Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 29, 2016 | |
Entity Information [Line Items] | ||
Entity registrant name | MDU RESOURCES GROUP INC | |
Entity central index key | 67,716 | |
Current fiscal year end date | --12-31 | |
Entity filer category | Large Accelerated Filer | |
Document type | 10-Q | |
Document period end date | Jun. 30, 2016 | |
Document fiscal year focus | 2,016 | |
Document fiscal period focus | Q2 | |
Amendment flag | false | |
Entity common stock, shares outstanding | 195,304,376 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Operating revenues: | ||||
Electric, natural gas distribution and regulated pipeline and midstream | $ 206,052 | $ 215,678 | $ 591,918 | $ 622,167 |
Nonregulated pipeline and midstream, construction materials and contracting, construction services and other | 837,896 | 722,361 | 1,312,245 | 1,176,717 |
Total operating revenues | 1,043,948 | 938,039 | 1,904,163 | 1,798,884 |
Operating expenses: | ||||
Fuel and purchased power | 15,914 | 19,327 | 37,925 | 43,146 |
Purchased natural gas sold | 47,439 | 66,590 | 208,474 | 267,739 |
Operation and maintenance: | ||||
Electric, natural gas distribution and regulated pipeline and midstream | 77,078 | 70,258 | 151,703 | 138,800 |
Nonregulated pipeline and midstream, construction materials and contracting, construction services and other | 722,742 | 635,781 | 1,165,243 | 1,059,612 |
Depreciation, depletion and amortization | 54,248 | 51,336 | 109,132 | 102,922 |
Taxes, other than income | 37,562 | 35,038 | 80,736 | 76,648 |
Total operating expenses | 954,983 | 878,330 | 1,753,213 | 1,688,867 |
Operating income | 88,965 | 59,709 | 150,950 | 110,017 |
Other income | 872 | 2,123 | 1,921 | 2,373 |
Interest expense | 22,219 | 23,389 | 45,087 | 46,456 |
Income before income taxes | 67,618 | 38,443 | 107,784 | 65,934 |
Income taxes | 21,320 | 12,382 | 29,620 | 19,333 |
Income from continuing operations | 46,298 | 26,061 | 78,164 | 46,601 |
Loss from discontinued operations, net of tax (Note 10) | (276,102) | (263,419) | (294,138) | (593,404) |
Net loss | (229,804) | (237,358) | (215,974) | (546,803) |
Loss from discontinued operations attributable to noncontrolling interest (Note 10) | (120,651) | (7,754) | (131,691) | (11,282) |
Dividends declared on preferred stocks | 171 | 171 | 343 | 342 |
Loss on common stock | $ (109,324) | $ (229,775) | $ (84,626) | $ (535,863) |
Earnings (loss) per common share - basic: | ||||
Earnings before discontinued operations | $ 0.24 | $ 0.13 | $ 0.40 | $ 0.24 |
Discontinued operations attributable to the Company, net of tax | (0.80) | (1.31) | (0.83) | (2.99) |
Earnings (loss) per common share - basic | (0.56) | (1.18) | (0.43) | (2.75) |
Earnings (loss) per common share - diluted: | ||||
Earnings before discontinued operations | 0.24 | 0.13 | 0.40 | 0.24 |
Discontinued operations attributable to the Company, net of tax | (0.80) | (1.31) | (0.83) | (2.99) |
Earnings (loss) per common share - diluted | (0.56) | (1.18) | (0.43) | (2.75) |
Dividends declared per common share | $ 0.1875 | $ 0.1825 | $ 0.3750 | $ 0.3650 |
Weighted average common shares outstanding - basic | 195,304 | 194,805 | 195,294 | 194,643 |
Weighted average common shares outstanding - diluted | 195,699 | 194,838 | 195,678 | 194,675 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net income (loss) | $ (229,804) | $ (237,358) | $ (215,974) | $ (546,803) |
Net unrealized gain on derivative instruments qualifying as hedges: | ||||
Reclassification adjustment for loss on derivative instruments included in net loss, net of tax of $56 and $60 for the three months ended and $114 and $121 for the six months ended in 2016 and 2015, respectively | 91 | 100 | 183 | 199 |
Postretirement liability adjustment: | ||||
Amortization of postretirement liability (gains) losses included in net periodic benefit cost, net of tax of $150 and $420 for the three months ended and $(819) and $649 for the six months ended in 2016 and 2015, respectively | 248 | 584 | (1,347) | 959 |
Foreign currency translation adjustment: | ||||
Foreign currency translation adjustment recognized during the period, net of tax of $19 and $6 for the three months ended and $33 and $(63) for the six months ended in 2016 and 2015, respectively | 31 | 9 | 56 | (103) |
Reclassification adjustment for loss on foreign currency translation adjustment included in net loss, net of tax of $0 and $0 for the three months ended and $0 and $491 for the six months ended in 2016 and 2015, respectively | 0 | 0 | 0 | 802 |
Foreign currency translation adjustment | 31 | 9 | 56 | 699 |
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 $(16) and $(23) for the three months ended and $(10) and $(34) for the six months ended in 2016 and 2015, respectively | (30) | (43) | (19) | (64) |
Reclassification adjustment for loss on available-for-sale investments included in net loss, net of tax of $19 and $15 for the three months ended and $37 and $34 for the six months ended in 2016 and 2015, respectively | 36 | 28 | 69 | 64 |
Net unrealized gain (loss) on available-for-sale investments | 6 | (15) | 50 | 0 |
Other comprehensive income (loss) | 376 | 678 | (1,058) | 1,857 |
Comprehensive loss | (229,428) | (236,680) | (217,032) | (544,946) |
Loss from discontinued operations attributable to noncontrolling interest | (120,651) | (7,754) | (131,691) | (11,282) |
Comprehensive loss attributable to common stockholders | $ (108,777) | $ (228,926) | $ (85,341) | $ (533,664) |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income - Parenthetical - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Reclassification adjustment for (gain) loss on derivative instruments included in net income, tax | $ 56 | $ 60 | $ 114 | $ 121 |
Amortization of postretirement liability losses included in net periodic benefit cost, tax | 150 | 420 | (819) | 649 |
Foreign currency translation adjustments recognized during the period, tax | 19 | 6 | 33 | (63) |
Reclassification adjustment for foreign currency translation (gain) loss included in net income, tax | 0 | 0 | 0 | 491 |
Net unrealized gain (loss) on available-for-sale investments arising during the period, tax | (16) | (23) | (10) | (34) |
Reclassification adjustment for loss (gain) on available-for-sale investments included in net income, tax | $ 19 | $ 15 | $ 37 | $ 34 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | |
Current assets: | ||||
Cash and cash equivalents | $ 85,117 | $ 83,903 | $ 143,527 | |
Receivables, net | 637,166 | 582,475 | 597,606 | |
Inventories | 265,849 | 240,551 | 290,239 | |
Deferred income taxes | 33,938 | 33,121 | 38,087 | |
Prepayments and other current assets | 50,309 | 29,528 | 66,676 | |
Current assets held for sale | 85,124 | 54,847 | 147,162 | |
Total current assets | 1,157,503 | 1,024,425 | 1,283,297 | |
Investments | 124,531 | 119,704 | 119,446 | |
Property, plant and equipment | 6,526,563 | 6,387,702 | 6,131,044 | |
Less accumulated depreciation, depletion and amortization | 2,551,941 | 2,489,322 | 2,438,005 | |
Net property, plant and equipment | 3,974,622 | 3,898,380 | 3,693,039 | |
Deferred charges and other assets: | ||||
Goodwill | [1] | 641,527 | 635,204 | 635,204 |
Other intangible assets, net | 7,160 | 7,342 | 8,506 | |
Other | 360,520 | 351,603 | 352,728 | |
Noncurrent assets held for sale | 123,721 | 565,509 | 1,160,657 | |
Total deferred charges and other assets | 1,132,928 | 1,559,658 | 2,157,095 | |
Total assets | 6,389,584 | 6,602,167 | 7,252,877 | |
Current liabilities: | ||||
Long-term debt due within one year | 58,598 | 238,539 | 415,539 | |
Accounts payable | 275,791 | 286,061 | 234,894 | |
Taxes payable | 45,749 | 46,880 | 37,365 | |
Dividends payable | 36,791 | 36,784 | 35,734 | |
Accrued compensation | 56,390 | 45,192 | 47,771 | |
Other accrued liabilities | 196,701 | 167,322 | 164,427 | |
Current liabilities held for sale | 32,357 | 130,375 | 145,211 | |
Total current liabilities | 702,377 | 951,153 | 1,080,941 | |
Long-term debt | 1,928,709 | 1,557,624 | 1,886,804 | |
Deferred credits and other liabilities: | ||||
Deferred income taxes | 700,539 | 696,750 | 739,342 | |
Other liabilities | 820,349 | 812,342 | 757,108 | |
Noncurrent liabilities held for sale | 0 | 63,750 | 101,790 | |
Total deferred credits and other liabilities | 1,520,888 | 1,572,842 | 1,598,240 | |
Equity: | ||||
Preferred stocks | 15,000 | 15,000 | 15,000 | |
Common stockholders' equity: | ||||
Authorized - 500,000,000 shares, $1.00 par value Shares issued - 195,843,297 at June 30, 2016, 195,411,301 at June 30, 2015 and 195,804,665 at December 31, 2015 | 195,843 | 195,805 | 195,411 | |
Other paid-in-capital | 1,230,342 | 1,230,119 | 1,220,615 | |
Retained earnings | 838,257 | 996,355 | 1,155,777 | |
Accumulated other comprehensive loss | (38,206) | (37,148) | (40,246) | |
Treasury stock at cost - 538,921 shares | (3,626) | (3,626) | (3,626) | |
Total common stockholders' equity | 2,222,610 | 2,381,505 | 2,527,931 | |
Total stockholders' equity | 2,237,610 | 2,396,505 | 2,542,931 | |
Noncontrolling interest | 0 | 124,043 | 143,961 | |
Total equity | 2,237,610 | 2,520,548 | 2,686,892 | |
Total liabilities and equity | $ 6,389,584 | $ 6,602,167 | $ 7,252,877 | |
[1] | Balance is presented net of accumulated impairment of $12.3Â million at the pipeline and midstream segment, which occurred in prior periods. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
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 | 195,843,297 | 195,804,665 | 195,411,301 |
Treasury shares | 538,921 | 538,921 | 538,921 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Operating activities: | ||
Net loss | $ (215,974) | $ (546,803) |
Loss from discontinued operations, net of tax | (294,138) | (593,404) |
Income from continuing operations | 78,164 | 46,601 |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 109,132 | 102,922 |
Deferred income taxes | 3,608 | 11,119 |
Changes in current assets and liabilities, net of acquisitions: | ||
Receivables | (44,909) | (10,712) |
Inventories | (23,189) | (47,559) |
Other current assets | (20,555) | 24,192 |
Accounts payable | 7,339 | 14,447 |
Other current liabilities | 33,214 | (4,335) |
Other noncurrent changes | (14,626) | (16,479) |
Net cash provided by continuing operations | 128,178 | 120,196 |
Net cash provided by (used in) discontinued operations | (25,529) | 74,068 |
Net cash provided by operating activities | 102,649 | 194,264 |
Investing activities: | ||
Capital expenditures | (220,098) | (272,514) |
Net proceeds from sale or disposition of property and other | 14,778 | 29,550 |
Investments | (262) | 1,208 |
Net cash used in continuing operations | (205,582) | (241,756) |
Net cash provided by (used in) discontinued operations | 28,040 | (160,622) |
Net cash used in investing activities | (177,542) | (402,378) |
Financing activities: | ||
Issuance of long-term debt | 387,625 | 320,988 |
Repayment of long-term debt | (196,771) | (35,137) |
Proceeds from issuance of common stock | 0 | 14,499 |
Dividends paid | (73,575) | (71,294) |
Tax withholding on stock-based compensation | (323) | 0 |
Net cash provided by continuing operations | 116,956 | 229,056 |
Net cash provided by (used in) discontinued operations | (40,852) | 62,229 |
Net cash provided by financing activities | 76,104 | 291,285 |
Effect of exchange rate changes on cash and cash equivalents | 3 | (123) |
Increase in cash and cash equivalents | 1,214 | 83,048 |
Cash and cash equivalents - beginning of year | 83,903 | 60,479 |
Cash and cash equivalents - end of period | $ 85,117 | $ 143,527 |
Basis of presentation
Basis of presentation | 6 Months Ended |
Jun. 30, 2016 | |
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 2015 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 2015 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 June 30, 2016 , up to the date of issuance of these consolidated interim financial statements. On June 24, 2016, WBI Energy entered into a membership interest purchase agreement with Tesoro to sell all of the outstanding membership interests in Dakota Prairie Refining to Tesoro. WBI Energy and Calumet each previously owned 50 percent of the Dakota Prairie Refining membership interests and were equal members in building and operating Dakota Prairie Refinery. To effectuate the sale, WBI Energy acquired Calumet’s 50 percent membership interest in Dakota Prairie Refining on June 27, 2016. The sale of the membership interests to Tesoro closed on June 27, 2016. The sale of Dakota Prairie Refining reduces the Company’s risk by decreasing exposure to commodity prices. In the second quarter of 2015, the Company began the marketing and sale process of Fidelity with an anticipated sale to occur within one year. Between September 2015 and March 2016, the Company entered into purchase and sale agreements to sell all of Fidelity's marketed oil and natural gas assets. The completion of these sales occurred between October 2015 and April 2016. The sale of Fidelity was part of the Company's strategic plan to grow its capital investments in the remaining business segments and to focus on creating a greater long-term value. The assets and liabilities for the Company's discontinued operations have been classified as held for sale and the results of operations are shown in loss from discontinued operations, other than certain general and administrative costs and interest expense which do not meet the criteria for income (loss) from discontinued operations. The Company's consolidated financial statements and accompanying notes for current and prior periods have been restated. At the time the assets were classified as held for sale, depreciation, depletion and amortization expense was no longer recorded. Unless otherwise indicated, the amounts presented in the accompanying notes to the consolidated financial statements relate to the Company's continuing operations. For more information on the Company's discontinued operations, see Note 10 . |
Seasonality of operations
Seasonality of operations | 6 Months Ended |
Jun. 30, 2016 | |
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 allowan
Accounts receivable and allowance for doubtful accounts | 6 Months Ended |
Jun. 30, 2016 | |
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 $31.7 million , $29.3 million and $27.8 million at June 30, 2016 and 2015 , and December 31, 2015 , 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 June 30, 2016 and 2015 , and December 31, 2015 , was $11.0 million , $8.6 million and $9.8 million , respectively. |
Inventories and natural gas in
Inventories and natural gas in storage | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories and natural gas in storage | Inventories and natural gas in storage 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. All other inventories are stated at the lower of average cost or market value. The portion of the cost of natural gas in storage expected to be used within one year is included in inventories. Inventories consisted of: June 30, 2016 June 30, 2015 December 31, 2015 (In thousands) Aggregates held for resale $ 130,544 $ 123,457 $ 115,854 Asphalt oil 42,591 79,422 36,498 Natural gas in storage (current) 19,689 11,310 21,023 Materials and supplies 20,765 22,594 16,997 Merchandise for resale 18,439 16,140 15,318 Other 33,821 37,316 34,861 Total $ 265,849 $ 290,239 $ 240,551 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 $ 49.1 million , $ 49.3 million and $ 49.1 million at June 30, 2016 and 2015 , and December 31, 2015 , respectively. |
Impairment of long-lived assets
Impairment of long-lived assets | 6 Months Ended |
Jun. 30, 2016 | |
Asset Impairment Charges [Abstract] | |
Impairment of long-lived assets | Impairment of long-lived assets During the second quarter of 2015, the Company recognized an impairment of coalbed natural gas gathering assets at the pipeline and midstream segment of $3.0 million , which is recorded in operation and maintenance expense on the Consolidated Statements of Income. The impairment is related to coalbed natural gas gathering assets located in Wyoming where there had been continued decline in natural gas development and production activity due to low natural gas prices. The coalbed natural gas gathering assets were written down to their estimated fair value that was determined using the income approach. For more information on this nonrecurring fair value measurement, see Note 13 . For information regarding impairments related to the Company's discontinued operations, see Note 10 . |
Earnings (loss) per common shar
Earnings (loss) per common share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings (loss) per common share | Earnings (loss) per common share Basic earnings (loss) per common share were computed by dividing earnings (loss) on common stock by the weighted average number of shares of common stock outstanding during the applicable period. Diluted earnings (loss) per common share were computed by dividing earnings (loss) 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 (loss) was the same for both the basic and diluted earnings (loss) per share calculations. A reconciliation of the weighted average common shares outstanding used in the basic and diluted earnings (loss) per share calculations was as follows: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In thousands) Weighted average common shares outstanding - basic 195,304 194,805 195,294 194,643 Effect of dilutive performance share awards 395 33 384 32 Weighted average common shares outstanding - diluted 195,699 194,838 195,678 194,675 Shares excluded from the calculation of diluted earnings per share — — — — |
Cash flow information
Cash flow information | 6 Months Ended |
Jun. 30, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Cash flow information | Cash flow information Cash expenditures for interest and income taxes were as follows: Six Months Ended June 30, 2016 2015 (In thousands) Interest, net of amounts capitalized and AFUDC - borrowed of $548 and $4,481 in 2016 and 2015, respectively $ 44,860 $ 44,564 Income taxes paid, net $ 29,891 $ 7,147 Noncash investing transactions were as follows: June 30, 2016 2015 (In thousands) Property, plant and equipment additions in accounts payable $ 18,449 $ 11,576 |
New accounting standards
New accounting standards | 6 Months Ended |
Jun. 30, 2016 | |
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract] | |
