2.08 | [1] | $2.03 | [1] | $1.76 | [1] |
Diluted earnings per share | ' | ' | ' | |||
Income from continuing operations | $2.06 | [1] | $2.11 | [1] | $1.73 | [1] |
Income (loss) from discontinued operations | $0 | [1] | ($0.09) | [1] | $0.03 | [1] |
Net income | $2.06 | [1] | $2.01 | [1] | $1.75 | [1] |
Average common shares outstanding during the period | ' | ' | ' | |||
Basic | 177,814 | 176,445 | 175,484 | |||
Diluted | 179,056 | 177,671 | 176,531 | |||
Dividends per common share | $1.12 | $0.98 | $1.13 | |||
[1] | Amounts may not sum due to rounding. |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations and Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in employee benefit plan funded status, tax | $46,974 | ($16,894) | ($19,498) |
Prior service cost, tax | 111 | 113 | 112 |
Actuarial loss, tax | $5,697 | $4,668 | $2,879 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net income | $369,264 | $358,070 | $309,613 |
Adjustments | ' | ' | ' |
Depreciation and amortization | 407,718 | 381,503 | 351,821 |
Provision for deferred income taxes | 250,500 | 200,440 | 195,494 |
Amortization of deferred investment tax credits | -1,501 | -1,518 | -1,542 |
Provision for losses on accounts receivable | 26,953 | 26,701 | 19,952 |
Allowance for other funds used during construction | -12,639 | -15,592 | -13,131 |
(Gain) loss on asset dispositions and purchases | 925 | -839 | -993 |
Pension and non-pension postretirement benefits | 78,069 | 87,289 | 71,439 |
Stock-based compensation expense | 12,474 | 11,470 | 10,008 |
Other, net | -727 | -1,328 | 44,521 |
Changes in assets and liabilities | ' | ' | ' |
Receivables and unbilled revenues | -79,306 | -34,528 | -34,819 |
Taxes receivable, including income taxes | 3,816 | -1,922 | -1,199 |
Other current assets | 672 | -5,223 | -1,305 |
Pension and non-pension postretirement benefit contributions | -97,500 | -129,410 | -186,730 |
Accounts payable | 16,215 | -10,572 | 37,824 |
Taxes accrued, including income taxes | -30,182 | 48,440 | 4,274 |
Interest accrued | -1,723 | -5,647 | -1,417 |
Change in book overdraft | -32,120 | 34,172 | 0 |
Other current liabilities | -14,746 | 14,092 | 4,547 |
Net cash provided by operating activities | 896,162 | 955,598 | 808,357 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Capital expenditures | -980,252 | -928,574 | -924,858 |
Acquisitions | -23,658 | -44,560 | -7,220 |
Proceeds from sale of assets and securities | 918 | 561,739 | 9,972 |
Removal costs from property, plant and equipment retirements, net | -64,727 | -57,101 | -53,134 |
Net funds released | 14,425 | 86,140 | 62,843 |
Net cash used in investing activities | -1,053,294 | -382,356 | -912,397 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from long-term debt | 404,157 | 315,430 | 12,510 |
Repayment of long-term debt | -493,095 | -471,954 | -70,045 |
Proceeds from short-term borrowings with maturities greater than three months | 221,000 | 0 | 0 |
Net short-term borrowings (repayments) with maturities less than three months | 139,322 | -211,064 | 303,024 |
Proceeds from issuances of employee stock plans and DRIP | 26,351 | 27,860 | 13,866 |
Advances and contributions for construction, net of refunds of $23,351 in 2013, $17,850 in 2012 and $21,061 in 2011 | 19,251 | 31,909 | 22,298 |
Change in bank overdraft position | 0 | -34,812 | -16,862 |
Debt issuance costs | -4,503 | -7,393 | -552 |
Redemption of preferred stocks | -3,370 | -4,376 | -1,888 |
Dividends paid | -149,450 | -213,459 | -157,855 |
Other | 0 | 4,843 | 639 |
Net cash provided by (used in) financing activities | 159,663 | -563,016 | 105,135 |
Net increase in cash and cash equivalents | 2,531 | 10,226 | 1,095 |
Cash and cash equivalents at beginning of period | 24,433 | 14,207 | 13,112 |
Cash and cash equivalents at end of period | 26,964 | 24,433 | 14,207 |
Cash paid during the year for: | ' | ' | ' |
Interest, net of capitalized amount | 317,826 | 329,331 | 331,944 |
Income taxes, net of refunds of $127 in 2013, $766 in 2012 and $812 in 2011 | 7,788 | 5,352 | 14,269 |
Non-cash investing activity | ' | ' | ' |
Capital expenditures acquired on account but unpaid as of year end | 128,902 | 159,119 | 104,816 |
Non-cash financing activity | ' | ' | ' |
Advances and contributions | 17,590 | 12,279 | 23,504 |
Dividends accrued | 49,909 | 0 | 40,403 |
Long-term debt | 6,702 | 68,746 | 0 |
Long-term debt retired | ($3,565) | $0 | $0 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Advances and contributions for construction, refunds | $23,351 | $17,850 | $21,061 |
Income taxes, refunds | $127 | $766 | $812 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock | Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Treasury Stock | Preferred Stock of Subsidiary Companies Without Mandatory Redemption Requirements |
In Thousands | |||||||
Beginning Balance at Dec. 31, 2010 | $4,132,272 | $1,750 | $6,156,675 | ($1,959,235) | ($71,446) | ($19) | $4,547 |
Beginning Balance (in shares) at Dec. 31, 2010 | ' | 174,996 | ' | ' | ' | -1 | ' |
Net income | 309,613 | ' | ' | 309,613 | ' | ' | ' |
Direct stock reinvestment and purchase plan, net of expense | 1,808 | 1 | 1,807 | ' | ' | ' | ' |
Direct stock reinvestment and purchase plan, net of expense (in shares) | ' | 64 | ' | ' | ' | ' | ' |
Employee stock purchase plan | 3,534 | 1 | 3,533 | ' | ' | ' | ' |
Employee stock purchase plan (in shares) | ' | 121 | ' | ' | ' | ' | ' |
Stock-based compensation activity | 17,646 | 5 | 18,543 | -921 | ' | 19 | ' |
Stock-based compensation activity (in shares) | ' | 483 | ' | ' | ' | 1 | ' |
Other comprehensive income loss, net of tax | -26,231 | ' | ' | ' | -26,231 | ' | ' |
Dividends | -198,258 | ' | ' | -198,258 | ' | ' | ' |
Ending Balance at Dec. 31, 2011 | 4,240,384 | 1,757 | 6,180,558 | -1,848,801 | -97,677 | 0 | 4,547 |
Ending Balance (in shares) at Dec. 31, 2011 | ' | 175,664 | ' | ' | ' | 0 | ' |
Net income | 358,070 | ' | ' | 358,070 | ' | ' | ' |
Direct stock reinvestment and purchase plan, net of expense | 2,092 | 0 | 2,092 | ' | ' | ' | ' |
Direct stock reinvestment and purchase plan, net of expense (in shares) | 60 | 60 | ' | ' | ' | ' | ' |
Employee stock purchase plan | 4,353 | 1 | 3,306 | ' | ' | 1,046 | ' |
Employee stock purchase plan (in shares) | ' | 87 | ' | ' | ' | 31 | ' |
Stock-based compensation activity | 34,486 | 12 | 36,688 | -1,168 | ' | -1,046 | ' |
Stock-based compensation activity (in shares) | ' | 1,177 | ' | ' | ' | -31 | ' |
Subsidiary preferred stock redemption | -2,827 | ' | ' | ' | ' | ' | -2,827 |
Other comprehensive income loss, net of tax | -18,514 | ' | ' | ' | -18,514 | ' | ' |
Dividends | -173,056 | ' | ' | -173,056 | ' | ' | ' |
Ending Balance at Dec. 31, 2012 | 4,444,988 | 1,770 | 6,222,644 | -1,664,955 | -116,191 | 0 | 1,720 |
Ending Balance (in shares) at Dec. 31, 2012 | ' | 176,988 | ' | ' | ' | 0 | ' |
Net income | 369,264 | ' | ' | 369,264 | ' | ' | ' |
Direct stock reinvestment and purchase plan, net of expense | 2,123 | 1 | 2,122 | ' | ' | ' | ' |
Direct stock reinvestment and purchase plan, net of expense (in shares) | 53 | 53 | ' | ' | ' | ' | ' |
Employee stock purchase plan | 4,555 | 1 | 4,554 | ' | ' | ' | ' |
Employee stock purchase plan (in shares) | ' | 111 | ' | ' | ' | ' | ' |
Stock-based compensation activity | 26,397 | 12 | 32,076 | -648 | ' | -5,043 | ' |
Stock-based compensation activity (in shares) | ' | 1,227 | ' | ' | ' | -132 | ' |
Subsidiary preferred stock redemption | -1,720 | ' | ' | ' | ' | ' | -1,720 |
Other comprehensive income loss, net of tax | 81,556 | ' | ' | ' | 81,556 | ' | ' |
Dividends | -199,359 | ' | ' | -199,359 | ' | ' | ' |
Ending Balance at Dec. 31, 2013 | $4,727,804 | $1,784 | $6,261,396 | ($1,495,698) | ($34,635) | ($5,043) | $0 |
Ending Balance (in shares) at Dec. 31, 2013 | ' | 178,379 | ' | ' | ' | -132 | ' |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other comprehensive income loss, tax | $52,782 | ($12,113) | ($16,507) |
DRIP | ' | ' | ' |
Stock issuance expense | 49 | 14 | 19 |
Stock Options | ' | ' | ' |
Stock issuance expense | $11 | ' | ' |
Organization_and_Operation
Organization and Operation | 12 Months Ended |
Dec. 31, 2013 | |
Organization and Operation | ' |
Note 1: Organization and Operation | |
American Water Works Company, Inc. (“AWW”) and its subsidiaries (collectively referred to herein as the “Company”) is the holding company for regulated and market-based subsidiaries throughout the United States of America and two Canadian provinces. The regulated subsidiaries included in continuing operations provide water and wastewater services as public utilities. These regulated subsidiaries are operationally segregated into 16 U.S. states in which the Company operates regulated utilities. The market-based subsidiaries include various lines of business including Homeowner Services, which provides water and sewer line protection plans for homeowners, and the Contract Operations group, which conducts operation and maintenance of water and wastewater facilities for the U.S. Military, municipalities and the food and beverage industry. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Significant Accounting Policies | ' |
Note 2: Significant Accounting Policies | |
Principles of Consolidation | |
The accompanying consolidated financial statements include the accounts of AWW and its subsidiaries. Intercompany balances and transactions between subsidiaries have been eliminated. The Company uses the equity method to report its investments in two joint venture investments in each of which the Company holds a 50% voting interest and cannot exercise control over the operations and policies of the investments. Under the equity method, the Company records its interests as an investment and its percentage share of earnings as earnings or losses of investee. | |
Use of Estimates | |
The preparation of consolidated 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 disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. The Company considers benefit plan assumptions; the carrying values of goodwill and other long-lived assets, including regulatory assets; revenue recognition; and accounting for income taxes to be its critical accounting estimates. The Company’s significant estimates that are particularly sensitive to change in the near term are amounts reported for pension and other postemployment benefits, contingency-related obligations and goodwill. | |
Regulation | |
The Company’s regulated utilities are subject to economic regulation by the public utility commissions and the local governments of the states in which they operate (the “Regulators”). These Regulators have allowed recovery of costs and credits which the Company has recorded as regulatory assets and liabilities. Accounting for future recovery of costs and credits as regulatory assets and liabilities is in accordance with authoritative guidance applicable to those companies whose rates are established by or are subject to approval by an independent third-party regulator. Regulated utilities defer costs and credits on the balance sheet as regulatory assets and liabilities when it is probable that those costs and credits will be recognized in the rate making process in a period different from the period in which they would have been reflected in operations by a market-based company. These deferred regulatory assets and liabilities are then reflected in the statement of operations in the period in which the costs and credits are reflected in the rates charged for service. (See Note 6) | |
Property, Plant and Equipment | |
Property, plant and equipment consist primarily of utility plant. Additions to utility plant and replacements of retirement units of property are capitalized. Costs include material, direct labor and such indirect items as engineering and supervision, payroll taxes and benefits, transportation and an allowance for funds used during construction. The costs incurred to acquire and internally develop computer software for internal use are capitalized as a unit of property. The carrying value of these costs amounted to $303,798 and $155,221 at December 31, 2013 and 2012, respectively. The 2013 increase was primarily due to the implementation of new billing and asset management systems. The cost of repairs; maintenance, including planned major maintenance activities; and minor replacements of property is charged to maintenance expense as incurred. | |
When units of property are replaced, retired or abandoned, the recorded value thereof is credited to the asset account and charged to accumulated depreciation. To the extent the Company recovers cost of removal or other retirement costs through rates after the retirement costs are incurred, a regulatory asset is recorded. In some cases, the Company recovers retirement costs through rates during the life of the associated asset and before the costs are incurred. These amounts result in a regulatory liability being reported based on the amounts previously recovered through customer rates, until the costs to retire those assets are incurred. | |
The cost of property, plant and equipment is depreciated using the straight-line average remaining life method. | |
Nonutility property consists primarily of buildings and equipment utilized by the Company for internal operations. This property is stated at cost, net of accumulated depreciation calculated using the straight-line method over the estimated useful lives of the assets, ranging from three to 50 years. | |
Cash and Cash Equivalents | |
Substantially all cash is invested in interest-bearing accounts. All highly liquid investments with a maturity of three months or less when purchased are considered to be cash equivalents. | |
Prior to January 1, 2012, the Company had overdraft protection provided by a revolving credit line with PNC Bank, N.A. Bank overdrafts on these accounts were reported as short-term debt and the change in the overdraft balance was reported as financing activities in the accompanying Consolidated Statements of Cash Flows. The Company did not renew this credit line at December 31, 2011. Accordingly, the Company’s outstanding checks on its cash accounts with PNC Bank, N.A. are classified as of January 1, 2012 and forward as other current liabilities in the accompanying Consolidated Balance Sheets, and changes in those accounts are included in operating activities for 2013 and 2012 in the accompanying Consolidated Statements of Cash Flows. | |
Restricted Funds | |
Restricted funds primarily represent proceeds from financings for the construction and capital improvement of facilities and deposits for future services under operation and maintenance projects. The proceeds of these financings are held in escrow until the designated expenditures are incurred. Restricted funds expected to be released within 12 months subsequent to year end are classified as current. | |
Accounts Receivable | |
Accounts receivable include regulated utility customer accounts receivable, which represent amounts billed to water and wastewater customers on a cycle basis. Credit is extended based on the guidelines of the applicable Regulators and collateral is generally not required. Also included are market-based trade accounts receivable and non-utility customer receivables of the regulated subsidiaries. Unbilled receivables are accrued when service has been provided but has not been billed to customers. | |
Allowance for Uncollectible Accounts | |
Allowances for uncollectible accounts are maintained for estimated probable losses resulting from the Company’s inability to collect receivables from customers. Accounts that are outstanding longer than the payment terms are considered past due. A number of factors are considered in determining the allowance for uncollectible accounts, including the length of time receivables are past due and previous loss history. The Company writes off accounts when they become uncollectible. (See Note 5) | |
Materials and Supplies | |
Materials and supplies are stated at the lower of cost or net realizable value. Cost is determined using the average cost method. | |
Goodwill | |
Goodwill is primarily associated with the acquisitions of AWW in 2003 and E’town Corporation in 2001 (the “Acquisitions”) and has been assigned to reporting units based on the fair values at the date of the Acquisitions. The Regulated Businesses segment is a single reporting unit. In the Market-Based Operations segment, the business is comprised of four reporting units for its market-based services. Goodwill is reviewed annually or more frequently if changes in circumstances indicate the carrying value may not be recoverable. Annual impairment reviews are performed in the fourth quarter of the calendar year, in conjunction with the timing of the completion of the Company’s annual strategic business plan. | |
The Company considers the carrying value of goodwill to be one of its critical accounting estimates. The Company believes the assumptions and other considerations used to value goodwill to be appropriate. However, if experience differs from the assumptions and considerations used in its analysis, the resulting change could have a material adverse impact on the consolidated financial statements. | |
No impairment charge was recorded in the Company’s continuing operations for the years ended December 31, 2013, 2012 and 2011. | |
Long-Lived Assets | |
Long-lived assets include land, buildings, equipment and long-term investments. Long-lived assets, other than investments and land, are depreciated over their estimated useful lives, and are reviewed for impairment whenever changes in circumstances indicate the carrying value of the asset may not be recoverable. Such circumstances would include items such as a significant decrease in the market value of a long-lived asset, a significant adverse change in the manner the asset is being used or planned to be used or in its physical condition, or a history of operating or cash flow losses associated with the use of the asset. In addition, changes in the expected useful life of these long-lived assets may also be an impairment indicator. When such events or changes occur, the Company estimates the fair value of the asset from future cash flows expected to result from the use and, if applicable, the eventual disposition of the asset and compares that to the carrying value of the asset. If the carrying value is greater than the fair value, an impairment loss is recorded. | |
The Company considers the fair value of long-lived assets to be one of its critical accounting estimates. The Company believes the assumptions and other considerations used to evaluate the carrying value of long-lived assets are appropriate. However, if actual experience differs from the assumptions and considerations used in its estimates, the resulting change could have a material adverse impact on the consolidated financial statements. | |
The key variables to determine value include assumptions regarding sales volume, rates, operating costs, labor and other benefit costs, capital additions, assumed discount rates and other economic factors. These variables require significant management judgment and include inherent uncertainties, since they are forecasting future events. If such assets are considered impaired, an impairment loss is recognized equal to the amount by which the asset’s carrying value exceeds its fair value. | |
The long-lived assets of the regulated utility subsidiaries are grouped on a separate entity basis for impairment testing as they are integrated state-wide operations that do not have the option to curtail service and generally have uniform tariffs. A regulatory asset is charged to earnings if and when future recovery in rates of that asset is no longer probable. | |
The Company holds other investments including investments in privately held companies and investments in joint ventures accounted for using the equity method. The Company’s investments in privately held companies and joint ventures are classified as other long-term assets. | |
The fair values of long-term investments are dependent on the financial performance and solvency of the entities in which the Company invests, as well as volatility inherent in the external markets. If such assets are considered impaired, an impairment loss is recognized equal to the amount by which the asset’s carrying value exceeds its fair value. | |
Advances for Construction and Contributions in Aid of Construction | |
Regulated utility subsidiaries may receive advances for construction (“advances”) and contributions in aid of construction (“contributions”) from customers, home builders and real estate developers to fund construction necessary to extend service to new areas. | |
Advances are refundable for limited periods of time as new customers begin to receive service or other contractual obligations are fulfilled. Included in other current liabilities at December 31, 2013 and 2012 in the accompanying Consolidated Balance Sheets are estimated refunds of $17,308 and $19,698, respectively. Those amounts represent expected refunds during the next 12-month period. | |
Advances that are no longer refundable are reclassified to contributions. Contributions are permanent collections of plant assets or cash for a particular construction project. For ratemaking purposes, the amount of such contributions generally serves as a rate base reduction since the contributions represent non-investor supplied funds. | |
Generally, the Company depreciates utility plant funded by contributions and amortizes its contributions balance as a reduction to depreciation expense, producing a result which is functionally equivalent to reducing the original cost of the utility plant for the contributions. In accordance with applicable regulatory guidelines, some of the Company’s subsidiaries do not amortize contributions, and any contribution received remains on the balance sheet indefinitely. Amortization of contributions in aid of construction was $22,363, $20,979 and $18,327 for the years ended December 31, 2013, 2012 and 2011, respectively. | |
Recognition of Revenues | |
Revenues of the regulated utility subsidiaries are recognized as water and wastewater services are provided, and include amounts billed to customers on a cycle basis and unbilled amounts based on estimated usage from the date of the meter reading associated with the latest customer invoice to the end of the accounting period. | |
The Company has agreements with the United States Government to operate and maintain water and wastewater systems at various military bases pursuant to 50-year contracts (“military agreements”). These contracts also include construction components that are accounted for separately from the operations and management components. The military agreements are subject to periodic price redetermination adjustments and modifications for changes in circumstance. Additionally, the Company has agreements ranging in length from two to 40 years with various industries and municipalities to operate and maintain water and wastewater systems (“O&M agreements”). Revenue from operations and management services are recognized as services are provided. (See Note 15) | |
Construction Contracts | |
Revenues from construction projects are recognized over the contract term based on the estimated percentage of completion during the period compared to the total estimated services to be provided over the entire contract. Losses on contracts are recognized during the period in which the loss first becomes probable and estimable. Revenues recognized during the period in excess of billings on construction contracts are recorded as unbilled revenue. Billings in excess of revenues recognized on construction contracts are recorded as other current liabilities until the recognition criteria are met. Changes in contract performance and related estimated contract profitability may result in revisions to costs and revenues and are recognized in the period in which revisions are determined. | |
Income Taxes | |
AWW and its subsidiaries participate in a consolidated federal income tax return for U.S. tax purposes. Members of the consolidated group are charged with the amount of federal income tax expense determined as if they filed separate returns. | |
Certain income and expense items are accounted for in different time periods for financial reporting than for income tax reporting purposes. The Company provides deferred income taxes on the difference between the tax basis of assets and liabilities and the amounts at which they are carried in the financial statements. These deferred income taxes are based on the enacted tax rates expected to be in effect when these temporary differences are projected to reverse. In addition, the regulated utility subsidiaries recognize regulatory assets and liabilities for the effect on revenues expected to be realized as the tax effects of temporary differences, previously flowed through to customers, reverse. | |
Investment tax credits have been deferred by the regulated utility subsidiaries and are being amortized to income over the average estimated service lives of the related assets. | |
The Company recognizes accrued interest and penalties related to tax positions as a component of income tax expense and accounts for sales tax collected from customers and remitted to taxing authorities on a net basis. | |
Allowance for Funds Used During Construction (“AFUDC”) | |
AFUDC is a non-cash credit to income with a corresponding charge to utility plant that represents the cost of borrowed funds or a return on equity funds devoted to plant under construction. The regulated utility subsidiaries record AFUDC to the extent permitted by the Regulators. | |
Environmental Costs | |
The Company’s water and wastewater operations are subject to federal, state, local and foreign requirements relating to environmental protection, and as such, the Company periodically becomes subject to environmental claims in the normal course of business. Environmental expenditures that relate to current operations or provide a future benefit are expensed or capitalized as appropriate. Remediation costs that relate to an existing condition caused by past operations are accrued, on an undiscounted basis, when it is probable that these costs will be incurred and can be reasonably estimated. Remediation costs accrued amounted to $3,300 and $4,400 at December 31, 2013 and 2012, respectively. The accrual relates entirely to a conservation agreement entered into by a subsidiary of the Company with the National Oceanic and Atmospheric Administration (“NOAA”) requiring the Company to, among other provisions, implement certain measures to protect the steelhead trout and its habitat in the Carmel River watershed in the state of California. The Company has agreed to pay $1,100 annually from 2010 to 2016. The Company pursues recovery of incurred costs through all appropriate means, including regulatory recovery through customer rates. The Company’s regulatory assets at December 31, 2013 and 2012 include $8,027 and $8,656, respectively, related to the NOAA agreement. | |
Derivative Financial Instruments | |
The Company uses derivative financial instruments for purposes of hedging exposures to fluctuations in interest rates. These derivative contracts are entered into for periods consistent with the related underlying exposures and do not constitute positions independent of those exposures. The Company does not enter into derivative contracts for speculative purposes and does not use leveraged instruments. | |
All derivatives are recognized on the balance sheet at fair value. On the date the derivative contract is entered into, the Company may designate the derivative as a hedge of the fair value of a recognized asset or liability (fair-value hedge) or a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (cash-flow hedge). | |
Changes in the fair value of a fair-value hedge, along with the gain or loss on the underlying hedged item, are recorded in current-period earnings. The effective portion of gains and losses on cash-flow hedges are recorded in other comprehensive income, until earnings are affected by the variability of cash flows. Any ineffective portion of designated hedges is recognized in current-period earnings. | |
Cash flows from derivative contracts are included in net cash provided by operating activities. | |
New Accounting Standards | |
The following recently issued accounting standards have been adopted by the Company and have been included in the consolidated results of operations, financial position or footnotes of the accompanying Consolidated Financial Statements: | |
Balance Sheet Offsetting | |
In December 2011, the Financial Accounting Standards Board (“FASB”) issued accounting guidance to amend the existing disclosure requirements for offsetting financial assets and liabilities to enhance current disclosures, as well as to improve comparability of balance sheets prepared under U.S. Generally Accepted Accounting Principles (“GAAP”) and International Financial Reporting Standards (“IFRS”). In January 2013, the FASB issued additional guidance on the scope of these disclosures. The revised disclosure guidance applies to derivative instruments and securities borrowing and lending transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement. The revised disclosure guidance is effective on a retrospective basis for interim and annual periods beginning January 1, 2013. As this guidance provides for additional disclosure requirements only, the adoption of this guidance did not have an impact on the Company’s results of operations, financial position or cash flows. | |
Testing Indefinite-Lived Intangible Assets for Impairment | |
In July 2012, the FASB updated the accounting guidance related to testing indefinite-lived intangible assets for impairment. This update permits an entity to perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test under current guidance. This update is effective for annual and interim impairment tests performed by the Company beginning on January 1, 2013. The adoption of this guidance did not have an impact on the Company’s results of operations, financial position or cash flows. | |
Amounts Reclassified Out of Accumulated Other Comprehensive Income (“AOCI”) | |
In February 2013, the FASB updated accounting guidance to add new disclosure requirements for items reclassified out of AOCI. The update does not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of AOCI by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional detail about those amounts. The amendments are required to be applied prospectively for interim and annual reporting periods beginning January 1, 2013. As this guidance provides for additional disclosure requirements only, the adoption of this guidance did not have an impact on the Company’s results of operations, financial position or cash flows. | |
Presentation of an Unrecognized Tax Benefit When a Net Operating Loss (“NOL”) or Tax Credit Carryforward Exists | |
In July 2013, the FASB updated the income tax accounting guidance to resolve diversity in presentation by addressing when an entity should present unrecognized tax benefits on a net basis if there are available NOL or tax credit carryforwards. The update requires an entity to net unrecognized tax benefits against the deferred tax assets for same-jurisdiction NOL or similar tax loss carryforwards or tax credit carryforwards. Gross presentation will be required only if such carryforwards are not available or would not be used by the entity to settle any additional income taxes resulting from disallowance of the uncertain tax position. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The amendments are required to be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application and early adoption are permitted. The Company adopted this guidance effective June 30, 2013. (See Note 13) | |
Inclusion of the Fed Funds Effective Swap Rate as a Benchmark Interest Rate for Hedge Accounting Purposes | |
In July 2013, the FASB updated the derivatives and hedging accounting guidance to provide for the inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate (“OIS”)) as a US benchmark interest rate for hedge accounting purposes, in addition to interest rates on direct Treasury obligations of the US government (“UST”) and the London Interbank Offered Rate ("LIBOR"). The amendment also removes the restriction on using different benchmark rates for similar hedges. The update is effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. As the Company has not entered into new or redesignated hedging relationships, the adoption of this guidance did not have an impact on the Company’s results of operations, financial position or cash flows. | |
The following recently announced accounting standards are not yet required to be adopted by the Company or included in the consolidated results of operations or financial position of the Company: | |
Obligations Resulting from Joint and Several Liability Arrangements | |
In February 2013, the FASB issued guidance for the recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. Examples of obligations within the scope of the updated guidance include debt arrangements, other contractual obligations and settled litigation and judicial rulings. The update requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date as the sum of the following: (a) the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and (b) any additional amount the reporting entity expects to pay on behalf of its co-obligors. The updated guidance also includes additional disclosures regarding the nature and amount of the obligation, as well as other information about those obligations. The update is effective on a retrospective basis for interim and annual periods beginning January 1, 2014. Early adoption is permitted. The Company is evaluating the specific provisions of the updated guidance, but does not expect the adoption of this guidance to have a significant impact on the Company’s results of operations, financial position or cash flows. | |
Foreign Currency Matters | |
In June 2013, the FASB issued guidance for a parent’s accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. The amendments resolve differing views in practice and apply to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or a business within a foreign entity. The update is effective prospectively for interim and annual periods beginning January 1, 2014. Early adoption is permitted. The Company does not expect the adoption of the updated guidance to have a significant impact on its results of operations, financial position or cash flows. | |
Service Concession Arrangements | |
In January 2014, the FASB issued guidance for an operating entity that enters into a service concession arrangement with a public sector grantor who controls or has the ability to modify or approve the services that the operating entity must provide with the infrastructure, to whom it must provide them and at what price. The grantor also controls, through ownership or otherwise, any residual interest in the infrastructure at the end of the term of the arrangement. The guidance specifies that an operating entity should not account for the service concession arrangement as a lease. The operating entity should refer instead to other accounting guidance to account for the various aspects of the arrangement. The guidance also specifies that the infrastructure used in the arrangement should not be recognized as property, plant and equipment of the operating entity. This update should be applied on a modified retrospective basis to service concession arrangements that exist at the beginning of an entity’s fiscal year of adoption. This requires the cumulative effect of applying the update to be recognized as an adjustment to the opening retained earnings balance for the annual period of adoption. The update is effective for interim and annual periods beginning January 1, 2015. Early adoption is permitted. The Company is evaluating the impact the updated guidance will have on its results of operations, financial position or cash flows. | |
Reclassifications | |
Certain reclassifications have been made to conform previously reported data to the current presentation. |
Acquisitions_and_Divestitures
Acquisitions and Divestitures | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Acquisitions and Divestitures | ' | ||||||||||||
Note 3: Acquisitions and Divestitures | |||||||||||||
Acquisitions | |||||||||||||
During 2013, the Company closed on 15 acquisitions of various regulated water and wastewater systems for a total aggregate net purchase price of $23,658. Assets acquired (primarily utility plant) totaled $67,403, and liabilities assumed totaled $43,745, including $25,654 of contributions in aid of construction and assumed debt of $12,673. Included in these totals was the Company’s November 14, 2013 acquisition of all of the capital stock of Dale Service Corporation (“Dale”), a regulated wastewater utility company, for a total cash purchase price of $5,090 (net of cash acquired of $6,910), plus assumed liabilities. The Dale acquisition added approximately twenty thousand wastewater customers to the Company’s existing water services footprint in Northern Virginia. The Dale acquisition was accounted for as a business combination; accordingly, operating results from November 14, 2013 were included in the Company’s results of operations. The purchase price was allocated to the net tangible and intangible assets based upon their estimated fair values at the date of acquisition. The Company’s regulatory practice has been followed whereby property, plant and equipment (rate base) is considered fair value for business combination purposes. Similarly, regulatory assets and liabilities acquired have been recorded at book value and are subject to regulatory approval where applicable. The acquired debt has been valued in a manner consistent with the Company’s Level 3 pre-acquisition debt. (See Note 17) Non-cash assets acquired in the Dale acquisition (primarily utility plant) totaled $40,999; liabilities assumed totaled $35,909, including debt assumed of $12,570 and contributions of $19,163. The pro forma impact of this acquisition would not have been material to the Company’s results of operations for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
During 2012, the Company closed on 10 acquisitions of various regulated water and wastewater systems for a total aggregate purchase price of $44,560. Included in this total was the Company’s May 1, 2012 acquisition of all of the capital stock of Aqua New York, Inc. for a total cash purchase price of $36,688 plus assumed liabilities. Assets acquired in the Aqua New York acquisition totaled $102,727, including $59,139 of plant, $27,400 of regulatory assets, and $12,181 of goodwill; liabilities assumed totaled $66,039, including long-term debt of $25,215, $11,885 of regulatory liabilities, $15,424 of deferred taxes, $1,708 of other liabilities, $1,060 of contributions in aid of construction and $9,710 of pension and postretirement welfare liabilities. Assets acquired (primarily utility plant) in the other nine acquisitions during 2012 totaled $12,514; liabilities assumed totaled $4,642. | |||||||||||||
During 2011, the Company closed on nine acquisitions of regulated water and wastewater systems for an aggregate purchase price of $7,220. The purchase price for each acquisition was allocated to the net tangible and intangible assets based upon their estimated fair values at the acquisition date. Assets acquired totaled $12,919, of which $12,814 was utility plant. Liabilities assumed totaled $4,945, including contributions in aid of construction of $3,847. The Company recorded gains on acquisitions during 2011 totaling $754. | |||||||||||||
Divestitures | |||||||||||||
In January 2012, the Company completed the sale of its Arizona and New Mexico subsidiaries. After post-close adjustments, net proceeds from the sale totaled $458,860, and the Company recorded a pretax loss on sale of $2,198. | |||||||||||||
In May 2012, the Company completed the sale of its Ohio subsidiary. After post-close adjustments, net proceeds from the sale totaled $102,154, and the Company recorded a pretax loss on sale of $4,095. | |||||||||||||
In December 2011, the Company completed the sale of its Applied Water Management subsidiary, part of its Market-Based Operations segment. Proceeds from the sale totaled $2,923. The Company recorded a pretax loss on sale of $3,126 in 2011. In 2012, the Company recorded an additional pretax loss of $114 for certain post-close adjustments. | |||||||||||||
In June 2011, the Company completed the sale of the assets of its Texas subsidiary for proceeds of $6,245. In the first quarter of 2011, the Company recognized an after-tax impairment charge of $552 for parent company goodwill allocated to the Texas subsidiary. | |||||||||||||
Operating results and the financial position of the five subsidiaries named above are included in the accompanying financial statements as discontinued operations. | |||||||||||||
A summary of discontinued operations presented in the Consolidated Statements of Operations and Comprehensive Income follows: | |||||||||||||
Years Ended December31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Operating revenues | $ | 0 | $ | 19,377 | $ | 173,447 | |||||||
Total operating expenses, net | 0 | 27,630 | 147,012 | ||||||||||
Operating income (loss) | 0 | (8,253 | ) | 26,435 | |||||||||
Other income (expense), net | 0 | (168 | ) | (270 | ) | ||||||||
Income (loss) from discontinued operations before tax | 0 | (8,421 | ) | 26,165 | |||||||||
Provision for income taxes | 0 | 7,759 | 21,481 | ||||||||||
Income (loss) from discontinued operations, net of tax | $ | 0 | $ | (16,180 | ) | $ | 4,684 | ||||||
The provision for income taxes of discontinued operations includes the recognition of tax expense related to the difference between the tax basis and book basis of assets upon the sales of the Arizona, New Mexico and Ohio that resulted in taxable gains, since an election was made under Section 338(h)(10) of the Internal Revenue Code to treat the sales as asset sales. | |||||||||||||
There were no assets or liabilities of discontinued operations in the accompanying Consolidated Balance Sheets at December 31, 2013 and 2012. | |||||||||||||
Utility_Plant
Utility Plant | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Utility Plant | ' | ||||||||||
Note 4: Utility Plant | |||||||||||
The components of utility plant by category at December 31 are as follows: | |||||||||||
Range of Remaining | 2013 | 2012 | |||||||||
Useful Lives | |||||||||||
Water plant | |||||||||||
Land and other non-depreciable assets | $ | 132,295 | $ | 129,953 | |||||||
Sources of supply | 11 to 127 Years | 659,249 | 623,015 | ||||||||
Treatment and pumping facilities | 3 to 101 Years | 3,006,140 | 2,944,178 | ||||||||
Transmission and distribution facilities | 9 to 116 Years | 7,489,208 | 7,033,958 | ||||||||
Services, meters and fire hydrants | 9 to 93 Years | 2,898,293 | 2,729,679 | ||||||||
General structures and equipment | 3 to 112 Years | 995,186 | 865,992 | ||||||||
Wastewater plant | 2 to 115 Years | 683,112 | 565,894 | ||||||||
Construction work in progress | 275,202 | 349,496 | |||||||||
16,138,685 | 15,242,165 | ||||||||||
Less accumulated depreciation | 3,894,326 | 3,657,221 | |||||||||
$ | 12,244,359 | $ | 11,584,944 | ||||||||
Utility plant depreciation expense of continuing operations amounted to $337,653 in 2013, $314,639 in 2012 and $268,987 in 2011. The Company’s regulated utility subsidiaries record depreciation in conformity with amounts approved by state regulators after regulatory review of information the Company submits to support its estimates of the assets’ remaining useful lives. | |||||||||||
