Cover page
Cover page - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 16, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-03480 | ||
Entity Registrant Name | MDU RESOURCES GROUP INC | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 30-1133956 | ||
Entity Address, Address Line One | 1200 West Century Avenue | ||
Entity Address, Address Line Two | P.O. Box 5650 | ||
Entity Address, City or Town | Bismarck | ||
Entity Address, State or Province | ND | ||
Entity Address, Postal Zip Code | 58506-5650 | ||
City Area Code | 701 | ||
Local Phone Number | 530-1000 | ||
Title of 12(b) Security | Common Stock, par value $1.00 per share | ||
Trading Symbol | MDU | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Correction of previously issued statements | false | ||
Required compensation recovery | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 5,488,436,473 | ||
Entity Common Stock, Shares Outstanding | 203,623,893 | ||
Entity Central Index Key | 0000067716 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Firm ID | 34 |
Auditor Location | Minneapolis, Minnesota |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating revenues: | |||
Revenues | $ 6,973,864 | $ 5,680,733 | $ 5,532,750 |
Operating expenses: | |||
Operation and maintenance: | 4,978,857 | 4,078,623 | 4,028,262 |
Purchased natural gas sold | 757,883 | 483,118 | 390,269 |
Depreciation, depletion and amortization | 327,826 | 299,214 | 285,100 |
Taxes, other than income | 243,338 | 211,454 | 217,253 |
Electric fuel and purchased power | 92,007 | 74,105 | 66,941 |
Operating expenses | 6,399,911 | 5,146,514 | 4,987,825 |
Operating income | 573,953 | 534,219 | 544,925 |
Other income | 7,379 | 26,416 | 26,711 |
Interest expense | 119,273 | 93,984 | 96,519 |
Income before income taxes | 462,059 | 466,651 | 475,117 |
Income taxes | 94,783 | 88,920 | 84,590 |
Income from continuing operations | 367,276 | 377,731 | 390,527 |
Discontinued operations, net of tax | 213 | 400 | (322) |
Net income | $ 367,489 | $ 378,131 | $ 390,205 |
Earnings per share - basic: | |||
Income from continuing operations | $ 1.81 | $ 1.87 | $ 1.95 |
Discontinued operations, net of tax | 0 | 0 | 0 |
Earnings per share - basic | 1.81 | 1.87 | 1.95 |
Earnings per share - diluted: | |||
Income from continuing operations | 1.81 | 1.87 | 1.95 |
Discontinued operations, net of tax | 0 | 0 | 0 |
Earnings per share - diluted | $ 1.81 | $ 1.87 | $ 1.95 |
Weighted average common shares outstanding - basic | 203,358 | 202,076 | 200,502 |
Weighted Average Number of Shares Outstanding, Diluted | 203,462 | 202,383 | 200,571 |
Regulated Operation | |||
Operating revenues: | |||
Revenues | $ 1,735,759 | $ 1,390,343 | $ 1,249,146 |
Operating expenses: | |||
Operation and maintenance: | 374,708 | 366,586 | 353,184 |
Income from continuing operations | 137,605 | 143,085 | 135,103 |
Nonregulated Operation | |||
Operating revenues: | |||
Revenues | 5,238,105 | 4,290,390 | 4,283,604 |
Operating expenses: | |||
Operation and maintenance: | 4,604,149 | 3,712,037 | 3,675,078 |
Income from continuing operations | $ 229,671 | $ 234,646 | $ 255,424 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 367,489 | $ 378,131 | $ 390,205 |
Other comprehensive income (loss): | |||
Reclassification adjustment for loss on derivative instruments included in net income, tax | 177 | 145 | 145 |
Reclassification adjustment for loss on derivative instruments included in net income, net of tax | 413 | 446 | 446 |
Postretirement liability adjustment: | |||
Postretirement liability gains (losses) arising during the period, tax | 3,965 | 1,626 | (2,606) |
Postretirment liability gains (losses) arising during the period, net of tax | 12,007 | 4,876 | (8,395) |
Amortization of postretirement liability losses included in net periodic benefit credit, tax | 597 | 615 | 630 |
Amortization of postretirement liability losses included in net periodic benefit credit, net of tax | 1,819 | 1,870 | 1,922 |
Reclassification of postretirement liability adjustment from regulatory asset, tax | (1,086) | 0 | 0 |
Amounts reclassified to accumulated other comprehensive loss from a regulatory asset | (3,265) | 0 | 0 |
Postretirement liability adjustment | 10,561 | 6,746 | (6,473) |
Net unrealized (loss) gain on available-for-sale investments: | |||
Net unrealized loss on available-for-sale investments arising during the period, tax | (177) | (67) | 0 |
Net unrealized loss on available-for-sale investments arising during the period, net of tax | (667) | (252) | (1) |
Reclassification adjustment for loss on available-for-sale investments included in net income, tax | 31 | 36 | 14 |
Reclassification adjustment for loss on available-for-sale investments included in net income, net of tax | 114 | 134 | 52 |
Net unrealized (loss) gain on available-for-sale investments | (553) | (118) | 51 |
Other comprehensive income (loss) | 10,421 | 7,074 | (5,976) |
Comprehensive income attributable to common stockholders | $ 377,910 | $ 385,205 | $ 384,229 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 80,517 | $ 54,161 |
Receivables, net | 1,305,642 | 946,741 |
Inventories | 387,525 | 335,609 |
Current regulatory assets | 165,092 | 118,691 |
Prepayments and other current assets | 72,972 | 95,741 |
Total current assets | 2,011,748 | 1,550,943 |
Noncurrent assets: | ||
Property, plant and equipment | 9,364,038 | 8,972,849 |
Less accumulated depreciation, depletion and amortization | 3,272,493 | 3,216,461 |
Net property, plant and equipment | 6,091,545 | 5,756,388 |
Goodwill | 763,500 | 765,386 |
Other intangible assets, net | 17,532 | 22,578 |
Regulatory assets | 329,659 | 357,851 |
Investments | 161,913 | 175,476 |
Operating lease right-of-use assets | 119,375 | 124,138 |
Other | 165,509 | 157,675 |
Total noncurrent assets | 7,649,033 | 7,359,492 |
Total assets | 9,660,781 | 8,910,435 |
Current liabilities: | ||
Short-term borrowings | 246,500 | 0 |
Long-term debt due within one year | 78,031 | 148,053 |
Accounts payable | 657,168 | 478,933 |
Taxes payable | 70,810 | 80,372 |
Dividends payable | 45,245 | 44,229 |
Accrued compensation | 88,662 | 81,904 |
Operating lease liabilities due within one year | 34,516 | 35,368 |
Regulatory liabilities due within one year | 26,440 | 16,303 |
Other accrued liabilities | 232,231 | 207,078 |
Total current liabilities | 1,479,603 | 1,092,240 |
Noncurrent liabilities: | ||
Long-term debt | 2,763,394 | 2,593,847 |
Deferred income taxes | 631,303 | 591,962 |
Asset retirement obligations | 405,885 | 458,061 |
Regulatory liabilities | 448,454 | 428,790 |
Operating lease liabilities | 85,534 | 89,253 |
Other | 259,479 | 273,408 |
Total noncurrent liabilities | 4,594,049 | 4,435,321 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock | 204,163 | 203,889 |
Other paid-in capital | 1,466,037 | 1,461,205 |
Retained earnings | 1,951,138 | 1,762,410 |
Accumulated other comprehensive loss | (30,583) | (41,004) |
Treasury stock at cost - 538,921 shares | (3,626) | (3,626) |
Total stockholders' equity | 3,587,129 | 3,382,874 |
Total liabilities and stockholders' equity | $ 9,660,781 | $ 8,910,435 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Par Value Per Share | $ 1 | $ 1 |
Common Stock, Shares, Issued | 204,162,814 | 203,889,661 |
Treasury Stock, Common, Shares | 538,921 | 538,921 |
MDU Resources Group, Inc. [Member] | ||
Current assets: | ||
Cash and cash equivalents | $ 19,486 | $ 6,159 |
Receivables, net | 4,410 | 6,120 |
Prepayments and other current assets | 3,237 | 2,528 |
Total current assets | 80,418 | 64,503 |
Noncurrent assets: | ||
Investments | 50,206 | 55,686 |
Operating lease right-of-use assets | 72 | 114 |
Other | 2,068 | 26,558 |
Total noncurrent assets | 3,646,768 | 3,458,259 |
Total assets | 3,727,186 | 3,522,762 |
Current liabilities: | ||
Accounts payable | 2,354 | 2,546 |
Taxes payable | 572 | 1,672 |
Dividends payable | 45,246 | 44,229 |
Accrued compensation | 4,312 | 4,098 |
Operating lease liabilities due within one year | 42 | 52 |
Other accrued liabilities | 17,907 | 7,309 |
Total current liabilities | 74,835 | 66,039 |
Noncurrent liabilities: | ||
Operating lease liabilities | 30 | 62 |
Other | 65,192 | 73,787 |
Total noncurrent liabilities | 65,222 | 73,849 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock | 204,163 | 203,889 |
Other paid-in capital | 1,466,037 | 1,461,205 |
Retained earnings | 1,951,138 | 1,762,410 |
Accumulated other comprehensive loss | (30,583) | (41,004) |
Treasury stock at cost - 538,921 shares | (3,626) | (3,626) |
Total stockholders' equity | 3,587,129 | 3,382,874 |
Total liabilities and stockholders' equity | $ 3,727,186 | $ 3,522,762 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Par Value Per Share | $ 1 | $ 1 |
Common Stock, Shares, Issued | 204,162,814 | 203,889,661 |
Treasury Stock, Common, Shares | 538,921 | 538,921 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common stock | Other paid-in capital | Retained earnings | Total accumulated other comprehensive loss | Treasury stock |
Balance (in shares) at Dec. 31, 2019 | 200,922,790 | |||||
Treasury stock (in shares) at Dec. 31, 2019 | (538,921) | |||||
Balance at Dec. 31, 2019 | $ 2,847,246 | $ 200,923 | $ 1,355,404 | $ 1,336,647 | $ (42,102) | $ (3,626) |
Net income | 390,205 | 390,205 | ||||
Other comprehensive income (loss) | (5,976) | (5,976) | ||||
Dividends declared on common stock | (168,489) | (168,489) | ||||
Employee stock-based compensation | 13,096 | 13,096 | ||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | (388) | |||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | (362) | |||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings (in shares) | 26,406 | |||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | $ 26 | |||||
Issuance of common stock (in shares) | 112,002 | |||||
Issuance of common stock | 3,385 | $ 112 | 3,273 | |||
Balance (in shares) at Dec. 31, 2020 | 201,061,198 | |||||
Balance at Dec. 31, 2020 | 3,079,105 | $ 201,061 | 1,371,385 | 1,558,363 | (48,078) | $ (3,626) |
Treasury stock (in shares) at Dec. 31, 2020 | (538,921) | |||||
Net income | 378,131 | 378,131 | ||||
Other comprehensive income (loss) | 7,074 | 7,074 | ||||
Dividends declared on common stock | (174,084) | (174,084) | ||||
Employee stock-based compensation | 14,709 | 14,709 | ||||
Repurchase of common stock (in shares) | (392,294) | |||||
Repurchase of common stock | (6,701) | $ (6,701) | ||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | (10,828) | |||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings (in shares) | 392,294 | |||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | $ 6,701 | |||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | (4,127) | |||||
Issuance of common stock (in shares) | 2,828,463 | |||||
Issuance of common stock | $ 88,767 | $ 2,828 | 85,939 | |||
Balance (in shares) at Dec. 31, 2021 | 203,889,661 | 203,889,661 | ||||
Balance at Dec. 31, 2021 | $ 3,382,874 | $ 203,889 | 1,461,205 | 1,762,410 | (41,004) | $ (3,626) |
Treasury stock (in shares) at Dec. 31, 2021 | (538,921) | |||||
Net income | 367,489 | 367,489 | ||||
Other comprehensive income (loss) | 10,421 | 10,421 | ||||
Dividends declared on common stock | (178,761) | (178,761) | ||||
Employee stock-based compensation | 10,254 | 10,254 | ||||
Repurchase of common stock (in shares) | (266,821) | |||||
Repurchase of common stock | (7,399) | $ (7,399) | ||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | (12,303) | |||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings (in shares) | 266,821 | |||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | $ 7,399 | |||||
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings | (4,904) | |||||
Issuance of common stock (in shares) | 273,153 | |||||
Issuance of common stock | $ 7,155 | $ 274 | 6,881 | |||
Balance (in shares) at Dec. 31, 2022 | 204,162,814 | 204,162,814 | ||||
Balance at Dec. 31, 2022 | $ 3,587,129 | $ 204,163 | $ 1,466,037 | $ 1,951,138 | $ (30,583) | $ (3,626) |
Treasury stock (in shares) at Dec. 31, 2022 | (538,921) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities: | |||
Net income | $ 367,489 | $ 378,131 | $ 390,205 |
Discontinued operations, net of tax | 213 | 400 | (322) |
Income from continuing operations | 367,276 | 377,731 | 390,527 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, depletion and amortization | 327,826 | 299,214 | 285,100 |
Deferred income taxes | 23,326 | 60,250 | (1,801) |
Provision for credit losses | 6,133 | 1,085 | 10,576 |
Amortization of debt issuance costs | 1,461 | 1,333 | 2,162 |
Employee stock-based compensation costs | 10,254 | 14,709 | 13,096 |
Pension and postretirement benefit plan net periodic benefit credit | (6,018) | (4,900) | (3,001) |
Unrealized losses (gains) on investments | 12,732 | (7,728) | (14,563) |
Gains on sales of assets | (20,723) | (13,056) | (15,350) |
Changes in current assets and liabilities, net of acquisitions: | |||
Receivables | (363,314) | (60,024) | (2,780) |
Inventories | (46,588) | (42,302) | (7,221) |
Other current assets | (9,360) | (71,964) | 31,601 |
Accounts payable | 186,285 | 15,247 | 15,955 |
Other current liabilities | 27,011 | (17,650) | 35,591 |
Pension and postretirement benefit plan contributions | (507) | (476) | (434) |
Other noncurrent changes | (5,944) | (55,367) | 30,291 |
Net cash provided by continuing operations | 509,850 | 496,102 | 769,749 |
Net cash provided by (used in) discontinued operations | 214 | (325) | (1,375) |
Net cash provided by operating activities | 510,064 | 495,777 | 768,374 |
Investing activities: | |||
Capital expenditures | (656,588) | (659,425) | (558,007) |
Acquisitions, net of cash acquired | 1,745 | (237,718) | (105,979) |
Net proceeds from sale or disposition of property and other | 22,439 | 15,238 | 35,557 |
Investments | (6,477) | (3,973) | (1,814) |
Net cash used in investing activities | (638,881) | (885,878) | (630,243) |
Financing activities: | |||
Issuance of short-term borrowings | 246,500 | 50,000 | 75,000 |
Repayment of short-term borrowings | 0 | (100,000) | (25,000) |
Issuance of long-term debt | 361,650 | 554,027 | 117,450 |
Repayment of long-term debt | (261,674) | (24,979) | (148,634) |
Debt issuance costs | (1,936) | (918) | (477) |
Proceeds from issuance of common stock | (149) | 88,767 | 3,385 |
Dividends paid | (176,915) | (171,354) | (166,405) |
Repurchase of common stock | (7,399) | (6,701) | 0 |
Tax withholding on stock-based compensation | (4,904) | (4,127) | (362) |
Net cash provided by (used in) financing activities | 155,173 | 384,715 | (145,043) |
Increase (decrease) in cash and cash equivalents | 26,356 | (5,386) | (6,912) |
Cash and cash equivalents - beginning of year | 54,161 | 59,547 | 66,459 |
Cash and cash equivalents - end of year | $ 80,517 | $ 54,161 | $ 59,547 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure | Basis of Presentation The abbreviations and acronyms used throughout are defined following the Notes to Consolidated Financial Statements. The consolidated financial statements of the Company include the accounts of the following businesses: electric, natural gas distribution, pipeline, construction materials and contracting, construction services and other. The electric and natural gas distribution businesses, as well as a portion of the pipeline business, are regulated. Construction materials and contracting, construction services and the other businesses, as well as a portion of the pipeline business, are non-regulated. For further descriptions of the Company's businesses, see Note 17. On August 4, 2022, the Company announced its board of directors unanimously approved a plan to pursue the separation of Knife River from the Company. The separation is planned as a tax-free spinoff transaction to the Company’s stockholders for U.S. federal income tax purposes. As the next step of the Company’s strategic planning, on November 3, 2022, the Company announced its intention to create two pure-play publicly traded companies, one focused on regulated energy delivery and the other on construction materials, and to achieve this future structure, the board authorized management to commence a strategic review process of MDU Construction Services. Discontinued operations include the supporting activities of Fidelity and the assets and liabilities of the Company's discontinued operations have been classified as held for sale and are included in prepayments and other current assets, noncurrent assets - other and other accrued liabilities on the Consolidated Balance Sheets and are not material to the financial statements for any period presented. The results and supporting activities are shown in income (loss) from discontinued operations on the Consolidated Statements of Income. Unless otherwise indicated, the amounts presented in the accompanying notes to the consolidated financial statements relate to the Company's continuing operations. Management has also evaluated the impact of events occurring after December 31, 2022, up to the date of issuance of these consolidated financial statements on February 24, 2023, that would require recognition or disclosure in the financial statements. Principles of consolidation The consolidated financial statements were prepared in accordance with GAAP and include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation, except for certain transactions related to the Company's regulated operations in accordance with GAAP. For more information on intercompany revenues, see Note 17. The statements also include the Company's ownership interests in the assets, liabilities and expenses of jointly owned electric transmission and generating facilities. See Note 19 for additional information. Use of estimates The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Estimates are used for items such as long-lived assets and goodwill; fair values of acquired assets and liabilities under the acquisition method of accounting; aggregate reserves; property depreciable lives; tax provisions; revenue recognized using the cost-to-cost measure of progress for contracts; expected credit losses; environmental and other loss contingencies; regulatory assets expected to be recovered in rates charged to customers; costs on construction contracts; unbilled revenues; actuarially determined benefit costs; asset retirement obligations; lease classification; present value of right-of-use assets and lease liabilities; and the valuation of stock-based compensation. As additional information becomes available, or actual amounts are determinable, the recorded estimates are revised. Consequently, operating results can be affected by revisions to prior accounting estimates. |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Significant Accounting Policies New accounting standards The following table provides a brief description of the accounting pronouncements applicable to the Company and the potential impact on its financial statements and or disclosures: Standard Description Effective date Impact on financial statements/disclosures Recently adopted accounting standards ASU 2021-10 - Government Assistance In November 2021, the FASB issued guidance on modifying the disclosure requirements to increase the transparency of government assistance including disclosure of the types of assistance, an entity's accounting for the assistance and the effect of the assistance on an entity's financial statements. January 1, 2022 The Company determined the guidance did not have a material impact on its disclosures for the year ended December 31, 2022. ASU 2020-04 - Reference Rate Reform In March 2020, the FASB issued optional guidance to ease the facilitation of the effects of reference rate reform on financial reporting. The guidance applies to certain contract modifications, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. Beginning January 1, 2022, LIBOR or other discontinued reference rates cannot be applied to new contracts. New contracts will incorporate a new reference rate, which includes SOFR. LIBOR or other discontinued reference rates cannot be applied to contract modifications or hedging relationships entered into or evaluated after December 31, 2022. Existing contracts referencing LIBOR or other reference rates expected to be discontinued must identify a replacement rate by June 30, 2023. Effective as of March 12, 2020 through December 31, 2022 For more information, see ASU 2022-06 - Reference Rate Reform: Deferral of Sunset Date in recently issued accounting standards not yet adopted. Recently issued accounting standards not yet adopted ASU 2022-06 - Reference Rate Reform: Deferral of Sunset Date In December 2022, the FASB included a sunset provision within ASC 848 based on expectations of when LIBOR would cease being published. At the time ASU 2020-04 was issued, the UK Financial Conduct Authority had established its intent to cease overnight tenors of LIBOR after December 31, 2021. In March 2021, the UK Financial Conduct Authority announced that the intended cessation date of the overnight tenors of LIBOR would be June 30, 2023 which is beyond the current sunset date of ASC 848. The amendments in this Update defer the sunset date of ASC 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in ASC 848. December 31, 2024 The Company has updated its credit agreements to include language regarding the successor or alternate rate to LIBOR, and a review of other contracts and agreements is on-going. The Company does not expect the guidance to have a material impact on its results of operations, financial position, cash flows or disclosures. Cash and cash equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Revenue recognition Revenue is recognized when a performance obligation is satisfied by transferring control over a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. The Company is considered an agent for certain taxes collected from customers. As such, the Company presents revenues net of these taxes at the time of sale to be remitted to governmental authorities, including sales and use taxes. The electric and natural gas distribution segments generate revenue from the sales of electric and natural gas products and services, which includes retail and transportation services. These segments establish a customer's retail or transportation service account based on the customer's application/contract for service, which indicates approval of a contract for service. The contract identifies an obligation to provide service in exchange for delivering or standing ready to deliver the identified commodity; and the customer is obligated to pay for the service as provided in the applicable tariff. The product sales are based on a fixed rate that includes a base and per-unit rate, which are included in approved tariffs as determined by state or federal regulatory agencies. The quantity of the commodity consumed or transported determines the total per-unit revenue. The service provided, along with the product consumed or transported, are a single performance obligation because both are required in combination to successfully transfer the contracted product or service to the customer. Revenues are recognized over time as customers receive and consume the products and services. The method of measuring progress toward the completion of the single performance obligation is on a per-unit output method basis, with revenue recognized based on the direct measurement of the value to the customer of the goods or services transferred to date. For contracts governed by the Company’s utility tariffs, amounts are billed monthly with the amount due between 15 and 22 days of receipt of the invoice depending on the applicable state’s tariff. For other contracts not governed by tariff, payment terms are net 30 days. At this time, the segment has no material obligations for returns, refunds or other similar obligations. The pipeline segment generates revenue from providing natural gas transportation and underground storage services, as well as other energy-related services to both third parties and internal customers, largely the natural gas distribution segment. The pipeline segment establishes a contract with a customer based upon the customer’s request for firm or interruptible natural gas transportation or storage service(s). The contract identifies an obligation for the segment to provide the requested service(s) in exchange for consideration from the customer over a specified term. Depending on the type of service(s) requested and contracted, the service provided may include transporting or storing an identified quantity of natural gas and/or standing ready to deliver or store an identified quantity of natural gas. Natural gas transportation and storage revenues are based on fixed rates, which may include reservation fees and/or per-unit commodity rates. The services provided by the segment are generally treated as single performance obligations satisfied over time simultaneous to when the service is provided and revenue is recognized. Rates for the segment’s regulated services are based on its FERC approved tariff or customer negotiated rates, and rates for its non-regulated services are negotiated with its customers and set forth in the contract. For contracts governed by the company’s tariff, amounts are billed on or before the ninth business day of the following month and the amount is due within 12 days of receipt of the invoice. For other contracts not governed by the tariff, payment terms are net 30 days. At this time, the segment has no material obligations for returns, refunds or other similar obligations. The construction materials and contracting segment generates revenue from contracting services and construction materials sales. This segment focuses on the vertical integration of its contracting services with its construction materials to support the aggregate-based product lines. This segment provides contracting services to a customer when a contract has been signed by both the customer and a representative of the segment obligating a service to be provided in exchange for the consideration identified in the contract. The nature of the services this segment provides generally include integrating a set of services and related construction materials into a single project to create a distinct bundle of goods and services, which the Company has determined are single performance obligations. The transaction price includes the fixed consideration required pursuant to the original contract price together with any additional consideration, to which the Company expects to be entitled to, associated with executed change orders plus the estimate of variable consideration to which the Company expects to be entitled, subject to the following constraint. The nature of this segment's contracts gives rise to several types of variable consideration. Examples of variable consideration include: liquidated damages; performance bonuses or incentives and penalties; claims; unpriced change orders; and index pricing. The variable amounts usually arise upon achievement of certain performance metrics or change in project scope. The Company estimates the amount of revenue to be recognized on variable consideration using one of the two prescribed estimation methods, the expected value method or the most likely amount method, depending on which method best predicts the most likely amount of consideration the Company expects to be entitled to or expects to incur. Assumptions as to the occurrence of future events and the likelihood and amount of variable consideration are made during the contract performance period. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on the assessment of anticipated performance and all information (historical, current and forecasted) that is reasonably available to management. The Company only includes variable consideration in the estimated transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur or when the uncertainty associated with the variable consideration is resolved. Changes in circumstances could impact management's estimates made in determining the value of variable consideration recorded. When determining if the variable consideration is constrained, the Company considers if factors exist that could increase the likelihood or the magnitude of a potential reversal of revenue. The Company updates its estimate of the transaction price each reporting period and the effect of variable consideration on the transaction price is recognized as an adjustment to revenue on a cumulative catch-up basis. Contract revenue is recognized over time using an input method based on the cost-to-cost measure of progress on a project. This is the preferred method of measuring revenue because the costs incurred have been determined to represent the best indication of the overall progress toward the transfer of such goods or services promised to a customer. Under the cost-to-cost measure of progress, the costs incurred are compared with total estimated costs of a performance obligation. Revenues are recorded proportionately to the costs incurred. The percentage of completion is determined on a performance obligation basis. This segment also sells construction materials to third parties and internal customers. The contract for material sales is the use of a sales order or an invoice, which includes the pricing and payment terms. All material contracts contain a single performance obligation for the delivery of a single distinct product or a distinct separately identifiable bundle of products and services. Revenue is recognized at a point in time when the performance obligation has been satisfied with the delivery of the products or services. The warranties associated with the sales are those consistent with a standard warranty that the product meets certain specifications for quality or those required by law. For most contracts, amounts billed to customers are due within 30 days of receipt. There are no material obligations for returns, refunds or other similar obligations. The construction services segment generates revenue from specialty contracting services which also includes the sale of construction equipment and other supplies. This segment provides specialty contracting services to a customer when a contract has been signed by both the customer and a representative of the segment obligating a service to be provided in exchange for the consideration identified in the contract. The nature of the services this segment provides generally includes multiple promised goods and services in a single project to create a distinct bundle of goods and services, which the Company has determined are single performance obligations. The transaction price includes the fixed consideration required pursuant to the original contract price together with any additional consideration, to which the Company expects to be entitled to, associated with executed change orders plus the estimate of variable consideration to which the Company expects to be entitled, subject to the following constraint. The nature of the segment's contracts gives rise to several types of variable consideration. Examples of variable consideration include: liquidated damages; performance bonuses or incentives and penalties; claims; unpriced change orders; and index pricing. The variable amounts usually arise upon achievement of certain performance metrics or change in project scope. The Company estimates the amount of revenue to be recognized on variable consideration using one of the two prescribed estimation methods, the expected value method or the most likely amount method, depending on which method best predicts the most likely amount of consideration the Company expects to be entitled to or expects to incur. Assumptions as to the occurrence of future events and the likelihood and amount of variable consideration are made during the contract performance period. