Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'MDU RESOURCES GROUP INC | ' |
Entity Central Index Key | '0000067716 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 191,604,704 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating revenues: | ' | ' |
Electric, natural gas distribution and pipeline and energy services | $491,541 | $424,124 |
Exploration and production, construction materials and contracting, construction services and other | 551,312 | 507,480 |
Total operating revenues | 1,042,853 | 931,604 |
Operating expenses: | ' | ' |
Fuel and purchased power | 26,544 | 21,608 |
Purchased natural gas sold | 244,892 | 199,187 |
Operation and maintenance: | ' | ' |
Electric, natural gas distribution and pipeline and energy services | 67,284 | 66,101 |
Exploration and production, construction materials and contracting, construction services and other | 445,951 | 394,019 |
Depreciation, depletion and amortization | 99,557 | 93,561 |
Taxes, other than income | 55,721 | 52,597 |
Total operating expenses | 939,949 | 827,073 |
Operating income | 102,904 | 104,531 |
Earnings (loss) from equity method investments | 51 | -311 |
Other income | 2,132 | 1,242 |
Interest expense | 20,971 | 20,874 |
Income before income taxes | 84,116 | 84,588 |
Income taxes | 27,932 | 27,996 |
Income from continuing operations | 56,184 | 56,592 |
Loss from discontinued operations, net of tax (Note 9) | -45 | -77 |
Net income (loss) | 56,139 | 56,515 |
Net loss attributable to noncontrolling interest | -523 | 0 |
Dividends declared on preferred stocks | 171 | 171 |
Earnings on common stock | $56,491 | $56,344 |
Earnings per common share - basic: | ' | ' |
Earnings before discontinued operations | $0.30 | $0.30 |
Discontinued operations, net of tax | $0 | $0 |
Earnings per common share - basic | $0.30 | $0.30 |
Earnings per common share - diluted: | ' | ' |
Earnings before discontinued operations | $0.30 | $0.30 |
Discontinued operations, net of tax | $0 | $0 |
Earnings per common share - diluted | $0.30 | $0.30 |
Dividends declared per common share | $0.18 | $0.17 |
Weighted average common shares outstanding - basic | 189,820 | 188,831 |
Weighted average common shares outstanding - diluted | 190,432 | 189,222 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Consolidated Statements of Comprehensive Income [Abstract] | ' | ' |
Net income (loss) | $56,139 | $56,515 |
Net unrealized gain (loss) on derivative instruments qualifying as hedges: | ' | ' |
Net unrealized loss on derivative instruments arising during the period, net of tax of $0 and $(3,168) for the three months ended in 2014 and 2013, respectively | 0 | -5,849 |
Reclassification adjustment for (gain) loss on derivative instruments included in net income, net of tax of $204 and $(1,626) for the three months ended in 2014 and 2013, respectively | 344 | -2,772 |
Net unrealized gain (loss) on derivative instruments qualifying as hedges | 344 | -8,621 |
Amortization of postretirement liability losses included in net periodic benefit cost, net of tax of $168 and $319 for the three months ended in 2014 and 2013, respectively | 275 | 648 |
Foreign currency translation adjustment recognized during the period, net of tax of $28 and $37 for the three months ended in 2014 and 2013, respectively | 46 | 88 |
Net unrealized gain (loss) on available-for-sale investments: | ' | ' |
Net unrealized loss on available-for-sale investments arising during the period, net of tax of $(19) and $(24) for the three months ended in 2014 and 2013, respectively | -36 | -44 |
Reclassification adjustment for loss on available-for-sale investments included in net income, net of tax of $20 and $19 for the three months ended in 2014 and 2013, respectively | 38 | 35 |
Net unrealized gain (loss) on available-for-sale investments | 2 | -9 |
Other comprehensive income (loss) | 667 | -7,894 |
Comprehensive income | 56,806 | 48,621 |
Comprehensive loss attributable to noncontrolling interest | -523 | 0 |
Comprehensive income attributable to common stockholders | $57,329 | $48,621 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income - Parenthetical (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net unrealized gain (loss) on derivative instruments arising during the period, tax | $0 | ($3,168) |
Reclassification adjustment for (gain) loss on derivative instruments included in net income, tax | 204 | -1,626 |
Amortization of postretirement liability losses included in net periodic benefit cost, tax | 168 | 319 |
Foreign currency translation adjustments arising during the period, tax | 28 | 37 |
Net unrealized gain (loss) on available-for-sale investments arising during the period, tax | -19 | -24 |
Reclassification adjustment for (gain) loss on available-for-sale investments included in net income, tax | $20 | $19 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | |||
In Thousands, unless otherwise specified | ||||||
Current assets: | ' | ' | ' | |||
Cash and cash equivalents | $83,700 | $45,225 | $74,149 | |||
Receivables, net | 690,761 | 713,067 | 635,564 | |||
Inventories | 301,332 | 282,391 | 334,872 | |||
Deferred income taxes | 29,427 | 25,048 | 29,885 | |||
Commodity derivative instruments | 81 | 1,447 | 5,936 | |||
Prepayments and other current assets | 99,229 | 49,510 | 68,828 | |||
Total current assets | 1,204,530 | 1,116,688 | 1,149,234 | |||
Investments | 113,763 | 112,939 | 106,846 | |||
Property, plant and equipment | 9,150,269 | 8,803,866 | 8,303,065 | |||
Less accumulated depreciation, depletion and amortization | 3,954,442 | 3,872,487 | 3,678,535 | |||
Net property, plant and equipment | 5,195,827 | 4,931,379 | 4,624,530 | |||
Deferred charges and other assets: | ' | ' | ' | |||
Goodwill | 636,039 | [1] | 636,039 | [1] | 636,039 | [1] |
Other intangible assets, net | 12,296 | 13,099 | 16,318 | |||
Other | 246,394 | 251,188 | 295,215 | |||
Total deferred charges and other assets | 894,729 | 900,326 | 947,572 | |||
Total assets | 7,408,849 | 7,061,332 | 6,828,182 | |||
Current liabilities: | ' | ' | ' | |||
Short-term borrowings | 0 | 11,500 | 37,500 | |||
Long-term debt due within one year | 12,227 | 12,277 | 171,094 | |||
Accounts payable | 399,935 | 404,961 | 375,942 | |||
Taxes payable | 61,847 | 74,175 | 55,748 | |||
Dividends payable | 33,980 | 33,737 | 32,744 | |||
Accrued compensation | 40,016 | 69,661 | 31,382 | |||
Commodity derivative instruments | 12,186 | 7,483 | 7,379 | |||
Other accrued liabilities | 185,287 | 171,106 | 205,394 | |||
Total current liabilities | 745,478 | 784,900 | 917,183 | |||
Long-term debt | 2,093,605 | 1,842,286 | 1,618,569 | |||
Deferred credits and other liabilities: | ' | ' | ' | |||
Deferred income taxes | 899,420 | 859,306 | 802,805 | |||
Other liabilities | 720,542 | 718,938 | 814,643 | |||
Total deferred credits and other liabilities | 1,619,962 | 1,578,244 | 1,617,448 | |||
Equity: | ' | ' | ' | |||
Preferred stocks | 15,000 | 15,000 | 15,000 | |||
Common stockholders' equity: | ' | ' | ' | |||
Authorized - 500,000,000 shares, $1.00 par value. Shares issued - 191,838,720 at March 31, 2014, 189,369,450 at March 31, 2013 and 189,868,780 at December 31, 2013 | 191,839 | 189,869 | 189,369 | |||
Other paid-in-capital | 1,110,221 | 1,056,996 | 1,038,970 | |||
Retained earnings | 1,625,692 | 1,603,130 | 1,480,784 | |||
Accumulated other comprehensive loss | -37,538 | -38,205 | -56,615 | |||
Treasury stock at cost - 538,921 shares | -3,626 | -3,626 | -3,626 | |||
Total common stockholders' equity | 2,886,588 | 2,808,164 | 2,648,882 | |||
Total stockholders' equity | 2,901,588 | 2,823,164 | 2,663,882 | |||
Noncontrolling interest | 48,216 | 32,738 | 11,100 | |||
Total equity | 2,949,804 | 2,855,902 | 2,674,982 | |||
Total liabilities and equity | $7,408,849 | $7,061,332 | $6,828,182 | |||
[1] | Balance is presented net of accumulated impairment of $12.3 million at the pipeline and energy services segment, which occurred in prior periods. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Stockholders' equity: | ' | ' | ' |
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Common stock, par value | $1 | $1 | $1 |
Common stock, shares issued | 191,838,720 | 189,868,780 | 189,369,450 |
Treasury shares | 538,921 | 538,921 | 538,921 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating activities: | ' | ' |
Net income (loss) | $56,139 | $56,515 |
Loss from discontinued operations, net of tax | -45 | -77 |
Income from continuing operations | 56,184 | 56,592 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | 99,557 | 93,561 |
Earnings (loss), net of distributions, from equity method investments | -51 | 1,277 |
Deferred income taxes | 35,965 | 44,663 |
Unrealized loss on commodity derivatives | 6,712 | 5,832 |
Changes in current assets and liabilities, net of acquisitions: | ' | ' |
Receivables | 25,611 | 32,206 |
Inventories | -19,809 | -19,126 |
Other current assets | -22,324 | -25,855 |
Accounts payable | -11,525 | -35,091 |
Other current liabilities | -28,355 | -7,338 |
Other noncurrent changes | -4,936 | -10,150 |
Net cash provided by continuing operations | 137,029 | 136,571 |
Net cash provided by discontinued operations | 8 | 303 |
Net cash provided by operating activities | 137,037 | 136,874 |
Investing activities: | ' | ' |
Capital expenditures | -179,646 | -188,475 |
Acquisitions, net of cash acquired | -206,304 | 0 |
Net proceeds from sale or disposition of property and other | 5,179 | 18,176 |
Investments | 458 | -514 |
Net cash used in continuing operations | -380,313 | -170,813 |
Net cash provided by discontinued operations | 0 | 0 |
Net cash used in investing activities | -380,313 | -170,813 |
Financing activities: | ' | ' |
Issuance of short-term borrowings | 0 | 9,300 |
Repayment of short-term borrowings | -11,500 | 0 |
Issuance of long-term debt | 309,501 | 112,015 |
Repayment of long-term debt | -58,232 | -67,123 |
Proceeds from issuance of common stock | 54,843 | 0 |
Dividends paid | -33,737 | -171 |
Excess tax benefit on stock-based compensation | 4,833 | 0 |
Contribution from noncontrolling interest | 16,000 | 5,000 |
Net cash provided by continuing operations | 281,708 | 59,021 |
Net cash provided by discontinued operations | 0 | 0 |
Net cash provided by financing activities | 281,708 | 59,021 |
Effect of exchange rate changes on cash and cash equivalents | 43 | 25 |
Increase in cash and cash equivalents | 38,475 | 25,107 |
Cash and cash equivalents - beginning of year | 45,225 | 49,042 |
Cash and cash equivalents - end of period | $83,700 | $74,149 |
Basis_of_presentation
Basis of presentation | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of presentation | ' |
Basis of presentation | |
The accompanying consolidated interim financial statements were prepared in conformity with the basis of presentation reflected in the consolidated financial statements included in the Company's 2013 Annual Report, and the standards of accounting measurement set forth in the interim reporting guidance in the ASC and any amendments thereto adopted by the FASB. Interim financial statements do not include all disclosures provided in annual financial statements and, accordingly, these financial statements should be read in conjunction with those appearing in the 2013 Annual Report. The information is unaudited but includes all adjustments that are, in the opinion of management, necessary for a fair presentation of the accompanying consolidated interim financial statements and are of a normal recurring nature. Depreciation, depletion and amortization expense is reported separately on the Consolidated Statements of Income and therefore is excluded from the other line items within operating expenses. Management has also evaluated the impact of events occurring after March 31, 2014, up to the date of issuance of these consolidated interim financial statements. |
Seasonality_of_operations
Seasonality of operations | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Seasonality of operations | ' |
Seasonality of operations | |
Some of the Company's operations are highly seasonal and revenues from, and certain expenses for, such operations may fluctuate significantly among quarterly periods. Accordingly, the interim results for particular businesses, and for the Company as a whole, may not be indicative of results for the full fiscal year. |
Accounts_receivable_and_allowa
Accounts receivable and allowance for doubtful accounts | 3 Months Ended |
Mar. 31, 2014 | |
Receivables [Abstract] | ' |
Accounts receivable and allowance for doubtful accounts | ' |
Accounts receivable and allowance for doubtful accounts | |
Accounts receivable consist primarily of trade receivables from the sale of goods and services which are recorded at the invoiced amount net of allowance for doubtful accounts, and costs and estimated earnings in excess of billings on uncompleted contracts. The total balance of receivables past due 90 days or more was $22.6 million, $39.6 million and $36.4 million at March 31, 2014 and 2013, and December 31, 2013, respectively. | |
The allowance for doubtful accounts is determined through a review of past due balances and other specific account data. Account balances are written off when management determines the amounts to be uncollectible. The Company's allowance for doubtful accounts at March 31, 2014 and 2013, and December 31, 2013, was $10.9 million, $10.8 million and $10.1 million, respectively. |
Inventories_and_natural_gas_in
Inventories and natural gas in storage | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||
Inventories and natural gas in storage | ' | |||||||||
Inventories and natural gas in storage | ||||||||||
Inventories, other than natural gas in storage for the Company's regulated operations, are stated at the lower of average cost or market value. Natural gas in storage for the Company's regulated operations is generally carried at average cost, or cost using the last-in, first-out method. The portion of the cost of natural gas in storage expected to be used within one year is included in inventories. Inventories consisted of: | ||||||||||
March 31, | March 31, | December 31, | ||||||||
2014 | 2013 | 2013 | ||||||||
(In thousands) | ||||||||||
Aggregates held for resale | $ | 104,106 | $ | 98,120 | $ | 101,568 | ||||
Asphalt oil | 66,292 | 94,332 | 38,099 | |||||||
Materials and supplies | 68,809 | 75,868 | 69,808 | |||||||
Merchandise for resale | 22,463 | 24,342 | 21,720 | |||||||
Natural gas in storage (current) | 6,129 | 12,811 | 16,417 | |||||||
Other | 33,533 | 29,399 | 34,779 | |||||||
Total | $ | 301,332 | $ | 334,872 | $ | 282,391 | ||||
The remainder of natural gas in storage, which largely represents the cost of gas required to maintain pressure levels for normal operating purposes, is included in other assets and was $47.4 million, $49.6 million, and $48.3 million at March 31, 2014 and 2013, and December 31, 2013, respectively. |
Earnings_per_common_share
Earnings per common share | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Earnings Per Share [Abstract] | ' | ||||
Earnings per common share | ' | ||||
Earnings per common share | |||||
Basic earnings per common share were computed by dividing earnings on common stock by the weighted average number of shares of common stock outstanding during the applicable period. Diluted earnings per common share were computed by dividing earnings on common stock by the total of the weighted average number of shares of common stock outstanding during the applicable period, plus the effect of outstanding performance share awards. Common stock outstanding includes issued shares less shares held in treasury. Net income was the same for both the basic and diluted earnings per share calculations. A reconciliation of the weighted average common shares outstanding used in the basic and diluted earnings per share calculations was as follows: | |||||
Three Months Ended | |||||
March 31, | |||||
2014 | 2013 | ||||
(In thousands) | |||||
Weighted average common shares outstanding - basic | 189,820 | 188,831 | |||
Effect of dilutive performance share awards | 612 | 391 | |||
Weighted average common shares outstanding - diluted | 190,432 | 189,222 | |||
Shares excluded from the calculation of diluted earnings per share | — | — | |||
Cash_flow_information
Cash flow information | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Supplemental Cash Flow Information [Abstract] | ' | ||||||
Cash flow information | ' | ||||||
Cash flow information | |||||||
Cash expenditures for interest and income taxes were as follows: | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Interest, net of amount capitalized | $ | 20,850 | $ | 21,857 | |||
Income taxes paid (refunded), net | $ | 9,435 | $ | (7,246 | ) | ||
Noncash investing transactions were as follows: | |||||||
March 31, | |||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Property, plant and equipment additions in accounts payable | $ | 65,736 | $ | 92,236 | |||
Comprehensive_income_loss
Comprehensive income (loss) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Comprehensive income (loss) [Abstract] | ' | |||||||||||||||
Comprehensive income (loss) | ' | |||||||||||||||
Comprehensive income (loss) | ||||||||||||||||
The after-tax changes in the components of accumulated other comprehensive loss at March 31, 2014, were as follows: | ||||||||||||||||
Net Unrealized Gain (Loss) on Derivative | Postretirement | Foreign Currency Translation Adjustment | Net Unrealized Gain (Loss) on Available-for-sale Investments | Total Accumulated | ||||||||||||
 Instruments |  Liability Adjustment |  Other | ||||||||||||||
 Qualifying as Hedges | Comprehensive | |||||||||||||||
 Loss | ||||||||||||||||
(In thousands) | ||||||||||||||||
Balance at December 31, 2013 | $ | (3,765 | ) | $ | (33,807 | ) | $ | (667 | ) | $ | 34 | $ | (38,205 | ) | ||
Other comprehensive income (loss) before reclassifications | — | — | 46 | (36 | ) | 10 | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | 344 | 275 | — | 38 | 657 | |||||||||||
Net current-period other comprehensive income | 344 | 275 | 46 | 2 | 667 | |||||||||||
Balance at March 31, 2014 | $ | (3,421 | ) | $ | (33,532 | ) | $ | (621 | ) | $ | 36 | $ | (37,538 | ) | ||
The after-tax changes in the components of accumulated other comprehensive loss at March 31, 2013, were as follows: | ||||||||||||||||
Net Unrealized Gain (Loss) on Derivative | Postretirement | Foreign Currency Translation Adjustment | Net Unrealized Gain (Loss) on Available-for-sale Investments | Total Accumulated | ||||||||||||
 Instruments |  Liability Adjustment |  Other | ||||||||||||||
 Qualifying as Hedges | Comprehensive | |||||||||||||||
 Loss | ||||||||||||||||
(In thousands) | ||||||||||||||||
Balance at December 31, 2012 | $ | 6,018 | $ | (54,347 | ) | $ | (511 | ) | $ | 119 | $ | (48,721 | ) | |||
Other comprehensive income (loss) before reclassifications | (5,849 | ) | — | 88 | (44 | ) | (5,805 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | (2,772 | ) | 648 | — | 35 | (2,089 | ) | |||||||||
Net current-period other comprehensive income (loss) | (8,621 | ) | 648 | 88 | (9 | ) | (7,894 | ) | ||||||||
Balance at March 31, 2013 | $ | (2,603 | ) | $ | (53,699 | ) | $ | (423 | ) | $ | 110 | $ | (56,615 | ) | ||
Reclassifications out of accumulated other comprehensive loss were as follows: | ||||||||||||||||
Three Months Ended | Location on Consolidated Statements of Income | |||||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||
(In thousands) | ||||||||||||||||
Reclassification adjustment for gain (loss) on derivative instruments included in net income: | ||||||||||||||||