New accounting standards | New accounting standards Revenue from Contracts with Customers In May 2014, the FASB issued guidance on accounting for revenue from contracts with customers. The guidance provides for a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry specific guidance. This guidance was to be effective for the Company on January 1, 2017. In August 2015, the FASB issued guidance deferring the effective date of the revenue guidance one year and allowing entities to early adopt. With this decision, the guidance will be effective for the Company on January 1, 2018. Entities will have the option of using either a full retrospective or modified retrospective approach to adopting the guidance. Under the modified approach, an entity would recognize the cumulative effect of initially applying the guidance with an adjustment to the opening balance of retained earnings in the period of adoption. In addition, the modified approach will require additional disclosures. The Company is evaluating the effects the adoption of the new revenue guidance will have on its results of operations, financial position, cash flows and disclosures, as well as its method of adoption. Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued guidance on simplifying the presentation of debt issuance costs in the financial statements. This guidance requires entities to present debt issuance costs as a direct deduction to the related debt liability. The amortization of these costs will be reported as interest expense. The guidance was effective for the Company on January 1, 2016, and is to be applied retrospectively. Early adoption of this guidance was permitted, however the Company did not elect to do so. The guidance required a reclassification of the debt issuance costs on the Consolidated Balance Sheets, but did not impact the Company's results of operations or cash flows. As a result of the retrospective application of this change in accounting principle, the Company reclassified debt issuance costs of $100,000 and $100,000 from prepayments and other current assets and $5.4 million and $6.0 million from deferred charges and other assets - other to long-term debt on its Consolidated Balance Sheets at June 30, 2015 and December 31, 2015, respectively. Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or its Equivalent) In May 2015, the FASB issued guidance on fair value measurement and disclosure requirements removing the requirement to include investments in the fair value hierarchy for which fair value is measured using the net asset value per share practical expedient. The new guidance also removes the requirement to make certain disclosures for all investments that are eligible to be measured at net asset value using the practical expedient, and rather limits those disclosures to investments for which the practical expedient has been elected. This guidance was effective for the Company on January 1, 2016, with early adoption permitted. The application of this guidance affected the Company's disclosures; however, it did not impact the Company's results of operations, financial position or cash flows. Simplifying the Measurement of Inventory In July 2015, the FASB issued guidance regarding inventory that is measured using the first-in, first-out or average cost method. The guidance does not apply to inventory measured using the last-in, first-out or the retail inventory method. The guidance requires inventory within its scope to be measured at the lower of cost or net realizable value, which is the estimated selling price in the normal course of business less reasonably predictable costs of completion, disposal and transportation. These amendments more closely align GAAP with IFRS. This guidance will be effective for the Company on January 1, 2017, and should be applied prospectively with early adoption permitted as of the beginning of an interim or annual reporting period. The Company is evaluating the effects the adoption of the new guidance will have on its results of operations, financial position and cash flows. Balance Sheet Classification of Deferred Taxes In November 2015, the FASB issued guidance regarding the classification of deferred taxes on the balance sheet. The guidance will require all deferred tax assets and liabilities to be classified as noncurrent. These amendments will align GAAP with IFRS. This guidance will be effective for the Company on January 1, 2017, with early adoption permitted. Entities will have the option to apply the guidance prospectively, for all deferred tax assets and liabilities, or retrospectively. The Company is evaluating the effects the adoption of the new guidance will have on its financial position and disclosures; however, it will not impact the Company's results of operations or cash flows. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued guidance regarding the classification and measurement of financial instruments. The guidance revises the way an entity classifies and measures investments in equity securities, the presentation of certain fair value changes for financial liabilities measured at fair value and amends certain disclosure requirements related to the fair value of financial instruments. This guidance will be effective for the Company on January 1, 2018, with early adoption of certain amendments permitted. The Company is evaluating the effects the adoption of the new guidance will have on its results of operations, financial position, cash flows and disclosures. Leases In February 2016, the FASB issued guidance regarding leases. The guidance requires lessees to recognize a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term on the statement of financial position for leases with terms of more than 12 months. This guidance also requires additional disclosures. This guidance will be effective for the Company on January 1, 2019, and should be applied using a modified retrospective approach with early adoption permitted. The Company is evaluating the effects the adoption of the new guidance will have on its results of operations, financial position, cash flows and disclosures. Improvements to Employee Share-Based Payment Accounting In March 2016, the FASB issued guidance regarding simplification of several aspects of the accounting for share-based payment transactions. The guidance will affect the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This guidance will be effective for the Company on January 1, 2017, with early adoption permitted in any interim or annual period. An entity that elects early adoption must adopt all of the amendments in the same period. Certain amendments of this guidance are to be applied retrospectively and others prospectively. The Company is evaluating the effects the adoption of the new guidance will have on its results of operations, financial position, cash flows and disclosures. |
Comprehensive income (loss)
Comprehensive income (loss) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Comprehensive income (loss) | Comprehensive income (loss) The after-tax changes in the components of accumulated other comprehensive loss were as follows: Three Months Ended June 30, 2016 Net Unrealized Gain (Loss) on Derivative Instruments Qualifying as Hedges Postretirement Liability Adjustment Foreign Currency Translation Adjustment Net Unrealized Gain (Loss) on Available-for-sale Investments Total Accumulated Other Comprehensive Loss (In thousands) Balance at beginning of period $ (2,575 ) $ (35,852 ) $ (175 ) $ 20 $ (38,582 ) Other comprehensive income (loss) before reclassifications — — 31 (30 ) 1 Amounts reclassified from accumulated other comprehensive loss 91 248 — 36 375 Net current-period other comprehensive income 91 248 31 6 376 Balance at end of period $ (2,484 ) $ (35,604 ) $ (144 ) $ 26 $ (38,206 ) Three Months Ended June 30, 2015 Net Unrealized Gain (Loss) on Derivative Instruments Qualifying as Hedges Postretirement Liability Adjustment Foreign Currency Translation Adjustment Net Unrealized Gain (Loss) on Available-for-sale Investments Total Accumulated Other Comprehensive Loss (In thousands) Balance at beginning of period $ (2,972 ) $ (37,843 ) $ (139 ) $ 30 $ (40,924 ) Other comprehensive income (loss) before reclassifications — — 9 (43 ) (34 ) Amounts reclassified from accumulated other comprehensive loss 100 584 — 28 712 Net current-period other comprehensive income (loss) 100 584 9 (15 ) 678 Balance at end of period $ (2,872 ) $ (37,259 ) $ (130 ) $ 15 $ (40,246 ) Six Months Ended June 30, 2016 Net Unrealized Gain (Loss) on Derivative Instruments Qualifying as Hedges Postretirement Liability Adjustment Foreign Currency Translation Adjustment Net Unrealized Gain (Loss) on Available-for-sale Investments Total Accumulated Other Comprehensive Loss (In thousands) Balance at beginning of period $ (2,667 ) $ (34,257 ) $ (200 ) $ (24 ) $ (37,148 ) Other comprehensive income (loss) before reclassifications — — 56 (19 ) 37 Amounts reclassified from accumulated other comprehensive loss 183 (1,347 ) — 69 (1,095 ) Net current-period other comprehensive income (loss) 183 (1,347 ) 56 50 (1,058 ) Balance at end of period $ (2,484 ) $ (35,604 ) $ (144 ) $ 26 $ (38,206 ) Six Months Ended June 30, 2015 Net Unrealized Gain (Loss) on Derivative Instruments Qualifying as Hedges Postretirement Liability Adjustment Foreign Currency Translation Adjustment Net Unrealized Gain (Loss) on Available-for-sale Investments Total Accumulated Other Comprehensive Loss (In thousands) Balance at beginning of period $ (3,071 ) $ (38,218 ) $ (829 ) $ 15 $ (42,103 ) Other comprehensive loss before reclassifications — — (103 ) (64 ) (167 ) Amounts reclassified from accumulated other comprehensive loss 199 959 802 64 2,024 Net current-period other comprehensive income 199 959 699 — 1,857 Balance at end of period $ (2,872 ) $ (37,259 ) $ (130 ) $ 15 $ (40,246 ) Reclassifications out of accumulated other comprehensive loss were as follows: Three Months Ended Six Months Ended Location on Consolidated Statements of Income June 30, June 30, 2016 2015 2016 2015 (In thousands) Reclassification adjustment for loss on derivative instruments included in net loss: Interest rate derivative instruments $ (147 ) $ (160 ) $ (297 ) $ (320 ) Interest expense 56 60 114 121 Income taxes (91 ) (100 ) (183 ) (199 ) Amortization of postretirement liability gains (losses) included in net periodic benefit cost (398 ) (1,004 ) 2,166 (1,608 ) (a) 150 420 (819 ) 649 Income taxes (248 ) (584 ) 1,347 (959 ) Reclassification adjustment for loss on foreign currency translation adjustment included in net loss — — — (1,293 ) Other income — — — 491 Income taxes — — — (802 ) Reclassification adjustment for loss on available-for-sale investments included in net loss (55 ) (43 ) (106 ) (98 ) Other income 19 15 37 34 Income taxes (36 ) (28 ) (69 ) (64 ) Total reclassifications $ (375 ) $ (712 ) $ 1,095 $ (2,024 ) (a) Included in net periodic benefit cost. For more information, see Note 16 . |
Discontinued operations
Discontinued operations | 6 Months Ended |
Jun. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued operations | Discontinued operations The assets and liabilities of the Company's discontinued operations have been classified as held for sale and the results of operations are shown in loss from discontinued operations, other than certain general and administrative costs and interest expense which do not meet the criteria for income (loss) from discontinued operations. The Company's consolidated financial statements and accompanying notes for current and prior periods have been restated. At the time the assets were classified as held for sale, depreciation, depletion and amortization expense was no longer recorded. Dakota Prairie Refining On June 24, 2016, WBI Energy entered into a membership interest purchase agreement with Tesoro to sell all of the outstanding membership interests in Dakota Prairie Refining to Tesoro. WBI Energy and Calumet each previously owned 50 percent of the Dakota Prairie Refining membership interests and were equal members in building and operating Dakota Prairie Refinery. To effectuate the sale, WBI Energy acquired Calumet’s 50 percent membership interest in Dakota Prairie Refining on June 27, 2016. The sale of the membership interests to Tesoro closed on June 27, 2016. The sale of Dakota Prairie Refining reduces the Company’s risk by decreasing exposure to commodity prices. In connection with the sale, WBI Energy has cash in an escrow account for RINs obligations, which is included in current assets held for sale on the Consolidated Balance Sheet at June 30, 2016. The Company retained certain liabilities of Dakota Prairie Refining which are reflected in current liabilities held for sale on the Consolidated Balance Sheet at June 30, 2016. Also, Centennial continues to guarantee certain debt obligations of Dakota Prairie Refining; however, Tesoro has agreed to indemnify Centennial for any losses and litigation expenses arising from the guarantee. For more information related to the guarantee, see Note 18 . The carrying amounts of the major classes of assets and liabilities that are classified as held for sale related to the operations of Dakota Prairie Refining on the Company's Consolidated Balance Sheets were as follows: June 30, 2016 June 30, 2015 December 31, 2015 (In thousands) Assets Current assets: Cash and cash equivalents $ — $ 845 $ 688 Receivables, net 433 29,639 7,693 Inventories — 24,166 13,176 Deferred income taxes — 84 (a) — Income taxes receivable 12,550 7,332 2,495 Prepayments and other current assets 11,083 7,888 6,214 Total current assets held for sale 24,066 69,954 30,266 Noncurrent assets: Net property, plant and equipment — 418,885 412,717 Deferred income taxes 57,644 5,839 5,745 Other — 5,729 9,627 Total noncurrent assets held for sale 57,644 430,453 428,089 Total assets held for sale $ 81,710 $ 500,407 $ 458,355 Liabilities Current liabilities: Short-term borrowings $ — $ 26,000 $ 45,500 Long-term debt due within one year — 3,000 5,250 Accounts payable 7,170 38,170 24,468 Taxes payable — 1,601 1,391 Deferred income taxes — — 272 Accrued compensation — 649 938 Other accrued liabilities 8,303 932 4,953 Total current liabilities held for sale 15,473 70,352 82,772 Noncurrent liabilities: Long-term debt — 66,000 63,750 Deferred income taxes — 19,600 (b) 29,314 (b) Total noncurrent liabilities held for sale — 85,600 93,064 Total liabilities held for sale $ 15,473 $ 155,952 $ 175,836 (a) On the Company's Consolidated Balance Sheet, this amount was reclassified to a current deferred income tax liability and is reflected in current liabilities held for sale. (b) On the Company's Consolidated Balance Sheets, these amounts were reclassified to noncurrent deferred income tax assets and are reflected in noncurrent assets held for sale. The Company's deferred tax assets were largely comprised of $137.6 million of federal and state net operating loss carryforwards that expire in 2037 if not utilized. The Company performed a fair value assessment of the assets and liabilities classified as held for sale. In the second quarter of 2016, the fair value assessment was determined using the market approach based on the sale transaction to Tesoro. The fair value assessment indicated an impairment based on the carrying value exceeding the fair value, which resulted in the Company recording an impairment of $251.9 million ( $156.7 million after tax) in the quarter ended June 30, 2016. The impairment was included in operating expenses from discontinued operations. The fair value of Dakota Prairie Refining’s assets has been categorized as Level 3 in the fair value hierarchy. At June 30, 2016, Dakota Prairie Refining had not incurred any material exit and disposal costs, and does not expect to incur any material exit and disposal costs. Fidelity In the second quarter of 2015, the Company began the marketing and sale process of Fidelity with an anticipated sale to occur within one year. Between September 2015 and March 2016, the Company entered into purchase and sale agreements to sell all of Fidelity's marketed oil and natural gas assets. The completion of these sales occurred between October 2015 and April 2016. The sale of Fidelity was part of the Company's strategic plan to grow its capital investments in the remaining business segments and to focus on creating a greater long-term value. The carrying amounts of the major classes of assets and liabilities that are classified as held for sale related to the operations of Fidelity on the Company's Consolidated Balance Sheets were as follows: June 30, 2016 June 30, 2015 December 31, 2015 (In thousands) Assets Current assets: Receivables, net $ 8,207 $ 33,551 $ 13,387 Inventories — 6,748 1,308 Commodity derivative instruments — 2,537 — Income taxes receivable 52,847 31,033 9,665 Prepayments and other current assets 4 3,423 221 Total current assets held for sale 61,058 77,292 24,581 Noncurrent assets: Investments — 37 37 Net property, plant and equipment 5,507 1,097,576 793,422 Deferred income taxes 61,347 52,017 127,655 Other 161 161 161 Less allowance for impairment of assets held for sale 938 399,987 754,541 Total noncurrent assets held for sale 66,077 749,804 166,734 Total assets held for sale $ 127,135 $ 827,096 $ 191,315 Liabilities Current liabilities: Accounts payable $ 456 $ 49,400 $ 25,013 Taxes payable — 4,064 1,052 Deferred income taxes 4,120 1,401 3,620 Accrued compensation 1,459 4,460 13,080 Commodity derivative instruments — 3,511 — Other accrued liabilities 10,849 12,107 4,838 Total current liabilities held for sale 16,884 74,943 47,603 Noncurrent liabilities: Other liabilities — 35,790 — Total noncurrent liabilities held for sale — 35,790 — Total liabilities held for sale $ 16,884 $ 110,733 $ 47,603 The Company performed a fair value assessment of the assets and liabilities classified as held for sale. In the second quarter of 2016, the fair value assessment was determined using the income and market approaches. The income approach was determined by using the present value of future estimated cash flows. The market approach was based on market transactions of similar properties. The estimated carrying value exceeded the fair value and the Company recorded an impairment of $900,000 ( $600,000 after tax) in the second quarter of 2016. In the first quarter of 2016, the fair value assessment was determined using the market approach largely based on a purchase and sale agreement. The estimated fair value exceeded the carrying value and the Company recorded an impairment reversal of $1.4 million ( $900,000 after tax) in the first quarter of 2016. The impairment and impairment reversal were included in operating expenses from discontinued operations. The estimated fair value of Fidelity's assets have been categorized as Level 3 in the fair value hierarchy. In 2015, the Company recorded impairments totaling $754.5 million ( $475.4 million after tax) related to the assets and liabilities classified as held for sale, including an impairment of $400.0 million ( $252.0 million after tax) during the second quarter of 2015. For more information, see Part II, Item 8 - Note 2, in the 2015 Annual Report. The Company incurred transaction costs of approximately $300,000 in the first quarter of 2016, and $2.5 million in 2015. In addition to the transaction costs, and due in part to the change in plans to sell the assets of Fidelity rather than sell Fidelity as a company, Fidelity incurred and expensed approximately $3.8 million and $5.6 million of exit and disposal costs for the three and six months ended June 30, 2016, respectively, and has incurred $10.5 million of exit and disposal costs to date. The Company expects to incur an additional $300,000 of exit and disposal costs for the remainder of 2016. The exit and disposal costs are associated with severance and other related matters and exclude the office lease expiration discussed in the following paragraph. The majority of these exit and disposal activities were completed by the end of the second quarter of 2016. Fidelity vacated its office space in Denver, Colorado. The Company incurred lease payments of approximately $400,000 and $900,000 for the three and six months ended June 30, 2016, respectively. Lease termination payments of $3.2 million and $3.3 million were made during the second quarter of 2016 and fourth quarter of 2015, respectively. Existing office furniture and fixtures were relinquished