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on the assessment of anticipated performance and all information (historical, current, and forecasted) that is reasonably available to management. The Company only includes variable consideration in the estimated transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur or when the uncertainty associated with the variable consideration is resolved. Changes in circumstances could impact management's estimates made in determining the value of variable consideration recorded. When determining if the variable consideration is constrained, the Company considers if factors exist that could increase the likelihood or the magnitude of a potential reversal of revenue. The Company updates its estimate of the transaction price each reporting period and the effect of variable consideration on the transaction price is recognized as an adjustment to revenue on a cumulative catch-up basis. Contract revenue is recognized over time using the input method based on the measurement of progress on a project. This is the preferred method of measuring revenue because the costs incurred have been determined to represent the best indication of the overall progress toward the transfer of such goods or services promised to a customer. Under the cost-to-cost measure of progress, the costs incurred are compared with total estimated costs of a performance obligation. Revenues are recorded proportionately to the costs incurred. This segment also sells construction equipment and other supplies to third parties and internal customers. The contract for these sales is the use of a sales order or invoice, which includes the pricing and payment terms. All such contracts include a single performance obligation for the delivery of a single distinct product or a distinct separately identifiable bundle of products and services. Revenue is recognized at a point in time when the performance obligation has been satisfied with the delivery of the products or services. The warranties associated with the sales are those consistent with a standard warranty that the product meets certain specifications for quality or those required by law. For most contracts, amounts billed to customers are due within 30 days of receipt. There are no material obligations for returns, refunds or other similar obligations. The Company recognizes all other revenues when services are rendered or goods are delivered. Legal costs The Company expenses external legal fees as they are incurred. Business combinations For all business combinations, the Company preliminarily allocates the purchase price of the acquisitions to the assets acquired and liabilities assumed based on their estimated fair values as of the acquisition dates and are considered provisional until final fair values are determined or the measurement period has passed. The Company expects to record adjustments as it accumulates the information needed to estimate the fair value of assets acquired and liabilities assumed, including working capital balances, estimated fair value of identifiable intangible assets, property, plant and equipment, total consideration and goodwill. The excess of the purchase price over the aggregate fair values is recorded as goodwill. The Company calculated the fair value of the assets acquired in 2022 and 2021 using a market or cost approach (or a combination of both). Fair values for some of the assets were determined based on Level 3 inputs including estimated future cash flows, discount rates, growth rates, sales projections, retention rates and terminal values, all of which require significant management judgment and are susceptible to change. The discount rate used in calculating the fair value of common stock issued in a business combination is determined by using a Black-Scholes-Merton model. The model uses Level 2 inputs including risk-free interest rate, volatility range and dividend yield. The final fair value of the net assets acquired may result in adjustments to the assets and liabilities, including goodwill, and will be made as soon as practical, but no later than 12 months from the respective acquisition dates. Any subsequent measurement period adjustments are not expected to have a material impact on the Company's results of operations. Receivables and allowance for expected credit losses Receivables consist primarily of trade and contracting services receivables from the sale of goods and services net of expected credit losses. The Company's trade receivables are all due in 12 months or less. The total balance of receivables past due 90 days or more was $45.6 million and $44.8 million at December 31, 2022 and 2021, respectively. The Company's expected credit losses are determined through a review using historical credit loss experience, changes in asset specific characteristics, current conditions and reasonable and supportable future forecasts, among other specific account data, and is performed at least quarterly. The Company develops and documents its methodology to determine its allowance for expected credit losses at each of its reportable business segments. Risk characteristics used by the business segments may include customer mix, knowledge of customers and general economic conditions of the various local economies, among others. Specific account balances are written off when management determines the amounts to be uncollectible. Management has reviewed the balance reserved through the allowance for expected credit losses and believes it is reasonable. Details of the Company's expected credit losses were as follows: Electric Natural gas Pipeline Construction Construction Total (In thousands) At December 31, 2020 $ 899 $ 2,571 $ 2 $ 6,164 $ 5,722 $ 15,358 Current expected credit loss provision* 1,099 2,188 — 68 (2,250) 1,105 Less write-offs charged against the allowance 2,139 4,072 — 826 1,032 8,069 Credit loss recoveries collected 410 819 — — 93 1,322 At December 31, 2021 269 1,506 2 5,406 2,533 9,716 Current expected credit loss provision 1,325 4,084 — 538 186 6,133 Less write-offs charged against the allowance 1,625 4,913 — 467 625 7,630 Credit loss recoveries collected 406 938 — — 68 1,412 At December 31, 2022 $ 375 $ 1,615 $ 2 $ 5,477 $ 2,162 $ 9,631 * Includes impacts from businesses acquired. Receivables also consist of accrued unbilled revenue representing revenues recognized in excess of amounts billed. Accrued unbilled revenue at MDU Energy Capital was $181.8 million and $144.9 million at December 31, 2022 and 2021, respectively. Amounts representing balances billed but not paid by customers under retainage provisions in contracts at December 31 were as follows: 2022 2021 (In thousands) Short-term retainage* $ 120,333 $ 70,600 Long-term retainage** 19,511 10,742 Total retainage $ 139,844 $ 81,342 * Expected to be paid within 12 months or less and included in receivables, net. ** Included in noncurrent assets - other. Inventories and natural gas in storage Natural gas in storage for the Company's regulated operations is generally valued at lower of cost or market using the last-in, first-out method or lower of cost or net realizable value using the average cost or first-in, first-out method. The majority of all other inventories are valued at the lower of cost or net realizable value using the average cost method. Inventories include production costs incurred as part of the Company's aggregate mining activities. These inventoriable production costs include all mining and processing costs associated with the production of aggregates. Stripping costs incurred during the production phase, which represent costs of removing overburden and waste materials to access mineral deposits, are a component of inventoriable production costs. The portion of the cost of natural gas in storage expected to be used within 12 months was included in inventories. Inventories at December 31 consisted of: 2022 2021 (In thousands) Aggregates held for resale $ 199,110 $ 184,363 Asphalt oil 68,609 57,002 Materials and supplies 40,056 30,629 Merchandise for resale 40,296 28,501 Natural gas in storage (current) 22,533 18,867 Other 16,921 16,247 Total $ 387,525 $ 335,609 The remainder of natural gas in storage, which largely represents the cost of gas required to maintain pressure levels for normal operating purposes, was included in noncurrent assets - other and was $47.5 million at both December 31, 2022 and 2021. Property, plant and equipment Additions to property, plant and equipment are recorded at cost. Aggregate mining development costs are capitalized and classified as land improvements and depreciated over the lower of the estimated life of the reserves or the life of the associated improvement. The Company begins capitalizing development costs at a point when reserves are determined to be proven or probable and economically mineable. Capitalization of these costs cease when production commences. The cost of acquiring reserves in connection with a business combination are valued at fair value. When regulated assets are retired, or otherwise disposed of in the ordinary course of business, the original cost of the asset is charged to accumulated depreciation. With respect to the retirement or disposal of all other assets, the resulting gains or losses are recognized as a component of income. The Company is permitted to capitalize AFUDC on regulated construction projects and to include such amounts in rate base when the related facilities are placed in service. In addition, the Company capitalizes interest, when applicable, on certain contracting services projects associated with its other operations. The amount of AFUDC for the years ended December 31 was as follows: 2022 2021 2020 (In thousands) AFUDC - borrowed $ 2,236 $ 2,833 $ 2,640 AFUDC - equity $ 2,165 $ 6,961 $ 1,270 Generally, property, plant and equipment are depreciated on a straight-line basis over the average useful lives of the assets, except for depletable aggregate reserves, which are depleted based on the units-of-production method. The Company uses proven and probable aggregate reserves as the denominator in its units-of production calculation. Exploration costs are expensed as incurred in operation and maintenance expense and production costs are either expensed or capitalized to inventory. The Company collects removal costs for certain plant assets in regulated utility rates. These amounts are recorded as regulatory liabilities on the Consolidated Balance Sheets. Impairment of long-lived assets, excluding goodwill The Company reviews the carrying values of its long-lived assets, including mining and related assets, whenever events or changes in circumstances indicate that such carrying values may not be recoverable. The Company tests long-lived assets for impairment at a level significantly lower than that of goodwill impairment testing. Long-lived assets or groups of assets that are evaluated for impairment at the lowest level of largely independent identifiable cash flows at an individual operation or group of operations collectively serving a local market. The determination of whether an impairment has occurred is based on an estimate of undiscounted future cash flows attributable to the assets, compared to the carrying value of the assets. If impairment has occurred, the amount of the impairment recognized is determined by estimating the fair value of the assets and recording a loss if the carrying value is greater than the fair value. The impairments are recorded in operation and maintenance expense on the Consolidated Statements of Income. No impairment losses were recorded in 2022, 2021 or 2020. Unforeseen events and changes in circumstances could require the recognition of impairment losses at some future date. Regulatory assets and liabilities The Company's regulated businesses are subject to various state and federal agency regulations. The accounting policies followed by these businesses are generally subject to the Uniform System of Accounts of the FERC as well as the provisions of ASC 980 - Regulated Operations . These accounting policies differ in some respects from those used by the Company's non-regulated businesses. The Company's regulated businesses account for certain income and expense items under the provisions of regulatory accounting, which requires these businesses to defer as regulatory assets or liabilities certain items that would have otherwise been reflected as expense or income, respectively. The Company records regulatory assets or liabilities at the time the Company determines the amounts to be recoverable in current or future rates. Regulatory assets and liabilities are being amortized consistently with the regulatory treatment established by the FERC and the applicable state public service commission. See Note 6 for more information regarding the nature and amounts of these regulatory deferrals. Natural gas costs recoverable or refundable through rate adjustments Under the terms of certain orders of the applicable state public service commissions, the Company is deferring natural gas commodity, transportation and storage costs that are greater or less than amounts presently being recovered through its existing rate schedules. Such orders generally provide that these amounts are recoverable or refundable through rate adjustments. Natural gas costs refundable through rate adjustments were $1.0 million and $6.7 million at December 31, 2022 and 2021, respectively, which were included in regulatory liabilities due within one year on the Consolidated Balance Sheets. Natural gas costs recoverable through rate adjustments were $141.3 million and $91.6 million at December 31, 2022 and 2021, respectively, which were included in current regulatory assets and noncurrent assets - regulatory assets on the Consolidated Balance Sheets. Goodwill Goodwill represents the excess of the purchase price over the fair value of identifiable net tangible and intangible assets acquired in a business combination. Goodwill is required to be tested for impairment annually, which the Company completes in the fourth quarter, or more frequently if events or changes in circumstances indicate that goodwill may be impaired. The Company has determined that the reporting units for its goodwill impairment test are its operating segments, or components of an operating segment, that constitute a business for which discrete financial information is available and for which segment management regularly reviews the operating results. For more information on the Company's operating segments, see Note 17. Goodwill impairment, if any, is measured by comparing the fair value of each reporting unit to its carrying value. If the fair value of a reporting unit exceeds its carrying value, the goodwill of the reporting unit is not impaired. If the carrying value of a reporting unit exceeds its fair value, the Company must record an impairment loss for the amount that the carrying value of the reporting unit, including goodwill, exceeds the fair value of the reporting unit. For the years ended December 31, 2022, 2021 and 2020, there were no impairment losses recorded. Investments The Company's investments include the cash surrender value of life insurance policies, insurance contracts, mortgage-backed securities and U.S. Treasury securities. The Company measures its investment in the insurance contracts at fair value with any unrealized gains and losses recorded on the Consolidated Statements of Income. The Company has not elected the fair value option for its mortgage-backed securities and U.S. Treasury securities and, as a result, the unrealized gains and losses on these investments are recorded in accumulated other comprehensive loss. For more information, see Notes 8 and 18. Government Assistance The Company accounts for government assistance received for capital projects by reducing the cost of the project by the amount of assistance received. The Company records government assistance received as taxable income and writes-up the tax basis of the asset to include the amount of the assistance received. Government assistance received for the years ended December 31, 2022, 2021 and 2020, was immaterial. 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. GAAP provides a framework for identifying VIEs and determining when a company should include the assets, liabilities, noncontrolling interest and results of activities of a VIE in its consolidated financial statements. A VIE should be consolidated if a party with an ownership, contractual or other financial interest in the VIE (a variable interest holder) has the power to direct the VIE's most significant activities and the obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. A variable interest holder that consolidates the VIE is called the primary beneficiary. Upon consolidation, the primary beneficiary generally must initially record all of the VIE's assets, liabilities and noncontrolling interests at fair value and subsequently account for the VIE as if it were consolidated. The Company's evaluation of whether it qualifies as the primary beneficiary of a VIE involves significant judgments, estimates and assumptions and includes a qualitative analysis of the activities that most significantly impact the VIE's economic performance and whether the Company has the power to direct those activities, the design of the entity, the rights of the parties and the purpose of the arrangement. Joint ventures The Company accounts for unconsolidated joint ventures using either the equity method or proportionate consolidation. The Company currently holds interests between 25 percent and 50 percent in joint ventures formed primarily for the purpose of pooling resources on construction contracts. Proportionate consolidation is used for joint ventures that include unincorporated legal entities and activities of the joint venture which are construction-related. For those joint ventures accounted for under proportionate consolidation, only the Company’s pro rata share of assets, liabilities, revenues and expenses are included in the Company’s balance sheet and results of operations. For those joint ventures accounted for using proportionate consolidation, the Company recorded in its Consolidated Statements of Income $14.8 million, $14.7 million, and $69.7 million of revenue for the years ended December 31, 2022, 2021 and 2020, respectively, and $3.0 million, $4.7 million and $20.6 million of operating income for the years ended December 31, 2022, 2021 and 2020, respectively. At December 31, 2022 and 2021, the C |
Revenue from Contract with Cust
Revenue from Contract with Customer | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from contracts from customers | Revenue from Contracts with Customers Revenue is recognized when a performance obligation is satisfied by transferring control over a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. The Company is considered an agent for certain taxes collected from customers. As such, the Company presents revenues net of these taxes at the time of sale to be remitted to governmental authorities, including sales and use taxes. As part of the adoption of ASC 606 - Revenue from Contracts with Customers , the Company elected the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the Company otherwise would have recognized is 12 months or less. Disaggregation In the following table, revenue is disaggregated by the type of customer or service provided. The Company believes this level of disaggregation best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The table also includes a reconciliation of the disaggregated revenue by reportable segments. For more information on the Company's business segments, see Note 17. Year ended December 31, 2022 Electric Natural gas distribution Pipeline Construction materials and contracting Construction services Other Total (In thousands) Residential utility sales $ 138,634 $ 718,191 $ — $ — $ — $ — $ 856,825 Commercial utility sales 146,182 453,802 — — — — 599,984 Industrial utility sales 43,766 41,710 — — — — 85,476 Other utility sales 7,597 — — — — — 7,597 Natural gas transportation — 48,886 129,290 — — — 178,176 Natural gas storage — — 14,583 — — — 14,583 Contracting services — — — 1,187,721 — — 1,187,721 Construction materials — — — 1,940,890 — — 1,940,890 Internal sales — — — (593,882) — — (593,882) Electrical & mechanical specialty contracting — — — — 1,988,729 — 1,988,729 Transmission & distribution specialty contracting — — — — 662,705 — 662,705 Other 45,608 13,617 11,450 — 436 17,605 88,716 Intersegment eliminations (494) (555) (59,012) (1,016) (5,494) (17,605) (84,176) Revenues from contracts with customers 381,293 1,275,651 96,311 2,533,713 2,646,376 — 6,933,344 Other revenues (4,714) (2,402) 256 — 47,380 — 40,520 Total external operating revenues $ 376,579 $ 1,273,249 $ 96,567 $ 2,533,713 $ 2,693,756 $ — $ 6,973,864 Year ended December 31, 2021 Electric Natural gas distribution Pipeline Construction materials and contracting Construction services Other Total (In thousands) Residential utility sales $ 126,841 $ 544,721 $ — $ — $ — $ — $ 671,562 Commercial utility sales 137,556 328,285 — — — — 465,841 Industrial utility sales 41,757 30,964 — — — — 72,721 Other utility sales 7,051 — — — — — 7,051 Natural gas transportation — 48,408 114,001 — — — 162,409 Natural gas storage — — 14,680 — — — 14,680 Contracting services — — — 1,017,471 — — 1,017,471 Construction materials — — — 1,712,503 — — 1,712,503 Internal sales — — — (501,044) — — (501,044) Electrical & mechanical specialty contracting — — — — 1,324,419 — 1,324,419 Transmission & distribution specialty contracting — — — — 677,074 — 677,074 Other 42,902 10,567 13,667 — 557 13,714 81,407 Intersegment eliminations (543) (576) (59,678) (624) (2,555) (13,630) (77,606) Revenues from contracts with customers 355,564 962,369 82,670 2,228,306 1,999,495 84 5,628,488 Other revenues (6,525) 8,995 188 — 49,587 — 52,245 Total external operating revenues $ 349,039 $ 971,364 $ 82,858 $ 2,228,306 $ 2,049,082 $ 84 $ 5,680,733 Year ended December 31, 2020 Electric Natural gas distribution Pipeline Construction materials and contracting Construction services Other Total (In thousands) Residential utility sales $ 122,663 $ 476,388 $ — $ — $ — $ — $ 599,051 Commercial utility sales 131,477 277,873 — — — — 409,350 Industrial utility sales 36,744 26,243 — — — — 62,987 Other utility sales 6,634 — — — — — 6,634 Natural gas transportation — 45,546 111,686 — — — 157,232 Natural gas gathering — — 4,865 — — — 4,865 Natural gas storage — — 14,918 — — — 14,918 Contracting services — — — 1,069,665 — — 1,069,665 Construction materials — — — 1,659,152 — — 1,659,152 Internal sales — — — (550,815) — — (550,815) Electrical & mechanical specialty contracting — — — — 1,397,124 — 1,397,124 Transmission & distribution specialty contracting — — — — 649,486 — 649,486 Other 32,452 10,753 12,216 — 1,541 11,903 68,865 Intersegment eliminations (491) (534) (58,531) (417) (5,038) (11,958) (76,969) Revenues from contracts with customers 329,479 836,269 85,154 2,177,585 2,043,113 (55) 5,471,545 Other revenues 2,059 11,382 192 — 47,572 — 61,205 Total external operating revenues $ 331,538 $ 847,651 $ 85,346 $ 2,177,585 $ 2,090,685 $ (55) $ 5,532,750 Presented in the previous tables are sales of materials to both third parties and internal customers within the construction materials and contracting segment to highlight the focus on vertical integration as this segment sells materials to both third parties and internal customers. Due to consolidation requirements, the internal sales revenues must be eliminated against the construction materials product used in the contracting services to arrive at the external operating revenue total for the segment. Contract balances The timing of revenue recognition may differ from the timing of invoicing to customers. The timing of invoicing to customers does not necessarily correlate with the timing of revenues being recognized under the cost‐to‐cost method of accounting. Contracts from contracting services are billed as work progresses in accordance with agreed upon contractual terms. Generally, billing to the customer occurs contemporaneous to revenue recognition. A variance in timing of the billings may result in a contract asset or a contract liability. A contract asset occurs when revenues are recognized under the cost-to-cost measure of progress, which exceeds amounts billed on uncompleted contracts. Such amounts will be billed as standard contract terms allow, usually based on various measures of performance or achievement. A contract liability occurs when there are billings in excess of revenues recognized under the cost-to-cost measure of progress on uncompleted contracts. Contract liabilities decrease as revenue is recognized from the satisfaction of the related performance obligation. The changes in contract assets and liabilities were as follows: December 31, 2022 December 31, 2021 Change Location on Consolidated Balance Sheets (In thousands) Contract assets $ 185,289 $ 125,742 $ 59,547 Receivables, net Contract liabilities - current (208,204) (179,140) (29,064) Accounts payable Contract liabilities - noncurrent (6) (118) 112 Noncurrent liabilities - other Net contract liabilities $ (22,921) $ (53,516) $ 30,595 December 31, 2021 December 31, 2020 Change Location on Consolidated Balance Sheets (In thousands) Contract assets $ 125,742 $ 104,345 $ 21,397 Receivables, net Contract liabilities - current (179,140) (158,603) (20,537) Accounts payable Contract liabilities - noncurrent (118) (52) (66) Noncurrent liabilities - other Net contract liabilities $ (53,516) $ (54,310) $ 794 The Company recognized $173.8 million and $155.0 million in revenue for the years ended December 31, 2022 and 2021, respectively, which was previously included in contract liabilities at December 31, 2021 and 2020, respectively. The Company recognized a net increase in revenues of $57.9 million and $66.3 million for the years ended December 31, 2022 and 2021, respectively, from performance obligations satisfied in prior periods. Remaining performance obligations The remaining performance obligations, also referred to as backlog, at the construction materials and contracting and construction services segments include unrecognized revenues that the Company reasonably expects to be realized. These unrecognized revenues can include: projects that have a written award, a letter of intent, a notice to proceed, an agreed upon work order to perform work on mutually accepted terms and conditions and change orders or claims to the extent management believes additional contract revenues will be earned and are deemed probable of collection. Excluded from remaining performance obligations are potential orders under master service agreements. The majority of the Company's construction contracts have an original duration of less than two years. The remaining performance obligations at the pipeline segment include firm transportation and storage contracts with fixed pricing and fixed volumes. The Company has applied the practical expedient that does not require additional disclosures for contracts with an original duration of less than 12 months to certain firm transportation and non-regulated contracts. The Company's firm transportation contracts included in the remaining performance obligations have weighted average remaining durations of less than five years. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Business combination disclosure | Business Combinations The following acquisitions were accounted for as business combinations in accordance with ASC 805 - Business Combinations. The results of the business combinations have been included in the Company's Consolidated Financial Statements beginning on the acquisition date. Pro forma financial amounts reflecting the effects of the business combinations are not presented, as none of these business combinations, individually or in the aggregate, were material to the Company's financial position or results of operations. The acquisitions are also subject to customary adjustments based on, among other things, the amount of cash, debt and working capital in the business as of the closing date. The amounts included in the Consolidated Balance Sheets for these adjustments are considered provisional until final settlement has occurred. In 2022 and 2021, the construction materials and contracting segment's acquisitions included: • Allied Concrete and Supply Co., a producer of ready-mixed concrete in California, acquired in December 2022. At December 31, 2022, the purchase price allocation was preliminary and will be finalized within 12 months of the acquisition date. • Baker Rock Resources and Oregon Mainline Paving, two construction materials companies located around the Portland, Oregon metro area, acquired in November 2021. As of September 30, 2022, the purchase price allocation was settled with no material adjustments to the provisional accounting. • Mt. Hood Rock, a construction aggregates business in Oregon, acquired in April 2021. As of March 31, 2022, the purchase price allocation was settled with no material adjustments to the provisional accounting. The total purchase price for acquisitions that occurred in 2022 was $8.9 million, subject to certain adjustments, with cash acquired totaling $2.8 million. The purchase price includes consideration paid of $1.5 million, a $70,000 holdback liability, and 273,153 shares of common stock with a market value of $8.4 million as of the respective acquisition date. Due to the holding period restriction on the common stock, the share consideration has been discounted to a fair value of approximately $7.3 million. The amounts allocated to the aggregated assets acquired and liabilities assumed during 2022 were as follows: $1.7 million to current assets; $5.9 million to property, plant and equipment; $200,000 to goodwill; $100,000 to current liabilities; $500,000 to noncurrent liabilities - other and $1.2 million to deferred tax liabilities. The total purchase price for acquisitions that occurred in 2021 was $236.1 million, subject to certain adjustments, with cash acquired totaling $900,000. The purchase price includes consideration paid of $235.2 million. The amounts allocated to the aggregated assets acquired and liabilities assumed during 2021 were as follows: $17.0 million to current assets; $179.8 million to property, plant and equipment; $50.6 million to goodwill; $2.2 million to other intangible assets; $8.7 million to current liabilities; $2.5 million to noncurrent liabilities - other; and $3.2 million to deferred tax liabilities. The intangible assets include non-compete agreements, customer relationships, and trade names. The intangible assets fair value is based on various income approach methods, including, multi-period excess earnings, relief-from-royalty and the with and without method. The amortizable intangible assets are being amortized using a straight-line method over a weighted average period of 5.5 years. During the first quarter of 2022, measurement period adjustments were made to the previously reported provisional amounts, which decreased goodwill and increased property, plant and equipment by $2.1 million. The Company issued debt to finance these acquisitions. Costs incurred for acquisitions are included in operation and maintenance expense on the Consolidated Statements of Income and were immaterial for the years ended December 31, 2022, 2021 and 2020. |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure | Property, Plant and Equipment Property, plant and equipment at December 31 was as follows: 2022 2021 Weighted (Dollars in thousands, where applicable) Regulated: Electric: Generation $ 938,614 $ 1,056,632 48 Distribution 489,351 474,037 47 Transmission 616,611 562,080 65 Construction in progress 87,003 62,781 — Other 145,034 140,117 14 Natural gas distribution: Distribution 2,569,921 2,427,779 52 Transmission 104,769 107,721 61 Storage 42,318 34,997 37 General 204,993 197,653 13 Construction in progress 55,759 21,741 — Other 230,299 225,272 15 Pipeline: Transmission 951,187 673,344 46 Storage 55,383 57,670 53 Construction in progress 34,655 263,640 — Other 59,917 50,477 19 Non-regulated: Pipeline: Construction in progress 49 18 — Other 6,950 6,719 10 Construction materials and contracting: Land 150,809 149,066 — Buildings and improvements 165,833 149,262 21 Machinery, vehicles and equipment 1,492,506 1,414,260 12 Construction in progress 88,163 50,425 — Aggregate reserves 592,097 584,683 * Construction services: Land 8,234 6,513 — Buildings and improvements 50,776 39,039 24 Machinery, vehicles and equipment 179,459 166,739 7 Other 6,643 13,467 4 Other: Land 2,648 2,648 — Other 34,057 34,069 7 Less accumulated depreciation, depletion and amortization 3,272,493 3,216,461 Net property, plant and equipment $ 6,091,545 $ 5,756,388 * Depleted on the units-of-production method based on proven and probable aggregate reserves. |
Regulatory assets and liabiliti
Regulatory assets and liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory assets and liabilities | Regulatory Assets and Liabilities The following table summarizes the individual components of unamortized regulatory assets and liabilities as of December 31: Estimated Recovery or Refund Period * 2022 2021 (In thousands) Regulatory assets: Current: Natural gas costs recoverable through rate adjustments Up to 1 year $ 141,306 $ 86,371 Conservation programs Up to 1 year 8,544 8,225 Cost recovery mechanisms Up to 1 year 4,019 4,536 Decoupling Up to 1 year 1,801 9,131 Other Up to 1 year 9,422 10,428 165,092 118,691 Noncurrent: Pension and postretirement benefits ** 143,349 142,681 Cost recovery mechanisms Up to 10 years 67,171 44,870 Plant costs/asset retirement obligations Over plant lives 44,462 63,116 Manufactured gas plant sites remediation - 26,624 26,053 Plant to be retired - 21,525 50,070 Taxes recoverable from customers Over plant lives 12,330 12,339 Long-term debt refinancing costs Up to 38 years 3,188 3,794 Natural gas costs recoverable through rate adjustments Up to 2 years — 5,186 Other Up to 16 years 11,010 9,742 329,659 357,851 Total regulatory assets $ 494,751 $ 476,542 Regulatory liabilities: Current: Electric fuel and purchased power deferral Up to 1 year $ 4,929 $ — Conservation programs Up to 1 year 4,126 12 Taxes refundable to customers Up to 1 year 3,937 3,841 Refundable fuel & electric costs Up to 1 year 3,253 713 Natural gas costs refundable through rate adjustments Up to 1 year 955 6,700 Other Up to 1 year 9,240 5,037 26,440 16,303 Noncurrent: Plant removal and decommissioning costs Over plant lives 208,650 168,152 Taxes refundable to customers Over plant lives 203,222 215,421 Cost recovery mechanisms Up to 19 years 14,025 2,919 Accumulated deferred investment tax credit Up to 19 years 13,594 12,696 Pension and postretirement benefits ** 7,376 20,434 Other Up to 15 years 1,587 9,168 448,454 428,790 Total regulatory liabilities $ 474,894 $ 445,093 Net regulatory position $ 19,857 $ 31,449 * Estimated recovery or refund period for amounts currently being recovered or refunded in rates to customers. ** Recovered as expense is incurred or cash contributions are made. As of December 31, 2022 and 2021, approximately $242.5 million and $296.6 million, respectively, of regulatory assets were not earning a rate of return but are expected to be recovered from customers in future rates. These assets are largely comprised of the unfunded portion of pension and postretirement benefits, asset retirement obligations, accelerated depreciation on plant retirement and the estimated future cost of manufactured gas plant site remediation. In the last half of 2021 and in 2022, the Company has experienced higher natural gas costs due to increase in demand outpacing the supply along with the impact of global events. This increase in natural gas costs experienced in certain jurisdictions has been partially offset by the recovery of prior period natural gas costs being recovered over a period longer than the normal one-year period. In February 2019, the Company announced the retirement of three aging coal-fired electric generating units. The Company accelerated the depreciation related to these facilities in property, plant and equipment and recorded the difference between the accelerated depreciation, in accordance with GAAP, and the depreciation approved for rate-making purposes as regulatory assets. Requests were filed with the NDPSC and SDPUC, and subsequently approved, to offset the savings associated with the cessation of operations of these units with the amortization of the deferred regulatory assets. The Company ceased operations of Lewis & Clark Station in March 2021 and Units 1 and 2 at Heskett Station in February 2022. The Company subsequently reclassified the costs being recovered for these facilities from plant retirement to cost recovery mechanisms in the previous table and began amortizing the associated plant retirement and closure costs in the jurisdictions where requests were filed, as previously discussed. The Company expects to recover the regulatory assets related to the plant retirements in future rates. If, for any reason, the Company's regulated businesses cease to meet the criteria for application of regulatory accounting for all or part of their operations, the regulatory assets and liabilities relating to those portions ceasing to meet such criteria would be removed from the balance sheet and included in the statement of income or accumulated other comprehensive loss in the period in which the discontinuance of regulatory accounting occurs. |
Goodwill and other intangible a
Goodwill and other intangible assets | 12 Months Ended |
Dec. 31, 2022 | |
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: Balance at January 1, 2022 Goodwill Measurement Period Balance at December 31, 2022 (In thousands) Natural gas distribution $ 345,736 $ — $ — $ 345,736 Construction materials and contracting 276,426 238 (2,124) 274,540 Construction services 143,224 — — 143,224 Total $ 765,386 $ 238 $ (2,124) $ 763,500 Balance at January 1, 2021 Goodwill Acquired Measurement Period Balance at December 31, 2021 (In thousands) Natural gas distribution $ 345,736 $ — $ — $ 345,736 Construction materials and contracting 226,003 50,640 (217) 276,426 Construction services 143,224 — — 143,224 Total $ 714,963 $ 50,640 $ (217) $ 765,386 Other amortizable intangible assets at December 31 were as follows: 2022 2021 (In thousands) Customer relationships $ 28,990 $ 29,740 Less accumulated amortization 13,724 10,650 15,266 19,090 Noncompete agreements 4,591 4,591 Less accumulated amortization 3,529 2,856 1,062 1,735 Other 5,280 12,601 Less accumulated amortization 4,076 10,848 1,204 1,753 Total $ 17,532 $ 22,578 The previous tables include goodwill and intangible assets associated with the business combinations completed during 2022 and 2021. For more information related to these business combinations, see Note 4. Amortization expense for amortizable intangible assets for the years ended December 31, 2022, 2021 and 2020, was $5.0 million, $5.1 million and $9.0 million, respectively. The amounts of estimated amortization expense for identifiable intangible assets as of December 31, 2022, were: 2023 2024 2025 2026 2027 Thereafter (In thousands) Amortization expense $ 4,591 $ 4,249 $ 2,200 $ 1,782 $ 1,759 $ 2,951 At October 31, 2022, the fair value substantially exceeded the carrying value at the Company's reporting units with goodwill, with the exception of the natural gas distribution reporting unit. The Company's annual impairment testing indicated the natural gas distribution reporting units fair value is not substantially in excess of its carrying value ("cushion"). Based on the Company's assessment, the estimated fair value of the natural gas distribution reporting unit exceeded its carrying value, which includes $345.7 million of goodwill, by approximately 8 percent as of October 31, 2022. The decrease in the natural gas distribution reporting unit's cushion from the prior year was primarily attributable to the risk adjusted cost of capital increasing from 5.0 percent in 2021 to 6.4 percent 2022, which directly correlates with the treasury rates at the date of the test. The natural gas distribution reporting unit is at risk of future impairment if projected operating results are not met or other inputs into the fair value measurement model change. |
Fair value measurements