Commodity derivative instruments | $ | (388 | ) | $ | 4,513 | Operating revenues | ||||||||||
Interest rate derivative instruments | (160 | ) | (115 | ) | Interest expense | |||||||||||
(548 | ) | 4,398 | ||||||||||||||
204 | (1,626 | ) | Income taxes | |||||||||||||
(344 | ) | 2,772 | ||||||||||||||
Amortization of postretirement liability losses included in net periodic benefit cost | (443 | ) | (967 | ) | (a) | |||||||||||
168 | 319 | Income taxes | ||||||||||||||
(275 | ) | (648 | ) | |||||||||||||
Reclassification adjustment for loss on available-for-sale investments included in net income | (58 | ) | (54 | ) | Other income | |||||||||||
20 | 19 | Income taxes | ||||||||||||||
(38 | ) | (35 | ) | |||||||||||||
Total reclassifications | $ | (657 | ) | $ | 2,089 | |||||||||||
 (a) Included in net periodic benefit cost (credit). For more information, see Note 17. |
Acquisition
Acquisition | 3 Months Ended |
Mar. 31, 2014 | |
Business Combinations [Abstract] | ' |
Acquisition | ' |
Acquisition | |
On February 10, 2014, the Company entered into agreements to purchase working interests and leasehold positions in oil and natural gas production assets in the southern Powder River Basin of Wyoming. The effective date of the acquisition was October 1, 2013, and the closing occurred on March 6, 2014. The purchase price was $206.3 million, including purchase price adjustments. | |
The acquisition was accounted for under the acquisition method of accounting and, accordingly, the acquired assets and liabilities assumed have been preliminarily recorded at their respective fair values as of the date of acquisition. The final fair market values are pending the completion of the review of the relevant assets and liabilities identified as of the acquisition date. The results of operations of the acquired properties are included in the financial statements since the date of the acquisition. Pro forma financial amounts reflecting the effects of the acquisition are not presented, as such acquisition was not material to the Company's financial position or results of operations. |
Discontinued_operations
Discontinued operations | 3 Months Ended |
Mar. 31, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Discontinued operations | ' |
Discontinued operations | |
In 2007, Centennial Resources sold CEM to Bicent. In connection with the sale, Centennial Resources had agreed to indemnify Bicent and its affiliates from certain third party claims arising out of or in connection with Centennial Resources' ownership or operation of CEM prior to the sale. In addition, Centennial had previously guaranteed CEM's obligations under a construction contract. The Company incurs legal expenses, which are reflected as discontinued operations in the consolidated financial statements and accompanying notes, and has accrued liabilities related to this matter. Discontinued operations are included in the Other category. For more information, see Note 19. |
Equity_method_investments
Equity method investments | 3 Months Ended |
Mar. 31, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | ' |
Equity method investments | ' |
Equity method investments | |
Investments in companies in which the Company has the ability to exercise significant influence over operating and financial policies are accounted for using the equity method. At March 31, 2014, the Company had no significant equity method investments. | |
In August 2006, MDU Brasil acquired ownership interests in the Brazilian Transmission Lines. The electric transmission lines are primarily in northeastern and southern Brazil. The transmission contracts provide for revenues denominated in the Brazilian Real, annual inflation adjustments and change in tax law adjustments. The functional currency for the Brazilian Transmission Lines is the Brazilian Real. | |
In 2009, multiple sales agreements were signed for the Company to sell its ownership interests in the Brazilian Transmission Lines. In November 2010, the Company completed the sale of its entire ownership interest in ENTE and ERTE and 59.96 percent of the Company's ownership interest in ECTE. The Company's remaining interest in ECTE is being sold over a four-year period. In August 2013 and 2012, and November 2011, the Company completed the sale of one-fourth of the remaining interest in each year. The Company recognized an immaterial gain in 2013. The Company's remaining ownership interest in ECTE is being accounted for under the cost method. | |
At March 31, 2013, the equity method investments had total assets of $142.9 million and long-term debt of $63.9 million. The Company's investment in its equity method investments was approximately $5.7 million, including undistributed earnings of $2.2 million, at March 31, 2013. |
Goodwill_and_other_intangible_
Goodwill and other intangible assets | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||
Goodwill and other intangible assets | ' | |||||||||
Goodwill and other intangible assets | ||||||||||
The changes in the carrying amount of goodwill were as follows: | ||||||||||
Three Months Ended | Balance | Goodwill | Balance | |||||||
31-Mar-14 | as of | Acquired | as of | |||||||
January 1, | During | March 31, 2014* | ||||||||
2014* | the Year | |||||||||
(In thousands) | ||||||||||
Natural gas distribution | $ | 345,736 | $ | — | $ | 345,736 | ||||
Pipeline and energy services | 9,737 | — | 9,737 | |||||||
Construction materials and contracting | 176,290 | — | 176,290 | |||||||
Construction services | 104,276 | — | 104,276 | |||||||
Total | $ | 636,039 | $ | — | $ | 636,039 | ||||
 * Balance is presented net of accumulated impairment of $12.3 million at the pipeline and energy services segment, which occurred in prior periods. | ||||||||||
Three Months Ended | Balance | Goodwill | Balance | |||||||
31-Mar-13 | as of | Acquired | as of | |||||||
January 1, | During the | March 31, 2013* | ||||||||
2013* | Year | |||||||||
(In thousands) | ||||||||||
Natural gas distribution | $ | 345,736 | $ | — | $ | 345,736 | ||||
Pipeline and energy services | 9,737 | — | 9,737 | |||||||
Construction materials and contracting | 176,290 | — | 176,290 | |||||||
Construction services | 104,276 | — | 104,276 | |||||||
Total | $ | 636,039 | $ | — | $ | 636,039 | ||||
 * Balance is presented net of accumulated impairment of $12.3 million at the pipeline and energy services segment, which occurred in prior periods. | ||||||||||
Year Ended | Balance | Goodwill | Balance | |||||||
31-Dec-13 | as of | Acquired | as of | |||||||
January 1, | During the | December 31, | ||||||||
2013* | Year | 2013* | ||||||||
(In thousands) | ||||||||||
Natural gas distribution | $ | 345,736 | $ | — | $ | 345,736 | ||||
Pipeline and energy services | 9,737 | — | 9,737 | |||||||
Construction materials and contracting | 176,290 | — | 176,290 | |||||||
Construction services | 104,276 | — | 104,276 | |||||||
Total | $ | 636,039 | $ | — | $ | 636,039 | ||||
 * Balance is presented net of accumulated impairment of $12.3 million at the pipeline and energy services segment, which occurred in prior periods. | ||||||||||
Other amortizable intangible assets were as follows: | ||||||||||
March 31, | March 31, | December 31, | ||||||||
2014 | 2013 | 2013 | ||||||||
(In thousands) | ||||||||||
Customer relationships | $ | 21,310 | $ | 21,310 | $ | 21,310 | ||||
Accumulated amortization | (14,230 | ) | (12,211 | ) | (13,726 | ) | ||||
7,080 | 9,099 | 7,584 | ||||||||
Noncompete agreements | 5,580 | 7,236 | 6,186 | |||||||
Accumulated amortization | (4,335 | ) | (5,439 | ) | (4,840 | ) | ||||
1,245 | 1,797 | 1,346 | ||||||||
Other | 10,920 | 10,979 | 10,995 | |||||||
Accumulated amortization | (6,949 | ) | (5,557 | ) | (6,826 | ) | ||||
3,971 | 5,422 | 4,169 | ||||||||
Total | $ | 12,296 | $ | 16,318 | $ | 13,099 | ||||
Amortization expense for amortizable intangible assets for the three months ended March 31, 2014 and 2013, was $800,000 and $800,000, respectively. Estimated amortization expense for amortizable intangible assets is $3.2 million in 2014, $2.5 million in 2015, $2.2 million in 2016, $2.0 million in 2017, $1.0 million in 2018 and $2.2 million thereafter. |
Derivative_instruments
Derivative instruments | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||
Derivative Instruments | ' | ||||||||||
Derivative instruments | |||||||||||
The Company's policy allows the use of derivative instruments as part of an overall energy price, foreign currency and interest rate risk management program to efficiently manage and minimize commodity price, foreign currency and interest rate risk. As of March 31, 2014, the Company had no outstanding foreign currency or interest rate hedges. | |||||||||||
The fair value of derivative instruments must be estimated as of the end of each reporting period and is recorded on the Consolidated Balance Sheets as an asset or a liability. | |||||||||||
Fidelity | |||||||||||
At March 31, 2014 and 2013, and December 31, 2013, Fidelity held oil swap and collar agreements with total forward notional volumes of 2.7 million, 2.8 million and 2.9 million Bbl, respectively, and natural gas swap agreements with total forward notional volumes of 14.7 million, 25.9 million and 18.3 million MMBtu, respectively. Fidelity utilizes these derivative instruments to manage a portion of the market risk associated with fluctuations in the price of oil and natural gas on its forecasted sales of oil and natural gas production. | |||||||||||
Effective April 1, 2013, Fidelity elected to de-designate all commodity derivative contracts previously designated as cash flow hedges and elected to discontinue hedge accounting prospectively for all of its commodity derivative instruments. When the criteria for hedge accounting is not met or when hedge accounting is not elected, realized gains and losses and unrealized gains and losses are both recorded in operating revenues on the Consolidated Statements of Income. As a result of discontinuing hedge accounting on commodity derivative instruments, gains and losses on the oil and natural gas derivative instruments remain in accumulated other comprehensive income (loss) as of the de-designation date and are reclassified into earnings in future periods as the underlying hedged transactions affect earnings. At April 1, 2013, accumulated other comprehensive income (loss) included $1.8 million of unrealized gains, representing the mark-to-market value of the Company's commodity derivative instruments that qualified as cash flow hedges as of the balance sheet date. The Company expects to reclassify into earnings from accumulated other comprehensive income (loss) the remaining value related to de-designating commodity derivative instruments over the next 9 months. | |||||||||||
Prior to April 1, 2013, changes in the fair value attributable to the effective portion of the hedging instruments, net of tax, were recorded in stockholders' equity as a component of accumulated other comprehensive income (loss). To the extent that the hedges were not effective or did not qualify for hedge accounting, the ineffective portion of the changes in fair market value was recorded directly in earnings. Gains and losses on the oil and natural gas derivative instruments were reclassified from accumulated other comprehensive income (loss) into operating revenues on the Consolidated Statements of Income at the date the oil and natural gas quantities were settled. | |||||||||||
Centennial | |||||||||||
As of March 31, 2014 and December 31, 2013, Centennial had no outstanding interest rate swap agreements. At March 31, 2013, Centennial held interest rate swap agreements with total notional amounts of $40.0 million which were designated as cash flow hedging instruments. Centennial entered into these interest rate derivative instruments to manage a portion of its interest rate exposure on the forecasted issuance of long-term debt. | |||||||||||
Changes in the fair value attributable to the effective portion of hedging instruments, net of tax, are recorded in stockholders' equity as a component of accumulated other comprehensive income (loss). To the extent that the hedges are not effective, the ineffective portion of the changes in fair market value is recorded directly in earnings. Gains and losses on the interest rate derivatives are reclassified from accumulated other comprehensive income (loss) into interest expense on the Consolidated Statements of Income in the same period the hedged item affects earnings. | |||||||||||
Fidelity and Centennial | |||||||||||
There were no components of the derivative instruments' gain or loss excluded from the assessment of hedge effectiveness. Gains and losses must be reclassified into earnings as a result of the discontinuance of cash flow hedges if it is probable that the original forecasted transactions will not occur, and there were no such reclassifications. | |||||||||||
The gains and losses on derivative instruments were as follows: | |||||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2014 | 2013 | ||||||||||
(In thousands) | |||||||||||
Commodity derivatives designated as cash flow hedges: | |||||||||||
Amount of loss recognized in accumulated other comprehensive loss (effective portion), net of tax | $ | — | $ | (6,154 | ) | ||||||
Amount of (gain) loss reclassified from accumulated other comprehensive loss into operating revenues (effective portion), net of tax | 244 | (2,843 | ) | ||||||||
Amount of loss recognized in operating revenues (ineffective portion), before tax | — | (1,422 | ) | ||||||||
Interest rate derivatives designated as cash flow hedges: | |||||||||||
Amount of gain recognized in accumulated other comprehensive loss (effective portion), net of tax | — | 305 | |||||||||
Amount of loss reclassified from accumulated other comprehensive loss into interest expense (effective portion), net of tax | 100 | 71 | |||||||||
Amount of loss recognized in interest expense (ineffective portion), before tax | — | (159 | ) | ||||||||
Commodity derivatives not designated as hedging instruments: | |||||||||||
Amount of loss recognized in operating revenues, before tax | (6,712 | ) | (4,410 | ) | |||||||
Over the next 12Â months net losses of approximately $449,000 (after tax) are estimated to be reclassified from accumulated other comprehensive income (loss) into earnings, as the hedged transactions affect earnings. | |||||||||||
Certain of Fidelity's and Centennial's derivative instruments contain cross-default provisions that state if Fidelity or any of its affiliates or Centennial fails to make payment with respect to certain indebtedness, in excess of specified amounts, the counterparties could require early settlement or termination of the derivative instruments in liability positions. The aggregate fair value of Fidelity's and Centennial's derivative instruments with credit-risk-related contingent features that are in a liability position at March 31, 2014 and 2013, and December 31, 2013, were $12.2 million, $12.4 million and $7.5 million, respectively. The aggregate fair value of assets that would have been needed to settle the instruments immediately if the credit-risk-related contingent features were triggered on March 31, 2014 and 2013, and December 31, 2013, were $12.2 million, $12.4 million and $7.5 million, respectively. | |||||||||||
The location and fair value of the gross amount of the Company's derivative instruments on the Consolidated Balance Sheets were as follows: | |||||||||||
Asset | Location on | Fair Value at March 31, 2014 | Fair Value at March 31, 2013 | Fair Value at December 31, 2013 | |||||||
Derivatives | Consolidated | ||||||||||
Balance Sheets | |||||||||||
(In thousands) | |||||||||||
Designated as hedges: | |||||||||||
Commodity derivatives | Commodity derivative instruments | $ | — | $ | 1,623 | $ | — | ||||
— | 1,623 | — | |||||||||
Not designated as hedges: | |||||||||||
Commodity derivatives | Commodity derivative instruments | 81 | 4,313 | 1,447 | |||||||
Other assets - noncurrent | 249 | 243 | 503 | ||||||||
330 | 4,556 | 1,950 | |||||||||
Total asset derivatives | $ | 330 | $ | 6,179 | $ | 1,950 | |||||
Liability | Location on | Fair Value at March 31, 2014 | Fair Value at March 31, 2013 | Fair Value at December 31, 2013 | |||||||
Derivatives | Consolidated | ||||||||||
Balance Sheets | |||||||||||
(In thousands) | |||||||||||
Designated as hedges: | |||||||||||
Commodity derivatives | Commodity derivative instruments | $ | — | $ | 5,994 | $ | — | ||||
Other liabilities - noncurrent | — | 534 | — | ||||||||
Interest rate derivatives | Other accrued liabilities | — | 4,458 | — | |||||||
— | 10,986 | — | |||||||||
Not designated as hedges: | |||||||||||
Commodity derivatives | Commodity derivative instruments | 12,186 | 1,385 | 7,483 | |||||||
Other liabilities - noncurrent | — | 74 | — | ||||||||
12,186 | 1,459 | 7,483 | |||||||||
Total liability derivatives | $ | 12,186 | $ | 12,445 | $ | 7,483 | |||||
All of the Company's commodity and interest rate derivative instruments at March 31, 2014 and 2013, and December 31, 2013, were subject to legally enforceable master netting agreements. However, the Company's policy is to not offset fair value amounts for derivative instruments and, as a result, the Company's derivative assets and liabilities are presented gross on the Consolidated Balance Sheets. The gross derivative assets and liabilities (excluding settlement receivables and payables that may be subject to the same master netting agreements) presented on the Consolidated Balance Sheets and the amount eligible for offset under the master netting agreements is presented in the following table: | |||||||||||
31-Mar-14 | Gross Amounts Recognized on the Consolidated Balance Sheets | Gross Amounts Not Offset on the Consolidated Balance Sheets | Net | ||||||||
(In thousands) | |||||||||||
Assets: | |||||||||||
Commodity derivatives | $ | 330 | $ | (330 | ) | $ | — | ||||
Total assets | $ | 330 | $ | (330 | ) | $ | — | ||||
Liabilities: | |||||||||||
Commodity derivatives | $ | 12,186 | $ | (330 | ) | $ | 11,856 | ||||
Total liabilities | $ | 12,186 | $ | (330 | ) | $ | 11,856 | ||||
31-Mar-13 | Gross Amounts Recognized on the Consolidated Balance Sheets | Gross Amounts Not Offset on the Consolidated Balance Sheets | Net | ||||||||
(In thousands) | |||||||||||
Assets: | |||||||||||
Commodity derivatives | $ | 6,179 | $ | (3,578 | ) | $ | 2,601 | ||||
Total assets | $ | 6,179 | $ | (3,578 | ) | $ | 2,601 | ||||
Liabilities: | |||||||||||
Commodity derivatives | $ | 7,987 | $ | (3,578 | ) | $ | 4,409 | ||||
Interest rate derivatives | 4,458 | — | 4,458 | ||||||||
Total liabilities | $ | 12,445 | $ | (3,578 | ) | $ | 8,867 | ||||
31-Dec-13 | Gross Amounts Recognized on the Consolidated Balance Sheets | Gross Amounts Not Offset on the Consolidated Balance Sheets | Net | ||||||||
(In thousands) | |||||||||||
Assets: | |||||||||||
Commodity derivatives | $ | 1,950 | $ | (1,950 | ) | $ | — | ||||
Total assets | $ | 1,950 | $ | (1,950 | ) | $ | — | ||||
Liabilities: | |||||||||||
Commodity derivatives | $ | 7,483 | $ | (1,950 | ) | $ | 5,533 | ||||
Total liabilities | $ | 7,483 | $ | (1,950 | ) | $ | 5,533 | ||||
Fair_value_measurements
Fair value measurements | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair value measurements | ' | ||||||||||||
Fair value measurements | |||||||||||||