The provision for depreciation expressed as a percentage of the aggregate average depreciable asset balances was 2.94% in 2013 and 2012 and 2.68% in 2011. |
Allowance_for_Uncollectible_Ac
Allowance for Uncollectible Accounts | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Allowance for Uncollectible Accounts | ' | |||||||||||||
Note 5: Allowance for Uncollectible Accounts | ||||||||||||||
The following table summarizes the changes in the Company’s allowances for uncollectible accounts: | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Balance at January 1 | $ | (26,874 | ) | $ | (18,905 | ) | $ | (21,128 | ) | |||||
Amounts charged to expense | (26,953 | ) | (26,701 | ) | (19,952 | ) | ||||||||
Amounts written off | 23,914 | 22,607 | 24,741 | |||||||||||
Recoveries of amounts written off | (4,040 | ) | (3,875 | ) | (2,566 | ) | ||||||||
Balance at December 31 | $ | (33,953 | ) | $ | (26,874 | ) | $ | (18,905 | ) | |||||
Regulatory_Assets_and_Liabilit
Regulatory Assets and Liabilities | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Regulatory Assets and Liabilities | ' | |||||||
Note 6: Regulatory Assets and Liabilities | ||||||||
The regulatory assets represent costs that are expected to be fully recovered from customers in future rates. Except for income taxes, regulatory assets are excluded from the Company’s rate base and generally do not earn a return. The components of regulatory assets at December 31 are as follows: | ||||||||
2013 | 2012 | |||||||
Income taxes recoverable through rates | $ | 242,902 | $ | 242,653 | ||||
Debt and preferred stock expense | 72,349 | 73,474 | ||||||
Deferred pension expense | 109,799 | 326,578 | ||||||
Deferred other postretirement benefit expense | 3,653 | 167,414 | ||||||
Deferred security costs | 139 | 2,240 | ||||||
Deferred business services project expense | 7,763 | 8,226 | ||||||
Deferred tank painting costs | 33,519 | 31,526 | ||||||
Deferred rate case expense | 9,407 | 11,614 | ||||||
Purchase premium recoverable through rates | 60,787 | 60,241 | ||||||
Environmental remediation recoverable through rates | 8,027 | 8,656 | ||||||
Coastal water project costs | 16,826 | 21,175 | ||||||
San Clemente Dam project costs | 44,404 | 31,403 | ||||||
Removal costs recoverable through rates | 126,771 | 98,541 | ||||||
Other | 122,119 | 115,373 | ||||||
$ | 858,465 | $ | 1,199,114 | |||||
The Company has recorded a regulatory asset for the additional revenues expected to be realized as the tax effects of temporary differences previously flowed through to customers reverse. These temporary differences are primarily related to the difference between book and tax depreciation on property placed in service before the adoption by the regulatory authorities of full normalization for rate making purposes. Full normalization requires no flow through of tax benefits to customers. The regulatory asset for income taxes recoverable through rates is net of the reduction expected in future revenues as deferred taxes previously provided, attributable to the difference between the state and federal income tax rates under prior law and the current statutory rates, reverse over the average remaining service lives of the related assets. | ||||||||
Debt expense is amortized over the lives of the respective issues. Call premiums on the redemption of long-term debt, as well as unamortized debt expense, are deferred and amortized to the extent they will be recovered through future service rates. Expenses of preferred stock issues without sinking fund provisions are amortized over 30 years from date of issue; expenses of issues with sinking fund provisions are charged to operations as shares are retired. | ||||||||
Pension expense in excess of the amount contributed to the pension plans is deferred by certain subsidiaries. These costs will be recovered in future service rates as contributions are made to the pension plan. The Company also has regulatory assets of $90,380 and $294,136 at December 31, 2013 and 2012, respectively, which is the portion of the underfunded status that is probable of recovery through rates in future periods. | ||||||||
Postretirement benefit expense in excess of the amount recovered in rates through 1997 has been deferred by certain subsidiaries. These costs are recognized in the rates charged for water service and will be recovered as authorized by the Company’s regulatory authorities. The Company also has regulatory assets of $3,113 and $166,379 at December 31, 2013 and 2012, respectively, which is the portion of the underfunded status that is probable of recovery through rates in future periods. | ||||||||
The costs of additional security measures that were implemented to protect facilities after the terrorist attacks on September 11, 2001 have been deferred by certain subsidiaries. These costs are recognized in the rates charged for water service by certain subsidiaries. These costs are being recovered over periods ranging from five to ten years from the time of regulatory approval. | ||||||||
Business services project expenses consist of reengineering and start-up activities for consolidated customer and shared administrative service centers that began operations in 2001. These costs are recognized in the rates charged for water service by certain subsidiaries. | ||||||||
Tank painting costs are generally deferred and amortized to current operations on a straight-line basis over periods ranging from five to 15 years, as authorized by the regulatory authorities in their determination of rates charged for service. | ||||||||
The Company amortizes rate case expenditures over regulatory approved amortization periods, typically three years. Rate case proceeding expenditures probable of future recovery are deferred. | ||||||||
Purchase premium recoverable through rates is primarily the recovery of the acquisition premiums related to an asset acquisition by the Company’s California subsidiary during 2002, and acquisitions in 2007 by the Company’s New Jersey subsidiary. As authorized for recovery by the California and New Jersey Regulators, these costs are being amortized to operations through November 2048. | ||||||||
Environmental remediation recoverable through rates is the recovery of costs incurred by the Company’s California subsidiary under a settlement agreement entered into with NOAA to improve habitat conditions in the Carmel River Watershed. | ||||||||
Coastal water project costs include preliminary costs associated with the studying, testing and design of alternatives to help solve water supply shortages in Monterey, California. Coastal water project costs incurred through December 31, 2010 have been reviewed and approved for recovery through a surcharge. Costs deferred during 2013, 2012 and 2011 totaled $1,299, $1,987 and $2,528, respectively. The Company believes it is probable that the costs incurred since the last rate review will also be recoverable. | ||||||||
San Clemente Dam project costs represent costs incurred and deferred by the Company’s California subsidiary pursuant to its efforts to investigate alternatives to strengthen or remove the dam due to potential earthquake and flood safety concerns. In June 2012, the California Public Utility Commission (“CPUC”) issued a decision authorizing implementation of a project to reroute the Carmel River and remove the San Clemente Dam. The project includes the Company’s California subsidiary, the California State Conservancy and the National Marine Fisheries Services. Under the order’s terms, the CPUC has authorized recovery of all previous pre-construction costs incurred by the Company’s subsidiary, and has authorized additional expenditures to be capped at $49,000 for the reroute and dam removal efforts and $2,500 for estimated interim dam safety measures. All pre-construction costs, totaling $24,303, are to be recovered via a surcharge over a 20-year period beginning October 2012; surcharge collections in 2013 and 2012 totaled $3,753 and $894, respectively. Costs deferred in addition to the pre-construction costs totaled $12,394 and $7,994 as of December 31, 2013 and 2012, respectively. | ||||||||
Other regulatory assets include certain deferred employee benefit costs as well as various regulatory balancing accounts which are deferred because the amounts are being recovered in rates or are probable of recovery through rates in future periods. | ||||||||
The components of regulatory liabilities at December 31 are as follows: | ||||||||
2013 | 2012 | |||||||
Removal costs recovered through rates | $ | 301,537 | $ | 285,901 | ||||
Other | 71,782 | 78,280 | ||||||
$ | 373,319 | $ | 364,181 | |||||
Removal costs recovered through rates are retirement costs recovered during the life of the associated assets. In December 2008, the Company’s subsidiary in New Jersey, at the direction of the New Jersey Regulator, began to amortize $48,000 of the total balance into operations via straight line amortization through November 2048. | ||||||||
Other regulatory liabilities include legal settlement proceeds, deferred gains, future customer refunds, and various regulatory balancing accounts. |
Goodwill
Goodwill | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Goodwill | ' | |||||||||||||||||||||||||||
Note 7: Goodwill | ||||||||||||||||||||||||||||
The Company’s annual impairment reviews are performed as of November 30 of each year, in conjunction with the completion of the Company’s annual strategic business plan. At November 30, 2013, the Company’s goodwill was $1,207,741. The Company also undertakes interim reviews when the Company determines that a triggering event that would more likely than not reduce the fair value of a reporting unit below its carrying value has occurred. | ||||||||||||||||||||||||||||
In September 2011, the FASB issued revised guidance intended to simplify how an entity tests goodwill for impairment. The amendments allow an entity first to assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. An entity is no longer required to calculate the fair value of a reporting unit unless the entity determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. The amendments were effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011 and early adoption was permitted. | ||||||||||||||||||||||||||||
The Company completed a quantitative fair value measurement of its reporting units when performing its goodwill impairment analysis on November 30, 2011. As of the 2011 testing date, a quantitative assessment was made and implied that the fair value of the Company’s reporting units was well in excess of their carrying amount and no impairment was required. | ||||||||||||||||||||||||||||
The Company decided to adopt the new guidance for its 2012 annual test and applied the qualitative test (“step 0” or “step 0 test”) to its reporting units for the annual impairment test performed as of November 30, 2012. No impairment measurement was deemed required. | ||||||||||||||||||||||||||||
In the current-year qualitative step 0 test at November 30, 2013, after assessing various events and circumstances that would affect the estimated fair value of the reporting units in its base line November 30, 2011 quantitative test, the Company has determined that it is not required to calculate the fair value of its reporting units at November 30, 2013. The Company has determined that it is more likely than not that its reporting unit fair values are greater than the reporting unit carrying values and no impairment is necessary. | ||||||||||||||||||||||||||||
There can be no assurances that the Company will not be required to recognize an impairment of goodwill in the future due to market conditions or other factors related to the Company’s performance. These market events could include a decline over a period of time of the Company’s stock price, a decline over a period of time in valuation multiples of comparable water utilities, the lack of an increase in the Company’s market price consistent with its peer companies or decreases in control premiums. A decline in the forecasted results in the Company’s business plan, such as changes in rate case results or capital investment budgets or changes in the Company’s interest rates, could also result in an impairment charge. | ||||||||||||||||||||||||||||
The change in the Company’s goodwill assets, as allocated between the reporting units is as follows: | ||||||||||||||||||||||||||||
Regulated Unit | Market-Based Units | Consolidated | ||||||||||||||||||||||||||
Cost | Accumulated Impairment | Cost | Accumulated Impairment | Cost | Accumulated Impairment | Net | ||||||||||||||||||||||
Balance at January 1, 2012 | $ | 3,399,368 | $ | (2,332,670 | ) | $ | 235,990 | $ | (107,619 | ) | $ | 3,635,358 | $ | (2,440,289 | ) | $ | 1,195,069 | |||||||||||
Goodwill from acquisitions | 12,181 | 0 | 0 | 0 | 12,181 | 0 | 12,181 | |||||||||||||||||||||
Balance at December 31, 2012 | $ | 3,411,549 | $ | (2,332,670 | ) | $ | 235,990 | $ | (107,619 | ) | $ | 3,647,539 | $ | (2,440,289 | ) | $ | 1,207,250 | |||||||||||
Goodwill from acquisitions | 428 | 0 | 0 | 0 | 428 | 0 | 428 | |||||||||||||||||||||
Reclassifications and other activity | 86 | 0 | 0 | 0 | 86 | 0 | 86 | |||||||||||||||||||||
Balance at December 31, 2013 | $ | 3,412,063 | $ | (2,332,670 | ) | $ | 235,990 | $ | (107,619 | ) | $ | 3,648,053 | $ | (2,440,289 | ) | $ | 1,207,764 | |||||||||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Stockholders' Equity | ' | |||||||||||||||||||
Note 8: Stockholders’ Equity | ||||||||||||||||||||
Common Stock | ||||||||||||||||||||
Under American Water Stock Direct, a dividend reinvestment and direct stock purchase plan (the “DRIP”), stockholders may reinvest cash dividends and purchase additional Company common stock, up to certain limits, through a transfer agent without commission fees. The Company’s transfer agent may buy newly issued shares directly from the Company or shares held in the Company’s treasury. The transfer agent may also buy shares in the public markets or in privately negotiated transactions. Purchases generally will be made and credited to DRIP accounts once each week. As of December 31, 2013, there were 4,655 shares available for future issuance under the DRIP. The following table summarizes information regarding issuances under the DRIP for the years ended December 31, 2013 and 2012: | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Shares of common stock issued | 53 | 60 | ||||||||||||||||||
Cash proceeds received | $ | 2,171 | $ | 2,106 | ||||||||||||||||
Cash dividend payments made during 2013 and 2012 were as follows: | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Dividends per share, three months ended: | ||||||||||||||||||||
31-Mar | $ | 0 | $ | 0.23 | ||||||||||||||||
30-Jun | 0.28 | 0.23 | ||||||||||||||||||
30-Sep | 0.28 | 0.25 | ||||||||||||||||||
31-Dec | 0.28 | 0.5 | ||||||||||||||||||
Total dividends paid, three months ended: | ||||||||||||||||||||
31-Mar | $ | 0 | $ | 40,414 | ||||||||||||||||
30-Jun | 49,744 | 40,529 | ||||||||||||||||||
30-Sep | 49,810 | 44,080 | ||||||||||||||||||
31-Dec | 49,896 | 88,436 | ||||||||||||||||||
On December 13, 2013, the Company declared a quarterly cash dividend of $0.28 per share, payable on March 3, 2014 to all shareholders of record as of February 3, 2014. As of December 31, 2013, the Company had accrued dividends totaling $49,909 included in other current liabilities on the accompanying Consolidated Balance Sheets. | ||||||||||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||||||||
The following table presents changes in accumulated other comprehensive loss by component, net of tax: | ||||||||||||||||||||
Defined Benefit Plans | Total | |||||||||||||||||||
Employee Benefit Plan Funded Status | Amortization of Prior Service Cost | Amortization of Actuarial Loss | Foreign Currency Translation | Accumulated Other Comprehensive Loss | ||||||||||||||||
Beginning balance at January 1, 2012 | $ | (116,758 | ) | $ | 363 | $ | 14,938 | $ | 3,780 | $ | (97,677 | ) | ||||||||
Other comprehensive income (loss) before | (26,425 | ) | 0 | 0 | 434 | (25,991 | ) | |||||||||||||
reclassifications | ||||||||||||||||||||
Amounts reclassified from accumulated other | 0 | 176 | 7,301 | 0 | 7,477 | |||||||||||||||
comprehensive income | ||||||||||||||||||||
Other comprehensive income (loss) for the period | (26,425 | ) | 176 | 7,301 | 434 | (18,514 | ) | |||||||||||||
Ending balance at December 31, 2012 | $ | (143,183 | ) | $ | 539 | $ | 22,239 | $ | 4,214 | $ | (116,191 | ) | ||||||||
Other comprehensive income (loss) before | 73,472 | 0 | 0 | (1,001 | ) | 72,471 | ||||||||||||||
reclassifications | ||||||||||||||||||||
Amounts reclassified from accumulated other | 0 | 174 | 8,911 | 0 | 9,085 | |||||||||||||||
comprehensive income | ||||||||||||||||||||
Other comprehensive income (loss) for the period | 73,472 | 174 | 8,911 | (1,001 | ) | 81,556 | ||||||||||||||
Ending balance at December 31, 2013 | $ | (69,711 | ) | $ | 713 | $ | 31,150 | $ | 3,213 | $ | (34,635 | ) | ||||||||
Stock Based Compensation | ||||||||||||||||||||
The Company has granted stock option and restricted stock unit awards to non-employee directors, officers and other key employees of the Company pursuant to the terms of its 2007 Omnibus Equity Compensation Plan (the “Plan”). The total aggregate number of shares of common stock that may be issued under the Plan is 15,500. As of December 31, 2013, a total of 9,612 shares are available for grant under the Plan. Shares issued under the Plan may be authorized-but-unissued shares of Company stock or reacquired shares of Company stock, including shares purchased by the Company on the open market for purposes of the Plan. | ||||||||||||||||||||
The Company recognizes compensation expense for stock awards over the vesting period of the award. The following table presents stock-based compensation expense recorded in operation and maintenance expense in the accompanying Consolidated Statements of Operations and Comprehensive Income for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Stock options | $ | 3,170 | $ | 3,282 | $ | 3,182 | ||||||||||||||
Restricted stock units | 8,718 | 7,658 | 6,340 | |||||||||||||||||
Employee stock purchase plan | 586 | 530 | 486 | |||||||||||||||||
Stock-based compensation in operation and maintenance expense | 12,474 | 11,470 | 10,008 | |||||||||||||||||
Income tax benefit | (4,865 | ) | (4,473 | ) | (3,903 | ) | ||||||||||||||
After-tax stock-based compensation expense | $ | 7,609 | $ | 6,997 | $ | 6,105 | ||||||||||||||
There were no significant stock-based compensation costs capitalized during the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||||
The cost of services received from employees in exchange for the issuance of stock options and restricted stock awards is measured based on the grant date fair value of the awards issued. The value of stock options and restricted stock unit awards at the date of the grant is amortized through expense over the three-year service period. All awards granted in 2013, 2012 and 2011 are classified as equity. | ||||||||||||||||||||
The Company receives a tax deduction based on the intrinsic value of the award at the exercise date for stock options and the distribution date for restricted stock units. For each award, throughout the requisite service period, the Company recognizes the tax benefits, which have been included in deferred tax assets, related to compensation costs. The tax deductions in excess of the benefits recorded throughout the requisite service period are recorded to shareholders’ equity or the income statement and are included in the financing section of the statement of cash flows. | ||||||||||||||||||||
The Company stratified its grant populations and used historic employee turnover rates to estimate employee forfeitures. The estimated rate is compared to the actual forfeitures at the end of the period and adjusted as necessary. | ||||||||||||||||||||
Stock Options | ||||||||||||||||||||
In 2013, 2012 and 2011, the Company granted non-qualified stock options to certain employees under the Plan. The stock options vest ratably over the three-year service period beginning on January 1 of the year of grant. These awards have no performance vesting conditions and the grant date fair value is amortized through expense over the requisite service period using the straight-line method. | ||||||||||||||||||||
The following table presents the weighted-average assumptions used in the Black-Scholes option-pricing model for grants and the resulting weighted-average grant date fair value per share of stock options granted in the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Dividend yield | 2.52 | % | 2.7 | % | 3.25 | % | ||||||||||||||
Expected volatility | 23.5 | % | 28.35 | % | 29.32 | % | ||||||||||||||
Risk-free interest rate | 0.7 | % | 0.78 | % | 1.93 | % | ||||||||||||||
Expected life (years) | 4.3 | 4.4 | 4.4 | |||||||||||||||||
Exercise price | $ | 39.6 | $ | 34.14 | $ | 27.08 | ||||||||||||||
Grant date fair value per share | $ | 5.78 | $ | 6.11 | $ | 5.14 | ||||||||||||||
The Company utilized the “simplified method” to determine the expected stock option life due to insufficient historical experience to estimate the exercise patterns of the stock options granted. The Company began granting stock options at the time of its initial public offering in April 2008. Expected volatility is based on a weighted average of historic volatilities of traded common stock of peer companies (regulated water companies) over the expected term of the stock options and historic volatilities of the Company’s common stock during the period it has been publicly traded. The dividend yield is based on the Company’s expected dividend payments and the stock price on the date of grant. The risk-free interest rate is the market yield on U.S. Treasury strips with maturities similar to the expected term of the stock options. The exercise price of the stock options is equal to the fair market value of the underlying stock on the date of option grant. Stock options vest over periods ranging from one to three years and expire seven years from the effective date of the grant. The fair value of each option is estimated on the date of grant using the Black-Scholes option-pricing model. | ||||||||||||||||||||
The value of stock options at the date of the grant is amortized through expense over the requisite service period using the straight-line method. As of December 31, 2013, $2,226 of total unrecognized compensation cost related to nonvested stock options is expected to be recognized over the remaining weighted-average period of 1.4 years. The total grant date fair value of stock options vested during the years ended December 31, 2013, 2012 and 2011 was $3,512, $3,219, and $4,578, respectively. | ||||||||||||||||||||
The table below summarizes stock option activity for the year ended December 31, 2013: | ||||||||||||||||||||
Shares | Weighted-Average Exercise Price (per share) | Weighted-Average Remaining Life (years) | Aggregate Intrinsic Value | |||||||||||||||||
Options outstanding at January1, 2013 | 2,635 | $ | 25.77 | |||||||||||||||||
Granted | 348 | 39.6 | ||||||||||||||||||
Forfeited or expired | (68 | ) | 33.69 | |||||||||||||||||
Exercised | (860 | ) | 23.49 | |||||||||||||||||
Options outstanding at December 31, 2013 | 2,055 | $ | 28.8 | 4 | $ | 27,660 | ||||||||||||||
Exercisable at December 31, 2013 | 1,187 | $ | 24.48 | 3.1 | $ | 21,098 | ||||||||||||||
The following table summarizes additional information regarding stock options exercised during the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Intrinsic value | $ | 15,102 | $ | 14,515 | $ | 3,026 | ||||||||||||||
Exercise proceeds | 20,211 | 22,112 | 8,991 | |||||||||||||||||
Income tax benefit | 4,383 | 4,017 | 511 | |||||||||||||||||
Restricted Stock Units | ||||||||||||||||||||
During 2010, the Company granted selected employees 255 restricted stock units with internal performance measures and, separately, certain market thresholds. These awards vested in January 2013. The terms of the grants specified that if certain performance on internal measures and market thresholds were achieved, the restricted stock units would vest; if performance were surpassed, up to 175% of the target awards would be distributed; and if performance thresholds were not met, awards would be cancelled. In January 2013, an additional 148 restricted stock units were granted and distributed because performance was exceeded and 19 restricted stock units were cancelled because performance thresholds were not met. | ||||||||||||||||||||
In 2013, 2012 and 2011, the Company granted restricted stock units, both with and without performance conditions to certain employees under the Plan. The restricted stock units without performance conditions vest ratably over the three-year service period beginning January 1 of the year of the grant and the restricted stock units with performance conditions vest ratably over the three-year performance period beginning January 1 of the year of grant (the “Performance Period”). Distribution of the performance shares is contingent upon the achievement of internal performance measures and, separately, certain market thresholds over the Performance Period. | ||||||||||||||||||||
During 2013, 2012 and 2011, the Company granted restricted stock units to non-employee directors under the Plan. The restricted stock units vested on the date of grant; however, distribution of the shares will be made within 30 days of the earlier of (a) 15 months after grant date or (b) the participant’s separation from service. Because these restricted stock units vested on grant date, the total grant date fair value was recorded in operation and maintenance expense included in the expense table above on the grant date. | ||||||||||||||||||||
Restricted stock units generally vest over periods ranging from one to three years. Restricted stock units granted with service-only conditions and those with internal performance measures are valued at the market value of the Company’s common stock on the date of grant. Restricted stock units granted with market conditions are valued using a Monte Carlo model. Expected volatility is based on historical volatilities of traded common stock of the Company and comparative companies using daily stock prices over the past three years. The expected term is three years and the risk-free interest rate is based on the three-year U.S. Treasury rate in effect as of the measurement date. The following table presents the weighted-average assumptions used in the Monte Carlo simulation and the weighted-average grant date fair values of restricted stock units granted during the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Expected volatility | 19.37 | % | 22.47 | % | 29.5 | % | ||||||||||||||
Risk-free interest rate | 0.4 | % | 0.43 | % | 1.24 | % | ||||||||||||||
Expected life (years) | 3 | 3 | 3 | |||||||||||||||||
Grant date fair value per share | $ | 40.13 | $ | 37.4 | $ | 29.95 | ||||||||||||||
The grant date fair value of restricted stock awards that vest ratably and have market and/or performance and service conditions is amortized through expense over the requisite service period using the graded-vesting method. Restricted stock units that have no performance conditions are amortized through expense over the requisite service period using the straight-line method. As of December 31, 2013, $4,877 of total unrecognized compensation cost related to the nonvested restricted stock units is expected to be recognized over the weighted-average remaining life of 1.4 years. The total grant date fair value of restricted stock units vested during the years ended December 31, 2013, 2012 and 2011 was $8,891, $4,191 and $2,040, respectively. | ||||||||||||||||||||
The table below summarizes restricted stock unit activity for the year ended December 31, 2013: | ||||||||||||||||||||
Shares | Weighted-Average Grant Date Fair Value (per share) | |||||||||||||||||||
Non-vested total at January 1, 2013 | 540 | $ | 29.48 | |||||||||||||||||
Granted | 405 | 34.06 | ||||||||||||||||||
Vested | (364 | ) | 24.41 | |||||||||||||||||
Forfeited | (23 | ) | 37.51 | |||||||||||||||||
Cancelled | (19 | ) | 21.98 | |||||||||||||||||
Non-vested total at December 31, 2013 | 539 | $ | 36.27 | |||||||||||||||||
The following table summarizes additional information regarding restricted stock units distributed during the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Intrinsic value | $ | 13,983 | $ | 6,159 | $ | 2,068 | ||||||||||||||
Income tax benefit | 2,049 | 799 | 99 | |||||||||||||||||
If dividends are paid with respect to shares of the Company’s common stock before the restricted stock units are distributed, the Company credits a liability for the value of the dividends that would have been paid if the restricted stock units were shares of Company common stock. When the restricted stock units are distributed, the Company pays the participant a lump sum cash payment equal to the value of the dividend equivalents accrued. The Company accrued dividend equivalents totaling $648, $1,168 and $921 to retained earnings during the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||||||||
Under the Company’s Nonqualified Employee Stock Purchase Plan (“ESPP”), employees can use payroll deductions to acquire Company stock at the lesser of 90% of the fair market value of (a) the beginning or (b) the end of each three-month purchase period. As of December 31, 2013 there were 1,363 shares of common stock reserved for issuance under the ESPP. The Company’s ESPP is considered compensatory. During the years ended December 31, 2013, 2012 and 2011, the Company issued 111, 118 and 121 shares, respectively, under the ESPP. |
Preferred_Stock_Without_Mandat
Preferred Stock Without Mandatory Redemption Requirements | 12 Months Ended |
Dec. 31, 2013 | |
Preferred Stock Without Mandatory Redemption Requirements | ' |
Note 9: Preferred Stock Without Mandatory Redemption Requirements | |
Certain preferred stock agreements do not require annual sinking fund payments or redemption except at the option of the subsidiaries. The Company had preferred stock yielding 4.50% totaling $1,720 outstanding at December 31, 2012. The Company elected to redeem that amount during 2013, accordingly none were outstanding at December 31, 2013. | |
The Company reflects its subsidiaries’ preferred stock without mandatory redemption requirements, which represents the Company’s noncontrolling interest, in the total stockholders’ equity section of the accompanying Consolidated Balance Sheets. The dividends on these preferred shares have not been reflected as income attributable to noncontrolling interest in the Consolidated Statements of Operations and Comprehensive Income as the total amount of these dividends is not considered material. The dividends issued were $19 for 2013, $153 for 2012 and $224 for 2011. The amounts have been included as a component of other income (expenses) in the accompanying Consolidated Statements of Operations and Comprehensive Income. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Long-Term Debt | ' | |||||||||||||||||||||
Note 10: Long-Term Debt | ||||||||||||||||||||||
The Company primarily incurs long-term debt to fund capital expenditures of the regulated subsidiaries. The components of long-term at December 31 are: | ||||||||||||||||||||||
Rate | Weighted | Maturity | 2013 | 2012 | ||||||||||||||||||
Average Rate | Date | |||||||||||||||||||||
Long-term debt of American Water Capital Corp. (“AWCC”)(a) | ||||||||||||||||||||||
Private activity bonds and government funded debt | ||||||||||||||||||||||
Fixed rate | 2.30%-6.75% | 5.63 | % | 2018-2040 | $ | 330,732 | $ | 322,610 | ||||||||||||||
Senior notes | ||||||||||||||||||||||
Fixed rate | 3.85%-8.27% | 5.69 | % | 2016-2042 | 3,312,761 | 3,389,399 | ||||||||||||||||
Long-term debt of other subsidiaries | ||||||||||||||||||||||
Private activity bonds and government funded debt | ||||||||||||||||||||||
Fixed rate (b) | 0.00%-6.20% | 4.68 | % | 2014-2041 | 863,716 | 865,969 | ||||||||||||||||
Mortgage bonds | ||||||||||||||||||||||
Fixed rate | 4.29%-9.71% | 7.41 | % | 2015-2039 | 676,500 | 678,500 | ||||||||||||||||
Mandatorily redeemable preferred stock | 8.47%-9.75% | 8.6 | % | 2019-2036 | 18,902 | 20,552 | ||||||||||||||||
Notes payable and other(c) | 12.17% | 12.17 | % | 2026 | 913 | 1,272 | ||||||||||||||||
Long-term debt | 5,203,524 | 5,278,302 | ||||||||||||||||||||
Unamortized debt, net(d) | 35,984 | 39,272 | ||||||||||||||||||||
Fair value adjustment to interest rate hedge | 4,724 | 7,715 | ||||||||||||||||||||
Total long-term debt | $ | 5,244,232 | $ | 5,325,289 | ||||||||||||||||||
(a) | AWCC, which is a wholly-owned subsidiary of the Company, has a strong support agreement with its parent that, under certain circumstances, is the functional equivalent of a guarantee. | |||||||||||||||||||||
(b) | Includes at December 31, 2013 $11,920 of variable rate debt with variable-to-fixed rate interest swaps paying between 3.93% and 4.72% per annum. This debt was assumed via acquisitions in 2013 (see below). | |||||||||||||||||||||
(c) | Includes capital lease obligations of $913 and $1,049 at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||
(d) | Primarily fair value adjustments previously recognized in acquisition purchase accounting. | |||||||||||||||||||||
All $676,500 of the subsidiaries’ mortgage bonds and $790,817 of the $863,716 total subsidiaries’ private activity bonds and government funded debt are collateralized by utility plant. | ||||||||||||||||||||||
Long-term debt indentures contain a number of covenants that, among other things, limit, subject to certain exceptions, the Company from issuing debt secured by the Company’s assets. Certain long term notes require the Company to maintain a ratio of consolidated total indebtedness to consolidated total capitalization of not more than 0.70 to 1.00. The ratio at December 31, 2013 was 0.55 to 1.00. In addition, the Company has $1,282,387 of notes which include the right to redeem the notes at par in whole or in part from time to time subject to certain restrictions. | ||||||||||||||||||||||
The future sinking fund payments and maturities are as follows: | ||||||||||||||||||||||
Year | Amount | |||||||||||||||||||||
2014 | $ | 14,174 | ||||||||||||||||||||
2015 | 60,655 | |||||||||||||||||||||
2016 | 52,901 | |||||||||||||||||||||
2017 | 572,314 | |||||||||||||||||||||
2018 | 473,648 | |||||||||||||||||||||
Thereafter | $ | 4,029,832 | ||||||||||||||||||||
The following long-term debt was issued in 2013: | ||||||||||||||||||||||
Company | Type | Interest Rate | Maturity | Amount | ||||||||||||||||||
American Water Capital Corp. | Senior notes—fixed rate | 3.85% | 2024 | $ | 400,000 | |||||||||||||||||
American Water Capital Corp. (1) | Private activity bonds and government funded debt—fixed rate | 2.30%-2.90% | 2021-2030 | 8,122 | ||||||||||||||||||
Other subsidiaries | Private activity bonds and government funded debt—fixed rate | 1.59-2.41% | 2031-2033 | 2,737 | ||||||||||||||||||
Total issuances | $ | 410,859 | ||||||||||||||||||||
-1 | Included in the issuance amounts for AWCC private activity bonds and government funded debt above was $6,702, which was initially kept in Trust pending the Company’s certification that it has incurred qualifying capital expenditures. These issuances have been presented as non-cash in the accompanying Consolidated Statements of Cash Flows. Subsequent releases of all or a lesser portion of these funds by the applicable Trust are reflected as the release of restricted funds and are included in investing activities in the accompanying Consolidated Statements of Cash Flows. | |||||||||||||||||||||
The Company incurred debt issuance costs of $3,377 related to the above issuances. The Company also assumed debt of $12,673 via acquisitions during 2013. | ||||||||||||||||||||||
The following long-term debt was retired through optional redemption or payment at maturity during 2013: | ||||||||||||||||||||||
Company | Type | Interest Rate | Maturity | Amount | ||||||||||||||||||
American Water Capital Corp. (2) | Senior notes—fixed rate | 5.39%-10.00% | 2013-2017 | $ | 476,638 | |||||||||||||||||
Other subsidiaries(3) | Private activity bonds and government funded debt—fixed rate | 0.00%-5.50% | 2013-2041 | 17,663 | ||||||||||||||||||
Other subsidiaries | Mortgage bonds—fixed rate | 6.59% | 2013 | 2,000 | ||||||||||||||||||
Other subsidiaries | Mandatorily redeemable preferred stock | 8.49%-9.18% | 2031-2036 | 1,650 | ||||||||||||||||||
Other | Notes payable and other | 359 | ||||||||||||||||||||
Total retirements and redemptions | $ | 498,310 | ||||||||||||||||||||
-2 | In September 2013, the Company announced a tender offer for its 6.085% Senior Notes due 2017 (the “Notes”). The offer was contingent upon the satisfaction of certain conditions, which were satisfied during the fourth quarter of 2013. At that time, the Company repurchased $225,800 in aggregate principal amount of Notes that were validly tendered. The Company paid $271,798 to effect the tender, which, in addition to the principal, included $6,603 of accrued interest, a repurchase premium of $39,395, write-off of unamortized debt issuance costs of $525 and transaction fees of $663. The sum of the repurchase premium, the debt issuance amortization and transaction fees equaled the loss on debt extinguishment of $40,583, which is disclosed separately on the accompanying Consolidated Statement of Operations. | |||||||||||||||||||||
-3 | Includes $3,565 of non-cash defeasance via the use of restricted funds. | |||||||||||||||||||||
Interest, net includes interest income of approximately $11,753, $12,652 and $10,942 in 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||
One of the principal market risks to which the Company is exposed is changes in interest rates. In order to manage the exposure, the Company follows risk management policies and procedures, including the use of derivative contracts such as swaps. The Company reduces exposure to interest rates by managing commercial paper and debt maturities. The Company does not enter into derivative contracts for speculative purposes and does not use leveraged instruments. The derivative contracts entered into are for periods consistent with the related underlying exposures. The Company is exposed to the risk that counterparties to derivative contracts will fail to meet their contractual obligations. The Company minimizes the counterparty credit risk on these transactions by dealing only with leading, credit-worthy financial institutions having long-term credit ratings of “A” or better. | ||||||||||||||||||||||
The Company has an interest-rate swap to hedge $100,000 of its 6.085% fixed-rate debt maturing 2017. The Company pays variable interest of six-month LIBOR plus 3.422%. The swap is accounted for as a fair-value hedge and matures with the fixed-rate debt in 2017. The following table provides a summary of the derivative fair value balance recorded by the Company as of December 31, 2013 and 2012 and the line item in the Consolidated Balance Sheet in which such amount is recorded: | ||||||||||||||||||||||
Balance sheet classification | 2013 | 2012 | ||||||||||||||||||||
Regulatory and other long-term assets | ||||||||||||||||||||||
Other | $ | 4,776 | $ | 7,909 | ||||||||||||||||||
Long-term debt | ||||||||||||||||||||||
Long-term debt | 4,724 | 7,715 | ||||||||||||||||||||
For derivative instruments that are designated and qualify as fair-value hedges, the gain or loss on the hedge instrument as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current net income. The Company includes the gain or loss on the derivative instrument and the offsetting loss or gain on the hedged item in interest expense for the years ended December 31 as follows: | ||||||||||||||||||||||
Income Statement Classification | 2013 | 2012 | 2011 | |||||||||||||||||||
Interest, net | ||||||||||||||||||||||
Gain (loss) on swap | $ | (3,133) | $ | 2,085 | $ | 6,722 | ||||||||||||||||
(Loss) gain on borrowing | 2,991 | (1,604 | ) | (6,455 | ) | |||||||||||||||||
Hedge ineffectiveness | (142) | 481 | 267 | |||||||||||||||||||
ShortTerm_Debt
Short-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Short-Term Debt | ' | ||||||||
Note 11: Short-Term Debt | |||||||||
Short-term debt consists of commercial paper borrowings totaling $630,307 (net of discount of $193) and $269,985 (net of discount of $15) at December 31, 2013 and 2012, respectively. Included in the 2013 balance was $221,000 of borrowings with maturities greater than three months, all of which will mature during the first quarter of 2014. | |||||||||
On September 9, 2013, AWCC and its lenders agreed to increase total commitments under AWCC’s revolving credit facility from $1,000,000 to $1,250,000. In addition, $1,180,000 of the credit facility was extended from its original termination date of October 2017 to October 2018. Other terms and conditions of the existing facility remained unchanged. The Company incurred $1,126 of issuance costs in connection with the increased lending commitments; these costs will be amortized over the remaining extended life of the credit facility. | |||||||||
At the same time, the Company also announced an increase in the maximum borrowing capability of its commercial paper program from $700,000 to $1,000,000. | |||||||||
AWCC had the following available capacity under its commercial paper program at December 31: | |||||||||
2013 | 2012 | ||||||||
Commercial paper program | $ | 1,000,000 | $ | 700,000 | |||||
Commercial paper program available capacity | 369,500 | 430,000 | |||||||
At December 31, AWCC had the following sub-limits and available capacity under each applicable credit facility: | |||||||||
2013 | 2012 | ||||||||
Letter of credit sublimit | $ | 150,000 | $ | 150,000 | |||||
Letter of credit available capacity | 108,215 | 117,137 | |||||||
At December 31, 2013, the Company had $41,785 of outstanding letters of credit, all of which were issued under the revolving credit facility noted above. At December 31, 2012, the Company had $34,148 of outstanding letters of credit, $32,863 of which was issued under the revolving credit facility noted above. | |||||||||
The following table presents the short-term borrowing activity for AWCC for the years ended December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Average borrowings | $ | 432,064 | $ | 277,952 | |||||
Maximum borrowings outstanding | 1,129,250 | 534,700 | |||||||
Weighted average interest rates, computed on a daily basis | 0.37 | % | 0.49 | % | |||||
Weighted average interest rates, at December 31 | 0.36 | % | 0.46 | % | |||||
The credit facility requires the Company to maintain a ratio of consolidated debt to consolidated capitalization of not more than 0.70 to 1.00. The ratio at December 31, 2013 was 0.55 to 1.00. | |||||||||
None of the Company’s borrowings are subject to default or prepayment as a result of a downgrading of securities, although such a downgrading could increase fees and interest charges under the Company’s credit facility. | |||||||||
As part of the normal course of business, the Company routinely enters contracts for the purchase and sale of water, energy, fuels and other services. These contracts either contain express provisions or otherwise permit the Company and its counterparties to demand adequate assurance of future performance when there are reasonable grounds for doing so. In accordance with the contracts and applicable contract law, if the Company is downgraded by a credit rating agency, especially if such downgrade is to a level below investment grade, it is possible that a counterparty would attempt to rely on such a downgrade as a basis for making a demand for adequate assurance of future performance. Depending on the Company’s net position with the counterparty, the demand could be for the posting of collateral. In the absence of expressly agreed provisions that specify the collateral that must be provided, the obligation to supply the collateral requested will be a function of the facts and circumstances of the Company’s situation at the time of the demand. If the Company can reasonably claim that it is willing and financially able to perform its obligations, it may be possible to successfully argue that no collateral should be posted or that only an amount equal to two or three months of future payments should be sufficient. The Company does not expect to post any collateral which will have a material adverse impact on the Company’s results of operations, financial position or cash flows. |