Fair value measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | Fair Value Measurements 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 fair value 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 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 insurance contracts, to satisfy its obligations under its unfunded, nonqualified defined benefit and defined contribution plans for the Company's 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 $98.0 million and $109.6 million at December 31, 2022 and 2021, respectively, are classified as investments on the Consolidated Balance Sheets. The net unrealized losses on these investments for the year ended December 31, 2022, were $14.1 million. The net unrealized gains on these investments for the years ended December 31, 2021 and 2020, were $7.2 million and $13.1 million, respectively. The change in fair value, which is considered part of the cost of the plan, is classified in other income 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 loss. Details of available-for-sale securities were as follows: December 31, 2022 Cost Gross Gross Fair Value (In thousands) Mortgage-backed securities $ 8,928 $ 2 $ 636 $ 8,294 U.S. Treasury securities 2,608 — 72 2,536 Total $ 11,536 $ 2 $ 708 $ 10,830 December 31, 2021 Cost Gross Gross Fair Value (In thousands) Mortgage-backed securities $ 8,702 $ 51 $ 47 $ 8,706 U.S. Treasury securities 2,407 — 11 2,396 Total $ 11,109 $ 51 $ 58 $ 11,102 The Company's assets measured at fair value on a recurring basis were as follows: Fair Value Measurements at December 31, 2022, Using Quoted Prices Significant Significant Balance at December 31, 2022 (In thousands) Assets: Money market funds $ — $ 7,361 $ — $ 7,361 Insurance contracts* — 98,041 — 98,041 Available-for-sale securities: Mortgage-backed securities — 8,294 — 8,294 U.S. Treasury securities — 2,536 — 2,536 Total assets measured at fair value $ — $ 116,232 $ — $ 116,232 * The insurance contracts invest approximately 63 percent in fixed-income investments, 15 percent in common stock of large-cap companies, 8 percent in common stock of mid-cap companies, 6 percent in common stock of small-cap companies, 6 percent in target date investments and 2 percent in cash equivalents. Fair Value Measurements at December 31, 2021, Using Quoted Prices Significant Significant Balance at December 31, 2021 (In thousands) Assets: Money market funds $ — $ 10,190 $ — $ 10,190 Insurance contracts* — 109,603 — 109,603 Available-for-sale securities: Mortgage-backed securities — 8,706 — 8,706 U.S. Treasury securities — 2,396 — 2,396 Total assets measured at fair value $ — $ 130,895 $ — $ 130,895 * The insurance contracts invest approximately 61 percent in fixed-income investments, 17 percent in common stock of large-cap companies, 8 percent in common stock of mid-cap companies, 7 percent in common stock of small-cap companies, 5 percent in target date investments and 2 percent in cash equivalents. The Company's money market funds are valued at the net asset value of shares held at the end of the period, 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 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 insurance contracts 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. 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. The Company performed a fair value assessment of the assets acquired and liabilities assumed in the business combinations that occurred during 2022 and 2021. For more information on these Level 2 and Level 3 fair value measurements, see Notes 2 and 4. 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 categorized as Level 2 in the fair value hierarchy and 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 at December 31 was as follows: 2022 2021 (In thousands) Carrying Amount $ 2,841,425 $ 2,741,900 Fair Value $ 2,469,625 $ 2,984,866 The carrying amounts of the Company's remaining financial instruments included in current assets and current liabilities approximate their fair values. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt Certain debt instruments of the Company's subsidiaries contain restrictive and financial covenants and cross-default provisions. In order to borrow under the respective debt instruments, the subsidiary companies must be in compliance with the applicable covenants and certain other conditions, all of which the subsidiaries, as applicable, were in compliance with at December 31, 2022. In the event the subsidiaries do not comply with the applicable covenants and other conditions, alternative sources of funding may need to be pursued. The following table summarizes the outstanding revolving credit facilities of the Company's subsidiaries: Company Facility Facility Amount Outstanding at December 31, 2022 Amount Outstanding at December 31, 2021 Letters of Credit at December 31, 2022 Expiration (In millions) Montana-Dakota Utilities Co. Commercial paper/Revolving credit agreement (a) $ 175.0 $ 117.5 $ 64.9 $ — 12/19/24 Cascade Natural Gas Corporation Revolving credit agreement $ 100.0 (b) $ 44.4 $ 71.0 $ 2.2 (c) 11/30/27 Intermountain Gas Company Revolving credit agreement $ 100.0 (d) $ 85.6 $ 56.5 $ — 10/13/27 Centennial Energy Holdings, Inc. Commercial paper/Revolving credit agreement (e) $ 600.0 $ 298.0 $ 385.4 $ — 12/19/24 (a) The commercial paper program is supported by a revolving credit agreement with various banks (provisions allow for increased borrowings, at the option of Montana-Dakota on stated conditions, up to a maximum of $225.0 million). At December 31, 2022 and 2021, there were no amounts outstanding under the revolving credit agreement. (b) Certain provisions allow for increased borrowings, up to a maximum of $125.0 million. (c) Outstanding letter(s) of credit reduce the amount available under the credit agreement. (d) Certain provisions allow for increased borrowings, up to a maximum of $125.0 million. (e) The commercial paper program is supported by a revolving credit agreement with various banks (provisions allow for increased borrowings, at the option of Centennial on stated conditions, up to a maximum of $700.0 million). At December 31, 2022 and 2021, there were no amounts outstanding under the revolving credit agreement. The respective commercial paper programs are supported by revolving credit agreements. While the amount of commercial paper outstanding does not reduce available capacity under the respective revolving credit agreements, Montana-Dakota and Centennial do not issue commercial paper in an aggregate amount exceeding the available capacity under their credit agreements. The commercial paper borrowings may vary during the period, largely the result of fluctuations in working capital requirements due to the seasonality of certain operations of the Company's subsidiaries. Short-term debt MDU Energy Capital On October 21, 2022, MDU Energy Capital entered into a $11.5 million term loan agreement with a SOFR-based variable interest rate and a maturity date of July 21, 2023. The agreement contains customary covenants and provisions, including a covenant of MDU Energy Capital not to permit, at any time, the ratio of total debt to total capitalization to be greater than 70 percent. The covenants also include certain restrictions on the sale of certain assets, loans and investments. Centennial On March 18, 2022, Centennial entered into a $100.0 million term loan agreement with a SOFR-based variable interest rate and a maturity date of March 17, 2023. The agreement contains customary covenants and provisions, including a covenant of Centennial not to permit, at any time, the ratio of total debt to total capitalization to be greater than 65 percent. The covenants also include certain restrictions on the sale of certain assets, loans and investments. On December 19, 2022, Centennial entered into a $135.0 million term loan agreement with a SOFR-based variable interest rate and a maturity date of December 18, 2023. The agreement contains customary covenants and provisions, including a covenant of Centennial not to permit, at any time, the ratio of total debt to total capitalization to be greater than 65 percent. The covenants also include certain restrictions on the sale of certain assets, loans and investments. Long-term debt Long-term Debt Outstanding Long-term debt outstanding was as follows: Weighted Average Interest Rate at December 31, 2022 2022 2021 (In thousands) Senior Notes due on dates ranging from May 15, 2023 to June 15, 2062 4.32 % $ 2,258,500 $ 2,125,000 Commercial paper supported by revolving credit agreements 5.13 % 415,500 450,300 Credit agreements due on October 13, 2027 and November 30, 2027 6.31 % 130,000 127,500 Medium-Term Notes due on dates ranging from September 15, 2027 to March 16, 2029 7.32 % 35,000 35,000 Term Loan Agreement due on September 3, 2032 3.64 % 7,000 7,700 Other notes due on dates ranging from March 1, 2024 to January 1, 2061 1.00 % 2,253 2,564 Less unamortized debt issuance costs 6,542 6,090 Less discount 286 74 Total long-term debt 2,841,425 2,741,900 Less current maturities 78,031 148,053 Net long-term debt $ 2,763,394 $ 2,593,847 Montana-Dakota Montana-Dakota's revolving credit agreement supports its commercial paper program. Commercial paper borrowings under this agreement are classified as long-term debt as they are intended to be refinanced on a long-term basis through continued commercial paper borrowings. The credit agreement contains customary covenants and provisions, including covenants of Montana-Dakota not to permit, as of the end of any fiscal quarter, the ratio of funded debt to total capitalization (determined on a consolidated basis) to be greater than 65 percent. Other covenants include limitations on the sale of certain assets and on the making of certain loans and investments. Montana-Dakota's ratio of total debt to total capitalization at December 31, 2022, was 51 percent. Cascade On November 30, 2022, Cascade amended and restated its revolving credit agreement to extend the maturity date to November 30, 2027. Any borrowings under the revolving credit agreement are classified as long-term debt as they are intended to be refinanced on a long-term basis through continued borrowings. The credit agreement contains customary covenants and provisions, including a covenant of Cascade not to permit, at any time, the ratio of total debt to total capitalization to be greater than 65 percent. Other covenants include restrictions on the sale of certain assets, limitations on indebtedness and the making of certain investments. On June 15, 2022, Cascade issued $50.0 million of senior notes under a note purchase agreement with maturity dates ranging from June 15, 2032 to June 15, 2052, at a weighted average interest rate of 4.50 percent. The agreement contains customary covenants and provisions, including a covenant of Cascade not to permit, at any time, the ratio of debt to total capitalization to be greater than 65 percent. Other covenants include restrictions on the sale of certain assets, limitations on indebtedness and the making of certain investments. Cascade's ratio of total debt to total capitalization at December 31, 2022, was 50 percent. Intermountain On October 13, 2022, Intermountain amended and restated its revolving credit agreement to increase the borrowing capacity to $100.0 million and extend the maturity date to October 13, 2027. Any borrowings under the revolving credit agreement are classified as long-term debt as they are intended to be refinanced on a long-term basis through continued borrowings. The credit agreement contains customary covenants and provisions, including a covenant of Intermountain not to permit, at any time, the ratio of total debt to total capitalization to be greater than 65 percent. Other covenants include restrictions on the sale of certain assets, limitations on indebtedness and the making of certain investments. On June 15, 2022, Intermountain issued $40.0 million of senior notes under a note purchase agreement with maturity dates ranging from June 15, 2052 to June 15, 2062, at a weighted average interest rate of 4.68 percent. The agreement contains customary covenants and provisions, including a covenant of Intermountain not to permit, at any time, the ratio of debt to total capitalization to be greater than 65 percent. Other covenants include restrictions on the sale of certain assets, limitations on indebtedness and the making of certain investments. Intermountain's ratio of total debt to total capitalization at December 31, 2022, was 57 percent. Centennial Centennial's revolving credit agreement supports its commercial paper program. Commercial paper borrowings under this agreement are classified as long-term debt as they are intended to be refinanced on a long-term basis through continued commercial paper borrowings. Centennial's revolving credit agreement contains customary covenants and provisions, including a covenant of Centennial not to permit, as of the end of any fiscal quarter, the ratio of total consolidated debt to total consolidated capitalization to be greater than 65 percent. Other covenants include restricted payments, restrictions on the sale of certain assets, limitations on subsidiary indebtedness, minimum consolidated net worth, limitations on priority debt and the making of certain loans and investments. On March 23, 2022, Centennial issued $150.0 million of senior notes under a note purchase agreement with maturity dates ranging from March 23, 2032 to March 23, 2034, at a weighted average interest rate of 3.71 percent. The agreement contains customary covenants and provisions, including a covenant of Centennial not to permit, at any time, the ratio of debt to total capitalization to be greater than 60 percent. Other covenants include restrictions on the sale of certain assets, limitations on indebtedness and the making of certain investments. Centennial's ratio of total debt to total capitalization, as defined by its debt covenants, at December 31, 2022, was 46 percent. Certain of Centennial's financing agreements contain cross-default provisions. These provisions state that if Centennial or any subsidiary of Centennial fails to make any payment with respect to any indebtedness or contingent obligation, in excess of a specified amount, under any agreement that causes such indebtedness to be due prior to its stated maturity or the contingent obligation to become payable, the applicable agreements will be in default. WBI Energy Transmission On December 22, 2022, WBI Energy Transmission amended its uncommitted note purchase and private shelf agreement to increase capacity to $350.0 million with an expiration date of December 22, 2025. On December 22, 2022, WBI Energy Transmission issued $40.0 million in senior notes under the private shelf agreement with a maturity date of December 22, 2030, at an interest rate of 6.67 percent. WBI Energy Transmission had $235.0 million of notes outstanding at December 31, 2022, which reduced the remaining capacity under this uncommitted private shelf agreement to $115.0 million. This agreement contains customary covenants and provisions, including a covenant of WBI Energy Transmission not to permit, as of the end of any fiscal quarter, the ratio of total debt to total capitalization to be greater than 55 percent. Other covenants include a limitation on priority debt, restrictions on the sale of certain assets and the making of certain investments. WBI Energy Transmission's ratio of total debt to total capitalization at December 31, 2022, was 40 percent. Schedule of Debt Maturities Long-term debt maturities, which excludes unamortized debt issuance costs and discount, for the five years and thereafter following December 31, 2022, were as follows: 2023 2024 2025 2026 2027 Thereafter (In thousands) Long-term debt maturities $ 78,031 $ 476,923 $ 177,802 $ 140,802 $ 230,802 $ 1,743,893 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases of Lessee Disclosure | Leases Most of the leases the Company enters into are for equipment, buildings, easements and vehicles as part of their ongoing operations. The Company also leases certain equipment to third parties through its utility and construction services segments. The Company determines if an arrangement contains a lease at inception of a contract and accounts for all leases in accordance with ASC 842 - Leases. The recognition of leases requires the Company to make estimates and assumptions that affect the lease classification and the assets and liabilities recorded. The accuracy of lease assets and liabilities reported on the Consolidated Financial Statements depends on, among other things, management's estimates of interest rates used to discount the lease assets and liabilities to their present value, as well as the lease terms based on the unique facts and circumstances of each lease. Lessee accounting The leases the Company has entered into as part of its ongoing operations are considered operating leases and are recognized on the Consolidated Balance Sheets as operating lease right-of-use assets, current operating lease liabilities and noncurrent liabilities - operating lease liabilities. The corresponding lease costs are included in operation and maintenance expense on the Consolidated Statements of Income. Generally, the leases for vehicles and equipment have a term of five years or less and buildings and easements have a longer term of up to 35 years or more. To date, the Company does not have any residual value guarantee amounts probable of being owed to a lessor, financing leases or material agreements with related parties. The following tables provide information on the Company's operating leases at and for the years ended December 31: 2022 2021 2020 (In thousands) Lease costs: Short-term lease cost $ 160,318 $ 132,449 $ 135,376 Operating lease cost 44,956 46,622 45,319 Variable lease cost 1,739 1,516 1,319 $ 207,013 $ 180,587 $ 182,014 2022 2021 2020 (Dollars in thousands) Weighted average remaining lease term 2.83 years 2.67 years 2.73 years Weighted average discount rate 4.05 % 3.54 % 4.03 % Cash paid for amounts included in the measurement of lease liabilities $ 44,512 $ 43,489 $ 45,043 The reconciliation of future undiscounted cash flows to operating lease liabilities presented on the Consolidated Balance Sheet at December 31, 2022, was as follows: (In thousands) 2023 $ 38,927 2024 27,825 2025 18,741 2026 11,191 2027 7,297 Thereafter 39,963 Total 143,944 Less discount 23,894 Total operating lease liabilities $ 120,050 |
Leases of Lessor Disclosure | Lessor accounting The Company leases certain equipment to third parties through its utility and construction services segments, which are considered short-term operating leases with terms of less than 12 months. The Company recognized revenue from operating leases of $ 47.9 million 50.1 million |
Asset retirement obligations
Asset retirement obligations | 12 Months Ended |
Dec. 31, 2022 | |
Asset Retirement Obligation [Abstract] | |
Asset retirement obligations | Asset Retirement Obligations The Company records obligations related to retirement costs of natural gas distribution lines, natural gas transmission lines, natural gas storage wells, decommissioning of certain electric generating facilities, reclamation of certain aggregate properties, special handling and disposal of hazardous materials at certain electric generating facilities, natural gas distribution facilities and buildings, and certain other obligations as asset retirement obligations. A reconciliation of the Company's liability, which the current portion is included in other accrued liabilities on the Consolidated Balance Sheets, for the years ended December 31 was as follows: 2022 2021 (In thousands) Balance at beginning of year $ 468,686 $ 446,919 Liabilities incurred 5,972 12,454 Liabilities acquired — 1,805 Liabilities settled (9,646) (15,155) Accretion expense* 23,188 21,214 Revisions in estimates (77,692) 1,449 Balance at end of year $ 410,508 $ 468,686 * Includes $21.8 million and $19.6 million in 2022 and 2021, respectively, recorded to regulatory assets. The 2022 revisions in estimates consist principally of updated asset retirement obligation costs associated with natural gas distribution and transmission lines at the natural gas distribution segment. The Company believes that largely all expenses related to asset retirement obligations at the Company's regulated operations will be recovered in rates over time and, accordingly, defers such expenses as regulatory assets. For more information on the Company's regulatory assets and liabilities, see Note 6. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure | Equity The Company depends on earnings and dividends from its subsidiaries to pay dividends on common stock. The Company has paid quarterly dividends for 85 consecutive years with an increase in the dividend amount for the last 32 consecutive years. For the years ended December 31, 2022, 2021 and 2020, dividends declared on common stock were $.8750, $.8550 and $.8350 per common share, respectively. Dividends on common stock are paid quarterly to the stockholders of record less than 30 days prior to the distribution date. For the years ended December 31, 2022, 2021 and 2020, the dividends declared to common stockholders were $177.9 million, $173.0 million and $167.4 million, respectively. The declaration and payment of dividends of the Company is at the sole discretion of the board of directors. In addition, the Company's subsidiaries are generally restricted to paying dividends out of capital accounts or net assets. The following discusses the most restrictive limitations. Pursuant to a covenant under its revolving credit agreement, Centennial may only declare or pay distributions if, as of the last day of any fiscal quarter, the ratio of Centennial's average consolidated indebtedness as of the last day of such fiscal quarter and each of the preceding three fiscal quarters to Centennial's Consolidated trailing 12 month EBITDA does not exceed 3.5 to 1. In addition, certain credit agreements and regulatory limitations of the Company's subsidiaries also contain restrictions on dividend payments. The most restrictive limitation requires the Company's subsidiaries not to permit the ratio of funded debt to capitalization to be greater than 60 percent. Based on this limitation, approximately $1.9 billion of the net assets of the Company's subsidiaries, which represents common stockholders' equity including retained earnings, would be restricted from use for dividend payments at December 31, 2022. The Company currently has a shelf registration statement on file with the SEC, under which the Company may issue and sell any combination of common stock and debt securities. The Company may sell such securities if warranted by market conditions and the Company's capital requirements. Any public offer and sale of such securities will be made only by means of a prospectus meeting the requirements of the Securities Act and the rules and regulations thereunder. In August 2020, the Company amended the Distribution Agreement dated February 22, 2019, with J.P. Morgan Securities LLC and MUFG Securities Americas Inc., as sales agents. This agreement, as amended, allows the offering, issuance and sale of up to 6.4 million shares of the Company's common stock in connection with an “at-the-market” offering. The common stock may be offered for sale, from time to time, in accordance with the terms and conditions of the agreement. As of December 31, 2022, the Company had capacity to issue up to 3.6 million additional shares of common stock under the "at-the-market" offering program. Details of the Company's "at-the-market" offering activity for the years ended December 31 was as follows: 2022 2021 (In millions) Shares issued — 2.8 Net proceeds * $ (0.1) $ 88.8 ** * Net proceeds include issuance costs of $149,000 and $1.2 million for ** Net proceeds were used for capital expenditures. The K-Plan provides participants the option to invest in the Company's common stock. For the years ended December 31, 2022, 2021 and 2020, the K-Plan purchased shares of common stock on the open market or issued original issue common stock of the Company. At December 31, 2022, there were 7.2 million shares of common stock reserved for original issuance under the K-Plan. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based compensation | Stock-Based CompensationThe Company has stock-based compensation plans under which it is currently authorized to grant restricted stock and other stock awards. As of December 31, 2022, there were 3.4 million remaining shares available to grant under these plans. The Company either purchases shares on the open market or issues new shares of common stock to satisfy the vesting of stock-based awards. Total stock-based compensation expense (after tax) was $8.7 million, $12.0 million and $10.8 million in 2022, 2021 and 2020, respectively. The Company uses the straight-line amortization method to recognize compensation expense related to restricted stock, which only has a service condition. The Company recognizes compensation expense related to performance awards with market-based performance metrics on a straight-line basis over the requisite service period. As of December 31, 2022, total remaining unrecognized compensation expense related to stock-based compensation was approximately $12.5 million (before income taxes) which will be amortized over a weighted average period of 1.6 years. Stock awards Non-employee directors receive shares of common stock in addition to and in lieu of cash payment for directors' fees. There were 40,800 shares with a fair value of $1.2 million, 41,925 shares with a fair value of $1.2 million and 45,273 shares with a fair value of $1.1 million issued to non-employee directors during the years ended December 31, 2022, 2021 and 2020, respectively. Restricted stock awards In February 2022 and 2021, key employees were granted restricted stock awards under the long-term performance-based incentive plan. The shares vest over three years, contingent on continued employment. Compensation expense is recognized over the vesting period. At December 31, 2022, the number of outstanding shares granted was 188,499 with a weighted average grant-date fair value of $27.54 per share. Performance share awards Since 2003, key employees of the Company have been granted performance share awards each year under the long-term performance-based incentive plan authorized by the Company's compensation committee. The compensation committee has the authority to select the recipients of awards, determine the type and size of awards, and establish certain terms and conditions of award grants. Share awards are generally earned over a three-year vesting period and tied to financial metrics. Upon vesting, participants receive dividends that accumulate during the vesting period. Target grants of performance shares outstanding at December 31, 2022, were as follows: Grant Date Performance Target Grant February 2021 2021-2023 281,129 February 2022 2022-2024 284,416 Under the market condition for these performance share awards, participants may earn from zero to 200 percent of the apportioned target grant of shares based on the Company's total stockholder return relative to that of the selected peer group. Compensation expense is based on the grant-date fair value as determined by Monte Carlo simulation. The blended volatility term structure ranges are comprised of 50 percent historical volatility and 50 percent implied volatility. Risk-free interest rates were based on U.S. Treasury security rates in effect as of the grant date. Assumptions used for grants applicable to the market condition for certain performance shares issued in 2022, 2021 and 2020 were: 2022 2021 2020 Weighted average grant-date fair value $36.25 $37.96 $40.75 Blended volatility range 24.07% - 31.41% 35.37% - 46.35% 15.30% - 15.97% Risk-free interest rate range .71% - 1.68% .02% - .20% 1.45% - 1.62% Weighted average discounted dividends per share $2.93 $3.16 $2.91 Under the performance conditions for these performance share awards, participants may earn from zero to 200 percent of the apportioned target grant of shares. The performance conditions are based on the Company's compound annual growth rate in earnings from continuing operations before interest, taxes, depreciation, depletion and amortization and the Company's compound annual growth rate in earnings from continuing operations. The weighted average grant-date fair value per share for the performance shares applicable to these performance conditions issued in 2022, 2021 and 2020 was $27.73, $27.35 and $31.63, respectively. The fair value of the performance shares that vested during the years ended December 31, 2022, 2021 and 2020, was $7.6 million, $13.7 million and $9.7 million, respectively. A summary of the status of the performance share awards for the year ended December 31, 2022, was as follows: Number of Weighted Nonvested at beginning of period 555,047 $ 34.40 Granted 284,416 31.99 Performance shares earned/unearned (22,750) 31.63 Less: Vested 251,168 36.60 Nonvested at end of period 565,545 $ 32.32 |
Accumulated other comprehensive
Accumulated other comprehensive loss | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Accumulated other comprehensive loss | Accumulated Other Comprehensive Loss The Company's accumulated other comprehensive loss is comprised of losses on derivative instruments qualifying as hedges, postretirement liability adjustments and gain (loss) on available-for-sale investments. The after-tax changes in the components of accumulated other comprehensive loss were as follows: Net Post- Net Total (In thousands) At December 31, 2020 $ (984) $ (47,207) $ 113 $ (48,078) Other comprehensive income (loss) before reclassifications — 4,876 (252) 4,624 Amounts reclassified from accumulated other comprehensive loss 446 1,870 134 2,450 Net current-period other comprehensive income (loss) 446 6,746 (118) 7,074 At December 31, 2021 (538) (40,461) (5) (41,004) Other comprehensive income (loss) before reclassifications — 12,007 (667) 11,340 Amounts reclassified to accumulated other comprehensive loss from a regulatory asset — (3,265) — (3,265) Amounts reclassified from accumulated other comprehensive loss 413 1,819 114 2,346 Net current-period other comprehensive income (loss) 413 10,561 (553) 10,421 At December 31, 2022 $ (125) $ (29,900) $ (558) $ (30,583) The following amounts were reclassified out of accumulated other comprehensive loss into net income. The amounts presented in parentheses indicate a decrease to net income on the Consolidated Statements of Income. The reclassifications for the years ended December 31 were as follows: 2022 2021 Location on Consolidated (In thousands) Reclassification adjustment for loss on derivative instruments included in net income $ (590) $ (591) Interest expense 177 145 Income taxes (413) (446) Amortization of postretirement liability losses included in net periodic benefit credit (2,416) (2,485) Other income 597 615 Income taxes (1,819) (1,870) Reclassification adjustment on available-for-sale investments included in net income (145) (170) Other income 31 36 Income taxes (114) (134) Total reclassifications $ (2,346) $ (2,450) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income Taxes The components of income before income taxes from continuing operations for each of the years ended December 31 were as follows: 2022 2021 2020 (In thousands) United States $ 462,059 $ 466,651 $ 474,856 Foreign — — 261 Income before income taxes from continuing operations $ 462,059 $ 466,651 $ 475,117 Income tax expense (benefit) from continuing operations for the years ended December 31 was as follows: 2022 2021 2020 (In thousands) Current: Federal $ 50,747 $ 17,121 $ 65,006 State 20,710 11,549 21,234 Foreign — — 151 71,457 28,670 86,391 Deferred: Income taxes: Federal 17,820 45,885 (3,735) State 4,608 12,610 (625) Investment tax credit - net 898 1,755 2,559 23,326 60,250 (1,801) Total income tax expense $ 94,783 $ 88,920 $ 84,590 Components of deferred tax assets and deferred tax liabilities at December 31 were as follows: 2022 2021 (In thousands) Deferred tax assets: Postretirement $ 41,298 $ 45,752 Compensation-related 35,196 37,917 Operating lease liabilities 25,718 26,710 Asset retirement obligations 9,687 8,696 Legal and environmental contingencies 8,526 8,603 Customer advances 7,615 7,683 Payroll tax deferral — 6,940 Other 51,472 39,960 Total deferred tax assets 179,512 182,261 Deferred tax liabilities: Basis differences on property, plant and equipment 608,528 585,095 Postretirement 47,340 48,302 Purchased gas adjustment 33,567 21,136 Operating lease right-of-use-assets 25,472 26,570 Intangible assets 23,007 21,074 Other 60,078 59,934 Total deferred tax liabilities 797,992 762,111 Valuation allowance 12,823 12,112 Net deferred income tax liability $ 631,303 $ 591,962 As of December 31, 2022 and 2021, the Company had various state income tax net operating loss carryforwards of $176.0 million and $164.8 million, respectively, and federal and state income tax credit carryforwards, excluding alternative minimum tax credit carryforwards, of $35.7 million and $35.6 million, respectively. The state credits include various regulatory investment tax credits of approximately $35.1 million and $35.0 million at December 31, 2022 and 2021, respectively. The state income tax credit carryforwards are due to expire between 2024 and 2036. Changes in tax regulations or assumptions regarding current and future taxable income could require additional valuation allowances in the future. The following table reconciles the change in the net deferred income tax liability from December 31, 2021, to December 31, 2022, to deferred income tax expense: 2022 (In thousands) Change in net deferred income tax liability from the preceding table $ 39,341 Deferred taxes associated with other comprehensive loss (3,507) Excess deferred income tax amortization (9,008) Other (3,500) Deferred income tax expense for the period $ 23,326 Total income tax expense differs from the amount computed by applying the statutory federal income tax rate to income before taxes. The reasons for this difference were as follows: Years ended December 31, 2022 2021 2020 Amount % Amount % Amount % (Dollars in thousands) Computed tax at federal statutory rate $ 97,032 21.0 $ 97,997 21.0 $ 99,775 21.0 Increases (reductions) resulting from: State income taxes, net of federal income tax 19,126 4.1 19,496 4.2 17,845 3.8 Federal renewable energy credit (15,343) (3.3) (13,914) (3.0) (16,009) (3.4) Tax compliance and uncertain tax positions 1,080 .2 (477) (.1) (3,543) (.7) Nonqualified benefit plans 2,827 .6 (1,881) (.4) (2,443) (.5) Excess deferred income tax amortization (9,008) (1.9) (10,295) (2.2) (12,517) (2.6) Other (931) (.2) (2,006) (.4) 1,482 .2 Total income tax expense $ 94,783 20.5 $ 88,920 19.1 $ 84,590 17.8 The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various state, local and foreign jurisdictions. The Company is no longer subject to U.S. federal or non-U.S. income tax examinations by tax authorities for years ending prior to 2019. With few exceptions, as of December 31, 2022, the Company is no longer subject to state and local income tax examinations by tax authorities for years ending prior to 2019. For the years ended December 31, 2022, 2021 and 2020, total reserves for uncertain tax positions were not material. The Company recognizes interest and penalties accrued relative to unrecognized tax benefits in income tax expense. |
Cash flow information
Cash flow information | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Cash flow information | Cash Flow Information Cash expenditures for interest and income taxes for the years ended December 31 were as follows: 2022 2021 2020 (In thousands) Interest, net* $ 83,118 $ 91,165 $ 88,681 Income taxes paid, net** $ 26,503 $ 71,079 $ 65,536 * AFUDC - borrowed was $2.2 million, $2.8 million and $2.6 million for the years ended December 31, 2022, 2021 and 2020, respectively. ** Income taxes paid, including discontinued operations, were $26.4 million, $70.9 million and $59.4 million for the years ended December 31, 2022, 2021 and 2020, respectively. Noncash investing and financing transactions at December 31 were as follows: 2022 2021 2020 (In thousands) Property, plant and equipment additions in accounts payable $ 49,602 $ 57,605 $ 26,082 Right-of-use assets obtained in exchange for new operating lease liabilities $ 50,921 $ 55,987 $ 54,356 Debt assumed in connection with a business combination $ — $ 10 $ — Accrual for holdback payment related to a business combination $ 70 $ — $ 2,500 Stock issued in connection with a business combination $ 7,304 $ — $ — |
Business segment data
Business segment data | 12 Months Ended |
Dec. 31, 2022 | |