The Company measures its investments in certain fixed-income and equity securities at fair value with changes in fair value recognized in income. The Company anticipates using these investments, which consist of an insurance contract, to satisfy its obligations under its unfunded, nonqualified benefit plans for executive officers and certain key management employees, and invests in these fixed-income and equity securities for the purpose of earning investment returns and capital appreciation. These investments, which totaled $63.3 million, $53.3 million and $62.4 million, as of March 31, 2014 and 2013, and December 31, 2013, respectively, are classified as Investments on the Consolidated Balance Sheets. The net unrealized gains on these investments were $900,000 and $4.4 million for the three months ended March 31, 2014 and 2013, respectively. The change in fair value, which is considered part of the cost of the plan, is classified in operation and maintenance expense on the Consolidated Statements of Income. | |||||||||||||
The Company did not elect the fair value option, which records gains and losses in income, for its available-for-sale securities, which include mortgage-backed securities and U.S. Treasury securities. These available-for-sale securities are recorded at fair value and are classified as Investments on the Consolidated Balance Sheets. Unrealized gains or losses are recorded in accumulated other comprehensive income (loss). Details of available-for-sale securities were as follows: | |||||||||||||
March 31, 2014 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||
(In thousands) | |||||||||||||
Mortgage-backed securities | $ | 7,943 | $ | 63 | $ | (17 | ) | $ | 7,989 | ||||
U.S. Treasury securities | 2,069 | 9 | — | 2,078 | |||||||||
Total | $ | 10,012 | $ | 72 | $ | (17 | ) | $ | 10,067 | ||||
March 31, 2013 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||
(In thousands) | |||||||||||||
Mortgage-backed securities | $ | 8,749 | $ | 133 | $ | (3 | ) | $ | 8,879 | ||||
U.S. Treasury securities | 1,301 | 39 | — | 1,340 | |||||||||
Total | $ | 10,050 | $ | 172 | $ | (3 | ) | $ | 10,219 | ||||
December 31, 2013 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||
(In thousands) | |||||||||||||
Mortgage-backed securities | $ | 8,151 | $ | 69 | $ | (27 | ) | $ | 8,193 | ||||
U.S. Treasury securities | 1,906 | 15 | (4 | ) | 1,917 | ||||||||
Total | $ | 10,057 | $ | 84 | $ | (31 | ) | $ | 10,110 | ||||
The fair value of the Company's money market funds approximates cost. | |||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The ASC establishes a hierarchy for grouping assets and liabilities, based on the significance of inputs. | |||||||||||||
The estimated fair values of the Company's assets and liabilities measured on a recurring basis are determined using the market approach. | |||||||||||||
The Company's Level 2 money market funds consist of investments in short-term unsecured promissory notes and the value is based on comparable market transactions taking into consideration the credit quality of the issuer. The estimated fair value of the Company's Level 2 mortgage-backed securities and U.S. Treasury securities are based on comparable market transactions, other observable inputs or other sources, including pricing from outside sources. | |||||||||||||
The estimated fair value of the Company's Level 2 insurance contract is based on contractual cash surrender values that are determined primarily by investments in managed separate accounts of the insurer. These amounts approximate fair value. The managed separate accounts are valued based on other observable inputs or corroborated market data. | |||||||||||||
The estimated fair value of the Company's Level 2 commodity derivative instruments is based upon futures prices, volatility and time to maturity, among other things. Counterparty statements are utilized to determine the value of the commodity derivative instruments and are reviewed and corroborated using various methodologies and significant observable inputs. The Company's and the counterparties' nonperformance risk is also evaluated. | |||||||||||||
The estimated fair value of the Company's Level 2 interest rate derivative instruments is measured using quoted market prices or pricing models using prevailing market interest rates as of the measurement date. Counterparty statements are utilized to determine the value of the interest rate derivative instruments and are reviewed and corroborated using various methodologies and significant observable inputs. The Company's and the counterparties' nonperformance risk is also evaluated. | |||||||||||||
Though the Company believes the methods used to estimate fair value are consistent with those used by other market participants, the use of other methods or assumptions could result in a different estimate of fair value. For the three months ended March 31, 2014 and 2013, there were no transfers between Levels 1 and 2. | |||||||||||||
The Company's assets and liabilities measured at fair value on a recurring basis were as follows: | |||||||||||||
Fair Value Measurements at March 31, 2014, Using | |||||||||||||
Quoted Prices in | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance at March 31, 2014 | ||||||||||
Active Markets | |||||||||||||
for Identical Assets (Level 1) | |||||||||||||
(In thousands) | |||||||||||||
Assets: | |||||||||||||
Money market funds | $ | — | $ | 20,267 | $ | — | $ | 20,267 | |||||
Insurance contract* | — | 63,269 | — | 63,269 | |||||||||
Available-for-sale securities: | |||||||||||||
Mortgage-backed securities | — | 7,989 | — | 7,989 | |||||||||
U.S. Treasury securities | — | 2,078 | — | 2,078 | |||||||||
Commodity derivative instruments | — | 330 | — | 330 | |||||||||
Total assets measured at fair value | $ | — | $ | 93,933 | $ | — | $ | 93,933 | |||||
Liabilities: | |||||||||||||
Commodity derivative instruments | $ | — | $ | 12,186 | $ | — | $ | 12,186 | |||||
Total liabilities measured at fair value | $ | — | $ | 12,186 | $ | — | $ | 12,186 | |||||
*Â The insurance contract invests approximately 29 percent in common stock of mid-cap companies, 27 percent in common stock of small-cap companies, 28 percent in common stock of large-cap companies and 16 percent in fixed-income investments. | |||||||||||||
Fair Value Measurements at March 31, 2013, Using | |||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance at March 31, 2013 | ||||||||||
(Level 1) | |||||||||||||
(In thousands) | |||||||||||||
Assets: | |||||||||||||
Money market funds | $ | — | $ | 31,281 | $ | — | $ | 31,281 | |||||
Insurance contract* | — | 53,334 | — | 53,334 | |||||||||
Available-for-sale securities: | |||||||||||||
Mortgage-backed securities | — | 8,879 | — | 8,879 | |||||||||
U.S. Treasury securities | — | 1,340 | — | 1,340 | |||||||||
Commodity derivative instruments | — | 6,179 | — | 6,179 | |||||||||
Total assets measured at fair value | $ | — | $ | 101,013 | $ | — | $ | 101,013 | |||||
Liabilities: | |||||||||||||
Commodity derivative instruments | $ | — | $ | 7,987 | $ | — | $ | 7,987 | |||||
Interest rate derivative instruments | — | 4,458 | — | 4,458 | |||||||||
Total liabilities measured at fair value | $ | — | $ | 12,445 | $ | — | $ | 12,445 | |||||
*Â The insurance contract invests approximately 29 percent in common stock of mid-cap companies, 28 percent in common stock of small-cap companies, 28 percent in common stock of large-cap companies and 15 percent in fixed-income investments. | |||||||||||||
Fair Value Measurements at December 31, 2013, Using | |||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | Balance at December 31, 2013 | ||||||||||
 (Level 3) | |||||||||||||
(In thousands) | |||||||||||||
Assets: | |||||||||||||
Money market funds | $ | — | $ | 19,227 | $ | — | $ | 19,227 | |||||
Insurance contract* | — | 62,370 | — | 62,370 | |||||||||
Available-for-sale securities: | |||||||||||||
Mortgage-backed securities | — | 8,193 | — | 8,193 | |||||||||
U.S. Treasury securities | — | 1,917 | — | 1,917 | |||||||||
Commodity derivative instruments | — | 1,950 | — | 1,950 | |||||||||
Total assets measured at fair value | $ | — | $ | 93,657 | $ | — | $ | 93,657 | |||||
Liabilities: | |||||||||||||
Commodity derivative instruments | $ | — | $ | 7,483 | $ | — | $ | 7,483 | |||||
Total liabilities measured at fair value | $ | — | $ | 7,483 | $ | — | $ | 7,483 | |||||
* The insurance contract invests approximately 29 percent in common stock of mid-cap companies, 28 percent in common stock of small-cap companies, 28 percent in common stock of large-cap companies and 15 percent in fixed-income investments. | |||||||||||||
The Company's long-term debt is not measured at fair value on the Consolidated Balance Sheets and the fair value is being provided for disclosure purposes only. The fair value was based on discounted future cash flows using current market interest rates. The estimated fair value of the Company's Level 2 long-term debt was as follows: | |||||||||||||
Carrying | Fair | ||||||||||||
Amount | Value | ||||||||||||
(In thousands) | |||||||||||||
Long-term debt at March 31, 2014 | $ | 2,105,832 | $ | 2,186,839 | |||||||||
Long-term debt at March 31, 2013 | $ | 1,789,663 | $ | 1,925,859 | |||||||||
Long-term debt at December 31, 2013 | $ | 1,854,563 | $ | 1,912,590 | |||||||||
The carrying amounts of the Company's remaining financial instruments included in current assets and current liabilities approximate their fair values. |
Longterm_debt
Long-term debt | 3 Months Ended |
Mar. 31, 2014 | |
Debt Disclosure [Abstract] | ' |
Long-term debt | ' |
Long-term debt | |
Centennial entered into a two year $125.0 million term loan agreement with a variable interest rate on March 31, 2014. In addition, borrowings outstanding that were classified as long-term debt under the Company’s and Centennial’s commercial paper programs totaled $283.5 million at March 31, 2014, compared to $153.9 million at December 31, 2013, respectively. |
Equity
Equity | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Equity [Abstract] | ' | |||||||||
Equity | ' | |||||||||
Equity | ||||||||||
A summary of the changes in equity was as follows: | ||||||||||
Three Months Ended March 31, 2014 | Total Stockholders' Equity | Noncontrolling Interest | Total Equity | |||||||
(In thousands) | ||||||||||
Balance at December 31, 2013 | $ | 2,823,164 | $ | 32,738 | $ | 2,855,902 | ||||
Net income (loss) | 56,662 | (523 | ) | 56,139 | ||||||
Other comprehensive income | 667 | — | 667 | |||||||
Dividends declared on preferred stocks | (171 | ) | — | (171 | ) | |||||
Dividends declared on common stock | (33,809 | ) | — | (33,809 | ) | |||||
Stock-based compensation | 1,336 | — | 1,336 | |||||||
Issuance of common stock upon vesting of performance shares, net of shares used for tax withholdings | (5,564 | ) | — | (5,564 | ) | |||||
Net tax benefit on stock-based compensation | 4,729 | — | 4,729 | |||||||
Issuance of common stock | 54,574 | — | 54,574 | |||||||
Contribution from noncontrolling interest | — | 16,001 | 16,001 | |||||||
Balance at March 31, 2014 | $ | 2,901,588 | $ | 48,216 | $ | 2,949,804 | ||||
Three Months Ended March 31, 2013 | Total Stockholders' Equity | Noncontrolling Interest | Total Equity | |||||||
(In thousands) | ||||||||||
Balance at December 31, 2012 | $ | 2,648,248 | $ | — | $ | 2,648,248 | ||||
Net income | 56,515 | — | 56,515 | |||||||
Other comprehensive loss | (7,894 | ) | — | (7,894 | ) | |||||
Dividends declared on preferred stocks | (171 | ) | — | (171 | ) | |||||
Dividends declared on common stock | (32,573 | ) | — | (32,573 | ) | |||||
Stock-based compensation | 1,176 | — | 1,176 | |||||||
Net tax deficit on stock-based compensation | (1,419 | ) | — | (1,419 | ) | |||||
Contribution from noncontrolling interest | — | 11,100 | 11,100 | |||||||
Balance at March 31, 2013 | $ | 2,663,882 | $ | 11,100 | $ | 2,674,982 | ||||
Business_segment_data
Business segment data | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Segment Reporting [Abstract] | ' | |||||||||
Business segment data | ' | |||||||||
Business segment data | ||||||||||
The Company's reportable segments are those that are based on the Company's method of internal reporting, which generally segregates the strategic business units due to differences in products, services and regulation. The internal reporting of these operating segments is defined based on the reporting and review process used by the Company's chief executive officer. The vast majority of the Company's operations are located within the United States. The Company also has an investment in a foreign country, which consists of Centennial Resources' investment in ECTE. | ||||||||||
The electric segment generates, transmits and distributes electricity in Montana, North Dakota, South Dakota and Wyoming. The natural gas distribution segment distributes natural gas in those states as well as in Idaho, Minnesota, Oregon and Washington. These operations also supply related value-added services. | ||||||||||
The pipeline and energy services segment provides natural gas transportation, underground storage, processing and gathering services, as well as oil gathering, through regulated and nonregulated pipeline systems and processing facilities primarily in the Rocky Mountain and northern Great Plains regions of the United States. This segment is constructing Dakota Prairie Refinery in conjunction with Calumet to refine crude oil and also provides cathodic protection and other energy-related services. | ||||||||||
The exploration and production segment is engaged in oil and natural gas acquisition, exploration, development and production activities in the Rocky Mountain and Mid-Continent/Gulf States regions of the United States. | ||||||||||
The construction materials and contracting segment mines aggregates and markets crushed stone, sand, gravel and related construction materials, including ready-mixed concrete, cement, asphalt, liquid asphalt and other value-added products. It also performs integrated contracting services. This segment operates in the central, southern and western United States and Alaska and Hawaii. | ||||||||||
The construction services segment specializes in constructing and maintaining electric and communication lines, gas pipelines, fire suppression systems, and external lighting and traffic signalization equipment. This segment also provides utility excavation services and inside electrical wiring, cabling and mechanical services, sells and distributes electrical materials, and manufactures and distributes specialty equipment. | ||||||||||
The Other category includes the activities of Centennial Capital, which insures various types of risks as a captive insurer for certain of the Company's subsidiaries. The function of the captive insurer is to fund the deductible layers of the insured companies' general liability, automobile liability and pollution liability coverages. Centennial Capital also owns certain real and personal property. The Other category also includes Centennial Resources' investment in ECTE. | ||||||||||
The information below follows the same accounting policies as described in Note 1 of the Company's Notes to Consolidated Financial Statements in the 2013 Annual Report. Information on the Company's businesses was as follows: | ||||||||||
Three Months Ended March 31, 2014 | External | Inter- | Earnings | |||||||
Operating | segment | on Common | ||||||||
Revenues | Operating | Stock | ||||||||
Revenues | ||||||||||
(In thousands) | ||||||||||
Electric | $ | 73,647 | $ | — | $ | 11,033 | ||||
Natural gas distribution | 374,233 | — | 27,263 | |||||||
Pipeline and energy services | 43,661 | 18,276 | 4,349 | |||||||
491,541 | 18,276 | 42,645 | ||||||||
Exploration and production | 116,669 | 20,867 | 20,939 | |||||||
Construction materials and contracting | 164,423 | 4,017 | (23,574 | ) | ||||||
Construction services | 269,892 | 3,738 | 16,568 | |||||||
Other | 328 | 1,724 | 264 | |||||||
551,312 | 30,346 | 14,197 | ||||||||
Intersegment eliminations | — | (48,622 | ) | (351 | ) | |||||
Total | $ | 1,042,853 | $ | — | $ | 56,491 | ||||
Three Months Ended March 31, 2013 | External | Inter- | Earnings | |||||||
Operating | segment | on Common | ||||||||
Revenues | Operating | Stock | ||||||||
Revenues | ||||||||||
(In thousands) | ||||||||||
Electric | $ | 64,654 | $ | — | $ | 9,825 | ||||
Natural gas distribution | 331,754 | — | 32,518 | |||||||
Pipeline and energy services | 27,716 | 18,718 | 2,330 | |||||||
424,124 | 18,718 | 44,673 | ||||||||
Exploration and production | 115,363 | 9,812 | 20,284 | |||||||
Construction materials and contracting | 161,977 | 4,294 | (20,582 | ) | ||||||
Construction services | 229,806 | 1,574 | 11,664 | |||||||
Other | 334 | 1,818 | 305 | |||||||
507,480 | 17,498 | 11,671 | ||||||||
Intersegment eliminations | — | (36,216 | ) | — | ||||||
Total | $ | 931,604 | $ | — | $ | 56,344 | ||||
Earnings from electric, natural gas distribution and pipeline and energy services are substantially all from regulated operations. Earnings from exploration and production, construction materials and contracting, construction services and other are all from nonregulated operations. |
Employee_benefit_plans
Employee benefit plans | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ' | ||||||||||||
Pension and other postretirement benefit plans | ' | ||||||||||||
Employee benefit plans | |||||||||||||
The Company has noncontributory defined benefit pension plans and other postretirement benefit plans for certain eligible employees. Components of net periodic benefit cost for the Company's pension and other postretirement benefit plans were as follows: | |||||||||||||
Other | |||||||||||||
Postretirement | |||||||||||||
Pension Benefits | Benefits | ||||||||||||
Three Months Ended March 31, | 2014 | 2013 | 2014 | 2013 | |||||||||
(In thousands) | |||||||||||||
Components of net periodic benefit cost: | |||||||||||||
Service cost | $ | 33 | $ | 40 | $ | 379 | $ | 504 | |||||
Interest cost | 4,440 | 4,018 | 858 | 940 | |||||||||
Expected return on assets | (5,125 | ) | (5,083 | ) | (1,067 | ) | (1,107 | ) | |||||
Amortization of prior service cost (credit) | 18 | 18 | (348 | ) | (364 | ) | |||||||
Amortization of net actuarial loss | 1,313 | 1,864 | 318 | 671 | |||||||||
Net periodic benefit cost, including amount capitalized | 679 | 857 | 140 | 644 | |||||||||
Less amount capitalized | 95 | 110 | 29 | 29 | |||||||||
Net periodic benefit cost | $ | 584 | $ | 747 | $ | 111 | $ | 615 | |||||
In addition to the qualified plan defined pension benefits reflected in the table, the Company has unfunded, nonqualified benefit plans for executive officers and certain key management employees that generally provide for defined benefit payments at age 65 following the employee's retirement or to their beneficiaries upon death for a 15-year period. The Company's net periodic benefit cost for this plan for the three months ended March 31, 2014 and 2013, was $1.7 million and $1.9 million, respectively. |
Regulatory_matters_and_revenue
Regulatory matters and revenues subject to refund | 3 Months Ended |
Mar. 31, 2014 | |
Regulated Operations [Abstract] | ' |
Regulatory matters and revenues subject to refund | ' |
Regulatory matters and revenues subject to refund | |
On April 8, 2014, Montana-Dakota submitted a request to the NDPSC to update the environmental cost recovery rider to reflect actual costs incurred through February 2014 and projected costs through June 2015 related to the recovery of Montana-Dakota's share of the costs resulting from the environmental retrofit required to be installed at the Big Stone Station. If approved, the rates would be effective with service rendered on and after July 1, 2014. | |