to the lessor in the second quarter of 2016. Historically, the Company used the full-cost method of accounting for its oil and natural gas production activities. Under this method, all costs incurred in the acquisition, exploration and development of oil and natural gas properties are capitalized and amortized on the units-of-production method based on total proved reserves. Prior to the oil and natural gas properties being classified as held for sale, capitalized costs were subject to a "ceiling test" that limits such costs to the aggregate of the present value of future net cash flows from proved reserves discounted at 10 percent, as mandated under the rules of the SEC, plus the cost of unproved properties not subject to amortization, plus the effects of cash flow hedges, less applicable income taxes. Proved reserves and associated future cash flows are determined based on SEC Defined Prices and exclude cash outflows associated with asset retirement obligations that have been accrued on the balance sheet. If capitalized costs, less accumulated amortization and related deferred income taxes, exceed the full-cost ceiling at the end of any quarter, a permanent noncash write-down is required to be charged to earnings in that quarter regardless of subsequent price changes. The Company's capitalized cost under the full-cost method of accounting exceeded the full-cost ceiling at March 31, 2015. SEC Defined Prices, adjusted for market differentials, were used to calculate the ceiling test. Accordingly, the Company was required to write down its oil and natural gas producing properties. The Company recorded a $500.4 million ( $315.3 million after tax) noncash write-down in operating expenses from discontinued operations in the first quarter of 2015. Dakota Prairie Refining and Fidelity The reconciliation of the major classes of income and expense constituting pretax loss from discontinued operations, which includes Dakota Prairie Refining and Fidelity, to the after-tax net loss from discontinued operations on the Company's Consolidated Statements of Income were as follows: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In thousands) Operating revenues $ 74,756 $ 91,468 $ 122,732 $ 148,109 Operating expenses 443,756 505,487 513,526 1,086,781 Operating loss (369,000 ) (414,019 ) (390,794 ) (938,672 ) Other income 183 385 387 2,459 Interest expense 832 434 1,753 517 Loss from discontinued operations before income taxes (369,649 ) (414,068 ) (392,160 ) (936,730 ) Income taxes (93,547 ) (150,649 ) (98,022 ) (343,326 ) Loss from discontinued operations (276,102 ) (263,419 ) (294,138 ) (593,404 ) Loss from discontinued operations attributable to noncontrolling interest (120,651 ) (7,754 ) (131,691 ) (11,282 ) Loss from discontinued operations attributable to the Company $ (155,451 ) $ (255,665 ) $ (162,447 ) $ (582,122 ) The pretax loss from discontinued operations attributable to the Company, related to the operations of Dakota Prairie Refining, were $244.0 million and $6.8 million for the three months ended and $253.9 million and $9.8 million for the six months ended June 30, 2016 and 2015, respectively. |
Goodwill and other intangible a
Goodwill and other intangible assets | 6 Months Ended |
Jun. 30, 2016 | |
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: Six Months Ended June 30, 2016 Balance as of January 1, 2016 * Goodwill Acquired Balance as of June 30, 2016 * (In thousands) Natural gas distribution $ 345,736 $ — $ 345,736 Pipeline and midstream 9,737 — 9,737 Construction materials and contracting 176,290 — 176,290 Construction services 103,441 6,323 109,764 Total $ 635,204 $ 6,323 $ 641,527 * Balance is presented net of accumulated impairment of $12.3 million at the pipeline and midstream segment, which occurred in prior periods. Six Months Ended June 30, 2015 Balance as of January 1, 2015 * Goodwill Acquired During the Year Balance as of June 30, 2015 * (In thousands) Natural gas distribution $ 345,736 $ — $ 345,736 Pipeline and midstream 9,737 — 9,737 Construction materials and contracting 176,290 — 176,290 Construction services 103,441 — 103,441 Total $ 635,204 $ — $ 635,204 * Balance is presented net of accumulated impairment of $12.3 million at the pipeline and midstream segment, which occurred in prior periods. Year Ended December 31, 2015 Balance as of January 1, 2015 * Goodwill Acquired During the Year Balance as of December 31, 2015 * (In thousands) Natural gas distribution $ 345,736 $ — $ 345,736 Pipeline and midstream 9,737 — 9,737 Construction materials and contracting 176,290 — 176,290 Construction services 103,441 — 103,441 Total $ 635,204 $ — $ 635,204 * Balance is presented net of accumulated impairment of $12.3 million at the pipeline and midstream segment, which occurred in prior periods. Other amortizable intangible assets were as follows: June 30, 2016 June 30, 2015 December 31, 2015 (In thousands) Customer relationships $ 17,145 $ 20,975 $ 20,975 Accumulated amortization (13,108 ) (16,065 ) (16,845 ) 4,037 4,910 4,130 Noncompete agreements 2,430 4,409 4,409 Accumulated amortization (1,585 ) (3,581 ) (3,655 ) 845 828 754 Other 7,764 8,300 8,304 Accumulated amortization (5,486 ) (5,532 ) (5,846 ) 2,278 2,768 2,458 Total $ 7,160 $ 8,506 $ 7,342 Amortization expense for amortizable intangible assets for the three and six months ended June 30, 2016 , was $600,000 and $1.3 million , respectively. Amortization expense for amortizable intangible assets for the three and six months ended June 30, 2015, was $700,000 and $1.4 million , respectively. Estimated amortization expense for amortizable intangible assets is $2.5 million in 2016 , $2.2 million in 2017 , $1.2 million in 2018 , $1.0 million in 2019 , $500,000 in 2020 and $1.1 million thereafter. |
Derivative instruments
Derivative instruments | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 , the Company had no outstanding commodity, 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 June 30, 2015 , Fidelity held oil swap agreements with total forward notional volumes of 1.1 million Bbl and natural gas swap agreements with total forward notional volumes of 1.8 million MMBtu. At June 30, 2016 and December 31, 2015, Fidelity had no outstanding derivative agreements. Fidelity historically utilized 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. The realized and unrealized gains and losses on the commodity derivative instruments, which were not designated as hedges, were both included in loss from discontinued operations and the associated assets and liabilities were classified as held for sale. Centennial Centennial has historically entered into interest rate derivative instruments to manage a portion of its interest rate exposure on the forecasted issuance of long-term debt. As of June 30, 2016 and 2015 , and December 31, 2015 , Centennial had no outstanding interest rate swap agreements. Fidelity and Centennial The gains and losses on derivative instruments were as follows: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In thousands) Interest rate derivatives designated as cash flow hedges: Amount of loss reclassified from accumulated other comprehensive loss into interest expense (effective portion), net of tax $ 91 $ 100 $ 183 $ 199 Commodity derivatives not designated as hedging instruments: Amount of loss recognized in discontinued operations, before tax — (8,101 ) — (19,309 ) Over the next 12 months net losses of approximately $400,000 (after tax) are estimated to be reclassified from accumulated other comprehensive income (loss) into earnings, as the hedged transactions affect earnings. The location and fair value of the gross amount of the Company's derivative instruments on the Consolidated Balance Sheets were as follows: Asset Derivatives Location on Consolidated Balance Sheets Fair Value at June 30, 2015 (In thousands) Not designated as hedges: Commodity derivatives Current assets held for sale $ 2,537 Total asset derivatives $ 2,537 Liability Derivatives Location on Consolidated Balance Sheets Fair Value at June 30, 2015 (In thousands) Not designated as hedges: Commodity derivatives Current liabilities held for sale $ 3,511 Total liability derivatives $ 3,511 All of the Company's commodity derivative instruments at June 30, 2015 , 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: June 30, 2015 Gross Amounts Recognized on the Consolidated Balance Sheets Gross Amounts Not Offset on the Consolidated Balance Sheets Net (In thousands) Assets: Commodity derivatives $ 2,537 $ (2,537 ) $ — Total assets $ 2,537 $ (2,537 ) $ — Liabilities: Commodity derivatives $ 3,511 $ (2,537 ) $ 974 Total liabilities $ 3,511 $ (2,537 ) $ 974 |
Fair value measurements
Fair value measurements | 6 Months Ended |
Jun. 30, 2016 | |
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 $71.4 million , $68.2 million and $67.5 million , at June 30, 2016 and 2015 , and December 31, 2015 , respectively, are classified as investments on the Consolidated Balance Sheets. The net unrealized gains on these investments were $2.3 million and $3.9 million for the three and six months ended June 30, 2016 . The net unrealized gains on these investments were $400,000 and $2.4 million for the three and six months ended June 30, 2015 . 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: June 30, 2016 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Mortgage-backed securities $ 10,420 $ 52 $ (12 ) $ 10,460 Total $ 10,420 $ 52 $ (12 ) $ 10,460 June 30, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Mortgage-backed securities $ 8,072 $ 29 $ (28 ) $ 8,073 U.S. Treasury securities 2,327 22 — 2,349 Total $ 10,399 $ 51 $ (28 ) $ 10,422 December 31, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Mortgage-backed securities $ 9,128 $ 19 $ (49 ) $ 9,098 U.S. Treasury securities 1,315 — (6 ) 1,309 Total $ 10,443 $ 19 $ (55 ) $ 10,407 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 are valued at the net asset value of shares held at the end of the quarter, based on published market quotations on active markets, or using other known sources including pricing from outside sources. 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. 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 six months ended June 30, 2016 and 2015 , 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 June 30, 2016, Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at June 30, 2016 (In thousands) Assets: Money market funds $ — $ 1,525 $ — $ 1,525 Insurance contract* — 71,355 — 71,355 Available-for-sale securities: Mortgage-backed securities — 10,460 — 10,460 Total assets measured at fair value $ — $ 83,340 $ — $ 83,340 * The insurance contract invests approximately 9 percent in common stock of mid-cap companies, 6 percent in common stock of small-cap companies, 17 percent in common stock of large-cap companies, 66 percent in fixed-income investments, 1 percent in target date investments and 1 percent in cash equivalents. Fair Value Measurements at June 30, 2015, Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at June 30, 2015 (In thousands) Assets: Money market funds $ — $ 860 $ — $ 860 Insurance contract* — 68,187 — 68,187 Available-for-sale securities: Mortgage-backed securities — 8,073 — 8,073 U.S. Treasury securities — 2,349 — 2,349 Total assets measured at fair value $ — $ 79,469 $ — $ 79,469 * The insurance contract invests approximately 20 percent in common stock of mid-cap companies, 18 percent in common stock of small-cap companies, 28 percent in common stock of large-cap companies, 32 percent in fixed-income investments, 1 percent in target date investments and 1 percent in cash equivalents. Fair Value Measurements at December 31, 2015, Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at December 31, 2015 (In thousands) Assets: Money market funds $ — $ 1,420 $ — $ 1,420 Insurance contract* — 67,459 — 67,459 Available-for-sale securities: Mortgage-backed securities — 9,098 — 9,098 U.S. Treasury securities — 1,309 — 1,309 Total assets measured at fair value $ — $ 79,286 $ — $ 79,286 * The insurance contract invests approximately 9 percent in common stock of mid-cap companies, 7 percent in common stock of small-cap companies, 19 percent in common stock of large-cap companies, 63 percent in fixed-income investments, 1 percent in target date investments and 1 percent in cash equivalents. The Company applies the provisions of the fair value measurement standard to its nonrecurring, non-financial measurements, including long-lived asset impairments. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. The Company reviews the carrying value of its long-lived assets, excluding goodwill, whenever events or changes in circumstances indicate that such carrying amounts may not be recoverable. During the second quarter of 2015, coalbed natural gas gathering assets were reviewed for impairment and found to be impaired and were written down to their estimated fair value using the income approach. Under this approach, fair value is determined by using the present value of future estimated cash flows. The factors used to determine the estimated future cash flows include, but are not limited to, internal estimates of gathering revenue, future commodity prices and operating costs and equipment salvage values. The estimated cash flows are discounted using a rate that approximates the weighted average cost of capital of a market participant. These fair value inputs are not typically observable. At June 30, 2015, coalbed natural gas gathering assets were written down to the nonrecurring fair value measurement of $1.1 million . The fair value of these coalbed natural gas gathering assets have been categorized as Level 3 in the fair value hierarchy. The Company performed fair value assessments of the assets and liabilities classified as held for sale. For more information on these Level 3 nonrecurring fair value measurements, see Note 10 . 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 Amount Fair Value (In thousands) Long-term debt at June 30, 2016 $ 1,987,307 $ 2,134,708 Long-term debt at June 30, 2015 $ 2,302,343 $ 2,395,095 Long-term debt at December 31, 2015 $ 1,796,163 $ 1,819,828 The carrying amounts of the Company's remaining financial instruments included in current assets and current liabilities approximate their fair values . |
Equity
Equity | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Equity | Equity A summary of the changes in equity was as follows: Six Months Ended June 30, 2016 Total Stockholders' Equity Noncontrolling Interest Total Equity (In thousands) Balance at December 31, 2015 $ 2,396,505 $ 124,043 $ 2,520,548 Net loss (84,283 ) (131,691 ) (215,974 ) Other comprehensive loss (1,058 ) — (1,058 ) Dividends declared on preferred stocks (343 ) — (343 ) Dividends declared on common stock (73,239 ) — (73,239 ) Stock-based compensation 2,015 — 2,015 Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings (323 ) — (323 ) Net tax deficit on stock-based compensation (1,664 ) — (1,664 ) Contribution from noncontrolling interest — 7,648 7,648 Balance at June 30, 2016 $ 2,237,610 $ — $ 2,237,610 Six Months Ended June 30, 2015 Total Stockholders' Equity Noncontrolling Interest Total Equity (In thousands) Balance at December 31, 2014 $ 3,134,041 $ 115,743 $ 3,249,784 Net loss (535,521 ) (11,282 ) (546,803 ) Other comprehensive income 1,857 — 1,857 Dividends declared on preferred stocks (342 ) — (342 ) Dividends declared on common stock (71,078 ) — (71,078 ) Stock-based compensation 1,107 — 1,107 Net tax deficit on stock-based compensation (1,632 ) — (1,632 ) Issuance of common stock 14,499 — 14,499 Contribution from noncontrolling interest — 39,500 39,500 Balance at June 30, 2015 $ 2,542,931 $ 143,961 $ 2,686,892 |
Business segment data
Business segment data | 6 Months Ended |
Jun. 30, 2016 | |
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 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 midstream segment provides natural gas transportation, underground storage, gathering and processing 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. 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 provides utility construction services specializing in constructing and maintaining electric and communications lines, gas pipelines, fire suppression systems, and external lighting and traffic signalization. This segment also provides utility excavation and inside electrical and mechanical services, and manufactures and distributes transmission line construction equipment and other supplies. 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 certain general and administrative costs (reflected in operation and maintenance expense) and interest expense which were previously allocated to the refining business and Fidelity and do not meet the criteria for income (loss) from discontinued operations. The Other category also includes Centennial Resources' former investment in the Brazilian Transmission Lines. Discontinued operations includes the results of Dakota Prairie Refining and Fidelity other than certain general and administrative costs and interest expense as described above. Dakota Prairie Refining refined crude oil and produced and sold diesel fuel, naphtha, ATBs and other by-products of the production process. In the second quarter of 2016, the Company sold all of the outstanding membership interests in Dakota Prairie Refining. Fidelity engaged in oil and natural gas development and production activities in the Rocky Mountain and Mid-Continent/Gulf States regions of the United States. Between September 2015 and March 2016, the Company entered into purchase and sale agreements to sell all of Fidelity's marketed oil and natural gas assets. The completion of these sales occurred between October 2015 and April 2016. For more information on discontinued operations, see Note 10 . The information below follows the same accounting policies as described in Note 1 of the Company's Notes to Consolidated Financial Statements in the 2015 Annual Report. Information on the Company's businesses was as follows: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In thousands) External operating revenues: Regulated operations: Electric $ 73,832 $ 64,265 $ 156,755 $ 136,041 Natural gas distribution 112,770 132,965 412,165 463,538 Pipeline and midstream 19,450 18,448 22,998 22,588 206,052 215,678 591,918 622,167 Nonregulated operations: Pipeline and midstream 10,268 14,749 18,966 27,749 Construction materials and contracting 541,257 495,640 751,108 701,298 Construction services 285,924 211,515 541,424 446,918 Other 447 457 747 752 837,896 722,361 1,312,245 1,176,717 Total external operating revenues $ 1,043,948 $ 938,039 $ 1,904,163 $ 1,798,884 Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In thousands) Intersegment operating revenues: Regulated operations: Electric $ — $ — $ — $ — Natural gas distribution — — — — Pipeline and midstream 6,594 6,564 27,691 27,625 6,594 6,564 27,691 27,625 Nonregulated operations: Pipeline and midstream 36 110 119 316 Construction materials and contracting 97 1,257 215 2,205 Construction services 77 3,491 539 15,186 Other 1,669 1,792 3,338 3,563 1,879 6,650 4,211 21,270 Intersegment eliminations (8,473 ) (13,214 ) (31,902 ) (48,895 ) Total intersegment operating revenues $ — $ — $ — $ — Earnings (loss) on common stock: Regulated operations: Electric $ 8,022 $ 5,910 $ 19,141 $ 14,237 Natural gas distribution (7,777 ) (5,375 ) 17,464 16,075 Pipeline and midstream 5,564 4,328 10,852 9,685 5,809 4,863 47,457 39,997 Nonregulated operations: Pipeline and midstream 737 (966 ) 739 89 Construction materials and contracting 33,696 20,136 19,225 5,501 Construction services 6,990 7,003 12,964 11,763 Other (1,105 ) (4,404 ) (2,564 ) (9,358 ) 40,318 21,769 30,364 7,995 Intersegment eliminations — (742 ) — (1,733 ) Earnings on common stock before loss from discontinued operations 46,127 25,890 77,821 46,259 Loss from discontinued operations, net of tax (276,102 ) (263,419 ) (294,138 ) (593,404 ) Loss from discontinued operations attributable to noncontrolling interest (120,651 ) (7,754 ) (131,691 ) (11,282 ) Total loss on common stock $ (109,324 ) $ (229,775 ) $ (84,626 ) $ (535,863 ) |