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 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 segment provides natural gas transportation and underground storage services through a regulated pipeline system primarily in the Rocky Mountain and northern Great Plains regions of the United States. This segment also provides non-regulated cathodic protection services. The construction materials and contracting segment mines, processes and sells construction aggregates (crushed stone and sand and gravel); produces and sells asphalt; and supplies ready-mix concrete. This segment's aggregate reserves provide the foundation for the vertical integration of its contracting services with its construction materials to support its aggregate-based product lines including heavy-civil construction, asphalt paving, concrete construction and site development and grading. Although not common to all locations, the segment also includes the sale of cement, liquid asphalt modification and distribution, various finished concrete products, merchandise and other building materials and related contracting services. This segment operates in the central, southern and western United States, including Alaska and Hawaii. The construction services segment provides a full spectrum of construction services through its electrical and mechanical and transmission and distribution specialty contracting services across the United States. These specialty contracting services are provided to utilities, manufacturing, transportation, commercial, industrial, institutional, renewable and governmental customers. Its electrical and mechanical contracting services include construction and maintenance of electrical and communication wiring and infrastructure, fire suppression systems, and mechanical piping and services. Its transmission and distribution contracting services include construction and maintenance of overhead and underground electrical, gas and communication infrastructure, as well as manufacturing and distribution of transmission line construction equipment and tools. The Other category includes the activities of Centennial Capital, which, through its subsidiary InterSource Insurance Company, 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 self-insured layers of the insured Company's general liability, automobile liability, pollution liability and other coverages. Centennial Capital also owns certain real and personal property. In addition, the Other category includes certain assets, liabilities and tax adjustments of the holding company primarily associated with corporate functions, as well as costs associated with the announced strategic initiatives. Also included are 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. Discontinued operations include the supporting activities of Fidelity other than certain general and administrative costs and interest expense as described above. The information below follows the same accounting policies as described in Note 2. Information on the Company's segments as of December 31 and for the years then ended was as follows: 2022 2021 2020 (In thousands) External operating revenues: Regulated operations: Electric $ 376,579 $ 349,039 $ 331,538 Natural gas distribution 1,273,249 971,364 847,651 Pipeline 85,931 69,940 69,957 1,735,759 1,390,343 1,249,146 Non-regulated operations: Pipeline 10,636 12,918 15,389 Construction materials and contracting 2,533,713 2,228,306 2,177,585 Construction services 2,693,756 2,049,082 2,090,685 Other — 84 (55) 5,238,105 4,290,390 4,283,604 Total external operating revenues $ 6,973,864 $ 5,680,733 $ 5,532,750 2022 2021 2020 (In thousands) Intersegment operating revenues: Regulated operations: Electric $ 494 $ 543 $ 491 Natural gas distribution 555 576 534 Pipeline 58,368 58,989 57,977 59,417 60,108 59,002 Non-regulated operations: Pipeline 644 689 554 Construction materials and contracting 1,016 624 417 Construction services 5,494 2,555 5,038 Other 17,605 13,630 11,958 24,759 17,498 17,967 Total Intersegment operating revenues $ 84,176 $ 77,606 $ 76,969 Depreciation, depletion and amortization: Electric $ 67,802 $ 66,750 $ 62,998 Natural gas distribution 89,466 86,065 84,580 Pipeline 26,857 20,569 21,669 Construction materials and contracting 117,798 100,974 89,626 Construction services 21,468 20,270 23,523 Other 4,435 4,586 2,704 Total depreciation, depletion and amortization $ 327,826 $ 299,214 $ 285,100 Operating income (loss): Electric $ 79,655 $ 66,335 $ 63,434 Natural gas distribution 91,889 89,173 73,082 Pipeline 55,466 48,078 49,436 Construction materials and contracting 194,295 191,077 214,498 Construction services 164,644 145,754 147,644 Other (11,996) (6,198) (3,169) Total operating income $ 573,953 $ 534,219 $ 544,925 Interest expense: Electric $ 28,526 $ 26,712 $ 26,699 Natural gas distribution 42,126 37,265 36,798 Pipeline 11,318 7,010 7,622 Construction materials and contracting 30,121 19,218 20,577 Construction services 6,354 3,540 4,095 Other 1,465 342 883 Intersegment eliminations (637) (103) (155) Total interest expense $ 119,273 $ 93,984 $ 96,519 Income tax expense (benefit): Electric $ (5,420) $ (7,626) $ (11,636) Natural gas distribution 7,805 8,366 5,746 Pipeline 10,212 9,594 7,650 Construction materials and contracting 42,601 43,459 47,431 Construction services 40,788 35,426 35,797 Other (1,203) (299) (398) Total income tax expense $ 94,783 $ 88,920 $ 84,590 2022 2021 2020 (In thousands) Net income (loss): Regulated operations: Electric $ 57,077 $ 51,906 $ 55,601 Natural gas distribution 45,171 51,596 44,049 Pipeline 35,357 39,583 35,453 137,605 143,085 135,103 Non-regulated operations: Pipeline (69) 1,313 1,559 Construction materials and contracting 116,220 129,755 147,325 Construction services 124,781 109,402 109,721 Other (11,261) (5,824) (3,181) 229,671 234,646 255,424 Income from continuing operations 367,276 377,731 390,527 Discontinued operations, net of tax 213 400 (322) Net income $ 367,489 $ 378,131 $ 390,205 Capital expenditures: Electric $ 133,970 $ 82,427 $ 114,676 Natural gas distribution 240,064 170,411 193,048 Pipeline 61,923 234,803 62,224 Construction materials and contracting 181,917 417,524 191,635 Construction services 36,413 29,140 83,651 Other 2,272 1,501 3,045 Total capital expenditures (a) $ 656,559 $ 935,806 $ 648,279 Assets: Electric (b) $ 1,856,258 $ 1,810,695 $ 2,123,693 Natural gas distribution (b) 3,214,452 2,929,519 2,302,770 Pipeline 961,893 913,945 703,377 Construction materials and contracting 2,268,970 2,161,653 1,798,493 Construction services 1,126,323 845,262 818,662 Other (c) 232,885 249,361 306,377 Total assets $ 9,660,781 $ 8,910,435 $ 8,053,372 Property, plant and equipment: Electric (b) $ 2,276,613 $ 2,295,646 $ 2,323,403 Natural gas distribution (b) 3,208,060 3,015,164 2,868,853 Pipeline 1,108,141 1,051,868 821,697 Construction materials and contracting 2,489,408 2,347,696 2,028,476 Construction services 245,111 225,758 220,796 Other 36,705 36,717 37,545 Less accumulated depreciation, depletion and amortization 3,272,493 3,216,461 3,133,831 Net property, plant and equipment $ 6,091,545 $ 5,756,388 $ 5,166,939 (a) Capital expenditures for 2022, 2021 and 2020 include noncash transactions such as capital expenditure-related accounts payable, the issuance of the Company's equity securities in connection with an acquisition, AFUDC and accrual of holdback payments in connection with acquisitions totaling $1.7 million, $38.7 million and $(15.7) million, respectively. (b) Includes allocations of common utility property. (c) Includes assets not directly assignable to a business (i.e. cash and cash equivalents, certain accounts receivable, certain investments and other miscellaneous current and deferred assets). A reconciliation of reportable segment operating revenues and assets to consolidated operating revenues and assets is as follows: 2022 2021 2020 (In thousands) Operating revenues reconciliation: Total reportable segment operating revenues $ 7,040,435 $ 5,744,625 $ 5,597,816 Other revenue 17,605 13,714 11,903 Elimination of intersegment operating revenues (84,176) (77,606) (76,969) Total consolidated operating revenues $ 6,973,864 $ 5,680,733 $ 5,532,750 Asset reconciliation: Total reportable segment assets $ 9,491,679 $ 8,717,563 $ 7,816,848 Other assets 1,353,614 1,184,956 947,740 Elimination of intersegment receivables (1,184,512) (992,084) (711,216) Total consolidated assets $ 9,660,781 $ 8,910,435 $ 8,053,372 |
Employee benefit plans
Employee benefit plans | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Pension and other postretirement benefit plans The Company has noncontributory qualified defined benefit pension plans and other postretirement benefit plans for certain eligible employees. The Company uses a measurement date of December 31 for all of its pension and postretirement benefit plans. Prior to 2013, defined benefit pension plan benefits and accruals for all nonunion and certain union plans were frozen and on June 30, 2015, the remaining union plan was frozen. These employees were eligible to receive additional defined contribution plan benefits. Effective January 1, 2010, eligibility to receive retiree medical benefits was modified at certain of the Company's businesses. Employees who had attained age 55 with 10 years of continuous service by December 31, 2010, were provided the option to choose between a pre-65 comprehensive medical plan coupled with a Medicare supplement or a specified company funded Retiree Reimbursement Account, regardless of when they retire. All other eligible employees must meet the new eligibility criteria of age 60 and 10 years of continuous service at the time they retire to be eligible for a specified company funded Retiree Reimbursement Account. Employees hired after December 31, 2009, will not be eligible for retiree medical benefits at certain of the Company's businesses. In 2012, the Company modified health care coverage for certain retirees. Effective January 1, 2013, post-65 coverage was replaced by a fixed-dollar subsidy for retirees and spouses to be used to purchase individual insurance through a healthcare exchange. Changes in benefit obligation and plan assets and amounts recognized in the Consolidated Balance Sheets at December 31 were as follows: Pension Benefits Other 2022 2021 2022 2021 Change in benefit obligation: (In thousands) Benefit obligation at beginning of year $ 411,497 $ 437,360 $ 73,460 $ 86,155 Service cost — — 1,416 1,600 Interest cost 10,522 9,819 1,896 1,862 Plan participants' contributions — — 569 641 Actuarial gain (85,303) (12,140) (18,401) (12,802) Benefits paid (24,672) (23,542) (4,009) (3,996) Benefit obligation at end of year 312,044 411,497 54,931 73,460 Change in net plan assets: Fair value of plan assets at beginning of year 373,109 383,834 100,158 101,639 Actual return on plan assets (77,975) 12,817 (20,893) 1,398 Employer contribution — — 501 476 Plan participants' contributions — — 569 641 Benefits paid (24,672) (23,542) (4,009) (3,996) Fair value of net plan assets at end of year 270,462 373,109 76,326 100,158 Funded status - (under) over $ (41,582) $ (38,388) $ 21,395 $ 26,698 Amounts recognized in the Consolidated Balance Sheets at December 31: Noncurrent assets - other $ — $ — $ 36,325 $ 45,863 Other accrued liabilities — — 1,044 544 Noncurrent liabilities - other 41,582 38,388 13,886 18,621 Benefit obligation (liabilities) assets - net amount recognized $ (41,582) $ (38,388) $ 21,395 $ 26,698 Amounts recognized in accumulated other comprehensive loss: Actuarial loss (gain) $ 32,378 $ 25,976 $ (2,923) $ 2,367 Prior service credit — — (289) (290) Total $ 32,378 $ 25,976 $ (3,212) $ 2,077 Amounts recognized in regulatory assets or liabilities: Actuarial loss (gain) $ 141,207 $ 142,166 $ (1,439) $ (14,727) Prior service credit — — (3,796) (5,193) Total $ 141,207 $ 142,166 $ (5,235) $ (19,920) Employer contributions and benefits paid in the preceding table include only those amounts contributed directly to, or paid directly from, plan assets. Amounts related to regulated operations are recorded as regulatory assets or liabilities and are expected to be reflected in rates charged to customers over time. For more information on regulatory assets and liabilities, see Note 6. In 2022 and 2021, the actuarial gain recognized in the benefit obligation was primarily the result of an increase in the discount rate. For more information on the discount rates, see the table below. Unrecognized pension actuarial gains and losses in excess of 10 percent of the greater of the projected benefit obligation or the market-related value of assets are amortized over the average life expectancy of plan participants for frozen plans. The market-related value of assets is determined using a five-year average of assets. The pension plans all have accumulated benefit obligations in excess of plan assets. The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for these plans at December 31 were as follows: 2022 2021 (In thousands) Projected benefit obligation $ 312,044 $ 411,497 Accumulated benefit obligation $ 312,044 $ 411,497 Fair value of plan assets $ 270,462 $ 373,109 The components of net periodic benefit cost (credit), other than the service cost component, are included in other income on the Consolidated Statements of Income. Prior service credit is amortized on a straight-line basis over the average remaining service period of active participants. These components related to the Company's pension and other postretirement benefit plans for the years ended December 31 were as follows: Pension Benefits Other 2022 2021 2020 2022 2021 2020 Components of net periodic benefit credit: (In thousands) Service cost $ — $ — $ — $ 1,416 $ 1,600 $ 1,532 Interest cost 10,522 9,819 12,093 1,896 1,862 2,437 Expected return on assets (19,455) (19,576) (19,949) (5,288) (5,098) (5,019) Amortization of prior service credit — — — (1,398) (1,398) (1,398) Recognized net actuarial loss (gain) 6,683 8,017 7,172 (219) 24 287 Net periodic benefit credit, including amount capitalized (2,250) (1,740) (684) (3,593) (3,010) (2,161) Less amount capitalized — — — 175 150 156 Net periodic benefit cost credit (2,250) (1,740) (684) (3,768) (3,160) (2,317) Other changes in plan assets and benefit obligations recognized in accumulated comprehensive loss: Net (gain) loss 2,369 (265) 934 (4,141) (2,811) (259) Amortization of actuarial loss (1,310) (1,286) (1,155) (281) (135) (306) Amortization of prior service credit — — — 125 100 101 Reclassification of postretirement liability adjustment from regulatory asset 5,343 — — (992) — — Total recognized in accumulated other comprehensive loss 6,402 (1,551) (221) (5,289) (2,846) (464) Other changes in plan assets and benefit obligations recognized in regulatory assets or liabilities: Net (gain) loss 9,757 (5,116) 4,546 11,920 (6,292) (3,793) Amortization of actuarial gain (loss) (5,373) (6,731) (6,017) 500 110 19 Amortization of prior service credit — — — 1,273 1,298 1,297 Reclassification of postretirement liability adjustment from regulatory asset (5,343) — — 992 — — Total recognized in regulatory assets or liabilities (959) (11,847) (1,471) 14,685 (4,884) (2,477) Total recognized in net periodic benefit credit, accumulated other comprehensive loss and regulatory assets or liabilities $ 3,193 $ (15,138) $ (2,376) $ 5,628 $ (10,890) $ (5,258) Weighted average assumptions used to determine benefit obligations at December 31 were as follows: Pension Benefits Other 2022 2021 2022 2021 Discount rate 5.06 % 2.64 % 5.07 % 2.66 % Expected return on plan assets 6.50 % 6.00 % 6.00 % 5.50 % Rate of compensation increase N/A N/A 3.00 % 3.00 % Weighted average assumptions used to determine net periodic benefit cost (credit) for the years ended December 31 were as follows: Pension Benefits Other 2022 2021 2022 2021 Discount rate 2.64 % 2.30 % 2.66 % 2.30 % Expected return on plan assets 6.00 % 6.00 % 5.50 % 5.50 % Rate of compensation increase N/A N/A 3.00 % 3.00 % The expected rate of return on pension plan assets is based on a targeted asset allocation range determined by the funded ratio of the plan. As of December 31, 2022, the expected rate of return on pension plan assets is based on the targeted asset allocation range of 40 percent to 50 percent equity securities and 50 percent to 60 percent fixed-income securities and the expected rate of return from these asset categories. The expected rate of return on other postretirement plan assets is based on the targeted asset allocation range of 10 percent to 20 percent equity securities and 80 percent to 90 percent fixed-income securities and the expected rate of return from these asset categories. The expected return on plan assets for other postretirement benefits reflects insurance-related investment costs. Health care rate assumptions for the Company's other postretirement benefit plans as of December 31 were as follows: 2022 2021 Health care trend rate assumed for next year 7.5 % 7.0 % Health care cost trend rate - ultimate 4.5 % 4.5 % Year in which ultimate trend rate achieved 2033 2031 The Company's other postretirement benefit plans include health care and life insurance benefits for certain retirees. The plans underlying these benefits may require contributions by the retiree depending on such retiree's age and years of service at retirement or the date of retirement. The Company contributes a flat dollar amount to the monthly premiums which is updated annually on January 1. The Company does not expect to contribute to its defined benefit pension plans in 2023 due to an additional $20.0 million contributed to the plans in 2019 creating prefunding credits to be used in future years. The Company expects to contribute approximately $595,000 to its postretirement benefit plans in 2023. The following benefit payments, which reflect future service, as appropriate, and expected Medicare Part D subsidies at December 31, 2022, are as follows: Years Pension Other Expected (In thousands) 2023 $ 24,936 $ 4,275 $ 62 2024 24,882 4,371 53 2025 24,749 4,456 46 2026 24,605 4,509 39 2027 24,387 4,523 31 2028-2032 114,850 16,917 93 Outside investment managers manage the Company's pension and postretirement assets. The Company's investment policy with respect to pension and other postretirement assets is to make investments solely in the interest of the participants and beneficiaries of the plans and for the exclusive purpose of providing benefits accrued and defraying the reasonable expenses of administration. The Company strives to maintain investment diversification to assist in minimizing the risk of large losses. The Company's policy guidelines allow for investment of funds in cash equivalents, fixed-income securities and equity securities. The guidelines prohibit investment in commodities and futures contracts, equity private placement, employer securities, leveraged or derivative securities, options, direct real estate investments, precious metals, venture capital and limited partnerships. The guidelines also prohibit short selling and margin transactions. The Company's practice is to periodically review and rebalance asset categories based on its targeted asset allocation percentage policy. 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 fair value ASC establishes a hierarchy for grouping assets and liabilities, based on the significance of inputs. The estimated fair values of the Company's pension plans' assets are determined using the market approach. The carrying value of the pension plans' Level 2 cash equivalents approximates fair value and is determined using observable inputs in active markets or the net asset value of shares held at year end, which is determined using other observable inputs including pricing from outside sources. The estimated fair value of the pension plans' Level 1 and Level 2 equity securities are based on the closing price reported on the active market on which the individual securities are traded or other known sources including pricing from outside sources. The estimated fair value of the pension plans' Level 1 and Level 2 collective and mutual funds are based on the net asset value of shares held at year end, based on either published market quotations on active markets or other known sources including pricing from outside sources. The estimated fair value of the pension plans' Level 2 corporate and municipal bonds is determined using other observable inputs, including benchmark yields, reported trades, broker/dealer quotes, bids, offers, future cash flows and other reference data. The estimated fair value of the pension plans' Level 1 U.S. Government securities are valued based on quoted prices on an active market. The estimated fair value of the pension plans' Level 2 U.S. Government securities are valued mainly using other observable inputs, including benchmark yields, reported trades, broker/dealer quotes, bids, offers, to be announced prices, future cash flows and other reference data. The estimated fair value of the pension plans' Level 2 pooled separate accounts are determined using observable inputs in active markets or the net asset value of shares held at year end, or other observable inputs. Some of these securities are valued using pricing from outside sources. All investments measured at net asset value in the tables that follow are invested in commingled funds, separate accounts or common collective trusts which do not have publicly quoted prices. The fair value of the commingled funds, separate accounts and common collective trusts are determined based on the net asset value of the underlying investments. The fair value of the underlying investments held by the commingled funds, separate accounts and common collective trusts is generally based on quoted prices in active markets. 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. The fair value of the Company's pension plans' assets (excluding cash) by class were as follows: Fair Value Measurements Quoted Prices Significant Significant Balance at December 31, 2022 (In thousands) Assets: Cash equivalents $ — $ 8,170 $ — $ 8,170 Equity securities: U.S. companies 7,388 — — 7,388 International companies — 467 — 467 Collective and mutual funds (a) 121,072 33,371 — 154,443 Corporate bonds — 81,363 — 81,363 Municipal bonds — 5,904 — 5,904 U.S. Government securities 3,044 880 — 3,924 Pooled separate accounts (b) — 3,241 — 3,241 Investments measured at net asset value (c) — — — 5,562 Total assets measured at fair value $ 131,504 $ 133,396 $ — $ 270,462 (a) Collective and mutual funds invest approximately 29 percent in corporate bonds, 24 percent in common stock of large-cap U.S. companies, 16 percent in common stock of international companies, 7 percent cash and cash equivalents, 7 percent in U.S. Government securities and 17 percent in other investments. (b) Pooled separate accounts are invested 100 percent in cash and cash equivalents. (c) In accordance with ASC 820 - Fair Value Measurements, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Consolidated Balance Sheets. Fair Value Measurements Quoted Prices Significant Significant Balance at December 31, 2021 (In thousands) Assets: Cash equivalents $ — $ 4,637 $ — $ 4,637 Equity securities: U.S. companies 7,483 — — 7,483 International companies — 1,279 — 1,279 Collective and mutual funds (a) 167,093 41,383 — 208,476 Corporate bonds — 125,167 — 125,167 Municipal bonds — 7,507 — 7,507 U.S. Government securities 7,113 1,902 — 9,015 Pooled separate accounts (b) — 3,088 — 3,088 Investments measured at net asset value (c) — — — 6,457 Total assets measured at fair value $ 181,689 $ 184,963 $ — $ 373,109 (a) Collective and mutual funds invest approximately 37 percent in corporate bonds, 19 percent in common stock of international companies, 16 percent in common stock of large-cap U.S. companies, 9 percent in U.S. Government securities and 19 percent in other investments. (b) Pooled separate accounts are invested 100 percent in cash and cash equivalents. (c) In accordance with ASC 820 - Fair Value Measurements, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Consolidated Balance Sheets. The estimated fair values of the Company's other postretirement benefit plans' assets are determined using the market approach. The estimated fair value of the other postretirement benefit plans' Level 2 cash equivalents is valued at the net asset value of shares held at year end, based on published market quotations on active markets, or using other known sources including pricing from outside sources. The estimated fair value of the other postretirement benefit plans' Level 1 and Level 2 equity securities is based on the closing price reported on the active market on which the individual securities are traded or other known sources including pricing from outside sources . The estimated fair value of the other postretirement benefit plans' 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. The fair value of the Company's other postretirement benefit plans' assets (excluding cash) by asset class were as follows: Fair Value Measurements Quoted Prices Significant Significant Balance at December 31, 2022 (In thousands) Assets: Cash equivalents $ — $ 4,196 $ — $ 4,196 Equity securities: U.S. companies 2,572 — — 2,572 Collective and mutual funds (a) 5 5 — 10 Insurance contract (b) — 69,548 — 69,548 Total assets measured at fair value $ 2,577 $ 73,749 $ — $ 76,326 (a) Collective and mutual funds invest approximately 29 percent in corporate bonds, 24 percent in common stock of large-cap U.S. companies,16 percent in common stock of international companies, 7 percent in cash and cash equivalents,7 percent in U.S. Government securities and 17 percent in other investments. (b) The insurance contract invests approximately 69 percent in corporate bonds, 13 percent in U.S. Government securities, 14 percent in common stock of large-cap U.S. companies and 4 percent in common stock of small-cap U.S. companies. Fair Value Measurements Quoted Prices Significant Significant Balance at December 31, 2021 (In thousands) Assets: Cash equivalents $ — $ 4,281 $ — $ 4,281 Equity securities: U.S. companies 2,332 — — 2,332 International companies — 1 — 1 Collective and mutual funds (a) 4 90 — 94 Insurance contract (b) — 93,447 — 93,447 Investments measured at net asset value (c) — — — 3 Total assets measured at fair value $ 2,336 $ 97,819 $ — $ 100,158 (a) Collective and mutual funds invest approximately 37 percent in corporate bonds, 19 percent in common stock of international companies, 16 percent in common stock of large-cap U.S. companies, 9 percent in U.S. Government securities and 19 percent in other investments. (b) The insurance contract invests approximately 58 percent in corporate bonds, 13 percent in common stock of large-cap U.S. companies, 13 percent in U.S. Government securities, 5 percent in common stock of small-cap U.S. companies and 11 percent in other investments. (c) In accordance with ASC 820 - Fair Value Measurements, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Consolidated Balance Sheets. Nonqualified benefit plans In addition to the qualified defined benefit pension plans reflected in the table at the beginning of this note, the Company also has unfunded, nonqualified defined 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, upon death, to their beneficiaries for a 15-year period. In February 2016, the Company froze the unfunded, nonqualified defined benefit plans to new participants and eliminated benefit increases. Vesting for participants not fully vested was retained. The projected benefit obligation and accumulated benefit obligation for these plans at December 31 were as follows: 2022 2021 (In thousands) Projected benefit obligation $ 74,730 $ 92,918 Accumulated benefit obligation $ 74,730 $ 92,918 The components of net periodic benefit cost are included in other income on the Consolidated Statements of Income. These components related to the Company's nonqualified defined benefit plans for the years ended December 31 were as follows: 2022 2021 2020 (In thousands) Components of net periodic benefit cost: Service cost $ — $ — $ 58 Interest cost 2,142 1,912 2,606 Recognized net actuarial loss 950 1,164 1,192 Net periodic benefit cost $ 3,092 $ 3,076 $ 3,856 Weighted average assumptions used at December 31 were as follows: 2022 2021 Benefit obligation discount rate 4.97 % 2.39 % Benefit obligation rate of compensation increase N/A N/A Net periodic benefit cost discount rate 2.39 % 1.97 % Net periodic benefit cost rate of compensation increase N/A N/A The amount of future benefit payments for the unfunded, nonqualified defined benefit plans at December 31, 2022, are expected to aggregate as follows: 2023 2024 2025 2026 2027 2028-2032 (In thousands) Nonqualified benefits $ 6,651 $ 7,183 $ 7,430 $ 7,537 $ 7,420 $ 29,930 In 2012, the Company established a nonqualified defined contribution plan for certain key management employees. In 2020, the plan was frozen to new participants and no new Company contributions will be made to the plan after December 31, 2020. Vesting for participants not fully vested was retained. A new nonqualified defined contribution plan was adopted in 2020, effective January 1, 2021, to replace the plan originally established in 2012 with similar provisions. Expenses incurred under these plans for 2022, 2021 and 2020 were $3.3 million, $2.4 million and $1.8 million, respectively. The amount of investments that the Company anticipates using to satisfy obligations under these plans at December 31 was as follows: 2022 2021 (In thousands) Investments Insurance contracts* $ 98,041 $ 109,603 Life insurance** 38,448 38,356 Other 7,361 10,190 Total investments $ 143,850 $ 158,149 * For more information on the insurance contracts, see Note 8. ** Investments of life insurance are carried on plan participants (payable upon the employee's death). Defined contribution plans The Company sponsors a defined contribution plan for eligible employees and the costs incurred under this plan were $46.4 million in 2022, $45.4 million in 2021 and $50.1 million in 2020. Multiemployer plans The Company contributes to a number of MEPPs under the terms of collective-bargaining agreements that cover its union-represented employees. The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects: • Assets contributed to the MEPP by one employer may be used to provide benefits to employees of other participating employers • If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers • If the Company chooses to stop participating in some of its MEPPs, the Company may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability The Company's participation in these plans is outlined in the following table. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2022 and 2021 is for the plan's year-end at December 31, 2021, and December 31, 2020, respectively. The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are between 65 percent and 80 percent funded, and plans in the green zone are at least 80 percent funded. EIN/Pension Plan Number Pension Protection Act Zone Status FIP/RP Status Pending/Implemented Contributions Surcharge Imposed Expiration Date Pension Fund 2022 2021 2022 2021 2020 (In thousands) Edison Pension Plan 936061681-001 Green Green No $ 18,750 $ 18,331 $ 16,121 No 12/31/2023 IBEW Local 212 Pension Trust 316127280-001 Green as of 4/30/2021 Green as of 4/30/2021 No 1,622 1,733 1,521 No 6/1/2025 IBEW Local 357 Pension Plan A 886023284-001 Green Green No 12,876 6,485 9,913 No 5/31/2024 IBEW Local 82 Pension Plan 316127268-001 Green as of 6/30/2022 Green as of 6/30/2021 No 1,854 1,353 1,373 No 12/3/2023 IBEW Local 648 Pension Plan 316134845-001 Yellow as of 2/28/2022 Yellow as of 02/28/2021 Implemented 915 706 526 No 9/1/2024 IBEW Local 683 Pension Fund Pension Plan 341442087-001 Green Green No 3,362 1,238 1,240 No 5/26/2024 Idaho Plumbers and Pipefitters Pension Plan 826010346-001 Green as of 5/31/2022 Green as of 5/31/2021 No 1,613 1,528 1,370 No 3/31/2023 National Electrical Benefit Fund 530181657-001 Green Green No 18,060 14,361 14,484 No 5/31/2022- 5/31/2027 * Pension and Retirement Plan of Plumbers and Pipefitters Local 525 886003864-001 Green as of 6/30/2022 Green as of 6/30/2021 No 6,304 4,345 6,266 No 9/30/2024 Pension Trust Fund for Operating Engineers 946090764-001 Yellow Yellow Implemented 2,484 2,495 2,680 No 3/31/2023- 6/15/2026 Sheet Metal Workers Pension Plan of Southern CA, AZ, and NV 956052257-001 Green Yellow Implemented 3,400 2,615 3,255 No 6/30/2024 Western Conference of Teamsters Pension Plan 916145047-001 Green Green No 3,127 3,006 3,025 No 12/31/2023- 12/31/2025 Other funds 26,909 24,192 23,670 Total contributions $ 101,276 $ 82,388 $ 85,444 * Plan includes contributions required by collective bargaining agreements which have expired but contain provisions automatically renewing their terms in the absence of a subsequent negotiated agreement. The Company was listed in the plans' Forms 5500 as providing more than 5 percent of the total contributions for the following plans and plan years: Pension Fund Year Contributions to Plan Exceeded More Than 5 Percent Edison Pension Plan 2021 and 2020 IBEW Local 82 Pension Plan 2021 and 2020 IBEW Local 124 Pension Trust Fund 2021 and 2020 IBEW Local 212 Pension Trust Fund 2021 and 2020 IBEW Local 357 Pension Plan A 2021 and 2020 IBEW Local 648 Pension Plan 2021 and 2020 IBEW Local 683 Pension Fund Pension Plan 2021 and 2020 IBEW Local Union No 226 Open End Pension Fund 2020 Idaho Plumbers and Pipefitters Pension Plan 2021 and 2020 International Union of Operating Engineers Local 701 Pension Trust Fund 2021 and 2020 Minnesota Teamsters Construction Division Pension Fund 2021 and 2020 Pension and Retirement Plan of Plumbers and Pipefitters Local 525 2021 and 2020 Southwest Marine Pension Trust 2021 and 2020 The Company also contributes to a number of multiemployer other postretirement plans under the terms of collective-bargaining agreements that cover its union-represented employees. These plans provide benefits such as health insurance, disability insurance and life insurance to retired union employees. Many of the multiemployer other postretirement plans are combined with active multiemployer health and welfare plans. The Company's total contributions to its multiemployer other postretirement plans, which also includes contributions to active multiemployer health and welfare plans, were $81.0 million, $66.1 million and $63.8 million for the years ended December 31, 2022, 2021 and 2020, respectively. Amounts contributed in 2022, 2021 and 2020 to defined contribution multiemployer plans were $67.9 million, $54.8 million and $54.2 million, respectively. |
Jointly owned facilities
Jointly owned facilities | 12 Months Ended |
Dec. 31, 2022 | |
Regulated Operations [Abstract] | |
Jointly owned facilities | Jointly Owned Facilities The consolidated financial statements include the Company's ownership interests in three coal-fired electric generating facilities (Big Stone Station, Coyote Station and Wygen III) and one major transmission line (BSSE). Each owner of the jointly owned facilities is responsible for financing its investment. The Company's share of the jointly owned facilities operating expenses was reflected in the appropriate categories of operating expenses (electric fuel and purchased power; operation and maintenance; and taxes, other than income) in the Consolidated Statements of Income. At December 31, the Company's share of the cost of utility plant in service, construction work in progress and related accumulated depreciation for the jointly owned facilities was as follows: Ownership Percentage 2022 2021 (In thousands) Big Stone Station: 22.7 % Utility plant in service $ 157,699 $ 157,259 Construction work in progress 231 571 Less accumulated depreciation 48,590 47,293 $ 109,340 $ 110,537 BSSE: 50.0 % Utility plant in service $ 107,260 $ 107,424 Construction work in progress — — Less accumulated depreciation 6,182 4,506 $ 101,078 $ 102,918 Coyote Station: 25.0 % Utility plant in service $ 158,274 $ 157,764 Construction work in progress 1,807 784 Less accumulated depreciation 111,203 109,202 $ 48,878 $ 49,346 Wygen III: 25.0 % Utility plant in service $ 66,238 $ 66,357 Construction work in progress 273 108 Less accumulated depreciation 12,477 11,383 $ 54,034 $ 55,082 |
Regulatory matters
Regulatory matters | 12 Months Ended |
Dec. 31, 2022 | |
Regulated Operations [Abstract] | |