On September 18, 2013, Montana-Dakota filed an application with the NDPSC for a natural gas rate increase. Montana-Dakota requested a total increase of $6.8 million annually or approximately 6.4 percent above current rates. The requested increase includes the costs associated with the increased investment in facilities, including ongoing investment in new and replacement distribution facilities, an operations building, automated meter reading and a new customer billing system. An interim increase of $4.3 million annually or approximately 4.0 percent went into effect for service rendered on or after November 17, 2013. On December 30, 2013, the NDPSC approved a settlement agreement for an increase in the same amount as the interim increase. A hearing on the rate design portion of the case was held February 5, 2014. The NDPSC voted to approve an order approving the allocation of the revenue increase to each rate class and the rate design on April 9, 2014. Final rates were implemented May 1, 2014. | |
On February 27, 2014, Montana-Dakota filed an application with the NDPSC for approval of an electric generation resource recovery rider for recovery of Montana-Dakota's investment in the 88-megawatt simple-cycle natural gas turbine and associated facilities currently under construction near Mandan, ND. Montana-Dakota requested recovery of $7.4 million annually or approximately 4.6 percent above current rates. Advance determination of prudence and a certificate of public convenience and necessity were received from the NDPSC on April 11, 2012. On March 12, 2014, the NDPSC suspended the filing pending further review. The NDPSC has scheduled a hearing for this matter on May 28, 2014. | |
On October 31, 2013, WBI Energy Transmission filed a general natural gas rate change application with the FERC for an increase of $28.9 million annually to cover increased investments of $312 million, increased operating costs, and the effect of lower storage and off system volumes. On April 30, 2014, WBI Energy Transmission reached a settlement in principle with FERC Trial Staff and all active parties to resolve the rate case. WBI Energy Transmission intends to file the settlement rates to take effect on an interim basis, effective May 1, 2014, pending final approval of the settlement. The settlement, if approved, will result in final rates which are lower than the rates which were originally requested in the rate case application. |
Contingencies
Contingencies | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||
Contingencies | ' | |||||||||
Contingencies | ||||||||||
The Company is party to claims and lawsuits arising out of its business and that of its consolidated subsidiaries. The Company accrues a liability for those contingencies when the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Company does not accrue liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is probable or reasonably possible and which are material, the Company discloses the nature of the contingency and, in some circumstances, an estimate of the possible loss. The Company had accrued liabilities of $31.4 million, $33.3 million and $29.5 million for contingencies, including litigation, production taxes, royalty claims and environmental matters, as of March 31, 2014 and 2013, and December 31, 2013, respectively, which include amounts that may have been accrued for matters discussed in Litigation and Environmental matters within this note. | ||||||||||
Litigation | ||||||||||
Guarantee Obligation Under a Construction Contract Centennial guaranteed CEM's obligations under a construction contract with LPP for a 550-MW combined-cycle electric generating facility near Hobbs, New Mexico. Centennial Resources sold CEM in July 2007 to Bicent. In February 2009, Centennial received a Notice and Demand from LPP under the guarantee agreement alleging that CEM did not meet certain of its obligations under the construction contract and demanding that Centennial indemnify LPP against all losses, damages, claims, costs, charges and expenses arising from CEM's alleged failures. In December 2009, LPP submitted a demand for arbitration of its dispute with CEM to the American Arbitration Association seeking compensatory damages of $149.7 million. An arbitration award was issued January 13, 2012, awarding LPP $22.0 million. Centennial subsequently received a demand from LPP for payment of the arbitration award plus interest and attorneys' fees. An accrual related to the guarantee as a result of the arbitration award was recorded in discontinued operations on the Consolidated Statement of Income in the fourth quarter of 2011. CEM filed a petition with the New York Supreme Court to vacate the arbitration award in favor of LPP. On October 19, 2012, Centennial moved to intervene in the New York Supreme Court action to vacate the arbitration award and also filed a complaint with the New York Supreme Court seeking a declaration that LPP is not entitled to indemnification from Centennial under the guaranty for the arbitration award. The New York Supreme Court granted CEM's petition to vacate the arbitration award on November 20, 2012, and entered an order and judgment to that effect on June 5, 2013. LPP appealed the order and judgment and on February 20, 2014, the New York Supreme Court Appellate Division ruled the arbitration award was properly vacated. LPP filed a motion with the New York Court of Appeals for leave to appeal the decision of the New York Supreme Court Appellate Division. The motion remains pending. Due to the vacation of the arbitration award, the Company no longer believes the loss related to this matter to be probable and thus the liability that was previously recorded in 2011 was reversed in the fourth quarter of 2012. The effect of this was recorded in discontinued operations on the Consolidated Statement of Income. For more information regarding discontinued operations, see Note 9. | ||||||||||
Construction Materials Until the fall of 2011 when it discontinued active mining operations at the pit, JTL operated the Target Range Gravel Pit in Missoula County, Montana under a 1975 reclamation contract pursuant to the Montana Opencut Mining Act. In September 2009, the Montana DEQ sent a letter asserting JTL was in violation of the Montana Opencut Mining Act by conducting mining operations outside a permitted area. JTL filed a complaint in Montana First Judicial District Court in June 2010, seeking a declaratory order that the reclamation contract is a valid permit under the Montana Opencut Mining Act. The Montana DEQ filed an answer and counterclaim to the complaint in August 2011, alleging JTL was in violation of the Montana Opencut Mining Act and requesting imposition of penalties of not more than $3.7 million plus not more than $5,000 per day from the date of the counterclaim. The Company believes the operation of the Target Range Gravel Pit was conducted under a valid permit; however, the imposition of civil penalties is reasonably possible. The Company filed an application for amendment of its opencut mining permit and intends to resolve this matter through settlement or continuation of the Montana First Judicial District Court litigation. | ||||||||||
Natural Gas Gathering Operations In January 2010, SourceGas filed an application with the Colorado State District Court to compel WBI Energy Midstream to arbitrate a dispute regarding operating pressures under a natural gas gathering contract on one of WBI Energy Midstream's pipeline gathering systems in Montana. WBI Energy Midstream resisted the application and sought a declaratory order interpreting the gathering contract. In May 2010, the Colorado State District Court granted the application and ordered WBI Energy Midstream into arbitration. In October 2010, the arbitration panel issued an award in favor of SourceGas for approximately $26.6 million. The Colorado Court of Appeals issued a decision on May 24, 2012, reversing the Colorado State District Court order compelling arbitration, vacating the final award and remanding the case to the Colorado State District Court to determine SourceGas's claims and WBI Energy Midstream's counterclaims. On remand of the matter to the Colorado State District Court, SourceGas may assert claims similar to those asserted in the arbitration proceeding. | ||||||||||
In a related matter, Omimex filed a complaint against WBI Energy Midstream in Montana Seventeenth Judicial District Court in July 2010 alleging WBI Energy Midstream breached a separate gathering contract with Omimex as a result of the increased operating pressures demanded by SourceGas on the same natural gas gathering system. In December 2011, Omimex filed an amended complaint alleging WBI Energy Midstream breached obligations to operate its gathering system as a common carrier under United States and Montana law. WBI Energy Midstream removed the action to the United States District Court for the District of Montana. The parties subsequently settled the breach of contract claim and, subject to final determination on liability, stipulated to the damages on the common carrier claim, for amounts that are not material. A trial on the common carrier claim was held during July 2013, but a decision has not been issued. | ||||||||||
Exploration and Production During the ordinary course of its business, Fidelity is subject to audit for various production related taxes by certain state and federal tax authorities for varying periods as well as claims for royalty obligations under lease agreements for oil and gas production. Disputes may exist regarding facts and questions of law relating to the tax and royalty obligations. | ||||||||||
On May 15, 2013, Austin Holdings, LLC filed an action against Fidelity in Wyoming State District Court alleging Fidelity violated the Wyoming Royalty Payment Act and implied lease covenants by deducting production costs from and by failing to properly report and pay royalties for coalbed methane gas production in Wyoming. The plaintiff, in addition to declaratory and injunctive relief, seeks class certification for similarly situated persons and an unspecified amount of monetary damages on behalf of the class for unpaid royalties, interest, reporting violations and attorney fees. Fidelity believes it has meritorious defenses against class certification and the claims. | ||||||||||
The Company also is subject to other litigation, and actual and potential claims in the ordinary course of its business which may include, but are not limited to, matters involving property damage, personal injury, and environmental, contractual, statutory and regulatory obligations. Accruals are based on the best information available but actual losses in future periods are affected by various factors making them uncertain. After taking into account liabilities accrued for the foregoing matters, management believes that the outcomes with respect to the above issues and other probable and reasonably possible losses in excess of the amounts accrued, while uncertain, will not have a material effect upon the Company's financial position, results of operations or cash flows. | ||||||||||
Environmental matters | ||||||||||
Portland Harbor Site In December 2000, Knife River - Northwest was named by the EPA as a PRP in connection with the cleanup of a riverbed site adjacent to a commercial property site acquired by Knife River - Northwest from Georgia-Pacific West, Inc. in 1999. The riverbed site is part of the Portland, Oregon, Harbor Superfund Site. The EPA wants responsible parties to share in the cleanup of sediment contamination in the Willamette River. To date, costs of the overall remedial investigation and feasibility study of the harbor site are being recorded, and initially paid, through an administrative consent order by the LWG, a group of several entities, which does not include Knife River - Northwest or Georgia-Pacific West, Inc. Investigative costs are indicated to be in excess of $70Â million. It is not possible to estimate the cost of a corrective action plan until the remedial investigation and feasibility study have been completed, the EPA has decided on a strategy and a ROD has been published. Corrective action will be taken after the development of a proposed plan and ROD on the harbor site is issued. Knife River - Northwest also received notice in January 2008 that the Portland Harbor Natural Resource Trustee Council intends to perform an injury assessment to natural resources resulting from the release of hazardous substances at the Harbor Superfund Site. The Portland Harbor Natural Resource Trustee Council indicates the injury determination is appropriate to facilitate early settlement of damages and restoration for natural resource injuries. It is not possible to estimate the costs of natural resource damages until an assessment is completed and allocations are undertaken. | ||||||||||
Based upon a review of the Portland Harbor sediment contamination evaluation by the Oregon DEQ and other information available, Knife River - Northwest does not believe it is a Responsible Party. In addition, Knife River - Northwest has notified Georgia-Pacific West, Inc., that it intends to seek indemnity for liabilities incurred in relation to the above matters pursuant to the terms of their sale agreement. Knife River - Northwest has entered into an agreement tolling the statute of limitations in connection with the LWG's potential claim for contribution to the costs of the remedial investigation and feasibility study. By letter in March 2009, LWG stated its intent to file suit against Knife River - Northwest and others to recover LWG's investigation costs to the extent Knife River - Northwest cannot demonstrate its non-liability for the contamination or is unwilling to participate in an alternative dispute resolution process that has been established to address the matter. At this time, Knife River - Northwest has agreed to participate in the alternative dispute resolution process. | ||||||||||
The Company believes it is not probable that it will incur any material environmental remediation costs or damages in relation to the above referenced administrative action. | ||||||||||
Manufactured Gas Plant Sites There are three claims against Cascade for cleanup of environmental contamination at manufactured gas plant sites operated by Cascade's predecessors. | ||||||||||
The first claim is for contamination at a site in Eugene, Oregon which was received in 1995. There are PRPs in addition to Cascade that may be liable for cleanup of the contamination. Some of these PRPs have shared in the investigation costs. It is expected that these and other PRPs will share in the cleanup costs. Several alternatives for cleanup have been identified, with preliminary cost estimates ranging from approximately $500,000 to $11.0 million. The Oregon DEQ is preparing a staff report which will recommend a cleanup alternative for the site. It is not known at this time what share of the cleanup costs will actually be borne by Cascade; however, Cascade anticipates its proportional share could be approximately 50 percent. Cascade has accrued $1.7 million for remediation of this site. In January 2013, the OPUC approved Cascade's application to defer environmental remediation costs at the Eugene site for a period of 12 months starting November 30, 2012. Cascade received an order reauthorizing the deferred accounting for the 12 months starting November 30, 2013. | ||||||||||
The second claim is for contamination at a site in Bremerton, Washington which was received in 1997. A preliminary investigation has found soil and groundwater at the site contain contaminants requiring further investigation and cleanup. EPA conducted a Targeted Brownfields Assessment of the site and released a report summarizing the results of that assessment in August 2009. The assessment confirms that contaminants have affected soil and groundwater at the site, as well as sediments in the adjacent Port Washington Narrows. Alternative remediation options have been identified with preliminary cost estimates ranging from $340,000 to $6.4Â million. Data developed through the assessment and previous investigations indicates the contamination likely derived from multiple, different sources and multiple current and former owners of properties and businesses in the vicinity of the site may be responsible for the contamination. In April 2010, the Washington Department of Ecology issued notice it considered Cascade a PRP for hazardous substances at the site. In May 2012, the EPA added the site to the National Priorities List of Superfund sites. Cascade has entered into an administrative settlement agreement and consent order with the EPA regarding the scope and schedule for a remedial investigation and feasibility study for the site. Cascade has accrued $12.8Â million for the remedial investigation, feasibility study and remediation of this site. In April 2010, Cascade filed a petition with the WUTC for authority to defer the costs, which are included in other noncurrent assets, incurred in relation to the environmental remediation of this site until the next general rate case. The WUTC approved the petition in September 2010, subject to conditions set forth in the order. | ||||||||||
The third claim is for contamination at a site in Bellingham, Washington. Cascade received notice from a party in May 2008 that Cascade may be a PRP, along with other parties, for contamination from a manufactured gas plant owned by Cascade and its predecessor from about 1946 to 1962. The notice indicates that current estimates to complete investigation and cleanup of the site exceed $8.0Â million. Other PRPs have reached an agreed order and work plan with the Washington Department of Ecology for completion of a remedial investigation and feasibility study for the site. A report documenting the initial phase of the remedial investigation was completed in June 2011. There is currently not enough information available to estimate the potential liability to Cascade associated with this claim although Cascade believes its proportional share of any liability will be relatively small in comparison to other PRPs. The plant manufactured gas from coal between approximately 1890 and 1946. In 1946, shortly after Cascade's predecessor acquired the plant, it converted the plant to a propane-air gas facility. There are no documented wastes or by-products resulting from the mixing or distribution of propane-air gas. | ||||||||||
Cascade has received notices from and entered into agreement with certain of its insurance carriers that they will participate in defense of Cascade for these contamination claims subject to full and complete reservations of rights and defenses to insurance coverage. To the extent these claims are not covered by insurance, Cascade will seek recovery through the OPUC and WUTC of remediation costs in its natural gas rates charged to customers. The accruals related to these matters are reflected in regulatory assets. | ||||||||||
Guarantees | ||||||||||
Centennial guaranteed CEM's obligations under a construction contract. For more information, see Litigation in this note. | ||||||||||
In connection with the sale of the Brazilian Transmission Lines, as discussed in Note 10, Centennial has agreed to guarantee payment of any indemnity obligations of certain of the Company's indirect wholly owned subsidiaries who are the sellers in three purchase and sale agreements for periods ranging up to 10 years from the date of sale. The guarantees were required by the buyers as a condition to the sale of the Brazilian Transmission Lines. | ||||||||||