Employee benefit plans
Employee benefit plans | 6 Months Ended |
Jun. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and other postretirement benefit plans | Employee benefit plans Pension and other postretirement 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: Pension Benefits Other Postretirement Benefits Three Months Ended June 30, 2016 2015 2016 2015 (In thousands) Components of net periodic benefit cost: Service cost $ — $ 46 $ 374 $ 425 Interest cost 4,220 4,206 895 889 Expected return on assets (5,182 ) (5,753 ) (1,118 ) (1,223 ) Amortization of prior service cost (credit) — 18 (343 ) (343 ) Amortization of net actuarial loss 1,514 1,813 299 553 Curtailment loss — 258 — — Net periodic benefit cost, including amount capitalized 552 588 107 301 Less amount capitalized 121 53 4 33 Net periodic benefit cost $ 431 $ 535 $ 103 $ 268 Pension Benefits Other Postretirement Benefits Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) Components of net periodic benefit cost: Service cost $ — $ 86 $ 824 $ 908 Interest cost 8,610 8,570 1,844 1,803 Expected return on assets (10,462 ) (11,126 ) (2,267 ) (2,398 ) Amortization of prior service cost (credit) — 36 (686 ) (685 ) Amortization of net actuarial loss 3,107 3,548 747 1,014 Curtailment loss — 258 — — Net periodic benefit cost, including amount capitalized 1,255 1,372 462 642 Less amount capitalized 202 129 38 62 Net periodic benefit cost $ 1,053 $ 1,243 $ 424 $ 580 Prior to 2013, defined pension plan benefits and accruals for all nonunion and certain union plans were frozen. On June 30, 2015, an additional union plan was frozen. As of June 30, 2015, all of the Company's defined pension plans were frozen. These employees were eligible to receive additional defined contribution plan benefits. Nonqualified benefit plans In addition to the qualified plan defined pension benefits reflected in the table, the Company also 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. In February 2016, the Company froze the unfunded, nonqualified defined benefit plans to new participants and eliminated upgrades. Vesting for participants not fully vested was retained. The Company's net periodic benefit cost for these plans for the three months ended June 30, 2016 , was $1.2 million . The Company's net periodic benefit credit for these plans for the six months ended June 30, 2016, was $700,000 , which reflects a curtailment gain of $3.3 million in the first quarter of 2016. The Company's net periodic benefit cost for these plans for the three and six months ended June 30, 2015 , was $1.9 million and $3.6 million , respectively. Multiemployer plans On September 24, 2014, JTL - Wyoming provided notice to the Operating Engineers Local 800 & WY Contractors Association, Inc. Pension Plan for Wyoming that it was withdrawing from the plan effective October 26, 2014. The plan administrator will determine JTL - Wyoming's withdrawal liability. For the three months ended March 31, 2015, the Company accrued an additional withdrawal liability of approximately $2.4 million . The cumulative withdrawal liability is currently estimated at $16.4 million which has been accrued on the Consolidated Balance Sheets. The assessed withdrawal liability for this plan may be significantly different from the current estimate. Also, this plan's administrator has alleged that JTL - Wyoming owes additional contributions for periods of time prior to its withdrawal, which could affect its final assessed withdrawal liability. JTL - Wyoming disputes the plan administrator's demand for additional contributions, and on February 23, 2016, filed a declaratory judgment action in the United States District Court for the District of Wyoming to resolve the dispute. |
Regulatory matters
Regulatory matters | 6 Months Ended |
Jun. 30, 2016 | |
Regulated Operations [Abstract] | |
Regulatory matters | Regulatory matters On June 25, 2015, Montana-Dakota filed an application for an electric rate increase with the MTPSC. Montana-Dakota requested a total increase of approximately $11.8 million annually or approximately 21.1 percent above current rates to recover Montana-Dakota’s investments in modifications to generation facilities to comply with new EPA requirements, the addition and/or replacement of capacity and energy requirements and transmission facilities along with the additional depreciation, operation and maintenance expenses and taxes associated with the increases in investment. On February 8, 2016, Montana-Dakota and the interveners to the case filed a stipulation and settlement agreement reflecting an annual increase of $3.0 million effective April 1, 2016, and an additional increase of $4.4 million effective April 1, 2017. A technical hearing was held February 9, 2016. The MTPSC issued an order approving the settlement agreement on March 25, 2016. The approved rates were effective with service rendered on or after April 1, 2016. On June 30, 2015, Montana-Dakota filed an application with the SDPUC for an electric rate increase. Montana-Dakota requested a total increase of approximately $2.7 million annually or approximately 19.2 percent above current rates to recover Montana-Dakota’s investments in modifications to generation facilities to comply with new EPA requirements, the addition and/or replacement of capacity and energy requirements and transmission facilities along with the additional depreciation, operation and maintenance expenses and taxes associated with the increases in investment. An interim increase of $2.7 million , subject to refund, was implemented January 1, 2016. Montana-Dakota and the SDPUC staff filed a settlement stipulation reflecting an overall annual increase of approximately $1.4 million including a transmission cost recovery rider and an infrastructure rider. A settlement hearing was held on June 7, 2016. The SDPUC issued an order approving the settlement on June 15, 2016. The approved rates were effective with service rendered on and after July 1, 2016. The final approved rate increase was less than the interim rate increase implemented January 1, 2016; therefore, Montana-Dakota will refund the difference with interest to customers no later than October 1, 2016. On June 30, 2015, Montana-Dakota filed an application for a natural gas rate increase with the SDPUC. Montana-Dakota requested a total increase of approximately $1.5 million annually or approximately 3.1 percent above current rates to recover increased operating expenses along with increased investment in facilities, including the related depreciation expense and taxes, partially offset by an increase in customers and throughput. An interim increase of $1.5 million , subject to refund, was implemented January 1, 2016. Montana-Dakota, the SDPUC staff and other interested parties filed a settlement stipulation reflecting an overall increase of approximately $1.2 million . A settlement hearing was held on June 7, 2016. The SDPUC issued an order approving the settlement on June 15, 2016. The approved rates were effective with service rendered on and after July 1, 2016. The final approved rate increase was less than the interim rate increase implemented January 1, 2016; therefore, Montana-Dakota will refund the difference with interest to customers no later than October 1, 2016. On September 30, 2015, Great Plains filed an application for a natural gas rate increase with the MNPUC. Great Plains requested a total increase of approximately $1.6 million annually or approximately 6.4 percent above current rates to recover increased operating expenses along with increased investment in facilities, including the related depreciation expense and taxes. Great Plains requested an interim increase of $1.5 million or approximately 6.4 percent, subject to refund. The interim request was approved by the MNPUC on November 30, 2015, and was effective with service rendered on and after January 1, 2016. This matter is pending before the MNPUC. A technical hearing was held April 7, 2016. The MNPUC will deliberate the case on August 5, 2016. On October 21, 2015, Montana-Dakota filed an application with the NDPSC for an update of an electric generation resource recovery rider and requested a renewable resource cost adjustment rider. Montana-Dakota requested a combined total of approximately $25.3 million with approximately $20.0 million incremental to current rates, to be effective January 1, 2016. This application was resubmitted as two applications on October 26, 2015. On October 26, 2015, Montana-Dakota filed an application requesting a renewable resource cost adjustment rider of $15.4 million for the recovery of the Thunder Spirit Wind project, placed in service in the fourth quarter of 2015. A settlement was reached with the NDPSC Advocacy Staff whereby Montana-Dakota agreed to a 10.5 percent return on equity on the renewable resource cost adjustment rider, as well as committed to file an electric general rate case no later than September 30, 2016. The renewable resource cost adjustment rider was approved by the NDPSC on January 5, 2016, to be effective January 7, 2016, resulting in an annual increase of $15.1 million on an interim basis pending the determination of the return on equity in the upcoming rate case. On October 26, 2015, Montana-Dakota filed an application for an update to the electric generation resource recovery rider, which currently includes recovery of Montana-Dakota's investment in the 88-MW simple-cycle natural gas turbine and associated facilities near Mandan, North Dakota. The application proposed to also include the 19 MW of new generation from natural gas-fired internal combustion engines and associated facilities, near Sidney, Montana, placed in service in the fourth quarter of 2015, for a total of $9.9 million or an incremental increase of $4.6 million to be recovered under the rider. On January 25, 2016, Montana-Dakota and the NDPSC Advocacy Staff filed a settlement agreement which would result in an interim increase of $9.7 million or an incremental increase of $4.4 million , subject to refund, a 10.5 percent return on equity and Montana-Dakota would commit to filing an electric general rate case no later than September 30, 2016. A technical hearing on this matter was held on February 4, 2016. On March 9, 2016, the NDPSC issued an order approving the settlement agreement on an interim basis pending the determination in the upcoming rate case to be filed by September 30, 2016, on the return on equity and the net investment authorized for the natural gas-fired internal combustion engines located near Sidney, Montana. The interim rates were effective with service rendered on and after March 15, 2016. On November 25, 2015, Montana-Dakota filed an application with the NDPSC for an update of its transmission cost adjustment for recovery of MISO-related charges and two transmission projects located in North Dakota, equating to $6.8 million to be collected under the transmission cost adjustment. An update to the transmission cost adjustment was submitted on January 19, 2016, to reflect the provisions of the settlement agreement approved by the NDPSC for the renewable resource cost adjustment rider whereby Montana-Dakota agreed to a 10.5 percent return on equity for this rider as well as committed to file an electric general rate case no later than September 30, 2016. An informal hearing with the NDPSC was held January 20, 2016, regarding this matter. The NDPSC approved the filing on February 10, 2016, on an interim basis with rates to be effective February 12, 2016. On December 1, 2015, Cascade filed an application with the WUTC for a natural gas rate increase. Cascade requested a total increase of approximately $10.5 million annually or approximately 4.2 percent above current rates. The requested increase includes rate recovery associated with increased infrastructure investment and the associated operating expenses. A settlement in principle has been accepted by all parties reflecting an increase of $4.0 million annually. The WUTC approved the settlement on July 7, 2016. The approved rates are effective with service rendered on or after September 1, 2016. On April 29, 2016, Cascade filed an application with the OPUC for a natural gas rate increase of approximately $1.9 million annually or approximately 2.8 percent above current rates. The request includes costs associated with pipeline replacement and improvement projects to ensure the integrity of Cascade's system. This matter is pending before the OPUC. On June 1, 2016, Cascade filed an application with the WUTC for an annual pipeline replacement cost recovery mechanism of $4.6 million or approximately 2.0 percent of additional revenue. The requested increase includes $2.4 million associated with incremental pipeline replacement investments and $2.2 million for an alternative recovery request of incremental operation and maintenance costs associated with a maximum allowable operating pressure validation plan. This matter is pending before the WUTC. If approved, rates will be effective November 1, 2016. On June 10, 2016, Montana-Dakota filed an application for an increase in electric rates with the WYPSC. Montana-Dakota requested an increase of approximately $3.2 million annually or approximately 13.1 percent above current rates to recover Montana-Dakota's increased investment in facilities along with additional depreciation, operation and maintenance expenses including increased fuel costs, and taxes associated with the increases in investment. This matter is pending before the WYPSC. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
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 $27.4 million , $20.7 million and $19.5 million , which include liabilities held for sale, for contingencies, including litigation, production taxes, royalty claims and environmental matters at June 30, 2016 and 2015 , and December 31, 2015 , respectively, including amounts that may have been accrued for matters discussed in Litigation and Environmental matters within this note. Litigation Natural Gas Gathering Operations Omimex filed a complaint against WBI Energy Midstream in Montana Seventeenth Judicial District Court in July 2010 alleging WBI Energy Midstream breached a gathering contract with Omimex as a result of the increased operating pressures demanded by a third party on a natural gas gathering system in Montana. 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. On December 9, 2014, the United States District Court for the District of Montana issued an order determining WBI Energy Midstream breached its obligations as a common carrier and ordered judgment in favor of Omimex for the amount of the stipulated damages. WBI Energy Midstream filed an appeal from the United States District Court for the District of Montana's order and judgment. Construction Materials Until the fall of 2011 when it discontinued active mining operations at the pit, JTL - Montana 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 - Montana was in violation of the Montana Opencut Mining Act by conducting mining operations outside a permitted area. JTL - Montana 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 - Montana 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. JTL - Montana submitted an application for amendment of its opencut mining permit in September 2015. JTL - Montana and the Montana DEQ entered into a stipulation for entry of a consent judgment, which was approved by the Montana First Judicial District Court in May 2016, providing for payment of a civil penalty by JTL - Montana of an amount that was not material to the Company and for reclamation of the Target Range Gravel Pit in accordance with the application for amendment of the opencut mining permit previously submitted by JTL - Montana. Construction Services Bombard Mechanical is a third-party defendant in litigation pending in Nevada State District Court in which the plaintiff, Palms Place, LLC, claims damages attributable to defects in the construction of a 48 story residential tower built in 2008 for which Bombard Mechanical performed plumbing and mechanical work as a subcontractor. On March 12, 2015, the plaintiff presented cost of repair estimates totaling approximately $21 million for alleged plumbing and mechanical system defects associated in whole or in part with work performed by Bombard Mechanical. The matter was settled in June 2016. The settlement provided for a payment by Bombard Mechanical of an amount that was not material to the Company. 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 $70 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 matter. Coos County The Oregon DEQ issued a Notice of Civil Penalty to LTM dated October 12, 2015, asserting violations of Oregon water quality statutes and rules resulting from the stockpiling and grading of earthen material during 2014 at a site in Coos County and assessing civil penalties totaling approximately $160,000 . The Notice of Civil Penalty alleges violations by causing pollution to an intermittent creek, by conducting activity described in a general National Pollutant Discharge Elimination System permit without applying for coverage under the general permit, by placing the earthen materials in a location where they were likely to escape or be carried into waters of the state, and by failing to submit a revised ESCP where there was a change in the size of the project or the location of the disturbed area. The Notice of Civil Penalty also requires LTM to submit a revised ESCP containing measures to prevent further erosion from entering the intermittent creek and to file a work plan outlining how the earthen material will be permanently stabilized or removed. LTM requested a contested case hearing on the Notice of Civil Penalty. LTM and the Oregon DEQ entered into a mutual agreement and final order which included provisions for a civil penalty of an amount that was not material to the Company and for compliance with a monitoring and maintenance plan for the affected area. 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 released a ROD in January 2015 that selected a remediation alternative for the site as recommended in an earlier staff report. 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 orders reauthorizing the deferred accounting for the 12-month periods starting November 30, 2013, December 1, 2014 and December 1, 2015. 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. The 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 $6.4 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 DOE 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 $12.8 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. 