Regulatory matters | Regulatory Matters The Company regularly reviews the need for electric and natural gas rate changes in each of the jurisdictions in which service is provided. The Company files for rate adjustments to seek recovery of operating costs and capital investments, as well as reasonable returns as allowed by regulators. Certain regulatory proceedings and cases may also contain recurring mechanisms that can have an annual true-up. Examples of these recurring mechanisms include: infrastructure riders, transmission trackers, renewable resource cost adjustment riders, as well as weather normalization and decoupling mechanisms. The following paragraphs summarize the Company's significant open regulatory proceedings and cases by jurisdiction. The Company is unable to predict the ultimate outcome of these matters, the timing of final decisions of the various regulators and courts, or the effect on the Company's results of operations, financial position or cash flows. IPUC Intermountain filed a request with the IPUC for a natural gas general rate increase on December 1, 2022. The request is for an increase of $11.3 million annually or 3.2 percent above current rates. The requested increase is primarily to recover investments made since the last rate case in 2016 and the depreciation, operation and maintenance expenses and taxes associated with the increased investments. The IPUC has up to seven months to issue a decision on the request, which is currently pending. Intermountain defers the difference between the actual cost of gas spent to serve customers and the amount approved to be recovered from customers and annually prepares a true-up pursuant to the purchased gas adjustment tariff. On December 27, 2022, Intermountain filed an application with the IPUC for an out-of-cycle cost of gas adjustment requesting an increase in rates of approximately $56.5 million annually or approximately 17.1 percent above current rates. The primary reason for the requested increase was to mitigate the under-collection balance due to the significant increase in the commodity price for natural gas. On January 30, 2023, the request was approved with rates effective February 1, 2023. MNPUC Great Plains defers the difference between the actual cost of gas spent to serve customers and that recovered from customers on a monthly basis. Annually, Great Plains prepares a true-up pursuant to the purchased gas adjustment tariff. On August 30, 2021, the MNPUC issued an order to allow Great Plains recovery of an out-of-cycle cost of gas adjustment of $8.8 million over a period of 27 months. The order was effective September 1, 2021, and was subject to a prudence review by the MNPUC. The requested increase was for the February 2021 extreme cold weather, primarily in the central United States, and market conditions surrounding the natural gas commodity market. On October 19, 2022, the MNPUC issued a final order disallowing $845,000 of the gas costs. These costs, which were deferred as a regulatory asset in natural gas costs recoverable through rate adjustments, were then recorded to expense as they were no longer recoverable from customers. On November 8, 2022, Great Plains filed a request for reconsideration, which was denied by the MNPUC on January 6, 2023. On June 1, 2022, Great Plains filed an application with the MNPUC for a decrease in its depreciation and amortization rates of approximately $1.2 million annually or a decrease from a combined rate of 4.5 percent to 2.8 percent. Great Plains requested the rates be retroactive to January 1, 2022. On November 8, 2022, the MNPUC approved a decrease of $1.0 million annually with rates retroactive to January 1, 2022. MTPSC On November 4, 2022, Montana-Dakota filed an application with the MTPSC for an electric general rate increase of approximately $10.5 million annually or 15.2 percent above current rates. The requested increase is primarily to recover investments made since the last rate case, including the Heskett 4 gas turbine, increases in operation and maintenance expenses, and increases in property taxes. On January 24, 2023, the MTPSC approved Montana-Dakota's request for an interim increase of approximately $1.7 million or 2.7 percent above current rates, subject to refund, effective February 1, 2023. The MTPSC has 9 months to render a final decision on the rate case. The matter is pending before the MTPSC with a hearing scheduled for June 20, 2023. NDPSC On May 16, 2022, Montana-Dakota filed an application with the NDPSC for an electric general rate increase of approximately $25.4 million annually or 12.3 percent above current rates. The requested increase is primarily to recover investments in production, transmission and distribution facilities and the associated depreciation, operation and maintenance expenses and taxes associated with the increased investment. On July 14, 2022, the NDPSC approved an interim rate increase of approximately $10.9 million annually or 5.3 percent above current rates, subject to refund, for service rendered on and after July 15, 2022. The lower interim rate increase is largely due to excluding the recovery of Heskett Unit 4, which is expected to be in service in the summer of 2023. The matter is pending before the NDPSC with a hearing scheduled for May 1, 2023. Montana-Dakota has a renewable resource cost adjustment rate tariff that allows for annual adjustments for recent projected capital costs and related expenses for projects determined to be recoverable under the tariff. On November 1, 2022, Montana-Dakota filed an annual update to its renewable resource cost adjustment requesting to recover a revenue requirement of approximately $17.9 million annually, which was revised to $17.0 million annually on January 31, 2023. The update reflects a decrease of approximately $1.0 million from the revenues currently included in rates. On February 22, 2023, this matter was approved by the NDPSC with rates effective March 1, 2023. WUTC On March 24, 2022, Cascade filed a request for tariff revision with the WUTC to rectify an inadvertent IRS normalization violation resulting from its tariff established in 2018 that passes back to customers the reversal of plant-related excess deferred income taxes through an annual rate adjustment. This request was made in response to the issuances of an IRS private letter ruling to another Washington utility with the same annual rate adjustment tariff, which addressed its normalization violations. The private letter ruling concluded the tariff to refund excess deferred income taxes without corresponding adjustments for other components of rate base or changes in depreciation or income tax expense, is an impermissible methodology under the IRS normalization and consistency rules. Cascade's request proposes a similar remedy through the tariff to recover the excess amounts refunded to customers while this tariff has been in place, and revises the method going forward to reflect excess deferred income taxes in rates in the same manner as other components of rate base from its most recent general rate case. Cascade requested recovery of the excess refunded to customers of approximately $3.3 million and elimination of the currently deferred but not yet refunded balance. A multi-party settlement was filed with the WUTC on October 21, 2022. On January 23, 2023, the WUTC denied recovery of the excess refunded to customers, but approved the tariff revision going forward to rectify the inadvertent normalization violation. On February 1, 2023, Cascade filed a motion for clarification with the WUTC on the currently deferred but not yet refunded balance. FERC On September 1, 2022, Montana-Dakota filed an update to its transmission formula rate under the MISO tariff for its multi-value project and network upgrade charges for $15.4 million, which was effective January 1, 2023. On January 27, 2023, WBI Energy Transmission filed a general rate case with the FERC for increases in its transportation and storage services rates that also includes a Greenhouse Gas Cost Recovery Mechanism for anticipated future costs. New rates will be in effect no later than August 1, 2023. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and Contingencies The Company is party to claims and lawsuits arising out of its business and that of its consolidated subsidiaries, which may include, but are not limited to, matters involving property damage, personal injury, and environmental, contractual, statutory and regulatory obligations. 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. Accruals are based on the best information available, but in certain situations management is unable to estimate an amount or range of a reasonably possible loss including, but not limited to when: (1) the damages are unsubstantiated or indeterminate, (2) the proceedings are in the early stages, (3) numerous parties are involved, or (4) the matter involves novel or unsettled legal theories. At December 31, 2022 and 2021, the Company accrued liabilities which have not been discounted of $32.9 million and $37.0 million, respectively. At December 31, 2022 and 2021, the Company also recorded corresponding insurance receivables of $10.4 million and $14.1 million, respectively, and regulatory assets of $20.9 million and $21.2 million, respectively, related to the accrued liabilities. The accruals are for contingencies resulting from litigation and environmental matters. This includes amounts that have been accrued for matters discussed in Environmental matters within this note. The Company will continue to monitor each matter and adjust accruals as might be warranted based on new information and further developments. Management believes that the outcomes with respect to probable and reasonably possible losses in excess of the amounts accrued, net of insurance recoveries, while uncertain, either cannot be estimated or will not have a material effect upon the Company's financial position, results of operations or cash flows. Unless otherwise required by GAAP, legal costs are expensed as they are incurred. 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 the riverbed site adjacent to a commercial property site acquired by Knife River - Northwest from Georgia-Pacific West, Inc. along the Willamette River. The riverbed site is part of the Portland, Oregon, Harbor Superfund Site where the EPA wants responsible parties to share in the costs of cleanup. The EPA entered into a consent order with certain other PRPs referred to as the Lower Willamette Group for a remedial investigation and feasibility study. The Lower Willamette Group has indicated that it has incurred over $115.0 million in investigation related costs. Knife River - Northwest has joined with approximately 100 other PRPs, including the Lower Willamette Group members, in a voluntary process to establish an allocation of costs for the site. Costs to be allocated would include costs incurred by the Lower Willamette Group as well as costs to implement and fund remediation of the site. In January 2017, the EPA issued a Record of Decision adopting a selected remedy which is expected to take 13 years to complete with a then estimated present value of approximately $1 billion. Corrective action will not be taken until remedial design/remedial action plans are approved by the EPA. In 2020, the EPA encouraged certain PRPs to enter into consent agreements to perform remedial design covering the entire site and proposed dividing the site into multiple subareas for remedial design. Certain PRPs executed consent agreements for remedial design work and certain others were issued unilateral administrative orders to perform design work. Knife River - Northwest is not subject to either a voluntary agreement or unilateral order to perform remedial design work. In February 2021, the EPA announced that 100 percent of the site's area requiring active cleanup is in the remedial design process. Site-wide remediation activities are not expected to commence for a number of years. Knife River - Northwest was also notified 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 site. It is not possible to estimate the costs of natural resource damages until an assessment is completed and allocations are undertaken. At this time, Knife River - Northwest does not believe it is a responsible party and 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. 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. Manufactured Gas Plant Sites Claims have been made against Cascade for cleanup of environmental contamination at manufactured gas plant sites operated by Cascade's predecessors and a similar claim has been made against Montana-Dakota for a site operated by Montana-Dakota and its predecessors. Any accruals related to these claims are reflected in regulatory assets. For more information, see Note 6. Demand has been made of Montana-Dakota to participate in investigation and remediation of environmental contamination at a site in Missoula, Montana. The site operated as a former manufactured gas plant from approximately 1907 to 1938 when it was converted to a butane-air plant that operated until 1956. Montana-Dakota or its predecessors owned or controlled the site for a period of the time it operated as a manufactured gas plant and Montana-Dakota operated the butane-air plant from 1940 to 1951, at which time it sold the plant. There are no documented wastes or by-products resulting from the mixing or distribution of butane-air gas. Preliminary assessment of a portion of the site provided a recommended remedial alternative for that portion of approximately $560,000. However, the recommended remediation would not address any potential contamination to adjacent parcels that may be impacted from historic operations of the manufactured gas plant. An environmental assessment was started in 2020, which is estimated to cost approximately $1.8 million. The environmental assessment report is expected to be submitted to the MTDEQ in 2024. Montana-Dakota and another party agreed to voluntarily investigate and remediate the site and that Montana-Dakota will pay two-thirds of the costs for further investigation and remediation of the site. Montana-Dakota has accrued costs of $725,000 for the remediation and investigation costs, and has incurred costs of $922,000 as of December 31, 2022. Montana-Dakota received notice from a prior insurance carrier that it will participate in payment of defense costs incurred in relation to the claim. On December 9, 2021, Montana Dakota filed an application with the MTPSC for deferred accounting treatment for costs associated with the investigation and remediation of the site. The MTPSC approved the application for deferred accounting treatment as requested on July 26, 2022. A claim was made against Cascade for contamination at the Bremerton Gasworks Superfund Site in Bremerton, Washington, which was received in 1997. A preliminary investigation has found soil and groundwater at the site contain impacts 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 confirmed that impacts have affected soil and groundwater at the site, as well as sediments in the adjacent Port Washington Narrows. 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 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. Current estimates for the cost to complete the remedial investigation and feasibility study are approximately $12.1 million of which $9.9 million has been incurred as of December 31, 2022. Based on the site investigation, preliminary remediation alternative costs were provided by consultants in August 2020. The preliminary information received through the completion of the data report allowed for the projection of possible costs for a variety of site configurations, remedial measures and potential natural resource damage claims of between $13.6 million and $71.0 million. At December 31, 2022, Cascade has accrued $2.2 million for the remedial investigation and feasibility study, as well as $17.5 million for remediation of this site. The accrual for remediation costs will be reviewed and adjusted, if necessary, after the completion of the feasibility study. In April 2010, Cascade filed a petition with the WUTC for authority to defer the costs 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. A claim was made against Cascade for impacts 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 impacts from a manufactured gas plant owned by Cascade and its predecessor from about 1946 to 1962. Other PRPs reached an agreed order and work plan with the Washington DOE for completion of a remedial investigation and feasibility study for the site. A feasibility study prepared for one of the PRPs in March 2018 identifies five cleanup action alternatives for the site with estimated costs ranging from $8.0 million to $20.4 million with a selected preferred alternative having an estimated total cost of $9.3 million. The other PRPs developed a cleanup action plan and completed public review in 2020. The development of the remediation design is underway, with the Draft Pre-Remedial Design Investigation Data Report submitted to Washington Ecology in early 2023. The remedy construction is expected to occur following the approval of the final design. 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, the plant converted 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 recorded an accrual for this site for an amount that is not material. The Company has received notices from and entered into agreements with certain of its insurance carriers that they will participate in the defense for certain 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, the Company intends to seek recovery of remediation costs through its natural gas rates charged to customers. Purchase commitments The Company has entered into various commitments largely consisting of contracts for natural gas and coal supply; purchased power; natural gas transportation and storage; asphalt oil supply; royalties; information technology; and construction materials. Certain of these contracts are subject to variability in volume and price. The commitment terms vary in length, up to 37 years. The commitments under these contracts as of December 31, 2022, were: 2023 2024 2025 2026 2027 Thereafter (In thousands) Purchase commitments $ 712,875 $ 258,074 $ 158,152 $ 103,677 $ 81,619 $ 676,489 These commitments were not reflected in the Company's consolidated financial statements. Amounts purchased under various commitments for the years ended December 31, 2022, 2021 and 2020, were $1.0 billion, $849.3 million and $666.0 million, respectively. Guarantees Certain subsidiaries of the Company have outstanding guarantees to third parties that guarantee the performance of other subsidiaries of the Company. These guarantees are related to construction contracts, insurance deductibles and loss limits, and certain other guarantees. At December 31, 2022, the fixed maximum amounts guaranteed under these agreements aggregated $341.8 million. Certain of the guarantees also have no fixed maximum amounts specified. The amounts of scheduled expiration of the maximum amounts guaranteed under these agreements aggregate to $51.3 million in 2023; $148.4 million in 2024; $126.8 million in 2025; $1.3 million in 2026; $800,000 in 2027; $1.7 million thereafter; and $11.5 million, which has no scheduled maturity date. There were no amounts outstanding under the previously mentioned guarantees at December 31, 2022. 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 December 31, 2022, the fixed maximum amounts guaranteed under these letters of credit aggregated $30.0 million. The amounts of scheduled expiration of the maximum amounts guaranteed under these letters of credit aggregate to $29.5 million in 2023 and $500,000 in 2024. There were no amounts outstanding under the previously mentioned letters of credit at December 31, 2022. In the event of default under these letter of credit obligations, the subsidiary guaranteeing the letter of credit would be obligated for reimbursement of payments made under the 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 were reflected on the Consolidated Balance Sheet at December 31, 2022. 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 December 31, 2022, approximately $1.3 billion 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. 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 Consolidated Balance Sheets and is recovered from customers as a component of electric 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 that 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 December 31, 2022, 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 $29.5 million. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events On January 20, 2023, Cascade entered into a $150.0 million term loan agreement with a SOFR-based variable interest rate and a maturity date of January 19, 2024. The agreement contains customary covenants and provisions, including a covenant of Cascade not to permit, at any time, the ratio of total debt to total capitalization to be greater than 65 percent. The covenants also include certain restrictions on the sale of certain assets, loans and investments. On January 20, 2023, Intermountain entered into a $125.0 million term loan agreement with a SOFR-based variable interest rate and a maturity date of January 19, 2024. The agreement contains customary covenants and provisions, including a covenant of Intermountain not to permit, at any time, the ratio of total debt to total capitalization to be greater than 65 percent. The covenants also include certain restrictions on the sale of certain assets, loans and investments. |
Schedule I-Condensed Financial
Schedule I-Condensed Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule I-Condensed Financial Information of Registrant | Condensed Financial Information of Registrant (Unconsolidated) Condensed Statements of Income and Comprehensive Income Years ended December 31, 2022 2021 2020 (In thousands) Operating revenues $ — $ — $ — Operating expenses 14,323 — — Operating loss (14,323) — — Other income — — — Interest expense — — — Loss before income taxes (14,323) — — Income taxes (1,623) — — Equity in earnings of subsidiaries from continuing operations 379,976 377,731 390,527 Income from continuing operations 367,276 377,731 390,527 Equity in earnings (loss) of subsidiaries from discontinued operations 213 400 (322) Net income $ 367,489 $ 378,131 $ 390,205 Comprehensive income $ 377,910 $ 385,205 $ 384,229 The accompanying notes are an integral part of these condensed financial statements. Condensed Balance Sheets December 31, 2022 2021 (In thousands, except shares and per share amounts) Assets Current assets: Cash and cash equivalents $ 19,486 $ 6,159 Receivables, net 4,410 6,120 Accounts receivable from subsidiaries 53,285 49,696 Prepayments and other current assets 3,237 2,528 Total current assets 80,418 64,503 Noncurrent assets Investments 50,206 55,686 Investment in subsidiaries 3,581,754 3,368,537 Deferred income taxes 12,668 7,364 Operating lease right-of-use assets 72 114 Other 2,068 26,558 Total noncurrent assets 3,646,768 3,458,259 Total assets $ 3,727,186 $ 3,522,762 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 2,354 $ 2,546 Accounts payable to subsidiaries 4,402 6,133 Taxes payable 572 1,672 Dividends payable 45,246 44,229 Accrued compensation 4,312 4,098 Operating lease liabilities due within one year 42 52 Other accrued liabilities 17,907 7,309 Total current liabilities 74,835 66,039 Noncurrent liabilities: Operating lease liabilities 30 62 Other 65,192 73,787 Total noncurrent liabilities 65,222 73,849 Commitments and contingencies Stockholders' equity: Common stock Authorized - 500,000,000 shares, $1.00 par value Shares issued - 204,162,814 at December 31, 2022 and 203,889,661 at December 31, 2021 204,163 203,889 Other paid-in capital 1,466,037 1,461,205 Retained earnings 1,951,138 1,762,410 Accumulated other comprehensive loss (30,583) (41,004) Treasury stock at cost - 538,921 shares (3,626) (3,626) Total stockholders' equity 3,587,129 3,382,874 Total liabilities and stockholders' equity $ 3,727,186 $ 3,522,762 The accompanying notes are an integral part of these condensed financial statements. Condensed Statements of Cash Flows Years ended December 31, 2022 2021 2020 (In thousands) Net cash provided by operating activities $ 242,199 $ 187,297 $ 226,642 Investing activities: Investments in and advances to subsidiaries (45,000) (102,000) (67,000) Investments (885) (391) (4) Net cash used in investing activities (45,885) (102,391) (67,004) Financing activities: Proceeds from issuance of common stock (149) 88,767 3,385 Dividends paid (176,915) (171,354) (166,405) Repurchase of common stock (3,525) (2,992) — Tax withholding on stock-based compensation (2,398) (1,949) (163) Net cash used in financing activities (182,987) (87,528) (163,183) Increase (decrease) in cash and cash equivalents 13,327 (2,622) (3,545) Cash and cash equivalents - beginning of year 6,159 8,781 12,326 Cash and cash equivalents - end of year $ 19,486 $ 6,159 $ 8,781 The accompanying notes are an integral part of these condensed financial statements. Note 1 - Summary of Significant Accounting Policies Basis of presentation The condensed financial information reported in Schedule I is being presented to comply with Rule 12-04 of Regulation S-X. The information is unconsolidated and is presented for the parent company only, MDU Resources Group, Inc. (the Company) as of and for the years ended December 31, 2022, 2021 and 2020. In Schedule I, investments in subsidiaries are presented under the equity method of accounting where the assets and liabilities of the subsidiaries are not consolidated. The investments in net assets of the subsidiaries are recorded on the Condensed Balance Sheets. The income from subsidiaries is reported as equity in earnings of subsidiaries on the Condensed Statements of Income. The material cash inflows on the Condensed Statements of Cash Flows are primarily from the dividends and other payments received from its subsidiaries and the proceeds raised from the issuance of equity securities. The consolidated financial statements of the Company reflect certain businesses as discontinued operations. These statements should be read in conjunction with the consolidated financial statements and notes thereto of the Company. Earnings per common share Please refer to the Consolidated Statements of Income of the registrant for earnings per common share. In addition, see Item 8 - Note 2 for information on the computation of earnings per common share. Note 2 - Debt At December 31, 2022, the Company had no long-term debt maturities. For more information on debt, see Item 8 - Note 9. Note 3 - Dividends The Company depends on earnings and dividends from its subsidiaries to pay dividends on common stock. Cash dividends paid to the Company by subsidiaries were $242.1 million, $188.1 million and $228.4 million for the years ended December 31, 2022, 2021 and 2020, respectively. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation | The abbreviations and acronyms used throughout are defined following the Notes to Consolidated Financial Statements. The consolidated financial statements of the Company include the accounts of the following businesses: electric, natural gas distribution, pipeline, construction materials and contracting, construction services and other. The electric and natural gas distribution businesses, as well as a portion of the pipeline business, are regulated. Construction materials and contracting, construction services and the other businesses, as well as a portion of the pipeline business, are non-regulated. For further descriptions of the Company's businesses, see Note 17. On August 4, 2022, the Company announced its board of directors unanimously approved a plan to pursue the separation of Knife River from the Company. The separation is planned as a tax-free spinoff transaction to the Company’s stockholders for U.S. federal income tax purposes. As the next step of the Company’s strategic planning, on November 3, 2022, the Company announced its intention to create two pure-play publicly traded companies, one focused on regulated energy delivery and the other on construction materials, and to achieve this future structure, the board authorized management to commence a strategic review process of MDU Construction Services. Discontinued operations include the supporting activities of Fidelity and the assets and liabilities of the Company's discontinued operations have been classified as held for sale and are included in prepayments and other current assets, noncurrent assets - other and other accrued liabilities on the Consolidated Balance Sheets and are not material to the financial statements for any period presented. The results and supporting activities are shown in income (loss) from discontinued operations on the Consolidated Statements of Income. Unless otherwise indicated, the amounts presented in the accompanying notes to the consolidated financial statements relate to the Company's continuing operations. Management has also evaluated the impact of events occurring after December 31, 2022, up to the date of issuance of these consolidated financial statements on February 24, 2023, that would require recognition or disclosure in the financial statements. |
Consolidation, Policy | Principles of consolidation The consolidated financial statements were prepared in accordance with GAAP and include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation, except for certain transactions related to the Company's regulated operations in accordance with GAAP. For more information on intercompany revenues, see Note 17. The statements also include the Company's ownership interests in the assets, liabilities and expenses of jointly owned electric transmission and generating facilities. See Note 19 for additional information. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Estimates are used for items such as long-lived assets and goodwill; fair values of acquired assets and liabilities under the acquisition method of accounting; aggregate reserves; property depreciable lives; tax provisions; revenue recognized using the cost-to-cost measure of progress for contracts; expected credit losses; environmental and other loss contingencies; regulatory assets expected to be recovered in rates charged to customers; costs on construction contracts; unbilled revenues; actuarially determined benefit costs; asset retirement obligations; lease classification; present value of right-of-use assets and lease liabilities; and the valuation of stock-based compensation. As additional information becomes available, or actual amounts are determinable, the recorded estimates are revised. Consequently, operating results can be affected by revisions to prior accounting estimates. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
New accounting standards | New accounting standards The following table provides a brief description of the accounting pronouncements applicable to the Company and the potential impact on its financial statements and or disclosures: Standard Description Effective date Impact on financial statements/disclosures Recently adopted accounting standards ASU 2021-10 - Government Assistance In November 2021, the FASB issued guidance on modifying the disclosure requirements to increase the transparency of government assistance including disclosure of the types of assistance, an entity's accounting for the assistance and the effect of the assistance on an entity's financial statements. January 1, 2022 The Company determined the guidance did not have a material impact on its disclosures for the year ended December 31, 2022. ASU 2020-04 - Reference Rate Reform In March 2020, the FASB issued optional guidance to ease the facilitation of the effects of reference rate reform on financial reporting. The guidance applies to certain contract modifications, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. Beginning January 1, 2022, LIBOR or other discontinued reference rates cannot be applied to new contracts. New contracts will incorporate a new reference rate, which includes SOFR. LIBOR or other discontinued reference rates cannot be applied to contract modifications or hedging relationships entered into or evaluated after December 31, 2022. Existing contracts referencing LIBOR or other reference rates expected to be discontinued must identify a replacement rate by June 30, 2023. Effective as of March 12, 2020 through December 31, 2022 For more information, see ASU 2022-06 - Reference Rate Reform: Deferral of Sunset Date in recently issued accounting standards not yet adopted. Recently issued accounting standards not yet adopted ASU 2022-06 - Reference Rate Reform: Deferral of Sunset Date In December 2022, the FASB included a sunset provision within ASC 848 based on expectations of when LIBOR would cease being published. At the time ASU 2020-04 was issued, the UK Financial Conduct Authority had established its intent to cease overnight tenors of LIBOR after December 31, 2021. In March 2021, the UK Financial Conduct Authority announced that the intended cessation date of the overnight tenors of LIBOR would be June 30, 2023 which is beyond the current sunset date of ASC 848. The amendments in this Update defer the sunset date of ASC 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in ASC 848. December 31, 2024 The Company has updated its credit agreements to include language regarding the successor or alternate rate to LIBOR, and a review of other contracts and agreements is on-going. The Company does not expect the guidance to have a material impact on its results of operations, financial position, cash flows or disclosures. |
Cash and cash equivalents | Cash and cash equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. |
Revenue recognition | Revenue is recognized when a performance obligation is satisfied by transferring control over a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. The Company is considered an agent for certain taxes collected from customers. As such, the Company presents revenues net of these taxes at the time of sale to be remitted to governmental authorities, including sales and use taxes. The electric and natural gas distribution segments generate revenue from the sales of electric and natural gas products and services, which includes retail and transportation services. These segments establish a customer's retail or transportation service account based on the customer's application/contract for service, which indicates approval of a contract for service. The contract identifies an obligation to provide service in exchange for delivering or standing ready to deliver the identified commodity; and the customer is obligated to pay for the service as provided in the applicable tariff. The product sales are based on a fixed rate that includes a base and per-unit rate, which are included in approved tariffs as determined by state or federal regulatory agencies. The quantity of the commodity consumed or transported determines the total per-unit revenue. The service provided, along with the product consumed or transported, are a single performance obligation because both are required in combination to successfully transfer the contracted product or service to the customer. Revenues are recognized over time as customers receive and consume the products and services. The method of measuring progress toward the completion of the single performance obligation is on a per-unit output method basis, with revenue recognized based on the direct measurement of the value to the customer of the goods or services transferred to date. For contracts governed by the Company’s utility tariffs, amounts are billed monthly with the amount due between 15 and 22 days of receipt of the invoice depending on the applicable state’s tariff. For other contracts not governed by tariff, payment terms are net 30 days. At this time, the segment has no material obligations for returns, refunds or other similar obligations. The pipeline segment generates revenue from providing natural gas transportation and underground storage services, as well as other energy-related services to both third parties and internal customers, largely the natural gas distribution segment. The pipeline segment establishes a contract with a customer based upon the customer’s request for firm or interruptible natural gas transportation or storage service(s). The contract identifies an obligation for the segment to provide the requested service(s) in exchange for consideration from the customer over a specified term. Depending on the type of service(s) requested and contracted, the service provided may include transporting or storing an identified quantity of natural gas and/or standing ready to deliver or store an identified quantity of natural gas. Natural gas transportation and storage revenues are based on fixed rates, which may include reservation fees and/or per-unit commodity rates. The services provided by the segment are generally treated as single performance obligations satisfied over time simultaneous to when the service is provided and revenue is recognized. Rates for the segment’s regulated services are based on its FERC approved tariff or customer negotiated rates, and rates for its non-regulated services are negotiated with its customers and set forth in the contract. For contracts governed by the company’s tariff, amounts are billed on or before the ninth business day of the following month and the amount is due within 12 days of receipt of the invoice. For other contracts not governed by the tariff, payment terms are net 30 days. At this time, the segment has no material obligations for returns, refunds or other similar obligations. The construction materials and contracting segment generates revenue from contracting services and construction materials sales. This segment focuses on the vertical integration of its contracting services with its construction materials to support the aggregate-based product lines. This segment provides contracting services to a customer when a contract has been signed by both the customer and a representative of the segment obligating a service to be provided in exchange for the consideration identified in the contract. The nature of the services this segment provides generally include integrating a set of services and related construction materials into a single project to create a distinct bundle of goods and services, which the Company has determined are single performance obligations. The transaction price includes the fixed consideration required pursuant to the original contract price together with any additional consideration, to which the Company expects to be entitled to, associated with executed change orders plus the estimate of variable consideration to which the Company expects to be entitled, subject to the following constraint. The nature of this segment's contracts gives rise to several types of variable consideration. Examples of variable consideration include: liquidated damages; performance bonuses or incentives and penalties; claims; unpriced change orders; and index pricing. The variable amounts usually arise upon achievement of certain performance metrics or change in project scope. The Company estimates the amount of revenue to be recognized on variable consideration using one of the two prescribed estimation methods, the expected value method or the most likely amount method, depending on which method best predicts the most likely amount of consideration the Company expects to be entitled to or expects to incur. Assumptions as to the occurrence of future events and the likelihood and amount of variable consideration are made during the contract performance period. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on the assessment of anticipated performance and all information (historical, current and forecasted) that is reasonably available to management. The Company only includes variable consideration in the estimated transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur or when the uncertainty associated with the variable consideration is resolved. Changes in circumstances could impact management's estimates made in determining the value of variable consideration recorded. When determining if the variable consideration is constrained, the Company considers if factors exist that could increase the likelihood or the magnitude of a potential reversal of revenue. The Company updates its estimate of the transaction price each reporting period and the effect of variable consideration on the transaction price is recognized as an adjustment to revenue on a cumulative catch-up basis. Contract revenue is recognized over time using an input method based on the cost-to-cost measure of progress on a project. This is the preferred method of measuring revenue because the costs incurred have been determined to represent the best indication of the overall progress toward the transfer of such goods or services promised to a customer. Under the cost-to-cost measure of progress, the costs incurred are compared with total estimated costs of a performance obligation. Revenues are recorded proportionately to the costs incurred. The percentage of completion is determined on a performance obligation basis. This segment also sells construction materials to third parties and internal customers. The contract for material sales is the use of a sales order or an invoice, which includes the pricing and payment terms. All material contracts contain a single performance obligation for the delivery of a single distinct product or a distinct separately identifiable bundle of products and services. Revenue is recognized at a point in time when the performance obligation has been satisfied with the delivery of the products or services. The warranties associated with the sales are those consistent with a standard warranty that the product meets certain specifications for quality or those required by law. For most contracts, amounts billed to customers are due within 30 days of receipt. There are no material obligations for returns, refunds or other similar obligations. The construction services segment generates revenue from specialty contracting services which also includes the sale of construction equipment and other supplies. This segment provides specialty contracting services to a customer when a contract has been signed by both the customer and a representative of the segment obligating a service to be provided in exchange for the consideration identified in the contract. The nature of the services this segment provides generally includes multiple promised goods and services in a single project to create a distinct bundle of goods and services, which the Company has determined are single performance obligations. The transaction price includes the fixed consideration required pursuant to the original contract price together with any additional consideration, to which the Company expects to be entitled to, associated with executed change orders plus the estimate of variable consideration to which the Company expects to be entitled, subject to the following constraint. The nature of the segment's contracts gives rise to several types of variable consideration. Examples of variable consideration include: liquidated damages; performance bonuses or incentives and penalties; claims; unpriced change orders; and index pricing. The variable amounts usually arise upon achievement of certain performance metrics or change in project scope. The Company estimates the amount of revenue to be recognized on variable consideration using one of the two prescribed estimation methods, the expected value method or the most likely amount method, depending on which method best predicts the most likely amount of consideration the Company expects to be entitled to or expects to incur. Assumptions as to the occurrence of future events and the likelihood and amount of variable consideration are made during the contract performance period. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on the assessment of anticipated performance and all information (historical, current, and forecasted) that is reasonably available to management. The Company only includes variable consideration in the estimated transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur or when the uncertainty associated with the variable consideration is resolved. Changes in circumstances could impact management's estimates made in determining the value of variable consideration recorded. When determining if the variable consideration is constrained, the Company considers if factors exist that could increase the likelihood or the magnitude of a potential reversal of revenue. The Company updates its estimate of the transaction price each reporting period and the effect of variable consideration on the transaction price is recognized as an adjustment to revenue on a cumulative catch-up basis. Contract revenue is recognized over time using the input method based on the measurement of progress on a project. This is the preferred method of measuring revenue because the costs incurred have been determined to represent the best indication of the overall progress toward the transfer of such goods or services promised to a customer. Under the cost-to-cost measure of progress, the costs incurred are compared with total estimated costs of a performance obligation. Revenues are recorded proportionately to the costs incurred. This segment also sells construction equipment and other supplies to third parties and internal customers. The contract for these sales is the use of a sales order or invoice, which includes the pricing and payment terms. All such contracts include a single performance obligation for the delivery of a single distinct product or a distinct separately identifiable bundle of products and services. Revenue is recognized at a point in time when the performance obligation has been satisfied with the delivery of the products or services. The warranties associated with the sales are those consistent with a standard warranty that the product meets certain specifications for quality or those required by law. For most contracts, amounts billed to customers are due within 30 days of receipt. There are no material obligations for returns, refunds or other similar obligations. The Company recognizes all other revenues when services are rendered or goods are delivered. |
Legal costs | The Company expenses external legal fees as they are incurred. |
Business combinations policy | For all business combinations, the Company preliminarily allocates the purchase price of the acquisitions to the assets acquired and liabilities assumed based on their estimated fair values as of the acquisition dates and are considered provisional until final fair values are determined or the measurement period has passed. The Company expects to record adjustments as it accumulates the information needed to estimate the fair value of assets acquired and liabilities assumed, including working capital balances, estimated fair value of identifiable intangible assets, property, plant and equipment, total consideration and goodwill. The excess of the purchase price over the aggregate fair values is recorded as goodwill. The Company calculated the fair value of the assets acquired in 2022 and 2021 using a market or cost approach (or a combination of both). Fair values for some of the assets were determined based on Level 3 inputs including estimated future cash flows, discount rates, growth rates, sales projections, retention rates and terminal values, all of which require significant management judgment and are susceptible to change. The discount rate used in calculating the fair value of common stock issued in a business combination is determined by using a Black-Scholes-Merton model. The model uses Level 2 inputs including risk-free interest rate, volatility range and dividend yield. The final fair value of the net assets acquired may result in adjustments to the assets and liabilities, including goodwill, and will be made as soon as practical, but no later than 12 months from the respective acquisition dates. Any subsequent measurement period adjustments are not expected to have a material impact on the Company's results of operations. |
Accounts receivable and allowance for doubtful accounts | Receivables consist primarily of trade and contracting services receivables from the sale of goods and services net of expected credit losses. The Company's trade receivables are all due in 12 months or less.The Company's expected credit losses are determined through a review using historical credit loss experience, changes in asset specific characteristics, current conditions and reasonable and supportable future forecasts, among other specific account data, and is performed at least quarterly. The Company develops and documents its methodology to determine its allowance for expected credit losses at each of its reportable business segments. Risk characteristics used by the business segments may include customer mix, knowledge of customers and general economic conditions of the various local economies, among others. Specific account balances are written off when management determines the amounts to be uncollectible. Management has reviewed the balance reserved through the allowance for expected credit losses and believes it is reasonable. |
Inventories and natural gas in storage | Natural gas in storage for the Company's regulated operations is generally valued at lower of cost or market using the last-in, first-out method or lower of cost or net realizable value using the average cost or first-in, first-out method. The majority of all other inventories are valued at the lower of cost or net realizable value using the average cost method. |
Property, Plant and Equipment, Policy | Additions to property, plant and equipment are recorded at cost. Aggregate mining development costs are capitalized and classified as land improvements and depreciated over the lower of the estimated life of the reserves or the life of the associated improvement. The Company begins capitalizing development costs at a point when reserves are determined to be proven or probable and economically mineable. Capitalization of these costs cease when production commences. The cost of acquiring reserves in connection with a business combination are valued at fair value. When regulated assets are retired, or otherwise disposed of in the ordinary course of business, the original cost of the asset is charged to accumulated depreciation. With respect to the retirement or disposal of all other assets, the resulting gains or losses are recognized as a component of income. The Company is permitted to capitalize AFUDC on regulated construction projects and to include such amounts in rate base when the related facilities are placed in service. In addition, the Company capitalizes interest, when applicable, on certain contracting services projects associated with its other operations. |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy | The Company reviews the carrying values of its long-lived assets, including mining and related assets, whenever events or changes in circumstances indicate that such carrying values may not be recoverable. The Company tests long-lived assets for impairment at a level significantly lower than that of goodwill impairment testing. Long-lived assets or groups of assets that are evaluated for impairment at the lowest level of largely independent identifiable cash flows at an individual operation or group of operations collectively serving a local market. The determination of whether an impairment has occurred is based on an estimate of undiscounted future cash flows attributable to the assets, compared to the carrying value of the assets. If impairment has occurred, the amount of the impairment recognized is determined by estimating the fair value of the assets and recording a loss if the carrying value is greater than the fair value. |
Regulatory assets and liabilities | The Company's regulated businesses are subject to various state and federal agency regulations. The accounting policies followed by these businesses are generally subject to the Uniform System of Accounts of the FERC as well as the provisions of ASC 980 - Regulated Operations . These accounting policies differ in some respects from those used by the Company's non-regulated businesses. The Company's regulated businesses account for certain income and expense items under the provisions of regulatory accounting, which requires these businesses to defer as regulatory assets or liabilities certain items that would have otherwise been reflected as expense or income, respectively. The Company records regulatory assets or liabilities at the time the Company determines the amounts to be recoverable in current or future rates. Regulatory assets and liabilities are being amortized consistently with the regulatory treatment established by the FERC and the applicable state public service commission. See Note 6 for more information regarding the nature and amounts of these regulatory deferrals. |
Natural gas costs recoverable or refundable through rate adjustments | Under the terms of certain orders of the applicable state public service commissions, the Company is deferring natural gas commodity, transportation and storage costs that are greater or less than amounts presently being recovered through its existing rate schedules. Such orders generally provide that these amounts are recoverable or refundable through rate adjustments |
Goodwill | Goodwill represents the excess of the purchase price over the fair value of identifiable net tangible and intangible assets acquired in a business combination. Goodwill is required to be tested for impairment annually, which the Company completes in the fourth quarter, or more frequently if events or changes in circumstances indicate that goodwill may be impaired. |
Investment, Policy | The Company's investments include the cash surrender value of life insurance policies, insurance contracts, mortgage-backed securities and U.S. Treasury securities. The Company measures its investment in the insurance contracts at fair value with any unrealized gains and losses recorded on the Consolidated Statements of Income. The Company has not elected the fair value option for its mortgage-backed securities and U.S. Treasury securities and, as a result, the unrealized gains and losses on these investments are recorded in accumulated other comprehensive loss. For more information, see Notes 8 and 18 |
Government Assistance | The Company accounts for government assistance received for capital projects by reducing the cost of the project by the amount of assistance received. The Company records government assistance received as taxable income and writes-up the tax basis of the asset to include the amount of the assistance received. |
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. GAAP provides a framework for identifying VIEs and determining when a company should include the assets, liabilities, noncontrolling interest and results of activities of a VIE in its consolidated financial statements. A VIE should be consolidated if a party with an ownership, contractual or other financial interest in the VIE (a variable interest holder) has the power to direct the VIE's most significant activities and the obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. A variable interest holder that consolidates the VIE is called the primary beneficiary. Upon consolidation, the primary beneficiary generally must initially record all of the VIE's assets, liabilities and noncontrolling interests at fair value and subsequently account for the VIE as if it were consolidated. The Company's evaluation of whether it qualifies as the primary beneficiary of a VIE involves significant judgments, estimates and assumptions and includes a qualitative analysis of the activities that most significantly impact the VIE's economic performance and whether the Company has the power to direct those activities, the design of the entity, the rights of the parties and the purpose of the arrangement. |
Joint ventures | The Company accounts for unconsolidated joint ventures using either the equity method or proportionate consolidation. The Company currently holds interests between 25 percent and 50 percent in joint ventures formed primarily for the purpose of pooling resources on construction contracts. Proportionate consolidation is used for joint ventures that include unincorporated legal entities and activities of the joint venture which are construction-related. For those joint ventures accounted for under proportionate consolidation, only the Company’s pro rata share of assets, liabilities, revenues and expenses are included in the Company’s balance sheet and results of operations. |
Derivative Instruments | The Company enters into commodity price derivative contracts in order to minimize the price volatility associated with customer natural gas costs at its natural gas distribution segment. These derivatives are not designated as hedging instruments and are recorded in the Consolidated Balance Sheets at fair value. Changes in the fair value of these derivatives along with any contract settlements are recorded each period in regulatory assets or liabilities in accordance with regulatory accounting. The Company does not enter into any derivatives for trading or other speculative purposes. |
Leases | Lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. The Company recognizes leases with an original lease term of 12 months or less in income on a straight-line basis over the term of the lease and does not recognize a corresponding right-of-use asset or lease liability. The Company determines the lease term based on the non-cancelable and cancelable periods in each contract. The non-cancelable period consists of the term of the contract that is legally enforceable and cannot be canceled by either party without incurring a significant penalty. The cancelable period is determined by various factors that are based on who has the right to cancel a contract. If only the lessor has the right to cancel the contract, the Company will assume the contract will continue. If the lessee is the only party that has the right to cancel the contract, the Company looks to asset, entity and market-based factors. If both the lessor and the lessee have the right to cancel the contract, the Company assumes the contract will not continue. The discount rate used to calculate the present value of the lease liabilities is based upon the implied rate within each contract. If the rate is unknown or cannot be determined, the Company uses an incremental borrowing rate, which is determined by the length of the contract, asset class and the Company's borrowing rates, as of the commencement date of the contract. |
Asset retirement obligation | The Company records the fair value of a liability for an asset retirement obligation in the period in which it is incurred. When the liability is initially recorded, the Company capitalizes a cost by increasing the carrying amount of the related long-lived asset. Over time, the liability is accreted to its present value each period and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of the liability, the Company either settles the obligation for the recorded amount or incurs a gain or loss at its non-regulated operations or incurs a regulatory asset or liability at its regulated operations. |
Stock-based compensation | The Company determines compensation expense for stock-based awards based on the estimated fair values at the grant date and recognizes the related compensation expense over the vesting period. The Company uses the straight-line amortization method to recognize compensation expense related to restricted stock, which only has a service condition. This method recognizes stock compensation expense on a straight-line basis over the requisite service period for the entire award. The Company recognizes compensation expense related to performance awards that vest based on performance metrics and service conditions on a straight-line basis over the service period. Inception-to-date expense is adjusted based upon the determination of the potential achievement of the performance target at each reporting date. The Company recognizes compensation expense related to performance awards with market-based performance metrics on a straight-line basis over the requisite service period.The Company records the compensation expense for performance share awards using an estimated forfeiture rate. The estimated forfeiture rate is calculated based on an average of actual historical forfeitures. The Company also performs an analysis of any known factors at the time of the calculation to identify any necessary adjustments to the average historical forfeiture rate. At the time actual forfeitures become more than estimated forfeitures, the Company records compensation expense using actual forfeitures |
Earnings (loss) per common share | Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share is computed by dividing net income by the total of the weighted average number of shares of common stock outstanding during the year, plus the effect of nonvested performance share awards and restricted stock units. |
Income Tax, Policy | The Company provides deferred federal and state income taxes on all temporary differences between the book and tax basis of the Company's assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Excess deferred income tax balances associated with the Company's rate-regulated activities have been recorded as regulatory liabilities. These regulatory liabilities are expected to be reflected as a reduction in future rates charged to customers in accordance with applicable regulatory procedures. The Company uses the deferral method of accounting for investment tax credits and amortizes the credits on regulated electric and natural gas distribution plant over various periods that conform to the ratemaking treatment prescribed by the applicable state public service commissions. |
Income tax uncertainties | The Company records uncertain tax positions in accordance with accounting guidance on accounting for income taxes on the basis of a two-step process in which (1) the Company determines whether it is more-likely-than-not that the tax position will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of the tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. Tax positions that do not meet the more-likely-than-not criteria are reflected as a tax liability. The Company recognizes interest and penalties accrued related to unrecognized tax benefits in income taxes. |
Revenue from Contract with Cu_2
Revenue from Contract with Customer (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | Revenue is recognized when a performance obligation is satisfied by transferring control over a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. The Company is considered an agent for certain taxes collected from customers. As such, the Company presents revenues net of these taxes at the time of sale to be remitted to governmental authorities, including sales and use taxes. As part of the adoption of ASC 606 - Revenue from Contracts with Customers , the Company elected the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the Company otherwise would have recognized is 12 months or less. |
Accumulated other comprehensi_2
Accumulated other comprehensive loss (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Accumulated other comprehensive loss (Policy) | The Company's accumulated other comprehensive loss is comprised of losses on derivative instruments qualifying as hedges, postretirement liability adjustments and gain (loss) on available-for-sale investments. |
Business segment data (Policies
Business segment data (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
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. |
Commitment and Contingencies (P
Commitment and Contingencies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies, Policy | The Company is party to claims and lawsuits arising out of its business and that of its consolidated subsidiaries, which may include, but are not limited to, matters involving property damage, personal injury, and environmental, contractual, statutory and regulatory obligations. 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. Accruals are based on the best information available, but in certain situations management is unable to estimate an amount or range of a reasonably possible loss including, but not limited to when: (1) the damages are unsubstantiated or indeterminate, (2) the proceedings are in the early stages, (3) numerous parties are involved, or (4) the matter involves novel or unsettled legal theories. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Financing Receivable, Allowance for Credit Loss | Details of the Company's expected credit losses were as follows: Electric Natural gas Pipeline Construction Construction Total (In thousands) At December 31, 2020 $ 899 $ 2,571 $ 2 $ 6,164 $ 5,722 $ 15,358 Current expected credit loss provision* 1,099 2,188 — 68 (2,250) 1,105 Less write-offs charged against the allowance 2,139 4,072 — 826 1,032 8,069 Credit loss recoveries collected 410 819 — — 93 1,322 At December 31, 2021 269 1,506 2 5,406 2,533 9,716 Current expected credit loss provision 1,325 4,084 — 538 186 6,133 Less write-offs charged against the allowance 1,625 4,913 — 467 625 7,630 Credit loss recoveries collected 406 938 — — 68 1,412 At December 31, 2022 $ 375 $ 1,615 $ 2 $ 5,477 $ 2,162 $ 9,631 |
Contract receivable retainage | Amounts representing balances billed but not paid by customers under retainage provisions in contracts at December 31 were as follows: 2022 2021 (In thousands) Short-term retainage* $ 120,333 $ 70,600 Long-term retainage** 19,511 10,742 Total retainage $ 139,844 $ 81,342 * Expected to be paid within 12 months or less and included in receivables, net. ** Included in noncurrent assets - other. |
Inventories | Inventories at December 31 consisted of: 2022 2021 (In thousands) Aggregates held for resale $ 199,110 $ 184,363 Asphalt oil 68,609 57,002 Materials and supplies 40,056 30,629 Merchandise for resale 40,296 28,501 Natural gas in storage (current) 22,533 18,867 Other 16,921 16,247 Total $ 387,525 $ 335,609 |
AFUDC and interest capitailized | The amount of AFUDC for the years ended December 31 was as follows: 2022 2021 2020 (In thousands) AFUDC - borrowed $ 2,236 $ 2,833 $ 2,640 AFUDC - equity $ 2,165 $ 6,961 $ 1,270 |
Schedule of earnings per share reconciliation | A reconciliation of the weighted average common shares outstanding used in the basic and diluted earnings per share calculations follows: 2022 2021 2020 (In thousands) Weighted average common shares outstanding - basic 203,358 202,076 200,502 Effect of dilutive performance share awards 104 307 69 Weighted average common shares outstanding - diluted 203,462 202,383 200,571 Shares excluded from the calculation of diluted earnings per share 14 — 164 |
Revenue from contracts with cus
Revenue from contracts with customers (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of revenue | Disaggregation In the following table, revenue is disaggregated by the type of customer or service provided. The Company believes this level of disaggregation best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The table also includes a reconciliation of the disaggregated revenue by reportable segments. For more information on the Company's business segments, see Note 17. Year ended December 31, 2022 Electric Natural gas distribution Pipeline Construction materials and contracting Construction services Other Total (In thousands) Residential utility sales $ 138,634 $ 718,191 $ — $ — $ — $ — $ 856,825 Commercial utility sales 146,182 453,802 — — — — 599,984 Industrial utility sales 43,766 41,710 — — — — 85,476 Other utility sales 7,597 — — — — — 7,597 Natural gas transportation — 48,886 129,290 — — — 178,176 Natural gas storage — — 14,583 — — — 14,583 Contracting services — — — 1,187,721 — — 1,187,721 Construction materials — — — 1,940,890 — — 1,940,890 Internal sales — — — (593,882) — — (593,882) Electrical & mechanical specialty contracting — — — — 1,988,729 — 1,988,729 Transmission & distribution specialty contracting — — — — 662,705 — 662,705 Other 45,608 13,617 11,450 — 436 17,605 88,716 Intersegment eliminations (494) (555) (59,012) (1,016) (5,494) (17,605) (84,176) Revenues from contracts with customers 381,293 1,275,651 96,311 2,533,713 2,646,376 — 6,933,344 Other revenues (4,714) (2,402) 256 — 47,380 — 40,520 Total external operating revenues $ 376,579 $ 1,273,249 $ 96,567 $ 2,533,713 $ 2,693,756 $ — $ 6,973,864 Year ended December 31, 2021 Electric Natural gas distribution Pipeline Construction materials and contracting Construction services Other Total (In thousands) Residential utility sales $ 126,841 $ 544,721 $ — $ — $ — $ — $ 671,562 Commercial utility sales 137,556 328,285 — — — — 465,841 Industrial utility sales 41,757 30,964 — — — — 72,721 Other utility sales 7,051 — — — — — 7,051 Natural gas transportation — 48,408 114,001 — — — 162,409 Natural gas storage — — 14,680 — — — 14,680 Contracting services — — — 1,017,471 — — 1,017,471 Construction materials — — — 1,712,503 — — 1,712,503 Internal sales — — — (501,044) — — (501,044) Electrical & mechanical specialty contracting — — — — 1,324,419 — 1,324,419 Transmission & distribution specialty contracting — — — — 677,074 — 677,074 Other 42,902 10,567 13,667 — 557 13,714 81,407 Intersegment eliminations (543) (576) (59,678) (624) (2,555) (13,630) (77,606) Revenues from contracts with customers 355,564 962,369 82,670 2,228,306 1,999,495 84 5,628,488 Other revenues (6,525) 8,995 188 — 49,587 — 52,245 Total external operating revenues $ 349,039 $ 971,364 $ 82,858 $ 2,228,306 $ 2,049,082 $ 84 $ 5,680,733 Year ended December 31, 2020 Electric Natural gas distribution Pipeline Construction materials and contracting Construction services Other Total (In thousands) Residential utility sales $ 122,663 $ 476,388 $ — $ — $ — $ — $ 599,051 Commercial utility sales 131,477 277,873 — — — — 409,350 Industrial utility sales 36,744 26,243 — — — — 62,987 Other utility sales 6,634 — — — — — 6,634 Natural gas transportation — 45,546 111,686 — — — 157,232 Natural gas gathering — — 4,865 — — — 4,865 Natural gas storage — — 14,918 — — — 14,918 Contracting services — — — 1,069,665 — — 1,069,665 Construction materials — — — 1,659,152 — — 1,659,152 Internal sales — — — (550,815) — — (550,815) Electrical & mechanical specialty contracting — — — — 1,397,124 — 1,397,124 Transmission & distribution specialty contracting — — — — 649,486 — 649,486 Other 32,452 10,753 12,216 — 1,541 11,903 68,865 Intersegment eliminations (491) (534) (58,531) (417) (5,038) (11,958) (76,969) Revenues from contracts with customers 329,479 836,269 85,154 2,177,585 2,043,113 (55) 5,471,545 Other revenues 2,059 11,382 192 — 47,572 — 61,205 Total external operating revenues $ 331,538 $ 847,651 $ 85,346 $ 2,177,585 $ 2,090,685 $ (55) $ 5,532,750 |
Contract balances | The changes in contract assets and liabilities were as follows: December 31, 2022 December 31, 2021 Change Location on Consolidated Balance Sheets (In thousands) Contract assets $ 185,289 $ 125,742 $ 59,547 Receivables, net Contract liabilities - current (208,204) (179,140) (29,064) Accounts payable Contract liabilities - noncurrent (6) (118) 112 Noncurrent liabilities - other Net contract liabilities $ (22,921) $ (53,516) $ 30,595 December 31, 2021 December 31, 2020 Change Location on Consolidated Balance Sheets (In thousands) Contract assets $ 125,742 $ 104,345 $ 21,397 Receivables, net Contract liabilities - current (179,140) (158,603) (20,537) Accounts payable Contract liabilities - noncurrent (118) (52) (66) Noncurrent liabilities - other Net contract liabilities $ (53,516) $ (54,310) $ 794 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment at December 31 was as follows: 2022 2021 Weighted (Dollars in thousands, where applicable) Regulated: Electric: Generation $ 938,614 $ 1,056,632 48 Distribution 489,351 474,037 47 Transmission 616,611 562,080 65 Construction in progress 87,003 62,781 — Other 145,034 140,117 14 Natural gas distribution: Distribution 2,569,921 2,427,779 52 Transmission 104,769 107,721 61 Storage 42,318 34,997 37 General 204,993 197,653 13 Construction in progress 55,759 21,741 — Other 230,299 225,272 15 Pipeline: Transmission 951,187 673,344 46 Storage 55,383 57,670 53 Construction in progress 34,655 263,640 — Other 59,917 50,477 19 Non-regulated: Pipeline: Construction in progress 49 18 — Other 6,950 6,719 10 Construction materials and contracting: Land 150,809 149,066 — Buildings and improvements 165,833 149,262 21 Machinery, vehicles and equipment 1,492,506 1,414,260 12 Construction in progress 88,163 50,425 — Aggregate reserves 592,097 584,683 * Construction services: Land 8,234 6,513 — Buildings and improvements 50,776 39,039 24 Machinery, vehicles and equipment 179,459 166,739 7 Other 6,643 13,467 4 Other: Land 2,648 2,648 — Other 34,057 34,069 7 Less accumulated depreciation, depletion and amortization 3,272,493 3,216,461 Net property, plant and equipment $ 6,091,545 $ 5,756,388 * Depleted on the units-of-production method based on proven and probable aggregate reserves. |
Regulatory assets and liabili_2
Regulatory assets and liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory assets | The following table summarizes the individual components of unamortized regulatory assets and liabilities as of December 31: Estimated Recovery or Refund Period * 2022 2021 (In thousands) Regulatory assets: Current: Natural gas costs recoverable through rate adjustments Up to 1 year $ 141,306 $ 86,371 Conservation programs Up to 1 year 8,544 8,225 Cost recovery mechanisms Up to 1 year 4,019 4,536 Decoupling Up to 1 year 1,801 9,131 Other Up to 1 year 9,422 10,428 165,092 118,691 Noncurrent: Pension and postretirement benefits ** 143,349 142,681 Cost recovery mechanisms Up to 10 years 67,171 44,870 Plant costs/asset retirement obligations Over plant lives 44,462 63,116 Manufactured gas plant sites remediation - 26,624 26,053 Plant to be retired - 21,525 50,070 Taxes recoverable from customers Over plant lives 12,330 12,339 Long-term debt refinancing costs Up to 38 years 3,188 3,794 Natural gas costs recoverable through rate adjustments Up to 2 years — 5,186 Other Up to 16 years 11,010 9,742 329,659 357,851 Total regulatory assets $ 494,751 $ 476,542 Regulatory liabilities: Current: Electric fuel and purchased power deferral Up to 1 year $ 4,929 $ — Conservation programs Up to 1 year 4,126 12 Taxes refundable to customers Up to 1 year 3,937 3,841 Refundable fuel & electric costs Up to 1 year 3,253 713 Natural gas costs refundable through rate adjustments Up to 1 year 955 6,700 Other Up to 1 year 9,240 5,037 26,440 16,303 Noncurrent: Plant removal and decommissioning costs Over plant lives 208,650 168,152 Taxes refundable to customers Over plant lives 203,222 215,421 Cost recovery mechanisms Up to 19 years 14,025 2,919 Accumulated deferred investment tax credit Up to 19 years 13,594 12,696 Pension and postretirement benefits ** 7,376 20,434 Other Up to 15 years 1,587 9,168 448,454 428,790 Total regulatory liabilities $ 474,894 $ 445,093 Net regulatory position $ 19,857 $ 31,449 * Estimated recovery or refund period for amounts currently being recovered or refunded in rates to customers. ** Recovered as expense is incurred or cash contributions are made. |
Regulatory liabilities | The following table summarizes the individual components of unamortized regulatory assets and liabilities as of December 31: Estimated Recovery or Refund Period * 2022 2021 (In thousands) Regulatory assets: Current: Natural gas costs recoverable through rate adjustments Up to 1 year $ 141,306 $ 86,371 Conservation programs Up to 1 year 8,544 8,225 Cost recovery mechanisms Up to 1 year 4,019 4,536 Decoupling Up to 1 year 1,801 9,131 Other Up to 1 year 9,422 10,428 165,092 118,691 Noncurrent: Pension and postretirement benefits ** 143,349 142,681 Cost recovery mechanisms Up to 10 years 67,171 44,870 Plant costs/asset retirement obligations Over plant lives 44,462 63,116 Manufactured gas plant sites remediation - 26,624 26,053 Plant to be retired - 21,525 50,070 Taxes recoverable from customers Over plant lives 12,330 12,339 Long-term debt refinancing costs Up to 38 years 3,188 3,794 Natural gas costs recoverable through rate adjustments Up to 2 years — 5,186 Other Up to 16 years 11,010 9,742 329,659 357,851 Total regulatory assets $ 494,751 $ 476,542 Regulatory liabilities: Current: Electric fuel and purchased power deferral Up to 1 year $ 4,929 $ — Conservation programs Up to 1 year 4,126 12 Taxes refundable to customers Up to 1 year 3,937 3,841 Refundable fuel & electric costs Up to 1 year 3,253 713 Natural gas costs refundable through rate adjustments Up to 1 year 955 6,700 Other Up to 1 year 9,240 5,037 26,440 16,303 Noncurrent: Plant removal and decommissioning costs Over plant lives 208,650 168,152 Taxes refundable to customers Over plant lives 203,222 215,421 Cost recovery mechanisms Up to 19 years 14,025 2,919 Accumulated deferred investment tax credit Up to 19 years 13,594 12,696 Pension and postretirement benefits ** 7,376 20,434 Other Up to 15 years 1,587 9,168 448,454 428,790 Total regulatory liabilities $ 474,894 $ 445,093 Net regulatory position $ 19,857 $ 31,449 * Estimated recovery or refund period for amounts currently being recovered or refunded in rates to customers. ** Recovered as expense is incurred or cash contributions are made. |