WBI Holdings has guaranteed certain of Fidelity's oil and natural gas swap agreement obligations. There is no fixed maximum amount guaranteed in relation to the oil and natural gas swap agreements as the amount of the obligation is dependent upon oil and natural gas commodity prices. The amount of derivative activity entered into by the subsidiary is limited by corporate policy. The guarantees of the oil and natural gas swap agreements at March 31, 2014, expire in the years ranging from 2014 to 2015; however, Fidelity continues to enter into additional derivative instruments and, as a result, WBI Holdings from time to time may issue additional guarantees on these derivative instruments. The amount outstanding by Fidelity was $7.7 million and was reflected on the Consolidated Balance Sheet at March 31, 2014. In the event Fidelity defaults under its obligations, WBI Holdings would be required to make payments under its guarantees. | ||||||||||
Certain subsidiaries of the Company have outstanding guarantees to third parties that guarantee the performance of other subsidiaries of the Company. These guarantees are related to construction contracts, natural gas transportation and sales agreements, gathering contracts and certain other guarantees. At March 31, 2014, the fixed maximum amounts guaranteed under these agreements aggregated $48.7 million. The amounts of scheduled expiration of the maximum amounts guaranteed under these agreements aggregate $26.8 million in 2014; $2.1 million in 2015; $700,000 in 2016; $600,000 in 2017; $500,000 in 2018; $500,000 in 2019; $13.5 million, which is subject to expiration on a specified number of days after the receipt of written notice; and $4.0 million, which has no scheduled maturity date. The amount outstanding by subsidiaries of the Company under the above guarantees was $200,000 and was reflected on the Consolidated Balance Sheet at March 31, 2014. In the event of default under these guarantee obligations, the subsidiary issuing the guarantee for that particular obligation would be required to make payments under its guarantee. | ||||||||||
Certain subsidiaries have outstanding letters of credit to third parties related to insurance policies and other agreements, some of which are guaranteed by other subsidiaries of the Company. At March 31, 2014, the fixed maximum amounts guaranteed under these letters of credit, aggregated $36.3 million. In 2014 and 2015, $7.0 million and $29.3 million, respectively, of letters of credit are scheduled to expire. There were no amounts outstanding under the above letters of credit at March 31, 2014. | ||||||||||
WBI Holdings has an outstanding guarantee to WBI Energy Transmission. This guarantee is related to a natural gas transportation and storage agreement that guarantees the performance of Prairielands. At March 31, 2014, the fixed maximum amount guaranteed under this agreement was $4.0 million and is scheduled to expire in 2016. In the event of Prairielands' default in its payment obligations, WBI Holdings would be required to make payment under its guarantee. The amount outstanding by Prairielands under the above guarantee was $700,000. The amount outstanding under this guarantee was not reflected on the Consolidated Balance Sheet at March 31, 2014, because this intercompany transaction was eliminated in consolidation. | ||||||||||
In addition, Centennial, Knife River and MDU Construction Services have issued guarantees to third parties related to the routine purchase of maintenance items, materials and lease obligations for which no fixed maximum amounts have been specified. These guarantees have no scheduled maturity date. In the event a subsidiary of the Company defaults under these obligations, Centennial, Knife River and MDU Construction Services would be required to make payments under these guarantees. Any amounts outstanding by subsidiaries of the Company for these guarantees were reflected on the Consolidated Balance Sheet at March 31, 2014. | ||||||||||
In the normal course of business, Centennial has surety bonds related to construction contracts and reclamation obligations of its subsidiaries. In the event a subsidiary of Centennial does not fulfill a bonded obligation, Centennial would be responsible to the surety bond company for completion of the bonded contract or obligation. A large portion of the surety bonds is expected to expire within the next 12 months; however, Centennial will likely continue to enter into surety bonds for its subsidiaries in the future. As of March 31, 2014, approximately $588.8 million of surety bonds were outstanding, which were not reflected on the Consolidated Balance Sheet. | ||||||||||
Variable interest entities | ||||||||||
The Company evaluates its arrangements and contracts with other entities to determine if they are VIEs and if so, if the Company is the primary beneficiary. | ||||||||||
Dakota Prairie Refining, LLC On February 7, 2013, WBI Energy and Calumet formed a limited liability company, Dakota Prairie Refining, and entered into an operating agreement to develop, build and operate Dakota Prairie Refinery in southwestern North Dakota. WBI Energy and Calumet each have a 50 percent ownership interest in Dakota Prairie Refining. WBI Energy's and Calumet's capital commitments, based on a total project cost of $300 million, under the agreement are $150 million and $75 million, respectively. Capital commitments in excess of $300 million are expected to be shared equally between WBI Energy and Calumet. The total project cost is currently estimated at $350 million. Dakota Prairie Refining entered into a term loan for project debt financing of $75.0 million on April 22, 2013. The operating agreement provides for allocation of profits and losses consistent with ownership interests; however, deductions attributable to project financing debt will be allocated to Calumet. Calumet's future cash distributions from Dakota Prairie Refining will be decreased by the principal and interest to be paid on the project debt, while the cash distributions to WBI Energy will not be decreased. Pursuant to the operating agreement, Centennial agreed to guarantee Dakota Prairie Refining's obligation under the term loan. | ||||||||||
Dakota Prairie Refining has been determined to be a VIE, and the Company has determined that it is the primary beneficiary as it has an obligation to absorb losses that could be potentially significant to the VIE through WBI Energy's equity investment and Centennial's guarantee of the third-party term loan. Accordingly, the Company consolidates Dakota Prairie Refining in its financial statements and records a noncontrolling interest for Calumet's ownership interest. | ||||||||||
Construction of Dakota Prairie Refinery began in early 2013 and the plant is not yet operational. Therefore, the results of operations of Dakota Prairie Refining did not have a material effect on the Company's Consolidated Statements of Income. The assets of Dakota Prairie Refining shall be used solely for the benefit of Dakota Prairie Refining. The total assets and liabilities of Dakota Prairie Refining reflected on the Company's Consolidated Balance Sheets were as follows: | ||||||||||
31-Mar-14 | 31-Mar-13 | 31-Dec-13 | ||||||||
(In thousands) | ||||||||||
ASSETS | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 22,996 | $ | 10,793 | $ | 4,774 | ||||
Other current assets | 1,135 | — | 26 | |||||||
Total current assets | 24,131 | 10,793 | 4,800 | |||||||
Net property, plant and equipment | 207,260 | 27,356 | 172,073 | |||||||
Total assets | $ | 231,391 | $ | 38,149 | $ | 176,873 | ||||
LIABILITIES | ||||||||||
Current liabilities: | ||||||||||
Long-term debt due within one year | $ | 3,000 | $ | — | $ | 3,000 | ||||
Accounts payable | 16,103 | 10,948 | 8,904 | |||||||
Taxes payable | 113 | — | 5 | |||||||
Accrued compensation | 164 | — | 26 | |||||||
Other accrued liabilities | 580 | — | 461 | |||||||
Total current liabilities | 19,960 | 10,948 | 12,396 | |||||||
Long-term debt | 72,000 | — | 72,000 | |||||||
Total liabilities | $ | 91,960 | $ | 10,948 | $ | 84,396 | ||||
Fuel Contract On October 10, 2012, the Coyote Station entered into a new coal supply agreement with Coyote Creek that will replace a coal supply agreement expiring in May 2016. The new agreement provides for the purchase of coal necessary to supply the coal requirements of the Coyote Station for the period May 2016 through December 2040. | ||||||||||
The new coal supply agreement creates a variable interest in Coyote Creek due to the transfer of all operating and economic risk to the Coyote Station owners, as the agreement is structured so the price of the coal will cover all costs of operations as well as future reclamation costs. The Coyote Station owners are also providing a guarantee of the value of the assets of Coyote Creek as they would be required to buy the assets at book value should they terminate the contract prior to the end of the contract term and are providing a guarantee of the value of the equity of Coyote Creek in that they are required to buy the entity at the end of the contract term at equity value. Although the Company has determined that Coyote Creek is a VIE, the Company has concluded that it is not the primary beneficiary of Coyote Creek because the authority to direct the activities of the entity is shared by the four unrelated owners of the Coyote Station, with no primary beneficiary existing. As a result, Coyote Creek is not required to be consolidated in the Company's financial statements. | ||||||||||
At March 31, 2014, Coyote Creek was not yet operational. The assets and liabilities of Coyote Creek and exposure to loss as a result of the Company's involvement with the VIE, based on the Company's ownership percentage, at March 31, 2014, was $8.2 million. |
Subsequent_event
Subsequent event | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent events [Text Block] | ' |
Subsequent Events | |
Centennial entered into a two year $125.0 million term loan agreement with a variable interest rate on April 2, 2014. | |
The Company entered into a $150.0 million note purchase agreement on January 28, 2014. On April 15, 2014, the Company issued $50.0 million of Senior Notes with a due date of April 15, 2044, at an interest rate of 5.2 percent. The remaining $100.0 million of Senior Notes under the agreement will be issued on July 15, 2014, with due dates ranging from July 2024 to July 2026 at a weighted average interest rate of 4.3 percent. |
Inventories_and_natural_gas_in1
Inventories and natural gas in storage (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||
Inventories | ' | |||||||||
Inventories consisted of: | ||||||||||
March 31, | March 31, | December 31, | ||||||||
2014 | 2013 | 2013 | ||||||||
(In thousands) | ||||||||||
Aggregates held for resale | $ | 104,106 | $ | 98,120 | $ | 101,568 | ||||
Asphalt oil | 66,292 | 94,332 | 38,099 | |||||||
Materials and supplies | 68,809 | 75,868 | 69,808 | |||||||
Merchandise for resale | 22,463 | 24,342 | 21,720 | |||||||
Natural gas in storage (current) | 6,129 | 12,811 | 16,417 | |||||||
Other | 33,533 | 29,399 | 34,779 | |||||||
Total | $ | 301,332 | $ | 334,872 | $ | 282,391 | ||||
Earnings_per_common_share_Tabl
Earnings per common share (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Earnings Per Share [Abstract] | ' | ||||
Weighted average common shares outstanding | ' | ||||
A reconciliation of the weighted average common shares outstanding used in the basic and diluted earnings per share calculations was as follows: | |||||
Three Months Ended | |||||
March 31, | |||||
2014 | 2013 | ||||
(In thousands) | |||||
Weighted average common shares outstanding - basic | 189,820 | 188,831 | |||
Effect of dilutive performance share awards | 612 | 391 | |||
Weighted average common shares outstanding - diluted | 190,432 | 189,222 | |||
Shares excluded from the calculation of diluted earnings per share | — | — | |||
Cash_flow_information_Tables
Cash flow information (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Supplemental Cash Flow Information [Abstract] | ' | ||||||
Supplemental cash flow information | ' | ||||||
Cash expenditures for interest and income taxes were as follows: | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Interest, net of amount capitalized | $ | 20,850 | $ | 21,857 | |||
Income taxes paid (refunded), net | $ | 9,435 | $ | (7,246 | ) | ||
Noncash investing transactions were as follows: | |||||||
March 31, | |||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Property, plant and equipment additions in accounts payable | $ | 65,736 | $ | 92,236 | |||
Comprehensive_income_loss_Tabl
Comprehensive income (loss) (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Comprehensive income (loss) [Abstract] | ' | |||||||||||||||
Comprehensive income (loss) | ' | |||||||||||||||
The after-tax changes in the components of accumulated other comprehensive loss at March 31, 2014, were as follows: | ||||||||||||||||
Net Unrealized Gain (Loss) on Derivative | Postretirement | Foreign Currency Translation Adjustment | Net Unrealized Gain (Loss) on Available-for-sale Investments | Total Accumulated | ||||||||||||
 Instruments |  Liability Adjustment |  Other | ||||||||||||||
 Qualifying as Hedges | Comprehensive | |||||||||||||||
 Loss | ||||||||||||||||
(In thousands) | ||||||||||||||||
Balance at December 31, 2013 | $ | (3,765 | ) | $ | (33,807 | ) | $ | (667 | ) | $ | 34 | $ | (38,205 | ) | ||
Other comprehensive income (loss) before reclassifications | — | — | 46 | (36 | ) | 10 | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | 344 | 275 | — | 38 | 657 | |||||||||||
Net current-period other comprehensive income | 344 | 275 | 46 | 2 | 667 | |||||||||||
Balance at March 31, 2014 | $ | (3,421 | ) | $ | (33,532 | ) | $ | (621 | ) | $ | 36 | $ | (37,538 | ) | ||
The after-tax changes in the components of accumulated other comprehensive loss at March 31, 2013, were as follows: | ||||||||||||||||
Net Unrealized Gain (Loss) on Derivative | Postretirement | Foreign Currency Translation Adjustment | Net Unrealized Gain (Loss) on Available-for-sale Investments | Total Accumulated | ||||||||||||
 Instruments |  Liability Adjustment |  Other | ||||||||||||||
 Qualifying as Hedges | Comprehensive | |||||||||||||||
 Loss | ||||||||||||||||
(In thousands) | ||||||||||||||||
Balance at December 31, 2012 | $ | 6,018 | $ | (54,347 | ) | $ | (511 | ) | $ | 119 | $ | (48,721 | ) | |||
Other comprehensive income (loss) before reclassifications | (5,849 | ) | — | 88 | (44 | ) | (5,805 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | (2,772 | ) | 648 | — | 35 | (2,089 | ) | |||||||||
Net current-period other comprehensive income (loss) | (8,621 | ) | 648 | 88 | (9 | ) | (7,894 | ) | ||||||||
Balance at March 31, 2013 | $ | (2,603 | ) | $ | (53,699 | ) | $ | (423 | ) | $ | 110 | $ | (56,615 | ) | ||
Reclassification out of accumulated other comprehensive income | ' | |||||||||||||||
Reclassifications out of accumulated other comprehensive loss were as follows: | ||||||||||||||||
Three Months Ended | Location on Consolidated Statements of Income | |||||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||
(In thousands) | ||||||||||||||||
Reclassification adjustment for gain (loss) on derivative instruments included in net income: | ||||||||||||||||
Commodity derivative instruments | $ | (388 | ) | $ | 4,513 | Operating revenues | ||||||||||
Interest rate derivative instruments | (160 | ) | (115 | ) | Interest expense | |||||||||||
(548 | ) | 4,398 | ||||||||||||||
204 | (1,626 | ) | Income taxes | |||||||||||||
(344 | ) | 2,772 | ||||||||||||||
Amortization of postretirement liability losses included in net periodic benefit cost | (443 | ) | (967 | ) | (a) | |||||||||||
168 | 319 | Income taxes | ||||||||||||||
(275 | ) | (648 | ) | |||||||||||||
Reclassification adjustment for loss on available-for-sale investments included in net income | (58 | ) | (54 | ) | Other income | |||||||||||
20 | 19 | Income taxes | ||||||||||||||
(38 | ) | (35 | ) | |||||||||||||
Total reclassifications | $ | (657 | ) | $ | 2,089 | |||||||||||
 (a) Included in net periodic benefit cost (credit). For more information, see Note 17. |
Goodwill_and_other_intangible_1
Goodwill and other intangible assets (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||
Changes in the carrying amount of goodwill | ' | |||||||||
The changes in the carrying amount of goodwill were as follows: | ||||||||||
Three Months Ended | Balance | Goodwill | Balance | |||||||
31-Mar-14 | as of | Acquired | as of | |||||||
January 1, | During | March 31, 2014* | ||||||||
2014* | the Year | |||||||||
(In thousands) | ||||||||||
Natural gas distribution | $ | 345,736 | $ | — | $ | 345,736 | ||||
Pipeline and energy services | 9,737 | — | 9,737 | |||||||
Construction materials and contracting | 176,290 | — | 176,290 | |||||||
Construction services | 104,276 | — | 104,276 | |||||||
Total | $ | 636,039 | $ | — | $ | 636,039 | ||||
 * Balance is presented net of accumulated impairment of $12.3 million at the pipeline and energy services segment, which occurred in prior periods. | ||||||||||
Three Months Ended | Balance | Goodwill | Balance | |||||||
31-Mar-13 | as of | Acquired | as of | |||||||
January 1, | During the | March 31, 2013* | ||||||||
2013* | Year | |||||||||
(In thousands) | ||||||||||
Natural gas distribution | $ | 345,736 | $ | — | $ | 345,736 | ||||
Pipeline and energy services | 9,737 | — | 9,737 | |||||||
Construction materials and contracting | 176,290 | — | 176,290 | |||||||
Construction services | 104,276 | — | 104,276 | |||||||
Total | $ | 636,039 | $ | — | $ | 636,039 | ||||
 * Balance is presented net of accumulated impairment of $12.3 million at the pipeline and energy services segment, which occurred in prior periods. | ||||||||||
Year Ended | Balance | Goodwill | Balance | |||||||
31-Dec-13 | as of | Acquired | as of | |||||||
January 1, | During the | December 31, | ||||||||
2013* | Year | 2013* | ||||||||
(In thousands) | ||||||||||
Natural gas distribution | $ | 345,736 | $ | — | $ | 345,736 | ||||
Pipeline and energy services | 9,737 | — | 9,737 | |||||||
Construction materials and contracting | 176,290 | — | 176,290 | |||||||
Construction services | 104,276 | — | 104,276 | |||||||
Total | $ | 636,039 | $ | — | $ | 636,039 | ||||
 * Balance is presented net of accumulated impairment of $12.3 million at the pipeline and energy services segment, which occurred in prior periods. | ||||||||||
Other amortizable intangible assets | ' | |||||||||
Other amortizable intangible assets were as follows: | ||||||||||
March 31, | March 31, | December 31, | ||||||||
2014 | 2013 | 2013 | ||||||||
(In thousands) | ||||||||||
Customer relationships | $ | 21,310 | $ | 21,310 | $ | 21,310 | ||||
Accumulated amortization | (14,230 | ) | (12,211 | ) | (13,726 | ) | ||||
7,080 | 9,099 | 7,584 | ||||||||
Noncompete agreements | 5,580 | 7,236 | 6,186 | |||||||
Accumulated amortization | (4,335 | ) | (5,439 | ) | (4,840 | ) | ||||
1,245 | 1,797 | 1,346 | ||||||||
Other | 10,920 | 10,979 | 10,995 | |||||||
Accumulated amortization | (6,949 | ) | (5,557 | ) | (6,826 | ) | ||||
3,971 | 5,422 | 4,169 | ||||||||
Total | $ | 12,296 | $ | 16,318 | $ | 13,099 | ||||
Derivative_instruments_Tables
Derivative instruments (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||
Schedule of derivative instruments, gain (losses) | ' | ||||||||||