General_Taxes
General Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
General Taxes | ' | |||||||||||
Note 12: General Taxes | ||||||||||||
Components of general tax expense from continuing operations for the years ended December 31 are as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Gross receipts and franchise | $ | 96,044 | $ | 92,612 | $ | 90,674 | ||||||
Property and capital stock | 94,448 | 84,513 | 77,330 | |||||||||
Payroll | 31,375 | 32,724 | 31,705 | |||||||||
Other general | 12,775 | 11,363 | 10,769 | |||||||||
$ | 234,642 | $ | 221,212 | $ | 210,478 | |||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes | ' | ||||||||||||
Note 13: Income Taxes | |||||||||||||
Components of income tax expense from continuing operations for the years ended December 31 are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
State income taxes: | |||||||||||||
Current | $ | 7,202 | $ | 26,604 | $ | (7,440 | ) | ||||||
Deferred | |||||||||||||
Current | -405 | (280 | ) | (171 | ) | ||||||||
Non-current | 26,821 | 24,256 | 44,576 | ||||||||||
$ | 33,618 | $ | 50,580 | $ | 36,965 | ||||||||
Federal income taxes: | |||||||||||||
Current | $ | -19,995 | $ | 31,482 | $ | 12,239 | |||||||
Deferred | |||||||||||||
Current | -1,324 | (2,031 | ) | (314 | ) | ||||||||
Non-current | 225,408 | 178,495 | 151,403 | ||||||||||
Amortization of deferred investment tax credits | -1,501 | (1,518 | ) | (1,542 | ) | ||||||||
202,588 | 206,428 | 161,786 | |||||||||||
$ | 236,206 | $ | 257,008 | $ | 198,751 | ||||||||
A reconciliation of income tax expense from continuing operations at the statutory federal income tax rate to actual income tax expense for the years ended December 31 is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income tax at statutory rate | $ | 211,914 | $ | 220,940 | $ | 176,288 | |||||||
Increases (decreases) resulting from: | |||||||||||||
State taxes, net of federal taxes | 21,852 | 32,877 | 24,027 | ||||||||||
Change in valuation allowance | -455 | 143 | (160 | ) | |||||||||
Flow through differences | 3,217 | 3,032 | 2,895 | ||||||||||
Amortization of deferred investment tax credits | -1,501 | (1,518 | ) | (1,542 | ) | ||||||||
Subsidiary preferred dividends | 584 | 634 | 668 | ||||||||||
Other, net | 595 | 900 | (3,425 | ) | |||||||||
Actual income tax expense | $ | 236,206 | $ | 257,008 | $ | 198,751 | |||||||
The following table provides the components of the net deferred tax liability from continuing operations at December 31: | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Advances and contributions | $ | 510,122 | $ | 485,815 | |||||||||
Deferred investment tax credits | 10,027 | 10,610 | |||||||||||
Other postretirement benefits | 107,773 | 100,301 | |||||||||||
Tax losses and credits | 265,640 | 229,423 | |||||||||||
Pension benefits | 122,143 | 113,919 | |||||||||||
Unamortized debt discount, net | 20,249 | 21,711 | |||||||||||
Other | 23,888 | 22,835 | |||||||||||
1,059,842 | 984,614 | ||||||||||||
Valuation allowance | -13,555 | (19,520 | ) | ||||||||||
$ | 1,046,287 | $ | 965,094 | ||||||||||
Deferred tax liabilities: | |||||||||||||
Utility plant, principally due to depreciation differences | $ | 2,478,617 | $ | 2,168,680 | |||||||||
Income taxes recoverable through rates | 81,135 | 82,400 | |||||||||||
Deferred security costs | 58 | 921 | |||||||||||
Deferred business services project expenses | 4,584 | 4,580 | |||||||||||
Deferred other postretirement benefits | 65,071 | 57,895 | |||||||||||
Deferred pension benefits | 169,336 | 102,847 | |||||||||||
Other | 69,574 | 93,284 | |||||||||||
2,868,375 | 2,510,607 | ||||||||||||
$ | -1,822,088 | $ | (1,545,513 | ) | |||||||||
At December 31, 2013 and 2012, the Company recorded federal net operating loss (“NOL”) carryforwards of $1,182,075 and $1,047,786, respectively. The 2013 balance includes $16,484 of windfall tax benefits on stock-based compensation that will not be recorded to equity until the benefit is realized. The Company believes the federal NOL carryforwards are more likely than not to be recovered and require no valuation allowance. The Company evaluated its ability to fully utilize the existing federal NOL carryforwards in light of the RWE divestiture in November 2009. Under Internal Revenue Code (“I.R.C.”) Section 382, an ownership change occurs if there is a greater than fifty percent (50%) change in equity ownership of a company over a three-year period determined by reference to the ownership of persons holding five percent (5%) or more of that company’s equity securities. If a company undergoes an ownership change as defined by I.R.C. Section 382, the company’s ability to utilize its pre-change NOL carryforwards to offset post-change income may be limited. | |||||||||||||
The Company believes that the limitation imposed by I.R.C. Section 382 generally should not preclude use of its federal NOL carryforwards, assuming the Company has sufficient taxable income in future carryforward periods to utilize those NOL carryforwards. The Company’s federal NOL carryforwards do not begin expiring until 2028. | |||||||||||||
At December 31, 2013 and 2012, the Company had state NOLs of $628,049 and $663,429, respectively, a portion of which are offset by a valuation allowance because the Company does not believe these NOLs are more likely than not to be realized. The state NOL carryforwards will expire between 2014 and 2033. | |||||||||||||
At December 31, 2013 and 2012, the Company had Canadian NOL carryforwards of $6,323 and $5,703, respectively. The majority of these carryforwards are offset by a valuation allowance because the Company does not believe these NOLs are more likely than not to be realized. The Canadian NOL carryforwards will expire between 2014 and 2033. | |||||||||||||
The Company had capital loss carryforwards for federal income tax purposes of $3,844 and $4,357 at December 31, 2013 and 2012, respectively. The Company has recognized a full valuation allowance for the capital loss carryforwards because the Company does not believe these losses are more likely than not to be recovered. | |||||||||||||
The Company files income tax returns in the United States federal jurisdiction and various state and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state or local or non-U.S income tax examinations by tax authorities for years before 2007. | |||||||||||||
The Company has state income tax examinations in progress and does not expect material adjustments to result. | |||||||||||||
The Patient Protection and Affordable Care Act (the “PPACA”) became law on March 23, 2010, and the Health Care and Education Reconciliation Act of 2010 became law on March 30, 2010, which makes various amendments to certain aspects of the PPACA (together, the “Acts”). The PPACA effectively changes the tax treatment of federal subsidies paid to sponsors of retiree health benefit plans that provide a benefit that is at least actuarially equivalent to the benefits under Medicare Part D. The Acts effectively make the subsidy payments taxable in tax years beginning after December 31, 2012 and as a result, the Company followed its original accounting for the underfunded status of the other postretirement benefits for the Medicare Part D adjustment and recorded a reduction in deferred tax assets and an increase in its regulatory assets amounting to $6,241 and $6,432 at December 31, 2013 and 2012, respectively. | |||||||||||||
The following table summarizes the changes in the Company’s gross liability, excluding interest and penalties, for unrecognized tax benefits: | |||||||||||||
Balance at January 1, 2012 | $ | 158,578 | |||||||||||
Increases in current period tax positions | 40,620 | ||||||||||||
Decreases in prior period measurement of tax positions | (18,205 | ) | |||||||||||
Balance at December 31, 2012 | $ | 180,993 | |||||||||||
Increases in current period tax positions | 27,229 | ||||||||||||
Decreases in prior period measurement of tax positions | (30,275 | ) | |||||||||||
Balance at December 31, 2013 | $ | 177,947 | |||||||||||
During the second quarter of 2013, the Company adopted updated income tax guidance, and as a result, reclassified as of December 31, 2012 $74,360 of unrecognized tax benefit from other long-term liabilities to deferred income taxes to conform to the current presentation in the accompanying Consolidated Balance Sheets. The total balance in the table above does not include interest and penalties of $242 and $260 as of December 31, 2013 and 2012, respectively, which is recorded as a component of income tax expense. The majority of the increased tax position is attributable to temporary differences. The increase in 2013 current period tax positions related primarily to the Company’s change in tax accounting method filed in 2008 for repair and maintenance costs on its utility assets. The Company does not anticipate material changes to its unrecognized tax benefits within the next year. If the Company sustains all of its positions at December 31, 2013 and 2012, an unrecognized tax benefit of $7,439 and $7,532, respectively, excluding interest and penalties, would impact the Company’s effective tax rate. | |||||||||||||
The following table summarizes the changes in the Company’s valuation allowance: | |||||||||||||
Balance at January 1, 2011 | $ | 23,788 | |||||||||||
Increases in current period tax positions | 1,525 | ||||||||||||
Decreases in current period tax positions | (3,734 | ) | |||||||||||
Balance at December 31, 2011 | $ | 21,579 | |||||||||||
Increases in current period tax positions | 0 | ||||||||||||
Decreases in current period tax positions | (2,059 | ) | |||||||||||
Balance at December 31, 2012 | $ | 19,520 | |||||||||||
Increases in current period tax positions | 0 | ||||||||||||
Decreases in current period tax positions | (5,965 | ) | |||||||||||
Balance at December 31, 2013 | $ | 13,555 | |||||||||||
Included in 2013 is a discrete tax benefit totaling $2,979 associated with an entity re-organization within the Company’s Market-Based segment that allowed for the utilization of state net operating loss carryforwards and the release of an associated valuation allowance. | |||||||||||||
Employee_Benefits
Employee Benefits | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Employee Benefits | ' | ||||||||||||||||||||||||||
Note 14: Employee Benefits | |||||||||||||||||||||||||||
Pension and Other Postretirement Benefits | |||||||||||||||||||||||||||
The Company maintains noncontributory defined benefit pension plans covering eligible employees of its regulated utility and shared services operations. Benefits under the plans are based on the employee’s years of service and compensation. The pension plans have been closed for all employees. The pension plans were closed for most employees hired on or after January 1, 2006. Union employees hired on or after January 1, 2001 had their accrued benefit frozen and will be able to receive this benefit as a lump sum upon termination or retirement. Union employees hired on or after January 1, 2001 and non-union employees hired on or after January 1, 2006 are provided with a 5.25% of base pay defined contribution plan. The Company does not participate in a multiemployer plan. | |||||||||||||||||||||||||||
The Company’s pension funding practice is to contribute at least the greater of the minimum amount required by the Employee Retirement Income Security Act of 1974 or the normal cost. Further, the Company will consider additional contributions if needed to avoid “at risk” status and benefit restrictions under the Pension Protection Act of 2006. The Company may also consider increased contributions, based on other financial requirements and the plans’ funded position. Pension plan assets are invested in a number of actively managed and indexed investments including equity and bond mutual funds, fixed income securities, guaranteed interest contracts with insurance companies and real estate investment trusts (“REITs”). | |||||||||||||||||||||||||||
Pension expense in excess of the amount contributed to the pension plans is deferred by certain regulated subsidiaries pending future recovery in rates charged for utility services as contributions are made to the plans. (See Note 6) | |||||||||||||||||||||||||||
The Company also has unfunded noncontributory supplemental non-qualified pension plans that provide additional retirement benefits to certain employees. | |||||||||||||||||||||||||||
The Company maintains other postretirement benefit plans providing varying levels of medical and life insurance to eligible retirees. The retiree welfare plans are closed for union employees hired on or after January 1, 2006. The plans had previously closed for non-union employees hired on or after January 1, 2002. | |||||||||||||||||||||||||||
The Company’s policy is to fund other postretirement benefit costs for rate-making purposes. Assets of the plans are invested in equity mutual funds, bond mutual funds and fixed income securities. | |||||||||||||||||||||||||||
The obligations of the plans are dominated by obligations for active employees. Because the timing of expected benefit payments is so far in the future, the investment strategy is to allocate a significant percentage of assets to equities, which the Company believes will provide the highest return over the long-term period. The fixed income assets are invested in long duration debt securities and may be invested in fixed income instruments, such as futures and options, in order to better match the duration of the plan liability. | |||||||||||||||||||||||||||
The Company periodically conducts asset liability studies to ensure the investment strategies are aligned with the profile of the plans’ obligations. | |||||||||||||||||||||||||||
None of the Company’s securities are included in pension or other postretirement benefit plan assets. | |||||||||||||||||||||||||||
The Company uses fair value for all classes of assets in the calculation of market-related value of plan assets by applying the fair value of the asset classes at the balance sheet date times the projected returns for that asset class. | |||||||||||||||||||||||||||
The investment policy guidelines of the pension plan require that the fixed income portfolio has an overall weighted-average credit rating of A or better by Standard & Poor’s. | |||||||||||||||||||||||||||
The investment policies' objectives are focused on reducing the volatility of the plans’ funding status over a long term horizon. | |||||||||||||||||||||||||||
The fair values and asset allocations of pension plan assets at December 31, 2013, by asset category, follow: | |||||||||||||||||||||||||||
Asset Category | Target | Total | Quoted Prices | Significant | Significant | Percentage of Plan | |||||||||||||||||||||
Allocation | in Active | Observable | Unobservable | Assets at | |||||||||||||||||||||||
2014 | Markets for | Inputs | Inputs | December 31, 2013 | |||||||||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||
Cash | — | $ | 12,844 | $ | 12,844 | $ | — | $ | — | — | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
U.S. large cap | 24 | % | 455,068 | 455,068 | — | — | 33 | % | |||||||||||||||||||
U.S. small cap value | 8 | % | 139,571 | 139,571 | — | — | 10 | % | |||||||||||||||||||
International | 20 | % | 295,226 | 615 | 294,611 | — | 21 | % | |||||||||||||||||||
Fixed income securities: | 40 | % | 35 | % | |||||||||||||||||||||||
U.S. Treasury and government bonds | — | 81,200 | 76,222 | 4,978 | — | — | |||||||||||||||||||||
Corporate bonds | — | 209,500 | — | 209,500 | — | — | |||||||||||||||||||||
Mortgage-backed securities | — | 116,956 | — | 116,956 | — | — | |||||||||||||||||||||
Long duration bond fund | — | 5,177 | 5,177 | — | — | — | |||||||||||||||||||||
Guaranteed annuity contracts | — | 52,772 | — | 8,947 | 43,825 | — | |||||||||||||||||||||
Real estate | 6 | % | — | — | — | — | — | ||||||||||||||||||||
REITs | 2 | % | 15,307 | — | 15,307 | — | 1 | % | |||||||||||||||||||
Total | 100 | % | $ | 1,383,621 | $ | 689,497 | $ | 650,299 | $ | 43,825 | 100 | % | |||||||||||||||
The following table presents a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) where transfers in (out) represent assets sold and benefit payments made during the year: | |||||||||||||||||||||||||||
Level 3 | |||||||||||||||||||||||||||
Balance, January 1, 2013 | $ | 173,625 | |||||||||||||||||||||||||
Actual return on assets | 10,384 | ||||||||||||||||||||||||||
Transfers in (out) | (140,184 | ) | |||||||||||||||||||||||||
Balance, December 31, 2013 | $ | 43,825 | |||||||||||||||||||||||||
The fair values and asset allocations of pension plan assets at December 31, 2012, by asset category, follow: | |||||||||||||||||||||||||||
Asset Category | Target | Total | Quoted Prices | Significant | Significant | Percentage of Plan | |||||||||||||||||||||
Allocation | in Active | Observable | Unobservable | Assets at | |||||||||||||||||||||||
2013 | Markets for | Inputs | Inputs | December 31, 2012 | |||||||||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||
Cash | — | $ | 9,107 | $ | 9,107 | $ | — | $ | — | — | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
U.S. large cap | 29 | % | 411,805 | 411,805 | — | — | 36 | % | |||||||||||||||||||
U.S. small cap value | 8 | % | 139,389 | 139,389 | — | — | 12 | % | |||||||||||||||||||
International | 20 | % | 255,126 | — | 128,953 | 126,173 | 22 | % | |||||||||||||||||||
Fixed income securities: | 35 | % | 30 | % | |||||||||||||||||||||||
U.S. Treasury and government bonds | — | 62,311 | 60,558 | 1,753 | — | — | |||||||||||||||||||||
Corporate bonds | — | 73,254 | — | 73,254 | — | — | |||||||||||||||||||||
Mortgage-backed securities | — | 144,100 | — | 144,100 | — | — | |||||||||||||||||||||
Long duration bond fund | — | 5,690 | 5,690 | — | — | — | |||||||||||||||||||||
Guaranteed annuity contracts | — | 56,915 | — | 9,463 | 47,452 | — | |||||||||||||||||||||
REITs | 8 | % | — | — | — | — | — | ||||||||||||||||||||
Total | 100 | % | $ | 1,157,697 | $ | 626,549 | $ | 357,523 | $ | 173,625 | 100 | % | |||||||||||||||
The following table presents a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) where transfers in (out) represent benefit payments made during the year: | |||||||||||||||||||||||||||
Level 3 | |||||||||||||||||||||||||||
Balance, January 1, 2012 | $ | 148,574 | |||||||||||||||||||||||||
Actual return on assets | 28,420 | ||||||||||||||||||||||||||
Transfers in (out) | (3,369 | ) | |||||||||||||||||||||||||
Balance, December 31, 2012 | $ | 173,625 | |||||||||||||||||||||||||
The Company’s other postretirement benefit plans are partially funded and the assets are held under various trusts. The investments and risk mitigation strategies for the plans are tailored specifically for each trust. In setting new strategic asset mixes, consideration is given to the likelihood that the selected asset allocation will effectively fund the projected plan liabilities and the risk tolerance of the Company. The Company periodically updates the long-term, strategic asset allocations and uses various analytics to determine the optimal asset allocation. Considerations include plan liability characteristics, liquidity characteristics, funding requirements, expected rates of return and the distribution of returns. | |||||||||||||||||||||||||||
In June 2012, the Company implemented a de-risking strategy for the medical bargaining trust within the plan to minimize volatility. As part of the de-risking strategy, the Company revised the asset allocations to increase the matching characteristics of assets relative to liabilities. The initial de-risking asset allocation for the plan was 60% return-generating assets and 40% liability-driven assets. The investment strategies and policies for the plan reflect a balance of liability driven and return-generating considerations. The objective of minimizing the volatility of assets relative to liabilities is addressed primarily through asset—liability matching, asset diversification and hedging. The fixed income target asset allocation matches the bond-like and long-dated nature of the postretirement liabilities. Assets are broadly diversified within asset classes to achieve risk-adjusted returns that in total lower asset volatility relative to the liabilities. The Company assesses the investment strategy regularly to ensure actual allocations are in line with target allocations as appropriate. Strategies to address the goal of ensuring sufficient assets to pay benefits include target allocations to a broad array of asset classes and, within asset classes strategies are employed to provide adequate returns, diversification and liquidity. | |||||||||||||||||||||||||||
The assets of the Company’s other trusts within the other postretirement benefit plans have been primarily invested in equities and fixed income index funds. The assets under the various other postretirement benefit trusts are invested differently based on the assets and liabilities of each trust. The obligations of the other postretirement benefit plans are dominated by obligations for the medical bargaining trust. Thirty-nine percent and five percent of the total postretirement plan benefit obligations are related to the medical non-bargaining and life insurance trusts, respectively. Because expected benefit payments related to the benefit obligations are so far into the future, and the size of the medical non-bargaining and life insurance trusts’ obligations are large compared to each trusts’ assets, the investment strategy is to allocate a significant portion of the assets’ investment to equities, which the Company believes will provide the highest long-term return and improve the funding ratio. | |||||||||||||||||||||||||||
The Company engages third party investment managers for all invested assets. Managers are not permitted to invest outside of the asset class (e.g., fixed income, equity, alternatives) or strategy for which they have been appointed. Investment management agreements and recurring performance and attribution analysis are used as tools to ensure investment managers invest solely within the investment strategy they have been provided. Futures and options may be used to adjust portfolio duration to align with a plan’s targeted investment policy. | |||||||||||||||||||||||||||
In order to minimize asset volatility relative to the liabilities, a portion of plan assets is allocated to fixed income investments that are exposed to interest rate risk. Increases in interest rates generally will result in a decline in the value of fixed income assets while reducing the present value of the liabilities. Conversely, rate decreases will increase fixed income assets, partially offsetting the related increase in the liabilities. Within equities, risk is mitigated by constructing a portfolio that is broadly diversified by geography, market capitalization, manager mandate size, investment style and process | |||||||||||||||||||||||||||
Actual allocations to each asset class vary from target allocations due to periodic investment strategy updates, market value fluctuations, the length of time it takes to fully implement investment allocation, and the timing of benefit payments and contributions. The asset allocation is rebalanced on a quarterly basis, if necessary. | |||||||||||||||||||||||||||
The fair values and asset allocations of postretirement benefit plan assets at December 31, 2013, by asset category, follow: | |||||||||||||||||||||||||||
Asset Category | Target | Total | Quoted Prices | Significant | Significant | Percentage of Plan | |||||||||||||||||||||
Allocation | in Active | Observable | Unobservable | Assets at | |||||||||||||||||||||||
2014 | Markets for | Inputs | Inputs | December 31, 2013 | |||||||||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||
Bargain VEBA: | |||||||||||||||||||||||||||
Cash | — | $ | 689 | $ | 689 | $ | — | — | — | ||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
U.S. large cap | 18 | % | 72,108 | 72,108 | — | — | 19 | % | |||||||||||||||||||
U.S. small cap value | 7 | % | 26,574 | 26,574 | — | — | 7 | % | |||||||||||||||||||
International | 15 | % | 55,888 | 55,888 | — | — | 15 | % | |||||||||||||||||||
Fixed income securities: | 60 | % | 59 | % | |||||||||||||||||||||||
U.S. Treasury securities and government bonds | — | 95,010 | 91,578 | 3,432 | — | — | |||||||||||||||||||||
Corporate bonds | — | 117,843 | — | 117,843 | — | — | |||||||||||||||||||||
Long duration bond fund | — | 2,043 | 2,043 | — | — | — | |||||||||||||||||||||
U.S. high yield bond fund | — | — | — | — | — | — | |||||||||||||||||||||
International bond fund | — | — | — | — | — | — | |||||||||||||||||||||
Future and option contracts (a) | — | 620 | 620 | — | — | — | |||||||||||||||||||||
Total bargain VEBA | 100 | % | $ | 370,775 | $ | 249,500 | $ | 121,275 | — | 100 | % | ||||||||||||||||
Non-bargain VEBA: | |||||||||||||||||||||||||||
Cash | — | $ | 3,451 | 3,451 | $ | — | — | — | |||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
U.S. large cap | 21 | % | 41,430 | 41,430 | — | — | 43 | % | |||||||||||||||||||
U.S. small cap value | 21 | % | — | — | — | — | 0 | % | |||||||||||||||||||
International | 28 | % | 27,739 | 27,739 | — | — | 29 | % | |||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||
Core fixed income bond fund | 30 | % | 23,563 | 23,563 | — | — | 28 | % | |||||||||||||||||||
Total non-bargain VEBA | 100 | % | $ | 96,183 | $ | 96,183 | $ | — | — | 100 | % | ||||||||||||||||
Life VEBA: | |||||||||||||||||||||||||||
Cash | — | $ | 27 | $ | 27 | $ | — | — | — | ||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
U.S. large cap | 70 | % | 5,527 | 5,527 | — | — | 71 | % | |||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||
Core fixed income bond fund | 30 | % | 2,206 | 2,206 | — | — | 29 | % | |||||||||||||||||||
Total life VEBA | 100 | % | $ | 7,760 | $ | 7,760 | $ | — | — | 100 | % | ||||||||||||||||
Total | 100 | % | $ | 474,718 | $ | 353,443 | $ | 121,275 | — | 100 | % | ||||||||||||||||
(a) | Includes cash for margin requirements. | ||||||||||||||||||||||||||
The fair values and asset allocations of postretirement benefit plan assets at December 31, 2012, by asset category, follow: | |||||||||||||||||||||||||||
Asset Category | Target | Total | Quoted Prices | Significant | Significant | Percentage of Plan | |||||||||||||||||||||
Allocation | in Active | Observable | Unobservable | Assets at | |||||||||||||||||||||||
2013 | Markets for | Inputs | Inputs | December 31, 2012 | |||||||||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||
Bargain Veba: | |||||||||||||||||||||||||||
Cash | — | $ | 1,140 | $ | 1,140 | $ | — | — | — | ||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
U.S. large cap | 16 | % | 59,054 | 59,054 | — | — | 16 | % | |||||||||||||||||||
U.S. small cap value | 8 | % | 26,965 | 26,965 | — | — | 8 | % | |||||||||||||||||||
International | 21 | % | 77,837 | 38,647 | 39,190 | — | 21 | % | |||||||||||||||||||
Emerging markets | 7 | % | 25,505 | — | 25,505 | — | 7 | % | |||||||||||||||||||
Fixed income securities: | 45 | % | 45 | % | |||||||||||||||||||||||
U.S. Treasury securities and government bonds | — | 58,959 | 42,332 | 16,627 | — | — | |||||||||||||||||||||
Corporate bonds | — | 72,834 | — | 72,834 | — | — | |||||||||||||||||||||
Long duration bond fund | — | 1,273 | 1,273 | — | — | — | |||||||||||||||||||||
US high yield bond fund | — | 16,397 | — | 16,397 | — | — | |||||||||||||||||||||
International bond fund | — | 13,950 | — | 13,950 | — | — | |||||||||||||||||||||
Future and option contracts (a) | — | 1,410 | 1,410 | — | — | — | |||||||||||||||||||||
REITs | 3 | % | 11,402 | — | 11,402 | — | 3 | % | |||||||||||||||||||
Total bargain VEBA | 100 | % | $ | 366,726 | $ | 170,821 | $ | 195,905 | — | 100 | % | ||||||||||||||||
Non-bargain VEBA: | |||||||||||||||||||||||||||
Cash | — | $ | 855 | $ | 855 | $ | — | — | 1 | % | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
U.S. large cap | 100 | % | 58,436 | 58,436 | — | — | 99 | % | |||||||||||||||||||
Total non-bargain VEBA | 100 | % | $ | 59,291 | $ | 59,291 | $ | — | — | 100 | % | ||||||||||||||||
Life VEBA: | |||||||||||||||||||||||||||
Cash | — | $ | 410 | $ | 410 | $ | — | — | 6 | % | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
U.S. large cap | 100 | % | 6,813 | 6,813 | — | — | 94 | % | |||||||||||||||||||
Total Life VEBA | 100 | % | $ | 7,243 | $ | 7,243 | $ | — | — | 100 | % | ||||||||||||||||
Total | 100 | % | $ | 433,260 | $ | 237,355 | $ | 195,905 | — | 100 | % | ||||||||||||||||
(a) | Includes cash for margin requirements. | ||||||||||||||||||||||||||
Valuation Techniques Used to Determine Fair Value | |||||||||||||||||||||||||||
Cash—Cash and investments with maturities of three months or less when purchased, including certain short-term fixed-income securities, are considered cash and are included in the recurring fair value measurements hierarchy as Level 1. | |||||||||||||||||||||||||||
Equity securities—For equity securities, the trustees obtain prices from pricing services, whose prices are obtained from direct feeds from market exchanges, that the Company is able to independently corroborate. Equity securities are valued based on quoted prices in active markets and categorized as Level 1. Certain equities, such as international securities, are invested in commingled funds. These funds are valued to reflect the plan fund’s interest in the fund based on the reported year-end net asset value. Since net asset value is not directly observable for the commingled funds, they are categorized as Level 2. | |||||||||||||||||||||||||||
Fixed-income securities—The majority of U.S. Treasury securities and government bonds have been categorized as Level 1 because they trade in highly-liquid and transparent markets that the Company can corroborate. The fair values of corporate bonds, mortgage backed securities, certain government bonds and a guaranteed annuity contract are based on evaluated prices that reflect observable market information, such as actual trade information of similar securities, and have been categorized as Level 2 because the valuations are calculated using models which utilize actively traded market data that the Company can corroborate. Certain other guaranteed annuity contracts are categorized as Level 3 because the investments are not publicly quoted. The fund administrator values the fund using the net asset value per fund share, derived from the quoted prices in active markets of the underlying securities. Since these valuation inputs are not highly observable, these contracts have been categorized as Level 3. Exchange-traded future and option positions are reported in accordance with changes in daily variation margins that are settled daily. Exchange-traded options and futures, for which market quotations are readily available, are valued at the last reported sale price or official closing price on the primary market or exchange on which they are traded and are classified as Level 1. | |||||||||||||||||||||||||||
REITs—REITs are invested in commingled funds. Commingled funds are valued to reflect the plan fund’s interest in the fund based on the reported year-end net asset value. Since the net asset value is not directly observable for the commingled funds, they are categorized as Level 2. | |||||||||||||||||||||||||||
The following table provides a rollforward of the changes in the benefit obligation and plan assets for the most recent two years for all plans combined: | |||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||||||
Benefit obligation at January 1 | $ | 1,621,244 | $ | 1,401,954 | $ | 687,082 | $ | 620,366 | |||||||||||||||||||
Service cost | 37,872 | 34,209 | 15,282 | 14,207 | |||||||||||||||||||||||
Interest cost | 68,096 | 70,866 | 28,700 | 31,570 | |||||||||||||||||||||||
Plan participants’ contributions | — | — | 2,514 | 2,394 | |||||||||||||||||||||||
Amendments | — | — | — | (1,758 | ) | ||||||||||||||||||||||
Actuarial (gain) loss | (180,688 | ) | 178,267 | (148,410 | ) | 43,321 | |||||||||||||||||||||
Divestitures | — | (73 | ) | — | (94 | ) | |||||||||||||||||||||
Curtailments | — | (3,460 | ) | — | — | ||||||||||||||||||||||
Settlements | — | (14,701 | ) | — | — | ||||||||||||||||||||||
Gross benefits paid | (52,392 | ) | (45,818 | ) | (25,263 | ) | (24,910 | ) | |||||||||||||||||||
Federal subsidy | — | — | 2,018 | 1,986 | |||||||||||||||||||||||
Benefit obligation at December 31 | $ | 1,494,132 | $ | 1,621,244 | $ | 561,923 | $ | 687,082 | |||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 1,157,697 | $ | 981,068 | $ | 433,260 | $ | 382,670 | |||||||||||||||||||
Actual return on plan assets | 208,821 | 138,560 | 36,202 | 42,981 | |||||||||||||||||||||||
Employer contributions | 69,495 | 99,408 | 28,005 | 30,002 | |||||||||||||||||||||||
Plan participants’ contributions | — | — | 2,514 | 2,394 | |||||||||||||||||||||||
Settlements | — | (10,799 | ) | — | — | ||||||||||||||||||||||
Divestitures | — | (4,722 | ) | — | 123 | ||||||||||||||||||||||
Benefits paid | (52,392 | ) | (45,818 | ) | (25,263 | ) | (24,910 | ) | |||||||||||||||||||
Fair value of plan assets at December 31 | $ | 1,383,621 | $ | 1,157,697 | $ | 474,718 | $ | 433,260 | |||||||||||||||||||
Funded status at December 31 | $ | (110,511 | ) | $ | (463,547 | ) | $ | (87,205 | ) | $ | (253,822 | ) | |||||||||||||||
Amounts recognized in the balance sheet consist of: | |||||||||||||||||||||||||||
Noncurrent asset | $ | — | $ | — | $ | 1,271 | $ | 377 | |||||||||||||||||||
Current liability | (1,969 | ) | (1,900 | ) | (57 | ) | (52 | ) | |||||||||||||||||||
Noncurrent liability | (108,542 | ) | (461,647 | ) | (88,419 | ) | (254,147 | ) | |||||||||||||||||||
Net amount recognized | $ | (110,511 | ) | $ | (463,547 | ) | $ | (87,205 | ) | $ | (253,822 | ) | |||||||||||||||
The following table provides the components of the Company’s accumulated other comprehensive income and regulatory assets that have not been recognized as components of periodic benefit costs as of December 31: | |||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Net actuarial loss | $ | 145,376 | $ | 483,626 | $ | 17,632 | $ | 183,087 | |||||||||||||||||||
Prior service cost (credit) | 4,418 | 5,142 | (14,519) | (16,708 | ) | ||||||||||||||||||||||
Net amount recognized | $ | 149,794 | $ | 488,768 | $ | 3,113 | $ | 166,379 | |||||||||||||||||||
Regulatory assets | $ | 90,380 | $ | 294,136 | $ | 3,113 | $ | 166,379 | |||||||||||||||||||
Accumulated other comprehensive income | 59,414 | 194,632 | — | — | |||||||||||||||||||||||
$ | 149,794 | $ | 488,768 | $ | 3,113 | $ | 166,379 | ||||||||||||||||||||
At December 31, 2013 and 2012, the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with a projected obligation in excess of plan assets were as follows: | |||||||||||||||||||||||||||
Projected Benefit | |||||||||||||||||||||||||||
Obligation Exceeds the | |||||||||||||||||||||||||||
Fair Value of Plans’ Assets | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
Projected benefit obligation | $ | 1,494,000 | $ | 1,621,000 | |||||||||||||||||||||||
Fair value of plan assets | 1,384,000 | 1,158,000 | |||||||||||||||||||||||||
Accumulated Benefit | |||||||||||||||||||||||||||
Obligation Exceeds the | |||||||||||||||||||||||||||
Fair Value of Plans’ Assets | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 43,000 | $ | 1,472,000 | |||||||||||||||||||||||
Fair value of plan assets | 17,000 | 1,158,000 | |||||||||||||||||||||||||
The accumulated postretirement benefit obligation exceeds plan assets for all of the Company’s other postretirement benefit plans. | |||||||||||||||||||||||||||
In August 2006, the Pension Protection Act (“PPA”) was signed into law in the U.S. The PPA replaces the funding requirements for defined benefit pension plans by requiring that defined benefit plans contribute to 100% of the current liability funding target over seven years. Defined benefit plans with a funding status of less than 80% of the current liability are defined as being “at risk” and additional funding requirements and benefit restrictions may apply. The PPA was effective for the 2008 plan year with short-term phase-in provisions for both the funding target and at-risk determination. The Company’s qualified defined benefit plan is currently funded above the at-risk threshold, and therefore the Company expects that the plans will not be subject to the “at risk” funding requirements of the PPA. The Company is proactively monitoring the plan’s funded status and projected contributions under the law to appropriately manage the potential impact on cash requirements. | |||||||||||||||||||||||||||
Minimum funding requirements for the qualified defined benefit pension plan are determined by government regulations and not by accounting pronouncements. The Company plans to contribute amounts at least equal to the greater of the minimum required contributions or the normal cost in 2014 to the qualified pension plans. The Company plans to contribute to its 2014 other postretirement benefit cost for rate-making purposes. | |||||||||||||||||||||||||||
Information about the expected cash flows for the pension and postretirement benefit plans is as follows: | |||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||
2014 expected employer contributions | |||||||||||||||||||||||||||
To plan trusts | $ | 37,191 | $ | 12,137 | |||||||||||||||||||||||
To plan participants | 1,970 | 81 | |||||||||||||||||||||||||
The Company made 2014 contributions to fund pension benefits and other benefits of $7,680 and $3,034, respectively, through February 2014. | |||||||||||||||||||||||||||
The following table reflects the net benefits expected to be paid from the plan assets or the Company’s assets: | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
Expected Benefit | Expected Benefit | Expected Federal | |||||||||||||||||||||||||
Payments | Payments | Subsidy Payments | |||||||||||||||||||||||||
2014 | $ | 64,519 | $ | 26,682 | $ | 2,170 | |||||||||||||||||||||
2015 | 70,453 | 29,299 | 2,335 | ||||||||||||||||||||||||
2016 | 75,924 | 31,837 | 2,514 | ||||||||||||||||||||||||
2017 | 81,491 | 34,529 | 2,705 | ||||||||||||||||||||||||
2018 | 86,616 | 37,265 | 2,890 | ||||||||||||||||||||||||
2019—2023 | 499,770 | 215,648 | 17,804 | ||||||||||||||||||||||||
Because the above amounts are net benefits, plan participants’ contributions have been excluded from the expected benefits. | |||||||||||||||||||||||||||
Accounting for pensions and other postretirement benefits requires an extensive use of assumptions about the discount rate, expected return on plan assets, the rate of future compensation increases received by the Company’s employees, mortality, turnover and medical costs. Each assumption is reviewed annually. The assumptions are selected to represent the average expected experience over time and may differ in any one year from actual experience due to changes in capital markets and the overall economy. These differences will impact the amount of pension and other postretirement benefit expense that the Company recognizes. | |||||||||||||||||||||||||||
The significant assumptions related to the Company’s pension and other postretirement benefit plans are as follows: | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Weighted-average assumptions used to determine December 31 benefit obligations | |||||||||||||||||||||||||||
Discount rate | 5.12% | 4.17 | % | 5.02 | % | 5.10% | 4.16 | % | 5.05 | % | |||||||||||||||||
Rate of compensation increase | 3.15% | 3.19 | % | 3.25 | % | N/A | N/A | N/A | |||||||||||||||||||
Medical trend | N/A | N/A | N/A | graded from 7.00% in 2013 to 5% in 2019+ | graded from 7.25% in 2012 to 5% in 2019+ | graded from 7.50% in 2012 to 5% in 2019+ | |||||||||||||||||||||
Weighted-average assumptions used to determine net periodic cost | |||||||||||||||||||||||||||
Discount rate | 4.17% | 5.02 | % | 5.32 | % | 4.16% | 5.05 | % | 5.27 | % | |||||||||||||||||
Expected return on plan assets | 7.49% | 7.75 | % | 7.9 | % | 6.99% | 7.41 | % | 7.6 | % | |||||||||||||||||
Rate of compensation increase | 3.19% | 3.25 | % | 3.5 | % | N/A | N/A | N/A | |||||||||||||||||||
Medical trend | N/A | N/A | N/A | graded from 7.25% in 2013 | graded from 7.50% in 2012 to 5% in 2019+ | graded from 8.00% in 2011 to 5% in 2017+ | |||||||||||||||||||||
to 5% in 2019+ | |||||||||||||||||||||||||||
N/A—Assumption is not applicable. | |||||||||||||||||||||||||||
The discount rate assumption was determined for the pension and postretirement benefit plans independently. At year-end 2011, the Company began using an approach that approximates the process of settlement of obligations tailored to the plans’ expected cash flows by matching the plans’ cash flows to the coupons and expected maturity values of individually selected bonds. The yield curve was developed for a universe containing the majority of U.S.-issued AA-graded corporate bonds, all of which were non callable (or callable with make-whole provisions). Historically, for each plan, the discount rate was developed as the level equivalent rate that would produce the same present value as that using spot rates aligned with the projected benefit payments. | |||||||||||||||||||||||||||
The expected long-term rate of return on plan assets is based on historical and projected rates of return, prior to administrative and investment management fees, for current and planned asset classes in the plans’ investment portfolios. Assumed projected rates of return for each of the plans’ projected asset classes were selected after analyzing historical experience and future expectations of the returns and volatility of the various asset classes. Based on the target asset allocation for each asset class, the overall expected rate of return for the portfolio was developed, adjusted for historical and expected experience of active portfolio management results compared to the benchmark returns and for the effect of expenses paid from plan assets. The Company’s pension expense increases as the expected return on assets decreases. | |||||||||||||||||||||||||||
Assumed health care cost trend rates have a significant effect on the amounts reported for the other postretirement benefit plans. The health care cost trend rate is based on historical rates and expected market conditions. A one-percentage-point change in assumed health care cost trend rates would have the following effects: | |||||||||||||||||||||||||||
One- | One- | ||||||||||||||||||||||||||
Percentage- | Percentage- | ||||||||||||||||||||||||||
Point | Point | ||||||||||||||||||||||||||
Increase | Decrease | ||||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 7,367 | $ | (5,974 | ) | ||||||||||||||||||||||
Effect on other postretirement benefit obligation | $ | 72,238 | $ | (60,261 | ) | ||||||||||||||||||||||
The following table provides the components of net periodic benefit costs for the years ended December 31: | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||
Components of net periodic pension benefit cost | |||||||||||||||||||||||||||
Service cost | $ | 37,872 | $ | 34,209 | $ | 33,641 | |||||||||||||||||||||
Interest cost | 68,096 | 70,866 | 69,047 | ||||||||||||||||||||||||