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 $8.0 million . Other PRPs have reached an agreed order and work plan with the Washington DOE 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 In June 2016, WBI Energy sold all of the outstanding membership interests in Dakota Prairie Refining. In connection with the sale, Centennial agreed to continue to guarantee certain debt obligations of Dakota Prairie Refining which totaled $66 million at June 30, 2016, and are expected to mature by 2023. Tesoro agreed to indemnify Centennial for any losses and litigation expenses arising from the guarantee. The estimated fair values of the indemnity asset and guarantee liability are reflected in deferred charges and other assets - other and deferred credits and other liabilities - other, respectively, on the Consolidated Balance Sheets. Continuation of the guarantee was required as a condition to the sale of Dakota Prairie Refining. In March 2016, a sale agreement was signed to sell Fidelity's assets in the Paradox Basin. In connection with the sale, Centennial agreed to guarantee Fidelity's indemnity obligations associated with the Paradox assets. The guarantee was required by the buyer as a condition to the sale of the Paradox Basin assets. In 2009, multiple sales agreements were signed to sell the Company's ownership interests in the Brazilian Transmission Lines. In connection with the sale, Centennial agreed to guarantee payment of any indemnity obligations of certain of the Company's indirect wholly owned subsidiaries who were 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. 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, insurance deductibles and loss limits, and certain other guarantees. At June 30, 2016 , the fixed maximum amounts guaranteed under these agreements aggregated $114.6 million . The amounts of scheduled expiration of the maximum amounts guaranteed under these agreements aggregate $15.5 million in 2016 ; $35.8 million in 2017 ; $5.9 million in 2018 ; $53.4 million in 2019 ; and $4.0 million , which has no scheduled maturity date. There were no amounts outstanding under the above guarantees at June 30, 2016 . 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 June 30, 2016 , the fixed maximum amounts guaranteed under these letters of credit aggregated $37.9 million . The amounts of scheduled expiration of the maximum amounts guaranteed under these letters of credit aggregate $9.6 million in 2016 and $28.3 million in 2017. There were no amounts outstanding under the above letters of credit at June 30, 2016 . In the event of default under these letter of credit obligations, the subsidiary issuing the letter of credit for that particular obligation would be required to make payments under its letter of credit. 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 or 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 June 30, 2016 . 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. At June 30, 2016 , approximately $787.4 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 had 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 were $150 million and $75 million , respectively. Capital commitments for construction in excess of $300 million were shared equally between WBI Energy and Calumet. Dakota Prairie Refining entered into a term loan for project debt financing of $75 million on April 22, 2013. The operating agreement provided for allocation of profits and losses consistent with ownership interests; however, deductions attributable to project financing debt was allocated to Calumet. Calumet's cash distributions from Dakota Prairie Refining were decreased by the principal and interest paid on the project debt, while the cash distributions to WBI Energy were not decreased. Pursuant to the operating agreement, Centennial agreed to guarantee Dakota Prairie Refining's obligation under the term loan. The net loss attributable to noncontrolling interest on the Consolidated Statements of Income is pretax as Dakota Prairie Refining was a limited liability company. For more information related to the guarantee, see Guarantees in this note. Dakota Prairie Refining was determined to be a VIE, and the Company had determined that it was the primary beneficiary as it had 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 consolidated Dakota Prairie Refining in its financial statements and recorded a noncontrolling interest for Calumet's ownership interest. On June 24, 2016, WBI Energy entered into a membership interest purchase agreement with Tesoro to sell all of the outstanding membership interests in Dakota Prairie Refining to Tesoro. To effectuate the sale, WBI Energy acquired Calumet’s 50 percent membership interest in Dakota Prairie Refining on June 27, 2016. The sale of the membership interests to Tesoro closed on June 27, 2016. For more information on the Company's discontinued operations, see Note 10 . Dakota Prairie Refinery commenced operations in May 2015. The assets of Dakota Prairie Refining were used solely for the benefit of Dakota Prairie Refining. The total assets and liabilities of Dakota Prairie Refining were as follows: June 30, 2015 December 31, 2015 (In thousands) Assets Current assets: Cash and cash equivalents $ 845 $ 851 Accounts receivable 29,639 7,693 Inventories 24,166 13,176 Prepayments and other current assets 7,887 6,215 Total current assets 62,537 27,935 Net property, plant and equipment 431,476 425,123 Deferred charges and other assets: Other 5,729 9,626 Total deferred charges and other assets 5,729 9,626 Total assets $ 499,742 $ 462,684 Liabilities Current liabilities: Short-term borrowings $ 26,000 $ 45,500 Long-term debt due within one year 3,000 5,250 Accounts payable 38,339 24,766 Taxes payable 1,601 1,391 Accrued compensation 649 938 Other accrued liabilities 932 4,953 Total current liabilities 70,521 82,798 Long-term debt 66,000 63,750 Total liabilities $ 136,521 $ 146,548 Fuel Contract Coyote Station entered into a coal supply agreement with Coyote Creek that provides for the purchase of coal necessary to supply the coal requirements of the Coyote Station for the period May 2016 through December 2040. Coal purchased under the coal supply agreement is reflected in inventories on the Company's Consolidated Balance Sheets and is recovered from customers as a component of fuel and purchased power. The 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 June 30, 2016 , the Company's exposure to loss as a result of the Company's involvement with the VIE, based on the Company's ownership percentage, was $44.7 million . |
Inventories and natural gas i26
Inventories and natural gas in storage (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consisted of: June 30, 2016 June 30, 2015 December 31, 2015 (In thousands) Aggregates held for resale $ 130,544 $ 123,457 $ 115,854 Asphalt oil 42,591 79,422 36,498 Natural gas in storage (current) 19,689 11,310 21,023 Materials and supplies 20,765 22,594 16,997 Merchandise for resale 18,439 16,140 15,318 Other 33,821 37,316 34,861 Total $ 265,849 $ 290,239 $ 240,551 |
Earnings (loss) per common sh27
Earnings (loss) per common share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 (loss) per share calculations was as follows: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In thousands) Weighted average common shares outstanding - basic 195,304 194,805 195,294 194,643 Effect of dilutive performance share awards 395 33 384 32 Weighted average common shares outstanding - diluted 195,699 194,838 195,678 194,675 Shares excluded from the calculation of diluted earnings per share — — — — |
Cash flow information (Tables)
Cash flow information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental cash flow information | Cash expenditures for interest and income taxes were as follows: Six Months Ended June 30, 2016 2015 (In thousands) Interest, net of amounts capitalized and AFUDC - borrowed of $548 and $4,481 in 2016 and 2015, respectively $ 44,860 $ 44,564 Income taxes paid, net $ 29,891 $ 7,147 Noncash investing transactions were as follows: June 30, 2016 2015 (In thousands) Property, plant and equipment additions in accounts payable $ 18,449 $ 11,576 |
Comprehensive income (loss) (Ta
Comprehensive income (loss) (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Comprehensive income (loss) | The after-tax changes in the components of accumulated other comprehensive loss were as follows: Three Months Ended June 30, 2016 Net Unrealized Gain (Loss) on Derivative Instruments Qualifying as Hedges Postretirement Liability Adjustment Foreign Currency Translation Adjustment Net Unrealized Gain (Loss) on Available-for-sale Investments Total Accumulated Other Comprehensive Loss (In thousands) Balance at beginning of period $ (2,575 ) $ (35,852 ) $ (175 ) $ 20 $ (38,582 ) Other comprehensive income (loss) before reclassifications — — 31 (30 ) 1 Amounts reclassified from accumulated other comprehensive loss 91 248 — 36 375 Net current-period other comprehensive income 91 248 31 6 376 Balance at end of period $ (2,484 ) $ (35,604 ) $ (144 ) $ 26 $ (38,206 ) Three Months Ended June 30, 2015 Net Unrealized Gain (Loss) on Derivative Instruments Qualifying as Hedges Postretirement Liability Adjustment Foreign Currency Translation Adjustment Net Unrealized Gain (Loss) on Available-for-sale Investments Total Accumulated Other Comprehensive Loss (In thousands) Balance at beginning of period $ (2,972 ) $ (37,843 ) $ (139 ) $ 30 $ (40,924 ) Other comprehensive income (loss) before reclassifications — — 9 (43 ) (34 ) Amounts reclassified from accumulated other comprehensive loss 100 584 — 28 712 Net current-period other comprehensive income (loss) 100 584 9 (15 ) 678 Balance at end of period $ (2,872 ) $ (37,259 ) $ (130 ) $ 15 $ (40,246 ) Six Months Ended June 30, 2016 Net Unrealized Gain (Loss) on Derivative Instruments Qualifying as Hedges Postretirement Liability Adjustment Foreign Currency Translation Adjustment Net Unrealized Gain (Loss) on Available-for-sale Investments Total Accumulated Other Comprehensive Loss (In thousands) Balance at beginning of period $ (2,667 ) $ (34,257 ) $ (200 ) $ (24 ) $ (37,148 ) Other comprehensive income (loss) before reclassifications — — 56 (19 ) 37 Amounts reclassified from accumulated other comprehensive loss 183 (1,347 ) — 69 (1,095 ) Net current-period other comprehensive income (loss) 183 (1,347 ) 56 50 (1,058 ) Balance at end of period $ (2,484 ) $ (35,604 ) $ (144 ) $ 26 $ (38,206 ) Six Months Ended June 30, 2015 Net Unrealized Gain (Loss) on Derivative Instruments Qualifying as Hedges Postretirement Liability Adjustment Foreign Currency Translation Adjustment Net Unrealized Gain (Loss) on Available-for-sale Investments Total Accumulated Other Comprehensive Loss (In thousands) Balance at beginning of period $ (3,071 ) $ (38,218 ) $ (829 ) $ 15 $ (42,103 ) Other comprehensive loss before reclassifications — — (103 ) (64 ) (167 ) Amounts reclassified from accumulated other comprehensive loss 199 959 802 64 2,024 Net current-period other comprehensive income 199 959 699 — 1,857 Balance at end of period $ (2,872 ) $ (37,259 ) $ (130 ) $ 15 $ (40,246 ) |
Reclassification out of accumulated other comprehensive income | Reclassifications out of accumulated other comprehensive loss were as follows: Three Months Ended Six Months Ended Location on Consolidated Statements of Income June 30, June 30, 2016 2015 2016 2015 (In thousands) Reclassification adjustment for loss on derivative instruments included in net loss: Interest rate derivative instruments $ (147 ) $ (160 ) $ (297 ) $ (320 ) Interest expense 56 60 114 121 Income taxes (91 ) (100 ) (183 ) (199 ) Amortization of postretirement liability gains (losses) included in net periodic benefit cost (398 ) (1,004 ) 2,166 (1,608 ) (a) 150 420 (819 ) 649 Income taxes (248 ) (584 ) 1,347 (959 ) Reclassification adjustment for loss on foreign currency translation adjustment included in net loss — — — (1,293 ) Other income — — — 491 Income taxes — — — (802 ) Reclassification adjustment for loss on available-for-sale investments included in net loss (55 ) (43 ) (106 ) (98 ) Other income 19 15 37 34 Income taxes (36 ) (28 ) (69 ) (64 ) Total reclassifications $ (375 ) $ (712 ) $ 1,095 $ (2,024 ) (a) Included in net periodic benefit cost. For more information, see Note 16 . |
Discontinued operations (Tables
Discontinued operations (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal groups, including discontinued operations | The carrying amounts of the major classes of assets and liabilities that are classified as held for sale related to the operations of Dakota Prairie Refining on the Company's Consolidated Balance Sheets were as follows: June 30, 2016 June 30, 2015 December 31, 2015 (In thousands) Assets Current assets: Cash and cash equivalents $ — $ 845 $ 688 Receivables, net 433 29,639 7,693 Inventories — 24,166 13,176 Deferred income taxes — 84 (a) — Income taxes receivable 12,550 7,332 2,495 Prepayments and other current assets 11,083 7,888 6,214 Total current assets held for sale 24,066 69,954 30,266 Noncurrent assets: Net property, plant and equipment — 418,885 412,717 Deferred income taxes 57,644 5,839 5,745 Other — 5,729 9,627 Total noncurrent assets held for sale 57,644 430,453 428,089 Total assets held for sale $ 81,710 $ 500,407 $ 458,355 Liabilities Current liabilities: Short-term borrowings $ — $ 26,000 $ 45,500 Long-term debt due within one year — 3,000 5,250 Accounts payable 7,170 38,170 24,468 Taxes payable — 1,601 1,391 Deferred income taxes — — 272 Accrued compensation — 649 938 Other accrued liabilities 8,303 932 4,953 Total current liabilities held for sale 15,473 70,352 82,772 Noncurrent liabilities: Long-term debt — 66,000 63,750 Deferred income taxes — 19,600 (b) 29,314 (b) Total noncurrent liabilities held for sale — 85,600 93,064 Total liabilities held for sale $ 15,473 $ 155,952 $ 175,836 (a) On the Company's Consolidated Balance Sheet, this amount was reclassified to a current deferred income tax liability and is reflected in current liabilities held for sale. (b) On the Company's Consolidated Balance Sheets, these amounts were reclassified to noncurrent deferred income tax assets and are reflected in noncurrent assets held for sale. The carrying amounts of the major classes of assets and liabilities that are classified as held for sale related to the operations of Fidelity on the Company's Consolidated Balance Sheets were as follows: June 30, 2016 June 30, 2015 December 31, 2015 (In thousands) Assets Current assets: Receivables, net $ 8,207 $ 33,551 $ 13,387 Inventories — 6,748 1,308 Commodity derivative instruments — 2,537 — Income taxes receivable 52,847 31,033 9,665 Prepayments and other current assets 4 3,423 221 Total current assets held for sale 61,058 77,292 24,581 Noncurrent assets: Investments — 37 37 Net property, plant and equipment 5,507 1,097,576 793,422 Deferred income taxes 61,347 52,017 127,655 Other 161 161 161 Less allowance for impairment of assets held for sale 938 399,987 754,541 Total noncurrent assets held for sale 66,077 749,804 166,734 Total assets held for sale $ 127,135 $ 827,096 $ 191,315 Liabilities Current liabilities: Accounts payable $ 456 $ 49,400 $ 25,013 Taxes payable — 4,064 1,052 Deferred income taxes 4,120 1,401 3,620 Accrued compensation 1,459 4,460 13,080 Commodity derivative instruments — 3,511 — Other accrued liabilities 10,849 12,107 4,838 Total current liabilities held for sale 16,884 74,943 47,603 Noncurrent liabilities: Other liabilities — 35,790 — Total noncurrent liabilities held for sale — 35,790 — Total liabilities held for sale $ 16,884 $ 110,733 $ 47,603 |
Reconciliation of Major Classes of Income And Expense [Table Text Block] | The reconciliation of the major classes of income and expense constituting pretax loss from discontinued operations, which includes Dakota Prairie Refining and Fidelity, to the after-tax net loss from discontinued operations on the Company's Consolidated Statements of Income were as follows: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In thousands) Operating revenues $ 74,756 $ 91,468 $ 122,732 $ 148,109 Operating expenses 443,756 505,487 513,526 1,086,781 Operating loss (369,000 ) (414,019 ) (390,794 ) (938,672 ) Other income 183 385 387 2,459 Interest expense 832 434 1,753 517 Loss from discontinued operations before income taxes (369,649 ) (414,068 ) (392,160 ) (936,730 ) Income taxes (93,547 ) (150,649 ) (98,022 ) (343,326 ) Loss from discontinued operations (276,102 ) (263,419 ) (294,138 ) (593,404 ) Loss from discontinued operations attributable to noncontrolling interest (120,651 ) (7,754 ) (131,691 ) (11,282 ) Loss from discontinued operations attributable to the Company $ (155,451 ) $ (255,665 ) $ (162,447 ) $ (582,122 ) |
Goodwill and other intangible31
Goodwill and other intangible assets (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in the carrying amount of goodwill | The changes in the carrying amount of goodwill were as follows: Six Months Ended June 30, 2016 Balance as of January 1, 2016 * Goodwill Acquired Balance as of June 30, 2016 * (In thousands) Natural gas distribution $ 345,736 $ — $ 345,736 Pipeline and midstream 9,737 — 9,737 Construction materials and contracting 176,290 — 176,290 Construction services 103,441 6,323 109,764 Total $ 635,204 $ 6,323 $ 641,527 * Balance is presented net of accumulated impairment of $12.3 million at the pipeline and midstream segment, which occurred in prior periods. Six Months Ended June 30, 2015 Balance as of January 1, 2015 * Goodwill Acquired During the Year Balance as of June 30, 2015 * (In thousands) Natural gas distribution $ 345,736 $ — $ 345,736 Pipeline and midstream 9,737 — 9,737 Construction materials and contracting 176,290 — 176,290 Construction services 103,441 — 103,441 Total $ 635,204 $ — $ 635,204 * Balance is presented net of accumulated impairment of $12.3 million at the pipeline and midstream segment, which occurred in prior periods. Year Ended December 31, 2015 Balance as of January 1, 2015 * Goodwill Acquired During the Year Balance as of December 31, 2015 * (In thousands) Natural gas distribution $ 345,736 $ — $ 345,736 Pipeline and midstream 9,737 — 9,737 Construction materials and contracting 176,290 — 176,290 Construction services 103,441 — 103,441 Total $ 635,204 $ — $ 635,204 * Balance is presented net of accumulated impairment of $12.3 million at the pipeline and midstream segment, which occurred in prior periods. |
Other amortizable intangible assets | Other amortizable intangible assets were as follows: June 30, 2016 June 30, 2015 December 31, 2015 (In thousands) Customer relationships $ 17,145 $ 20,975 $ 20,975 Accumulated amortization (13,108 ) (16,065 ) (16,845 ) 4,037 4,910 4,130 Noncompete agreements 2,430 4,409 4,409 Accumulated amortization (1,585 ) (3,581 ) (3,655 ) 845 828 754 Other 7,764 8,300 8,304 Accumulated amortization (5,486 ) (5,532 ) (5,846 ) 2,278 2,768 2,458 Total $ 7,160 $ 8,506 $ 7,342 |
Derivative instruments (Tables)
Derivative instruments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In thousands) Interest rate derivatives designated as cash flow hedges: Amount of loss reclassified from accumulated other comprehensive loss into interest expense (effective portion), net of tax $ 91 $ 100 $ 183 $ 199 Commodity derivatives not designated as hedging instruments: Amount of loss recognized in discontinued operations, before tax — (8,101 ) — (19,309 ) |