The gains and losses on derivative instruments were as follows: | |||||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2014 | 2013 | ||||||||||
(In thousands) | |||||||||||
Commodity derivatives designated as cash flow hedges: | |||||||||||
Amount of loss recognized in accumulated other comprehensive loss (effective portion), net of tax | $ | — | $ | (6,154 | ) | ||||||
Amount of (gain) loss reclassified from accumulated other comprehensive loss into operating revenues (effective portion), net of tax | 244 | (2,843 | ) | ||||||||
Amount of loss recognized in operating revenues (ineffective portion), before tax | — | (1,422 | ) | ||||||||
Interest rate derivatives designated as cash flow hedges: | |||||||||||
Amount of gain recognized in accumulated other comprehensive loss (effective portion), net of tax | — | 305 | |||||||||
Amount of loss reclassified from accumulated other comprehensive loss into interest expense (effective portion), net of tax | 100 | 71 | |||||||||
Amount of loss recognized in interest expense (ineffective portion), before tax | — | (159 | ) | ||||||||
Commodity derivatives not designated as hedging instruments: | |||||||||||
Amount of loss recognized in operating revenues, before tax | (6,712 | ) | (4,410 | ) | |||||||
Derivative instruments | ' | ||||||||||
The location and fair value of the gross amount of the Company's derivative instruments on the Consolidated Balance Sheets were as follows: | |||||||||||
Asset | Location on | Fair Value at March 31, 2014 | Fair Value at March 31, 2013 | Fair Value at December 31, 2013 | |||||||
Derivatives | Consolidated | ||||||||||
Balance Sheets | |||||||||||
(In thousands) | |||||||||||
Designated as hedges: | |||||||||||
Commodity derivatives | Commodity derivative instruments | $ | — | $ | 1,623 | $ | — | ||||
— | 1,623 | — | |||||||||
Not designated as hedges: | |||||||||||
Commodity derivatives | Commodity derivative instruments | 81 | 4,313 | 1,447 | |||||||
Other assets - noncurrent | 249 | 243 | 503 | ||||||||
330 | 4,556 | 1,950 | |||||||||
Total asset derivatives | $ | 330 | $ | 6,179 | $ | 1,950 | |||||
Liability | Location on | Fair Value at March 31, 2014 | Fair Value at March 31, 2013 | Fair Value at December 31, 2013 | |||||||
Derivatives | Consolidated | ||||||||||
Balance Sheets | |||||||||||
(In thousands) | |||||||||||
Designated as hedges: | |||||||||||
Commodity derivatives | Commodity derivative instruments | $ | — | $ | 5,994 | $ | — | ||||
Other liabilities - noncurrent | — | 534 | — | ||||||||
Interest rate derivatives | Other accrued liabilities | — | 4,458 | — | |||||||
— | 10,986 | — | |||||||||
Not designated as hedges: | |||||||||||
Commodity derivatives | Commodity derivative instruments | 12,186 | 1,385 | 7,483 | |||||||
Other liabilities - noncurrent | — | 74 | — | ||||||||
12,186 | 1,459 | 7,483 | |||||||||
Total liability derivatives | $ | 12,186 | $ | 12,445 | $ | 7,483 | |||||
Offsetting assets and liabilities master netting | ' | ||||||||||
The gross derivative assets and liabilities (excluding settlement receivables and payables that may be subject to the same master netting agreements) presented on the Consolidated Balance Sheets and the amount eligible for offset under the master netting agreements is presented in the following table: | |||||||||||
31-Mar-14 | Gross Amounts Recognized on the Consolidated Balance Sheets | Gross Amounts Not Offset on the Consolidated Balance Sheets | Net | ||||||||
(In thousands) | |||||||||||
Assets: | |||||||||||
Commodity derivatives | $ | 330 | $ | (330 | ) | $ | — | ||||
Total assets | $ | 330 | $ | (330 | ) | $ | — | ||||
Liabilities: | |||||||||||
Commodity derivatives | $ | 12,186 | $ | (330 | ) | $ | 11,856 | ||||
Total liabilities | $ | 12,186 | $ | (330 | ) | $ | 11,856 | ||||
31-Mar-13 | Gross Amounts Recognized on the Consolidated Balance Sheets | Gross Amounts Not Offset on the Consolidated Balance Sheets | Net | ||||||||
(In thousands) | |||||||||||
Assets: | |||||||||||
Commodity derivatives | $ | 6,179 | $ | (3,578 | ) | $ | 2,601 | ||||
Total assets | $ | 6,179 | $ | (3,578 | ) | $ | 2,601 | ||||
Liabilities: | |||||||||||
Commodity derivatives | $ | 7,987 | $ | (3,578 | ) | $ | 4,409 | ||||
Interest rate derivatives | 4,458 | — | 4,458 | ||||||||
Total liabilities | $ | 12,445 | $ | (3,578 | ) | $ | 8,867 | ||||
31-Dec-13 | Gross Amounts Recognized on the Consolidated Balance Sheets | Gross Amounts Not Offset on the Consolidated Balance Sheets | Net | ||||||||
(In thousands) | |||||||||||
Assets: | |||||||||||
Commodity derivatives | $ | 1,950 | $ | (1,950 | ) | $ | — | ||||
Total assets | $ | 1,950 | $ | (1,950 | ) | $ | — | ||||
Liabilities: | |||||||||||
Commodity derivatives | $ | 7,483 | $ | (1,950 | ) | $ | 5,533 | ||||
Total liabilities | $ | 7,483 | $ | (1,950 | ) | $ | 5,533 | ||||
Fair_value_measurements_Tables
Fair value measurements (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Available-for-sale securities | ' | ||||||||||||
Details of available-for-sale securities were as follows: | |||||||||||||
March 31, 2014 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||
(In thousands) | |||||||||||||
Mortgage-backed securities | $ | 7,943 | $ | 63 | $ | (17 | ) | $ | 7,989 | ||||
U.S. Treasury securities | 2,069 | 9 | — | 2,078 | |||||||||
Total | $ | 10,012 | $ | 72 | $ | (17 | ) | $ | 10,067 | ||||
March 31, 2013 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||
(In thousands) | |||||||||||||
Mortgage-backed securities | $ | 8,749 | $ | 133 | $ | (3 | ) | $ | 8,879 | ||||
U.S. Treasury securities | 1,301 | 39 | — | 1,340 | |||||||||
Total | $ | 10,050 | $ | 172 | $ | (3 | ) | $ | 10,219 | ||||
December 31, 2013 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||
(In thousands) | |||||||||||||
Mortgage-backed securities | $ | 8,151 | $ | 69 | $ | (27 | ) | $ | 8,193 | ||||
U.S. Treasury securities | 1,906 | 15 | (4 | ) | 1,917 | ||||||||
Total | $ | 10,057 | $ | 84 | $ | (31 | ) | $ | 10,110 | ||||
Assets and liabilities measured at fair value on a recurring basis | ' | ||||||||||||
The Company's assets and liabilities measured at fair value on a recurring basis were as follows: | |||||||||||||
Fair Value Measurements at March 31, 2014, Using | |||||||||||||
Quoted Prices in | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance at March 31, 2014 | ||||||||||
Active Markets | |||||||||||||
for Identical Assets (Level 1) | |||||||||||||
(In thousands) | |||||||||||||
Assets: | |||||||||||||
Money market funds | $ | — | $ | 20,267 | $ | — | $ | 20,267 | |||||
Insurance contract* | — | 63,269 | — | 63,269 | |||||||||
Available-for-sale securities: | |||||||||||||
Mortgage-backed securities | — | 7,989 | — | 7,989 | |||||||||
U.S. Treasury securities | — | 2,078 | — | 2,078 | |||||||||
Commodity derivative instruments | — | 330 | — | 330 | |||||||||
Total assets measured at fair value | $ | — | $ | 93,933 | $ | — | $ | 93,933 | |||||
Liabilities: | |||||||||||||
Commodity derivative instruments | $ | — | $ | 12,186 | $ | — | $ | 12,186 | |||||
Total liabilities measured at fair value | $ | — | $ | 12,186 | $ | — | $ | 12,186 | |||||
*Â The insurance contract invests approximately 29 percent in common stock of mid-cap companies, 27 percent in common stock of small-cap companies, 28 percent in common stock of large-cap companies and 16 percent in fixed-income investments. | |||||||||||||
Fair Value Measurements at March 31, 2013, Using | |||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Balance at March 31, 2013 | ||||||||||
(Level 1) | |||||||||||||
(In thousands) | |||||||||||||
Assets: | |||||||||||||
Money market funds | $ | — | $ | 31,281 | $ | — | $ | 31,281 | |||||
Insurance contract* | — | 53,334 | — | 53,334 | |||||||||
Available-for-sale securities: | |||||||||||||
Mortgage-backed securities | — | 8,879 | — | 8,879 | |||||||||
U.S. Treasury securities | — | 1,340 | — | 1,340 | |||||||||
Commodity derivative instruments | — | 6,179 | — | 6,179 | |||||||||
Total assets measured at fair value | $ | — | $ | 101,013 | $ | — | $ | 101,013 | |||||
Liabilities: | |||||||||||||
Commodity derivative instruments | $ | — | $ | 7,987 | $ | — | $ | 7,987 | |||||
Interest rate derivative instruments | — | 4,458 | — | 4,458 | |||||||||
Total liabilities measured at fair value | $ | — | $ | 12,445 | $ | — | $ | 12,445 | |||||
*Â The insurance contract invests approximately 29 percent in common stock of mid-cap companies, 28 percent in common stock of small-cap companies, 28 percent in common stock of large-cap companies and 15 percent in fixed-income investments. | |||||||||||||
Fair Value Measurements at December 31, 2013, Using | |||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs | Balance at December 31, 2013 | ||||||||||
 (Level 3) | |||||||||||||
(In thousands) | |||||||||||||
Assets: | |||||||||||||
Money market funds | $ | — | $ | 19,227 | $ | — | $ | 19,227 | |||||
Insurance contract* | — | 62,370 | — | 62,370 | |||||||||
Available-for-sale securities: | |||||||||||||
Mortgage-backed securities | — | 8,193 | — | 8,193 | |||||||||
U.S. Treasury securities | — | 1,917 | — | 1,917 | |||||||||
Commodity derivative instruments | — | 1,950 | — | 1,950 | |||||||||
Total assets measured at fair value | $ | — | $ | 93,657 | $ | — | $ | 93,657 | |||||
Liabilities: | |||||||||||||
Commodity derivative instruments | $ | — | $ | 7,483 | $ | — | $ | 7,483 | |||||
Total liabilities measured at fair value | $ | — | $ | 7,483 | $ | — | $ | 7,483 | |||||
* The insurance contract invests approximately 29 percent in common stock of mid-cap companies, 28 percent in common stock of small-cap companies, 28 percent in common stock of large-cap companies and 15 percent in fixed-income investments. | |||||||||||||
Fair value of long term debt outstanding | ' | ||||||||||||
The estimated fair value of the Company's Level 2 long-term debt was as follows: | |||||||||||||
Carrying | Fair | ||||||||||||
Amount | Value | ||||||||||||
(In thousands) | |||||||||||||
Long-term debt at March 31, 2014 | $ | 2,105,832 | $ | 2,186,839 | |||||||||
Long-term debt at March 31, 2013 | $ | 1,789,663 | $ | 1,925,859 | |||||||||
Long-term debt at December 31, 2013 | $ | 1,854,563 | $ | 1,912,590 | |||||||||
Equity_Tables
Equity (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Equity [Abstract] | ' | |||||||||
Summary of changes in equity | ' | |||||||||
A summary of the changes in equity was as follows: | ||||||||||
Three Months Ended March 31, 2014 | Total Stockholders' Equity | Noncontrolling Interest | Total Equity | |||||||
(In thousands) | ||||||||||
Balance at December 31, 2013 | $ | 2,823,164 | $ | 32,738 | $ | 2,855,902 | ||||
Net income (loss) | 56,662 | (523 | ) | 56,139 | ||||||
Other comprehensive income | 667 | — | 667 | |||||||
Dividends declared on preferred stocks | (171 | ) | — | (171 | ) | |||||
Dividends declared on common stock | (33,809 | ) | — | (33,809 | ) | |||||
Stock-based compensation | 1,336 | — | 1,336 | |||||||
Issuance of common stock upon vesting of performance shares, net of shares used for tax withholdings | (5,564 | ) | — | (5,564 | ) | |||||
Net tax benefit on stock-based compensation | 4,729 | — | 4,729 | |||||||
Issuance of common stock | 54,574 | — | 54,574 | |||||||
Contribution from noncontrolling interest | — | 16,001 | 16,001 | |||||||
Balance at March 31, 2014 | $ | 2,901,588 | $ | 48,216 | $ | 2,949,804 | ||||
Three Months Ended March 31, 2013 | Total Stockholders' Equity | Noncontrolling Interest | Total Equity | |||||||
(In thousands) | ||||||||||
Balance at December 31, 2012 | $ | 2,648,248 | $ | — | $ | 2,648,248 | ||||
Net income | 56,515 | — | 56,515 | |||||||
Other comprehensive loss | (7,894 | ) | — | (7,894 | ) | |||||
Dividends declared on preferred stocks | (171 | ) | — | (171 | ) | |||||
Dividends declared on common stock | (32,573 | ) | — | (32,573 | ) | |||||
Stock-based compensation | 1,176 | — | 1,176 | |||||||
Net tax deficit on stock-based compensation | (1,419 | ) | — | (1,419 | ) | |||||
Contribution from noncontrolling interest | — | 11,100 | 11,100 | |||||||
Balance at March 31, 2013 | $ | 2,663,882 | $ | 11,100 | $ | 2,674,982 | ||||
Business_segment_data_Tables
Business segment data (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Segment Reporting [Abstract] | ' | |||||||||
Information on the Company's businesses | ' | |||||||||
Information on the Company's businesses was as follows: | ||||||||||
Three Months Ended March 31, 2014 | External | Inter- | Earnings | |||||||
Operating | segment | on Common | ||||||||
Revenues | Operating | Stock | ||||||||
Revenues | ||||||||||
(In thousands) | ||||||||||
Electric | $ | 73,647 | $ | — | $ | 11,033 | ||||
Natural gas distribution | 374,233 | — | 27,263 | |||||||
Pipeline and energy services | 43,661 | 18,276 | 4,349 | |||||||
491,541 | 18,276 | 42,645 | ||||||||
Exploration and production | 116,669 | 20,867 | 20,939 | |||||||
Construction materials and contracting | 164,423 | 4,017 | (23,574 | ) | ||||||
Construction services | 269,892 | 3,738 | 16,568 | |||||||
Other | 328 | 1,724 | 264 | |||||||
551,312 | 30,346 | 14,197 | ||||||||
Intersegment eliminations | — | (48,622 | ) | (351 | ) | |||||
Total | $ | 1,042,853 | $ | — | $ | 56,491 | ||||
Three Months Ended March 31, 2013 | External | Inter- | Earnings | |||||||
Operating | segment | on Common | ||||||||
Revenues | Operating | Stock | ||||||||
Revenues | ||||||||||
(In thousands) | ||||||||||
Electric | $ | 64,654 | $ | — | $ | 9,825 | ||||
Natural gas distribution | 331,754 | — | 32,518 | |||||||
Pipeline and energy services | 27,716 | 18,718 | 2,330 | |||||||
424,124 | 18,718 | 44,673 | ||||||||
Exploration and production | 115,363 | 9,812 | 20,284 | |||||||
Construction materials and contracting | 161,977 | 4,294 | (20,582 | ) | ||||||
Construction services | 229,806 | 1,574 | 11,664 | |||||||
Other | 334 | 1,818 | 305 | |||||||
507,480 | 17,498 | 11,671 | ||||||||
Intersegment eliminations | — | (36,216 | ) | — | ||||||
Total | $ | 931,604 | $ | — | $ | 56,344 | ||||
Employee_benefit_plans_Tables
Employee benefit plans (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ' | ||||||||||||
Schedule of net benefit costs | ' | ||||||||||||
Components of net periodic benefit cost for the Company's pension and other postretirement benefit plans were as follows: | |||||||||||||
Other | |||||||||||||
Postretirement | |||||||||||||
Pension Benefits | Benefits | ||||||||||||
Three Months Ended March 31, | 2014 | 2013 | 2014 | 2013 | |||||||||
(In thousands) | |||||||||||||
Components of net periodic benefit cost: | |||||||||||||
Service cost | $ | 33 | $ | 40 | $ | 379 | $ | 504 | |||||
Interest cost | 4,440 | 4,018 | 858 | 940 | |||||||||
Expected return on assets | (5,125 | ) | (5,083 | ) | (1,067 | ) | (1,107 | ) | |||||
Amortization of prior service cost (credit) | 18 | 18 | (348 | ) | (364 | ) | |||||||
Amortization of net actuarial loss | 1,313 | 1,864 | 318 | 671 | |||||||||
Net periodic benefit cost, including amount capitalized | 679 | 857 | 140 | 644 | |||||||||
Less amount capitalized | 95 | 110 | 29 | 29 | |||||||||
Net periodic benefit cost | $ | 584 | $ | 747 | $ | 111 | $ | 615 | |||||
Contingencies_Commitment_and_C
Contingencies Commitment and Contingencies Disclosure (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||
Limited liability project reflected on consolidated balance sheet | ' | |||||||||
The total assets and liabilities of Dakota Prairie Refining reflected on the Company's Consolidated Balance Sheets were as follows: | ||||||||||
31-Mar-14 | 31-Mar-13 | 31-Dec-13 | ||||||||
(In thousands) | ||||||||||
ASSETS | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 22,996 | $ | 10,793 | $ | 4,774 | ||||
Other current assets | 1,135 | — | 26 | |||||||
Total current assets | 24,131 | 10,793 | 4,800 | |||||||
Net property, plant and equipment | 207,260 | 27,356 | 172,073 | |||||||
Total assets | $ | 231,391 | $ | 38,149 | $ | 176,873 | ||||
LIABILITIES | ||||||||||
Current liabilities: | ||||||||||
Long-term debt due within one year | $ | 3,000 | $ | — | $ | 3,000 | ||||
Accounts payable | 16,103 | 10,948 | 8,904 | |||||||
Taxes payable | 113 | — | 5 | |||||||
Accrued compensation | 164 | — | 26 | |||||||
Other accrued liabilities | 580 | — | 461 | |||||||
Total current liabilities | 19,960 | 10,948 | 12,396 | |||||||
Long-term debt | 72,000 | — | 72,000 | |||||||
Total liabilities | $ | 91,960 | $ | 10,948 | $ | 84,396 | ||||
Accounts_receivable_and_allowa1
Accounts receivable and allowance for doubtful accounts (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | |||
Receivables [Abstract] | ' | ' | ' |
Receivables past due 90 days or more | $22.60 | $36.40 | $39.60 |
Allowance for doubtful accounts receivable | $10.90 | $10.10 | $10.80 |
Inventories_and_natural_gas_in2
Inventories and natural gas in storage (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Inventory Disclosure [Abstract] | ' | ' | ' |
Aggregates held for resale | $104,106,000 | $101,568,000 | $98,120,000 |
Asphalt oil | 66,292,000 | 38,099,000 | 94,332,000 |
Materials and supplies | 68,809,000 | 69,808,000 | 75,868,000 |
Merchandise for resale | 22,463,000 | 21,720,000 | 24,342,000 |
Natural gas in storage (current) | 6,129,000 | 16,417,000 | 12,811,000 |
Other | 33,533,000 | 34,779,000 | 29,399,000 |
Total | 301,332,000 | 282,391,000 | 334,872,000 |
Natural gas in storage noncurrent | $47,400,000 | $48,300,000 | $49,600,000 |
Earnings_per_common_share_Deta
Earnings per common share (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Weighted average common shares outstanding - basic | 189,820 | 188,831 |
Effect of dilutive performance share awards | 612 | 391 |
Weighted average common shares outstanding - diluted | 190,432 | 189,222 |
Shares excluded from the calculation of diluted earnings per share | 0 | 0 |
Cash_flow_information_Details
Cash flow information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Supplemental Cash Flow Information [Abstract] | ' | ' |
Interest, net of amount capitalized | $20,850 | $21,857 |
Income taxes paid (refunded), net | 9,435 | -7,246 |
Property, plant and equipment additions in accounts payable | $65,736 | $92,236 |
Comprehensive_income_loss_Deta
Comprehensive income (loss) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated other comprehensive income (loss) [Roll Forward] | ' | ' |
Balance | ($38,205) | ($48,721) |
Other comprehensive income (loss) before reclassifications | 10 | -5,805 |
Amounts reclassified from accumulated other comprehensive loss | 657 | -2,089 |
Net current-period other comprehensive income (loss) | 667 | -7,894 |
Balance | -37,538 | -56,615 |
Net unrealized gain (loss) on derivative instruments qualifying as hedges | ' | ' |
Accumulated other comprehensive income (loss) [Roll Forward] | ' | ' |
Balance | -3,765 | 6,018 |
Other comprehensive income (loss) before reclassifications | 0 | -5,849 |
Amounts reclassified from accumulated other comprehensive loss | 344 | -2,772 |
Net current-period other comprehensive income (loss) | 344 | -8,621 |
Balance | -3,421 | -2,603 |
Postretirement liability adjustment | ' | ' |
Accumulated other comprehensive income (loss) [Roll Forward] | ' | ' |
Balance | -33,807 | -54,347 |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss | 275 | 648 |
Net current-period other comprehensive income (loss) | 275 | 648 |
Balance | -33,532 | -53,699 |
Foreign currency translation adjustment | ' | ' |
Accumulated other comprehensive income (loss) [Roll Forward] | ' | ' |
Balance | -667 | -511 |