Expected return on plan assets | -88,429 | (79,272 | ) | (72,109 | ) | ||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||
Prior service cost (credit) | 724 | 723 | 722 | ||||||||||||||||||||||||
Actuarial (gain) loss | 37,170 | 29,636 | 18,551 | ||||||||||||||||||||||||
Settlement loss | — | 7,135 | — | ||||||||||||||||||||||||
Net periodic pension benefit cost | $ | 55,433 | $ | 63,297 | $ | 49,852 | |||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income, net of tax | |||||||||||||||||||||||||||
Amortization of prior service credit (cost) | $ | -174 | $ | (176 | ) | $ | (175 | ) | |||||||||||||||||||
Current year actuarial (gain) loss | -73,472 | 26,425 | 30,497 | ||||||||||||||||||||||||
Amortization of actuarial gain (loss) | -8,911 | (7,301 | ) | (4,504 | ) | ||||||||||||||||||||||
Total recognized in other comprehensive income | $ | -82,557 | $ | 18,948 | $ | 25,818 | |||||||||||||||||||||
Total recognized in net periodic benefit cost and comprehensive income | $ | -27,124 | $ | 82,245 | $ | 75,670 | |||||||||||||||||||||
Components of net periodic other postretirement benefit cost | |||||||||||||||||||||||||||
Service cost | $ | 15,282 | $ | 14,207 | $ | 13,938 | |||||||||||||||||||||
Interest cost | 28,700 | 31,570 | 31,219 | ||||||||||||||||||||||||
Expected return on plan assets | -30,285 | (28,711 | ) | (28,779 | ) | ||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||
Prior service cost (credit) | -2,189 | (1,915 | ) | (1,924 | ) | ||||||||||||||||||||||
Actuarial (gain) loss | 11,128 | 9,537 | 7,133 | ||||||||||||||||||||||||
Other | — | (696 | ) | — | |||||||||||||||||||||||
Net periodic other postretirement benefit cost | $ | 22,636 | $ | 23,992 | $ | 21,587 | |||||||||||||||||||||
The Company’s policy is to recognize curtailments when the total expected future service of plan participants is reduced by greater than 10% due to an event that results in terminations and/or retirements. | |||||||||||||||||||||||||||
The estimated amounts that will be amortized from accumulated other comprehensive income and regulatory assets into net periodic benefit cost in 2014 are as follows: | |||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||
Actuarial (gain) loss | $ | (131 | ) | $ | (81 | ) | |||||||||||||||||||||
Prior service cost (credit) | 724 | (2,189 | ) | ||||||||||||||||||||||||
Total | $ | 593 | $ | (2,270 | ) | ||||||||||||||||||||||
Savings Plans for Employees | |||||||||||||||||||||||||||
The Company maintains 401(k) savings plans that allow employees to save for retirement on a tax-deferred basis. Employees can make contributions that are invested at their direction in one or more funds. The Company makes matching contributions based on a percentage of an employee’s contribution, subject to certain limitations. Due to the Company’s discontinuing new entrants into the defined benefit pension plan, on January 1, 2006 the Company began providing an additional 5.25% of base pay defined contribution benefit for union employees hired on or after January 1, 2001 and non-union employees hired on or after January 1, 2006. Plan expenses totaled $8,054 for 2013, $8,091 for 2012 and $7,273 for 2011, respectively. All of the Company’s contributions are invested in one or more funds at the direction of the employee. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies | ' |
Note 15: Commitments and Contingencies | |
The Company is routinely involved in legal actions incident to the normal conduct of its business. At December 31, 2013, the Company has accrued approximately $3,400 as probable costs and it is reasonably possible that additional losses could range up to $30,400 for these matters. For certain matters, the Company is unable to estimate possible losses. The Company believes that damages or settlements, if any, recovered by plaintiffs in such claims or actions will not have a material adverse effect on the Company’s results of operations, financial position or cash flows. | |
The Company enters into agreements for the provision of services to water and wastewater facilities for the United States military, municipalities and other customers. The Company’s military services agreements expire between 2051 and 2060 and have remaining performance commitments as measured by estimated remaining contract revenue of $1,988,000 at December 31, 2013. The military contracts are subject to customary termination provisions held by the U.S. Federal Government prior to the agreed upon contract expiration. The Company’s Operations and Maintenance agreements with municipalities and other customers expire between 2014 and 2048 and have remaining performance commitments as measured by estimated remaining contract revenue of $928,000 at December 31, 2013. Some of the Company’s long-term contracts to operate and maintain a municipality’s, federal government’s or other party’s water or wastewater treatment and delivery facilities include responsibility for certain maintenance for some of those facilities, in exchange for an annual fee. Unless specifically required to perform certain maintenance activities, the maintenance costs are recognized when the maintenance is performed. | |
Commitments have been made in connection with certain construction programs. The estimated capital expenditures required under legal and binding contractual obligations amounted to $263,766 at December 31, 2013. | |
The Company’s regulated subsidiaries maintain agreements with other water purveyors for the purchase of water to supplement their water supply. The Company’s subsidiaries’ purchased water expense under these types of agreements amounted to approximately $114,471, $115,426 and $104,384 during the years ended December 31, 2013, 2012 and 2011, respectively. The estimated annual commitment related to the minimum quantities of water purchased is expected to approximate $54,288 in 2014, $54,751 in 2015, $50,864 in 2016, $44,043 in 2017, $42,974 in 2018 and $468,523 thereafter. |
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Common Share | ' | ||||||||||||
Note 16: Earnings per Common Share | |||||||||||||
Earnings per share is calculated using the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security. The Company has participating securities related to restricted stock units, granted under the Company’s 2007 Omnibus Equity Compensation Plan, that earn dividend equivalents on an equal basis with common shares. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities. | |||||||||||||
The following is a reconciliation of the Company’s income from continuing operations, income (loss) from discontinued operations and net income and weighted-average common shares outstanding for calculating basic earnings per share: | |||||||||||||
Years Ended December 31, | |||||||||||||
Basic | 2013 | 2012 | 2011 | ||||||||||
Income from continuing operations | $ | 369,264 | $ | 374,250 | $ | 304,929 | |||||||
Income (loss) from discontinued operations, net of tax | 0 | (16,180 | ) | 4,684 | |||||||||
Net income | 369,264 | 358,070 | 309,613 | ||||||||||
Less: Distributed earnings to common shareholders | 150,038 | 214,541 | 158,708 | ||||||||||
Less: Distributed earnings to participating securities | 60 | 86 | 68 | ||||||||||
Undistributed earnings | 219,166 | 143,443 | 150,837 | ||||||||||
Undistributed earnings allocated to common shareholders | 219,082 | 143,385 | 150,772 | ||||||||||
Undistributed earnings allocated to participating securities | 84 | 58 | 65 | ||||||||||
Total income from continuing operations available to common shareholders, basic | $ | 369,120 | $ | 374,106 | $ | 304,796 | |||||||
Total income available to common shareholders, basic | $ | 369,120 | $ | 357,926 | $ | 309,480 | |||||||
Weighted-average common shares outstanding, basic | 177,814 | 176,445 | 175,484 | ||||||||||
Basic earnings per share: (a) | |||||||||||||
Income from continuing operations | $ | 2.08 | $ | 2.12 | $ | 1.74 | |||||||
Income (loss) from discontinued operations, net of tax | $ | 0 | $ | (0.09 | ) | $ | 0.03 | ||||||
Net income | $ | 2.08 | $ | 2.03 | $ | 1.76 | |||||||
(a) | Amounts may not sum due to rounding. | ||||||||||||
Diluted earnings per common share is based on the weighted-average number of common shares outstanding adjusted for the dilutive effect of common stock equivalents related to the restricted stock units, stock options, and employee stock purchase plan. The dilutive effect of the common stock equivalents is calculated using the treasury stock method and expected proceeds on vesting of the restricted stock units, exercise of the stock options and purchases under the employee stock purchase plan. | |||||||||||||
The following is a reconciliation of the Company’s income from continuing operations, income (loss) from discontinued operations and net income and weighted-average common shares outstanding for calculating diluted earnings per share: | |||||||||||||
Years Ended December 31, | |||||||||||||
Diluted | 2013 | 2012 | 2011 | ||||||||||
Total income from continuing operations available to common shareholders, basic | $ | 369,120 | $ | 374,106 | $ | 304,796 | |||||||
Income (loss) from discontinued operations, net of tax | 0 | (16,180 | ) | 4,684 | |||||||||
Total income available to common shareholders, basic | 369,120 | 357,926 | 309,480 | ||||||||||
Undistributed earnings for participating securities | 84 | 58 | 65 | ||||||||||
Total income from continuing operations available to common shareholders, diluted | $ | 369,204 | $ | 374,164 | $ | 304,861 | |||||||
Total income available to common shareholders, diluted | $ | 369,204 | $ | 357,984 | $ | 309,545 | |||||||
Weighted-average common shares outstanding, basic | 177,814 | 176,445 | 175,484 | ||||||||||
Common stock equivalents: | |||||||||||||
Restricted stock units | 510 | 618 | 556 | ||||||||||
Stock options | 730 | 607 | 490 | ||||||||||
Employee stock purchase plan | 2 | 1 | 1 | ||||||||||
Weighted-average common shares outstanding, diluted | 179,056 | 177,671 | 176,531 | ||||||||||
Diluted earnings per share (a) | |||||||||||||
Income from continuing operations | $ | 2.06 | $ | 2.11 | $ | 1.73 | |||||||
Income (loss) from discontinued operations, net of tax | $ | 0 | $ | (0.09 | ) | $ | 0.03 | ||||||
Net income | $ | 2.06 | $ | 2.01 | $ | 1.75 | |||||||
(a) | Amounts may not sum due to rounding. | ||||||||||||
The following potentially dilutive common stock equivalents were not included in the earnings per share calculations for the years ended December 31 because they were anti-dilutive: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Stock options | 327 | 619 | 711 | ||||||||||
Restricted stock units where certain performance conditions were not met | 20 | 19 | 22 | ||||||||||
Fair_Values_of_Financial_Instr
Fair Values of Financial Instruments | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Fair Values of Financial Instruments | ' | |||||||||||||||||||
Note 17: Fair Values of Financial Instruments | ||||||||||||||||||||
The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments: | ||||||||||||||||||||
Current assets and current liabilities—The carrying amounts reported in the Consolidated Balance Sheets for current assets and current liabilities, including revolving credit debt, due to the short-term maturities and variable interest rates, approximate their fair values. | ||||||||||||||||||||
Preferred stock with mandatory redemption requirements and long-term debt—The fair values of preferred stock with mandatory redemption requirements and long-term debt are categorized within the fair value hierarchy based on the inputs that are used to value each instrument. The fair value of long-term debt classified as Level 1 is calculated using quoted prices in active markets. Level 2 instruments are valued using observable inputs and Level 3 instruments are valued using observable and unobservable inputs. The fair values of instruments classified as Level 2 and 3 are determined by a valuation model that is based on a conventional discounted cash flow methodology and utilizes assumptions of current market rates. As a majority of the Company’s debts do not trade in active markets, the Company calculated a base yield curve using a risk-free rate (a U.S. Treasury securities yield curve) plus a credit spread that is based on the following two factors: an average of the Company’s own publicly-traded debt securities and the current market rates for U.S. Utility A- (BBB+ at December 31, 2012) debt securities. The Company used these yield curve assumptions to derive a base yield for the Level 2 and Level 3 securities. Additionally, the Company adjusted the base yield for specific features of the debt securities including call features, coupon tax treatment and collateral for the Level 3 instruments. | ||||||||||||||||||||
The carrying amounts (including fair value adjustments previously recognized in acquisition purchase accounting) and fair values of the financial instruments are as follows: | ||||||||||||||||||||
2013 | Carrying | At Fair Value as of December 31, | ||||||||||||||||||
Recurring Fair Value Measures | Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Preferred stock with mandatory redemption requirements | $ | 18,827 | $ | 0 | $ | 0 | $ | 22,795 | $ | 22,795 | ||||||||||
Long-term debt (excluding capital lease obligations) | 5,224,492 | 2,263,355 | 1,462,404 | 2,057,506 | 5,783,265 | |||||||||||||||
2012 | Carrying | At Fair Value as of December 31, | ||||||||||||||||||
Recurring Fair Value Measures | Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Preferred stock with mandatory redemption requirements | $ | 20,511 | $ | 0 | $ | 0 | $ | 27,263 | $ | 27,263 | ||||||||||
Long-term debt (excluding capital lease obligations) | 5,303,729 | 2,400,847 | 1,677,776 | 2,252,272 | 6,330,895 | |||||||||||||||
Fair Value Measurements | ||||||||||||||||||||
To increase consistency and comparability in fair value measurements, FASB guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows: | ||||||||||||||||||||
· | Level 1—quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the reporting date. Financial assets and liabilities utilizing Level 1 inputs include active exchange-traded equity securities, exchange-based derivatives, mutual funds and money market funds. | |||||||||||||||||||
· | Level 2—inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. Financial assets and liabilities utilizing Level 2 inputs include fixed income securities, non-exchange-based derivatives, commingled investment funds not subject to purchase and sale restrictions and fair-value hedges. | |||||||||||||||||||
· | Level 3—unobservable inputs, such as internally-developed pricing models for the asset or liability due to little or no market activity for the asset or liability. Financial assets and liabilities utilizing Level 3 inputs include infrequently-traded non-exchange-based derivatives and commingled investment funds subject to purchase and sale restrictions. | |||||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||||||
The following table presents assets and liabilities measured and recorded at fair value on a recurring basis and their level within the fair value hierarchy as of December 31, 2013 and 2012, respectively: | ||||||||||||||||||||
At Fair Value as of December 31, 2013 | ||||||||||||||||||||
Recurring Fair Value Measures | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Assets: | ||||||||||||||||||||
Restricted funds | $ | 29,259 | $ | 0 | 0 | $ | 29,259 | |||||||||||||
Rabbi trust investments | 0 | 444 | 0 | 444 | ||||||||||||||||
Deposits | 1,901 | 0 | 0 | 1,901 | ||||||||||||||||
Mark-to-market derivative asset | 0 | 4,776 | 0 | 4,776 | ||||||||||||||||
Total assets | 31,160 | 5,220 | 0 | 36,380 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Deferred compensation obligation | 0 | 11,928 | 0 | 11,928 | ||||||||||||||||
Mark-to-market derivative liability | 0 | 1,276 | 0 | 1,276 | ||||||||||||||||
Total liabilities | 0 | 13,204 | 0 | 13,204 | ||||||||||||||||
Total net assets (liabilities) | $ | 31,160 | $ | (7,984 | ) | 0 | $ | 23,176 | ||||||||||||
At Fair Value as of December 31, 2012 | ||||||||||||||||||||
Recurring Fair Value Measures | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Assets: | ||||||||||||||||||||
Restricted funds | $ | 40,547 | $ | 0 | 0 | $ | 40,547 | |||||||||||||
Rabbi trust investments | 0 | 481 | 0 | 481 | ||||||||||||||||
Deposits | 2,103 | 0 | 0 | 2,103 | ||||||||||||||||
Mark-to-market derivative asset | 0 | 7,909 | 0 | 7,909 | ||||||||||||||||
Total assets | 42,650 | 8,390 | 0 | 51,040 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Deferred compensation obligation | 0 | 10,237 | 0 | $ | 10,237 | |||||||||||||||
Total liabilities | 0 | 10,237 | 0 | 10,237 | ||||||||||||||||
Total net assets (liabilities) | $ | 42,650 | $ | (1,847 | ) | 0 | $ | 40,803 | ||||||||||||
Restricted funds—The Company’s restricted funds primarily represent proceeds received from financings for the construction and capital improvement of facilities and from customers for future services under operations and maintenance projects. The proceeds of these financings are held in escrow until the designated expenditures are incurred. Restricted funds expected to be released within twelve months subsequent to year end are classified as current. | ||||||||||||||||||||
Rabbi trust investments—The Company’s rabbi trust investments consist primarily of fixed income investments from which supplemental executive retirement plan benefits are paid. The Company includes these assets in other long-term assets. | ||||||||||||||||||||
Deposits—Deposits include escrow funds and certain other deposits held in trust. The Company includes cash deposits in other current assets. | ||||||||||||||||||||
Deferred compensation obligations—The Company’s deferred compensation plans allow participants to defer certain cash compensation into notional investment accounts. The Company includes such plans in other long-term liabilities. The value of the Company’s deferred compensation obligations is based on the market value of the participants’ notional investment accounts. The notional investments are comprised primarily of mutual funds, which are based on observable market prices. | ||||||||||||||||||||
Mark-to-market derivative asset and liability—The Company utilizes fixed-to-floating interest-rate swaps, typically designated as fair-value hedges, to achieve a targeted level of variable-rate debt as a percentage of total debt. The Company also employs derivative financial instruments in the form of variable-to-fixed interest rate swaps, classified as economic hedges, in order to fix the interest cost on some of its variable-rate debt. The Company uses a calculation of future cash inflows and estimated future outflows, which are discounted, to determine the current fair value. Additional inputs to the present value calculation include the contract terms, counterparty credit risk, interest rates and market volatility. | ||||||||||||||||||||
See Note 14 for the Company’s fair value of qualified pension and postretirement welfare plans’ assets. | ||||||||||||||||||||
Non-recurring Fair Value Measurements | ||||||||||||||||||||
As discussed in Note 7, the Company recognized continuing operations goodwill impairment charges of $0 for each of the years ended December 31, 2013, 2012 and 2011, respectively. The Company’s goodwill valuation model includes significant unobservable inputs and falls within Level 3 of the fair value hierarchy. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2013 | |
Leases | ' |
Note 18: Leases | |
The Company has entered into operating leases involving certain facilities and equipment. Rental expenses under operating leases were $24,301 for 2013, $28,149 for 2012 and $32,752 for 2011. The operating leases for facilities will expire over the next 20 years and the operating leases for equipment will expire over the next five years. Certain operating leases have renewal options ranging from one to five years. | |
At December 31, 2013, the minimum annual future rental commitment under operating leases that have initial or remaining non-cancelable lease terms in excess of one year are $15,898 in 2014, $13,396 in 2015, $10,921 in 2016, $9,949 in 2017, $8,048 in 2018 and $89,318 thereafter. | |
The Company has a series of agreements with various public entities (the “Partners”) to establish certain joint ventures, commonly referred to as “public-private partnerships.” Under the public-private partnerships, the Company constructed utility plant, financed by the Company, and the Partners constructed utility plant (connected to the Company’s property), financed by the Partners. The Company agreed to transfer and convey some of its real and personal property to the Partners in exchange for an equal principal amount of Industrial Development Bonds (“IDBs”), issued by the Partners under a state Industrial Development Bond and Commercial Development Act. The Company leased back the total facilities, including portions funded by both the Company and the Partners, under leases for a period of 40 years. | |
The leases related to the portion of the facilities funded by the Company have required payments from the Company to the Partners that approximate the payments required by the terms of the IDBs from the Partners to the Company (as the holder of the IDBs). As the ownership of the portion of the facilities constructed by the Company will revert back to the Company at the end of the lease, the Company has recorded these as capital leases. The lease obligation and the receivable for the principal amount of the IDBs are presented by the Company on a net basis. The gross cost of the facilities funded by the Company recognized as a capital lease asset was $158,115 and $158,565 at December 31, 2013 and 2012, respectively, which is presented within utility plant. The future payments under the lease obligations are equal to and offset by the payments receivable under the IDBs. | |
At December 31, 2013, the minimum annual future rental commitment under the operating leases for the portion of the facilities funded by the Partners that have initial or remaining non-cancelable lease terms in excess of one year included in the preceding minimum annual rental commitments are $3,755 in 2014 through 2018, and $77,072 thereafter. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Segment Information | ' | |||||||||||||||
Note 19: Segment Information | ||||||||||||||||
The Company has two operating segments referred to as the Regulated Businesses and Market-Based Operations segments. The Company’s chief operating decision maker regularly reviews the operating results of the Regulated Businesses and Market-Based Operations segments to assess segment performance and allocate resources. The evaluation of segment performance and the allocation of resources are based on several measures. The measure that is most consistent with that used by management is income from continuing operations before income tax. | ||||||||||||||||
The Regulated Businesses segment includes the Company’s 18 utility subsidiaries in continuing operations that provide water and wastewater services to customers in 16 U.S. states. With the exception of one company, each of these public utility subsidiaries is subject to regulation by public utility commissions and local governments. In addition to providing similar products and services and being subject to the public utility regulatory environment, each of the regulated subsidiaries has similar economic characteristics, production processes, types and classes of customers and water distribution or wastewater collection processes. Each of these companies is also subject to both federal and state regulation regarding the quality of water distributed and the discharge of wastewater residuals. | ||||||||||||||||
The Market-Based Operations segment is comprised of market-based businesses that provide a broad range of water and wastewater services and products including homeowner water and sewer line maintenance services, water and wastewater facility operations and maintenance services and products for cleansing water and wastewater and wastewater residuals management services. | ||||||||||||||||
The accounting policies of the segments are the same as those described in the summary of significant accounting policies. (See Note 2) The Regulated Businesses and Market-Based Operations segment information includes intercompany costs that are allocated by American Water Works Service Company, Inc. and intercompany interest that is charged by AWCC, which are eliminated to reconcile to the consolidated results of operations. Inter-segment revenues, which are primarily recorded at cost plus mark-up that approximates current market prices, include carbon regeneration services and leased office space, furniture and equipment provided by the Company’s market-based subsidiaries to its regulated subsidiaries. Other includes corporate costs that are not allocated to the Company’s subsidiaries, eliminations of inter-segment transactions, fair value adjustments and associated income and deductions related to the Acquisitions that have not been allocated to the segments for evaluation of segment performance and allocation of resource purposes. The adjustments related to the Acquisitions are reported in Other, as they are excluded from segment performance measures evaluated by management. The following table includes the Company’s summarized segment information: | ||||||||||||||||
As of or for the Year Ended | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
Regulated | Market-Based | |||||||||||||||
Businesses | Operations | Other | Consolidated | |||||||||||||
Net operating revenues | $ | 2,593,918 | $ | 325,463 | $ | (17,523 | ) | $ | 2,901,858 | |||||||
Depreciation and amortization | 375,939 | 7,013 | 24,766 | 407,718 | ||||||||||||
Total operating expenses, net | 1,700,052 | 277,691 | (21,734 | ) | 1,956,009 | |||||||||||
Income from continuing operations before income taxes | 654,834 | 50,637 | (100,001 | ) | 605,470 | |||||||||||
Total assets | 13,429,087 | 286,048 | 1,354,398 | 15,069,533 | ||||||||||||
Capital expenditures | 973,301 | 6,951 | 0 | 980,252 | ||||||||||||
As of or for the Year Ended | ||||||||||||||||
31-Dec-12 | ||||||||||||||||
Regulated | Market-Based | |||||||||||||||
Businesses | Operations | Other | Consolidated | |||||||||||||
Net operating revenues | $ | 2,564,434 | $ | 330,329 | $ | (17,874 | ) | $ | 2,876,889 | |||||||
Depreciation and amortization | 349,629 | 6,661 | 25,213 | 381,503 | ||||||||||||
Total operating expenses, net | 1,685,734 | 288,099 | (21,917 | ) | 1,951,916 | |||||||||||
Income from continuing operations before income taxes | 649,117 | 45,817 | (63,676 | ) | 631,258 | |||||||||||
Total assets | 12,680,856 | 260,255 | 1,777,865 | 14,718,976 | ||||||||||||
Capital expenditures | 921,500 | 7,074 | 0 | 928,574 | ||||||||||||
Capital expenditures of discontinued operations | ||||||||||||||||
(included in above) | 2,884 | 0 | 0 | 2,884 | ||||||||||||
As of or for the Year Ended | ||||||||||||||||
31-Dec-11 | ||||||||||||||||
Regulated | Market-Based | |||||||||||||||
Businesses | Operations | Other | Consolidated | |||||||||||||
Net operating revenues | $ | 2,368,891 | $ | 327,815 | $ | (30,470 | ) | $ | 2,666,236 | |||||||
Depreciation and amortization | 321,540 | 6,822 | 23,459 | 351,821 | ||||||||||||
Total operating expenses, net | 1,609,276 | 290,768 | (36,944 | ) | 1,863,100 | |||||||||||
Income from continuing operations before income taxes | 535,445 | 39,324 | (71,089 | ) | 503,680 | |||||||||||
Total assets | 12,843,820 | 256,110 | 1,676,461 | 14,776,391 | ||||||||||||
Assets of discontinued operations (included in total | ||||||||||||||||
assets above) | 904,391 | 0 | 25,467 | 929,858 | ||||||||||||
Capital expenditures | 920,210 | 4,648 | 0 | 924,858 | ||||||||||||
Capital expenditures of discontinued operations | ||||||||||||||||
(included in above) | 21,052 | 86 | 0 | 21,138 | ||||||||||||
Unaudited_Quarterly_Data
Unaudited Quarterly Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Unaudited Quarterly Data | ' | ||||||||||||||||
Note 20: Unaudited Quarterly Data | |||||||||||||||||
The following table sets forth certain supplemental unaudited consolidated quarterly financial data for each of the four quarters in the years ended December 31, 2013 and 2012, respectively. The operating results for any quarter are not indicative of results that may be expected for a full year or any future periods: | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
2013 | Quarter | Quarter | Quarter | Quarter | |||||||||||||
(In thousands, except per-share data) | |||||||||||||||||
Operating revenues | $ | 636,137 | $ | 724,265 | $ | 829,196 | $ | 712,260 | |||||||||
Operating income | 164,233 | 241,887 | 323,875 | 215,854 | |||||||||||||
Income from continuing operations | 57,643 | 101,263 | 150,665 | 59,693 | |||||||||||||
Net income | 57,643 | 101,263 | 150,665 | 59,693 | |||||||||||||
Basic earnings per common share: | |||||||||||||||||
Income from continuing operations | $ | 0.32 | $ | 0.57 | $ | 0.85 | $ | 0.33 | |||||||||
Net income | $ | 0.32 | $ | 0.57 | $ | 0.85 | $ | 0.33 | |||||||||
Diluted earnings per common share: | |||||||||||||||||
Income from continuing operations | $ | 0.32 | $ | 0.57 | $ | 0.84 | $ | 0.33 | |||||||||
Net income | $ | 0.32 | $ | 0.57 | $ | 0.84 | $ | 0.33 | |||||||||
First | Second | Third | Fourth | ||||||||||||||
2012 | Quarter | Quarter | Quarter | Quarter | |||||||||||||
(In thousands, except per-share data) | |||||||||||||||||
Operating revenues | $ | 618,554 | $ | 745,607 | $ | 831,815 | $ | 680,913 | |||||||||
Operating income | 159,738 | 270,632 | 327,640 | 166,963 | |||||||||||||
Income from continuing operations | 49,252 | 116,663 | 154,111 | 54,224 | |||||||||||||
Net income | 41,754 | 107,026 | 153,812 | 55,478 | |||||||||||||
Basic earnings per common share: | |||||||||||||||||
Income from continuing operations | $ | 0.28 | $ | 0.66 | $ | 0.87 | $ | 0.31 | |||||||||
Net income | $ | 0.24 | $ | 0.61 | $ | 0.87 | $ | 0.31 | |||||||||
Diluted earnings per common share: | |||||||||||||||||
Income from continuing operations | $ | 0.28 | $ | 0.66 | $ | 0.87 | $ | 0.3 | |||||||||
Net income | $ | 0.24 | $ | 0.6 | $ | 0.86 | $ | 0.31 | |||||||||
Amounts may not sum due to rounding; per share amounts may not sum due to changes in shares outstanding during the year. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Principles of Consolidation | ' |
Principles of Consolidation | |
The accompanying consolidated financial statements include the accounts of AWW and its subsidiaries. Intercompany balances and transactions between subsidiaries have been eliminated. The Company uses the equity method to report its investments in two joint venture investments in each of which the Company holds a 50% voting interest and cannot exercise control over the operations and policies of the investments. Under the equity method, the Company records its interests as an investment and its percentage share of earnings as earnings or losses of investee. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of consolidated 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 disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. The Company considers benefit plan assumptions; the carrying values of goodwill and other long-lived assets, including regulatory assets; revenue recognition; and accounting for income taxes to be its critical accounting estimates. The Company’s significant estimates that are particularly sensitive to change in the near term are amounts reported for pension and other postemployment benefits, contingency-related obligations and goodwill. | |
Regulation | ' |
Regulation | |
The Company’s regulated utilities are subject to economic regulation by the public utility commissions and the local governments of the states in which they operate (the “Regulators”). These Regulators have allowed recovery of costs and credits which the Company has recorded as regulatory assets and liabilities. Accounting for future recovery of costs and credits as regulatory assets and liabilities is in accordance with authoritative guidance applicable to those companies whose rates are established by or are subject to approval by an independent third-party regulator. Regulated utilities defer costs and credits on the balance sheet as regulatory assets and liabilities when it is probable that those costs and credits will be recognized in the rate making process in a period different from the period in which they would have been reflected in operations by a market-based company. These deferred regulatory assets and liabilities are then reflected in the statement of operations in the period in which the costs and credits are reflected in the rates charged for service. (See Note 6) | |
Property, Plant and Equipment | ' |
Property, Plant and Equipment | |
Property, plant and equipment consist primarily of utility plant. Additions to utility plant and replacements of retirement units of property are capitalized. Costs include material, direct labor and such indirect items as engineering and supervision, payroll taxes and benefits, transportation and an allowance for funds used during construction. The costs incurred to acquire and internally develop computer software for internal use are capitalized as a unit of property. The carrying value of these costs amounted to $303,798 and $155,221 at December 31, 2013 and 2012, respectively. The 2013 increase was primarily due to the implementation of new billing and asset management systems. The cost of repairs; maintenance, including planned major maintenance activities; and minor replacements of property is charged to maintenance expense as incurred. | |
When units of property are replaced, retired or abandoned, the recorded value thereof is credited to the asset account and charged to accumulated depreciation. To the extent the Company recovers cost of removal or other retirement costs through rates after the retirement costs are incurred, a regulatory asset is recorded. In some cases, the Company recovers retirement costs through rates during the life of the associated asset and before the costs are incurred. These amounts result in a regulatory liability being reported based on the amounts previously recovered through customer rates, until the costs to retire those assets are incurred. | |
The cost of property, plant and equipment is depreciated using the straight-line average remaining life method. | |
Nonutility property consists primarily of buildings and equipment utilized by the Company for internal operations. This property is stated at cost, net of accumulated depreciation calculated using the straight-line method over the estimated useful lives of the assets, ranging from three to 50 years. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
Substantially all cash is invested in interest-bearing accounts. All highly liquid investments with a maturity of three months or less when purchased are considered to be cash equivalents. | |
Prior to January 1, 2012, the Company had overdraft protection provided by a revolving credit line with PNC Bank, N.A. Bank overdrafts on these accounts were reported as short-term debt and the change in the overdraft balance was reported as financing activities in the accompanying Consolidated Statements of Cash Flows. The Company did not renew this credit line at December 31, 2011. Accordingly, the Company’s outstanding checks on its cash accounts with PNC Bank, N.A. are classified as of January 1, 2012 and forward as other current liabilities in the accompanying Consolidated Balance Sheets, and changes in those accounts are included in operating activities for 2013 and 2012 in the accompanying Consolidated Statements of Cash Flows. | |
Restricted Funds | ' |
Restricted Funds | |
Restricted funds primarily represent proceeds from financings for the construction and capital improvement of facilities and deposits for future services under operation and maintenance projects. The proceeds of these financings are held in escrow until the designated expenditures are incurred. Restricted funds expected to be released within 12 months subsequent to year end are classified as current. | |
Accounts Receivable | ' |
Accounts Receivable | |
Accounts receivable include regulated utility customer accounts receivable, which represent amounts billed to water and wastewater customers on a cycle basis. Credit is extended based on the guidelines of the applicable Regulators and collateral is generally not required. Also included are market-based trade accounts receivable and non-utility customer receivables of the regulated subsidiaries. Unbilled receivables are accrued when service has been provided but has not been billed to customers. | |
Allowance for Uncollectible Accounts | ' |
Allowance for Uncollectible Accounts | |
Allowances for uncollectible accounts are maintained for estimated probable losses resulting from the Company’s inability to collect receivables from customers. Accounts that are outstanding longer than the payment terms are considered past due. A number of factors are considered in determining the allowance for uncollectible accounts, including the length of time receivables are past due and previous loss history. The Company writes off accounts when they become uncollectible. (See Note 5) | |
Materials and Supplies | ' |
Materials and Supplies | |
Materials and supplies are stated at the lower of cost or net realizable value. Cost is determined using the average cost method. | |
Goodwill | ' |
Goodwill | |
Goodwill is primarily associated with the acquisitions of AWW in 2003 and E’town Corporation in 2001 (the “Acquisitions”) and has been assigned to reporting units based on the fair values at the date of the Acquisitions. The Regulated Businesses segment is a single reporting unit. In the Market-Based Operations segment, the business is comprised of four reporting units for its market-based services. Goodwill is reviewed annually or more frequently if changes in circumstances indicate the carrying value may not be recoverable. Annual impairment reviews are performed in the fourth quarter of the calendar year, in conjunction with the timing of the completion of the Company’s annual strategic business plan. | |
The Company considers the carrying value of goodwill to be one of its critical accounting estimates. The Company believes the assumptions and other considerations used to value goodwill to be appropriate. However, if experience differs from the assumptions and considerations used in its analysis, the resulting change could have a material adverse impact on the consolidated financial statements. | |
No impairment charge was recorded in the Company’s continuing operations for the years ended December 31, 2013, 2012 and 2011. | |
Long-Lived Assets | ' |
Long-Lived Assets | |
Long-lived assets include land, buildings, equipment and long-term investments. Long-lived assets, other than investments and land, are depreciated over their estimated useful lives, and are reviewed for impairment whenever changes in circumstances indicate the carrying value of the asset may not be recoverable. Such circumstances would include items such as a significant decrease in the market value of a long-lived asset, a significant adverse change in the manner the asset is being used or planned to be used or in its physical condition, or a history of operating or cash flow losses associated with the use of the asset. In addition, changes in the expected useful life of these long-lived assets may also be an impairment indicator. When such events or changes occur, the Company estimates the fair value of the asset from future cash flows expected to result from the use and, if applicable, the eventual disposition of the asset and compares that to the carrying value of the asset. If the carrying value is greater than the fair value, an impairment loss is recorded. | |
The Company considers the fair value of long-lived assets to be one of its critical accounting estimates. The Company believes the assumptions and other considerations used to evaluate the carrying value of long-lived assets are appropriate. However, if actual experience differs from the assumptions and considerations used in its estimates, the resulting change could have a material adverse impact on the consolidated financial statements. | |
The key variables to determine value include assumptions regarding sales volume, rates, operating costs, labor and other benefit costs, capital additions, assumed discount rates and other economic factors. These variables require significant management judgment and include inherent uncertainties, since they are forecasting future events. If such assets are considered impaired, an impairment loss is recognized equal to the amount by which the asset’s carrying value exceeds its fair value. | |
The long-lived assets of the regulated utility subsidiaries are grouped on a separate entity basis for impairment testing as they are integrated state-wide operations that do not have the option to curtail service and generally have uniform tariffs. A regulatory asset is charged to earnings if and when future recovery in rates of that asset is no longer probable. | |
The Company holds other investments including investments in privately held companies and investments in joint ventures accounted for using the equity method. The Company’s investments in privately held companies and joint ventures are classified as other long-term assets. | |
The fair values of long-term investments are dependent on the financial performance and solvency of the entities in which the Company invests, as well as volatility inherent in the external markets. If such assets are considered impaired, an impairment loss is recognized equal to the amount by which the asset’s carrying value exceeds its fair value. | |
Advances for Construction and Contributions in Aid of Construction | ' |
Advances for Construction and Contributions in Aid of Construction | |
Regulated utility subsidiaries may receive advances for construction (“advances”) and contributions in aid of construction (“contributions”) from customers, home builders and real estate developers to fund construction necessary to extend service to new areas. | |
Advances are refundable for limited periods of time as new customers begin to receive service or other contractual obligations are fulfilled. Included in other current liabilities at December 31, 2013 and 2012 in the accompanying Consolidated Balance Sheets are estimated refunds of $17,308 and $19,698, respectively. Those amounts represent expected refunds during the next 12-month period. | |
Advances that are no longer refundable are reclassified to contributions. Contributions are permanent collections of plant assets or cash for a particular construction project. For ratemaking purposes, the amount of such contributions generally serves as a rate base reduction since the contributions represent non-investor supplied funds. | |
Generally, the Company depreciates utility plant funded by contributions and amortizes its contributions balance as a reduction to depreciation expense, producing a result which is functionally equivalent to reducing the original cost of the utility plant for the contributions. In accordance with applicable regulatory guidelines, some of the Company’s subsidiaries do not amortize contributions, and any contribution received remains on the balance sheet indefinitely. Amortization of contributions in aid of construction was $22,363, $20,979 and $18,327 for the years ended December 31, 2013, 2012 and 2011, respectively. | |
Recognition of Revenues | ' |
Recognition of Revenues | |
Revenues of the regulated utility subsidiaries are recognized as water and wastewater services are provided, and include amounts billed to customers on a cycle basis and unbilled amounts based on estimated usage from the date of the meter reading associated with the latest customer invoice to the end of the accounting period. | |