Goodwill and other intangible_2
Goodwill and other intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in the carrying amount of goodwill | The changes in the carrying amount of goodwill were as follows: Balance at January 1, 2022 Goodwill Measurement Period Balance at December 31, 2022 (In thousands) Natural gas distribution $ 345,736 $ — $ — $ 345,736 Construction materials and contracting 276,426 238 (2,124) 274,540 Construction services 143,224 — — 143,224 Total $ 765,386 $ 238 $ (2,124) $ 763,500 Balance at January 1, 2021 Goodwill Acquired Measurement Period Balance at December 31, 2021 (In thousands) Natural gas distribution $ 345,736 $ — $ — $ 345,736 Construction materials and contracting 226,003 50,640 (217) 276,426 Construction services 143,224 — — 143,224 Total $ 714,963 $ 50,640 $ (217) $ 765,386 |
Other amortizable intangible assets | Other amortizable intangible assets at December 31 were as follows: 2022 2021 (In thousands) Customer relationships $ 28,990 $ 29,740 Less accumulated amortization 13,724 10,650 15,266 19,090 Noncompete agreements 4,591 4,591 Less accumulated amortization 3,529 2,856 1,062 1,735 Other 5,280 12,601 Less accumulated amortization 4,076 10,848 1,204 1,753 Total $ 17,532 $ 22,578 |
Estimated amortization expense | The amounts of estimated amortization expense for identifiable intangible assets as of December 31, 2022, were: 2023 2024 2025 2026 2027 Thereafter (In thousands) Amortization expense $ 4,591 $ 4,249 $ 2,200 $ 1,782 $ 1,759 $ 2,951 |
Fair value measurements (Tables
Fair value measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Debt Securities, Available-for-sale | Details of available-for-sale securities were as follows: December 31, 2022 Cost Gross Gross Fair Value (In thousands) Mortgage-backed securities $ 8,928 $ 2 $ 636 $ 8,294 U.S. Treasury securities 2,608 — 72 2,536 Total $ 11,536 $ 2 $ 708 $ 10,830 December 31, 2021 Cost Gross Gross Fair Value (In thousands) Mortgage-backed securities $ 8,702 $ 51 $ 47 $ 8,706 U.S. Treasury securities 2,407 — 11 2,396 Total $ 11,109 $ 51 $ 58 $ 11,102 |
Assets and liabilities measured at fair value on a recurring basis | The Company's assets measured at fair value on a recurring basis were as follows: Fair Value Measurements at December 31, 2022, Using Quoted Prices Significant Significant Balance at December 31, 2022 (In thousands) Assets: Money market funds $ — $ 7,361 $ — $ 7,361 Insurance contracts* — 98,041 — 98,041 Available-for-sale securities: Mortgage-backed securities — 8,294 — 8,294 U.S. Treasury securities — 2,536 — 2,536 Total assets measured at fair value $ — $ 116,232 $ — $ 116,232 * The insurance contracts invest approximately 63 percent in fixed-income investments, 15 percent in common stock of large-cap companies, 8 percent in common stock of mid-cap companies, 6 percent in common stock of small-cap companies, 6 percent in target date investments and 2 percent in cash equivalents. Fair Value Measurements at December 31, 2021, Using Quoted Prices Significant Significant Balance at December 31, 2021 (In thousands) Assets: Money market funds $ — $ 10,190 $ — $ 10,190 Insurance contracts* — 109,603 — 109,603 Available-for-sale securities: Mortgage-backed securities — 8,706 — 8,706 U.S. Treasury securities — 2,396 — 2,396 Total assets measured at fair value $ — $ 130,895 $ — $ 130,895 * The insurance contracts invest approximately 61 percent in fixed-income investments, 17 percent in common stock of large-cap companies, 8 percent in common stock of mid-cap companies, 7 percent in common stock of small-cap companies, 5 percent in target date investments and 2 percent in cash equivalents. |
Fair value of long-term debt outstanding | The estimated fair value of the Company's Level 2 long-term debt at December 31 was as follows: 2022 2021 (In thousands) Carrying Amount $ 2,841,425 $ 2,741,900 Fair Value $ 2,469,625 $ 2,984,866 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Outstanding credit facilities | The following table summarizes the outstanding revolving credit facilities of the Company's subsidiaries: Company Facility Facility Amount Outstanding at December 31, 2022 Amount Outstanding at December 31, 2021 Letters of Credit at December 31, 2022 Expiration (In millions) Montana-Dakota Utilities Co. Commercial paper/Revolving credit agreement (a) $ 175.0 $ 117.5 $ 64.9 $ — 12/19/24 Cascade Natural Gas Corporation Revolving credit agreement $ 100.0 (b) $ 44.4 $ 71.0 $ 2.2 (c) 11/30/27 Intermountain Gas Company Revolving credit agreement $ 100.0 (d) $ 85.6 $ 56.5 $ — 10/13/27 Centennial Energy Holdings, Inc. Commercial paper/Revolving credit agreement (e) $ 600.0 $ 298.0 $ 385.4 $ — 12/19/24 (a) The commercial paper program is supported by a revolving credit agreement with various banks (provisions allow for increased borrowings, at the option of Montana-Dakota on stated conditions, up to a maximum of $225.0 million). At December 31, 2022 and 2021, there were no amounts outstanding under the revolving credit agreement. (b) Certain provisions allow for increased borrowings, up to a maximum of $125.0 million. (c) Outstanding letter(s) of credit reduce the amount available under the credit agreement. (d) Certain provisions allow for increased borrowings, up to a maximum of $125.0 million. (e) The commercial paper program is supported by a revolving credit agreement with various banks (provisions allow for increased borrowings, at the option of Centennial on stated conditions, up to a maximum of $700.0 million). At December 31, 2022 and 2021, there were no amounts outstanding under the revolving credit agreement. |
Long term debt outstanding | Long-term debt outstanding was as follows: Weighted Average Interest Rate at December 31, 2022 2022 2021 (In thousands) Senior Notes due on dates ranging from May 15, 2023 to June 15, 2062 4.32 % $ 2,258,500 $ 2,125,000 Commercial paper supported by revolving credit agreements 5.13 % 415,500 450,300 Credit agreements due on October 13, 2027 and November 30, 2027 6.31 % 130,000 127,500 Medium-Term Notes due on dates ranging from September 15, 2027 to March 16, 2029 7.32 % 35,000 35,000 Term Loan Agreement due on September 3, 2032 3.64 % 7,000 7,700 Other notes due on dates ranging from March 1, 2024 to January 1, 2061 1.00 % 2,253 2,564 Less unamortized debt issuance costs 6,542 6,090 Less discount 286 74 Total long-term debt 2,841,425 2,741,900 Less current maturities 78,031 148,053 Net long-term debt $ 2,763,394 $ 2,593,847 |
Schedule of debt maturities | Long-term debt maturities, which excludes unamortized debt issuance costs and discount, for the five years and thereafter following December 31, 2022, were as follows: 2023 2024 2025 2026 2027 Thereafter (In thousands) Long-term debt maturities $ 78,031 $ 476,923 $ 177,802 $ 140,802 $ 230,802 $ 1,743,893 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lease, Cost | The following tables provide information on the Company's operating leases at and for the years ended December 31: 2022 2021 2020 (In thousands) Lease costs: Short-term lease cost $ 160,318 $ 132,449 $ 135,376 Operating lease cost 44,956 46,622 45,319 Variable lease cost 1,739 1,516 1,319 $ 207,013 $ 180,587 $ 182,014 2022 2021 2020 (Dollars in thousands) Weighted average remaining lease term 2.83 years 2.67 years 2.73 years Weighted average discount rate 4.05 % 3.54 % 4.03 % Cash paid for amounts included in the measurement of lease liabilities $ 44,512 $ 43,489 $ 45,043 |
Lessee, Operating Lease, Liability, Maturity | The reconciliation of future undiscounted cash flows to operating lease liabilities presented on the Consolidated Balance Sheet at December 31, 2022, was as follows: (In thousands) 2023 $ 38,927 2024 27,825 2025 18,741 2026 11,191 2027 7,297 Thereafter 39,963 Total 143,944 Less discount 23,894 Total operating lease liabilities $ 120,050 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Asset Retirement Obligation [Abstract] | |
Reconciliation of the company's asset retirement obligation | A reconciliation of the Company's liability, which the current portion is included in other accrued liabilities on the Consolidated Balance Sheets, for the years ended December 31 was as follows: 2022 2021 (In thousands) Balance at beginning of year $ 468,686 $ 446,919 Liabilities incurred 5,972 12,454 Liabilities acquired — 1,805 Liabilities settled (9,646) (15,155) Accretion expense* 23,188 21,214 Revisions in estimates (77,692) 1,449 Balance at end of year $ 410,508 $ 468,686 * Includes $21.8 million and $19.6 million in 2022 and 2021, respectively, recorded to regulatory assets. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Stock by Class | Details of the Company's "at-the-market" offering activity for the years ended December 31 was as follows: 2022 2021 (In millions) Shares issued — 2.8 Net proceeds * $ (0.1) $ 88.8 ** * Net proceeds include issuance costs of $149,000 and $1.2 million for ** Net proceeds were used for capital expenditures. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Target grants performance share | Target grants of performance shares outstanding at December 31, 2022, were as follows: Grant Date Performance Target Grant February 2021 2021-2023 281,129 February 2022 2022-2024 284,416 |
Schedule of share-based payment award, performance shares, valuation assumptions | Assumptions used for grants applicable to the market condition for certain performance shares issued in 2022, 2021 and 2020 were: 2022 2021 2020 Weighted average grant-date fair value $36.25 $37.96 $40.75 Blended volatility range 24.07% - 31.41% 35.37% - 46.35% 15.30% - 15.97% Risk-free interest rate range .71% - 1.68% .02% - .20% 1.45% - 1.62% Weighted average discounted dividends per share $2.93 $3.16 $2.91 |
Summary of the status of the performance share awards | A summary of the status of the performance share awards for the year ended December 31, 2022, was as follows: Number of Weighted Nonvested at beginning of period 555,047 $ 34.40 Granted 284,416 31.99 Performance shares earned/unearned (22,750) 31.63 Less: Vested 251,168 36.60 Nonvested at end of period 565,545 $ 32.32 |
Accumulated other comprehensi_3
Accumulated other comprehensive loss (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Accumulated comprehensive loss | The after-tax changes in the components of accumulated other comprehensive loss were as follows: Net Post- Net Total (In thousands) At December 31, 2020 $ (984) $ (47,207) $ 113 $ (48,078) Other comprehensive income (loss) before reclassifications — 4,876 (252) 4,624 Amounts reclassified from accumulated other comprehensive loss 446 1,870 134 2,450 Net current-period other comprehensive income (loss) 446 6,746 (118) 7,074 At December 31, 2021 (538) (40,461) (5) (41,004) Other comprehensive income (loss) before reclassifications — 12,007 (667) 11,340 Amounts reclassified to accumulated other comprehensive loss from a regulatory asset — (3,265) — (3,265) Amounts reclassified from accumulated other comprehensive loss 413 1,819 114 2,346 Net current-period other comprehensive income (loss) 413 10,561 (553) 10,421 At December 31, 2022 $ (125) $ (29,900) $ (558) $ (30,583) |
Reclassification out of accumulated other comprehensive loss | The following amounts were reclassified out of accumulated other comprehensive loss into net income. The amounts presented in parentheses indicate a decrease to net income on the Consolidated Statements of Income. The reclassifications for the years ended December 31 were as follows: 2022 2021 Location on Consolidated (In thousands) Reclassification adjustment for loss on derivative instruments included in net income $ (590) $ (591) Interest expense 177 145 Income taxes (413) (446) Amortization of postretirement liability losses included in net periodic benefit credit (2,416) (2,485) Other income 597 615 Income taxes (1,819) (1,870) Reclassification adjustment on available-for-sale investments included in net income (145) (170) Other income 31 36 Income taxes (114) (134) Total reclassifications $ (2,346) $ (2,450) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Components of income before income taxes | The components of income before income taxes from continuing operations for each of the years ended December 31 were as follows: 2022 2021 2020 (In thousands) United States $ 462,059 $ 466,651 $ 474,856 Foreign — — 261 Income before income taxes from continuing operations $ 462,059 $ 466,651 $ 475,117 |
Income tax expense | Income tax expense (benefit) from continuing operations for the years ended December 31 was as follows: 2022 2021 2020 (In thousands) Current: Federal $ 50,747 $ 17,121 $ 65,006 State 20,710 11,549 21,234 Foreign — — 151 71,457 28,670 86,391 Deferred: Income taxes: Federal 17,820 45,885 (3,735) State 4,608 12,610 (625) Investment tax credit - net 898 1,755 2,559 23,326 60,250 (1,801) Total income tax expense $ 94,783 $ 88,920 $ 84,590 |
Deferred tax assets and deferred tax liabilities | Components of deferred tax assets and deferred tax liabilities at December 31 were as follows: 2022 2021 (In thousands) Deferred tax assets: Postretirement $ 41,298 $ 45,752 Compensation-related 35,196 37,917 Operating lease liabilities 25,718 26,710 Asset retirement obligations 9,687 8,696 Legal and environmental contingencies 8,526 8,603 Customer advances 7,615 7,683 Payroll tax deferral — 6,940 Other 51,472 39,960 Total deferred tax assets 179,512 182,261 Deferred tax liabilities: Basis differences on property, plant and equipment 608,528 585,095 Postretirement 47,340 48,302 Purchased gas adjustment 33,567 21,136 Operating lease right-of-use-assets 25,472 26,570 Intangible assets 23,007 21,074 Other 60,078 59,934 Total deferred tax liabilities 797,992 762,111 Valuation allowance 12,823 12,112 Net deferred income tax liability $ 631,303 $ 591,962 |
Schedule of change in net deferred income tax liability reconciliation | The following table reconciles the change in the net deferred income tax liability from December 31, 2021, to December 31, 2022, to deferred income tax expense: 2022 (In thousands) Change in net deferred income tax liability from the preceding table $ 39,341 Deferred taxes associated with other comprehensive loss (3,507) Excess deferred income tax amortization (9,008) Other (3,500) Deferred income tax expense for the period $ 23,326 |
Reconciliation of income tax expense (benefit) at statutory federal rate versus actual rate | Total income tax expense differs from the amount computed by applying the statutory federal income tax rate to income before taxes. The reasons for this difference were as follows: Years ended December 31, 2022 2021 2020 Amount % Amount % Amount % (Dollars in thousands) Computed tax at federal statutory rate $ 97,032 21.0 $ 97,997 21.0 $ 99,775 21.0 Increases (reductions) resulting from: State income taxes, net of federal income tax 19,126 4.1 19,496 4.2 17,845 3.8 Federal renewable energy credit (15,343) (3.3) (13,914) (3.0) (16,009) (3.4) Tax compliance and uncertain tax positions 1,080 .2 (477) (.1) (3,543) (.7) Nonqualified benefit plans 2,827 .6 (1,881) (.4) (2,443) (.5) Excess deferred income tax amortization (9,008) (1.9) (10,295) (2.2) (12,517) (2.6) Other (931) (.2) (2,006) (.4) 1,482 .2 Total income tax expense $ 94,783 20.5 $ 88,920 19.1 $ 84,590 17.8 |
Cash flow information (Tables)
Cash flow information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Information [Abstract] | |
Cash expenditures for interest and income taxes and noncash investing transactions | Cash expenditures for interest and income taxes for the years ended December 31 were as follows: 2022 2021 2020 (In thousands) Interest, net* $ 83,118 $ 91,165 $ 88,681 Income taxes paid, net** $ 26,503 $ 71,079 $ 65,536 * AFUDC - borrowed was $2.2 million, $2.8 million and $2.6 million for the years ended December 31, 2022, 2021 and 2020, respectively. ** Income taxes paid, including discontinued operations, were $26.4 million, $70.9 million and $59.4 million for the years ended December 31, 2022, 2021 and 2020, respectively. Noncash investing and financing transactions at December 31 were as follows: 2022 2021 2020 (In thousands) Property, plant and equipment additions in accounts payable $ 49,602 $ 57,605 $ 26,082 Right-of-use assets obtained in exchange for new operating lease liabilities $ 50,921 $ 55,987 $ 54,356 Debt assumed in connection with a business combination $ — $ 10 $ — Accrual for holdback payment related to a business combination $ 70 $ — $ 2,500 Stock issued in connection with a business combination $ 7,304 $ — $ — |
Business segment data (Tables)
Business segment data (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Information on the Company's businesses | Information on the Company's segments as of December 31 and for the years then ended was as follows: 2022 2021 2020 (In thousands) External operating revenues: Regulated operations: Electric $ 376,579 $ 349,039 $ 331,538 Natural gas distribution 1,273,249 971,364 847,651 Pipeline 85,931 69,940 69,957 1,735,759 1,390,343 1,249,146 Non-regulated operations: Pipeline 10,636 12,918 15,389 Construction materials and contracting 2,533,713 2,228,306 2,177,585 Construction services 2,693,756 2,049,082 2,090,685 Other — 84 (55) 5,238,105 4,290,390 4,283,604 Total external operating revenues $ 6,973,864 $ 5,680,733 $ 5,532,750 2022 2021 2020 (In thousands) Intersegment operating revenues: Regulated operations: Electric $ 494 $ 543 $ 491 Natural gas distribution 555 576 534 Pipeline 58,368 58,989 57,977 59,417 60,108 59,002 Non-regulated operations: Pipeline 644 689 554 Construction materials and contracting 1,016 624 417 Construction services 5,494 2,555 5,038 Other 17,605 13,630 11,958 24,759 17,498 17,967 Total Intersegment operating revenues $ 84,176 $ 77,606 $ 76,969 Depreciation, depletion and amortization: Electric $ 67,802 $ 66,750 $ 62,998 Natural gas distribution 89,466 86,065 84,580 Pipeline 26,857 20,569 21,669 Construction materials and contracting 117,798 100,974 89,626 Construction services 21,468 20,270 23,523 Other 4,435 4,586 2,704 Total depreciation, depletion and amortization $ 327,826 $ 299,214 $ 285,100 Operating income (loss): Electric $ 79,655 $ 66,335 $ 63,434 Natural gas distribution 91,889 89,173 73,082 Pipeline 55,466 48,078 49,436 Construction materials and contracting 194,295 191,077 214,498 Construction services 164,644 145,754 147,644 Other (11,996) (6,198) (3,169) Total operating income $ 573,953 $ 534,219 $ 544,925 Interest expense: Electric $ 28,526 $ 26,712 $ 26,699 Natural gas distribution 42,126 37,265 36,798 Pipeline 11,318 7,010 7,622 Construction materials and contracting 30,121 19,218 20,577 Construction services 6,354 3,540 4,095 Other 1,465 342 883 Intersegment eliminations (637) (103) (155) Total interest expense $ 119,273 $ 93,984 $ 96,519 Income tax expense (benefit): Electric $ (5,420) $ (7,626) $ (11,636) Natural gas distribution 7,805 8,366 5,746 Pipeline 10,212 9,594 7,650 Construction materials and contracting 42,601 43,459 47,431 Construction services 40,788 35,426 35,797 Other (1,203) (299) (398) Total income tax expense $ 94,783 $ 88,920 $ 84,590 2022 2021 2020 (In thousands) Net income (loss): Regulated operations: Electric $ 57,077 $ 51,906 $ 55,601 Natural gas distribution 45,171 51,596 44,049 Pipeline 35,357 39,583 35,453 137,605 143,085 135,103 Non-regulated operations: Pipeline (69) 1,313 1,559 Construction materials and contracting 116,220 129,755 147,325 Construction services 124,781 109,402 109,721 Other (11,261) (5,824) (3,181) 229,671 234,646 255,424 Income from continuing operations 367,276 377,731 390,527 Discontinued operations, net of tax 213 400 (322) Net income $ 367,489 $ 378,131 $ 390,205 Capital expenditures: Electric $ 133,970 $ 82,427 $ 114,676 Natural gas distribution 240,064 170,411 193,048 Pipeline 61,923 234,803 62,224 Construction materials and contracting 181,917 417,524 191,635 Construction services 36,413 29,140 83,651 Other 2,272 1,501 3,045 Total capital expenditures (a) $ 656,559 $ 935,806 $ 648,279 Assets: Electric (b) $ 1,856,258 $ 1,810,695 $ 2,123,693 Natural gas distribution (b) 3,214,452 2,929,519 2,302,770 Pipeline 961,893 913,945 703,377 Construction materials and contracting 2,268,970 2,161,653 1,798,493 Construction services 1,126,323 845,262 818,662 Other (c) 232,885 249,361 306,377 Total assets $ 9,660,781 $ 8,910,435 $ 8,053,372 Property, plant and equipment: Electric (b) $ 2,276,613 $ 2,295,646 $ 2,323,403 Natural gas distribution (b) 3,208,060 3,015,164 2,868,853 Pipeline 1,108,141 1,051,868 821,697 Construction materials and contracting 2,489,408 2,347,696 2,028,476 Construction services 245,111 225,758 220,796 Other 36,705 36,717 37,545 Less accumulated depreciation, depletion and amortization 3,272,493 3,216,461 3,133,831 Net property, plant and equipment $ 6,091,545 $ 5,756,388 $ 5,166,939 (a) Capital expenditures for 2022, 2021 and 2020 include noncash transactions such as capital expenditure-related accounts payable, the issuance of the Company's equity securities in connection with an acquisition, AFUDC and accrual of holdback payments in connection with acquisitions totaling $1.7 million, $38.7 million and $(15.7) million, respectively. (b) Includes allocations of common utility property. (c) Includes assets not directly assignable to a business (i.e. cash and cash equivalents, certain accounts receivable, certain investments and other miscellaneous current and deferred assets). |
Reconciliation of Revenue from Segments to Consolidated | A reconciliation of reportable segment operating revenues and assets to consolidated operating revenues and assets is as follows: 2022 2021 2020 (In thousands) Operating revenues reconciliation: Total reportable segment operating revenues $ 7,040,435 $ 5,744,625 $ 5,597,816 Other revenue 17,605 13,714 11,903 Elimination of intersegment operating revenues (84,176) (77,606) (76,969) Total consolidated operating revenues $ 6,973,864 $ 5,680,733 $ 5,532,750 Asset reconciliation: Total reportable segment assets $ 9,491,679 $ 8,717,563 $ 7,816,848 Other assets 1,353,614 1,184,956 947,740 Elimination of intersegment receivables (1,184,512) (992,084) (711,216) Total consolidated assets $ 9,660,781 $ 8,910,435 $ 8,053,372 |
Reconciliation of Assets from Segment to Consolidated | A reconciliation of reportable segment operating revenues and assets to consolidated operating revenues and assets is as follows: 2022 2021 2020 (In thousands) Operating revenues reconciliation: Total reportable segment operating revenues $ 7,040,435 $ 5,744,625 $ 5,597,816 Other revenue 17,605 13,714 11,903 Elimination of intersegment operating revenues (84,176) (77,606) (76,969) Total consolidated operating revenues $ 6,973,864 $ 5,680,733 $ 5,532,750 Asset reconciliation: Total reportable segment assets $ 9,491,679 $ 8,717,563 $ 7,816,848 Other assets 1,353,614 1,184,956 947,740 Elimination of intersegment receivables (1,184,512) (992,084) (711,216) Total consolidated assets $ 9,660,781 $ 8,910,435 $ 8,053,372 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of amounts recognized in balance sheet | Changes in benefit obligation and plan assets and amounts recognized in the Consolidated Balance Sheets at December 31 were as follows: Pension Benefits Other 2022 2021 2022 2021 Change in benefit obligation: (In thousands) Benefit obligation at beginning of year $ 411,497 $ 437,360 $ 73,460 $ 86,155 Service cost — — 1,416 1,600 Interest cost 10,522 9,819 1,896 1,862 Plan participants' contributions — — 569 641 Actuarial gain (85,303) (12,140) (18,401) (12,802) Benefits paid (24,672) (23,542) (4,009) (3,996) Benefit obligation at end of year 312,044 411,497 54,931 73,460 Change in net plan assets: Fair value of plan assets at beginning of year 373,109 383,834 100,158 101,639 Actual return on plan assets (77,975) 12,817 (20,893) 1,398 Employer contribution — — 501 476 Plan participants' contributions — — 569 641 Benefits paid (24,672) (23,542) (4,009) (3,996) Fair value of net plan assets at end of year 270,462 373,109 76,326 100,158 Funded status - (under) over $ (41,582) $ (38,388) $ 21,395 $ 26,698 Amounts recognized in the Consolidated Balance Sheets at December 31: Noncurrent assets - other $ — $ — $ 36,325 $ 45,863 Other accrued liabilities — — 1,044 544 Noncurrent liabilities - other 41,582 38,388 13,886 18,621 Benefit obligation (liabilities) assets - net amount recognized $ (41,582) $ (38,388) $ 21,395 $ 26,698 Amounts recognized in accumulated other comprehensive loss: Actuarial loss (gain) $ 32,378 $ 25,976 $ (2,923) $ 2,367 Prior service credit — — (289) (290) Total $ 32,378 $ 25,976 $ (3,212) $ 2,077 Amounts recognized in regulatory assets or liabilities: Actuarial loss (gain) $ 141,207 $ 142,166 $ (1,439) $ (14,727) Prior service credit — — (3,796) (5,193) Total $ 141,207 $ 142,166 $ (5,235) $ (19,920) |
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the pension plans with accumulated benefit obligations in excess of plan assets | The pension plans all have accumulated benefit obligations in excess of plan assets. The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for these plans at December 31 were as follows: 2022 2021 (In thousands) Projected benefit obligation $ 312,044 $ 411,497 Accumulated benefit obligation $ 312,044 $ 411,497 Fair value of plan assets $ 270,462 $ 373,109 The projected benefit obligation and accumulated benefit obligation for these plans at December 31 were as follows: 2022 2021 (In thousands) Projected benefit obligation $ 74,730 $ 92,918 Accumulated benefit obligation $ 74,730 $ 92,918 |
Components of net periodic benefit cost | The components of net periodic benefit cost (credit), other than the service cost component, are included in other income on the Consolidated Statements of Income. Prior service credit is amortized on a straight-line basis over the average remaining service period of active participants. These components related to the Company's pension and other postretirement benefit plans for the years ended December 31 were as follows: Pension Benefits Other 2022 2021 2020 2022 2021 2020 Components of net periodic benefit credit: (In thousands) Service cost $ — $ — $ — $ 1,416 $ 1,600 $ 1,532 Interest cost 10,522 9,819 12,093 1,896 1,862 2,437 Expected return on assets (19,455) (19,576) (19,949) (5,288) (5,098) (5,019) Amortization of prior service credit — — — (1,398) (1,398) (1,398) Recognized net actuarial loss (gain) 6,683 8,017 7,172 (219) 24 287 Net periodic benefit credit, including amount capitalized (2,250) (1,740) (684) (3,593) (3,010) (2,161) Less amount capitalized — — — 175 150 156 Net periodic benefit cost credit (2,250) (1,740) (684) (3,768) (3,160) (2,317) Other changes in plan assets and benefit obligations recognized in accumulated comprehensive loss: Net (gain) loss 2,369 (265) 934 (4,141) (2,811) (259) Amortization of actuarial loss (1,310) (1,286) (1,155) (281) (135) (306) Amortization of prior service credit — — — 125 100 101 Reclassification of postretirement liability adjustment from regulatory asset 5,343 — — (992) — — Total recognized in accumulated other comprehensive loss 6,402 (1,551) (221) (5,289) (2,846) (464) Other changes in plan assets and benefit obligations recognized in regulatory assets or liabilities: Net (gain) loss 9,757 (5,116) 4,546 11,920 (6,292) (3,793) Amortization of actuarial gain (loss) (5,373) (6,731) (6,017) 500 110 19 Amortization of prior service credit — — — 1,273 1,298 1,297 Reclassification of postretirement liability adjustment from regulatory asset (5,343) — — 992 — — Total recognized in regulatory assets or liabilities (959) (11,847) (1,471) 14,685 (4,884) (2,477) Total recognized in net periodic benefit credit, accumulated other comprehensive loss and regulatory assets or liabilities $ 3,193 $ (15,138) $ (2,376) $ 5,628 $ (10,890) $ (5,258) The components of net periodic benefit cost are included in other income on the Consolidated Statements of Income. These components related to the Company's nonqualified defined benefit plans for the years ended December 31 were as follows: 2022 2021 2020 (In thousands) Components of net periodic benefit cost: Service cost $ — $ — $ 58 Interest cost 2,142 1,912 2,606 Recognized net actuarial loss 950 1,164 1,192 Net periodic benefit cost $ 3,092 $ 3,076 $ 3,856 |
Weighted average assumptions used to determine benefit obligations and net periodic benefit costs | Weighted average assumptions used to determine benefit obligations at December 31 were as follows: Pension Benefits Other 2022 2021 2022 2021 Discount rate 5.06 % 2.64 % 5.07 % 2.66 % Expected return on plan assets 6.50 % 6.00 % 6.00 % 5.50 % Rate of compensation increase N/A N/A 3.00 % 3.00 % Weighted average assumptions used to determine net periodic benefit cost (credit) for the years ended December 31 were as follows: Pension Benefits Other 2022 2021 2022 2021 Discount rate 2.64 % 2.30 % 2.66 % 2.30 % Expected return on plan assets 6.00 % 6.00 % 5.50 % 5.50 % Rate of compensation increase N/A N/A 3.00 % 3.00 % Weighted average assumptions used at December 31 were as follows: 2022 2021 Benefit obligation discount rate 4.97 % 2.39 % Benefit obligation rate of compensation increase N/A N/A Net periodic benefit cost discount rate 2.39 % 1.97 % Net periodic benefit cost rate of compensation increase N/A N/A |
Health care rate assumptions for the Company's other postretirement benefit plans | Health care rate assumptions for the Company's other postretirement benefit plans as of December 31 were as follows: 2022 2021 Health care trend rate assumed for next year 7.5 % 7.0 % Health care cost trend rate - ultimate 4.5 % 4.5 % Year in which ultimate trend rate achieved 2033 2031 |
Benefit payments expected to be paid | The following benefit payments, which reflect future service, as appropriate, and expected Medicare Part D subsidies at December 31, 2022, are as follows: Years Pension Other Expected (In thousands) 2023 $ 24,936 $ 4,275 $ 62 2024 24,882 4,371 53 2025 24,749 4,456 46 2026 24,605 4,509 39 2027 24,387 4,523 31 2028-2032 114,850 16,917 93 The amount of future benefit payments for the unfunded, nonqualified defined benefit plans at December 31, 2022, are expected to aggregate as follows: 2023 2024 2025 2026 2027 2028-2032 (In thousands) Nonqualified benefits $ 6,651 $ 7,183 $ 7,430 $ 7,537 $ 7,420 $ 29,930 |
The fair value of the pension and postretirement net plan assets by class | The fair value of the Company's pension plans' assets (excluding cash) by class were as follows: Fair Value Measurements Quoted Prices Significant Significant Balance at December 31, 2022 (In thousands) Assets: Cash equivalents $ — $ 8,170 $ — $ 8,170 Equity securities: U.S. companies 7,388 — — 7,388 International companies — 467 — 467 Collective and mutual funds (a) 121,072 33,371 — 154,443 Corporate bonds — 81,363 — 81,363 Municipal bonds — 5,904 — 5,904 U.S. Government securities 3,044 880 — 3,924 Pooled separate accounts (b) — 3,241 — 3,241 Investments measured at net asset value (c) — — — 5,562 Total assets measured at fair value $ 131,504 $ 133,396 $ — $ 270,462 (a) Collective and mutual funds invest approximately 29 percent in corporate bonds, 24 percent in common stock of large-cap U.S. companies, 16 percent in common stock of international companies, 7 percent cash and cash equivalents, 7 percent in U.S. Government securities and 17 percent in other investments. (b) Pooled separate accounts are invested 100 percent in cash and cash equivalents. (c) In accordance with ASC 820 - Fair Value Measurements, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Consolidated Balance Sheets. Fair Value Measurements Quoted Prices Significant Significant Balance at December 31, 2021 (In thousands) Assets: Cash equivalents $ — $ 4,637 $ — $ 4,637 Equity securities: U.S. companies 7,483 — — 7,483 International companies — 1,279 — 1,279 Collective and mutual funds (a) 167,093 41,383 — 208,476 Corporate bonds — 125,167 — 125,167 Municipal bonds — 7,507 — 7,507 U.S. Government securities 7,113 1,902 — 9,015 Pooled separate accounts (b) — 3,088 — 3,088 Investments measured at net asset value (c) — — — 6,457 Total assets measured at fair value $ 181,689 $ 184,963 $ — $ 373,109 (a) Collective and mutual funds invest approximately 37 percent in corporate bonds, 19 percent in common stock of international companies, 16 percent in common stock of large-cap U.S. companies, 9 percent in U.S. Government securities and 19 percent in other investments. (b) Pooled separate accounts are invested 100 percent in cash and cash equivalents. (c) In accordance with ASC 820 - Fair Value Measurements, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Consolidated Balance Sheets. The fair value of the Company's other postretirement benefit plans' assets (excluding cash) by asset class were as follows: Fair Value Measurements Quoted Prices Significant Significant Balance at December 31, 2022 (In thousands) Assets: Cash equivalents $ — $ 4,196 $ — $ 4,196 Equity securities: U.S. companies 2,572 — — 2,572 Collective and mutual funds (a) 5 5 — 10 Insurance contract (b) — 69,548 — 69,548 Total assets measured at fair value $ 2,577 $ 73,749 $ — $ 76,326 (a) Collective and mutual funds invest approximately 29 percent in corporate bonds, 24 percent in common stock of large-cap U.S. companies,16 percent in common stock of international companies, 7 percent in cash and cash equivalents,7 percent in U.S. Government securities and 17 percent in other investments. (b) The insurance contract invests approximately 69 percent in corporate bonds, 13 percent in U.S. Government securities, 14 percent in common stock of large-cap U.S. companies and 4 percent in common stock of small-cap U.S. companies. Fair Value Measurements Quoted Prices Significant Significant Balance at December 31, 2021 (In thousands) Assets: Cash equivalents $ — $ 4,281 $ — $ 4,281 Equity securities: U.S. companies 2,332 — — 2,332 International companies — 1 — 1 Collective and mutual funds (a) 4 90 — 94 Insurance contract (b) — 93,447 — 93,447 Investments measured at net asset value (c) — — — 3 Total assets measured at fair value $ 2,336 $ 97,819 $ — $ 100,158 (a) Collective and mutual funds invest approximately 37 percent in corporate bonds, 19 percent in common stock of international companies, 16 percent in common stock of large-cap U.S. companies, 9 percent in U.S. Government securities and 19 percent in other investments. (b) The insurance contract invests approximately 58 percent in corporate bonds, 13 percent in common stock of large-cap U.S. companies, 13 percent in U.S. Government securities, 5 percent in common stock of small-cap U.S. companies and 11 percent in other investments. (c) In accordance with ASC 820 - Fair Value Measurements, certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Consolidated Balance Sheets. The amount of investments that the Company anticipates using to satisfy obligations under these plans at December 31 was as follows: 2022 2021 (In thousands) Investments Insurance contracts* $ 98,041 $ 109,603 Life insurance** 38,448 38,356 Other 7,361 10,190 Total investments $ 143,850 $ 158,149 * For more information on the insurance contracts, see Note 8. ** Investments of life insurance are carried on plan participants (payable upon the employee's death). |