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 Derivatives Location on Consolidated Balance Sheets Fair Value at June 30, 2015 (In thousands) Not designated as hedges: Commodity derivatives Current assets held for sale $ 2,537 Total asset derivatives $ 2,537 Liability Derivatives Location on Consolidated Balance Sheets Fair Value at June 30, 2015 (In thousands) Not designated as hedges: Commodity derivatives Current liabilities held for sale $ 3,511 Total liability derivatives $ 3,511 |
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: June 30, 2015 Gross Amounts Recognized on the Consolidated Balance Sheets Gross Amounts Not Offset on the Consolidated Balance Sheets Net (In thousands) Assets: Commodity derivatives $ 2,537 $ (2,537 ) $ — Total assets $ 2,537 $ (2,537 ) $ — Liabilities: Commodity derivatives $ 3,511 $ (2,537 ) $ 974 Total liabilities $ 3,511 $ (2,537 ) $ 974 |
Fair value measurements (Tables
Fair value measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Available-for-sale securities | Details of available-for-sale securities were as follows: June 30, 2016 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Mortgage-backed securities $ 10,420 $ 52 $ (12 ) $ 10,460 Total $ 10,420 $ 52 $ (12 ) $ 10,460 June 30, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Mortgage-backed securities $ 8,072 $ 29 $ (28 ) $ 8,073 U.S. Treasury securities 2,327 22 — 2,349 Total $ 10,399 $ 51 $ (28 ) $ 10,422 December 31, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Mortgage-backed securities $ 9,128 $ 19 $ (49 ) $ 9,098 U.S. Treasury securities 1,315 — (6 ) 1,309 Total $ 10,443 $ 19 $ (55 ) $ 10,407 |
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 June 30, 2016, Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at June 30, 2016 (In thousands) Assets: Money market funds $ — $ 1,525 $ — $ 1,525 Insurance contract* — 71,355 — 71,355 Available-for-sale securities: Mortgage-backed securities — 10,460 — 10,460 Total assets measured at fair value $ — $ 83,340 $ — $ 83,340 * The insurance contract invests approximately 9 percent in common stock of mid-cap companies, 6 percent in common stock of small-cap companies, 17 percent in common stock of large-cap companies, 66 percent in fixed-income investments, 1 percent in target date investments and 1 percent in cash equivalents. Fair Value Measurements at June 30, 2015, Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at June 30, 2015 (In thousands) Assets: Money market funds $ — $ 860 $ — $ 860 Insurance contract* — 68,187 — 68,187 Available-for-sale securities: Mortgage-backed securities — 8,073 — 8,073 U.S. Treasury securities — 2,349 — 2,349 Total assets measured at fair value $ — $ 79,469 $ — $ 79,469 * The insurance contract invests approximately 20 percent in common stock of mid-cap companies, 18 percent in common stock of small-cap companies, 28 percent in common stock of large-cap companies, 32 percent in fixed-income investments, 1 percent in target date investments and 1 percent in cash equivalents. Fair Value Measurements at December 31, 2015, Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at December 31, 2015 (In thousands) Assets: Money market funds $ — $ 1,420 $ — $ 1,420 Insurance contract* — 67,459 — 67,459 Available-for-sale securities: Mortgage-backed securities — 9,098 — 9,098 U.S. Treasury securities — 1,309 — 1,309 Total assets measured at fair value $ — $ 79,286 $ — $ 79,286 * The insurance contract invests approximately 9 percent in common stock of mid-cap companies, 7 percent in common stock of small-cap companies, 19 percent in common stock of large-cap companies, 63 percent in fixed-income investments, 1 percent in target date investments and 1 percent in cash equivalents. |
Fair value of long term debt outstanding | The estimated fair value of the Company's Level 2 long-term debt was as follows: Carrying Amount Fair Value (In thousands) Long-term debt at June 30, 2016 $ 1,987,307 $ 2,134,708 Long-term debt at June 30, 2015 $ 2,302,343 $ 2,395,095 Long-term debt at December 31, 2015 $ 1,796,163 $ 1,819,828 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Summary of changes in equity | A summary of the changes in equity was as follows: Six Months Ended June 30, 2016 Total Stockholders' Equity Noncontrolling Interest Total Equity (In thousands) Balance at December 31, 2015 $ 2,396,505 $ 124,043 $ 2,520,548 Net loss (84,283 ) (131,691 ) (215,974 ) Other comprehensive loss (1,058 ) — (1,058 ) Dividends declared on preferred stocks (343 ) — (343 ) Dividends declared on common stock (73,239 ) — (73,239 ) Stock-based compensation 2,015 — 2,015 Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings (323 ) — (323 ) Net tax deficit on stock-based compensation (1,664 ) — (1,664 ) Contribution from noncontrolling interest — 7,648 7,648 Balance at June 30, 2016 $ 2,237,610 $ — $ 2,237,610 Six Months Ended June 30, 2015 Total Stockholders' Equity Noncontrolling Interest Total Equity (In thousands) Balance at December 31, 2014 $ 3,134,041 $ 115,743 $ 3,249,784 Net loss (535,521 ) (11,282 ) (546,803 ) Other comprehensive income 1,857 — 1,857 Dividends declared on preferred stocks (342 ) — (342 ) Dividends declared on common stock (71,078 ) — (71,078 ) Stock-based compensation 1,107 — 1,107 Net tax deficit on stock-based compensation (1,632 ) — (1,632 ) Issuance of common stock 14,499 — 14,499 Contribution from noncontrolling interest — 39,500 39,500 Balance at June 30, 2015 $ 2,542,931 $ 143,961 $ 2,686,892 |
Business segment data (Tables)
Business segment data (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Information on the Company's businesses | Information on the Company's businesses was as follows: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In thousands) External operating revenues: Regulated operations: Electric $ 73,832 $ 64,265 $ 156,755 $ 136,041 Natural gas distribution 112,770 132,965 412,165 463,538 Pipeline and midstream 19,450 18,448 22,998 22,588 206,052 215,678 591,918 622,167 Nonregulated operations: Pipeline and midstream 10,268 14,749 18,966 27,749 Construction materials and contracting 541,257 495,640 751,108 701,298 Construction services 285,924 211,515 541,424 446,918 Other 447 457 747 752 837,896 722,361 1,312,245 1,176,717 Total external operating revenues $ 1,043,948 $ 938,039 $ 1,904,163 $ 1,798,884 Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In thousands) Intersegment operating revenues: Regulated operations: Electric $ — $ — $ — $ — Natural gas distribution — — — — Pipeline and midstream 6,594 6,564 27,691 27,625 6,594 6,564 27,691 27,625 Nonregulated operations: Pipeline and midstream 36 110 119 316 Construction materials and contracting 97 1,257 215 2,205 Construction services 77 3,491 539 15,186 Other 1,669 1,792 3,338 3,563 1,879 6,650 4,211 21,270 Intersegment eliminations (8,473 ) (13,214 ) (31,902 ) (48,895 ) Total intersegment operating revenues $ — $ — $ — $ — Earnings (loss) on common stock: Regulated operations: Electric $ 8,022 $ 5,910 $ 19,141 $ 14,237 Natural gas distribution (7,777 ) (5,375 ) 17,464 16,075 Pipeline and midstream 5,564 4,328 10,852 9,685 5,809 4,863 47,457 39,997 Nonregulated operations: Pipeline and midstream 737 (966 ) 739 89 Construction materials and contracting 33,696 20,136 19,225 5,501 Construction services 6,990 7,003 12,964 11,763 Other (1,105 ) (4,404 ) (2,564 ) (9,358 ) 40,318 21,769 30,364 7,995 Intersegment eliminations — (742 ) — (1,733 ) Earnings on common stock before loss from discontinued operations 46,127 25,890 77,821 46,259 Loss from discontinued operations, net of tax (276,102 ) (263,419 ) (294,138 ) (593,404 ) Loss from discontinued operations attributable to noncontrolling interest (120,651 ) (7,754 ) (131,691 ) (11,282 ) Total loss on common stock $ (109,324 ) $ (229,775 ) $ (84,626 ) $ (535,863 ) |
Employee benefit plans (Tables)
Employee benefit plans (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Compensation and Retirement Disclosure [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: Pension Benefits Other Postretirement Benefits Three Months Ended June 30, 2016 2015 2016 2015 (In thousands) Components of net periodic benefit cost: Service cost $ — $ 46 $ 374 $ 425 Interest cost 4,220 4,206 895 889 Expected return on assets (5,182 ) (5,753 ) (1,118 ) (1,223 ) Amortization of prior service cost (credit) — 18 (343 ) (343 ) Amortization of net actuarial loss 1,514 1,813 299 553 Curtailment loss — 258 — — Net periodic benefit cost, including amount capitalized 552 588 107 301 Less amount capitalized 121 53 4 33 Net periodic benefit cost $ 431 $ 535 $ 103 $ 268 Pension Benefits Other Postretirement Benefits Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) Components of net periodic benefit cost: Service cost $ — $ 86 $ 824 $ 908 Interest cost 8,610 8,570 1,844 1,803 Expected return on assets (10,462 ) (11,126 ) (2,267 ) (2,398 ) Amortization of prior service cost (credit) — 36 (686 ) (685 ) Amortization of net actuarial loss 3,107 3,548 747 1,014 Curtailment loss — 258 — — Net periodic benefit cost, including amount capitalized 1,255 1,372 462 642 Less amount capitalized 202 129 38 62 Net periodic benefit cost $ 1,053 $ 1,243 $ 424 $ 580 |
Commitment and contingencies di
Commitment and contingencies disclosure (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Limited liability project reflected on consolidated balance sheet | The total assets and liabilities of Dakota Prairie Refining were as follows: June 30, 2015 December 31, 2015 (In thousands) Assets Current assets: Cash and cash equivalents $ 845 $ 851 Accounts receivable 29,639 7,693 Inventories 24,166 13,176 Prepayments and other current assets 7,887 6,215 Total current assets 62,537 27,935 Net property, plant and equipment 431,476 425,123 Deferred charges and other assets: Other 5,729 9,626 Total deferred charges and other assets 5,729 9,626 Total assets $ 499,742 $ 462,684 Liabilities Current liabilities: Short-term borrowings $ 26,000 $ 45,500 Long-term debt due within one year 3,000 5,250 Accounts payable 38,339 24,766 Taxes payable 1,601 1,391 Accrued compensation 649 938 Other accrued liabilities 932 4,953 Total current liabilities 70,521 82,798 Long-term debt 66,000 63,750 Total liabilities $ 136,521 $ 146,548 |
Basis of presentation (Details)
Basis of presentation (Details) | Jun. 27, 2016 | Feb. 07, 2013 |
WBI Energy [Member] | ||
Noncontrolling Interest [Line Items] | ||
Previous percentage of ownership | 50.00% | |
Percentage of ownership acquired | 50.00% | |
Calumet [Member] | ||
Noncontrolling Interest [Line Items] | ||
Previous percentage of ownership | 50.00% |
Accounts receivable and allow39
Accounts receivable and allowance for doubtful accounts (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
Receivables [Abstract] | |||
Receivables past due 90 days or more | $ 31.7 | $ 27.8 | $ 29.3 |
Allowance for doubtful accounts receivable | $ 11 | $ 9.8 | $ 8.6 |
Inventories and natural gas i40
Inventories and natural gas in storage (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
Inventory Disclosure [Abstract] | |||
Aggregates held for resale | $ 130,544 | $ 115,854 | $ 123,457 |
Asphalt oil | 42,591 | 36,498 | 79,422 |
Natural gas in storage (current) | 19,689 | 21,023 | 11,310 |
Materials and supplies | 20,765 | 16,997 | 22,594 |
Merchandise for resale | 18,439 | 15,318 | 16,140 |
Other | 33,821 | 34,861 | 37,316 |
Total | 265,849 | 240,551 | 290,239 |
Natural gas in storage noncurrent | $ 49,100 | $ 49,100 | $ 49,300 |
Impairment of long-lived asse41
Impairment of long-lived assets (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2015USD ($) | |
Asset Impairment Charges [Abstract] | |
Asset impairment charges | $ 3 |
Earnings (loss) per common sh42
Earnings (loss) per common share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Weighted average common shares outstanding - basic | 195,304 | 194,805 | 195,294 | 194,643 |
Effect of dilutive performance share awards | 395 | 33 | 384 | 32 |
Weighted average common shares outstanding - diluted | 195,699 | 194,838 | 195,678 | 194,675 |
Shares excluded from the calculation of diluted earnings per share | 0 | 0 | 0 | 0 |
Cash flow information (Details
Cash flow information (Details 1) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Supplemental Cash Flow Information [Abstract] | ||
Interest, net of amounts capitalized and AFUDC - borrowed of $548 and $4,481 in 2016 and 2015, respectively | $ 44,860 | $ 44,564 |
Capitalized interest and AFUDC borrowed | 548 | 4,481 |
Income taxes paid, net | 29,891 | 7,147 |
Property, plant and equipment additions in accounts payable | $ 18,449 | $ 11,576 |
New accounting standards Debt I
New accounting standards Debt Issuance Costs (Details) - Accounting Standards Update 2015-03 [Member] - Restatement adjustment [Member] - USD ($) | Dec. 31, 2015 | Jun. 30, 2015 |
Prepayments and other current assets [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Reclass of debt issuance costs, current | $ 100,000 | $ 100,000 |
Other [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Reclass of debt issuance costs, non-current | $ 6,000,000 | $ 5,400,000 |
Comprehensive income (loss) (De
Comprehensive income (loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accumulated other comprehensive income (loss) [Roll Forward] | ||||
Balance | $ 2,520,548 | $ 3,249,784 | ||
Amounts reclassified from accumulated other comprehensive loss | $ (375) | $ (712) | 1,095 | (2,024) |
Net current-period other comprehensive income (loss) | 376 | 678 | (1,058) | 1,857 |
Balance | 2,237,610 | 2,686,892 | 2,237,610 | 2,686,892 |
Net unrealized gain (loss) on derivative instruments qualifying as hedges | ||||
Accumulated other comprehensive income (loss) [Roll Forward] | ||||
Balance | (2,575) | (2,972) | (2,667) | (3,071) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss | 91 | 100 | 183 | 199 |
Net current-period other comprehensive income (loss) | 91 | 100 | 183 | 199 |
Balance | (2,484) | (2,872) | (2,484) | (2,872) |
Postretirement liability adjustment | ||||
Accumulated other comprehensive income (loss) [Roll Forward] | ||||
Balance | (35,852) | (37,843) | (34,257) | (38,218) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss | 248 | 584 | (1,347) | 959 |
Net current-period other comprehensive income (loss) | 248 | 584 | (1,347) | 959 |
Balance | (35,604) | (37,259) | (35,604) | (37,259) |
Foreign currency translation adjustment | ||||
Accumulated other comprehensive income (loss) [Roll Forward] | ||||
Balance | (175) | (139) | (200) | (829) |
Other comprehensive income (loss) before reclassifications | 31 | 9 | 56 | (103) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 | 802 |
Net current-period other comprehensive income (loss) | 31 | 9 | 56 | 699 |
Balance | (144) | (130) | (144) | (130) |
Net unrealized gain (loss) on available-for-sale investments | ||||
Accumulated other comprehensive income (loss) [Roll Forward] | ||||
Balance | 20 | 30 | (24) | 15 |
Other comprehensive income (loss) before reclassifications | (30) | (43) | (19) | (64) |
Amounts reclassified from accumulated other comprehensive loss | 36 | 28 | 69 | 64 |
Net current-period other comprehensive income (loss) | 6 | (15) | 50 | 0 |
Balance | 26 | 15 | 26 | 15 |
Total accumulated other comprehensive loss | ||||
Accumulated other comprehensive income (loss) [Roll Forward] | ||||
Balance | (38,582) | (40,924) | (37,148) | (42,103) |
Other comprehensive income (loss) before reclassifications | 1 | (34) | 37 | (167) |
Amounts reclassified from accumulated other comprehensive loss | 375 | 712 | (1,095) | 2,024 |
Net current-period other comprehensive income (loss) | 376 | 678 | (1,058) | 1,857 |
Balance | $ (38,206) | $ (40,246) | $ (38,206) | $ (40,246) |
Reclassification out of accumul
Reclassification out of accumulated other comprehensive income (loss) (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Reclassification adjustment out of accumulated other comprehensive income [Line Items] | ||||
Interest expense | $ (22,219) | $ (23,389) | $ (45,087) | $ (46,456) |
Income taxes | (21,320) | (12,382) | (29,620) | (19,333) |
Other income | 872 | 2,123 | 1,921 | 2,373 |
Net loss | (229,804) | (237,358) | (215,974) | (546,803) |
Reclassification from accumulated other comprehensive income, current period, net of tax | (375) | (712) | 1,095 | (2,024) |
Reclassification adjustment for loss on derivative instruments included in net loss: | ||||
Reclassification adjustment out of accumulated other comprehensive income [Line Items] | ||||
Reclassification from accumulated other comprehensive income, current period, net of tax | 91 | 100 | 183 | 199 |
Reclassification adjustment for loss on derivative instruments included in net loss: | Reclassification out of accumulated other comprehensive income [Member] | Interest rate contract [Member] | ||||
Reclassification adjustment out of accumulated other comprehensive income [Line Items] | ||||
Interest expense | (147) | (160) | (297) | (320) |
Income taxes | 56 | 60 | 114 | 121 |
Net loss | (91) | (100) | (183) | (199) |
Amortization of postretirement liability gains (losses) included in net periodic benefit cost | ||||
Reclassification adjustment out of accumulated other comprehensive income [Line Items] | ||||
Reclassification from accumulated other comprehensive income, current period, net of tax | 248 | 584 | (1,347) | 959 |
Amortization of postretirement liability gains (losses) included in net periodic benefit cost | Reclassification out of accumulated other comprehensive income [Member] | ||||
Reclassification adjustment out of accumulated other comprehensive income [Line Items] | ||||
Income taxes | 150 | 420 | (819) | 649 |
Net periodic benefit cost | (398) | (1,004) | 2,166 | (1,608) |
Net loss | (248) | (584) | 1,347 | (959) |
Reclassification adjustment for loss on foreign currency translation adjustment included in net loss | ||||
Reclassification adjustment out of accumulated other comprehensive income [Line Items] | ||||
Reclassification from accumulated other comprehensive income, current period, net of tax | 0 | 0 | 0 | 802 |
Reclassification adjustment for loss on foreign currency translation adjustment included in net loss | Reclassification out of accumulated other comprehensive income [Member] | ||||
Reclassification adjustment out of accumulated other comprehensive income [Line Items] | ||||
Income taxes | 0 | 0 | 0 | 491 |
Other income | 0 | 0 | 0 | (1,293) |
Net loss | 0 | 0 | 0 | (802) |
Reclassification adjustment for loss on available-for-sale investments included in net loss | ||||
Reclassification adjustment out of accumulated other comprehensive income [Line Items] | ||||
Reclassification from accumulated other comprehensive income, current period, net of tax | 36 | 28 | 69 | 64 |
Reclassification adjustment for loss on available-for-sale investments included in net loss | Reclassification out of accumulated other comprehensive income [Member] | ||||
Reclassification adjustment out of accumulated other comprehensive income [Line Items] | ||||
Income taxes | 19 | 15 | 37 | 34 |
Other income | (55) | (43) | (106) | (98) |
Net loss | $ (36) | $ (28) | $ (69) | $ (64) |
Discontinued operations Noncont
Discontinued operations Noncontrolling interest (Details) | Jun. 27, 2016 | Feb. 07, 2013 |
WBI Energy [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Previous percentage of ownership | 50.00% | |