The Company has agreements with the United States Government to operate and maintain water and wastewater systems at various military bases pursuant to 50-year contracts (“military agreements”). These contracts also include construction components that are accounted for separately from the operations and management components. The military agreements are subject to periodic price redetermination adjustments and modifications for changes in circumstance. Additionally, the Company has agreements ranging in length from two to 40 years with various industries and municipalities to operate and maintain water and wastewater systems (“O&M agreements”). Revenue from operations and management services are recognized as services are provided. (See Note 15) | |
Construction Contracts | ' |
Construction Contracts | |
Revenues from construction projects are recognized over the contract term based on the estimated percentage of completion during the period compared to the total estimated services to be provided over the entire contract. Losses on contracts are recognized during the period in which the loss first becomes probable and estimable. Revenues recognized during the period in excess of billings on construction contracts are recorded as unbilled revenue. Billings in excess of revenues recognized on construction contracts are recorded as other current liabilities until the recognition criteria are met. Changes in contract performance and related estimated contract profitability may result in revisions to costs and revenues and are recognized in the period in which revisions are determined. | |
Income Taxes | ' |
Income Taxes | |
AWW and its subsidiaries participate in a consolidated federal income tax return for U.S. tax purposes. Members of the consolidated group are charged with the amount of federal income tax expense determined as if they filed separate returns. | |
Certain income and expense items are accounted for in different time periods for financial reporting than for income tax reporting purposes. The Company provides deferred income taxes on the difference between the tax basis of assets and liabilities and the amounts at which they are carried in the financial statements. These deferred income taxes are based on the enacted tax rates expected to be in effect when these temporary differences are projected to reverse. In addition, the regulated utility subsidiaries recognize regulatory assets and liabilities for the effect on revenues expected to be realized as the tax effects of temporary differences, previously flowed through to customers, reverse. | |
Investment tax credits have been deferred by the regulated utility subsidiaries and are being amortized to income over the average estimated service lives of the related assets. | |
The Company recognizes accrued interest and penalties related to tax positions as a component of income tax expense and accounts for sales tax collected from customers and remitted to taxing authorities on a net basis. | |
Allowance for Funds Used During Construction ("AFUDC") | ' |
Allowance for Funds Used During Construction (“AFUDC”) | |
AFUDC is a non-cash credit to income with a corresponding charge to utility plant that represents the cost of borrowed funds or a return on equity funds devoted to plant under construction. The regulated utility subsidiaries record AFUDC to the extent permitted by the Regulators. | |
Environmental Costs | ' |
Environmental Costs | |
The Company’s water and wastewater operations are subject to federal, state, local and foreign requirements relating to environmental protection, and as such, the Company periodically becomes subject to environmental claims in the normal course of business. Environmental expenditures that relate to current operations or provide a future benefit are expensed or capitalized as appropriate. Remediation costs that relate to an existing condition caused by past operations are accrued, on an undiscounted basis, when it is probable that these costs will be incurred and can be reasonably estimated. Remediation costs accrued amounted to $3,300 and $4,400 at December 31, 2013 and 2012, respectively. The accrual relates entirely to a conservation agreement entered into by a subsidiary of the Company with the National Oceanic and Atmospheric Administration (“NOAA”) requiring the Company to, among other provisions, implement certain measures to protect the steelhead trout and its habitat in the Carmel River watershed in the state of California. The Company has agreed to pay $1,100 annually from 2010 to 2016. The Company pursues recovery of incurred costs through all appropriate means, including regulatory recovery through customer rates. The Company’s regulatory assets at December 31, 2013 and 2012 include $8,027 and $8,656, respectively, related to the NOAA agreement. | |
Derivative Financial Instruments | ' |
Derivative Financial Instruments | |
The Company uses derivative financial instruments for purposes of hedging exposures to fluctuations in interest rates. These derivative contracts are entered into for periods consistent with the related underlying exposures and do not constitute positions independent of those exposures. The Company does not enter into derivative contracts for speculative purposes and does not use leveraged instruments. | |
All derivatives are recognized on the balance sheet at fair value. On the date the derivative contract is entered into, the Company may designate the derivative as a hedge of the fair value of a recognized asset or liability (fair-value hedge) or a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (cash-flow hedge). | |
Changes in the fair value of a fair-value hedge, along with the gain or loss on the underlying hedged item, are recorded in current-period earnings. The effective portion of gains and losses on cash-flow hedges are recorded in other comprehensive income, until earnings are affected by the variability of cash flows. Any ineffective portion of designated hedges is recognized in current-period earnings. | |
Cash flows from derivative contracts are included in net cash provided by operating activities. | |
New Accounting Standards | ' |
New Accounting Standards | |
The following recently issued accounting standards have been adopted by the Company and have been included in the consolidated results of operations, financial position or footnotes of the accompanying Consolidated Financial Statements: | |
Balance Sheet Offsetting | |
In December 2011, the Financial Accounting Standards Board (“FASB”) issued accounting guidance to amend the existing disclosure requirements for offsetting financial assets and liabilities to enhance current disclosures, as well as to improve comparability of balance sheets prepared under U.S. Generally Accepted Accounting Principles (“GAAP”) and International Financial Reporting Standards (“IFRS”). In January 2013, the FASB issued additional guidance on the scope of these disclosures. The revised disclosure guidance applies to derivative instruments and securities borrowing and lending transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement. The revised disclosure guidance is effective on a retrospective basis for interim and annual periods beginning January 1, 2013. As this guidance provides for additional disclosure requirements only, the adoption of this guidance did not have an impact on the Company’s results of operations, financial position or cash flows. | |
Testing Indefinite-Lived Intangible Assets for Impairment | |
In July 2012, the FASB updated the accounting guidance related to testing indefinite-lived intangible assets for impairment. This update permits an entity to perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test under current guidance. This update is effective for annual and interim impairment tests performed by the Company beginning on January 1, 2013. The adoption of this guidance did not have an impact on the Company’s results of operations, financial position or cash flows. | |
Amounts Reclassified Out of Accumulated Other Comprehensive Income (“AOCI”) | |
In February 2013, the FASB updated accounting guidance to add new disclosure requirements for items reclassified out of AOCI. The update does not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of AOCI by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional detail about those amounts. The amendments are required to be applied prospectively for interim and annual reporting periods beginning January 1, 2013. As this guidance provides for additional disclosure requirements only, the adoption of this guidance did not have an impact on the Company’s results of operations, financial position or cash flows. | |
Presentation of an Unrecognized Tax Benefit When a Net Operating Loss (“NOL”) or Tax Credit Carryforward Exists | |
In July 2013, the FASB updated the income tax accounting guidance to resolve diversity in presentation by addressing when an entity should present unrecognized tax benefits on a net basis if there are available NOL or tax credit carryforwards. The update requires an entity to net unrecognized tax benefits against the deferred tax assets for same-jurisdiction NOL or similar tax loss carryforwards or tax credit carryforwards. Gross presentation will be required only if such carryforwards are not available or would not be used by the entity to settle any additional income taxes resulting from disallowance of the uncertain tax position. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The amendments are required to be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application and early adoption are permitted. The Company adopted this guidance effective June 30, 2013. (See Note 13) | |
Inclusion of the Fed Funds Effective Swap Rate as a Benchmark Interest Rate for Hedge Accounting Purposes | |
In July 2013, the FASB updated the derivatives and hedging accounting guidance to provide for the inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate (“OIS”)) as a US benchmark interest rate for hedge accounting purposes, in addition to interest rates on direct Treasury obligations of the US government (“UST”) and the London Interbank Offered Rate ("LIBOR"). The amendment also removes the restriction on using different benchmark rates for similar hedges. The update is effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. As the Company has not entered into new or redesignated hedging relationships, the adoption of this guidance did not have an impact on the Company’s results of operations, financial position or cash flows. | |
The following recently announced accounting standards are not yet required to be adopted by the Company or included in the consolidated results of operations or financial position of the Company: | |
Obligations Resulting from Joint and Several Liability Arrangements | |
In February 2013, the FASB issued guidance for the recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. Examples of obligations within the scope of the updated guidance include debt arrangements, other contractual obligations and settled litigation and judicial rulings. The update requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date as the sum of the following: (a) the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and (b) any additional amount the reporting entity expects to pay on behalf of its co-obligors. The updated guidance also includes additional disclosures regarding the nature and amount of the obligation, as well as other information about those obligations. The update is effective on a retrospective basis for interim and annual periods beginning January 1, 2014. Early adoption is permitted. The Company is evaluating the specific provisions of the updated guidance, but does not expect the adoption of this guidance to have a significant impact on the Company’s results of operations, financial position or cash flows. | |
Foreign Currency Matters | |
In June 2013, the FASB issued guidance for a parent’s accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. The amendments resolve differing views in practice and apply to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or a business within a foreign entity. The update is effective prospectively for interim and annual periods beginning January 1, 2014. Early adoption is permitted. The Company does not expect the adoption of the updated guidance to have a significant impact on its results of operations, financial position or cash flows. | |
Service Concession Arrangements | |
In January 2014, the FASB issued guidance for an operating entity that enters into a service concession arrangement with a public sector grantor who controls or has the ability to modify or approve the services that the operating entity must provide with the infrastructure, to whom it must provide them and at what price. The grantor also controls, through ownership or otherwise, any residual interest in the infrastructure at the end of the term of the arrangement. The guidance specifies that an operating entity should not account for the service concession arrangement as a lease. The operating entity should refer instead to other accounting guidance to account for the various aspects of the arrangement. The guidance also specifies that the infrastructure used in the arrangement should not be recognized as property, plant and equipment of the operating entity. This update should be applied on a modified retrospective basis to service concession arrangements that exist at the beginning of an entity’s fiscal year of adoption. This requires the cumulative effect of applying the update to be recognized as an adjustment to the opening retained earnings balance for the annual period of adoption. The update is effective for interim and annual periods beginning January 1, 2015. Early adoption is permitted. The Company is evaluating the impact the updated guidance will have on its results of operations, financial position or cash flows. | |
Reclassifications | |
Certain reclassifications have been made to conform previously reported data to the current presentation. |
Acquisitions_and_Divestitures_
Acquisitions and Divestitures (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Summary of Discontinued Operations Presented in Consolidated Statements of Operations and Comprehensive Income | ' | ||||||||||||
A summary of discontinued operations presented in the Consolidated Statements of Operations and Comprehensive Income follows: | |||||||||||||
Years Ended December31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Operating revenues | $ | 0 | $ | 19,377 | $ | 173,447 | |||||||
Total operating expenses, net | 0 | 27,630 | 147,012 | ||||||||||
Operating income (loss) | 0 | (8,253 | ) | 26,435 | |||||||||
Other income (expense), net | 0 | (168 | ) | (270 | ) | ||||||||
Income (loss) from discontinued operations before tax | 0 | (8,421 | ) | 26,165 | |||||||||
Provision for income taxes | 0 | 7,759 | 21,481 | ||||||||||
Income (loss) from discontinued operations, net of tax | $ | 0 | $ | (16,180 | ) | $ | 4,684 | ||||||
Utility_Plant_Tables
Utility Plant (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Components of Utility Plant by Category | ' | ||||||||||
The components of utility plant by category at December 31 are as follows: | |||||||||||
Range of Remaining | 2013 | 2012 | |||||||||
Useful Lives | |||||||||||
Water plant | |||||||||||
Land and other non-depreciable assets | $ | 132,295 | $ | 129,953 | |||||||
Sources of supply | 11 to 127 Years | 659,249 | 623,015 | ||||||||
Treatment and pumping facilities | 3 to 101 Years | 3,006,140 | 2,944,178 | ||||||||
Transmission and distribution facilities | 9 to 116 Years | 7,489,208 | 7,033,958 | ||||||||
Services, meters and fire hydrants | 9 to 93 Years | 2,898,293 | 2,729,679 | ||||||||
General structures and equipment | 3 to 112 Years | 995,186 | 865,992 | ||||||||
Wastewater plant | 2 to 115 Years | 683,112 | 565,894 | ||||||||
Construction work in progress | 275,202 | 349,496 | |||||||||
16,138,685 | 15,242,165 | ||||||||||
Less accumulated depreciation | 3,894,326 | 3,657,221 | |||||||||
$ | 12,244,359 | $ | 11,584,944 | ||||||||
Allowance_for_Uncollectible_Ac1
Allowance for Uncollectible Accounts (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Schedule of Allowances for Uncollectible Accounts | ' | |||||||||||||
The following table summarizes the changes in the Company’s allowances for uncollectible accounts: | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Balance at January 1 | $ | (26,874 | ) | $ | (18,905 | ) | $ | (21,128 | ) | |||||
Amounts charged to expense | (26,953 | ) | (26,701 | ) | (19,952 | ) | ||||||||
Amounts written off | 23,914 | 22,607 | 24,741 | |||||||||||
Recoveries of amounts written off | (4,040 | ) | (3,875 | ) | (2,566 | ) | ||||||||
Balance at December 31 | $ | (33,953 | ) | $ | (26,874 | ) | $ | (18,905 | ) | |||||
Regulatory_Assets_and_Liabilit1
Regulatory Assets and Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Components of Regulatory Assets | ' | |||||||
The regulatory assets represent costs that are expected to be fully recovered from customers in future rates. Except for income taxes, regulatory assets are excluded from the Company’s rate base and generally do not earn a return. The components of regulatory assets at December 31 are as follows: | ||||||||
2013 | 2012 | |||||||
Income taxes recoverable through rates | $ | 242,902 | $ | 242,653 | ||||
Debt and preferred stock expense | 72,349 | 73,474 | ||||||
Deferred pension expense | 109,799 | 326,578 | ||||||
Deferred other postretirement benefit expense | 3,653 | 167,414 | ||||||
Deferred security costs | 139 | 2,240 | ||||||
Deferred business services project expense | 7,763 | 8,226 | ||||||
Deferred tank painting costs | 33,519 | 31,526 | ||||||
Deferred rate case expense | 9,407 | 11,614 | ||||||
Purchase premium recoverable through rates | 60,787 | 60,241 | ||||||
Environmental remediation recoverable through rates | 8,027 | 8,656 | ||||||
Coastal water project costs | 16,826 | 21,175 | ||||||
San Clemente Dam project costs | 44,404 | 31,403 | ||||||
Removal costs recoverable through rates | 126,771 | 98,541 | ||||||
Other | 122,119 | 115,373 | ||||||
$ | 858,465 | $ | 1,199,114 | |||||
Components of Regulatory Liabilities | ' | |||||||
The components of regulatory liabilities at December 31 are as follows: | ||||||||
2013 | 2012 | |||||||
Removal costs recovered through rates | $ | 301,537 | $ | 285,901 | ||||
Other | 71,782 | 78,280 | ||||||
$ | 373,319 | $ | 364,181 | |||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Summary of Changes in Goodwill Assets | ' | |||||||||||||||||||||||||||
The change in the Company’s goodwill assets, as allocated between the reporting units is as follows: | ||||||||||||||||||||||||||||
Regulated Unit | Market-Based Units | Consolidated | ||||||||||||||||||||||||||
Cost | Accumulated Impairment | Cost | Accumulated Impairment | Cost | Accumulated Impairment | Net | ||||||||||||||||||||||
Balance at January 1, 2012 | $ | 3,399,368 | $ | (2,332,670 | ) | $ | 235,990 | $ | (107,619 | ) | $ | 3,635,358 | $ | (2,440,289 | ) | $ | 1,195,069 | |||||||||||
Goodwill from acquisitions | 12,181 | 0 | 0 | 0 | 12,181 | 0 | 12,181 | |||||||||||||||||||||
Balance at December 31, 2012 | $ | 3,411,549 | $ | (2,332,670 | ) | $ | 235,990 | $ | (107,619 | ) | $ | 3,647,539 | $ | (2,440,289 | ) | $ | 1,207,250 | |||||||||||
Goodwill from acquisitions | 428 | 0 | 0 | 0 | 428 | 0 | 428 | |||||||||||||||||||||
Reclassifications and other activity | 86 | 0 | 0 | 0 | 86 | 0 | 86 | |||||||||||||||||||||
Balance at December 31, 2013 | $ | 3,412,063 | $ | (2,332,670 | ) | $ | 235,990 | $ | (107,619 | ) | $ | 3,648,053 | $ | (2,440,289 | ) | $ | 1,207,764 | |||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Summary Information Regarding Issuances Under DRIP | ' | |||||||||||||||||||
Under American Water Stock Direct, a dividend reinvestment and direct stock purchase plan (the “DRIP”), stockholders may reinvest cash dividends and purchase additional Company common stock, up to certain limits, through a transfer agent without commission fees. The Company’s transfer agent may buy newly issued shares directly from the Company or shares held in the Company’s treasury. The transfer agent may also buy shares in the public markets or in privately negotiated transactions. Purchases generally will be made and credited to DRIP accounts once each week. As of December 31, 2013, there were 4,655 shares available for future issuance under the DRIP. The following table summarizes information regarding issuances under the DRIP for the years ended December 31, 2013 and 2012: | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Shares of common stock issued | 53 | 60 | ||||||||||||||||||
Cash proceeds received | $ | 2,171 | $ | 2,106 | ||||||||||||||||
Cash Dividend Payment During Period | ' | |||||||||||||||||||
Cash dividend payments made during 2013 and 2012 were as follows: | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Dividends per share, three months ended: | ||||||||||||||||||||
31-Mar | $ | 0 | $ | 0.23 | ||||||||||||||||
30-Jun | 0.28 | 0.23 | ||||||||||||||||||
30-Sep | 0.28 | 0.25 | ||||||||||||||||||
31-Dec | 0.28 | 0.5 | ||||||||||||||||||
Total dividends paid, three months ended: | ||||||||||||||||||||
31-Mar | $ | 0 | $ | 40,414 | ||||||||||||||||
30-Jun | 49,744 | 40,529 | ||||||||||||||||||
30-Sep | 49,810 | 44,080 | ||||||||||||||||||
31-Dec | 49,896 | 88,436 | ||||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss | ' | |||||||||||||||||||
The following table presents changes in accumulated other comprehensive loss by component, net of tax: | ||||||||||||||||||||
Defined Benefit Plans | Total | |||||||||||||||||||
Employee Benefit Plan Funded Status | Amortization of Prior Service Cost | Amortization of Actuarial Loss | Foreign Currency Translation | Accumulated Other Comprehensive Loss | ||||||||||||||||
Beginning balance at January 1, 2012 | $ | (116,758 | ) | $ | 363 | $ | 14,938 | $ | 3,780 | $ | (97,677 | ) | ||||||||
Other comprehensive income (loss) before | (26,425 | ) | 0 | 0 | 434 | (25,991 | ) | |||||||||||||
reclassifications | ||||||||||||||||||||
Amounts reclassified from accumulated other | 0 | 176 | 7,301 | 0 | 7,477 | |||||||||||||||
comprehensive income | ||||||||||||||||||||
Other comprehensive income (loss) for the period | (26,425 | ) | 176 | 7,301 | 434 | (18,514 | ) | |||||||||||||
Ending balance at December 31, 2012 | $ | (143,183 | ) | $ | 539 | $ | 22,239 | $ | 4,214 | $ | (116,191 | ) | ||||||||
Other comprehensive income (loss) before | 73,472 | 0 | 0 | (1,001 | ) | 72,471 | ||||||||||||||
reclassifications | ||||||||||||||||||||
Amounts reclassified from accumulated other | 0 | 174 | 8,911 | 0 | 9,085 | |||||||||||||||
comprehensive income | ||||||||||||||||||||
Other comprehensive income (loss) for the period | 73,472 | 174 | 8,911 | (1,001 | ) | 81,556 | ||||||||||||||
Ending balance at December 31, 2013 | $ | (69,711 | ) | $ | 713 | $ | 31,150 | $ | 3,213 | $ | (34,635 | ) | ||||||||
Stock-Based Compensation Expense | ' | |||||||||||||||||||
The Company recognizes compensation expense for stock awards over the vesting period of the award. The following table presents stock-based compensation expense recorded in operation and maintenance expense in the accompanying Consolidated Statements of Operations and Comprehensive Income for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Stock options | $ | 3,170 | $ | 3,282 | $ | 3,182 | ||||||||||||||
Restricted stock units | 8,718 | 7,658 | 6,340 | |||||||||||||||||
Employee stock purchase plan | 586 | 530 | 486 | |||||||||||||||||
Stock-based compensation in operation and maintenance expense | 12,474 | 11,470 | 10,008 | |||||||||||||||||
Income tax benefit | (4,865 | ) | (4,473 | ) | (3,903 | ) | ||||||||||||||
After-tax stock-based compensation expense | $ | 7,609 | $ | 6,997 | $ | 6,105 | ||||||||||||||
Weighted Average Assumptions | ' | |||||||||||||||||||
The following table presents the weighted-average assumptions used in the Black-Scholes option-pricing model for grants and the resulting weighted-average grant date fair value per share of stock options granted in the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Dividend yield | 2.52 | % | 2.7 | % | 3.25 | % | ||||||||||||||
Expected volatility | 23.5 | % | 28.35 | % | 29.32 | % | ||||||||||||||
Risk-free interest rate | 0.7 | % | 0.78 | % | 1.93 | % | ||||||||||||||
Expected life (years) | 4.3 | 4.4 | 4.4 | |||||||||||||||||
Exercise price | $ | 39.6 | $ | 34.14 | $ | 27.08 | ||||||||||||||
Grant date fair value per share | $ | 5.78 | $ | 6.11 | $ | 5.14 | ||||||||||||||
Summary of Stock Option Activity | ' | |||||||||||||||||||
The table below summarizes stock option activity for the year ended December 31, 2013: | ||||||||||||||||||||
Shares | Weighted-Average Exercise Price (per share) | Weighted-Average Remaining Life (years) | Aggregate Intrinsic Value | |||||||||||||||||
Options outstanding at January1, 2013 | 2,635 | $ | 25.77 | |||||||||||||||||
Granted | 348 | 39.6 | ||||||||||||||||||
Forfeited or expired | (68 | ) | 33.69 | |||||||||||||||||
Exercised | (860 | ) | 23.49 | |||||||||||||||||
Options outstanding at December 31, 2013 | 2,055 | $ | 28.8 | 4 | $ | 27,660 | ||||||||||||||
Exercisable at December 31, 2013 | 1,187 | $ | 24.48 | 3.1 | $ | 21,098 | ||||||||||||||
Additional Information to Stock Options Activity | ' | |||||||||||||||||||
The following table summarizes additional information regarding stock options exercised during the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Intrinsic value | $ | 15,102 | $ | 14,515 | $ | 3,026 | ||||||||||||||
Exercise proceeds | 20,211 | 22,112 | 8,991 | |||||||||||||||||
Income tax benefit | 4,383 | 4,017 | 511 | |||||||||||||||||
Weighted-Average Assumptions Used In Monte Carlo Simulation | ' | |||||||||||||||||||
Restricted stock units generally vest over periods ranging from one to three years. Restricted stock units granted with service-only conditions and those with internal performance measures are valued at the market value of the Company’s common stock on the date of grant. Restricted stock units granted with market conditions are valued using a Monte Carlo model. Expected volatility is based on historical volatilities of traded common stock of the Company and comparative companies using daily stock prices over the past three years. The expected term is three years and the risk-free interest rate is based on the three-year U.S. Treasury rate in effect as of the measurement date. The following table presents the weighted-average assumptions used in the Monte Carlo simulation and the weighted-average grant date fair values of restricted stock units granted during the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Expected volatility | 19.37 | % | 22.47 | % | 29.5 | % | ||||||||||||||
Risk-free interest rate | 0.4 | % | 0.43 | % | 1.24 | % | ||||||||||||||
Expected life (years) | 3 | 3 | 3 | |||||||||||||||||
Grant date fair value per share | $ | 40.13 | $ | 37.4 | $ | 29.95 | ||||||||||||||
Summary of Restricted Stock Unit Activity | ' | |||||||||||||||||||
The table below summarizes restricted stock unit activity for the year ended December 31, 2013: | ||||||||||||||||||||
Shares | Weighted-Average Grant Date Fair Value (per share) | |||||||||||||||||||
Non-vested total at January 1, 2013 | 540 | $ | 29.48 | |||||||||||||||||
Granted | 405 | 34.06 | ||||||||||||||||||
Vested | (364 | ) | 24.41 | |||||||||||||||||
Forfeited | (23 | ) | 37.51 | |||||||||||||||||
Cancelled | (19 | ) | 21.98 | |||||||||||||||||
Non-vested total at December 31, 2013 | 539 | $ | 36.27 | |||||||||||||||||
Additional Information Regarding Restricted Stock Units | ' | |||||||||||||||||||
The following table summarizes additional information regarding restricted stock units distributed during the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
Intrinsic value | $ | 13,983 | $ | 6,159 | $ | 2,068 | ||||||||||||||
Income tax benefit | 2,049 | 799 | 99 | |||||||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Components of Long-Term Debt | ' | |||||||||||||||||||||
The Company primarily incurs long-term debt to fund capital expenditures of the regulated subsidiaries. The components of long-term at December 31 are: | ||||||||||||||||||||||
Rate | Weighted | Maturity | 2013 | 2012 | ||||||||||||||||||
Average Rate | Date | |||||||||||||||||||||
Long-term debt of American Water Capital Corp. (“AWCC”)(a) | ||||||||||||||||||||||
Private activity bonds and government funded debt | ||||||||||||||||||||||
Fixed rate | 2.30%-6.75% | 5.63 | % | 2018-2040 | $ | 330,732 | $ | 322,610 | ||||||||||||||
Senior notes | ||||||||||||||||||||||
Fixed rate | 3.85%-8.27% | 5.69 | % | 2016-2042 | 3,312,761 | 3,389,399 | ||||||||||||||||
Long-term debt of other subsidiaries | ||||||||||||||||||||||
Private activity bonds and government funded debt | ||||||||||||||||||||||
Fixed rate (b) | 0.00%-6.20% | 4.68 | % | 2014-2041 | 863,716 | 865,969 | ||||||||||||||||
Mortgage bonds | ||||||||||||||||||||||
Fixed rate | 4.29%-9.71% | 7.41 | % | 2015-2039 | 676,500 | 678,500 | ||||||||||||||||
Mandatorily redeemable preferred stock | 8.47%-9.75% | 8.6 | % | 2019-2036 | 18,902 | 20,552 | ||||||||||||||||
Notes payable and other(c) | 12.17% | 12.17 | % | 2026 | 913 | 1,272 | ||||||||||||||||
Long-term debt | 5,203,524 | 5,278,302 | ||||||||||||||||||||
Unamortized debt, net(d) | 35,984 | 39,272 | ||||||||||||||||||||
Fair value adjustment to interest rate hedge | 4,724 | 7,715 | ||||||||||||||||||||
Total long-term debt | $ | 5,244,232 | $ | 5,325,289 | ||||||||||||||||||
(a) | AWCC, which is a wholly-owned subsidiary of the Company, has a strong support agreement with its parent that, under certain circumstances, is the functional equivalent of a guarantee. | |||||||||||||||||||||
(b) | Includes at December 31, 2013 $11,920 of variable rate debt with variable-to-fixed rate interest swaps paying between 3.93% and 4.72% per annum. This debt was assumed via acquisitions in 2013 (see below). | |||||||||||||||||||||
(c) | Includes capital lease obligations of $913 and $1,049 at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||
(d) | Primarily fair value adjustments previously recognized in acquisition purchase accounting. | |||||||||||||||||||||
Future Sinking Fund Payments and Maturities | ' | |||||||||||||||||||||
The future sinking fund payments and maturities are as follows: | ||||||||||||||||||||||
Year | Amount | |||||||||||||||||||||
2014 | $ | 14,174 | ||||||||||||||||||||
2015 | 60,655 | |||||||||||||||||||||
2016 | 52,901 | |||||||||||||||||||||
2017 | 572,314 | |||||||||||||||||||||
2018 | 473,648 | |||||||||||||||||||||
Thereafter | $ | 4,029,832 | ||||||||||||||||||||
Long-Term Debt Issued | ' | |||||||||||||||||||||
The following long-term debt was issued in 2013: | ||||||||||||||||||||||
Company | Type | Interest Rate | Maturity | Amount | ||||||||||||||||||
American Water Capital Corp. | Senior notes—fixed rate | 3.85% | 2024 | $ | 400,000 | |||||||||||||||||
American Water Capital Corp. (1) | Private activity bonds and government funded debt—fixed rate | 2.30%-2.90% | 2021-2030 | 8,122 | ||||||||||||||||||
Other subsidiaries | Private activity bonds and government funded debt—fixed rate | 1.59-2.41% | 2031-2033 | 2,737 | ||||||||||||||||||
Total issuances | $ | 410,859 | ||||||||||||||||||||
-1 | Included in the issuance amounts for AWCC private activity bonds and government funded debt above was $6,702, which was initially kept in Trust pending the Company’s certification that it has incurred qualifying capital expenditures. These issuances have been presented as non-cash in the accompanying Consolidated Statements of Cash Flows. Subsequent releases of all or a lesser portion of these funds by the applicable Trust are reflected as the release of restricted funds and are included in investing activities in the accompanying Consolidated Statements of Cash Flows. | |||||||||||||||||||||
Long-Term Debt Retired Through Optional Redemption Or Payment | ' | |||||||||||||||||||||
The following long-term debt was retired through optional redemption or payment at maturity during 2013: | ||||||||||||||||||||||
Company | Type | Interest Rate | Maturity | Amount | ||||||||||||||||||
American Water Capital Corp. (2) | Senior notes—fixed rate | 5.39%-10.00% | 2013-2017 | $ | 476,638 | |||||||||||||||||
Other subsidiaries(3) | Private activity bonds and government funded debt—fixed rate | 0.00%-5.50% | 2013-2041 | 17,663 | ||||||||||||||||||
Other subsidiaries | Mortgage bonds—fixed rate | 6.59% | 2013 | 2,000 | ||||||||||||||||||
Other subsidiaries | Mandatorily redeemable preferred stock | 8.49%-9.18% | 2031-2036 | 1,650 | ||||||||||||||||||
Other | Notes payable and other | 359 | ||||||||||||||||||||
Total retirements and redemptions | $ | 498,310 | ||||||||||||||||||||
-2 | In September 2013, the Company announced a tender offer for its 6.085% Senior Notes due 2017 (the “Notes”). The offer was contingent upon the satisfaction of certain conditions, which were satisfied during the fourth quarter of 2013. At that time, the Company repurchased $225,800 in aggregate principal amount of Notes that were validly tendered. The Company paid $271,798 to effect the tender, which, in addition to the principal, included $6,603 of accrued interest, a repurchase premium of $39,395, write-off of unamortized debt issuance costs of $525 and transaction fees of $663. The sum of the repurchase premium, the debt issuance amortization and transaction fees equaled the loss on debt extinguishment of $40,583, which is disclosed separately on the accompanying Consolidated Statement of Operations. | |||||||||||||||||||||
-3 | Includes $3,565 of non-cash defeasance via the use of restricted funds. | |||||||||||||||||||||
Balance Sheet Classification | ' | |||||||||||||||||||||
The Company has an interest-rate swap to hedge $100,000 of its 6.085% fixed-rate debt maturing 2017. The Company pays variable interest of six-month LIBOR plus 3.422%. The swap is accounted for as a fair-value hedge and matures with the fixed-rate debt in 2017. The following table provides a summary of the derivative fair value balance recorded by the Company as of December 31, 2013 and 2012 and the line item in the Consolidated Balance Sheet in which such amount is recorded: | ||||||||||||||||||||||
Balance sheet classification | 2013 | 2012 | ||||||||||||||||||||
Regulatory and other long-term assets | ||||||||||||||||||||||
Other | $ | 4,776 | $ | 7,909 | ||||||||||||||||||
Long-term debt | ||||||||||||||||||||||
Long-term debt | 4,724 | 7,715 | ||||||||||||||||||||
Income Statement Classification | ' | |||||||||||||||||||||
For derivative instruments that are designated and qualify as fair-value hedges, the gain or loss on the hedge instrument as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current net income. The Company includes the gain or loss on the derivative instrument and the offsetting loss or gain on the hedged item in interest expense for the years ended December 31 as follows: | ||||||||||||||||||||||
Income Statement Classification | 2013 | 2012 | 2011 | |||||||||||||||||||
Interest, net | ||||||||||||||||||||||
Gain (loss) on swap | $ | (3,133) | $ | 2,085 | $ | 6,722 | ||||||||||||||||
(Loss) gain on borrowing | 2,991 | (1,604 | ) | (6,455 | ) | |||||||||||||||||
Hedge ineffectiveness | (142) | 481 | 267 | |||||||||||||||||||
ShortTerm_Debt_Tables
Short-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Schedule of Available Capacity under Commercial Paper Program | ' | ||||||||
AWCC had the following available capacity under its commercial paper program at December 31: | |||||||||
2013 | 2012 | ||||||||
Commercial paper program | $ | 1,000,000 | $ | 700,000 | |||||
Commercial paper program available capacity | 369,500 | 430,000 | |||||||
Schedule of Line of Credit Facility Sub-Limits and Available Capacity | ' | ||||||||
At December 31, AWCC had the following sub-limits and available capacity under each applicable credit facility: | |||||||||
2013 | 2012 | ||||||||
Letter of credit sublimit | $ | 150,000 | $ | 150,000 | |||||
Letter of credit available capacity | 108,215 | 117,137 | |||||||
Schedule of Short-Term Borrowings Activity | ' | ||||||||
The following table presents the short-term borrowing activity for AWCC for the years ended December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Average borrowings | $ | 432,064 | $ | 277,952 | |||||
Maximum borrowings outstanding | 1,129,250 | 534,700 | |||||||
Weighted average interest rates, computed on a daily basis | 0.37 | % | 0.49 | % | |||||
Weighted average interest rates, at December 31 | 0.36 | % | 0.46 | % | |||||
General_Taxes_Tables
General Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Components of General Tax Expense from Continuing Operations | ' | |||||||||||
Components of general tax expense from continuing operations for the years ended December 31 are as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Gross receipts and franchise | $ | 96,044 | $ | 92,612 | $ | 90,674 | ||||||
Property and capital stock | 94,448 | 84,513 | 77,330 | |||||||||
Payroll | 31,375 | 32,724 | 31,705 | |||||||||
Other general | 12,775 | 11,363 | 10,769 | |||||||||
$ | 234,642 | $ | 221,212 | $ | 210,478 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Components of Income Tax Expense from Continuing Operations | ' | ||||||||||||
Components of income tax expense from continuing operations for the years ended December 31 are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
State income taxes: | |||||||||||||
Current | $ | 7,202 | $ | 26,604 | $ | (7,440 | ) | ||||||
Deferred | |||||||||||||
Current | -405 | (280 | ) | (171 | ) | ||||||||
Non-current | 26,821 | 24,256 | 44,576 | ||||||||||
$ | 33,618 | $ | 50,580 | $ | 36,965 | ||||||||
Federal income taxes: | |||||||||||||
Current | $ | -19,995 | $ | 31,482 | $ | 12,239 | |||||||
Deferred | |||||||||||||
Current | -1,324 | (2,031 | ) | (314 | ) | ||||||||
Non-current | 225,408 | 178,495 | 151,403 | ||||||||||
Amortization of deferred investment tax credits | -1,501 | (1,518 | ) | (1,542 | ) | ||||||||
202,588 | 206,428 | 161,786 | |||||||||||
$ | 236,206 | $ | 257,008 | $ | 198,751 | ||||||||
Reconciliation of Income Tax Expense from Continuing Operations | ' | ||||||||||||
A reconciliation of income tax expense from continuing operations at the statutory federal income tax rate to actual income tax expense for the years ended December 31 is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income tax at statutory rate | $ | 211,914 | $ | 220,940 | $ | 176,288 | |||||||
Increases (decreases) resulting from: | |||||||||||||
State taxes, net of federal taxes | 21,852 | 32,877 | 24,027 | ||||||||||
Change in valuation allowance | -455 | 143 | (160 | ) | |||||||||
Flow through differences | 3,217 | 3,032 | 2,895 | ||||||||||
Amortization of deferred investment tax credits | -1,501 | (1,518 | ) | (1,542 | ) | ||||||||
Subsidiary preferred dividends | 584 | 634 | 668 | ||||||||||
Other, net | 595 | 900 | (3,425 | ) | |||||||||
Actual income tax expense | $ | 236,206 | $ | 257,008 | $ | 198,751 | |||||||
Components of Net Deferred Tax Liability from Continuing Operations | ' | ||||||||||||
The following table provides the components of the net deferred tax liability from continuing operations at December 31: | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Advances and contributions | $ | 510,122 | $ | 485,815 | |||||||||
Deferred investment tax credits | 10,027 | 10,610 | |||||||||||
Other postretirement benefits | 107,773 | 100,301 | |||||||||||
Tax losses and credits | 265,640 | 229,423 | |||||||||||
Pension benefits | 122,143 | 113,919 | |||||||||||
Unamortized debt discount, net | 20,249 | 21,711 | |||||||||||
Other | 23,888 | 22,835 | |||||||||||
1,059,842 | 984,614 | ||||||||||||
Valuation allowance | -13,555 | (19,520 | ) | ||||||||||
$ | 1,046,287 | $ | 965,094 | ||||||||||
Deferred tax liabilities: | |||||||||||||
Utility plant, principally due to depreciation differences | $ | 2,478,617 | $ | 2,168,680 | |||||||||
Income taxes recoverable through rates | 81,135 | 82,400 | |||||||||||
Deferred security costs | 58 | 921 | |||||||||||
Deferred business services project expenses | 4,584 | 4,580 | |||||||||||
Deferred other postretirement benefits | 65,071 | 57,895 | |||||||||||
Deferred pension benefits | 169,336 | 102,847 | |||||||||||
Other | 69,574 | 93,284 | |||||||||||
2,868,375 | 2,510,607 | ||||||||||||
$ | -1,822,088 | $ | (1,545,513 | ) | |||||||||
Changes in Gross Liability Excluding Interest and Penalties for Unrecognized Tax Benefits | ' | ||||||||||||
The following table summarizes the changes in the Company’s gross liability, excluding interest and penalties, for unrecognized tax benefits: | |||||||||||||
Balance at January 1, 2012 | $ | 158,578 | |||||||||||
Increases in current period tax positions | 40,620 | ||||||||||||
Decreases in prior period measurement of tax positions | (18,205 | ) | |||||||||||
Balance at December 31, 2012 | $ | 180,993 | |||||||||||
Increases in current period tax positions | 27,229 | ||||||||||||
Decreases in prior period measurement of tax positions | (30,275 | ) | |||||||||||
Balance at December 31, 2013 | $ | 177,947 | |||||||||||
Changes in Valuation Allowance | ' | ||||||||||||
The following table summarizes the changes in the Company’s valuation allowance: | |||||||||||||
Balance at January 1, 2011 | $ | 23,788 | |||||||||||
Increases in current period tax positions | 1,525 | ||||||||||||
Decreases in current period tax positions | (3,734 | ) | |||||||||||
Balance at December 31, 2011 | $ | 21,579 | |||||||||||
Increases in current period tax positions | 0 | ||||||||||||
Decreases in current period tax positions | (2,059 | ) | |||||||||||
Balance at December 31, 2012 | $ | 19,520 | |||||||||||
Increases in current period tax positions | 0 | ||||||||||||
Decreases in current period tax positions | (5,965 | ) | |||||||||||
Balance at December 31, 2013 | $ | 13,555 | |||||||||||
Employee_Benefits_Tables
Employee Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Schedule of Significant Unobservable Inputs | ' | ||||||||||||||||||||||||||
The following table presents a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) where transfers in (out) represent assets sold and benefit payments made during the year: | |||||||||||||||||||||||||||
Level 3 | |||||||||||||||||||||||||||
Balance, January 1, 2013 | $ | 173,625 | |||||||||||||||||||||||||
Actual return on assets | 10,384 | ||||||||||||||||||||||||||
Transfers in (out) | (140,184 | ) | |||||||||||||||||||||||||
Balance, December 31, 2013 | $ | 43,825 | |||||||||||||||||||||||||
The following table presents a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) where transfers in (out) represent benefit payments made during the year: | |||||||||||||||||||||||||||
Level 3 | |||||||||||||||||||||||||||
Balance, January 1, 2012 | $ | 148,574 | |||||||||||||||||||||||||
Actual return on assets | 28,420 | ||||||||||||||||||||||||||
Transfers in (out) | (3,369 | ) | |||||||||||||||||||||||||
Balance, December 31, 2012 | $ | 173,625 | |||||||||||||||||||||||||
Schedule of Rollforward Changes in Benefit Obligation and Plan Assets | ' | ||||||||||||||||||||||||||
The following table provides a rollforward of the changes in the benefit obligation and plan assets for the most recent two years for all plans combined: | |||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||||||
Benefit obligation at January 1 | $ | 1,621,244 | $ | 1,401,954 | $ | 687,082 | $ | 620,366 | |||||||||||||||||||
Service cost | 37,872 | 34,209 | 15,282 | 14,207 | |||||||||||||||||||||||