Other comprehensive income (loss) before reclassifications | 46 | 88 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Net current-period other comprehensive income (loss) | 46 | 88 |
Balance | -621 | -423 |
Net unrealized gain (loss) on available-for-sale investments | ' | ' |
Accumulated other comprehensive income (loss) [Roll Forward] | ' | ' |
Balance | 34 | 119 |
Other comprehensive income (loss) before reclassifications | -36 | -44 |
Amounts reclassified from accumulated other comprehensive loss | 38 | 35 |
Net current-period other comprehensive income (loss) | 2 | -9 |
Balance | $36 | $110 |
Reclassification_out_of_accumu
Reclassification out of accumulated other comprehensive income (loss) (Details 2) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Reclassification adjustment out of accumulated other comprehensive income [Line Items] | ' | ' |
Revenues | $1,042,853 | $931,604 |
Other income | 2,132 | 1,242 |
Interest expense | -20,971 | -20,874 |
Income before income taxes | 84,116 | 84,588 |
Income taxes | 27,932 | 27,996 |
Net income (loss) | 56,139 | 56,515 |
Reclassification adjustment for gain (loss) on derivative instruments included in net income | ' | ' |
Reclassification adjustment out of accumulated other comprehensive income [Line Items] | ' | ' |
Income before income taxes | -548 | 4,398 |
Income taxes | 204 | -1,626 |
Net income (loss) | -344 | 2,772 |
Amortization of postretirement liability losses included in net periodic benefit cost | ' | ' |
Reclassification adjustment out of accumulated other comprehensive income [Line Items] | ' | ' |
Net periodic benefit cost | -443 | -967 |
Income taxes | 168 | 319 |
Net income (loss) | -275 | -648 |
Reclassification adjustment for loss on available-for-sale investments included in net income | ' | ' |
Reclassification adjustment out of accumulated other comprehensive income [Line Items] | ' | ' |
Other income | -58 | -54 |
Income taxes | 20 | 19 |
Net income (loss) | -38 | -35 |
Total reclassifications | ' | ' |
Reclassification adjustment out of accumulated other comprehensive income [Line Items] | ' | ' |
Net income (loss) | -657 | 2,089 |
Commodity derivative instruments [Member] | Reclassification adjustment for gain (loss) on derivative instruments included in net income | ' | ' |
Reclassification adjustment out of accumulated other comprehensive income [Line Items] | ' | ' |
Revenues | -388 | 4,513 |
Interest rate derivative instruments [Member] | Reclassification adjustment for gain (loss) on derivative instruments included in net income | ' | ' |
Reclassification adjustment out of accumulated other comprehensive income [Line Items] | ' | ' |
Interest expense | ($160) | ($115) |
Acquisition_Details
Acquisition (Details) (USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Mar. 06, 2014 |
Business Combinations [Abstract] | ' |
Business acquisition, cost of acquired entity, purchase price | $206.30 |
Equity_method_investments_Deta
Equity method investments (Details) (USD $) | Mar. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2012 | Nov. 30, 2011 | Nov. 30, 2010 | Nov. 30, 2010 | Nov. 30, 2010 |
In Millions, unless otherwise specified | ECTE [Member] | ECTE [Member] | ECTE [Member] | ECTE [Member] | ENTE [Member] | ERTE [Member] | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage ownership interest in equity method investment sold | ' | ' | ' | ' | 59.96% | 100.00% | 100.00% |
Number of years over which remaining ownership interest in equity method investment will be sold | ' | ' | ' | ' | '4 years | ' | ' |
Portion of remaining interest sold | ' | 25.00% | 25.00% | 25.00% | ' | ' | ' |
Total assets of equity method investments | $142.90 | ' | ' | ' | ' | ' | ' |
Total long-term debt of equity method investments | 63.9 | ' | ' | ' | ' | ' | ' |
Investment in equity method investments | 5.7 | ' | ' | ' | ' | ' | ' |
Undistributed earnings of equity method investments | $2.20 | ' | ' | ' | ' | ' | ' |
Goodwill_rollforward_Details
Goodwill rollforward (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||||
Goodwill [Roll Forward] | ' | ' | ' | |||
Balance as of beginning of period | $636,039,000 | [1] | $636,039,000 | [1] | $636,039,000 | [1] |
Goodwill acquired during the year | 0 | 0 | 0 | |||
Balance as of end of period | 636,039,000 | [1] | 636,039,000 | [1] | 636,039,000 | [1] |
Natural gas distribution [Member] | ' | ' | ' | |||
Goodwill [Roll Forward] | ' | ' | ' | |||
Balance as of beginning of period | 345,736,000 | 345,736,000 | 345,736,000 | |||
Goodwill acquired during the year | 0 | 0 | 0 | |||
Balance as of end of period | 345,736,000 | 345,736,000 | 345,736,000 | |||
Pipeline and energy services [Member] | ' | ' | ' | |||
Goodwill [Line Items] | ' | ' | ' | |||
Goodwill, impaired, accumulated impairment loss | 12,300,000 | 12,300,000 | 12,300,000 | |||
Goodwill [Roll Forward] | ' | ' | ' | |||
Balance as of beginning of period | 9,737,000 | [1] | 9,737,000 | [1] | 9,737,000 | [1] |
Goodwill acquired during the year | 0 | 0 | 0 | |||
Balance as of end of period | 9,737,000 | [1] | 9,737,000 | [1] | 9,737,000 | [1] |
Construction materials and contracting [Member] | ' | ' | ' | |||
Goodwill [Roll Forward] | ' | ' | ' | |||
Balance as of beginning of period | 176,290,000 | 176,290,000 | 176,290,000 | |||
Goodwill acquired during the year | 0 | 0 | 0 | |||
Balance as of end of period | 176,290,000 | 176,290,000 | 176,290,000 | |||
Construction services [Member] | ' | ' | ' | |||
Goodwill [Roll Forward] | ' | ' | ' | |||
Balance as of beginning of period | 104,276,000 | 104,276,000 | 104,276,000 | |||
Goodwill acquired during the year | 0 | 0 | 0 | |||
Balance as of end of period | $104,276,000 | $104,276,000 | $104,276,000 | |||
[1] | Balance is presented net of accumulated impairment of $12.3 million at the pipeline and energy services segment, which occurred in prior periods. |
Other_intangible_assets_Detail
Other intangible assets (Details 2) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets, net (excluding goodwill) | $12,296,000 | $16,318,000 | $13,099,000 |
Amortization of intangible assets | 800,000 | 800,000 | ' |
Estimated amortization expense for amortizable intangible assets [Abstract] | ' | ' | ' |
2014 | 3,200,000 | ' | ' |
2015 | 2,500,000 | ' | ' |
2016 | 2,200,000 | ' | ' |
2017 | 2,000,000 | ' | ' |
2018 | 1,000,000 | ' | ' |
Thereafter | 2,200,000 | ' | ' |
Customer relationships [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets, gross | 21,310,000 | 21,310,000 | 21,310,000 |
Intangible assets, accumulated amortization | -14,230,000 | -12,211,000 | -13,726,000 |
Intangible assets, net (excluding goodwill) | 7,080,000 | 9,099,000 | 7,584,000 |
Noncompete agreements [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets, gross | 5,580,000 | 7,236,000 | 6,186,000 |
Intangible assets, accumulated amortization | -4,335,000 | -5,439,000 | -4,840,000 |
Intangible assets, net (excluding goodwill) | 1,245,000 | 1,797,000 | 1,346,000 |
Other intangible assets [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Intangible assets, gross | 10,920,000 | 10,979,000 | 10,995,000 |
Intangible assets, accumulated amortization | -6,949,000 | -5,557,000 | -6,826,000 |
Intangible assets, net (excluding goodwill) | $3,971,000 | $5,422,000 | $4,169,000 |
Derivative_instruments_Details
Derivative instruments (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | |
Derivative instruments [Line Items] | ' | ' | ' |
Amount of unrealized gain (loss) on hedge at de-designation date to be reclassified into AOCI | ' | ' | $1,800,000 |
Amount of time remaining to transfer accumulated other comprehensive income to earnings | '9 months | ' | ' |
Cash flow hedge gain (loss) to be reclassified within twelve months from AOCI into earnings | -449,000 | ' | ' |
Derivatives with credit-risk-related contingent feature in net liability position, aggregate fair value | 12,200,000 | 7,500,000 | 12,400,000 |
Assets needed for immediate settlement aggregate fair value for cash flow hedging instruments | 12,200,000 | 7,500,000 | 12,400,000 |
Oil swap and\or collar [Member] | ' | ' | ' |
Derivative instruments [Line Items] | ' | ' | ' |
Derivative, nonmonetary notional amount | 2,700,000 | 2,900,000 | 2,800,000 |
Natural gas swap and\or collar [Member] | ' | ' | ' |
Derivative instruments [Line Items] | ' | ' | ' |
Derivative, nonmonetary notional amount | 14,700,000 | 18,300,000 | 25,900,000 |
Interest rate swap [Member] | ' | ' | ' |
Derivative instruments [Line Items] | ' | ' | ' |
Derivative, notional amount | ' | ' | $40,000,000 |
Gains_and_losses_on_derivative
Gains and losses on derivative instruments (Details 2) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivative instruments [Line Items] | ' | ' |
Amount of gain (loss) recognized in accumulated other comprehensive loss (effective portion), net of tax | $0 | ($5,849) |
Amount of (gain) loss reclassified from accumulated other comprehensive loss (effective portion), net of tax | 344 | -2,772 |
Commodity derivatives designated as cash flow hedges [Member] | ' | ' |
Derivative instruments [Line Items] | ' | ' |
Amount of gain (loss) recognized in accumulated other comprehensive loss (effective portion), net of tax | 0 | -6,154 |
Amount of (gain) loss reclassified from accumulated other comprehensive loss (effective portion), net of tax | 244 | -2,843 |
Amount of gain (loss) recognized in income statement (ineffective portion), before tax | 0 | -1,422 |
Interest rate derivatives designated as cash flow hedges [Member] | ' | ' |
Derivative instruments [Line Items] | ' | ' |
Amount of gain (loss) recognized in accumulated other comprehensive loss (effective portion), net of tax | 0 | 305 |
Amount of (gain) loss reclassified from accumulated other comprehensive loss (effective portion), net of tax | 100 | 71 |
Amount of gain (loss) recognized in income statement (ineffective portion), before tax | 0 | -159 |
Commodity derivatives not designated as hedging instruments: | ' | ' |
Derivative instruments [Line Items] | ' | ' |
Amount of gain (loss) recognized in operating revenues, before tax | ($6,712) | ($4,410) |
Derivative_instruments_Details1
Derivative instruments (Details 3) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative asset, fair value, gross asset | $330 | $1,950 | $6,179 |
Derivative liability fair value gross liability | 12,186 | 7,483 | 12,445 |
Designated as hedging instrument [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative instruments in hedges, assets, at fair value | 0 | 0 | 1,623 |
Derivative instruments in hedges, liabilities, at fair value | 0 | 0 | 10,986 |
Designated as hedging instrument [Member] | Commodity contract [Member] | Commodity derivative instruments - current assets [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative instruments in hedges, assets, at fair value | 0 | 0 | 1,623 |
Designated as hedging instrument [Member] | Commodity contract [Member] | Commodity derivative instruments - current liabilities [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative instruments in hedges, liabilities, at fair value | 0 | 0 | 5,994 |
Designated as hedging instrument [Member] | Commodity contract [Member] | Other liabilities noncurrent [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative instruments in hedges, liabilities, at fair value | 0 | 0 | 534 |
Designated as hedging instrument [Member] | Interest rate swap [Member] | Other accrued liabilities [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative instruments in hedges, liabilities, at fair value | 0 | 0 | 4,458 |
Not designated as hedging instrument [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Other derivatives not designated as hedging instruments assets at fair value | 330 | 1,950 | 4,556 |
Other derivatives not designated as hedging instruments liabilities at fair value | 12,186 | 7,483 | 1,459 |
Not designated as hedging instrument [Member] | Commodity contract [Member] | Commodity derivative instruments - current assets [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Other derivatives not designated as hedging instruments assets at fair value | 81 | 1,447 | 4,313 |
Not designated as hedging instrument [Member] | Commodity contract [Member] | Other assets noncurrent [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Other derivatives not designated as hedging instruments assets at fair value | 249 | 503 | 243 |
Not designated as hedging instrument [Member] | Commodity contract [Member] | Commodity derivative instruments - current liabilities [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Other derivatives not designated as hedging instruments liabilities at fair value | 12,186 | 7,483 | 1,385 |
Not designated as hedging instrument [Member] | Commodity contract [Member] | Other liabilities noncurrent [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Other derivatives not designated as hedging instruments liabilities at fair value | $0 | $0 | $74 |
Subject_to_master_netting_agre
Subject to master netting agreements (Details 4) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Derivative instruments [Line Items] | ' | ' | ' |
Derivative asset, fair value, gross asset | $330 | $1,950 | $6,179 |
Derivative liability fair value gross liability | 12,186 | 7,483 | 12,445 |
Commodity derivatives [Member] | ' | ' | ' |
Derivative instruments [Line Items] | ' | ' | ' |
Derivative asset, fair value, gross asset | 330 | 1,950 | 6,179 |
Gross amount not offset | -330 | -1,950 | -3,578 |
Derivative asset, fair value, net | 0 | 0 | 2,601 |
Total assets [Member] | ' | ' | ' |
Derivative instruments [Line Items] | ' | ' | ' |
Derivative asset, fair value, gross asset | 330 | 1,950 | 6,179 |
Gross amount not offset | -330 | -1,950 | -3,578 |
Derivative asset, fair value, net | 0 | 0 | 2,601 |
Commodity derivatives - liabilities [Member] | ' | ' | ' |
Derivative instruments [Line Items] | ' | ' | ' |
Derivative liability fair value gross liability | 12,186 | 7,483 | 7,987 |
Gross amount not offset | -330 | -1,950 | -3,578 |
Derivative liability, fair value, net | 11,856 | 5,533 | 4,409 |
Interest rate derivatives - liabilities [Member] | ' | ' | ' |
Derivative instruments [Line Items] | ' | ' | ' |
Derivative liability fair value gross liability | ' | ' | 4,458 |
Gross amount not offset | ' | ' | 0 |
Derivative liability, fair value, net | ' | ' | 4,458 |
Total liabilities [Member] | ' | ' | ' |
Derivative instruments [Line Items] | ' | ' | ' |
Derivative liability fair value gross liability | 12,186 | 7,483 | 12,445 |
Gross amount not offset | -330 | -1,950 | -3,578 |
Derivative liability, fair value, net | $11,856 | $5,533 | $8,867 |
Availableforsale_securities_De
Available-for-sale securities (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Available-for-sale securities [Line Items] | ' | ' | ' |
Investments used to satisfy obligations under nonqualified benefit plans | $63,300,000 | $53,300,000 | $62,400,000 |
Net unrealized gain (loss) of investments used to satify obligations under nonqualified benefit plans | 900,000 | 4,400,000 | ' |
Available-for-sale securities [Abstract] | ' | ' | ' |
Cost | 10,012,000 | 10,050,000 | 10,057,000 |
Gross unrealized gains | 72,000 | 172,000 | 84,000 |
Gross unrealized losses | -17,000 | -3,000 | -31,000 |
Fair value | 10,067,000 | 10,219,000 | 10,110,000 |
Mortgage backed securities [Member] | ' | ' | ' |
Available-for-sale securities [Abstract] | ' | ' | ' |
Cost | 7,943,000 | 8,749,000 | 8,151,000 |
Gross unrealized gains | 63,000 | 133,000 | 69,000 |
Gross unrealized losses | -17,000 | -3,000 | -27,000 |
Fair value | 7,989,000 | 8,879,000 | 8,193,000 |
US Treasury securities [Member] | ' | ' | ' |
Available-for-sale securities [Abstract] | ' | ' | ' |
Cost | 2,069,000 | 1,301,000 | 1,906,000 |
Gross unrealized gains | 9,000 | 39,000 | 15,000 |
Gross unrealized losses | 0 | 0 | -4,000 |
Fair value | $2,078,000 | $1,340,000 | $1,917,000 |
Fair_value_measurements_Detail
Fair value measurements (Details 2) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | |||
In Thousands, unless otherwise specified | ||||||
Concentration risks, percentage [Abstract] | ' | ' | ' | |||
Percentage investment in common stock of mid-cap companies | 29.00% | 29.00% | 29.00% | |||
Percentage investment in common stock of small-cap companies | 27.00% | 28.00% | 28.00% | |||
Percentage investment in common stock of large-cap companies | 28.00% | 28.00% | 28.00% | |||
Percentage in fixed-income and other investments | 16.00% | 15.00% | 15.00% | |||
Fair value, measurements, recurring [Member] | ' | ' | ' | |||
Fair value measurements [Line Items] | ' | ' | ' | |||
Assets, fair value disclosure | 93,933 | 93,657 | 101,013 | |||
Liabilities, fair value disclosure | 12,186 | 7,483 | 12,445 | |||
Fair value, measurements, recurring [Member] | Commodity derivative instruments [Member] | ' | ' | ' | |||
Fair value measurements [Line Items] | ' | ' | ' | |||
Liabilities, fair value disclosure | 12,186 | 7,483 | 7,987 | |||
Fair value, measurements, recurring [Member] | Interest rate swap [Member] | ' | ' | ' | |||
Fair value measurements [Line Items] | ' | ' | ' | |||
Liabilities, fair value disclosure | ' | ' | 4,458 | |||
Fair value, measurements, recurring [Member] | Money market funds [Member] | ' | ' | ' | |||
Fair value measurements [Line Items] | ' | ' | ' | |||
Assets, fair value disclosure | 20,267 | 19,227 | 31,281 | |||
Fair value, measurements, recurring [Member] | Insurance contract [Member] | ' | ' | ' | |||
Fair value measurements [Line Items] | ' | ' | ' | |||
Assets, fair value disclosure | 63,269 | [1] | 62,370 | [2] | 53,334 | [2] |
Fair value, measurements, recurring [Member] | Mortgage backed securities [Member] | ' | ' | ' | |||
Fair value measurements [Line Items] | ' | ' | ' | |||
Assets, fair value disclosure | 7,989 | 8,193 | 8,879 | |||
Fair value, measurements, recurring [Member] | US Treasury securities [Member] | ' | ' | ' | |||
Fair value measurements [Line Items] | ' | ' | ' | |||
Assets, fair value disclosure | 2,078 | 1,917 | 1,340 | |||
Fair value, measurements, recurring [Member] | Commodity derivative instruments , assets [Member] | ' | ' | ' | |||
Fair value measurements [Line Items] | ' | ' | ' | |||
Assets, fair value disclosure | 330 | 1,950 | 6,179 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | ' | ' | ' | |||
Fair value measurements [Line Items] | ' | ' | ' | |||
Assets, fair value disclosure | 0 | 0 | 0 | |||
Liabilities, fair value disclosure | 0 | 0 | 0 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | Commodity derivative instruments [Member] | ' | ' | ' | |||
Fair value measurements [Line Items] | ' | ' | ' | |||
Liabilities, fair value disclosure | 0 | 0 | 0 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | Interest rate swap [Member] | ' | ' | ' | |||
Fair value measurements [Line Items] | ' | ' | ' | |||
Liabilities, fair value disclosure | ' | ' | 0 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | Money market funds [Member] | ' | ' | ' | |||
Fair value measurements [Line Items] | ' | ' | ' | |||
Assets, fair value disclosure | 0 | 0 | 0 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | Insurance contract [Member] | ' | ' | ' | |||
Fair value measurements [Line Items] | ' | ' | ' | |||
Assets, fair value disclosure | 0 | [1] | 0 | [2] | 0 | [2] |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | Mortgage backed securities [Member] | ' | ' | ' | |||
Fair value measurements [Line Items] | ' | ' | ' | |||
Assets, fair value disclosure | 0 | 0 | 0 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | US Treasury securities [Member] | ' | ' | ' | |||