Percentage of ownership acquired | 50.00% | |
Calumet [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Previous percentage of ownership | 50.00% |
Major classes of assets and lia
Major classes of assets and liabilities (Details 2) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | ||
Current assets: | |||||
Total current assets held for sale | $ 85,124 | $ 54,847 | $ 147,162 | ||
Noncurrent assets: | |||||
Total noncurrent assets held for sale | 123,721 | 565,509 | 1,160,657 | ||
Current liabilities: | |||||
Total current liabilities held for sale | 32,357 | 130,375 | 145,211 | ||
Noncurrent liabilities: | |||||
Total noncurrent liabilities held for sale | 0 | 63,750 | 101,790 | ||
Refining [Member] | Discontinued operations, held-for-sale or disposed of by sale [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | 0 | 688 | 845 | ||
Receivables, net | 433 | 7,693 | 29,639 | ||
Inventories | 0 | 13,176 | 24,166 | ||
Deferred income taxes | 0 | 0 | 84 | [1] | |
Income taxes receivable | 12,550 | 2,495 | 7,332 | ||
Prepayments and other current assets | 11,083 | 6,214 | 7,888 | ||
Total current assets held for sale | 24,066 | 30,266 | 69,954 | ||
Noncurrent assets: | |||||
Net property, plant and equipment | 0 | 412,717 | 418,885 | ||
Deferred income taxes | 57,644 | 5,745 | 5,839 | ||
Other | 0 | 9,627 | 5,729 | ||
Total noncurrent assets held for sale | 57,644 | 428,089 | 430,453 | ||
Total assets held for sale | 81,710 | 458,355 | 500,407 | ||
Current liabilities: | |||||
Short-term borrowings | 0 | 45,500 | 26,000 | ||
Long-term debt due within one year | 0 | 5,250 | 3,000 | ||
Accounts payable | 7,170 | 24,468 | 38,170 | ||
Taxes payable | 0 | 1,391 | 1,601 | ||
Deferred income taxes | 0 | 272 | 0 | ||
Accrued compensation | 0 | 938 | 649 | ||
Other accrued liabilities | 8,303 | 4,953 | 932 | ||
Total current liabilities held for sale | 15,473 | 82,772 | 70,352 | ||
Noncurrent liabilities: | |||||
Long-term debt | 0 | 63,750 | 66,000 | ||
Deferred income taxes | 0 | 29,314 | [2] | 19,600 | [2] |
Total noncurrent liabilities held for sale | 0 | 93,064 | 85,600 | ||
Total liabilities held for sale | 15,473 | 175,836 | 155,952 | ||
Exploration and production [Member] | Discontinued operations, held-for-sale or disposed of by sale [Member] | |||||
Current assets: | |||||
Receivables, net | 8,207 | 13,387 | 33,551 | ||
Inventories | 0 | 1,308 | 6,748 | ||
Commodity derivative instruments | 0 | 0 | 2,537 | ||
Income taxes receivable | 52,847 | 9,665 | 31,033 | ||
Prepayments and other current assets | 4 | 221 | 3,423 | ||
Total current assets held for sale | 61,058 | 24,581 | 77,292 | ||
Noncurrent assets: | |||||
Investments | 0 | 37 | 37 | ||
Net property, plant and equipment | 5,507 | 793,422 | 1,097,576 | ||
Deferred income taxes | 61,347 | 127,655 | 52,017 | ||
Other | 161 | 161 | 161 | ||
Less allowance for impairment of assets held for sale | 938 | 754,541 | 399,987 | ||
Total noncurrent assets held for sale | 66,077 | 166,734 | 749,804 | ||
Total assets held for sale | 127,135 | 191,315 | 827,096 | ||
Current liabilities: | |||||
Accounts payable | 456 | 25,013 | 49,400 | ||
Taxes payable | 0 | 1,052 | 4,064 | ||
Deferred income taxes | 4,120 | 3,620 | 1,401 | ||
Accrued compensation | 1,459 | 13,080 | 4,460 | ||
Commodity derivative instruments | 0 | 0 | 3,511 | ||
Other accrued liabilities | 10,849 | 4,838 | 12,107 | ||
Total current liabilities held for sale | 16,884 | 47,603 | 74,943 | ||
Noncurrent liabilities: | |||||
Other liabilities | 0 | 0 | 35,790 | ||
Total noncurrent liabilities held for sale | 0 | 0 | 35,790 | ||
Total liabilities held for sale | $ 16,884 | $ 47,603 | $ 110,733 | ||
[1] | On the Company's Consolidated Balance Sheet, this amount was reclassified to a current deferred income tax liability and is reflected in current liabilities held for sale. | ||||
[2] | On the Company's Consolidated Balance Sheets, these amounts were reclassified to noncurrent deferred income tax assets and are reflected in noncurrent assets held for sale. |
Impairment fair value, ceiling
Impairment fair value, ceiling test and transaction costs (Details 3) - Discontinued operations, held-for-sale or disposed of by sale [Member] - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Refining [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value impairment | $ 251,900,000 | |||||||
Fair value impairment after tax | 156,700,000 | |||||||
Exploration and production [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Fair value impairment | 900,000 | $ (1,400,000) | $ 400,000,000 | $ 754,500,000 | ||||
Fair value impairment after tax | 600,000 | (900,000) | $ 252,000,000 | 475,400,000 | ||||
Disposal group transactions costs | $ 300,000 | $ 2,500,000 | ||||||
Expensed exit and disposal costs | 3,800,000 | $ 5,600,000 | $ 10,500,000 | |||||
Estimated exit and disposal costs | 300,000 | 300,000 | 300,000 | |||||
Exit lease payments | 400,000 | 900,000 | ||||||
Loss on contract termination | 3,200,000 | $ 3,300,000 | ||||||
Impairment of oil and gas properties | $ 500,400,000 | |||||||
Impairment of oil and gas properties, after tax | $ 315,300,000 | |||||||
Federal and State Taxing Authority [Member] | Refining [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Operating Loss Carryforwards | $ 137,600,000 | $ 137,600,000 | $ 137,600,000 |
Reconciliation of income and ex
Reconciliation of income and expenses (Details 4) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss from discontinued operations | $ (276,102) | $ (263,419) | $ (294,138) | $ (593,404) |
Loss from discontinued operations attributable to noncontrolling interest | (120,651) | (7,754) | (131,691) | (11,282) |
Discontinued operations, held-for-sale or disposed of by sale [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Operating revenues | 74,756 | 91,468 | 122,732 | 148,109 |
Operating expenses | 443,756 | 505,487 | 513,526 | 1,086,781 |
Operating loss | (369,000) | (414,019) | (390,794) | (938,672) |
Other income | 183 | 385 | 387 | 2,459 |
Interest expense | 832 | 434 | 1,753 | 517 |
Loss from discontinued operations before income taxes | (369,649) | (414,068) | (392,160) | (936,730) |
Income taxes | (93,547) | (150,649) | (98,022) | (343,326) |
Loss from discontinued operations | (276,102) | (263,419) | (294,138) | (593,404) |
Loss from discontinued operations attributable to noncontrolling interest | (120,651) | (7,754) | (131,691) | (11,282) |
Loss from discontinued operations attributable to the Company | (155,451) | (255,665) | (162,447) | (582,122) |
Discontinued operations, held-for-sale or disposed of by sale [Member] | Refining [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Pretax losses attributable to the Company | $ 244,000 | $ 6,800 | $ 253,900 | $ 9,800 |
Goodwill rollforward (Details)
Goodwill rollforward (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | ||
Goodwill [Roll Forward] | ||||
Balance as of beginning of period | [1] | $ 635,204 | $ 635,204 | $ 635,204 |
Goodwill acquired during the year | 6,323 | 0 | 0 | |
Balance as of end of period | [1] | 641,527 | 635,204 | 635,204 |
Natural gas distribution [Member] | ||||
Goodwill [Roll Forward] | ||||
Balance as of beginning of period | 345,736 | 345,736 | 345,736 | |
Goodwill acquired during the year | 0 | 0 | 0 | |
Balance as of end of period | 345,736 | 345,736 | 345,736 | |
Pipeline and midstream [Member] | ||||
Goodwill [Roll Forward] | ||||
Balance as of beginning of period | [1] | 9,737 | 9,737 | 9,737 |
Goodwill acquired during the year | 0 | 0 | 0 | |
Balance as of end of period | [1] | 9,737 | 9,737 | 9,737 |
Goodwill, impaired, accumulated impairment loss | 12,300 | 12,300 | 12,300 | |
Construction materials and contracting [Member] | ||||
Goodwill [Roll Forward] | ||||
Balance as of beginning of period | 176,290 | 176,290 | 176,290 | |
Goodwill acquired during the year | 0 | 0 | 0 | |
Balance as of end of period | 176,290 | 176,290 | 176,290 | |
Construction services [Member] | ||||
Goodwill [Roll Forward] | ||||
Balance as of beginning of period | 103,441 | 103,441 | 103,441 | |
Goodwill acquired during the year | 6,323 | 0 | 0 | |
Balance as of end of period | $ 109,764 | $ 103,441 | $ 103,441 | |
[1] | Balance is presented net of accumulated impairment of $12.3Â million at the pipeline and midstream segment, which occurred in prior periods. |
Other intangible assets (Detail
Other intangible assets (Details 2) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, net (excluding goodwill) | $ 7,160,000 | $ 8,506,000 | $ 7,160,000 | $ 8,506,000 | $ 7,342,000 |
Amortization of intangible assets | 600,000 | 700,000 | 1,300,000 | 1,400,000 | |
Estimated amortization expense for amortizable intangible assets [Abstract] | |||||
2,016 | 2,500,000 | 2,500,000 | |||
2,017 | 2,200,000 | 2,200,000 | |||
2,018 | 1,200,000 | 1,200,000 | |||
2,019 | 1,000,000 | 1,000,000 | |||
2,020 | 500,000 | 500,000 | |||
Thereafter | 1,100,000 | 1,100,000 | |||
Customer relationships [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, gross | 17,145,000 | 20,975,000 | 17,145,000 | 20,975,000 | 20,975,000 |
Intangible assets, accumulated amortization | (13,108,000) | (16,065,000) | (13,108,000) | (16,065,000) | (16,845,000) |
Intangible assets, net (excluding goodwill) | 4,037,000 | 4,910,000 | 4,037,000 | 4,910,000 | 4,130,000 |
Noncompete agreements [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, gross | 2,430,000 | 4,409,000 | 2,430,000 | 4,409,000 | 4,409,000 |
Intangible assets, accumulated amortization | (1,585,000) | (3,581,000) | (1,585,000) | (3,581,000) | (3,655,000) |
Intangible assets, net (excluding goodwill) | 845,000 | 828,000 | 845,000 | 828,000 | 754,000 |
Other intangible assets [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, gross | 7,764,000 | 8,300,000 | 7,764,000 | 8,300,000 | 8,304,000 |
Intangible assets, accumulated amortization | (5,486,000) | (5,532,000) | (5,486,000) | (5,532,000) | (5,846,000) |
Intangible assets, net (excluding goodwill) | $ 2,278,000 | $ 2,768,000 | $ 2,278,000 | $ 2,768,000 | $ 2,458,000 |
Derivative instruments (Details
Derivative instruments (Details) MMBTU in Millions | 6 Months Ended | ||
Jun. 30, 2016USD ($)bblMMBTU | Dec. 31, 2015USD ($)bblMMBTU | Jun. 30, 2015USD ($)bblMMBTU | |
Derivative instruments [Line Items] | |||
Cash flow hedge gain (loss) to be reclassified within twelve months from AOCI into earnings | $ (400,000) | ||
Oil swap and\or collar [Member] | |||
Derivative instruments [Line Items] | |||
Derivative, nonmonetary notional amount | bbl | 0 | 0 | 1,100,000 |
Natural gas swap and\or collar [Member] | |||
Derivative instruments [Line Items] | |||
Derivative, nonmonetary notional amount | MMBTU | 0 | 0 | 1.8 |
Interest Rate Swap [Member] | |||
Derivative instruments [Line Items] | |||
Derivative, Notional Amount | $ 0 | $ 0 | $ 0 |
Gains and losses on derivative
Gains and losses on derivative instruments (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative instruments [Line Items] | ||||
Amount of loss reclassified from accumulated other comprehensive loss into interest expense (effective portion), net of tax | $ 91 | $ 100 | $ 183 | $ 199 |
Designated as hedging instrument [Member] | Interest rate derivatives designated as cash flow hedges [Member] | ||||
Derivative instruments [Line Items] | ||||
Amount of loss reclassified from accumulated other comprehensive loss into interest expense (effective portion), net of tax | 91 | 100 | 183 | 199 |
Not designated as hedging instrument [Member] | Commodity derivatives [Member] | ||||
Derivative instruments [Line Items] | ||||
Amount of gain (loss) recognized in discontinued operations, before tax | $ 0 | $ (8,101) | $ 0 | $ (19,309) |
Derivative instruments (Detai55
Derivative instruments (Details 3) - Discontinued operations, held-for-sale or disposed of by sale [Member] $ in Thousands | Jun. 30, 2015USD ($) |
Derivatives, Fair Value [Line Items] | |
Derivative asset, fair value, gross asset | $ 2,537 |
Derivative liability, fair value, gross liability | 3,511 |
Commodity contract [Member] | Not designated as hedging instrument [Member] | Disposal group current assets held for sale [Member] | |
Derivatives, Fair Value [Line Items] | |
Other derivatives not designated as hedging instruments assets at fair value | 2,537 |
Commodity contract [Member] | Not designated as hedging instrument [Member] | Disposal group current liabilities held for sale [Member] | |
Derivatives, Fair Value [Line Items] | |
Other derivatives not designated as hedging instruments liabilities at fair value | $ 3,511 |
Subject to master netting agree
Subject to master netting agreements (Details 4) - Discontinued operations, held-for-sale or disposed of by sale [Member] $ in Thousands | Jun. 30, 2015USD ($) |
Derivative instruments [Line Items] | |
Derivative asset, fair value, gross asset | $ 2,537 |
Derivative liability, fair value, gross liability | 3,511 |
Commodity derivative instruments assets [Member] | |
Derivative instruments [Line Items] | |
Derivative asset, fair value, gross asset | 2,537 |
Gross amount not offset | (2,537) |
Derivative asset, fair value, net | 0 |
Total assets [Member] | |
Derivative instruments [Line Items] | |
Derivative asset, fair value, gross asset | 2,537 |
Gross amount not offset | (2,537) |
Derivative asset, fair value, net | 0 |
Commodity derivatives - liabilities [Member] | |
Derivative instruments [Line Items] | |
Derivative liability, fair value, gross liability | 3,511 |
Gross amount not offset | (2,537) |
Derivative liability, fair value, net | 974 |
Total liabilities [Member] | |
Derivative instruments [Line Items] | |
Derivative liability, fair value, gross liability | 3,511 |
Gross amount not offset | (2,537) |
Derivative liability, fair value, net | $ 974 |
Available-for-sale securities (
Available-for-sale securities (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Available-for-sale securities [Line Items] | |||||
Investments used to satisfy obligations under nonqualified benefit plans | $ 71,400,000 | $ 68,200,000 | $ 71,400,000 | $ 68,200,000 | $ 67,500,000 |
Net unrealized gain (loss) of investments used to satify obligations under nonqualified benefit plans | 2,300,000 | 400,000 | 3,900,000 | 2,400,000 | |
Available-for-sale securities [Abstract] | |||||
Cost | 10,420,000 | 10,399,000 | 10,420,000 | 10,399,000 | 10,443,000 |
Gross unrealized gains | 52,000 | 51,000 | 52,000 | 51,000 | 19,000 |
Gross unrealized losses | (12,000) | (28,000) | (12,000) | (28,000) | (55,000) |
Fair value | 10,460,000 | 10,422,000 | 10,460,000 | 10,422,000 | 10,407,000 |
Mortgage backed securities [Member] | |||||
Available-for-sale securities [Abstract] | |||||
Cost | 10,420,000 | 8,072,000 | 10,420,000 | 8,072,000 | 9,128,000 |
Gross unrealized gains | 52,000 | 29,000 | 52,000 | 29,000 | 19,000 |
Gross unrealized losses | (12,000) | (28,000) | (12,000) | (28,000) | (49,000) |
Fair value | $ 10,460,000 | 8,073,000 | $ 10,460,000 | 8,073,000 | 9,098,000 |
US Treasury securities [Member] | |||||
Available-for-sale securities [Abstract] | |||||
Cost | 2,327,000 | 2,327,000 | 1,315,000 | ||
Gross unrealized gains | 22,000 | 22,000 | 0 | ||
Gross unrealized losses | 0 | 0 | (6,000) | ||
Fair value | $ 2,349,000 | $ 2,349,000 | $ 1,309,000 |
Fair value measurements (Detail
Fair value measurements (Details 2) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | |||
Fair value measurements [Line Items] | ||||||
Nonrecurring fair value measurement | $ 1,100 | |||||
Concentration risks, percentage [Abstract] | ||||||
Percentage investment in common stock of mid-cap companies | 9.00% | 9.00% | 20.00% | |||
Percentage investment in common stock of small-cap companies | 6.00% | 7.00% | 18.00% | |||
Percentage investment in common stock of large-cap companies | 17.00% | 19.00% | 28.00% | |||
Percentage in fixed-income and other investments | 66.00% | 63.00% | 32.00% | |||
Percentage Investment in target date investments | 1.00% | 1.00% | 1.00% | |||
Percentage investment in cash and cash equivalents | 1.00% | 1.00% | 1.00% | |||
Fair value, measurements, recurring [Member] | ||||||
Fair value measurements [Line Items] | ||||||
Assets, fair value disclosure | $ 83,340 | $ 79,286 | $ 79,469 | |||
Fair value, measurements, recurring [Member] | Money market funds [Member] | ||||||
Fair value measurements [Line Items] | ||||||
Assets, fair value disclosure | 1,525 | 1,420 | 860 | |||
Fair value, measurements, recurring [Member] | Insurance contract [Member] | ||||||
Fair value measurements [Line Items] | ||||||
Assets, fair value disclosure | 71,355 | [1] | 67,459 | [2] | 68,187 | [3] |
Fair value, measurements, recurring [Member] | Mortgage backed securities [Member] | ||||||
Fair value measurements [Line Items] | ||||||
Assets, fair value disclosure | 10,460 | 9,098 | 8,073 | |||
Fair value, measurements, recurring [Member] | US Treasury securities [Member] | ||||||
Fair value measurements [Line Items] | ||||||
Assets, fair value disclosure | 1,309 | 2,349 | ||||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | ||||||
Fair value measurements [Line Items] | ||||||
Assets, fair value disclosure | 0 | 0 | 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 | [3] |
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 | ||||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | ||||||
Fair value measurements [Line Items] | ||||||
Assets, fair value disclosure | 83,340 | 79,286 | 79,469 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | Money market funds [Member] | ||||||
Fair value measurements [Line Items] | ||||||
Assets, fair value disclosure | 1,525 | 1,420 | 860 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | Insurance contract [Member] | ||||||
Fair value measurements [Line Items] | ||||||
Assets, fair value disclosure | 71,355 | [1] | 67,459 | [2] | 68,187 | [3] |
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | Mortgage backed securities [Member] | ||||||
Fair value measurements [Line Items] | ||||||
Assets, fair value disclosure | 10,460 | 9,098 | 8,073 | |||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | US Treasury securities [Member] | ||||||
Fair value measurements [Line Items] | ||||||
Assets, fair value disclosure | 1,309 | 2,349 | ||||
Fair value, measurements, recurring [Member] | Fair value, inputs, level 3 [Member] | ||||||
Fair value measurements [Line Items] | ||||||
Assets, fair value disclosure | 0 | 0 | 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 | [3] |
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 | ||||
[1] | The insurance contract invests approximately 9Â percent in common stock of mid-cap companies, 6Â percent in common stock of small-cap companies, 17Â percent in common stock of large-cap companies, 66Â percent in fixed-income investments, 1Â percent in target date investments and 1Â percent in cash equivalents. | |||||
[2] | The insurance contract invests approximately 9Â percent in common stock of mid-cap companies, 7Â percent in common stock of small-cap companies, 19Â percent in common stock of large-cap companies, 63Â percent in fixed-income investments, 1Â percent in target date investments and 1Â percent in cash equivalents. | |||||
[3] | The insurance contract invests approximately 20Â percent in common stock of mid-cap companies, 18Â percent in common stock of small-cap companies, 28Â percent in common stock of large-cap companies, 32Â percent in fixed-income investments, 1Â percent in target date investments and 1Â percent in cash equivalents. |