Interest cost | 68,096 | 70,866 | 28,700 | 31,570 | |||||||||||||||||||||||
Plan participants’ contributions | — | — | 2,514 | 2,394 | |||||||||||||||||||||||
Amendments | — | — | — | (1,758 | ) | ||||||||||||||||||||||
Actuarial (gain) loss | (180,688 | ) | 178,267 | (148,410 | ) | 43,321 | |||||||||||||||||||||
Divestitures | — | (73 | ) | — | (94 | ) | |||||||||||||||||||||
Curtailments | — | (3,460 | ) | — | — | ||||||||||||||||||||||
Settlements | — | (14,701 | ) | — | — | ||||||||||||||||||||||
Gross benefits paid | (52,392 | ) | (45,818 | ) | (25,263 | ) | (24,910 | ) | |||||||||||||||||||
Federal subsidy | — | — | 2,018 | 1,986 | |||||||||||||||||||||||
Benefit obligation at December 31 | $ | 1,494,132 | $ | 1,621,244 | $ | 561,923 | $ | 687,082 | |||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 1,157,697 | $ | 981,068 | $ | 433,260 | $ | 382,670 | |||||||||||||||||||
Actual return on plan assets | 208,821 | 138,560 | 36,202 | 42,981 | |||||||||||||||||||||||
Employer contributions | 69,495 | 99,408 | 28,005 | 30,002 | |||||||||||||||||||||||
Plan participants’ contributions | — | — | 2,514 | 2,394 | |||||||||||||||||||||||
Settlements | — | (10,799 | ) | — | — | ||||||||||||||||||||||
Divestitures | — | (4,722 | ) | — | 123 | ||||||||||||||||||||||
Benefits paid | (52,392 | ) | (45,818 | ) | (25,263 | ) | (24,910 | ) | |||||||||||||||||||
Fair value of plan assets at December 31 | $ | 1,383,621 | $ | 1,157,697 | $ | 474,718 | $ | 433,260 | |||||||||||||||||||
Funded status at December 31 | $ | (110,511 | ) | $ | (463,547 | ) | $ | (87,205 | ) | $ | (253,822 | ) | |||||||||||||||
Amounts recognized in the balance sheet consist of: | |||||||||||||||||||||||||||
Noncurrent asset | $ | — | $ | — | $ | 1,271 | $ | 377 | |||||||||||||||||||
Current liability | (1,969 | ) | (1,900 | ) | (57 | ) | (52 | ) | |||||||||||||||||||
Noncurrent liability | (108,542 | ) | (461,647 | ) | (88,419 | ) | (254,147 | ) | |||||||||||||||||||
Net amount recognized | $ | (110,511 | ) | $ | (463,547 | ) | $ | (87,205 | ) | $ | (253,822 | ) | |||||||||||||||
Summary of Accumulated Other Comprehensive Income and Regulatory Assets | ' | ||||||||||||||||||||||||||
The following table provides the components of the Company’s accumulated other comprehensive income and regulatory assets that have not been recognized as components of periodic benefit costs as of December 31: | |||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Net actuarial loss | $ | 145,376 | $ | 483,626 | $ | 17,632 | $ | 183,087 | |||||||||||||||||||
Prior service cost (credit) | 4,418 | 5,142 | (14,519) | (16,708 | ) | ||||||||||||||||||||||
Net amount recognized | $ | 149,794 | $ | 488,768 | $ | 3,113 | $ | 166,379 | |||||||||||||||||||
Regulatory assets | $ | 90,380 | $ | 294,136 | $ | 3,113 | $ | 166,379 | |||||||||||||||||||
Accumulated other comprehensive income | 59,414 | 194,632 | — | — | |||||||||||||||||||||||
$ | 149,794 | $ | 488,768 | $ | 3,113 | $ | 166,379 | ||||||||||||||||||||
Schedule of Accumulated and Projected Benefit Obligations | ' | ||||||||||||||||||||||||||
At December 31, 2013 and 2012, the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with a projected obligation in excess of plan assets were as follows: | |||||||||||||||||||||||||||
Projected Benefit | |||||||||||||||||||||||||||
Obligation Exceeds the | |||||||||||||||||||||||||||
Fair Value of Plans’ Assets | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
Projected benefit obligation | $ | 1,494,000 | $ | 1,621,000 | |||||||||||||||||||||||
Fair value of plan assets | 1,384,000 | 1,158,000 | |||||||||||||||||||||||||
Accumulated Benefit | |||||||||||||||||||||||||||
Obligation Exceeds the | |||||||||||||||||||||||||||
Fair Value of Plans’ Assets | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 43,000 | $ | 1,472,000 | |||||||||||||||||||||||
Fair value of plan assets | 17,000 | 1,158,000 | |||||||||||||||||||||||||
Schedule of Expected Cash Flows for Pension and Postretirement Benefit Plans | ' | ||||||||||||||||||||||||||
Information about the expected cash flows for the pension and postretirement benefit plans is as follows: | |||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||
2014 expected employer contributions | |||||||||||||||||||||||||||
To plan trusts | $ | 37,191 | $ | 12,137 | |||||||||||||||||||||||
To plan participants | 1,970 | 81 | |||||||||||||||||||||||||
Schedule of Expected Benefit Payments | ' | ||||||||||||||||||||||||||
The following table reflects the net benefits expected to be paid from the plan assets or the Company’s assets: | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
Expected Benefit | Expected Benefit | Expected Federal | |||||||||||||||||||||||||
Payments | Payments | Subsidy Payments | |||||||||||||||||||||||||
2014 | $ | 64,519 | $ | 26,682 | $ | 2,170 | |||||||||||||||||||||
2015 | 70,453 | 29,299 | 2,335 | ||||||||||||||||||||||||
2016 | 75,924 | 31,837 | 2,514 | ||||||||||||||||||||||||
2017 | 81,491 | 34,529 | 2,705 | ||||||||||||||||||||||||
2018 | 86,616 | 37,265 | 2,890 | ||||||||||||||||||||||||
2019—2023 | 499,770 | 215,648 | 17,804 | ||||||||||||||||||||||||
Schedule of Significant Assumptions of Pension and Postretirement Benefit Plans | ' | ||||||||||||||||||||||||||
The significant assumptions related to the Company’s pension and other postretirement benefit plans are as follows: | |||||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Weighted-average assumptions used to determine December 31 benefit obligations | |||||||||||||||||||||||||||
Discount rate | 5.12% | 4.17 | % | 5.02 | % | 5.10% | 4.16 | % | 5.05 | % | |||||||||||||||||
Rate of compensation increase | 3.15% | 3.19 | % | 3.25 | % | N/A | N/A | N/A | |||||||||||||||||||
Medical trend | N/A | N/A | N/A | graded from 7.00% in 2013 to 5% in 2019+ | graded from 7.25% in 2012 to 5% in 2019+ | graded from 7.50% in 2012 to 5% in 2019+ | |||||||||||||||||||||
Weighted-average assumptions used to determine net periodic cost | |||||||||||||||||||||||||||
Discount rate | 4.17% | 5.02 | % | 5.32 | % | 4.16% | 5.05 | % | 5.27 | % | |||||||||||||||||
Expected return on plan assets | 7.49% | 7.75 | % | 7.9 | % | 6.99% | 7.41 | % | 7.6 | % | |||||||||||||||||
Rate of compensation increase | 3.19% | 3.25 | % | 3.5 | % | N/A | N/A | N/A | |||||||||||||||||||
Medical trend | N/A | N/A | N/A | graded from 7.25% in 2013 | graded from 7.50% in 2012 to 5% in 2019+ | graded from 8.00% in 2011 to 5% in 2017+ | |||||||||||||||||||||
to 5% in 2019+ | |||||||||||||||||||||||||||
N/A—Assumption is not applicable. | |||||||||||||||||||||||||||
Schedule of Effect of One Percentage Point Change in Assumed Health Care Cost Trend Rates | ' | ||||||||||||||||||||||||||
Assumed health care cost trend rates have a significant effect on the amounts reported for the other postretirement benefit plans. The health care cost trend rate is based on historical rates and expected market conditions. A one-percentage-point change in assumed health care cost trend rates would have the following effects: | |||||||||||||||||||||||||||
One- | One- | ||||||||||||||||||||||||||
Percentage- | Percentage- | ||||||||||||||||||||||||||
Point | Point | ||||||||||||||||||||||||||
Increase | Decrease | ||||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 7,367 | $ | (5,974 | ) | ||||||||||||||||||||||
Effect on other postretirement benefit obligation | $ | 72,238 | $ | (60,261 | ) | ||||||||||||||||||||||
Components of Net Periodic Benefit Costs | ' | ||||||||||||||||||||||||||
The following table provides the components of net periodic benefit costs for the years ended December 31: | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||
Components of net periodic pension benefit cost | |||||||||||||||||||||||||||
Service cost | $ | 37,872 | $ | 34,209 | $ | 33,641 | |||||||||||||||||||||
Interest cost | 68,096 | 70,866 | 69,047 | ||||||||||||||||||||||||
Expected return on plan assets | -88,429 | (79,272 | ) | (72,109 | ) | ||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||
Prior service cost (credit) | 724 | 723 | 722 | ||||||||||||||||||||||||
Actuarial (gain) loss | 37,170 | 29,636 | 18,551 | ||||||||||||||||||||||||
Settlement loss | — | 7,135 | — | ||||||||||||||||||||||||
Net periodic pension benefit cost | $ | 55,433 | $ | 63,297 | $ | 49,852 | |||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income, net of tax | |||||||||||||||||||||||||||
Amortization of prior service credit (cost) | $ | -174 | $ | (176 | ) | $ | (175 | ) | |||||||||||||||||||
Current year actuarial (gain) loss | -73,472 | 26,425 | 30,497 | ||||||||||||||||||||||||
Amortization of actuarial gain (loss) | -8,911 | (7,301 | ) | (4,504 | ) | ||||||||||||||||||||||
Total recognized in other comprehensive income | $ | -82,557 | $ | 18,948 | $ | 25,818 | |||||||||||||||||||||
Total recognized in net periodic benefit cost and comprehensive income | $ | -27,124 | $ | 82,245 | $ | 75,670 | |||||||||||||||||||||
Components of net periodic other postretirement benefit cost | |||||||||||||||||||||||||||
Service cost | $ | 15,282 | $ | 14,207 | $ | 13,938 | |||||||||||||||||||||
Interest cost | 28,700 | 31,570 | 31,219 | ||||||||||||||||||||||||
Expected return on plan assets | -30,285 | (28,711 | ) | (28,779 | ) | ||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||
Prior service cost (credit) | -2,189 | (1,915 | ) | (1,924 | ) | ||||||||||||||||||||||
Actuarial (gain) loss | 11,128 | 9,537 | 7,133 | ||||||||||||||||||||||||
Other | — | (696 | ) | — | |||||||||||||||||||||||
Net periodic other postretirement benefit cost | $ | 22,636 | $ | 23,992 | $ | 21,587 | |||||||||||||||||||||
Schedule of Estimated Amounts Amortized Accumulated other Comprehensive Income | ' | ||||||||||||||||||||||||||
The estimated amounts that will be amortized from accumulated other comprehensive income and regulatory assets into net periodic benefit cost in 2014 are as follows: | |||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||
Benefits | Benefits | ||||||||||||||||||||||||||
Actuarial (gain) loss | $ | (131 | ) | $ | (81 | ) | |||||||||||||||||||||
Prior service cost (credit) | 724 | (2,189 | ) | ||||||||||||||||||||||||
Total | $ | 593 | $ | (2,270 | ) | ||||||||||||||||||||||
Pension Plan Asset | ' | ||||||||||||||||||||||||||
Schedule of Changes in Fair Value of Plan Assets | ' | ||||||||||||||||||||||||||
The fair values and asset allocations of pension plan assets at December 31, 2013, by asset category, follow: | |||||||||||||||||||||||||||
Asset Category | Target | Total | Quoted Prices | Significant | Significant | Percentage of Plan | |||||||||||||||||||||
Allocation | in Active | Observable | Unobservable | Assets at | |||||||||||||||||||||||
2014 | Markets for | Inputs | Inputs | December 31, 2013 | |||||||||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||
Cash | — | $ | 12,844 | $ | 12,844 | $ | — | $ | — | — | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
U.S. large cap | 24 | % | 455,068 | 455,068 | — | — | 33 | % | |||||||||||||||||||
U.S. small cap value | 8 | % | 139,571 | 139,571 | — | — | 10 | % | |||||||||||||||||||
International | 20 | % | 295,226 | 615 | 294,611 | — | 21 | % | |||||||||||||||||||
Fixed income securities: | 40 | % | 35 | % | |||||||||||||||||||||||
U.S. Treasury and government bonds | — | 81,200 | 76,222 | 4,978 | — | — | |||||||||||||||||||||
Corporate bonds | — | 209,500 | — | 209,500 | — | — | |||||||||||||||||||||
Mortgage-backed securities | — | 116,956 | — | 116,956 | — | — | |||||||||||||||||||||
Long duration bond fund | — | 5,177 | 5,177 | — | — | — | |||||||||||||||||||||
Guaranteed annuity contracts | — | 52,772 | — | 8,947 | 43,825 | — | |||||||||||||||||||||
Real estate | 6 | % | — | — | — | — | — | ||||||||||||||||||||
REITs | 2 | % | 15,307 | — | 15,307 | — | 1 | % | |||||||||||||||||||
Total | 100 | % | $ | 1,383,621 | $ | 689,497 | $ | 650,299 | $ | 43,825 | 100 | % | |||||||||||||||
The fair values and asset allocations of pension plan assets at December 31, 2012, by asset category, follow: | |||||||||||||||||||||||||||
Asset Category | Target | Total | Quoted Prices | Significant | Significant | Percentage of Plan | |||||||||||||||||||||
Allocation | in Active | Observable | Unobservable | Assets at | |||||||||||||||||||||||
2013 | Markets for | Inputs | Inputs | December 31, 2012 | |||||||||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||
Cash | — | $ | 9,107 | $ | 9,107 | $ | — | $ | — | — | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
U.S. large cap | 29 | % | 411,805 | 411,805 | — | — | 36 | % | |||||||||||||||||||
U.S. small cap value | 8 | % | 139,389 | 139,389 | — | — | 12 | % | |||||||||||||||||||
International | 20 | % | 255,126 | — | 128,953 | 126,173 | 22 | % | |||||||||||||||||||
Fixed income securities: | 35 | % | 30 | % | |||||||||||||||||||||||
U.S. Treasury and government bonds | — | 62,311 | 60,558 | 1,753 | — | — | |||||||||||||||||||||
Corporate bonds | — | 73,254 | — | 73,254 | — | — | |||||||||||||||||||||
Mortgage-backed securities | — | 144,100 | — | 144,100 | — | — | |||||||||||||||||||||
Long duration bond fund | — | 5,690 | 5,690 | — | — | — | |||||||||||||||||||||
Guaranteed annuity contracts | — | 56,915 | — | 9,463 | 47,452 | — | |||||||||||||||||||||
REITs | 8 | % | — | — | — | — | — | ||||||||||||||||||||
Total | 100 | % | $ | 1,157,697 | $ | 626,549 | $ | 357,523 | $ | 173,625 | 100 | % | |||||||||||||||
Postretirement Benefit Plan Assets | ' | ||||||||||||||||||||||||||
Schedule of Changes in Fair Value of Plan Assets | ' | ||||||||||||||||||||||||||
The fair values and asset allocations of postretirement benefit plan assets at December 31, 2013, by asset category, follow: | |||||||||||||||||||||||||||
Asset Category | Target | Total | Quoted Prices | Significant | Significant | Percentage of Plan | |||||||||||||||||||||
Allocation | in Active | Observable | Unobservable | Assets at | |||||||||||||||||||||||
2014 | Markets for | Inputs | Inputs | December 31, 2013 | |||||||||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||
Bargain VEBA: | |||||||||||||||||||||||||||
Cash | — | $ | 689 | $ | 689 | $ | — | — | — | ||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
U.S. large cap | 18 | % | 72,108 | 72,108 | — | — | 19 | % | |||||||||||||||||||
U.S. small cap value | 7 | % | 26,574 | 26,574 | — | — | 7 | % | |||||||||||||||||||
International | 15 | % | 55,888 | 55,888 | — | — | 15 | % | |||||||||||||||||||
Fixed income securities: | 60 | % | 59 | % | |||||||||||||||||||||||
U.S. Treasury securities and government bonds | — | 95,010 | 91,578 | 3,432 | — | — | |||||||||||||||||||||
Corporate bonds | — | 117,843 | — | 117,843 | — | — | |||||||||||||||||||||
Long duration bond fund | — | 2,043 | 2,043 | — | — | — | |||||||||||||||||||||
U.S. high yield bond fund | — | — | — | — | — | — | |||||||||||||||||||||
International bond fund | — | — | — | — | — | — | |||||||||||||||||||||
Future and option contracts (a) | — | 620 | 620 | — | — | — | |||||||||||||||||||||
Total bargain VEBA | 100 | % | $ | 370,775 | $ | 249,500 | $ | 121,275 | — | 100 | % | ||||||||||||||||
Non-bargain VEBA: | |||||||||||||||||||||||||||
Cash | — | $ | 3,451 | 3,451 | $ | — | — | — | |||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
U.S. large cap | 21 | % | 41,430 | 41,430 | — | — | 43 | % | |||||||||||||||||||
U.S. small cap value | 21 | % | — | — | — | — | 0 | % | |||||||||||||||||||
International | 28 | % | 27,739 | 27,739 | — | — | 29 | % | |||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||
Core fixed income bond fund | 30 | % | 23,563 | 23,563 | — | — | 28 | % | |||||||||||||||||||
Total non-bargain VEBA | 100 | % | $ | 96,183 | $ | 96,183 | $ | — | — | 100 | % | ||||||||||||||||
Life VEBA: | |||||||||||||||||||||||||||
Cash | — | $ | 27 | $ | 27 | $ | — | — | — | ||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
U.S. large cap | 70 | % | 5,527 | 5,527 | — | — | 71 | % | |||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||
Core fixed income bond fund | 30 | % | 2,206 | 2,206 | — | — | 29 | % | |||||||||||||||||||
Total life VEBA | 100 | % | $ | 7,760 | $ | 7,760 | $ | — | — | 100 | % | ||||||||||||||||
Total | 100 | % | $ | 474,718 | $ | 353,443 | $ | 121,275 | — | 100 | % | ||||||||||||||||
(a) | Includes cash for margin requirements. | ||||||||||||||||||||||||||
The fair values and asset allocations of postretirement benefit plan assets at December 31, 2012, by asset category, follow: | |||||||||||||||||||||||||||
Asset Category | Target | Total | Quoted Prices | Significant | Significant | Percentage of Plan | |||||||||||||||||||||
Allocation | in Active | Observable | Unobservable | Assets at | |||||||||||||||||||||||
2013 | Markets for | Inputs | Inputs | December 31, 2012 | |||||||||||||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||
Bargain Veba: | |||||||||||||||||||||||||||
Cash | — | $ | 1,140 | $ | 1,140 | $ | — | — | — | ||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
U.S. large cap | 16 | % | 59,054 | 59,054 | — | — | 16 | % | |||||||||||||||||||
U.S. small cap value | 8 | % | 26,965 | 26,965 | — | — | 8 | % | |||||||||||||||||||
International | 21 | % | 77,837 | 38,647 | 39,190 | — | 21 | % | |||||||||||||||||||
Emerging markets | 7 | % | 25,505 | — | 25,505 | — | 7 | % | |||||||||||||||||||
Fixed income securities: | 45 | % | 45 | % | |||||||||||||||||||||||
U.S. Treasury securities and government bonds | — | 58,959 | 42,332 | 16,627 | — | — | |||||||||||||||||||||
Corporate bonds | — | 72,834 | — | 72,834 | — | — | |||||||||||||||||||||
Long duration bond fund | — | 1,273 | 1,273 | — | — | — | |||||||||||||||||||||
US high yield bond fund | — | 16,397 | — | 16,397 | — | — | |||||||||||||||||||||
International bond fund | — | 13,950 | — | 13,950 | — | — | |||||||||||||||||||||
Future and option contracts (a) | — | 1,410 | 1,410 | — | — | — | |||||||||||||||||||||
REITs | 3 | % | 11,402 | — | 11,402 | — | 3 | % | |||||||||||||||||||
Total bargain VEBA | 100 | % | $ | 366,726 | $ | 170,821 | $ | 195,905 | — | 100 | % | ||||||||||||||||
Non-bargain VEBA: | |||||||||||||||||||||||||||
Cash | — | $ | 855 | $ | 855 | $ | — | — | 1 | % | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
U.S. large cap | 100 | % | 58,436 | 58,436 | — | — | 99 | % | |||||||||||||||||||
Total non-bargain VEBA | 100 | % | $ | 59,291 | $ | 59,291 | $ | — | — | 100 | % | ||||||||||||||||
Life VEBA: | |||||||||||||||||||||||||||
Cash | — | $ | 410 | $ | 410 | $ | — | — | 6 | % | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||
U.S. large cap | 100 | % | 6,813 | 6,813 | — | — | 94 | % | |||||||||||||||||||
Total Life VEBA | 100 | % | $ | 7,243 | $ | 7,243 | $ | — | — | 100 | % | ||||||||||||||||
Total | 100 | % | $ | 433,260 | $ | 237,355 | $ | 195,905 | — | 100 | % | ||||||||||||||||
(a) | Includes cash for margin requirements. |
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Reconciliation of Income (Loss) from Continuing Operations, Income (Loss) from Discontinued Operations and Net Income (Loss) and Weighted Average Common Shares Outstanding for Calculating Basic Net Earnings (Loss) Per Share | ' | ||||||||||||
The following is a reconciliation of the Company’s income from continuing operations, income (loss) from discontinued operations and net income and weighted-average common shares outstanding for calculating basic earnings per share: | |||||||||||||
Years Ended December 31, | |||||||||||||
Basic | 2013 | 2012 | 2011 | ||||||||||
Income from continuing operations | $ | 369,264 | $ | 374,250 | $ | 304,929 | |||||||
Income (loss) from discontinued operations, net of tax | 0 | (16,180 | ) | 4,684 | |||||||||
Net income | 369,264 | 358,070 | 309,613 | ||||||||||
Less: Distributed earnings to common shareholders | 150,038 | 214,541 | 158,708 | ||||||||||
Less: Distributed earnings to participating securities | 60 | 86 | 68 | ||||||||||
Undistributed earnings | 219,166 | 143,443 | 150,837 | ||||||||||
Undistributed earnings allocated to common shareholders | 219,082 | 143,385 | 150,772 | ||||||||||
Undistributed earnings allocated to participating securities | 84 | 58 | 65 | ||||||||||
Total income from continuing operations available to common shareholders, basic | $ | 369,120 | $ | 374,106 | $ | 304,796 | |||||||
Total income available to common shareholders, basic | $ | 369,120 | $ | 357,926 | $ | 309,480 | |||||||
Weighted-average common shares outstanding, basic | 177,814 | 176,445 | 175,484 | ||||||||||
Basic earnings per share: (a) | |||||||||||||
Income from continuing operations | $ | 2.08 | $ | 2.12 | $ | 1.74 | |||||||
Income (loss) from discontinued operations, net of tax | $ | 0 | $ | (0.09 | ) | $ | 0.03 | ||||||
Net income | $ | 2.08 | $ | 2.03 | $ | 1.76 | |||||||
Reconciliation of Income (Loss) from Continuing Operations, Income (Loss) from Discontinued Operations and Net Income (Loss) and Weighted Average Common Shares Outstanding for Calculating Diluted Earnings (Loss) Per Share | ' | ||||||||||||
The following is a reconciliation of the Company’s income from continuing operations, income (loss) from discontinued operations and net income and weighted-average common shares outstanding for calculating diluted earnings per share: | |||||||||||||
Years Ended December 31, | |||||||||||||
Diluted | 2013 | 2012 | 2011 | ||||||||||
Total income from continuing operations available to common shareholders, basic | $ | 369,120 | $ | 374,106 | $ | 304,796 | |||||||
Income (loss) from discontinued operations, net of tax | 0 | (16,180 | ) | 4,684 | |||||||||
Total income available to common shareholders, basic | 369,120 | 357,926 | 309,480 | ||||||||||
Undistributed earnings for participating securities | 84 | 58 | 65 | ||||||||||
Total income from continuing operations available to common shareholders, diluted | $ | 369,204 | $ | 374,164 | $ | 304,861 | |||||||
Total income available to common shareholders, diluted | $ | 369,204 | $ | 357,984 | $ | 309,545 | |||||||
Weighted-average common shares outstanding, basic | 177,814 | 176,445 | 175,484 | ||||||||||
Common stock equivalents: | |||||||||||||
Restricted stock units | 510 | 618 | 556 | ||||||||||
Stock options | 730 | 607 | 490 | ||||||||||
Employee stock purchase plan | 2 | 1 | 1 | ||||||||||
Weighted-average common shares outstanding, diluted | 179,056 | 177,671 | 176,531 | ||||||||||
Diluted earnings per share (a) | |||||||||||||
Income from continuing operations | $ | 2.06 | $ | 2.11 | $ | 1.73 | |||||||
Income (loss) from discontinued operations, net of tax | $ | 0 | $ | (0.09 | ) | $ | 0.03 | ||||||
Net income | $ | 2.06 | $ | 2.01 | $ | 1.75 | |||||||
Potentially Dilutive Common Stock Equivalents were not Included in Earnings (Loss) Per Share Calculations Because they were Anti-Dilutive | ' | ||||||||||||
The following potentially dilutive common stock equivalents were not included in the earnings per share calculations for the years ended December 31 because they were anti-dilutive: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Stock options | 327 | 619 | 711 | ||||||||||
Restricted stock units where certain performance conditions were not met | 20 | 19 | 22 | ||||||||||
Fair_Values_of_Financial_Instr1
Fair Values of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Carrying Amounts and Fair Values of Financial Instruments | ' | |||||||||||||||||||
Preferred stock with mandatory redemption requirements and long-term debt—The fair values of preferred stock with mandatory redemption requirements and long-term debt are categorized within the fair value hierarchy based on the inputs that are used to value each instrument. The fair value of long-term debt classified as Level 1 is calculated using quoted prices in active markets. Level 2 instruments are valued using observable inputs and Level 3 instruments are valued using observable and unobservable inputs. The fair values of instruments classified as Level 2 and 3 are determined by a valuation model that is based on a conventional discounted cash flow methodology and utilizes assumptions of current market rates. As a majority of the Company’s debts do not trade in active markets, the Company calculated a base yield curve using a risk-free rate (a U.S. Treasury securities yield curve) plus a credit spread that is based on the following two factors: an average of the Company’s own publicly-traded debt securities and the current market rates for U.S. Utility A- (BBB+ at December 31, 2012) debt securities. The Company used these yield curve assumptions to derive a base yield for the Level 2 and Level 3 securities. Additionally, the Company adjusted the base yield for specific features of the debt securities including call features, coupon tax treatment and collateral for the Level 3 instruments. | ||||||||||||||||||||
The carrying amounts (including fair value adjustments previously recognized in acquisition purchase accounting) and fair values of the financial instruments are as follows: | ||||||||||||||||||||
2013 | Carrying | At Fair Value as of December 31, | ||||||||||||||||||
Recurring Fair Value Measures | Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Preferred stock with mandatory redemption requirements | $ | 18,827 | $ | 0 | $ | 0 | $ | 22,795 | $ | 22,795 | ||||||||||
Long-term debt (excluding capital lease obligations) | 5,224,492 | 2,263,355 | 1,462,404 | 2,057,506 | 5,783,265 | |||||||||||||||
2012 | Carrying | At Fair Value as of December 31, | ||||||||||||||||||
Recurring Fair Value Measures | Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Preferred stock with mandatory redemption requirements | $ | 20,511 | $ | 0 | $ | 0 | $ | 27,263 | $ | 27,263 | ||||||||||
Long-term debt (excluding capital lease obligations) | 5,303,729 | 2,400,847 | 1,677,776 | 2,252,272 | 6,330,895 | |||||||||||||||
Recurring Fair Value Measurements of Assets and Liabilities | ' | |||||||||||||||||||
The following table presents assets and liabilities measured and recorded at fair value on a recurring basis and their level within the fair value hierarchy as of December 31, 2013 and 2012, respectively: | ||||||||||||||||||||
At Fair Value as of December 31, 2013 | ||||||||||||||||||||
Recurring Fair Value Measures | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Assets: | ||||||||||||||||||||
Restricted funds | $ | 29,259 | $ | 0 | 0 | $ | 29,259 | |||||||||||||
Rabbi trust investments | 0 | 444 | 0 | 444 | ||||||||||||||||
Deposits | 1,901 | 0 | 0 | 1,901 | ||||||||||||||||
Mark-to-market derivative asset | 0 | 4,776 | 0 | 4,776 | ||||||||||||||||
Total assets | 31,160 | 5,220 | 0 | 36,380 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Deferred compensation obligation | 0 | 11,928 | 0 | 11,928 | ||||||||||||||||
Mark-to-market derivative liability | 0 | 1,276 | 0 | 1,276 | ||||||||||||||||
Total liabilities | 0 | 13,204 | 0 | 13,204 | ||||||||||||||||
Total net assets (liabilities) | $ | 31,160 | $ | (7,984 | ) | 0 | $ | 23,176 | ||||||||||||
At Fair Value as of December 31, 2012 | ||||||||||||||||||||
Recurring Fair Value Measures | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Assets: | ||||||||||||||||||||
Restricted funds | $ | 40,547 | $ | 0 | 0 | $ | 40,547 | |||||||||||||
Rabbi trust investments | 0 | 481 | 0 | 481 | ||||||||||||||||
Deposits | 2,103 | 0 | 0 | 2,103 | ||||||||||||||||
Mark-to-market derivative asset | 0 | 7,909 | 0 | 7,909 | ||||||||||||||||
Total assets | 42,650 | 8,390 | 0 | 51,040 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Deferred compensation obligation | 0 | 10,237 | 0 | $ | 10,237 | |||||||||||||||
Total liabilities | 0 | 10,237 | 0 | 10,237 | ||||||||||||||||
Total net assets (liabilities) | $ | 42,650 | $ | (1,847 | ) | 0 | $ | 40,803 | ||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Summarized Segment Information | ' | |||||||||||||||
The accounting policies of the segments are the same as those described in the summary of significant accounting policies. (See Note 2) The Regulated Businesses and Market-Based Operations segment information includes intercompany costs that are allocated by American Water Works Service Company, Inc. and intercompany interest that is charged by AWCC, which are eliminated to reconcile to the consolidated results of operations. Inter-segment revenues, which are primarily recorded at cost plus mark-up that approximates current market prices, include carbon regeneration services and leased office space, furniture and equipment provided by the Company’s market-based subsidiaries to its regulated subsidiaries. Other includes corporate costs that are not allocated to the Company’s subsidiaries, eliminations of inter-segment transactions, fair value adjustments and associated income and deductions related to the Acquisitions that have not been allocated to the segments for evaluation of segment performance and allocation of resource purposes. The adjustments related to the Acquisitions are reported in Other, as they are excluded from segment performance measures evaluated by management. The following table includes the Company’s summarized segment information: | ||||||||||||||||
As of or for the Year Ended | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
Regulated | Market-Based | |||||||||||||||
Businesses | Operations | Other | Consolidated | |||||||||||||
Net operating revenues | $ | 2,593,918 | $ | 325,463 | $ | (17,523 | ) | $ | 2,901,858 | |||||||
Depreciation and amortization | 375,939 | 7,013 | 24,766 | 407,718 | ||||||||||||
Total operating expenses, net | 1,700,052 | 277,691 | (21,734 | ) | 1,956,009 | |||||||||||
Income from continuing operations before income taxes | 654,834 | 50,637 | (100,001 | ) | 605,470 | |||||||||||
Total assets | 13,429,087 | 286,048 | 1,354,398 | 15,069,533 | ||||||||||||
Capital expenditures | 973,301 | 6,951 | 0 | 980,252 | ||||||||||||
As of or for the Year Ended | ||||||||||||||||
31-Dec-12 | ||||||||||||||||
Regulated | Market-Based | |||||||||||||||
Businesses | Operations | Other | Consolidated | |||||||||||||
Net operating revenues | $ | 2,564,434 | $ | 330,329 | $ | (17,874 | ) | $ | 2,876,889 | |||||||
Depreciation and amortization | 349,629 | 6,661 | 25,213 | 381,503 | ||||||||||||
Total operating expenses, net | 1,685,734 | 288,099 | (21,917 | ) | 1,951,916 | |||||||||||
Income from continuing operations before income taxes | 649,117 | 45,817 | (63,676 | ) | 631,258 | |||||||||||
Total assets | 12,680,856 | 260,255 | 1,777,865 | 14,718,976 | ||||||||||||
Capital expenditures | 921,500 | 7,074 | 0 | 928,574 | ||||||||||||
Capital expenditures of discontinued operations | ||||||||||||||||
(included in above) | 2,884 | 0 | 0 | 2,884 | ||||||||||||
As of or for the Year Ended | ||||||||||||||||
31-Dec-11 | ||||||||||||||||
Regulated | Market-Based | |||||||||||||||
Businesses | Operations | Other | Consolidated | |||||||||||||
Net operating revenues | $ | 2,368,891 | $ | 327,815 | $ | (30,470 | ) | $ | 2,666,236 | |||||||
Depreciation and amortization | 321,540 | 6,822 | 23,459 | 351,821 | ||||||||||||
Total operating expenses, net | 1,609,276 | 290,768 | (36,944 | ) | 1,863,100 | |||||||||||
Income from continuing operations before income taxes | 535,445 | 39,324 | (71,089 | ) | 503,680 | |||||||||||
Total assets | 12,843,820 | 256,110 | 1,676,461 | 14,776,391 | ||||||||||||
Assets of discontinued operations (included in total | ||||||||||||||||
assets above) | 904,391 | 0 | 25,467 | 929,858 | ||||||||||||
Capital expenditures | 920,210 | 4,648 | 0 | 924,858 | ||||||||||||
Capital expenditures of discontinued operations | ||||||||||||||||
(included in above) | 21,052 | 86 | 0 | 21,138 | ||||||||||||
Unaudited_Quarterly_Data_Table
Unaudited Quarterly Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Schedule Of Unaudited Quarterly Data | ' | ||||||||||||||||
The following table sets forth certain supplemental unaudited consolidated quarterly financial data for each of the four quarters in the years ended December 31, 2013 and 2012, respectively. The operating results for any quarter are not indicative of results that may be expected for a full year or any future periods: | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
2013 | Quarter | Quarter | Quarter | Quarter | |||||||||||||
(In thousands, except per-share data) | |||||||||||||||||
Operating revenues | $ | 636,137 | $ | 724,265 | $ | 829,196 | $ | 712,260 | |||||||||
Operating income | 164,233 | 241,887 | 323,875 | 215,854 | |||||||||||||
Income from continuing operations | 57,643 | 101,263 | 150,665 | 59,693 | |||||||||||||
Net income | 57,643 | 101,263 | 150,665 | 59,693 | |||||||||||||
Basic earnings per common share: | |||||||||||||||||
Income from continuing operations | $ | 0.32 | $ | 0.57 | $ | 0.85 | $ | 0.33 | |||||||||
Net income | $ | 0.32 | $ | 0.57 | $ | 0.85 | $ | 0.33 | |||||||||
Diluted earnings per common share: | |||||||||||||||||
Income from continuing operations | $ | 0.32 | $ | 0.57 | $ | 0.84 | $ | 0.33 | |||||||||
Net income | $ | 0.32 | $ | 0.57 | $ | 0.84 | $ | 0.33 | |||||||||
First | Second | Third | Fourth | ||||||||||||||
2012 | Quarter | Quarter | Quarter | Quarter | |||||||||||||
(In thousands, except per-share data) | |||||||||||||||||
Operating revenues | $ | 618,554 | $ | 745,607 | $ | 831,815 | $ | 680,913 | |||||||||
Operating income | 159,738 | 270,632 | 327,640 | 166,963 | |||||||||||||
Income from continuing operations | 49,252 | 116,663 | 154,111 | 54,224 | |||||||||||||
Net income | 41,754 | 107,026 | 153,812 | 55,478 | |||||||||||||
Basic earnings per common share: | |||||||||||||||||
Income from continuing operations | $ | 0.28 | $ | 0.66 | $ | 0.87 | $ | 0.31 | |||||||||
Net income | $ | 0.24 | $ | 0.61 | $ | 0.87 | $ | 0.31 | |||||||||
Diluted earnings per common share: | |||||||||||||||||
Income from continuing operations | $ | 0.28 | $ | 0.66 | $ | 0.87 | $ | 0.3 | |||||||||
Net income | $ | 0.24 | $ | 0.6 | $ | 0.86 | $ | 0.31 | |||||||||
Significant_Accounting_Policie2
Significant Accounting Policies - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment | |||
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' |
Voting interest | 50.00% | ' | ' |
Nonutility property estimated useful life, minimum (years) | '3 years | ' | ' |
Nonutility property estimated useful life, maximum (years) | '50 years | ' | ' |
Number of business reporting units for market based services | 4 | ' | ' |
Estimated refunds | $17,308 | $19,698 | ' |
Amortization of contributions in aid of construction | 22,363 | 20,979 | 18,327 |
Remediation costs accrued | 3,300 | 4,400 | ' |
Accrual for environmental loss contingencies payments | 1,100 | ' | ' |
Regulatory assets | 8,027 | 8,656 | ' |
Software | ' | ' | ' |
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' |
Acquisition cost, carrying value | $303,798 | $155,221 | ' |
United States Government | ' | ' | ' |
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' |
Agreements range, high | '50 years | ' | ' |
Industries And Municipalities | ' | ' | ' |
Schedule Of Equity Method Investments [Line Items] | ' | ' | ' |
Agreements range, high | '40 years | ' | ' |
Agreements range, low | '2 years | ' | ' |
Acquisitions_and_Divestitures_1
Acquisitions and Divestitures - Additional Information (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Nov. 30, 2013 | Dec. 31, 2012 | Jan. 31, 2012 | 31-May-12 | Dec. 31, 2011 | Dec. 31, 2012 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 14, 2013 | 1-May-12 | Dec. 31, 2012 |
Arizona And New Mexico Subsidiaries | Ohio Subsidiary | Applied Water Management Subsidiary | Applied Water Management Subsidiary | Texas Subsidiary | Texas Subsidiary | Regulated Water And Wastewater Systems | Regulated Water And Wastewater Systems | Regulated Water And Wastewater Systems | Dale Service Corporation | Aqua New York, Inc. | Other Nine Acquisitions | |||||
Investment | Investment | Investment | Customer | |||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, number of companies acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15 | 10 | 9 | ' | ' | ' |
Purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $23,658 | $44,560 | $7,220 | $5,090 | $36,688 | ' |
Purchase price allocation, plant | 12,814 | 67,403 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,999 | 59,139 | ' |
Purchase price allocation, liabilities | 4,945 | 43,745 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,909 | 66,039 | 4,642 |
Purchase price allocation, contributions in aid of construction | 3,847 | 25,654 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,163 | 1,060 | ' |
Purchase price allocation, debt | ' | 12,673 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,570 | 25,215 | ' |
Purchase price allocation, cash acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,910 | ' | ' |
Business acquisition, number of customers acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' |
Purchase price allocation, assets acquired | 12,919 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102,727 | 12,514 |
Purchase price allocation, regulatory assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,400 | ' |
Purchase price allocation, goodwill | 1,195,069 | 1,207,764 | 1,207,741 | 1,207,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,181 | ' |
Purchase price allocation, liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,885 | ' |
Purchase price allocation, deferred taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,424 | ' |
Purchase price allocation, other liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,708 | ' |
Purchase price allocation, pension and postretirement welfare liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,710 | ' |
Gain on acquisition | 754 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of stock | ' | ' | ' | ' | 458,860 | 102,154 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on sale of assets included in discontinued operation | ' | ' | ' | ' | 2,198 | 4,095 | 3,126 | 114 | ' | ' | ' | ' | ' | ' | ' | ' |
Sale price of assets | ' | ' | ' | ' | ' | ' | 2,923 | ' | 6,245 | ' | ' | ' | ' | ' | ' | ' |
Impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | $552 | ' | ' | ' | ' | ' | ' |
Summary_of_Discontinued_Operat
Summary of Discontinued Operations Presented in Consolidated Statements of Operations and Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Acquisitions And Discontinued Operations [Line Items] | ' | ' | ' |
Operating revenues | $0 | $19,377 | $173,447 |
Total operating expenses, net | 0 | 27,630 | 147,012 |
Operating income (loss) | 0 | -8,253 | 26,435 |
Other income (expense), net | 0 | -168 | -270 |
Income (loss) from discontinued operations before tax | 0 | -8,421 | 26,165 |
Provision for income taxes | 0 | 7,759 | 21,481 |
Income (loss) from discontinued operations, net of tax | $0 | ($16,180) | $4,684 |
Components_of_Utility_Plant_by
Components of Utility Plant by Category (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Public Utility Property Plant And Equipment [Line Items] | ' | ' |
Construction work in progress | $275,202 | $349,496 |
Utility plant, gross | 16,138,685 | 15,242,165 |
Less accumulated depreciation | 3,894,326 | 3,657,221 |
Utility plant, net | 12,244,359 | 11,584,944 |
Water Plant | Land and Other Non-Depreciable Assets | ' | ' |
Public Utility Property Plant And Equipment [Line Items] | ' | ' |
Utility plant excluding Construction work in progress | 132,295 | 129,953 |
Water Plant | Sources of Supply | ' | ' |
Public Utility Property Plant And Equipment [Line Items] | ' | ' |
Utility plant excluding Construction work in progress | 659,249 | 623,015 |
Water Plant | Sources of Supply | Minimum | ' | ' |
Public Utility Property Plant And Equipment [Line Items] | ' | ' |
Range of Remaining Useful Lives | '11 years | ' |
Water Plant | Sources of Supply | Maximum | ' | ' |
Public Utility Property Plant And Equipment [Line Items] | ' | ' |
Range of Remaining Useful Lives | '127 years | ' |
Water Plant | Treatment and Pumping Facilities | ' | ' |
Public Utility Property Plant And Equipment [Line Items] | ' | ' |
Utility plant excluding Construction work in progress | 3,006,140 | 2,944,178 |
Water Plant | Treatment and Pumping Facilities | Minimum | ' | ' |
Public Utility Property Plant And Equipment [Line Items] | ' | ' |
Range of Remaining Useful Lives | '3 years | ' |
Water Plant | Treatment and Pumping Facilities | Maximum | ' | ' |
Public Utility Property Plant And Equipment [Line Items] | ' | ' |
Range of Remaining Useful Lives | '101 years | ' |
Water Plant | Transmission and Distribution Facilities | ' | ' |
Public Utility Property Plant And Equipment [Line Items] | ' | ' |
Utility plant excluding Construction work in progress | 7,489,208 | 7,033,958 |
Water Plant | Transmission and Distribution Facilities | Minimum | ' | ' |
Public Utility Property Plant And Equipment [Line Items] | ' | ' |
Range of Remaining Useful Lives | '9 years | ' |
Water Plant | Transmission and Distribution Facilities | Maximum | ' | ' |
Public Utility Property Plant And Equipment [Line Items] | ' | ' |
Range of Remaining Useful Lives | '116 years | ' |
Water Plant | Services, Meters and Fire Hydrants | ' | ' |
Public Utility Property Plant And Equipment [Line Items] | ' | ' |
Utility plant excluding Construction work in progress | 2,898,293 | 2,729,679 |
Water Plant | Services, Meters and Fire Hydrants | Minimum | ' | ' |
Public Utility Property Plant And Equipment [Line Items] | ' | ' |
Range of Remaining Useful Lives | '9 years | ' |
Water Plant | Services, Meters and Fire Hydrants | Maximum | ' | ' |
Public Utility Property Plant And Equipment [Line Items] | ' | ' |
Range of Remaining Useful Lives | '93 years | ' |
Water Plant | General Structures and Equipment | ' | ' |
Public Utility Property Plant And Equipment [Line Items] | ' | ' |
Utility plant excluding Construction work in progress | 995,186 | 865,992 |
Water Plant | General Structures and Equipment | Minimum | ' | ' |
Public Utility Property Plant And Equipment [Line Items] | ' | ' |
Range of Remaining Useful Lives | '3 years | ' |
Water Plant | General Structures and Equipment | Maximum | ' | ' |
Public Utility Property Plant And Equipment [Line Items] | ' | ' |
Range of Remaining Useful Lives | '112 years | ' |
Wastewater Plant | ' | ' |
Public Utility Property Plant And Equipment [Line Items] | ' | ' |
Utility plant excluding Construction work in progress | $683,112 | $565,894 |
Wastewater Plant | Minimum | ' | ' |
Public Utility Property Plant And Equipment [Line Items] | ' | ' |
Range of Remaining Useful Lives | '2 years | ' |
Wastewater Plant | Maximum | ' | ' |
Public Utility Property Plant And Equipment [Line Items] | ' | ' |
Range of Remaining Useful Lives | '115 years | ' |
Utility_Plant_Additional_Infor
Utility Plant - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property Plant And Equipment [Line Items] | ' | ' | ' |
Depreciation expense | $337,653 | $314,639 | $268,987 |
Provision for depreciation, percentage of aggregate average depreciable asset | 2.94% | 2.94% | 2.68% |
Schedule_of_Allowances_for_Unc
Schedule of Allowances for Uncollectible Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Valuation And Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at January 1 | ($26,874) | ($18,905) | ($21,128) |
Amounts charged to expense | -26,953 | -26,701 | -19,952 |
Amounts written off | 23,914 | 22,607 | 24,741 |
Recoveries of amounts written off | -4,040 | -3,875 | -2,566 |
Balance at December 31 | ($33,953) | ($26,874) | ($18,905) |
Components_of_Regulatory_Asset
Components of Regulatory Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Regulatory Asset [Line Items] | ' | ' |
Regulatory assets | $858,465 | $1,199,114 |
Income Taxes Recoverable through Rates | ' | ' |
Regulatory Asset [Line Items] | ' | ' |
Regulatory assets | 242,902 | 242,653 |
Debt and Preferred Stock Expense | ' | ' |
Regulatory Asset [Line Items] | ' | ' |
Regulatory assets | 72,349 | 73,474 |
Deferred Pension Expense | ' | ' |
Regulatory Asset [Line Items] | ' | ' |
Regulatory assets | 109,799 | 326,578 |