Fair value measurements [Line Items] | ' | ' | ' | |||
Assets, fair value disclosure | 0 | 0 | 0 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | Commodity derivative instruments , assets [Member] | ' | ' | ' | |||
Fair value measurements [Line Items] | ' | ' | ' | |||
Assets, fair value disclosure | 0 | 0 | 0 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | ' | ' | ' | |||
Fair value measurements [Line Items] | ' | ' | ' | |||
Assets, fair value disclosure | 93,933 | 93,657 | 101,013 | |||
Liabilities, fair value disclosure | 12,186 | 7,483 | 12,445 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | Commodity derivative instruments [Member] | ' | ' | ' | |||
Fair value measurements [Line Items] | ' | ' | ' | |||
Liabilities, fair value disclosure | 12,186 | 7,483 | 7,987 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | Interest rate swap [Member] | ' | ' | ' | |||
Fair value measurements [Line Items] | ' | ' | ' | |||
Liabilities, fair value disclosure | ' | ' | 4,458 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | Money market funds [Member] | ' | ' | ' | |||
Fair value measurements [Line Items] | ' | ' | ' | |||
Assets, fair value disclosure | 20,267 | 19,227 | 31,281 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | Insurance contract [Member] | ' | ' | ' | |||
Fair value measurements [Line Items] | ' | ' | ' | |||
Assets, fair value disclosure | 63,269 | [1] | 62,370 | [2] | 53,334 | [2] |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | Mortgage backed securities [Member] | ' | ' | ' | |||
Fair value measurements [Line Items] | ' | ' | ' | |||
Assets, fair value disclosure | 7,989 | 8,193 | 8,879 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | US Treasury securities [Member] | ' | ' | ' | |||
Fair value measurements [Line Items] | ' | ' | ' | |||
Assets, fair value disclosure | 2,078 | 1,917 | 1,340 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | Commodity derivative instruments , assets [Member] | ' | ' | ' | |||
Fair value measurements [Line Items] | ' | ' | ' | |||
Assets, fair value disclosure | 330 | 1,950 | 6,179 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 3 [Member] | ' | ' | ' | |||
Fair value measurements [Line Items] | ' | ' | ' | |||
Assets, fair value disclosure | 0 | 0 | 0 | |||
Liabilities, fair value disclosure | 0 | 0 | 0 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 3 [Member] | Commodity derivative instruments [Member] | ' | ' | ' | |||
Fair value measurements [Line Items] | ' | ' | ' | |||
Liabilities, fair value disclosure | 0 | 0 | 0 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 3 [Member] | Interest rate swap [Member] | ' | ' | ' | |||
Fair value measurements [Line Items] | ' | ' | ' | |||
Liabilities, fair value disclosure | ' | ' | 0 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 3 [Member] | Money market funds [Member] | ' | ' | ' | |||
Fair value measurements [Line Items] | ' | ' | ' | |||
Assets, fair value disclosure | 0 | 0 | 0 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 3 [Member] | Insurance contract [Member] | ' | ' | ' | |||
Fair value measurements [Line Items] | ' | ' | ' | |||
Assets, fair value disclosure | 0 | [1] | 0 | [2] | 0 | [2] |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 3 [Member] | Mortgage backed securities [Member] | ' | ' | ' | |||
Fair value measurements [Line Items] | ' | ' | ' | |||
Assets, fair value disclosure | 0 | 0 | 0 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 3 [Member] | US Treasury securities [Member] | ' | ' | ' | |||
Fair value measurements [Line Items] | ' | ' | ' | |||
Assets, fair value disclosure | 0 | 0 | 0 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 3 [Member] | Commodity derivative instruments , assets [Member] | ' | ' | ' | |||
Fair value measurements [Line Items] | ' | ' | ' | |||
Assets, fair value disclosure | 0 | 0 | 0 | |||
[1] | The insurance contract invests approximately 29 percent in common stock of mid-cap companies, 27 percent in common stock of small-cap companies, 28 percent in common stock of large-cap companies and 16 percent in fixed-income investments. | |||||
[2] | The insurance contract invests approximately 29 percent in common stock of mid-cap companies, 28 percent in common stock of small-cap companies, 28 percent in common stock of large-cap companies and 15 percent in fixed-income investments. |
Fair_value_measurements_Detail1
Fair value measurements (Details 3) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Carrying amount [Member] | ' | ' | ' |
Fair value, balance sheet grouping [Line Items] | ' | ' | ' |
Long-term debt | $2,105,832 | $1,854,563 | $1,789,663 |
Fair value [Member] | ' | ' | ' |
Fair value, balance sheet grouping [Line Items] | ' | ' | ' |
Long-term debt | $2,186,839 | $1,912,590 | $1,925,859 |
Longterm_debt_Details
Long-term debt (Details) (USD $) | 0 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Debt Disclosure [Abstract] | ' | ' |
Debt Instrument, Term | '2 years | ' |
Term loan agreement | $125 | ' |
Long-term commercial paper | $283.50 | $153.90 |
Equity_Details
Equity (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Balance | ' | ' |
Total stockholders' equity | $2,823,164 | ' |
Noncontrolling interest | 32,738 | ' |
Total equity | 2,855,902 | 2,648,248 |
Net loss attributable to noncontrolling interest | -523 | 0 |
Net income (loss) | 56,139 | 56,515 |
Other comprehensive income | 667 | -7,894 |
Dividends declared on preferred stocks | -171 | -171 |
Dividends declared on common stock | -33,809 | -32,573 |
Stock-based compensation | 1,336 | 1,176 |
Issuance of common stock upon vesting of performance shares, net of shares used for tax withholdings | -5,564 | ' |
Net tax benefit on stock-based compensation | 4,729 | -1,419 |
Issuance of common stock | 54,574 | ' |
Contribution from noncontrolling interest | 16,001 | 11,100 |
Total stockholders' equity | 2,901,588 | 2,663,882 |
Noncontrolling interest | 48,216 | 11,100 |
Total equity | 2,949,804 | 2,674,982 |
Total stockholders’ equity [Member] | ' | ' |
Balance | ' | ' |
Total stockholders' equity | 2,823,164 | 2,648,248 |
Net income (loss) attributable to parent | 56,662 | 56,515 |
Other comprehensive income | 667 | -7,894 |
Dividends declared on preferred stocks | -171 | -171 |
Dividends declared on common stock | -33,809 | -32,573 |
Stock-based compensation | 1,336 | 1,176 |
Issuance of common stock upon vesting of performance shares, net of shares used for tax withholdings | -5,564 | ' |
Net tax benefit on stock-based compensation | 4,729 | -1,419 |
Issuance of common stock | 54,574 | ' |
Contribution from noncontrolling interest | 0 | 0 |
Total stockholders' equity | 2,901,588 | 2,663,882 |
Noncontrolling interest [Member] | ' | ' |
Balance | ' | ' |
Noncontrolling interest | 32,738 | 0 |
Net loss attributable to noncontrolling interest | ' | 0 |
Other comprehensive income | 0 | 0 |
Dividends declared on preferred stocks | 0 | 0 |
Dividends declared on common stock | 0 | 0 |
Stock-based compensation | 0 | 0 |
Issuance of common stock upon vesting of performance shares, net of shares used for tax withholdings | 0 | ' |
Net tax benefit on stock-based compensation | 0 | 0 |
Issuance of common stock | 0 | ' |
Contribution from noncontrolling interest | 16,001 | 11,100 |
Noncontrolling interest | $48,216 | $11,100 |
Business_segment_data_Details
Business segment data (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | $1,042,853 | $931,604 |
Intersegment operating revenues | 0 | 0 |
Earnings on common stock | 56,491 | 56,344 |
Regulated Operation [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | 491,541 | 424,124 |
Intersegment operating revenues | 18,276 | 18,718 |
Earnings on common stock | 42,645 | 44,673 |
Unregulated Operation [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | 551,312 | 507,480 |
Intersegment operating revenues | 30,346 | 17,498 |
Earnings on common stock | 14,197 | 11,671 |
Electric [Member] | Regulated Operation [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | 73,647 | 64,654 |
Intersegment operating revenues | 0 | 0 |
Earnings on common stock | 11,033 | 9,825 |
Natural gas distribution [Member] | Regulated Operation [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | 374,233 | 331,754 |
Intersegment operating revenues | 0 | 0 |
Earnings on common stock | 27,263 | 32,518 |
Pipeline and energy services [Member] | Regulated Operation [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | 43,661 | 27,716 |
Intersegment operating revenues | 18,276 | 18,718 |
Earnings on common stock | 4,349 | 2,330 |
Exploration and production [Member] | Unregulated Operation [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | 116,669 | 115,363 |
Intersegment operating revenues | 20,867 | 9,812 |
Earnings on common stock | 20,939 | 20,284 |
Construction materials and contracting [Member] | Unregulated Operation [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | 164,423 | 161,977 |
Intersegment operating revenues | 4,017 | 4,294 |
Earnings on common stock | -23,574 | -20,582 |
Construction services [Member] | Unregulated Operation [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | 269,892 | 229,806 |
Intersegment operating revenues | 3,738 | 1,574 |
Earnings on common stock | 16,568 | 11,664 |
Other [Member] | Unregulated Operation [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | 328 | 334 |
Intersegment operating revenues | 1,724 | 1,818 |
Earnings on common stock | 264 | 305 |
Intersegment Eliminations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | 0 | 0 |
Intersegment operating revenues | -48,622 | -36,216 |
Earnings on common stock | ($351) | $0 |
Employee_benefit_plans_Details
Employee benefit plans (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Pension benefits [Member] | ' | ' |
Defined benefit plan disclosure, net periodic benefit cost [Line Items] | ' | ' |
Service cost | $33 | $40 |
Interest cost | 4,440 | 4,018 |
Expected return on assets | -5,125 | -5,083 |
Amortization of prior service cost (credit) | 18 | 18 |
Amortization of net actuarial loss | 1,313 | 1,864 |
Net periodic benefit cost, including amount capitalized | 679 | 857 |
Less amount capitalized | 95 | 110 |
Net periodic benefit cost | 584 | 747 |
Other postretirement benefits [Member] | ' | ' |
Defined benefit plan disclosure, net periodic benefit cost [Line Items] | ' | ' |
Service cost | 379 | 504 |
Interest cost | 858 | 940 |
Expected return on assets | -1,067 | -1,107 |
Amortization of prior service cost (credit) | -348 | -364 |
Amortization of net actuarial loss | 318 | 671 |
Net periodic benefit cost, including amount capitalized | 140 | 644 |
Less amount capitalized | 29 | 29 |
Net periodic benefit cost | 111 | 615 |
Supplemental employee retirement plans [Member] | ' | ' |
Defined benefit plan disclosure, net periodic benefit cost [Line Items] | ' | ' |
Net periodic benefit cost | $1,700 | $1,900 |
Regulatory_matters_and_revenue1
Regulatory matters and revenues subject to refund (Details) (USD $) | 0 Months Ended | |||
In Millions, unless otherwise specified | Feb. 27, 2014 | Nov. 17, 2013 | Sep. 18, 2013 | Oct. 31, 2013 |
NDPSC [Member] | NDPSC [Member] | NDPSC [Member] | FERC [Member] | |
Regulatory matters and revenues subject to refund [Line Items] | ' | ' | ' | ' |
Rate increase requested | $7.40 | ' | $6.80 | ' |
Percent above current rates requested | 4.60% | ' | 6.40% | ' |
Interim rate increase (decrease), amount | ' | 4.3 | ' | ' |
Interim rate increase, percent | ' | 4.00% | ' | ' |
Rate change application annual increase, amount | ' | ' | ' | 28.9 |
Increased expenditures covered by change application | ' | ' | ' | $312 |
Litigation_Details
Litigation (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Aug. 31, 2011 | Oct. 31, 2010 | Jan. 13, 2012 | Dec. 31, 2009 |
Litigation related to construction materials [Member] | Natural gas gathering operations [Member] | Guarantee obligation under construction contract [Member] | Guarantee obligation under construction contract [Member] | ||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Potential liabilities related to litigation and environmental matters | $31,400,000 | $29,500,000 | $33,300,000 | ' | ' | ' | ' |
Amount of compensatory damages in LPP's notice of demand | ' | ' | ' | ' | ' | ' | 149,700,000 |
Arbitration award | ' | ' | ' | ' | 26,600,000 | 22,000,000 | ' |
Loss contingency, estimate of possible loss | ' | ' | ' | 3,700,000 | ' | ' | ' |
Additional amount per day of potential penalties | ' | ' | ' | $5,000 | ' | ' | ' |
Enviromental_matters_Details_2
Enviromental matters (Details 2) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Portland Harbor Site [Member] | ' |
Site Contingency [Line Items] | ' |
Environmental matters investigative costs | $70,000,000 |
Eugene,OR Manufactured Gas Plant Site [Member] | ' |
Site Contingency [Line Items] | ' |
Site contingency, low estimate, loss exposure | 500,000 |
Site contingency, high estimate, loss exposure | 11,000,000 |
Estimated proportional share of cleanup liability | 50.00% |
Accrual for environmental loss contingencies | 1,700,000 |
Bremerton, WA Manufactured Gas Plant Site [Member] | ' |
Site Contingency [Line Items] | ' |
Site contingency, low estimate, loss exposure | 340,000 |
Site contingency, high estimate, loss exposure | 6,400,000 |
Accrual for environmental loss contingencies | 12,800,000 |
Bellingham, WA Manufactured Gas Plant Site [Member] | ' |
Site Contingency [Line Items] | ' |
Site contingency, loss exposure not accrued, best estimate | $8,000,000 |
Guarantees_Details_3
Guarantees (Details 3) (USD $) | Mar. 31, 2014 |
Guarantor Obligations [Line Items] | ' |
Amount of hedging obligations guaranteed reflected on balance sheet | $7,700,000 |
Guarantor obligations, maximum exposure, undiscounted | 48,700,000 |
Fixed maximum amounts guaranteed by year 2014 | 26,800,000 |
Fixed maximum amounts guaranteed by year 2015 | 2,100,000 |
Fixed maximum amounts guaranteed by year 2016 | 700,000 |
Fixed maximum amounts guaranteed by year 2017 | 600,000 |
Fixed maximum amounts guaranteed by year 2018 | 500,000 |
Fixed maximum amounts guaranteed by year 2019 | 500,000 |
Fixed maximum amounts guaranteed by year expires after certain number of days after written notice | 13,500,000 |
No scheduled maturity date | 4,000,000 |
Amount outstanding under guarantees that is reflected on balance sheet | 200,000 |
Letters of credit | 36,300,000 |
Letters of credit set to expire - 2014 | 7,000,000 |
Letters of credit set to expire - 2015 | 29,300,000 |
Outstanding letters of credit | 0 |
Natural gas transportation and storage agreement fixed maximum amount of performance guarantee of a related party | 4,000,000 |
Amount outstanding by a related party under the guarantee | 700,000 |
Amount of surety bonds outstanding | $588,800,000 |
Commitment_and_contingencies_v
Commitment and contingencies variable interest entities (Details 4) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Dakota Prairie Refining, LLC [Member] | ' | ' | ' |
Variable Interest Entities [Line Items] | ' | ' | ' |
Percent of ownership | 50.00% | ' | ' |
Total project costs | $300,000,000 | ' | ' |
Portion of capital commitment | 150,000,000 | ' | ' |
Partner portion of capital commitment | 75,000,000 | ' | ' |
Excess capital commitments | 300,000,000 | ' | ' |
Project cost estimate | 350,000,000 | ' | ' |
Term loan for project debt financing | 75,000,000 | ' | ' |
Dakota Prairie Refining, LLC [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' |
Variable Interest Entities [Line Items] | ' | ' | ' |
Limited liability entity, consolidated, carrying amount, assets | 22,996,000 | 4,774,000 | 10,793,000 |
Dakota Prairie Refining, LLC [Member] | Other current assets [Member] | ' | ' | ' |
Variable Interest Entities [Line Items] | ' | ' | ' |
Limited liability entity, consolidated, carrying amount, assets | 1,135,000 | 26,000 | 0 |
Dakota Prairie Refining, LLC [Member] | Total current assets [Member] | ' | ' | ' |
Variable Interest Entities [Line Items] | ' | ' | ' |
Limited liability entity, consolidated, carrying amount, assets | 24,131,000 | 4,800,000 | 10,793,000 |
Dakota Prairie Refining, LLC [Member] | Net property, plant and equipment [Member] | ' | ' | ' |
Variable Interest Entities [Line Items] | ' | ' | ' |
Limited liability entity, consolidated, carrying amount, assets | 207,260,000 | 172,073,000 | 27,356,000 |
Dakota Prairie Refining, LLC [Member] | Total assets [Member] | ' | ' | ' |
Variable Interest Entities [Line Items] | ' | ' | ' |
Limited liability entity, consolidated, carrying amount, assets | 231,391,000 | 176,873,000 | 38,149,000 |
Dakota Prairie Refining, LLC [Member] | Long-term debt due within one year [Member] | ' | ' | ' |
Variable Interest Entities [Line Items] | ' | ' | ' |
Limited liability entity, consolidated, carrying amount, liabilities | 3,000,000 | 3,000,000 | 0 |
Dakota Prairie Refining, LLC [Member] | Accounts payable [Member] | ' | ' | ' |
Variable Interest Entities [Line Items] | ' | ' | ' |
Limited liability entity, consolidated, carrying amount, liabilities | 16,103,000 | 8,904,000 | 10,948,000 |
Dakota Prairie Refining, LLC [Member] | Taxes Payable [Member] | ' | ' | ' |
Variable Interest Entities [Line Items] | ' | ' | ' |
Limited liability entity, consolidated, carrying amount, liabilities | 113,000 | 5,000 | 0 |
Dakota Prairie Refining, LLC [Member] | Accrued Compensation [Member] | ' | ' | ' |
Variable Interest Entities [Line Items] | ' | ' | ' |
Limited liability entity, consolidated, carrying amount, liabilities | 164,000 | 26,000 | 0 |
Dakota Prairie Refining, LLC [Member] | Other accrued liabilities [Member] | ' | ' | ' |
Variable Interest Entities [Line Items] | ' | ' | ' |
Limited liability entity, consolidated, carrying amount, liabilities | 580,000 | 461,000 | 0 |
Dakota Prairie Refining, LLC [Member] | Total current liabilities [Member] | ' | ' | ' |
Variable Interest Entities [Line Items] | ' | ' | ' |
Limited liability entity, consolidated, carrying amount, liabilities | 19,960,000 | 12,396,000 | 10,948,000 |
Dakota Prairie Refining, LLC [Member] | Long-term debt [Member] | ' | ' | ' |
Variable Interest Entities [Line Items] | ' | ' | ' |
Limited liability entity, consolidated, carrying amount, liabilities | 72,000,000 | 72,000,000 | 0 |
Dakota Prairie Refining, LLC [Member] | Total liabilities [Member] | ' | ' | ' |
Variable Interest Entities [Line Items] | ' | ' | ' |
Limited liability entity, consolidated, carrying amount, liabilities | 91,960,000 | 84,396,000 | 10,948,000 |
Fuel contract [Member] | ' | ' | ' |
Variable Interest Entities [Line Items] | ' | ' | ' |
Variable interest entity, reporting entity involvement, maximum loss exposure, amount | $8,200,000 | ' | ' |
Subsquent_event_Details
Subsquent event (Details) (USD $) | 0 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Jan. 28, 2014 | Apr. 02, 2014 | Jul. 15, 2014 | Apr. 15, 2014 |
The Company [Member] | Subsequent event [Member] | Subsequent event [Member] | Subsequent event [Member] | ||
Centennial Energy Holdings, Inc [Member] | The Company [Member] | The Company [Member] | |||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Debt Instrument, Term | '2 years | ' | '2 years | ' | ' |
Term loan agreement | $125 | ' | $125 | ' | ' |
Note Purchase Agreement | ' | 150 | ' | ' | ' |
Senior Notes Issued | ' | ' | ' | ' | 50 |
Senior notes remained to be issued | ' | ' | ' | $100 | ' |
Senior notes weighted average interest rate | ' | ' | ' | 4.30% | 5.20% |