Fair value measurements (Deta59
Fair value measurements (Details 3) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
Carrying amount [Member] | |||
Fair value, balance sheet grouping [Line Items] | |||
Long-term debt | $ 1,987,307 | $ 1,796,163 | $ 2,302,343 |
Fair value [Member] | |||
Fair value, balance sheet grouping [Line Items] | |||
Long-term debt, fair value | $ 2,134,708 | $ 1,819,828 | $ 2,395,095 |
Equity (Details)
Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Increase decrease in stockholders equity roll forward | ||||
Total stockholders' equity | $ 2,396,505 | |||
Noncontrolling interest | 124,043 | |||
Balance | 2,520,548 | $ 3,249,784 | ||
Net income (loss) | $ (229,804) | $ (237,358) | (215,974) | (546,803) |
Other comprehensive income | 376 | 678 | (1,058) | 1,857 |
Dividends declared on preferred stocks | (343) | (342) | ||
Dividends declared on common stock | (73,239) | (71,078) | ||
Stock-based compensation | 2,015 | 1,107 | ||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | (323) | |||
Excess tax benefit (net tax deficit) on stock-based compensation | (1,664) | (1,632) | ||
Issuance of common stock | 14,499 | |||
Contribution from noncontrolling interest | 7,648 | 39,500 | ||
Total stockholders' equity | 2,237,610 | 2,542,931 | 2,237,610 | 2,542,931 |
Noncontrolling interest | 0 | 143,961 | 0 | 143,961 |
Balance | 2,237,610 | 2,686,892 | 2,237,610 | 2,686,892 |
Total stockholders’ equity [Member] | ||||
Increase decrease in stockholders equity roll forward | ||||
Total stockholders' equity | 2,396,505 | 3,134,041 | ||
Net income (loss) attributable to parent | (84,283) | (535,521) | ||
Other comprehensive income | (1,058) | 1,857 | ||
Dividends declared on preferred stocks | (343) | (342) | ||
Dividends declared on common stock | (73,239) | (71,078) | ||
Stock-based compensation | 2,015 | 1,107 | ||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | (323) | |||
Excess tax benefit (net tax deficit) on stock-based compensation | (1,664) | (1,632) | ||
Issuance of common stock | 14,499 | |||
Contribution from noncontrolling interest | 0 | 0 | ||
Total stockholders' equity | 2,237,610 | 2,542,931 | 2,237,610 | 2,542,931 |
Noncontrolling interest [Member] | ||||
Increase decrease in stockholders equity roll forward | ||||
Noncontrolling interest | 124,043 | 115,743 | ||
Loss from discontinued operations attributable to noncontrolling interest | (131,691) | (11,282) | ||
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 stock-based compensation, net of shares used for tax withholdings | 0 | |||
Excess tax benefit (net tax deficit) on stock-based compensation | 0 | 0 | ||
Issuance of common stock | 0 | |||
Contribution from noncontrolling interest | 7,648 | 39,500 | ||
Noncontrolling interest | $ 0 | $ 143,961 | $ 0 | $ 143,961 |
Business segment data (Details)
Business segment data (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 1,043,948 | $ 938,039 | $ 1,904,163 | $ 1,798,884 |
Intersegment operating revenues | 0 | 0 | 0 | 0 |
Earnings (loss) on common stock before loss from discontinued operations | 46,127 | 25,890 | 77,821 | 46,259 |
Loss from discontinued operations, net of tax | (276,102) | (263,419) | (294,138) | (593,404) |
Loss from discontinued operations attributable to noncontrolling interest | (120,651) | (7,754) | (131,691) | (11,282) |
Loss on common stock | (109,324) | (229,775) | (84,626) | (535,863) |
Regulated operation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 206,052 | 215,678 | 591,918 | 622,167 |
Intersegment operating revenues | 6,594 | 6,564 | 27,691 | 27,625 |
Earnings (loss) on common stock before loss from discontinued operations | 5,809 | 4,863 | 47,457 | 39,997 |
Nonregulated operation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 837,896 | 722,361 | 1,312,245 | 1,176,717 |
Intersegment operating revenues | 1,879 | 6,650 | 4,211 | 21,270 |
Earnings (loss) on common stock before loss from discontinued operations | 40,318 | 21,769 | 30,364 | 7,995 |
Electric [Member] | Regulated operation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 73,832 | 64,265 | 156,755 | 136,041 |
Intersegment operating revenues | 0 | 0 | 0 | 0 |
Earnings (loss) on common stock before loss from discontinued operations | 8,022 | 5,910 | 19,141 | 14,237 |
Natural gas distribution [Member] | Regulated operation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 112,770 | 132,965 | 412,165 | 463,538 |
Intersegment operating revenues | 0 | 0 | 0 | 0 |
Earnings (loss) on common stock before loss from discontinued operations | (7,777) | (5,375) | 17,464 | 16,075 |
Pipeline and midstream [Member] | Regulated operation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 19,450 | 18,448 | 22,998 | 22,588 |
Intersegment operating revenues | 6,594 | 6,564 | 27,691 | 27,625 |
Earnings (loss) on common stock before loss from discontinued operations | 5,564 | 4,328 | 10,852 | 9,685 |
Pipeline and midstream [Member] | Nonregulated operation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 10,268 | 14,749 | 18,966 | 27,749 |
Intersegment operating revenues | 36 | 110 | 119 | 316 |
Earnings (loss) on common stock before loss from discontinued operations | 737 | (966) | 739 | 89 |
Construction materials and contracting [Member] | Nonregulated operation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 541,257 | 495,640 | 751,108 | 701,298 |
Intersegment operating revenues | 97 | 1,257 | 215 | 2,205 |
Earnings (loss) on common stock before loss from discontinued operations | 33,696 | 20,136 | 19,225 | 5,501 |
Construction services [Member] | Nonregulated operation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 285,924 | 211,515 | 541,424 | 446,918 |
Intersegment operating revenues | 77 | 3,491 | 539 | 15,186 |
Earnings (loss) on common stock before loss from discontinued operations | 6,990 | 7,003 | 12,964 | 11,763 |
Other [Member] | Nonregulated operation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 447 | 457 | 747 | 752 |
Intersegment operating revenues | 1,669 | 1,792 | 3,338 | 3,563 |
Earnings (loss) on common stock before loss from discontinued operations | (1,105) | (4,404) | (2,564) | (9,358) |
Intersegment eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intersegment operating revenues | (8,473) | (13,214) | (31,902) | (48,895) |
Earnings (loss) on common stock before loss from discontinued operations | $ 0 | $ (742) | $ 0 | $ (1,733) |
Employee benefit plans (Details
Employee benefit plans (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Pension benefits [Member] | |||||
Defined benefit plan disclosure, net periodic benefit cost [Line Items] | |||||
Service cost | $ 0 | $ 46,000 | $ 0 | $ 86,000 | |
Interest cost | 4,220,000 | 4,206,000 | 8,610,000 | 8,570,000 | |
Expected return on assets | (5,182,000) | (5,753,000) | (10,462,000) | (11,126,000) | |
Amortization of prior service cost (credit) | 0 | 18,000 | 0 | 36,000 | |
Amortization of net actuarial loss | 1,514,000 | 1,813,000 | 3,107,000 | 3,548,000 | |
Curtailment loss | 0 | 258,000 | 0 | 258,000 | |
Net periodic benefit cost, including amount capitalized | 552,000 | 588,000 | 1,255,000 | 1,372,000 | |
Less amount capitalized | 121,000 | 53,000 | 202,000 | 129,000 | |
Net periodic benefit cost | 431,000 | 535,000 | 1,053,000 | 1,243,000 | |
Other postretirement benefits [Member] | |||||
Defined benefit plan disclosure, net periodic benefit cost [Line Items] | |||||
Service cost | 374,000 | 425,000 | 824,000 | 908,000 | |
Interest cost | 895,000 | 889,000 | 1,844,000 | 1,803,000 | |
Expected return on assets | (1,118,000) | (1,223,000) | (2,267,000) | (2,398,000) | |
Amortization of prior service cost (credit) | (343,000) | (343,000) | (686,000) | (685,000) | |
Amortization of net actuarial loss | 299,000 | 553,000 | 747,000 | 1,014,000 | |
Curtailment loss | 0 | 0 | 0 | 0 | |
Net periodic benefit cost, including amount capitalized | 107,000 | 301,000 | 462,000 | 642,000 | |
Less amount capitalized | 4,000 | 33,000 | 38,000 | 62,000 | |
Net periodic benefit cost | 103,000 | 268,000 | 424,000 | 580,000 | |
Supplemental employee retirement plans [Member] | |||||
Defined benefit plan disclosure, net periodic benefit cost [Line Items] | |||||
Curtailment loss | $ (3,300,000) | ||||
Net periodic benefit cost | $ 1,200,000 | $ 1,900,000 | $ (700,000) | $ 3,600,000 |
Multiemployer plan (Details 2)
Multiemployer plan (Details 2) - Multiemployer plans, pension [Member] - Operating Engineers Local 800 and WY Contractors Association Pension Plan for WY [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2015 | Jun. 30, 2016 | |
Multiemployer Plans [Line Items] | ||
Additional multiemployer plan withdrawal obligation | $ 2.4 | |
Multiemployer plans, withdrawal obligation | $ 16.4 |
Regulatory matters (Details)
Regulatory matters (Details) - USD ($) $ in Millions | Jul. 07, 2016 | Jun. 15, 2016 | Jun. 10, 2016 | Jun. 01, 2016 | Apr. 29, 2016 | Feb. 08, 2016 | Jan. 25, 2016 | Jan. 05, 2016 | Jan. 01, 2016 | Dec. 01, 2015 | Nov. 30, 2015 | Nov. 25, 2015 | Oct. 26, 2015 | Oct. 21, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Jun. 25, 2015 |
NDPSC [Member] | |||||||||||||||||
Regulatory matters [Line Items] | |||||||||||||||||
Rate increase requested | $ 25.3 | ||||||||||||||||
Incremental increase to current rates | $ 20 | ||||||||||||||||
OPUC [Member] | |||||||||||||||||
Regulatory matters [Line Items] | |||||||||||||||||
Rate increase requested | $ 1.9 | ||||||||||||||||
Percent above current rates requested | 2.80% | ||||||||||||||||
WUTC-Pipeline Replacement [Member] | |||||||||||||||||
Regulatory matters [Line Items] | |||||||||||||||||
Percent of additional revenue requested | 2.00% | ||||||||||||||||
Replacement cost recovery mechanism | $ 4.6 | ||||||||||||||||
Incremental pipeline recovery investment | 2.4 | ||||||||||||||||
Incremental operation and maintenance costs | $ 2.2 | ||||||||||||||||
WUTC [Member] | |||||||||||||||||
Regulatory matters [Line Items] | |||||||||||||||||
Rate increase requested | $ 10.5 | ||||||||||||||||
Percent above current rates requested | 4.20% | ||||||||||||||||
MTPSC [Member] | |||||||||||||||||
Regulatory matters [Line Items] | |||||||||||||||||
Rate increase requested | $ 11.8 | ||||||||||||||||
Percent above current rates requested | 21.10% | ||||||||||||||||
Settlement agreement | $ 3 | ||||||||||||||||
Settlement agreement increase subsequent year | $ 4.4 | ||||||||||||||||
SDPUC-Electric [Member] | |||||||||||||||||
Regulatory matters [Line Items] | |||||||||||||||||
Rate increase requested | $ 2.7 | ||||||||||||||||
Percent above current rates requested | 19.20% | ||||||||||||||||
Interim rate increase (decrease), amount | $ 2.7 | ||||||||||||||||
Settlement stipulation | $ 1.4 | ||||||||||||||||
SDPUC-Natural Gas [Member] | |||||||||||||||||
Regulatory matters [Line Items] | |||||||||||||||||
Rate increase requested | $ 1.5 | ||||||||||||||||
Percent above current rates requested | 3.10% | ||||||||||||||||
Interim rate increase (decrease), amount | $ 1.5 | ||||||||||||||||
Settlement stipulation | $ 1.2 | ||||||||||||||||
MNPUC [Member] | |||||||||||||||||
Regulatory matters [Line Items] | |||||||||||||||||
Rate increase requested | $ 1.6 | ||||||||||||||||
Percent above current rates requested | 6.40% | ||||||||||||||||
Interim rate increase (decrease), amount | $ 1.5 | ||||||||||||||||
Interim rate increase (decrease), percent | 6.40% | ||||||||||||||||
NDPSC-Renewable Rider [Member] | |||||||||||||||||
Regulatory matters [Line Items] | |||||||||||||||||
Rate increase requested | $ 15.4 | ||||||||||||||||
Interim rate increase (decrease), amount | $ 15.1 | ||||||||||||||||
Return on equity, percentage | 10.50% | ||||||||||||||||
NDPSC-Electric Rider [Member] | |||||||||||||||||
Regulatory matters [Line Items] | |||||||||||||||||
Rate increase requested | 9.9 | ||||||||||||||||
Interim rate increase (decrease), amount | $ 9.7 | ||||||||||||||||
Incremental increase to current rates | $ 4.4 | $ 4.6 | |||||||||||||||
Return on equity, percentage | 10.50% | ||||||||||||||||
NDPSC-Transmission Adjustment [Member] | |||||||||||||||||
Regulatory matters [Line Items] | |||||||||||||||||
Return on equity, percentage | 10.50% | ||||||||||||||||
Cost adjustment | $ 6.8 | ||||||||||||||||
WYPSC [Member] | |||||||||||||||||
Regulatory matters [Line Items] | |||||||||||||||||
Rate increase requested | $ 3.2 | ||||||||||||||||
Percent above current rates requested | 13.10% | ||||||||||||||||
Subsequent event [Member] | WUTC [Member] | |||||||||||||||||
Regulatory matters [Line Items] | |||||||||||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 4 |
Litigation (Details)
Litigation (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 12, 2015 | Aug. 31, 2011 |
Loss Contingencies [Line Items] | |||||
Potential liabilities related to litigation and environmental matters | $ 27,400,000 | $ 19,500,000 | $ 20,700,000 | ||
Litigation related to construction materials [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency, estimate of possible loss | $ 3,700,000 | ||||
Additional amount per day of potential penalties | $ 5,000 | ||||
Litigation related to construction services [Member] | |||||
Loss Contingencies [Line Items] | |||||
Damage repair estimate | $ 21,000,000 |
Environmental matters (Details
Environmental matters (Details 2) - USD ($) | Oct. 12, 2015 | Jun. 30, 2016 |
Portland Harbor Site [Member] | ||
Site Contingency [Line Items] | ||
Environmental matters investigative costs | $ 70,000,000 | |
Coos County Oregon [Member] | ||
Site Contingency [Line Items] | ||
Site contingency, loss exposure not accrued, best estimate | $ 160,000 | |
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) | Jun. 30, 2016USD ($) |
Guarantor Obligations [Line Items] | |
Guarantor obligations, maximum exposure, undiscounted | $ 114,600,000 |
Fixed maximum amounts guaranteed by year 2016 | 15,500,000 |
Fixed maximum amounts guaranteed by year 2017 | 35,800,000 |
Fixed maximum amounts guaranteed by year 2018 | 5,900,000 |
Fixed maximum amounts guaranteed by year 2019 | 53,400,000 |
No scheduled maturity date | 4,000,000 |
Amount outstanding under guarantees that is reflected on balance sheet | 0 |
Letters of credit | 37,900,000 |
Letters of credit set to expire - 2016 | 9,600,000 |
Letters of credit set to expire - 2017 | 28,300,000 |
Outstanding letters of credit | 0 |
Amount of surety bonds outstanding | 787,400,000 |
Financial Guarantee [Member] | |
Guarantor Obligations [Line Items] | |
Guarantor obligations, maximum exposure, undiscounted | $ 66,000,000 |
Commitment and contingencies va
Commitment and contingencies variable interest entities (Details 4) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 27, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Feb. 07, 2013 |
Dakota Prairie Refining, LLC [Member] | |||||
Variable Interest Entities [Line Items] | |||||
Total project costs | $ 300,000 | ||||
Portion of capital commitment | 150,000 | ||||
Partner portion of capital commitment | 75,000 | ||||
Excess capital commitments | 300,000 | ||||
Term loan for project debt financing | 75,000 | ||||
Dakota Prairie Refining, LLC [Member] | Cash and cash equivalents [Member] | |||||
Variable Interest Entities [Line Items] | |||||
Limited liability entity, consolidated, carrying amount, assets | $ 851 | $ 845 | |||
Dakota Prairie Refining, LLC [Member] | Accounts receivable [Member] | |||||
Variable Interest Entities [Line Items] | |||||
Limited liability entity, consolidated, carrying amount, assets | 7,693 | 29,639 | |||
Dakota Prairie Refining, LLC [Member] | Inventories [Member] | |||||
Variable Interest Entities [Line Items] | |||||
Limited liability entity, consolidated, carrying amount, assets | 13,176 | 24,166 | |||
Dakota Prairie Refining, LLC [Member] | Other current assets [Member] | |||||
Variable Interest Entities [Line Items] | |||||
Limited liability entity, consolidated, carrying amount, assets | 6,215 | 7,887 | |||
Dakota Prairie Refining, LLC [Member] | Total current assets [Member] | |||||
Variable Interest Entities [Line Items] | |||||
Limited liability entity, consolidated, carrying amount, assets | 27,935 | 62,537 | |||
Dakota Prairie Refining, LLC [Member] | Net property, plant and equipment [Member] | |||||
Variable Interest Entities [Line Items] | |||||
Limited liability entity, consolidated, carrying amount, assets | 425,123 | 431,476 | |||
Dakota Prairie Refining, LLC [Member] | Other [Member] | |||||
Variable Interest Entities [Line Items] | |||||
Limited liability entity, consolidated, carrying amount, assets | 9,626 | 5,729 | |||
Dakota Prairie Refining, LLC [Member] | Total deferred charges and other assets [Member] | |||||
Variable Interest Entities [Line Items] | |||||
Limited liability entity, consolidated, carrying amount, assets | 9,626 | 5,729 | |||
Dakota Prairie Refining, LLC [Member] | Total assets [Member] | |||||
Variable Interest Entities [Line Items] | |||||
Limited liability entity, consolidated, carrying amount, assets | 462,684 | 499,742 | |||
Dakota Prairie Refining, LLC [Member] | Short-term borrowings [Member] | |||||
Variable Interest Entities [Line Items] | |||||
Limited liability entity, consolidated, carrying amount, liabilities | 45,500 | 26,000 | |||
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 | 5,250 | 3,000 | |||
Dakota Prairie Refining, LLC [Member] | Accounts payable [Member] | |||||
Variable Interest Entities [Line Items] | |||||
Limited liability entity, consolidated, carrying amount, liabilities | 24,766 | 38,339 | |||
Dakota Prairie Refining, LLC [Member] | Taxes payable [Member] | |||||
Variable Interest Entities [Line Items] | |||||
Limited liability entity, consolidated, carrying amount, liabilities | 1,391 | 1,601 | |||
Dakota Prairie Refining, LLC [Member] | Accrued compensation [Member] | |||||
Variable Interest Entities [Line Items] | |||||
Limited liability entity, consolidated, carrying amount, liabilities | 938 | 649 | |||
Dakota Prairie Refining, LLC [Member] | Other accrued liabilities [Member] | |||||
Variable Interest Entities [Line Items] | |||||
Limited liability entity, consolidated, carrying amount, liabilities | 4,953 | 932 | |||
Dakota Prairie Refining, LLC [Member] | Total current liabilities [Member] | |||||
Variable Interest Entities [Line Items] | |||||
Limited liability entity, consolidated, carrying amount, liabilities | 82,798 | 70,521 | |||
Dakota Prairie Refining, LLC [Member] | Long-term debt [Member] | |||||
Variable Interest Entities [Line Items] | |||||
Limited liability entity, consolidated, carrying amount, liabilities | 63,750 | 66,000 | |||
Dakota Prairie Refining, LLC [Member] | Total liabilities [Member] | |||||
Variable Interest Entities [Line Items] | |||||
Limited liability entity, consolidated, carrying amount, liabilities | $ 146,548 | $ 136,521 | |||
Fuel contract [Member] | |||||
Variable Interest Entities [Line Items] | |||||
Variable interest entity, reporting entity involvement, maximum loss exposure, amount | $ 44,700 | ||||
Calumet [Member] | |||||
Variable Interest Entities [Line Items] | |||||
Previous percentage of ownership | 50.00% | ||||
WBI Energy [Member] | |||||
Variable Interest Entities [Line Items] | |||||
Previous percentage of ownership | 50.00% | ||||
Percentage of ownership acquired | 50.00% |