Deferred Other Postretirement Benefit Expense | ' | ' |
Regulatory Asset [Line Items] | ' | ' |
Regulatory assets | 3,653 | 167,414 |
Deferred Security Costs | ' | ' |
Regulatory Asset [Line Items] | ' | ' |
Regulatory assets | 139 | 2,240 |
Deferred Business Services Project Expense | ' | ' |
Regulatory Asset [Line Items] | ' | ' |
Regulatory assets | 7,763 | 8,226 |
Deferred Tank Painting Costs | ' | ' |
Regulatory Asset [Line Items] | ' | ' |
Regulatory assets | 33,519 | 31,526 |
Deferred Rate Case Expense | ' | ' |
Regulatory Asset [Line Items] | ' | ' |
Regulatory assets | 9,407 | 11,614 |
Purchase Premium Recoverable through Rates | ' | ' |
Regulatory Asset [Line Items] | ' | ' |
Regulatory assets | 60,787 | 60,241 |
Environmental Remediation Recoverable through Rates | ' | ' |
Regulatory Asset [Line Items] | ' | ' |
Regulatory assets | 8,027 | 8,656 |
Coastal Water Project Costs | ' | ' |
Regulatory Asset [Line Items] | ' | ' |
Regulatory assets | 16,826 | 21,175 |
San Clemente Dam Project Costs | ' | ' |
Regulatory Asset [Line Items] | ' | ' |
Regulatory assets | 44,404 | 31,403 |
Removal Costs Recoverable through Rates | ' | ' |
Regulatory Asset [Line Items] | ' | ' |
Regulatory assets | 126,771 | 98,541 |
Other | ' | ' |
Regulatory Asset [Line Items] | ' | ' |
Regulatory assets | $122,119 | $115,373 |
Regulatory_Assets_and_Liabilit2
Regulatory Assets and Liabilities - Additional Information (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2008 |
Debt and Preferred Stock Expense | Deferred Pension Expense | Deferred Pension Expense | Deferred Other Postretirement Benefit Expense | Deferred Other Postretirement Benefit Expense | Deferred Security Costs | Deferred Security Costs | Deferred Tank Painting Costs | Deferred Tank Painting Costs | Deferred Rate Case Expense | Coastal Water Project Costs | Coastal Water Project Costs | Coastal Water Project Costs | San Clemente Dam Project Costs | San Clemente Dam Project Costs | San Clemente Dam Project Costs | San Clemente Dam Project Costs | Removal Costs Recovered through Rates | |
Minimum | Maximum | Minimum | Maximum | Maximum | Maximum | |||||||||||||
Dam Safety Measure | ||||||||||||||||||
Regulatory Asset [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Regulatory assets amortization period | '30 years | ' | ' | ' | ' | '5 years | '10 years | '5 years | '15 years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' |
Regulatory assets underfunded status | ' | $90,380 | $294,136 | $3,113 | $166,379 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred regulatory assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,299 | 1,987 | 2,528 | ' | ' | ' | ' | ' |
Estimated additional pre-construction costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,000 | 2,500 | ' |
Pre-construction costs to be recovered via surcharge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,303 | ' | ' |
Pre-construction costs recovery period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' |
Surcharges collections | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 894 | ' | 3,753 | ' | ' |
Other deferred costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,994 | 12,394 | ' | ' | ' |
Amortization of regulatory assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $48,000 |
Amortization of regulatory assets period end date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2048-11 |
Components_of_Regulatory_Liabi
Components of Regulatory Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Regulatory Liabilities [Line Items] | ' | ' |
Regulatory liabilities | $373,319 | $364,181 |
Removal Costs Recovered through Rates | ' | ' |
Regulatory Liabilities [Line Items] | ' | ' |
Regulatory liabilities | 301,537 | 285,901 |
Other Regulatory Liability | ' | ' |
Regulatory Liabilities [Line Items] | ' | ' |
Regulatory liabilities | $71,782 | $78,280 |
Goodwill_Additional_Informatio
Goodwill - Additional Information (Details) (USD $) | Dec. 31, 2013 | Nov. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Goodwill And Intangible Assets [Line Items] | ' | ' | ' | ' |
Goodwill | $1,207,764 | $1,207,741 | $1,207,250 | $1,195,069 |
Summary_of_Changes_in_Goodwill
Summary of Changes in Goodwill Assets (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2013 | Dec. 31, 2011 |
Goodwill [Line Items] | ' | ' | ' | ' |
Cost, beginning balance | $3,647,539 | $3,635,358 | ' | ' |
Total Net, beginning balance | 1,207,250 | 1,195,069 | 1,207,741 | ' |
Goodwill from acquisitions | 428 | 12,181 | ' | ' |
Reclassifications and other activity | 86 | ' | ' | ' |
Cost, ending balance | 3,648,053 | 3,647,539 | ' | ' |
Total Net, ending balance | 1,207,764 | 1,207,250 | 1,207,741 | ' |
Accumulated Impairment | -2,440,289 | -2,440,289 | ' | -2,440,289 |
Regulated Unit | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Cost, beginning balance | 3,411,549 | 3,399,368 | ' | ' |
Goodwill from acquisitions | 428 | 12,181 | ' | ' |
Reclassifications and other activity | 86 | ' | ' | ' |
Cost, ending balance | 3,412,063 | 3,411,549 | ' | ' |
Accumulated Impairment | -2,332,670 | -2,332,670 | ' | -2,332,670 |
Market-Based Operations | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Cost, beginning balance | 235,990 | 235,990 | ' | ' |
Goodwill from acquisitions | 0 | 0 | ' | ' |
Reclassifications and other activity | 0 | ' | ' | ' |
Cost, ending balance | 235,990 | 235,990 | ' | ' |
Accumulated Impairment | ($107,619) | ($107,619) | ' | ($107,619) |
Summary_Information_Regarding_
Summary Information Regarding Issuances Under DRIP (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Shares of common stock issued | 53 | 60 |
Cash proceeds received | $2,171 | $2,106 |
Cash_Dividend_Payment_During_P
Cash Dividend Payment During Period (Details) (USD $) | 3 Months Ended | |||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 |
Dividends per share | $0.28 | $0.28 | $0.28 | $0 | $0.50 | $0.25 | $0.23 | $0.23 |
Total dividends paid | $49,896 | $49,810 | $49,744 | $0 | $88,436 | $44,080 | $40,529 | $40,414 |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated other comprehensive income (loss) Beginning balance | ($116,191) | ($97,677) | ' |
Other comprehensive income (loss) before reclassifications | 72,471 | -25,991 | ' |
Amounts reclassified from accumulated other comprehensive income | 9,085 | 7,477 | ' |
Other comprehensive income (loss) for the period | 81,556 | -18,514 | -26,231 |
Accumulated other comprehensive income (loss) Ending balance | -34,635 | -116,191 | -97,677 |
Defined Employee Benefit Plan Funded Status | ' | ' | ' |
Accumulated other comprehensive income (loss) Beginning balance | -143,183 | -116,758 | ' |
Other comprehensive income (loss) before reclassifications | 73,472 | -26,425 | ' |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | ' |
Other comprehensive income (loss) for the period | 73,472 | -26,425 | ' |
Accumulated other comprehensive income (loss) Ending balance | -69,711 | -143,183 | ' |
Defined Employee Benefit Plans Prior Service Cost | ' | ' | ' |
Accumulated other comprehensive income (loss) Beginning balance | 539 | 363 | ' |
Other comprehensive income (loss) before reclassifications | 0 | 0 | ' |
Amounts reclassified from accumulated other comprehensive income | 174 | 176 | ' |
Other comprehensive income (loss) for the period | 174 | 176 | ' |
Accumulated other comprehensive income (loss) Ending balance | 713 | 539 | ' |
Actuarial Gain (Loss) on Defined Benefit Plan | ' | ' | ' |
Accumulated other comprehensive income (loss) Beginning balance | 22,239 | 14,938 | ' |
Other comprehensive income (loss) before reclassifications | 0 | 0 | ' |
Amounts reclassified from accumulated other comprehensive income | 8,911 | 7,301 | ' |
Other comprehensive income (loss) for the period | 8,911 | 7,301 | ' |
Accumulated other comprehensive income (loss) Ending balance | 31,150 | 22,239 | ' |
Foreign Currency Translation | ' | ' | ' |
Accumulated other comprehensive income (loss) Beginning balance | 4,214 | 3,780 | ' |
Other comprehensive income (loss) before reclassifications | -1,001 | 434 | ' |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | ' |
Other comprehensive income (loss) for the period | -1,001 | 434 | ' |
Accumulated other comprehensive income (loss) Ending balance | $3,213 | $4,214 | ' |
StockBased_Compensation_Expens
Stock-Based Compensation Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation in operation and maintenance expense | $12,474 | $11,470 | $10,008 |
Income tax benefit | -4,865 | -4,473 | -3,903 |
After-tax stock-based compensation expense | 7,609 | 6,997 | 6,105 |
Stock Options | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation in operation and maintenance expense | 3,170 | 3,282 | 3,182 |
Restricted Stock Units | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation in operation and maintenance expense | 8,718 | 7,658 | 6,340 |
Employee Stock Purchase Plan | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation in operation and maintenance expense | $586 | $530 | $486 |
WeightedAverage_Assumptions_De
Weighted-Average Assumptions (Details) (Stock Options, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Options | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Dividend yield | 2.52% | 2.70% | 3.25% |
Expected volatility | 23.50% | 28.35% | 29.32% |
Risk-free interest rate | 0.70% | 0.78% | 1.93% |
Expected life (years) | '4 years 3 months 18 days | '4 years 4 months 24 days | '4 years 4 months 24 days |
Exercise price | $39.60 | $34.14 | $27.08 |
Grant date fair value per share | $5.78 | $6.11 | $5.14 |
Summary_of_Stock_Option_Activi
Summary of Stock Option Activity (Details) (Stock Options, USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Stock Options | ' |
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | ' |
Options outstanding at January 1, 2013 | 2,635 |
Granted | 348 |
Forfeited or expired | -68 |
Exercised | -860 |
Options outstanding at December 31, 2013 | 2,055 |
Exercisable at December 31, 2013 | 1,187 |
Weighted Average Exercise Price (per share), Options outstanding at January 1, 2013 | $25.77 |
Weighted Average Exercise Price (per share), Granted | $39.60 |
Weighted Average Exercise Price (per share), Forfeited or expired | $33.69 |
Weighted Average Exercise Price (per share), Exercised | $23.49 |
Weighted Average Exercise Price (per share), Options outstanding at December 31, 2013 | $28.80 |
Weighted Average Exercise Price (per share), Exercisable at December 31, 2013 | $24.48 |
Weighted Average Remaining Life (years), Options outstanding at December 31, 2013 | '4 years |
Weighted Average Remaining Life (years), Exercisable at December 31, 2013 | '3 years 1 month 6 days |
Aggregate intrinsic Value, Options outstanding at December 31, 2013 | $27,660 |
Aggregate intrinsic Value, Exercisable at December 31, 2013 | $21,098 |
Additional_Information_to_Stoc
Additional Information to Stock Options Exercised (Details) (Stock Options, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Options | ' | ' | ' |
Schedule Of Stock Options [Line Items] | ' | ' | ' |
Intrinsic value | $15,102 | $14,515 | $3,026 |
Exercise proceeds | 20,211 | 22,112 | 8,991 |
Income tax benefit | $4,383 | $4,017 | $511 |
WeightedAverage_Assumptions_Us
Weighted-Average Assumptions Used in Monte Carlo Simulation (Details) (Restricted Stock Units, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock Units | ' | ' | ' |
Schedule Of Restricted Stock [Line Items] | ' | ' | ' |
Expected volatility | 19.37% | 22.47% | 29.50% |
Risk-free interest rate | 0.40% | 0.43% | 1.24% |
Expected life (years) | '3 years | '3 years | '3 years |
Grant date fair value per share | $40.13 | $37.40 | $29.95 |
Summary_of_Restricted_Stock_Un
Summary of Restricted Stock Unit Activity (Details) (Restricted Stock Units, USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Restricted Stock Units | ' |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Equity Instruments Other Than Options Restricted Stock Units [Line Items] | ' |
Non-vested total at January 1, 2013 | 540 |
Granted | 405 |
Vested | -364 |
Forfeited | -23 |
Cancelled | -19 |
Non-vested total at December 31, 2013 | 539 |
Weighted-average grant date fair value (per share), non-vested total beginning balance | $29.48 |
Weighted-average grant date fair value (per share), granted | $34.06 |
Weighted-average grant date fair value (per share), vested | $24.41 |
Weighted-average grant date fair value (per share), forfeited | $37.51 |
Weighted-average grant date fair value (per share), cancelled | $21.98 |
Weighted-average grant date fair value (per share), non-vested total ending balance | $36.27 |
Additional_Information_to_Stoc1
Additional Information to Stock Options Activity (Details) (Restricted Stock Units, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restricted Stock Units | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Intrinsic value | $13,983 | $6,159 | $2,068 |
Income tax benefit | $2,049 | $799 | $99 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 13, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | Restricted Stock Units | Restricted Stock Units | Restricted Stock Units | Restricted Stock Units | Restricted Stock Units | Restricted Stock Units | Employee Stock Purchase Plan | Employee Stock Purchase Plan | Employee Stock Purchase Plan | Drip Accounts | |||||
Minimum | Maximum | Unit | Unit | Cancellation | |||||||||||||||
Unit | |||||||||||||||||||
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for grant | ' | 9,612 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,363 | ' | ' | 4,655 |
Declared cash dividend per share | $0.28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend payable, date declared | 13-Dec-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend payable, record date | 3-Feb-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend payable, date to be paid | 3-Mar-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends accrued | ' | $49,909 | $0 | $40,403 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total shares authorized for grant | ' | 15,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | '3 years | '3 years | '3 years | '1 year | '3 years | ' | '3 years | '3 years | '3 years | ' | ' | ' | ' | ' | ' |
Maximum terms | ' | ' | ' | ' | 'Seven years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost | ' | ' | ' | ' | 2,226 | ' | ' | ' | ' | ' | 4,877 | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average period (in years) | ' | ' | ' | ' | '1 year 4 months 24 days | ' | ' | ' | ' | ' | '1 year 4 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' |
Total grant date fair value of stock option | ' | ' | ' | ' | 3,512 | 3,219 | 4,578 | ' | ' | ' | 8,891 | 4,191 | 2,040 | ' | ' | ' | ' | ' | ' |
Number of grants | ' | ' | ' | ' | ' | ' | ' | ' | ' | 148 | ' | ' | ' | 255 | 19 | ' | ' | ' | ' |
Restricted shares granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The terms of the grants specified that if certain performance on internal measures and market thresholds were achieved, the restricted stock units would vest; if performance were surpassed, up to 175% of the target awards would be distributed; and if performance thresholds were not met, awards would be cancelled. In January 2013, an additional 148 restricted stock units were granted and distributed because performance was exceeded and 19 restricted stock units were cancelled because performance thresholds were not met | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting terms range, lower limit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting Terms Range, upper limit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' |
Expected term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued dividend equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $648 | $1,168 | $921 | ' | ' | ' | ' | ' | ' |
Lesser of fair market value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' | ' | ' |
Shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 111 | 118 | 121 | ' |
Preferred_Stock_Without_Mandat1
Preferred Stock Without Mandatory Redemption Requirement - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Preferred stock, dividend rate, percentage | ' | 4.50% | ' |
Preferred stock without mandatory redemption requirements | $0 | $1,720 | ' |
Dividends issued | $19 | $153 | $224 |
Components_of_LongTerm_Debt_De
Components of Long-Term Debt (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt | $5,203,524 | $5,278,302 | ||
Unamortized debt, net | 35,984 | [1] | 39,272 | [1] |
Fair value adjustment to interest rate hedge | 4,724 | 7,715 | ||
Total long-term debt | 5,244,232 | 5,325,289 | ||
American Water Capital Corp. ("AWCC") | Long-term debt | Private activity bonds and government funded debt | Fixed rate | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Minimum | 2.30% | [2] | ' | |
Interest Rate, Maximum | 6.75% | [2] | ' | |
Weighted Average Rate | 5.63% | [2] | ' | |
Maturity Date, Minimum | '2018 | [2] | ' | |
Maturity Date, Maximum | '2040 | [2] | ' | |
Long-term debt | 330,732 | [2] | 322,610 | [2] |
American Water Capital Corp. ("AWCC") | Long-term debt | Senior notes | Fixed rate | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Minimum | 3.85% | [2] | ' | |
Interest Rate, Maximum | 8.27% | [2] | ' | |
Weighted Average Rate | 5.69% | [2] | ' | |
Maturity Date, Minimum | '2016 | [2] | ' | |
Maturity Date, Maximum | '2042 | [2] | ' | |
Long-term debt | 3,312,761 | [2] | 3,389,399 | [2] |
Other subsidiaries | Long-term debt | Private activity bonds and government funded debt | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt | 863,716 | ' | ||
Other subsidiaries | Long-term debt | Private activity bonds and government funded debt | Fixed rate | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Minimum | 0.00% | [3] | ' | |
Interest Rate, Maximum | 6.20% | [3] | ' | |
Weighted Average Rate | 4.68% | [3] | ' | |
Maturity Date, Minimum | '2014 | [3] | ' | |
Maturity Date, Maximum | '2041 | [3] | ' | |
Long-term debt | 863,716 | [3] | 865,969 | [3] |
Other subsidiaries | Long-term debt | Mortgage bonds | Fixed rate | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Minimum | 4.29% | ' | ||
Interest Rate, Maximum | 9.71% | ' | ||
Weighted Average Rate | 7.41% | ' | ||
Maturity Date, Minimum | '2015 | ' | ||
Maturity Date, Maximum | '2039 | ' | ||
Long-term debt | 676,500 | 678,500 | ||
Other subsidiaries | Long-term debt | Mandatorily redeemable preferred stock | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Minimum | 8.47% | ' | ||
Interest Rate, Maximum | 9.75% | ' | ||
Weighted Average Rate | 8.60% | ' | ||
Maturity Date, Minimum | '2019 | ' | ||
Maturity Date, Maximum | '2036 | ' | ||
Long-term debt | 18,902 | 20,552 | ||
Other subsidiaries | Long-term debt | Notes payable and other | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Interest Rate, Minimum | 12.17% | [4] | ' | |
Weighted Average Rate | 12.17% | [4] | ' | |
Maturity Date, Maximum | '2026 | [4] | ' | |
Long-term debt | $913 | [4] | $1,272 | [4] |
[1] | Primarily fair value adjustments previously recognized in acquisition purchase accounting. | |||
[2] | AWCC, which is a wholly-owned subsidiary of the Company, has a strong support agreement with its parent that, under certain circumstances, is the functional equivalent of a guarantee. | |||
[3] | Includes at December 31, 2013 $11,920 of variable rate debt with variable-to-fixed rate interest swaps paying between 3.93% and 4.72% per annum. This debt was assumed via acquisitions in 2013 (see below). | |||
[4] | Includes capital lease obligations of $913 and $1,049 at December 31, 2013 and 2012, respectively. |
Components_of_LongTerm_Debt_Pa
Components of Long-Term Debt (Parenthetical) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Capital lease obligations | $913 | $1,049 |
Interest Rate Swap | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Variable rate debt | $11,920 | ' |
Interest Rate Swap | Minimum | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Variable-to-fixed rate | 3.93% | ' |
Interest Rate Swap | Maximum | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Variable-to-fixed rate | 4.72% | ' |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2012 | Dec. 31, 2013 | Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Minimum | Minimum | Maximum | Maximum | Indebtedness Ratio | Indebtedness Ratio | Interest Rate Swap | 6.085% Senior Notes | Line of Credit | Line of Credit | Other subsidiaries | Other subsidiaries | Other subsidiaries | ||||
Minimum | Maximum | Indebtedness Ratio | Indebtedness Ratio | Long-term debt | Long-term debt | Long-term debt | ||||||||||
Minimum | Maximum | Mortgage bonds | Private activity bonds and government funded debt | Private activity bonds and government funded debt | ||||||||||||
Collateralized Debt Obligations | Collateralized Debt Obligations | |||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long term debt | $5,203,524 | $5,278,302 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $676,500 | $863,716 | $790,817 |
Line of credit facility consolidated debt to consolidated capitalization ratio | ' | ' | ' | 0.7 | 0.55 | 1 | 1 | 0.55 | 1 | ' | ' | 0.7 | 1 | ' | ' | ' |
Redeemable debt, amount outstanding | 1,282,387 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issance cost | 3,377 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt assumed on acquisition | 12,673 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | 11,753 | 12,652 | 10,942 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.09% | 6.09% | ' | ' | ' | ' | ' |
Derivative description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Six-month LIBOR plus 3.422% | ' | ' | ' | ' | ' | ' |
Debt, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.42% | ' | ' | ' | ' | ' | ' |
Debt maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2017 | '2017 | ' | ' | ' | ' | ' |
Fixed rate debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 | ' | ' | ' | ' | ' | ' |
Future_Sinking_Fund_Payments_a
Future Sinking Fund Payments and Maturities (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Instrument [Line Items] | ' |
2014 | $14,174 |
2015 | 60,655 |
2016 | 52,901 |
2017 | 572,314 |
2018 | 473,648 |
Thereafter | $4,029,832 |
LongTerm_Debt_Issued_Details
Long-Term Debt Issued (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' | |
Total issuances | $410,859 | |
American Water Capital Corp. ("AWCC") | Senior notes | Fixed rate | ' | |
Debt Instrument [Line Items] | ' | |
Interest Rate | 3.85% | |
Maturity | '2024 | |
Total issuances | 400,000 | |
American Water Capital Corp. ("AWCC") | Senior notes | Minimum | Fixed rate | ' | |
Debt Instrument [Line Items] | ' | |
Interest Rate | 5.39% | [1] |
American Water Capital Corp. ("AWCC") | Senior notes | Maximum | Fixed rate | ' | |
Debt Instrument [Line Items] | ' | |
Interest Rate | 10.00% | [1] |
American Water Capital Corp. ("AWCC") | Private activity bonds and government funded debt | Fixed rate | ' | |
Debt Instrument [Line Items] | ' | |
Total issuances | 8,122 | [2] |
American Water Capital Corp. ("AWCC") | Private activity bonds and government funded debt | Minimum | Fixed rate | ' | |
Debt Instrument [Line Items] | ' | |
Interest Rate | 2.30% | [2] |
Maturity | '2021 | [2] |
American Water Capital Corp. ("AWCC") | Private activity bonds and government funded debt | Maximum | Fixed rate | ' | |
Debt Instrument [Line Items] | ' | |
Interest Rate | 2.90% | [2] |
Maturity | '2030 | [2] |
Other subsidiaries | Private activity bonds and government funded debt | Fixed rate | ' | |
Debt Instrument [Line Items] | ' | |
Total issuances | $2,737 | |
Other subsidiaries | Private activity bonds and government funded debt | Minimum | Fixed rate | ' | |
Debt Instrument [Line Items] | ' | |
Interest Rate | 1.59% | |
Maturity | '2031 | |
Other subsidiaries | Private activity bonds and government funded debt | Maximum | Fixed rate | ' | |
Debt Instrument [Line Items] | ' | |
Interest Rate | 2.41% | |
Maturity | '2033 | |
[1] | In September 2013, the Company announced a tender offer for its 6.085% Senior Notes due 2017 (the “Notesâ€). The offer was contingent upon the satisfaction of certain conditions, which were satisfied during the fourth quarter of 2013. At that time, the Company repurchased $225,800 in aggregate principal amount of Notes that were validly tendered. The Company paid $271,798 to effect the tender, which, in addition to the principal, included $6,603 of accrued interest, a repurchase premium of $39,395, write-off of unamortized debt issuance costs of $525 and transaction fees of $663. The sum of the repurchase premium, the debt issuance amortization and transaction fees equaled the loss on debt extinguishment of $40,583, which is disclosed separately on the accompanying Consolidated Statement of Operations. | |
[2] | Included in the issuance amounts for AWCC private activity bonds and government funded debt above was $6,702, which was initially kept in Trust pending the Company’s certification that it has incurred qualifying capital expenditures. These issuances have been presented as non-cash in the accompanying Consolidated Statements of Cash Flows. Subsequent releases of all or a lesser portion of these funds by the applicable Trust are reflected as the release of restricted funds and are included in investing activities in the accompanying Consolidated Statements of Cash Flows. |
LongTerm_Debt_Issued_Parenthet
Long-Term Debt Issued (Parenthetical) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term debt | $6,702 | $68,746 | $0 |
LongTerm_Debt_Retired_through_
Long-Term Debt Retired through Optional Redemption or Payment (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' | |
Total retirements and redemptions | $498,310 | |
Notes payable and other | ' | |
Debt Instrument [Line Items] | ' | |
Total retirements and redemptions | 359 | |
American Water Capital Corp. ("AWCC") | Senior notes | Fixed rate | ' | |
Debt Instrument [Line Items] | ' | |
Interest Rate | 3.85% | |
Total retirements and redemptions | 476,638 | [1] |
American Water Capital Corp. ("AWCC") | Senior notes | Minimum | Fixed rate | ' | |
Debt Instrument [Line Items] | ' | |
Interest Rate | 5.39% | [1] |
Maturity | '2013 | [1] |
American Water Capital Corp. ("AWCC") | Senior notes | Maximum | Fixed rate | ' | |
Debt Instrument [Line Items] | ' | |
Interest Rate | 10.00% | [1] |
Maturity | '2017 | [1] |
Other subsidiaries | Private activity bonds and government funded debt | Fixed rate | ' | |
Debt Instrument [Line Items] | ' | |
Total retirements and redemptions | 17,663 | [2] |
Other subsidiaries | Private activity bonds and government funded debt | Minimum | Fixed rate | ' | |
Debt Instrument [Line Items] | ' | |
Interest Rate | 0.00% | [2] |
Maturity | '2013 | [2] |
Other subsidiaries | Private activity bonds and government funded debt | Maximum | Fixed rate | ' | |
Debt Instrument [Line Items] | ' | |
Interest Rate | 5.50% | [2] |
Maturity | '2041 | [2] |
Other subsidiaries | Mortgage bonds | Fixed rate | ' | |
Debt Instrument [Line Items] | ' | |
Interest Rate | 6.59% | |
Maturity | '2013 | |
Total retirements and redemptions | 2,000 | |
Other subsidiaries | Mandatorily redeemable preferred stock | ' | |
Debt Instrument [Line Items] | ' | |
Total retirements and redemptions | $1,650 | |
Other subsidiaries | Mandatorily redeemable preferred stock | Minimum | ' | |
Debt Instrument [Line Items] | ' | |
Interest Rate | 8.49% | |
Maturity | '2031 | |
Other subsidiaries | Mandatorily redeemable preferred stock | Maximum | ' | |
Debt Instrument [Line Items] | ' | |
Interest Rate | 9.18% | |
Maturity | '2036 | |
[1] | In September 2013, the Company announced a tender offer for its 6.085% Senior Notes due 2017 (the “Notesâ€). The offer was contingent upon the satisfaction of certain conditions, which were satisfied during the fourth quarter of 2013. At that time, the Company repurchased $225,800 in aggregate principal amount of Notes that were validly tendered. The Company paid $271,798 to effect the tender, which, in addition to the principal, included $6,603 of accrued interest, a repurchase premium of $39,395, write-off of unamortized debt issuance costs of $525 and transaction fees of $663. The sum of the repurchase premium, the debt issuance amortization and transaction fees equaled the loss on debt extinguishment of $40,583, which is disclosed separately on the accompanying Consolidated Statement of Operations. | |
[2] | Includes $3,565 of non-cash defeasance via the use of restricted funds. |
LongTerm_Debt_Retired_through_1
Long-Term Debt Retired through Optional Redemption or Payment (Parenthetical) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Instrument [Line Items] | ' | ' | ' |
Debt repurchase amount | $225,800 | ' | ' |
Amount paid to effect the tender | 271,798 | ' | ' |
Accrued interest | 6,603 | ' | ' |
Repurchase premium | 39,395 | ' | ' |
Write-off of unamortized debt issuance costs | 525 | ' | ' |
Transaction fees on debt | 663 | ' | ' |
Loss on debt extinguishment | 40,583 | 0 | 0 |
Non-cash defeasance | $3,565 | $0 | $0 |
6.085% Senior Notes | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest Rate | 6.09% | ' | ' |
Summary_of_Derivative_Fair_Val
Summary of Derivative Fair Value Balance (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Regulatory and other long-term assets | $4,776 | $7,909 |
Fair value adjustment to interest rate hedge | 4,724 | 7,715 |
Interest Rate Swap | ' | ' |
Derivative [Line Items] | ' | ' |
Fair value adjustment to interest rate hedge | 4,724 | 7,715 |
Other | ' | ' |
Derivative [Line Items] | ' | ' |
Regulatory and other long-term assets | $4,776 | $7,909 |
Derivative_and_Hedged_Item_Det
Derivative and Hedged Item (Details) (Interest, Net, Designated as hedging instrument, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest, Net | Designated as hedging instrument | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' |
Gain (loss) on swap | ($3,133) | $2,085 | $6,722 |
(Loss) gain on borrowing | 2,991 | -1,604 | -6,455 |
Hedge ineffectiveness | ($142) | $481 | $267 |
Schedule_of_Available_Capacity
Schedule of Available Capacity Under Commercial Paper Program (Details) (Commercial Paper Program, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commercial Paper Program | ' | ' |
Short Term Debt [Line Items] | ' | ' |
Commercial paper program | $1,000,000 | $700,000 |
Commercial paper program available capacity | $369,500 | $430,000 |
Schedule_of_Line_of_Credit_Fac
Schedule of Line of Credit Facility Sub-Limits and Available Capacity (Details) (Letter of Credit, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Letter of Credit | ' | ' |
Short Term Debt [Line Items] | ' | ' |
Letter of credit sublimit | $150,000 | $150,000 |
Letter of credit available capacity | $108,215 | $117,137 |
Schedule_of_ShortTerm_Borrowin
Schedule of Short-Term Borrowings Activity (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Short Term Debt [Line Items] | ' | ' |
Average borrowings | $432,064 | $277,952 |
Maximum borrowings outstanding | $1,129,250 | $534,700 |
Weighted average interest rates, computed on a daily basis | 0.37% | 0.49% |
Weighted average interest rates, ending balance | 0.36% | 0.46% |
ShortTerm_Debt_Additional_Info
Short-Term Debt - Additional Information (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2012 | Dec. 31, 2013 | Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 09, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 09, 2013 | Sep. 30, 2013 |
Minimum | Minimum | Maximum | Maximum | Commercial Paper Program | Commercial Paper Program | Commercial Paper Program | Commercial Paper Program | Revolving Credit Facility | American Water Capital Corp. ("AWCC") | American Water Capital Corp. ("AWCC") | American Water Capital Corp. ("AWCC") | American Water Capital Corp. ("AWCC") | ||||
Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Credit Facility October Two Thousand Eighteen | |||||||||||||
Short Term Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term debt | $630,307 | $269,985 | ' | ' | ' | ' | ' | $630,307 | ' | ' | $269,985 | ' | ' | ' | ' | ' |
Commercial paper, discount | 193 | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term borrowings with maturities more than three months | 221,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term borrowings with maturities more than three months, maturity | 'March 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 700,000 | ' | ' | 1,250,000 | ' | 1,000,000 | 1,180,000 |
Debt issuance costs | 4,503 | 7,393 | 552 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,126 | ' | ' |
New agreement expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'October 2018 | ' | ' | ' |
Letters of credit, outstanding amount | $41,785 | $34,148 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $32,863 | ' | ' | ' | ' |
Line of credit facility consolidated debt to consolidated capitalization ratio | ' | ' | ' | 0.7 | 0.55 | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Components_of_General_Tax_Expe
Components of General Tax Expense from Continuing Operations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
General Tax Expense [Line Items] | ' | ' | ' |
General taxes | $234,642 | $221,212 | $210,478 |
Gross receipts and franchise | ' | ' | ' |
General Tax Expense [Line Items] | ' | ' | ' |
General taxes | 96,044 | 92,612 | 90,674 |
Property and capital stock | ' | ' | ' |
General Tax Expense [Line Items] | ' | ' | ' |
General taxes | 94,448 | 84,513 | 77,330 |
Payroll | ' | ' | ' |
General Tax Expense [Line Items] | ' | ' | ' |
General taxes | 31,375 | 32,724 | 31,705 |
Other general | ' | ' | ' |
General Tax Expense [Line Items] | ' | ' | ' |
General taxes | $12,775 | $11,363 | $10,769 |
Components_of_Income_Tax_Expen
Components of Income Tax Expense from Continuing Operations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Examination [Line Items] | ' | ' | ' |
State income taxes, current | $7,202 | $26,604 | ($7,440) |
State income taxes, deferred, current | -405 | -280 | -171 |
State income taxes, deferred, non-current | 26,821 | 24,256 | 44,576 |
State income taxes | 33,618 | 50,580 | 36,965 |
Federal income taxes, current | -19,995 | 31,482 | 12,239 |
Federal income taxes, deferred, current | -1,324 | -2,031 | -314 |
Federal income taxes, deferred, non-current | 225,408 | 178,495 | 151,403 |
Amortization of deferred investment tax credits | -1,501 | -1,518 | -1,542 |
Federal income taxes | 202,588 | 206,428 | 161,786 |
Actual income tax expense | $236,206 | $257,008 | $198,751 |
Reconciliation_of_Income_Tax_E
Reconciliation of Income Tax Expense from Continuing Operations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Rate Reconciliation [Line Items] | ' | ' | ' |
Income tax at statutory rate | $211,914 | $220,940 | $176,288 |
State taxes, net of federal taxes | 21,852 | 32,877 | 24,027 |
Change in valuation allowance | -455 | 143 | -160 |
Flow through differences | 3,217 | 3,032 | 2,895 |
Amortization of deferred investment tax credits | -1,501 | -1,518 | -1,542 |
Subsidiary preferred dividends | 584 | 634 | 668 |
Other, net | 595 | 900 | -3,425 |
Actual income tax expense | $236,206 | $257,008 | $198,751 |
Components_of_Net_Deferred_Tax
Components of Net Deferred Tax Liability from Continuing Operations (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Deferred Tax Assets Liabilities [Line Items] | ' | ' | ' | ' |
Advances and contributions | $510,122 | $485,815 | ' | ' |
Deferred investment tax credits | 10,027 | 10,610 | ' | ' |
Other postretirement benefits | 107,773 | 100,301 | ' | ' |
Tax losses and credits | 265,640 | 229,423 | ' | ' |
Pension benefits | 122,143 | 113,919 | ' | ' |
Unamortized debt discount, net | 20,249 | 21,711 | ' | ' |
Other | 23,888 | 22,835 | ' | ' |
Deferred tax assets, Gross | 1,059,842 | 984,614 | ' | ' |
Valuation allowance | -13,555 | -19,520 | -21,579 | -23,788 |
Deferred tax assets, Net | 1,046,287 | 965,094 | ' | ' |
Utility plant, principally due to depreciation differences | 2,478,617 | 2,168,680 | ' | ' |
Income taxes recoverable through rates | 81,135 | 82,400 | ' | ' |
Deferred security costs | 58 | 921 | ' | ' |
Deferred business services project expenses | 4,584 | 4,580 | ' | ' |
Deferred other postretirement benefits | 65,071 | 57,895 | ' | ' |
Deferred pension benefits | 169,336 | 102,847 | ' | ' |
Other | 69,574 | 93,284 | ' | ' |
Deferred Tax Liabilities, Total | 2,868,375 | 2,510,607 | ' | ' |
Deferred Tax Assets (Liabilities), Net, Total | ($1,822,088) | ($1,545,513) | ' | ' |
Changes_in_Gross_Liability_Exc
Changes in Gross Liability Excluding Interest and Penalties for Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation Of Unrecognized Tax Benefits [Line Items] | ' | ' |
Beginning Balance | $180,993 | $158,578 |
Increases in current period tax positions | 27,229 | 40,620 |
Decreases in prior period measurement of tax positions | -30,275 | -18,205 |
Ending Balance | $177,947 | $180,993 |
Changes_in_Valuation_Allowance
Changes in Valuation Allowance (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | Increase | Increase | Increase | Decrease | Decrease | Decrease | ||||
Valuation Allowance [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | $13,555 | $19,520 | $21,579 | $23,788 | ' | ' | ' | ' | ' | ' |
Current period tax positions | ' | ' | ' | ' | 0 | 0 | 1,525 | -5,965 | -2,059 | -3,734 |
Ending Balance | $13,555 | $19,520 | $21,579 | $23,788 | ' | ' | ' | ' | ' | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 |
Income Tax Examination [Line Items] | ' | ' | ' | ' |
Capital loss carry forwards | $3,844 | $4,357 | ' | ' |
Net of deferred tax assets and regulatory assets | 6,241 | 6,432 | ' | ' |
Deferred income taxes | ' | ' | ' | 74,360 |
Liability balance not including interest and penalties | 242 | 260 | ' | ' |
Unrecognized tax benefit excluding interest and penalties, that would affect the effective tax rate | 7,439 | 7,532 | ' | ' |
Change in valuation allowance | -455 | 143 | -160 | ' |
Federal | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' |
Net operating loss carryforwards | 1,182,075 | 1,047,786 | ' | ' |
Tax benefits on stock-based compensation | 16,484 | ' | ' | ' |
Net operating loss carryforwards expiration date | 'The Company’s federal NOL carryforwards do not begin expiring until 2028. | ' | ' | ' |
State | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' |
Net operating loss carryforwards | 628,049 | 663,429 | ' | ' |
Net operating loss carryforwards expiration date | 'The state NOL carryforwards will expire between 2014 and 2033. | ' | ' | ' |
Canadian | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' |
Net operating loss carryforwards | 6,323 | 5,703 | ' | ' |
Net operating loss carryforwards expiration date | 'The Canadian NOL carryforwards will expire between 2014 and 2033. | ' | ' | ' |
Entity Reorganization With In Market Based Segment | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' |
Change in valuation allowance | $2,979 | ' | ' | ' |
Employee_Benefits_Additional_I
Employee Benefits - Additional Information (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Benefits Disclosure [Line Items] | ' | ' | ' | ' |
Base pay rate of contribution plan | ' | 5.25% | ' | ' |
Percentage return expected from plan assets | 60.00% | ' | ' | ' |
Percentage of liability driven assets | 40.00% | ' | ' | ' |
Contribution percentage on current liabilities | ' | 100.00% | ' | ' |
Funding status of current liabilities | ' | 80.00% | ' | ' |
Minimum reduction of expected future service of plan participants | ' | 10.00% | ' | ' |
Cost of contribution plan | ' | $8,054 | $8,091 | $7,273 |
Pension Plan Asset | ' | ' | ' | ' |
Employee Benefits Disclosure [Line Items] | ' | ' | ' | ' |
Expected employer contributions, 2014 | ' | 7,680 | ' | ' |
Postretirement Benefit Plan Assets | ' | ' | ' | ' |
Employee Benefits Disclosure [Line Items] | ' | ' | ' | ' |
Expected employer contributions, 2014 | ' | $3,034 | ' | ' |
Schedule_of_Changes_in_Fair_Va
Schedule of Changes in Fair Value of Plan Assets (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Pension Plan Asset | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target Allocation | 100.00% | 100.00% | ' | ||
Fair value of plan assets | $1,383,621 | $1,157,697 | $981,068 | ||
Percentage of Plan Assets | 100.00% | 100.00% | ' | ||
Pension Plan Asset | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 689,497 | 626,549 | ' | ||
Pension Plan Asset | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 650,299 | 357,523 | ' | ||
Pension Plan Asset | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 43,825 | 173,625 | ' | ||
Pension Plan Asset | Guaranteed annuity contracts | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 43,825 | 173,625 | 148,574 | ||
Pension Plan Asset | Real estate | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target Allocation | 6.00% | ' | ' | ||
Pension Plan Asset | REITs | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target Allocation | 2.00% | 8.00% | ' | ||
Fair value of plan assets | 15,307 | ' | ' | ||
Percentage of Plan Assets | 1.00% | ' | ' | ||
Pension Plan Asset | REITs | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 15,307 | ' | ' | ||
Pension Plan Asset | Cash | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 12,844 | 9,107 | ' | ||
Pension Plan Asset | Cash | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 12,844 | 9,107 | ' | ||
Pension Plan Asset | Equity Securities | U.S. large cap | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target Allocation | 24.00% | 29.00% | ' | ||
Fair value of plan assets | 455,068 | 411,805 | ' | ||
Percentage of Plan Assets | 33.00% | 36.00% | ' | ||
Pension Plan Asset | Equity Securities | U.S. large cap | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 455,068 | 411,805 | ' | ||
Pension Plan Asset | Equity Securities | U.S. small cap value | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target Allocation | 8.00% | 8.00% | ' | ||
Fair value of plan assets | 139,571 | 139,389 | ' | ||
Percentage of Plan Assets | 10.00% | 12.00% | ' | ||
Pension Plan Asset | Equity Securities | U.S. small cap value | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 139,571 | 139,389 | ' | ||
Pension Plan Asset | Equity Securities | International | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target Allocation | 20.00% | 20.00% | ' | ||
Fair value of plan assets | 295,226 | 255,126 | ' | ||
Percentage of Plan Assets | 21.00% | 22.00% | ' | ||
Pension Plan Asset | Equity Securities | International | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 615 | ' | ' | ||
Pension Plan Asset | Equity Securities | International | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 294,611 | 128,953 | ' | ||
Pension Plan Asset | Equity Securities | International | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 126,173 | ' | ||
Pension Plan Asset | Fixed income securities | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target Allocation | 40.00% | 35.00% | ' | ||
Percentage of Plan Assets | 35.00% | 30.00% | ' | ||
Pension Plan Asset | Fixed income securities | U.S. Treasury and government bonds | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 81,200 | 62,311 | ' | ||
Pension Plan Asset | Fixed income securities | U.S. Treasury and government bonds | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 76,222 | 60,558 | ' | ||
Pension Plan Asset | Fixed income securities | U.S. Treasury and government bonds | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 4,978 | 1,753 | ' | ||
Pension Plan Asset | Fixed income securities | Corporate bonds | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 209,500 | 73,254 | ' | ||
Pension Plan Asset | Fixed income securities | Corporate bonds | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 209,500 | 73,254 | ' | ||
Pension Plan Asset | Fixed income securities | Mortgage-backed securities | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 116,956 | 144,100 | ' | ||
Pension Plan Asset | Fixed income securities | Mortgage-backed securities | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 116,956 | 144,100 | ' | ||
Pension Plan Asset | Fixed income securities | Long duration bonds | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 5,177 | 5,690 | ' | ||
Pension Plan Asset | Fixed income securities | Long duration bonds | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 5,177 | 5,690 | ' | ||
Pension Plan Asset | Fixed income securities | Guaranteed annuity contracts | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 52,772 | 56,915 | ' | ||
Pension Plan Asset | Fixed income securities | Guaranteed annuity contracts | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 8,947 | 9,463 | ' | ||
Pension Plan Asset | Fixed income securities | Guaranteed annuity contracts | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 43,825 | 47,452 | ' | ||
Postretirement Benefit Plan Assets | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target Allocation | 100.00% | 100.00% | ' | ||
Fair value of plan assets | 474,718 | 433,260 | 382,670 | ||
Percentage of Plan Assets | 100.00% | 100.00% | ' | ||
Postretirement Benefit Plan Assets | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target Allocation | 100.00% | ' | ' | ||
Fair value of plan assets | 370,775 | 366,726 | ' | ||
Percentage of Plan Assets | 100.00% | ' | ' | ||
Postretirement Benefit Plan Assets | Non-bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target Allocation | 100.00% | 100.00% | ' | ||
Fair value of plan assets | 96,183 | 59,291 | ' | ||
Percentage of Plan Assets | 100.00% | 100.00% | ' | ||
Postretirement Benefit Plan Assets | Life VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target Allocation | 100.00% | 100.00% | ' | ||
Fair value of plan assets | 7,760 | 7,243 | ' | ||
Percentage of Plan Assets | 100.00% | 100.00% | ' | ||
Postretirement Benefit Plan Assets | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 353,443 | 237,355 | ' | ||
Postretirement Benefit Plan Assets | Level 1 | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 249,500 | 170,821 | ' | ||
Postretirement Benefit Plan Assets | Level 1 | Non-bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 96,183 | 59,291 | ' | ||
Postretirement Benefit Plan Assets | Level 1 | Life VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 7,760 | 7,243 | ' | ||
Postretirement Benefit Plan Assets | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 121,275 | 195,905 | ' | ||
Postretirement Benefit Plan Assets | Level 2 | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 121,275 | 195,905 | ' | ||
Postretirement Benefit Plan Assets | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | ' | ' | ||
Postretirement Benefit Plan Assets | Level 3 | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | ' | ' | ||
Postretirement Benefit Plan Assets | Level 3 | Non-bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | ' | ' | ||
Postretirement Benefit Plan Assets | Level 3 | Life VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | ' | ' | ||
Postretirement Benefit Plan Assets | US high yield bonds | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | ' | ' | ||
Postretirement Benefit Plan Assets | Cash | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 689 | 1,140 | ' | ||
Postretirement Benefit Plan Assets | Cash | Non-bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 3,451 | 855 | ' | ||
Percentage of Plan Assets | ' | 1.00% | ' | ||
Postretirement Benefit Plan Assets | Cash | Life VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 27 | 410 | ' | ||
Percentage of Plan Assets | ' | 6.00% | ' | ||
Postretirement Benefit Plan Assets | Cash | Level 1 | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 689 | 1,140 | ' | ||
Postretirement Benefit Plan Assets | Cash | Level 1 | Non-bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 3,451 | 855 | ' | ||
Postretirement Benefit Plan Assets | Cash | Level 1 | Life VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 27 | 410 | ' | ||
Postretirement Benefit Plan Assets | Cash | Level 3 | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | ' | ' | ||
Postretirement Benefit Plan Assets | Cash | Level 3 | Non-bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | ' | ' | ||
Postretirement Benefit Plan Assets | Cash | Level 3 | Life VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | ' | ' | ||
Postretirement Benefit Plan Assets | Equity Securities | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target Allocation | 60.00% | ' | ' | ||
Percentage of Plan Assets | 59.00% | ' | ' | ||
Postretirement Benefit Plan Assets | Equity Securities | U.S. large cap | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target Allocation | 18.00% | 16.00% | ' | ||
Fair value of plan assets | 72,108 | 59,054 | ' | ||
Percentage of Plan Assets | 19.00% | 16.00% | ' | ||
Postretirement Benefit Plan Assets | Equity Securities | U.S. large cap | Non-bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target Allocation | 21.00% | 100.00% | ' | ||
Fair value of plan assets | 41,430 | 58,436 | ' | ||
Percentage of Plan Assets | 43.00% | 99.00% | ' | ||
Postretirement Benefit Plan Assets | Equity Securities | U.S. large cap | Life VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target Allocation | 70.00% | 100.00% | ' | ||
Fair value of plan assets | 5,527 | 6,813 | ' | ||
Percentage of Plan Assets | 71.00% | 94.00% | ' | ||
Postretirement Benefit Plan Assets | Equity Securities | U.S. large cap | Level 1 | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 72,108 | 59,054 | ' | ||
Postretirement Benefit Plan Assets | Equity Securities | U.S. large cap | Level 1 | Non-bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 41,430 | 58,436 | ' | ||
Postretirement Benefit Plan Assets | Equity Securities | U.S. large cap | Level 1 | Life VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 5,527 | 6,813 | ' | ||
Postretirement Benefit Plan Assets | Equity Securities | U.S. large cap | Level 3 | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | ' | ' | ||
Postretirement Benefit Plan Assets | Equity Securities | U.S. large cap | Level 3 | Non-bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | ' | ' | ||
Postretirement Benefit Plan Assets | Equity Securities | U.S. large cap | Level 3 | Life VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | ' | ' | ||
Postretirement Benefit Plan Assets | Equity Securities | U.S. small cap value | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target Allocation | 7.00% | 8.00% | ' | ||
Fair value of plan assets | 26,574 | 26,965 | ' | ||
Percentage of Plan Assets | 7.00% | 8.00% | ' | ||
Postretirement Benefit Plan Assets | Equity Securities | U.S. small cap value | Non-bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target Allocation | 21.00% | ' | ' | ||
Percentage of Plan Assets | 0.00% | ' | ' | ||
Postretirement Benefit Plan Assets | Equity Securities | U.S. small cap value | Level 1 | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 26,574 | 26,965 | ' | ||
Postretirement Benefit Plan Assets | Equity Securities | U.S. small cap value | Level 3 | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | ' | ' | ||
Postretirement Benefit Plan Assets | Equity Securities | U.S. small cap value | Level 3 | Non-bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | ' | ' | ||
Postretirement Benefit Plan Assets | Equity Securities | International | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target Allocation | 15.00% | 21.00% | ' | ||
Fair value of plan assets | 55,888 | 77,837 | ' | ||
Percentage of Plan Assets | 15.00% | 21.00% | ' | ||
Postretirement Benefit Plan Assets | Equity Securities | International | Non-bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target Allocation | 28.00% | ' | ' | ||
Fair value of plan assets | 27,739 | ' | ' | ||
Percentage of Plan Assets | 29.00% | ' | ' | ||
Postretirement Benefit Plan Assets | Equity Securities | International | Level 1 | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 55,888 | 38,647 | ' | ||
Postretirement Benefit Plan Assets | Equity Securities | International | Level 1 | Non-bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 27,739 | ' | ' | ||
Postretirement Benefit Plan Assets | Equity Securities | International | Level 2 | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 39,190 | ' | ||
Postretirement Benefit Plan Assets | Equity Securities | International | Level 3 | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | ' | ' | ||
Postretirement Benefit Plan Assets | Equity Securities | International | Level 3 | Non-bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | ' | ' | ||
Postretirement Benefit Plan Assets | Equity Securities | Emerging Markets | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target Allocation | ' | 7.00% | ' | ||
Fair value of plan assets | ' | 25,505 | ' | ||
Percentage of Plan Assets | ' | 7.00% | ' | ||
Postretirement Benefit Plan Assets | Equity Securities | Emerging Markets | Level 2 | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 25,505 | ' | ||
Postretirement Benefit Plan Assets | Equity Securities | Emerging Markets | Level 3 | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | ' | ' | ||
Postretirement Benefit Plan Assets | Fixed income securities | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target Allocation | ' | 45.00% | ' | ||
Percentage of Plan Assets | ' | 45.00% | ' | ||
Postretirement Benefit Plan Assets | Fixed income securities | U.S. Treasury and government bonds | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 95,010 | 58,959 | ' | ||
Postretirement Benefit Plan Assets | Fixed income securities | U.S. Treasury and government bonds | Level 1 | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 91,578 | 42,332 | ' | ||
Postretirement Benefit Plan Assets | Fixed income securities | U.S. Treasury and government bonds | Level 2 | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 3,432 | 16,627 | ' | ||
Postretirement Benefit Plan Assets | Fixed income securities | U.S. Treasury and government bonds | Level 3 | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | ' | ' | ||
Postretirement Benefit Plan Assets | Fixed income securities | Corporate bonds | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 117,843 | 72,834 | ' | ||
Postretirement Benefit Plan Assets | Fixed income securities | Corporate bonds | Level 2 | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 117,843 | 72,834 | ' | ||
Postretirement Benefit Plan Assets | Fixed income securities | Corporate bonds | Level 3 | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | ' | ' | ||
Postretirement Benefit Plan Assets | Fixed income securities | Long duration bonds | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 2,043 | 1,273 | ' | ||
Postretirement Benefit Plan Assets | Fixed income securities | Long duration bonds | Level 1 | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 2,043 | 1,273 | ' | ||
Postretirement Benefit Plan Assets | Fixed income securities | Long duration bonds | Level 3 | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | ' | ' | ||
Postretirement Benefit Plan Assets | Fixed income securities | REITs | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target Allocation | ' | 3.00% | ' | ||
Fair value of plan assets | ' | 11,402 | ' | ||
Percentage of Plan Assets | ' | 3.00% | ' | ||
Postretirement Benefit Plan Assets | Fixed income securities | REITs | Level 2 | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 11,402 | ' | ||
Postretirement Benefit Plan Assets | Fixed income securities | REITs | Level 3 | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | ' | ' | ||
Postretirement Benefit Plan Assets | Fixed income securities | US high yield bonds | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 16,397 | ' | ||
Postretirement Benefit Plan Assets | Fixed income securities | US high yield bonds | Level 2 | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 16,397 | ' | ||
Postretirement Benefit Plan Assets | Fixed income securities | US high yield bonds | Level 3 | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | ' | ' | ||
Postretirement Benefit Plan Assets | Fixed income securities | International Bonds | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 13,950 | ' | ||
Postretirement Benefit Plan Assets | Fixed income securities | International Bonds | Level 2 | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 13,950 | ' | ||
Postretirement Benefit Plan Assets | Fixed income securities | International Bonds | Level 3 | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | ' | ' | ||
Postretirement Benefit Plan Assets | Fixed income securities | Future and option contracts | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 620 | [1] | 1,410 | [1] | ' |
Postretirement Benefit Plan Assets | Fixed income securities | Future and option contracts | Level 1 | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 620 | [1] | 1,410 | [1] | ' |
Postretirement Benefit Plan Assets | Fixed income securities | Future and option contracts | Level 3 | Bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | [1] | ' | [1] | ' |
Postretirement Benefit Plan Assets | Fixed income securities | Core fixed income bond fund | Non-bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target Allocation | 30.00% | ' | ' | ||
Fair value of plan assets | 23,563 | ' | ' | ||
Percentage of Plan Assets | 28.00% | ' | ' | ||
Postretirement Benefit Plan Assets | Fixed income securities | Core fixed income bond fund | Life VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Target Allocation | 30.00% | ' | ' | ||
Fair value of plan assets | 2,206 | ' | ' | ||
Percentage of Plan Assets | 29.00% | ' | ' | ||
Postretirement Benefit Plan Assets | Fixed income securities | Core fixed income bond fund | Level 1 | Non-bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 23,563 | ' | ' | ||
Postretirement Benefit Plan Assets | Fixed income securities | Core fixed income bond fund | Level 1 | Life VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 2,206 | ' | ' | ||
Postretirement Benefit Plan Assets | Fixed income securities | Core fixed income bond fund | Level 3 | Non-bargain VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | ' | ' | ||
Postretirement Benefit Plan Assets | Fixed income securities | Core fixed income bond fund | Level 3 | Life VEBA | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | ' | ' | ||
[1] | Includes cash for margin requirements. |
Schedule_of_Significant_Unobse
Schedule of Significant Unobservable Inputs (Details) (Pension Plan Asset, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets beginning balance | $1,157,697 | $981,068 |
Actual return on assets | 208,821 | 138,560 |
Fair value of plan assets ending balance | 1,383,621 | 1,157,697 |
Level 3 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets ending balance | 43,825 | 173,625 |
Level 3 | Guaranteed annuity contracts | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets beginning balance | 173,625 | 148,574 |
Actual return on assets | 10,384 | 28,420 |
Transfers in (out) | -140,184 | -3,369 |
Fair value of plan assets ending balance | $43,825 | $173,625 |
Schedule_of_Rollforward_Change
Schedule of Rollforward Changes in Benefit Obligation and Plan Assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Plan Asset | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Benefit obligation beginning balance | $1,621,244 | $1,401,954 | ' |
Service cost | 37,872 | 34,209 | 33,641 |
Interest cost | 68,096 | 70,866 | 69,047 |
Plan participants’ contributions | ' | ' | ' |
Amendments | ' | ' | ' |
Actuarial (gain) loss | -180,688 | 178,267 | ' |
Divestitures | ' | -73 | ' |
Curtailments | ' | -3,460 | ' |
Settlements | ' | -14,701 | ' |
Gross benefits paid | -52,392 | -45,818 | ' |
Federal subsidy | ' | ' | ' |
Benefit obligation ending balance | 1,494,132 | 1,621,244 | 1,401,954 |
Fair value of plan assets beginning balance | 1,157,697 | 981,068 | ' |
Actual return on assets | 208,821 | 138,560 | ' |
Employer contributions | 69,495 | 99,408 | ' |
Plan participants’ contributions | ' | ' | ' |
Settlements | ' | -10,799 | ' |
Divestitures | ' | -4,722 | ' |
Benefits paid | -52,392 | -45,818 | ' |
Fair value of plan assets ending balance | 1,383,621 | 1,157,697 | 981,068 |
Funded status ending balance | -110,511 | -463,547 | ' |
Noncurrent asset | ' | ' | ' |
Current liability | -1,969 | -1,900 | ' |
Noncurrent liability | -108,542 | -461,647 | ' |
Net amount recognized | 110,511 | 463,547 | ' |
Postretirement Benefit Plan Assets | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Benefit obligation beginning balance | 687,082 | 620,366 | ' |
Service cost | 15,282 | 14,207 | 13,938 |
Interest cost | 28,700 | 31,570 | 31,219 |
Plan participants’ contributions | 2,514 | 2,394 | ' |
Amendments | ' | -1,758 | ' |
Actuarial (gain) loss | -148,410 | 43,321 | ' |
Divestitures | ' | -94 | ' |
Curtailments | ' | ' | ' |
Settlements | ' | ' | ' |
Gross benefits paid | -25,263 | -24,910 | ' |
Federal subsidy | 2,018 | 1,986 | ' |
Benefit obligation ending balance | 561,923 | 687,082 | 620,366 |
Fair value of plan assets beginning balance | 433,260 | 382,670 | ' |
Actual return on assets | 36,202 | 42,981 | ' |
Employer contributions | 28,005 | 30,002 | ' |
Plan participants’ contributions | 2,514 | 2,394 | ' |
Settlements | ' | ' | ' |
Divestitures | ' | 123 | ' |
Benefits paid | -25,263 | -24,910 | ' |
Fair value of plan assets ending balance | 474,718 | 433,260 | 382,670 |
Funded status ending balance | -87,205 | -253,822 | ' |
Noncurrent asset | 1,271 | 377 | ' |
Current liability | -57 | -52 | ' |
Noncurrent liability | -88,419 | -254,147 | ' |
Net amount recognized | $87,205 | $253,822 | ' |
Summary_Of_Accumulated_Other_C
Summary Of Accumulated Other Comprehensive Income And Regulatory Assets (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plan Asset | ' | ' |
Schedule Of Pension And Other Postretirement Benefits Recognized In Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
Net actuarial loss | $145,376 | $483,626 |
Prior service cost (credit) | 4,418 | 5,142 |
Net amount recognized | 149,794 | 488,768 |
Regulatory assets | 90,380 | 294,136 |
Accumulated other comprehensive income | 59,414 | 194,632 |
Postretirement Benefit Plan Assets | ' | ' |
Schedule Of Pension And Other Postretirement Benefits Recognized In Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' |
Net actuarial loss | 17,632 | 183,087 |
Prior service cost (credit) | -14,519 | -16,708 |
Net amount recognized | 3,113 | 166,379 |
Regulatory assets | $3,113 | $166,379 |
Schedule_Of_Accumulated_And_Pr
Schedule Of Accumulated And Projected Benefit Obligations (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule Of Pension And Other Postretirement Benefits Changes In Benefit Obligation And Fair Value Of Plan Assets [Line Items] | ' | ' |
Projected benefit obligation | $1,494,000 | $1,621,000 |
Fair value of plan assets | 1,384,000 | 1,158,000 |
Accumulated benefit obligation | 43,000 | 1,472,000 |
Fair value of plan assets | $17,000 | $1,158,000 |
Schedule_Of_Expected_Cash_Flow
Schedule Of Expected Cash Flow For Pension And Post Retirement Benefit Plans (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Pension Plan Asset | ' |
Schedule Of Defined Contribution Pension And Other Postretirement Plans Disclosure [Line Items] | ' |
Expected employer contributions, 2014 | $7,680 |
Postretirement Benefit Plan Assets | ' |
Schedule Of Defined Contribution Pension And Other Postretirement Plans Disclosure [Line Items] | ' |
Expected employer contributions, 2014 | 3,034 |
To Plan Trusts | Pension Plan Asset | ' |
Schedule Of Defined Contribution Pension And Other Postretirement Plans Disclosure [Line Items] | ' |
Expected employer contributions, 2014 | 37,191 |
To Plan Trusts | Postretirement Benefit Plan Assets | ' |
Schedule Of Defined Contribution Pension And Other Postretirement Plans Disclosure [Line Items] | ' |
Expected employer contributions, 2014 | 12,137 |
To Plan Participants | Pension Plan Asset | ' |
Schedule Of Defined Contribution Pension And Other Postretirement Plans Disclosure [Line Items] | ' |
Expected employer contributions, 2014 | 1,970 |
To Plan Participants | Postretirement Benefit Plan Assets | ' |
Schedule Of Defined Contribution Pension And Other Postretirement Plans Disclosure [Line Items] | ' |
Expected employer contributions, 2014 | $81 |
Schedule_Of_Expected_Benefit_P
Schedule Of Expected Benefit Payments (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Expected Benefit Payments | Pension Plan Asset | ' |
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | ' |
2014 | $64,519 |
2015 | 70,453 |
2016 | 75,924 |
2017 | 81,491 |
2018 | 86,616 |
2019—2023 | 499,770 |
Expected Benefit Payments | Postretirement Benefit Plan Assets | ' |
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | ' |
2014 | 26,682 |
2015 | 29,299 |
2016 | 31,837 |
2017 | 34,529 |
2018 | 37,265 |
2019—2023 | 215,648 |
Expected Federal Subsidy Payments | Postretirement Benefit Plan Assets | ' |
Schedule Of Pension And Other Postretirement Benefits Expected Benefit Payments [Line Items] | ' |
2014 | 2,170 |
2015 | 2,335 |
2016 | 2,514 |
2017 | 2,705 |
2018 | 2,890 |
2019—2023 | $17,804 |
Schedule_Of_Pension_And_Post_R
Schedule Of Pension And Post Retirement Benefit Plans (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Benefit Obligations | Pension Plan Asset | ' | ' | ' |
Pension And Other Employee Benefit Plans [Line Items] | ' | ' | ' |
Weighted average assumptions used to determine benefit obligations, Discount rate | 5.12% | 4.17% | 5.02% |
Weighted average assumptions used to determine benefit obligations, Rate of compensation increase | 3.15% | 3.19% | 3.25% |
Benefit Obligations | Postretirement Benefit Plan Assets | ' | ' | ' |
Pension And Other Employee Benefit Plans [Line Items] | ' | ' | ' |
Weighted average assumptions used to determine benefit obligations, Discount rate | 5.10% | 4.16% | 5.05% |
Benefit Obligations | Postretirement Benefit Plan Assets | Maximum | ' | ' | ' |
Pension And Other Employee Benefit Plans [Line Items] | ' | ' | ' |
Weighted average assumptions used to determine benefit obligations and net periodic cost, Medical trend rate | 7.00% | 7.25% | 7.50% |
Benefit Obligations | Postretirement Benefit Plan Assets | Minimum | ' | ' | ' |
Pension And Other Employee Benefit Plans [Line Items] | ' | ' | ' |
Weighted average assumptions used to determine benefit obligations and net periodic cost, Medical trend rate | 5.00% | 5.00% | 5.00% |
Weighted average assumptions used to determine benefit obligations and net periodic cost, Year reaches Medical trend rate | '2019 | '2019 | '2019 |
Net Periodic Costs | Pension Plan Asset | ' | ' | ' |
Pension And Other Employee Benefit Plans [Line Items] | ' | ' | ' |
Weighted average assumptions used to determine net periodic cost, Discount rate | 4.17% | 5.02% | 5.32% |
Weighted average assumptions used to determine net periodic cost, Expected return on plan assets | 7.49% | 7.75% | 7.90% |
Weighted average assumptions used to determine net periodic cost, Rate of compensation increase | 3.19% | 3.25% | 3.50% |
Net Periodic Costs | Postretirement Benefit Plan Assets | ' | ' | ' |
Pension And Other Employee Benefit Plans [Line Items] | ' | ' | ' |
Weighted average assumptions used to determine net periodic cost, Discount rate | 4.16% | 5.05% | 5.27% |
Weighted average assumptions used to determine net periodic cost, Expected return on plan assets | 6.99% | 7.41% | 7.60% |
Net Periodic Costs | Postretirement Benefit Plan Assets | Maximum | ' | ' | ' |
Pension And Other Employee Benefit Plans [Line Items] | ' | ' | ' |
Weighted average assumptions used to determine benefit obligations and net periodic cost, Medical trend rate | 7.25% | 7.50% | 8.00% |
Net Periodic Costs | Postretirement Benefit Plan Assets | Minimum | ' | ' | ' |
Pension And Other Employee Benefit Plans [Line Items] | ' | ' | ' |
Weighted average assumptions used to determine benefit obligations and net periodic cost, Medical trend rate | 5.00% | 5.00% | 5.00% |
Weighted average assumptions used to determine benefit obligations and net periodic cost, Year reaches Medical trend rate | '2019 | '2019 | '2017 |
Schedule_Of_Effect_Of_One_Perc
Schedule Of Effect Of One Percentage Point Change In Assumed Health Care Cost Trend Rates (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Assumed Health Care Cost Trend Rates Effect Of One Percentage Point Change [Line Items] | ' |
Effect on total of service and interest cost components, One - Percentage - Point Increase | $7,367 |
Effect on other postretirement benefit obligation, One - Percentage - Point Increase | 72,238 |
Effect on total of service and interest cost components, One - Percentage - Point Decrease | -5,974 |
Effect on other postretirement benefit obligation One - Percentage - Point Decrease | ($60,261) |
Schedule_of_Net_Periodic_Benef
Schedule of Net Periodic Benefit Cost Components (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Amortization of actuarial (gain) loss | ($8,911) | ($7,301) | ($4,504) |
Amortization of prior service credit (cost) | -174 | -176 | -175 |
Current year actuarial (gain) loss | -73,472 | 26,425 | 30,497 |
Total recognized in other comprehensive income | -82,557 | 18,948 | 25,818 |
Total recognized in net periodic benefit cost and comprehensive income | -27,124 | 82,245 | 75,670 |
Pension Plan Asset | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 37,872 | 34,209 | 33,641 |
Interest cost | 68,096 | 70,866 | 69,047 |
Expected return on plan assets | -88,429 | -79,272 | -72,109 |
Amortization of prior service cost (credit) | 724 | 723 | 722 |
Amortization of actuarial (gain) loss | 37,170 | 29,636 | 18,551 |
Settlement loss | ' | 7,135 | ' |
Net periodic pension benefit cost | 55,433 | 63,297 | 49,852 |
Postretirement Benefit Plan Assets | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 15,282 | 14,207 | 13,938 |
Interest cost | 28,700 | 31,570 | 31,219 |
Expected return on plan assets | -30,285 | -28,711 | -28,779 |
Amortization of prior service cost (credit) | -2,189 | -1,915 | -1,924 |
Amortization of actuarial (gain) loss | 11,128 | 9,537 | 7,133 |
Net periodic pension benefit cost | 22,636 | 23,992 | 21,587 |
Other | ' | ($696) | ' |
Schedule_of_Estimated_Amounts_
Schedule of Estimated Amounts Amortized Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Pension Plan Asset | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Actuarial (gain) loss | ($131) |
Prior service cost (credit) | 724 |
Net amount recognized | 593 |
Postretirement Benefit Plan Assets | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Actuarial (gain) loss | -81 |
Prior service cost (credit) | -2,189 |
Net amount recognized | ($2,270) |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments And Contingencies Disclosure [Line Items] | ' | ' | ' |
Loss contingency, estimate of possible loss | $3,400 | ' | ' |
Loss contingency, range of possible loss, maximum | 30,400 | ' | ' |
Estimated capital expenditures under legal and binding contractual obligations | 263,766 | ' | ' |
Expenses for purchase of water from regulated subsidiaries | 114,471 | 115,426 | 104,384 |
Estimated annual commitment related to purchase of water in 2014 | 54,288 | ' | ' |
Estimated annual commitment related to purchase of water in 2015 | 54,751 | ' | ' |
Estimated annual commitment related to purchase of water in 2016 | 50,864 | ' | ' |
Estimated annual commitment related to purchase of water in 2017 | 44,043 | ' | ' |
Estimated annual commitment related to purchase of water in 2018 | 42,974 | ' | ' |
Estimated annual commitment related to purchase of water thereafter | 468,523 | ' | ' |
Military Services Agreements | ' | ' | ' |
Commitments And Contingencies Disclosure [Line Items] | ' | ' | ' |
Estimated remaining contract revenue | 1,988,000 | ' | ' |
Military Services Agreements | Minimum | ' | ' | ' |
Commitments And Contingencies Disclosure [Line Items] | ' | ' | ' |
Agreements expiration period | '2051 | ' | ' |
Military Services Agreements | Maximum | ' | ' | ' |
Commitments And Contingencies Disclosure [Line Items] | ' | ' | ' |
Agreements expiration period | '2060 | ' | ' |
Operations And Maintenance | ' | ' | ' |
Commitments And Contingencies Disclosure [Line Items] | ' | ' | ' |
Estimated remaining contract revenue | $928,000 | ' | ' |
Operations And Maintenance | Minimum | ' | ' | ' |
Commitments And Contingencies Disclosure [Line Items] | ' | ' | ' |
Agreements expiration period | '2014 | ' | ' |
Operations And Maintenance | Maximum | ' | ' | ' |
Commitments And Contingencies Disclosure [Line Items] | ' | ' | ' |
Agreements expiration period | '2048 | ' | ' |
Reconciliation_of_Income_Loss_
Reconciliation of Income (Loss) from Continuing Operations, Income (Loss) from Discontinued Operations and Net Income (Loss) and Weighted Average Common Shares Outstanding for Calculating Basic Earnings (Loss) Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Earnings Per Share Basic [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income from continuing operations | $59,693 | $150,665 | $101,263 | $57,643 | $54,224 | $154,111 | $116,663 | $49,252 | $369,264 | $374,250 | $304,929 | |||
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -16,180 | 4,684 | |||
Net income | 59,693 | 150,665 | 101,263 | 57,643 | 55,478 | 153,812 | 107,026 | 41,754 | 369,264 | 358,070 | 309,613 | |||
Less: Distributed earnings to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 150,038 | 214,541 | 158,708 | |||
Less: Distributed earnings to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | 60 | 86 | 68 | |||
Undistributed earnings | ' | ' | ' | ' | ' | ' | ' | ' | 219,166 | 143,443 | 150,837 | |||
Undistributed earnings allocated to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 219,082 | 143,385 | 150,772 | |||
Undistributed earnings allocated to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | 84 | 58 | 65 | |||
Total income from continuing operations available to common shareholders, basic | ' | ' | ' | ' | ' | ' | ' | ' | 369,120 | 374,106 | 304,796 | |||
Total income available to common shareholders, basic | ' | ' | ' | ' | ' | ' | ' | ' | $369,120 | $357,926 | $309,480 | |||
Weighted-average common shares outstanding, basic | ' | ' | ' | ' | ' | ' | ' | ' | 177,814 | 176,445 | 175,484 | |||
Income from continuing operations | $0.33 | $0.85 | $0.57 | $0.32 | $0.31 | $0.87 | $0.66 | $0.28 | $2.08 | [1] | $2.12 | [1] | $1.74 | [1] |
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | $0 | [1] | ($0.09) | [1] | $0.03 | [1] |
Net income | $0.33 | $0.85 | $0.57 | $0.32 | $0.31 | $0.87 | $0.61 | $0.24 | $2.08 | [1] | $2.03 | [1] | $1.76 | [1] |
[1] | Amounts may not sum due to rounding. |
Reconciliation_of_Income_Loss_1
Reconciliation of Income (Loss) from Continuing Operations, Income (Loss) from Discontinued Operations and Net Income (Loss) and Weighted Average Common Shares Outstanding for Calculating Diluted Earnings (Loss) Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Earnings Per Share Diluted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total income from continuing operations available to common shareholders, basic | ' | ' | ' | ' | ' | ' | ' | ' | $369,120 | $374,106 | $304,796 | |||
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -16,180 | 4,684 | |||
Total income available to common shareholders, basic | ' | ' | ' | ' | ' | ' | ' | ' | 369,120 | 357,926 | 309,480 | |||
Undistributed earnings allocated to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | 84 | 58 | 65 | |||
Total income from continuing operations available to common shareholders, diluted | ' | ' | ' | ' | ' | ' | ' | ' | 369,204 | 374,164 | 304,861 | |||
Total income available to common shareholders, diluted | ' | ' | ' | ' | ' | ' | ' | ' | $369,204 | $357,984 | $309,545 | |||
Weighted-average common shares outstanding, basic | ' | ' | ' | ' | ' | ' | ' | ' | 177,814 | 176,445 | 175,484 | |||
Weighted-average common shares outstanding, diluted | ' | ' | ' | ' | ' | ' | ' | ' | 179,056 | 177,671 | 176,531 | |||
Income from continuing operations | $0.33 | $0.84 | $0.57 | $0.32 | $0.30 | $0.87 | $0.66 | $0.28 | $2.06 | [1] | $2.11 | [1] | $1.73 | [1] |
Income (loss) from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | $0 | [1] | ($0.09) | [1] | $0.03 | [1] |
Net income | $0.33 | $0.84 | $0.57 | $0.32 | $0.31 | $0.86 | $0.60 | $0.24 | $2.06 | [1] | $2.01 | [1] | $1.75 | [1] |
Restricted Stock Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Earnings Per Share Diluted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Employee stock purchase plan | ' | ' | ' | ' | ' | ' | ' | ' | 510 | 618 | 556 | |||
Stock Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Earnings Per Share Diluted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Employee stock purchase plan | ' | ' | ' | ' | ' | ' | ' | ' | 730 | 607 | 490 | |||
Employee Stock Purchase Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Earnings Per Share Diluted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Employee stock purchase plan | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 1 | 1 | |||
[1] | Amounts may not sum due to rounding. |
Potentially_Dilutive_Common_St
Potentially Dilutive Common Stock Equivalents were not Included in Earnings (Loss) Per Share Calculations Because they were Anti-Dilutive (Details) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Options | ' | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ' | ' | ' |
Potentially dilutive common stock equivalents not included in the earnings (loss) per share calculations | 327 | 619 | 711 |
Restricted Stock Units Performance Conditions Not Met | ' | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ' | ' | ' |
Potentially dilutive common stock equivalents not included in the earnings (loss) per share calculations | 20 | 19 | 22 |
Carrying_Amounts_and_Fair_Valu
Carrying Amounts and Fair Values of Financial Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Preferred stock with mandatory redemption requirements, carrying amount | $18,827 | $20,511 |
Long-term debt (excluding capital lease obligations), carrying amount | 5,224,492 | 5,303,729 |
Preferred stock with mandatory redemption requirements, fair value | 22,795 | 27,263 |
Long-term debt (excluding capital lease obligations), fair value | 5,783,265 | 6,330,895 |
Level 1 | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Preferred stock with mandatory redemption requirements, fair value | 0 | 0 |
Long-term debt (excluding capital lease obligations), fair value | 2,263,355 | 2,400,847 |
Level 2 | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Preferred stock with mandatory redemption requirements, fair value | 0 | 0 |
Long-term debt (excluding capital lease obligations), fair value | 1,462,404 | 1,677,776 |
Level 3 | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Preferred stock with mandatory redemption requirements, fair value | 22,795 | 27,263 |
Long-term debt (excluding capital lease obligations), fair value | $2,057,506 | $2,252,272 |
Fair_Value_Measurements_of_Ass
Fair Value Measurements of Assets and Liabilities on Recurring Basis (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Restricted funds | $29,259 | $40,547 |
Rabbi trust investments | 444 | 481 |
Deposits | 1,901 | 2,103 |
Mark-to-market derivative asset | 4,776 | 7,909 |
Total assets | 36,380 | 51,040 |
Deferred compensation obligation | 11,928 | 10,237 |
Mark-to-market derivative liability | 1,276 | ' |
Total liabilities | 13,204 | 10,237 |
Total net assets (liabilities) | 23,176 | 40,803 |
Level 1 | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Restricted funds | 29,259 | 40,547 |
Rabbi trust investments | 0 | 0 |
Deposits | 1,901 | 2,103 |
Mark-to-market derivative asset | 0 | 0 |
Total assets | 31,160 | 42,650 |
Deferred compensation obligation | 0 | 0 |
Mark-to-market derivative liability | 0 | ' |
Total liabilities | 0 | 0 |
Total net assets (liabilities) | 31,160 | 42,650 |
Level 2 | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Restricted funds | 0 | 0 |
Rabbi trust investments | 444 | 481 |
Deposits | 0 | 0 |
Mark-to-market derivative asset | 4,776 | 7,909 |
Total assets | 5,220 | 8,390 |
Deferred compensation obligation | 11,928 | 10,237 |
Mark-to-market derivative liability | 1,276 | ' |
Total liabilities | 13,204 | 10,237 |
Total net assets (liabilities) | -7,984 | -1,847 |
Level 3 | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Restricted funds | 0 | 0 |
Rabbi trust investments | 0 | 0 |
Deposits | 0 | 0 |
Mark-to-market derivative asset | 0 | 0 |
Total assets | 0 | 0 |
Deferred compensation obligation | 0 | 0 |
Mark-to-market derivative liability | 0 | ' |
Total liabilities | 0 | 0 |
Total net assets (liabilities) | $0 | $0 |
Fair_Values_of_Financial_Instr2
Fair Values of Financial Instruments - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Goodwill impairment charges | $0 | $0 | $0 |
Leases_Additional_Information_
Leases - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Leased Assets [Line Items] | ' | ' | ' |
Rental expenses under operating leases | $24,301 | $28,149 | $32,752 |
Minimum annual future rental commitment, 2014 | 15,898 | ' | ' |
Minimum annual future rental commitment, 2015 | 13,396 | ' | ' |
Minimum annual future rental commitment, 2016 | 10,921 | ' | ' |
Minimum annual future rental commitment, 2017 | 9,949 | ' | ' |
Minimum annual future rental commitment, 2018 | 8,048 | ' | ' |
Minimum annual future rental commitment, thereafter | 89,318 | ' | ' |
Capital lease asset | 158,115 | 158,565 | ' |
Equipment | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Operating leases expiration term, years | '5 years | ' | ' |
Facilities | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Operating leases expiration term, years | '20 years | ' | ' |
Minimum annual future rental commitment, 2014 | 3,755 | ' | ' |
Minimum annual future rental commitment, 2015 | 3,755 | ' | ' |
Minimum annual future rental commitment, 2016 | 3,755 | ' | ' |
Minimum annual future rental commitment, 2017 | 3,755 | ' | ' |
Minimum annual future rental commitment, 2018 | 3,755 | ' | ' |
Minimum annual future rental commitment, thereafter | $77,072 | ' | ' |
Utilities | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Operating leases expiration term, years | '40 years | ' | ' |
Summarized_Segment_Information
Summarized Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net operating revenues | $712,260 | $829,196 | $724,265 | $636,137 | $680,913 | $831,815 | $745,607 | $618,554 | $2,901,858 | $2,876,889 | $2,666,236 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 407,718 | 381,503 | 351,821 |
Total operating expenses, net | ' | ' | ' | ' | ' | ' | ' | ' | 1,956,009 | 1,951,916 | 1,863,100 |
Income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 605,470 | 631,258 | 503,680 |
Total assets | 15,069,533 | ' | ' | ' | 14,718,976 | ' | ' | ' | 15,069,533 | 14,718,976 | 14,776,391 |
Assets of discontinued operations (included in total assets above) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 929,858 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 980,252 | 928,574 | 924,858 |
Capital expenditures of discontinued operations (included in above) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,884 | 21,138 |
Operating Segments | Regulated Unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,593,918 | 2,564,434 | 2,368,891 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 375,939 | 349,629 | 321,540 |
Total operating expenses, net | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,052 | 1,685,734 | 1,609,276 |
Income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 654,834 | 649,117 | 535,445 |
Total assets | 13,429,087 | ' | ' | ' | 12,680,856 | ' | ' | ' | 13,429,087 | 12,680,856 | 12,843,820 |
Assets of discontinued operations (included in total assets above) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 904,391 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 973,301 | 921,500 | 920,210 |
Capital expenditures of discontinued operations (included in above) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,884 | 21,052 |
Operating Segments | Market-Based Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 325,463 | 330,329 | 327,815 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 7,013 | 6,661 | 6,822 |
Total operating expenses, net | ' | ' | ' | ' | ' | ' | ' | ' | 277,691 | 288,099 | 290,768 |
Income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 50,637 | 45,817 | 39,324 |
Total assets | 286,048 | ' | ' | ' | 260,255 | ' | ' | ' | 286,048 | 260,255 | 256,110 |
Assets of discontinued operations (included in total assets above) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 6,951 | 7,074 | 4,648 |
Capital expenditures of discontinued operations (included in above) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 86 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | -17,523 | -17,874 | -30,470 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 24,766 | 25,213 | 23,459 |
Total operating expenses, net | ' | ' | ' | ' | ' | ' | ' | ' | -21,734 | -21,917 | -36,944 |
Income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -100,001 | -63,676 | -71,089 |
Total assets | 1,354,398 | ' | ' | ' | 1,777,865 | ' | ' | ' | 1,354,398 | 1,777,865 | 1,676,461 |
Assets of discontinued operations (included in total assets above) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,467 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Capital expenditures of discontinued operations (included in above) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 |
Segment_Information_Additional
Segment Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Segment | |
Segment Reporting Information [Line Items] | ' |
Number of Operating Segments | 2 |
Segment Reporting, Additional Information about Entity's Reportable Segments | 'The Regulated Businesses segment includes the Company’s 18 utility subsidiaries in continuing operations that provide water and wastewater services to customers in 16 U.S. states. With the exception of one company, each of these public utility subsidiaries is subject to regulation by public utility commissions and local governments. |
Schedule_Of_Unaudited_Quarterl
Schedule Of Unaudited Quarterly Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Quarterly Financial Data [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating revenues | $712,260 | $829,196 | $724,265 | $636,137 | $680,913 | $831,815 | $745,607 | $618,554 | $2,901,858 | $2,876,889 | $2,666,236 | |||
Operating income | 215,854 | 323,875 | 241,887 | 164,233 | 166,963 | 327,640 | 270,632 | 159,738 | 945,849 | 924,973 | 803,136 | |||
Income from continuing operations | 59,693 | 150,665 | 101,263 | 57,643 | 54,224 | 154,111 | 116,663 | 49,252 | 369,264 | 374,250 | 304,929 | |||
Net income | $59,693 | $150,665 | $101,263 | $57,643 | $55,478 | $153,812 | $107,026 | $41,754 | $369,264 | $358,070 | $309,613 | |||
Basic earnings per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income from continuing operations | $0.33 | $0.85 | $0.57 | $0.32 | $0.31 | $0.87 | $0.66 | $0.28 | $2.08 | [1] | $2.12 | [1] | $1.74 | [1] |
Net income | $0.33 | $0.85 | $0.57 | $0.32 | $0.31 | $0.87 | $0.61 | $0.24 | $2.08 | [1] | $2.03 | [1] | $1.76 | [1] |
Diluted earnings per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Income from continuing operations | $0.33 | $0.84 | $0.57 | $0.32 | $0.30 | $0.87 | $0.66 | $0.28 | $2.06 | [1] | $2.11 | [1] | $1.73 | [1] |
Net income | $0.33 | $0.84 | $0.57 | $0.32 | $0.31 | $0.86 | $0.60 | $0.24 | $2.06 | [1] | $2.01 | [1] | $1.75 | [1] |
[1] | Amounts may not sum due to rounding. |