Schedule of Multiemployer Plans [Table Text Block] | EIN/Pension Plan Number Pension Protection Act Zone Status FIP/RP Status Pending/Implemented Contributions Surcharge Imposed Expiration Date Pension Fund 2022 2021 2022 2021 2020 (In thousands) Edison Pension Plan 936061681-001 Green Green No $ 18,750 $ 18,331 $ 16,121 No 12/31/2023 IBEW Local 212 Pension Trust 316127280-001 Green as of 4/30/2021 Green as of 4/30/2021 No 1,622 1,733 1,521 No 6/1/2025 IBEW Local 357 Pension Plan A 886023284-001 Green Green No 12,876 6,485 9,913 No 5/31/2024 IBEW Local 82 Pension Plan 316127268-001 Green as of 6/30/2022 Green as of 6/30/2021 No 1,854 1,353 1,373 No 12/3/2023 IBEW Local 648 Pension Plan 316134845-001 Yellow as of 2/28/2022 Yellow as of 02/28/2021 Implemented 915 706 526 No 9/1/2024 IBEW Local 683 Pension Fund Pension Plan 341442087-001 Green Green No 3,362 1,238 1,240 No 5/26/2024 Idaho Plumbers and Pipefitters Pension Plan 826010346-001 Green as of 5/31/2022 Green as of 5/31/2021 No 1,613 1,528 1,370 No 3/31/2023 National Electrical Benefit Fund 530181657-001 Green Green No 18,060 14,361 14,484 No 5/31/2022- 5/31/2027 * Pension and Retirement Plan of Plumbers and Pipefitters Local 525 886003864-001 Green as of 6/30/2022 Green as of 6/30/2021 No 6,304 4,345 6,266 No 9/30/2024 Pension Trust Fund for Operating Engineers 946090764-001 Yellow Yellow Implemented 2,484 2,495 2,680 No 3/31/2023- 6/15/2026 Sheet Metal Workers Pension Plan of Southern CA, AZ, and NV 956052257-001 Green Yellow Implemented 3,400 2,615 3,255 No 6/30/2024 Western Conference of Teamsters Pension Plan 916145047-001 Green Green No 3,127 3,006 3,025 No 12/31/2023- 12/31/2025 Other funds 26,909 24,192 23,670 Total contributions $ 101,276 $ 82,388 $ 85,444 * Plan includes contributions required by collective bargaining agreements which have expired but contain provisions automatically renewing their terms in the absence of a subsequent negotiated agreement. The Company was listed in the plans' Forms 5500 as providing more than 5 percent of the total contributions for the following plans and plan years: Pension Fund Year Contributions to Plan Exceeded More Than 5 Percent Edison Pension Plan 2021 and 2020 IBEW Local 82 Pension Plan 2021 and 2020 IBEW Local 124 Pension Trust Fund 2021 and 2020 IBEW Local 212 Pension Trust Fund 2021 and 2020 IBEW Local 357 Pension Plan A 2021 and 2020 IBEW Local 648 Pension Plan 2021 and 2020 IBEW Local 683 Pension Fund Pension Plan 2021 and 2020 IBEW Local Union No 226 Open End Pension Fund 2020 Idaho Plumbers and Pipefitters Pension Plan 2021 and 2020 International Union of Operating Engineers Local 701 Pension Trust Fund 2021 and 2020 Minnesota Teamsters Construction Division Pension Fund 2021 and 2020 Pension and Retirement Plan of Plumbers and Pipefitters Local 525 2021 and 2020 Southwest Marine Pension Trust 2021 and 2020 |
Jointly owned facilities (Table
Jointly owned facilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Regulated Operations [Abstract] | |
Company's share of the cost of utility plant in service and related accumulated depreciation for the stations | At December 31, the Company's share of the cost of utility plant in service, construction work in progress and related accumulated depreciation for the jointly owned facilities was as follows: Ownership Percentage 2022 2021 (In thousands) Big Stone Station: 22.7 % Utility plant in service $ 157,699 $ 157,259 Construction work in progress 231 571 Less accumulated depreciation 48,590 47,293 $ 109,340 $ 110,537 BSSE: 50.0 % Utility plant in service $ 107,260 $ 107,424 Construction work in progress — — Less accumulated depreciation 6,182 4,506 $ 101,078 $ 102,918 Coyote Station: 25.0 % Utility plant in service $ 158,274 $ 157,764 Construction work in progress 1,807 784 Less accumulated depreciation 111,203 109,202 $ 48,878 $ 49,346 Wygen III: 25.0 % Utility plant in service $ 66,238 $ 66,357 Construction work in progress 273 108 Less accumulated depreciation 12,477 11,383 $ 54,034 $ 55,082 |
Commitment and Contingencies Di
Commitment and Contingencies Disclosure (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase commitments | The commitment terms vary in length, up to 37 years. The commitments under these contracts as of December 31, 2022, were: 2023 2024 2025 2026 2027 Thereafter (In thousands) Purchase commitments $ 712,875 $ 258,074 $ 158,152 $ 103,677 $ 81,619 $ 676,489 |
Accounting Policies - Receivabl
Accounting Policies - Receivables Past Due 90 Days (Details 1) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Accounts Receivable, Noncurrent, 90 Days or More Past Due, Still Accruing | $ 45.6 | $ 44.8 |
Accounting Policies - CECL Tabl
Accounting Policies - CECL Table (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Accounts Receivable, Credit Loss Expense (Reversal) | $ 6,133 | $ 1,085 | $ 10,576 |
Trade Accounts Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for doubtful accounts | 9,631 | 9,716 | 15,358 |
Accounts Receivable, Credit Loss Expense (Reversal) | 6,133 | 1,105 | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | 7,630 | 8,069 | |
Accounts Receivable, Allowance for Credit Loss, Recovery | 1,412 | 1,322 | |
Electric | Trade Accounts Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for doubtful accounts | 375 | 269 | 899 |
Accounts Receivable, Credit Loss Expense (Reversal) | 1,325 | 1,099 | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | 1,625 | 2,139 | |
Accounts Receivable, Allowance for Credit Loss, Recovery | 406 | 410 | |
Natural gas distribution | Trade Accounts Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for doubtful accounts | 1,615 | 1,506 | 2,571 |
Accounts Receivable, Credit Loss Expense (Reversal) | 4,084 | 2,188 | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | 4,913 | 4,072 | |
Accounts Receivable, Allowance for Credit Loss, Recovery | 938 | 819 | |
Pipeline | Trade Accounts Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for doubtful accounts | 2 | 2 | 2 |
Accounts Receivable, Credit Loss Expense (Reversal) | 0 | 0 | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | |
Accounts Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | |
Construction materials and contracting | Trade Accounts Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for doubtful accounts | 5,477 | 5,406 | 6,164 |
Accounts Receivable, Credit Loss Expense (Reversal) | 538 | 68 | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | 467 | 826 | |
Accounts Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | |
Construction services | Trade Accounts Receivable | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for doubtful accounts | 2,162 | 2,533 | $ 5,722 |
Accounts Receivable, Credit Loss Expense (Reversal) | 186 | (2,250) | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | 625 | 1,032 | |
Accounts Receivable, Allowance for Credit Loss, Recovery | $ 68 | $ 93 |
Accounting Policies - Accrued U
Accounting Policies - Accrued Unbilled Revenue (Details 3) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Accrued unbilled revenue at MDU Energy Capital | $ 181.8 | $ 144.9 |
Accounting Policies - Retainage
Accounting Policies - Retainage (Details 4) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Contract Receivable Retainage, Next Twelve Months | $ 120,333 | $ 70,600 |
Contract Receivable Retainage, after Next Twelve Months | 19,511 | 10,742 |
Contract Receivable Retainage | $ 139,844 | $ 81,342 |
Accounting Policies - Inventory
Accounting Policies - Inventory (Details 5) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Inventory and natural gas in storage [Line Items] | ||
Aggregates held for resale | $ 199,110 | $ 184,363 |
Asphalt oil | 68,609 | 57,002 |
Materials and supplies | 40,056 | 30,629 |
Merchandise for resale | 40,296 | 28,501 |
Natural gas in storage (current) | 22,533 | 18,867 |
Other | 16,921 | 16,247 |
Total | 387,525 | 335,609 |
Natural gas in storage (noncurrent) | $ 47,500 | $ 47,500 |
Accounting Policies - PPE (Deta
Accounting Policies - PPE (Details 6) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, plant and equipment [Line Items] | |||
Allowance for Funds Used During Construction, Capitalized Interest | $ 2,236 | $ 2,833 | $ 2,640 |
Public Utilities, Allowance for Funds Used During Construction, Capitalized Cost of Equity | $ 2,165 | $ 6,961 | $ 1,270 |
Accounting Policies - Impairmen
Accounting Policies - Impairment of Long-Lived Assets (Details 7) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Impairment of Long-Lived Assets to be Disposed of | $ 0 | $ 0 | $ 0 |
Natural Gas Costs Recoverable o
Natural Gas Costs Recoverable or Refundable through Rate Adjustments (Details 8) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Natural gas costs refundable | $ 1 | $ 6.7 |
Natural gas costs recoverable | $ 141.3 | $ 91.6 |
Accounting Policies - Goodwill
Accounting Policies - Goodwill (Details 9) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 |
Government Assistance (Details)
Government Assistance (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Grant | |||
Government Assistance [Line Items] | |||
Government Assistance, Amount | $ 0 | $ 0 | $ 0 |
Accounting Policies - Joint Ven
Accounting Policies - Joint Ventures (Details 10) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||
Revenues | $ 6,973,864,000 | $ 5,680,733,000 | $ 5,532,750,000 |
Operating income | 573,953,000 | 534,219,000 | 544,925,000 |
Receivables | 1,305,642,000 | 946,741,000 | |
Joint Venture, Proportionate Consolidation | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenues | 14,800,000 | 14,700,000 | 69,700,000 |
Joint Venture, Proportionate Consolidation | |||
Schedule of Equity Method Investments [Line Items] | |||
Operating income | 3,000,000 | 4,700,000 | 20,600,000 |
Receivables | 2,400,000 | 14,300,000 | |
Joint Venture, Equity Method Investment | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | 1,300,000 | 1,300,000 | |
Income (Loss) from Equity Method Investments | $ 5,400,000 | $ 892,000 | $ (32,000) |
Minimum | Joint Venture, Equity Method Investment | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 25% | ||
Maximum | Joint Venture, Equity Method Investment | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50% |
Accounting Policies - Derivativ
Accounting Policies - Derivatives (Details 11) - MMBTU | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Commodity Contract [Member] | Not Designated as Hedging Instrument, Economic Hedge [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Energy Measure | 0 | 450,000 |
Accounting Policies - EPS (Deta
Accounting Policies - EPS (Details 12) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Weighted average common shares outstanding - basic | 203,358 | 202,076 | 200,502 |
Effect of dilutive performance share awards | 104 | 307 | 69 |
Weighted average common shares outstanding - diluted | 203,462 | 202,383 | 200,571 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 14 | 0 | 164 |
Accounting Policies - Income Ta
Accounting Policies - Income Taxes (Details 13) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Threshold of likelihood of tax positions being realized upon ultimate settlement with a taxing authority | 50% |
Disaggregation of revenue (Deta
Disaggregation of revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 6,973,864 | $ 5,680,733 | $ 5,532,750 |
Intersegment Eliminations | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (84,176) | (77,606) | (76,969) |
Internal sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (593,882) | (501,044) | (550,815) |
Natural gas transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 178,176 | 162,409 | 157,232 |
Natural Gas Gathering [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 4,865 | ||
Natural gas storage | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 14,583 | 14,680 | 14,918 |
Contracting services | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,187,721 | 1,017,471 | 1,069,665 |
Construction materials | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,940,890 | 1,712,503 | 1,659,152 |
Electrical & mechanical specialty contracting | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,988,729 | 1,324,419 | 1,397,124 |
Transmission & distribution specialty contracting | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 662,705 | 677,074 | 649,486 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 88,716 | 81,407 | 68,865 |
Revenues from contracts with customers | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 6,933,344 | 5,628,488 | 5,471,545 |
Other revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 40,520 | 52,245 | 61,205 |
Residential utility sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 856,825 | 671,562 | 599,051 |
Commercial utility sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 599,984 | 465,841 | 409,350 |
Industrial utility sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 85,476 | 72,721 | 62,987 |
Other utility sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 7,597 | 7,051 | 6,634 |
Electric | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 376,579 | 349,039 | 331,538 |
Electric | Intersegment Eliminations | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (494) | (543) | (491) |
Electric | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 45,608 | 42,902 | 32,452 |
Electric | Revenues from contracts with customers | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 381,293 | 355,564 | 329,479 |
Electric | Other revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (4,714) | (6,525) | 2,059 |
Electric | Residential utility sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 138,634 | 126,841 | 122,663 |
Electric | Commercial utility sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 146,182 | 137,556 | 131,477 |
Electric | Industrial utility sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 43,766 | 41,757 | 36,744 |
Electric | Other utility sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 7,597 | 7,051 | 6,634 |
Natural gas distribution | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,273,249 | 971,364 | 847,651 |
Natural gas distribution | Intersegment Eliminations | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (555) | (576) | (534) |
Natural gas distribution | Natural gas transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 48,886 | 48,408 | 45,546 |
Natural gas distribution | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 13,617 | 10,567 | 10,753 |
Natural gas distribution | Revenues from contracts with customers | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,275,651 | 962,369 | 836,269 |
Natural gas distribution | Other revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (2,402) | 8,995 | 11,382 |
Natural gas distribution | Residential utility sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 718,191 | 544,721 | 476,388 |
Natural gas distribution | Commercial utility sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 453,802 | 328,285 | 277,873 |
Natural gas distribution | Industrial utility sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 41,710 | 30,964 | 26,243 |
Natural gas distribution | Other utility sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Pipeline | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 96,567 | 82,858 | 85,346 |
Pipeline | Intersegment Eliminations | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (59,012) | (59,678) | (58,531) |
Pipeline | Natural gas transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 129,290 | 114,001 | 111,686 |
Pipeline | Natural Gas Gathering [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 4,865 | ||
Pipeline | Natural gas storage | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 14,583 | 14,680 | 14,918 |
Pipeline | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 11,450 | 13,667 | 12,216 |
Pipeline | Revenues from contracts with customers | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 96,311 | 82,670 | 85,154 |
Pipeline | Other revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 256 | 188 | 192 |
Construction materials and contracting | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 2,533,713 | 2,228,306 | 2,177,585 |
Construction materials and contracting | Intersegment Eliminations | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (1,016) | (624) | (417) |
Construction materials and contracting | Internal sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (593,882) | (501,044) | (550,815) |
Construction materials and contracting | Contracting services | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,187,721 | 1,017,471 | 1,069,665 |
Construction materials and contracting | Construction materials | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,940,890 | 1,712,503 | 1,659,152 |
Construction materials and contracting | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Construction materials and contracting | Revenues from contracts with customers | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 2,533,713 | 2,228,306 | 2,177,585 |
Construction materials and contracting | Other revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 0 | 0 |
Construction services | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 2,693,756 | 2,049,082 | 2,090,685 |
Construction services | Intersegment Eliminations | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (5,494) | (2,555) | (5,038) |
Construction services | Electrical & mechanical specialty contracting | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,988,729 | 1,324,419 | 1,397,124 |
Construction services | Transmission & distribution specialty contracting | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 662,705 | 677,074 | 649,486 |
Construction services | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 436 | 557 | 1,541 |
Construction services | Revenues from contracts with customers | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 2,646,376 | 1,999,495 | 2,043,113 |
Construction services | Other revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 47,380 | 49,587 | 47,572 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 84 | (55) |
Other | Intersegment Eliminations | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | (17,605) | (13,630) | (11,958) |
Other | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 17,605 | 13,714 | 11,903 |
Other | Revenues from contracts with customers | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 84 | (55) |
Other | Other revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 0 | $ 0 | $ 0 |
Contract balances (Details 2)
Contract balances (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |||
Contract assets | $ 185,289 | $ 125,742 | $ 104,345 |
Change in contract assets | 59,547 | 21,397 | |
Contract liabilities - current | (208,204) | (179,140) | (158,603) |
Change in contract liabilities - current | (29,064) | (20,537) | |
Contract liabilities - noncurrent | (6) | (118) | (52) |
Change in contract liabilities - noncurrent | 112 | (66) | |
Net contract liabilities | (22,921) | (53,516) | $ (54,310) |
Change in net contract assets (liabilities) | 30,595 | 794 | |
Amounts included in contract liability at the beginning of the period | 173,800 | 155,000 | |
Amounts from performance obligations satisfied in prior periods | $ 57,900 | $ 66,300 |
Revenue from contracts with c_2
Revenue from contracts with customers Remaining performance obligations (Details 3) $ in Millions | Dec. 31, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 3,500 |
Remaining performance obligation, expected timing of satisfaction, start date: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 2,700 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Remaining performance obligation, expected timing of satisfaction, start date: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 411.8 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 13 months |
Remaining performance obligation, expected timing of satisfaction, start date: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 429.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 25 months |
Business Combinations (Details)
Business Combinations (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 763,500,000 | $ 765,386,000 | $ 714,963,000 |
2022 Acquisition | |||
Business Acquisition [Line Items] | |||
Gross Aggregate Consideration | 8,900,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 2,800,000 | ||
Business Combination, Consideration Transferred | 1,500,000 | ||
Business Combination, Consideration Transferred, Liabilities Incurred | 70,000 | ||
Business Combination, Current Assets | 1,700,000 | ||
Business Combination, Property, Plant, and Equipment | 5,900,000 | ||
Goodwill | 200,000 | ||
Business Combination, Current Liabilities | 100,000 | ||
Business Combination, Noncurrent Liabilities | 500,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | $ 1,200,000 | ||
2022 Acquisition | Common stock | |||
Business Acquisition [Line Items] | |||
Common Stock Shares Issued | 273,153 | ||
Common Stock Market Value | $ 8,400,000 | ||
Common Stock Discounted Fair Value | $ 7,300,000 |
Business Combinations - Assets
Business Combinations - Assets Acquired & Liabilities Assumed (Details 2) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 765,386,000 | $ 763,500,000 | $ 714,963,000 |
2021 Acquisition | |||
Business Acquisition [Line Items] | |||
Gross Aggregate Consideration | 236,100,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 900,000 | ||
Business Combination, Consideration Transferred | 235,200,000 | ||
Business Combination, Current Assets | 17,000,000 | ||
Business Combination, Property, Plant, and Equipment | 179,800,000 | ||
Goodwill | 50,600,000 | ||
Business Combination, Other Intangible Assets | 2,200,000 | ||
Business Combination, Current Liabilities | 8,700,000 | ||
Business Combination, Noncurrent Liabilities | 2,500,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | $ 3,200,000 | ||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life | 5 years 6 months | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | $ 2,100,000 |
Business Combinations - Acquisi
Business Combinations - Acquisition Costs Incurred (Details 3) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Expense | |||
Business Acquisition [Line Items] | |||
Business Acquisition Costs Incurred | $ 0 | $ 0 | $ 0 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 9,364,038 | $ 8,972,849 | |
Less accumulated depreciation, depletion and amortization | 3,272,493 | 3,216,461 | $ 3,133,831 |
Net property, plant and equipment | 6,091,545 | 5,756,388 | 5,166,939 |
Electric | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 2,276,613 | 2,295,646 | 2,323,403 |
Natural gas distribution | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 3,208,060 | 3,015,164 | 2,868,853 |
Pipeline | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 1,108,141 | 1,051,868 | 821,697 |
Construction materials and contracting | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 2,489,408 | 2,347,696 | 2,028,476 |
Construction services | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 245,111 | 225,758 | 220,796 |
Other | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 36,705 | 36,717 | $ 37,545 |
Regulated Operation | Electric | Electric Generation Equipment | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 938,614 | 1,056,632 | |
Weighted average depreciable life in years | 48 years | ||
Regulated Operation | Electric | Electric Distribution | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 489,351 | 474,037 | |
Weighted average depreciable life in years | 47 years | ||
Regulated Operation | Electric | Electric Transmission | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 616,611 | 562,080 | |
Weighted average depreciable life in years | 65 years | ||
Regulated Operation | Electric | Construction in Progress | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 87,003 | 62,781 | |
Regulated Operation | Electric | Other Capitalized Property Plant and Equipment | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 145,034 | 140,117 | |
Weighted average depreciable life in years | 14 years | ||
Regulated Operation | Natural gas distribution | Construction in Progress | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 55,759 | 21,741 | |
Regulated Operation | Natural gas distribution | Other Capitalized Property Plant and Equipment | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 230,299 | 225,272 | |
Weighted average depreciable life in years | 15 years | ||
Regulated Operation | Natural gas distribution | Gas Distribution [Member] | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 2,569,921 | 2,427,779 | |
Weighted average depreciable life in years | 52 years | ||
Regulated Operation | Natural gas distribution | Gas Transmission [Member] | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 104,769 | 107,721 | |
Weighted average depreciable life in years | 61 years | ||
Regulated Operation | Natural gas distribution | Natural gas storage | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 42,318 | 34,997 | |
Weighted average depreciable life in years | 37 years | ||
Regulated Operation | Natural gas distribution | General | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 204,993 | 197,653 | |
Weighted average depreciable life in years | 13 years | ||
Regulated Operation | Pipeline | Construction in Progress | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 34,655 | 263,640 | |
Regulated Operation | Pipeline | Other Capitalized Property Plant and Equipment | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 59,917 | 50,477 | |
Weighted average depreciable life in years | 19 years | ||
Regulated Operation | Pipeline | Gas Transmission [Member] | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 951,187 | 673,344 | |
Weighted average depreciable life in years | 46 years | ||
Regulated Operation | Pipeline | Natural gas storage | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 55,383 | 57,670 | |
Weighted average depreciable life in years | 53 years | ||
Nonregulated Operation | Pipeline | Construction in Progress | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 49 | 18 | |
Nonregulated Operation | Pipeline | Other Capitalized Property Plant and Equipment | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 6,950 | 6,719 | |
Weighted average depreciable life in years | 10 years | ||
Nonregulated Operation | Construction materials and contracting | Construction in Progress | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 88,163 | 50,425 | |
Nonregulated Operation | Construction materials and contracting | Land [Member] | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 150,809 | 149,066 | |
Nonregulated Operation | Construction materials and contracting | Building and Building Improvements [Member] | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 165,833 | 149,262 | |
Weighted average depreciable life in years | 21 years | ||
Nonregulated Operation | Construction materials and contracting | Machinery, vehicles and equipment | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 1,492,506 | 1,414,260 | |
Weighted average depreciable life in years | 12 years | ||
Nonregulated Operation | Construction materials and contracting | Aggregate reserves [Member] | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 592,097 | 584,683 | |
Nonregulated Operation | Construction services | Other Capitalized Property Plant and Equipment | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 6,643 | 13,467 | |
Weighted average depreciable life in years | 4 years | ||
Nonregulated Operation | Construction services | Land [Member] | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 8,234 | 6,513 | |
Nonregulated Operation | Construction services | Building and Building Improvements [Member] | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 50,776 | 39,039 | |
Weighted average depreciable life in years | 24 years | ||
Nonregulated Operation | Construction services | Machinery, vehicles and equipment | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 179,459 | 166,739 | |
Weighted average depreciable life in years | 7 years | ||
Nonregulated Operation | Other | Other Capitalized Property Plant and Equipment | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 34,057 | 34,069 | |
Weighted average depreciable life in years | 7 years | ||
Nonregulated Operation | Other | Land [Member] | |||
Property, plant and equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 2,648 | $ 2,648 |
Regulatory assets (Details)
Regulatory assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Regulatory Assets [Line Items] | ||
Current regulatory assets | $ 165,092 | $ 118,691 |
Regulatory assets | 329,659 | 357,851 |
Total regulatory assets | 494,751 | 476,542 |
Regulatory assets not earning a rate of return | 242,500 | 296,600 |
Natural gas costs recoverable through rate adjustments | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 141,306 | 86,371 |
Regulatory assets | $ 0 | 5,186 |
Natural gas costs recoverable through rate adjustments | Minimum | ||
Regulatory Assets [Line Items] | ||
Regulatory asset, recovery period | Up to 1 year | |
Natural gas costs recoverable through rate adjustments | Maximum | ||
Regulatory Assets [Line Items] | ||
Regulatory asset, recovery period | Up to 2 years | |
Conservation programs | ||
Regulatory Assets [Line Items] | ||
Regulatory asset, recovery period | Up to 1 year | |
Current regulatory assets | $ 8,544 | 8,225 |
Cost recovery mechanisms | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 4,019 | 4,536 |
Regulatory assets | $ 67,171 | 44,870 |
Cost recovery mechanisms | Minimum | ||
Regulatory Assets [Line Items] | ||
Regulatory asset, recovery period | Up to 1 year | |
Cost recovery mechanisms | Maximum | ||
Regulatory Assets [Line Items] | ||
Regulatory asset, recovery period | Up to 10 years | |
Decoupling | ||
Regulatory Assets [Line Items] | ||
Regulatory asset, recovery period | Up to 1 year | |
Current regulatory assets | $ 1,801 | 9,131 |
Other regulatory assets | ||
Regulatory Assets [Line Items] | ||
Current regulatory assets | 9,422 | 10,428 |
Regulatory assets | $ 11,010 | 9,742 |
Other regulatory assets | Minimum | ||
Regulatory Assets [Line Items] | ||
Regulatory asset, recovery period | Up to 1 year | |
Other regulatory assets | Maximum | ||
Regulatory Assets [Line Items] | ||
Regulatory asset, recovery period | Up to 16 years | |
Pension and postretirement benefits | ||
Regulatory Assets [Line Items] | ||
Regulatory asset, recovery period | ** | |
Regulatory assets | $ 143,349 | 142,681 |
Plant costs/asset retirement obligation costs | ||
Regulatory Assets [Line Items] | ||
Regulatory asset, recovery period | Over plant lives | |
Regulatory assets | $ 44,462 | 63,116 |
Manufactured gas plant sites remediation | ||
Regulatory Assets [Line Items] | ||
Regulatory asset, recovery period | - | |
Regulatory assets | $ 26,624 | 26,053 |
Plants to be retired | ||
Regulatory Assets [Line Items] | ||
Regulatory asset, recovery period | - | |
Regulatory assets | $ 21,525 | 50,070 |
Taxes recoverable from customers | ||
Regulatory Assets [Line Items] | ||
Regulatory asset, recovery period | Over plant lives | |
Regulatory assets | $ 12,330 | 12,339 |
Long-term debt refinancing costs | ||
Regulatory Assets [Line Items] | ||
Regulatory asset, recovery period | Up to 38 years | |
Regulatory assets | $ 3,188 | $ 3,794 |
Regulatory liabilities (Details
Regulatory liabilities (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities due within one year | $ 26,440 | $ 16,303 |
Regulatory liabilities | 448,454 | 428,790 |
Total regulatory liabilities | 474,894 | 445,093 |
Net Regulatory Position | $ 19,857 | 31,449 |
Electric fuel and purchased power deferral | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liability, refund period | Up to 1 year | |
Regulatory liabilities due within one year | $ 4,929 | 0 |
Conservation programs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liability, refund period | Up to 1 year | |
Regulatory liabilities due within one year | $ 4,126 | 12 |
Taxes refundable to customers | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities due within one year | 3,937 | 3,841 |
Regulatory liabilities | $ 203,222 | 215,421 |
Taxes refundable to customers | Minimum | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liability, refund period | Up to 1 year | |
Taxes refundable to customers | Maximum | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liability, refund period | Over plant lives | |
Refundable Fuel and Electric Costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liability, refund period | Up to 1 year | |
Regulatory liabilities due within one year | $ 3,253 | 713 |
Natural gas costs refundable through rate adjustments | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liability, refund period | Up to 1 year | |
Regulatory liabilities due within one year | $ 955 | 6,700 |
Other regulatory liabilities | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities due within one year | 9,240 | 5,037 |
Regulatory liabilities | $ 1,587 | 9,168 |
Other regulatory liabilities | Minimum | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liability, refund period | Up to 1 year | |
Other regulatory liabilities | Maximum | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liability, refund period | Up to 15 years | |
Plant removal and decommissioning costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liability, refund period | Over plant lives | |
Regulatory liabilities | $ 208,650 | 168,152 |
Cost recovery mechanisms | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liability, refund period | Up to 19 years | |
Regulatory liabilities | $ 14,025 | 2,919 |
Accumulated deferred investment tax credit | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liability, refund period | Up to 19 years | |
Regulatory liabilities | $ 13,594 | 12,696 |
Pension and postretirement benefits | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liability, refund period | ** | |
Regulatory liabilities | $ 7,376 | $ 20,434 |
Goodwill rollforward (Details)
Goodwill rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Roll Forward] | ||
Balance at beginning of period | $ 765,386 | $ 714,963 |
Goodwill acquired during the year | 238 | 50,640 |
Measurement period adjustments | (2,124) | (217) |
Balance at end of period | 763,500 | 765,386 |
Natural gas distribution | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 345,736 | 345,736 |
Goodwill acquired during the year | 0 | 0 |
Measurement period adjustments | 0 | 0 |
Balance at end of period | 345,736 | 345,736 |
Construction materials and contracting | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 276,426 | 226,003 |
Goodwill acquired during the year | 238 | 50,640 |
Measurement period adjustments | (2,124) | (217) |
Balance at end of period | 274,540 | 276,426 |
Construction services | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 143,224 | 143,224 |
Goodwill acquired during the year | 0 | 0 |
Measurement period adjustments | 0 | 0 |
Balance at end of period | $ 143,224 | $ 143,224 |
Other intangible assets (Detail
Other intangible assets (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, net (excluding goodwill) | $ 17,532 | $ 22,578 | |
Amortization of intangible assets | 5,000 | 5,100 | $ 9,000 |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 28,990 | 29,740 | |
Intangible assets, less accumulated amortization | 13,724 | 10,650 | |
Intangible assets, net (excluding goodwill) | 15,266 | 19,090 | |
Noncompete agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 4,591 | 4,591 | |
Intangible assets, less accumulated amortization | 3,529 | 2,856 | |
Intangible assets, net (excluding goodwill) | 1,062 | 1,735 | |
Other intangible assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 5,280 | 12,601 | |
Intangible assets, less accumulated amortization | 4,076 | 10,848 | |
Intangible assets, net (excluding goodwill) | $ 1,204 | $ 1,753 |
Future amortization expense (De
Future amortization expense (Details 3) $ in Thousands | Dec. 31, 2022 USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2023 | $ 4,591 |
2024 | 4,249 |
2025 | 2,200 |
2026 | 1,782 |
2027 | 1,759 |
Thereafter | $ 2,951 |
Goodwill impairment testing res
Goodwill impairment testing results (Details 4) - USD ($) $ in Thousands | Dec. 31, 2022 | Oct. 31, 2022 | Dec. 31, 2021 | Oct. 31, 2021 | Dec. 31, 2020 |
Goodwill [Line Items] | |||||
Goodwill | $ 763,500 | $ 765,386 | $ 714,963 | ||
Natural gas distribution | |||||
Goodwill [Line Items] | |||||
Goodwill | $ 345,736 | $ 345,736 | $ 345,736 | ||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 8% | ||||
Risk Adjusted Cost of Capital, Percent | 6.40% | 5% |
Fair value measurements insuran
Fair value measurements insurance contracts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |||
Investments used to satisfy nonqualified benefit plans obligations | $ 98 | $ 109.6 | |
Net unrealized gain (loss) on investments used to satisfy obligations under nonqualified benefit plans | $ (14.1) | $ 7.2 | $ 13.1 |
Available-for-sale securities (
Available-for-sale securities (Details 2) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Abstract] | ||
Cost | $ 11,536 | $ 11,109 |
Gross Unrealized Gains | 2 | 51 |
Gross Unrealized Losses | 708 | 58 |
Fair Value | 10,830 | 11,102 |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Cost | 8,928 | 8,702 |
Gross Unrealized Gains | 2 | 51 |
Gross Unrealized Losses | 636 | 47 |
Fair Value | 8,294 | 8,706 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Cost | 2,608 | 2,407 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 72 | 11 |
Fair Value | $ 2,536 | $ 2,396 |
Fair value measurements (Detail
Fair value measurements (Details 3) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Concentration risks, percentage [Abstract] | ||
Percentage in fixed-income investments | 63% | 61% |
Percentage investment in common stock of large-cap companies | 15% | 17% |
Percentage investment in common stock of mid-cap companies | 8% | 8% |
Percentage investment in common stock of small-cap companies | 6% | 7% |
Percentage investment in target date investments | 6% | 5% |
Percentage investment in cash and cash equivalents | 2% | 2% |
Fair value, measurements, recurring | ||
Fair value measurements [Line Items] | ||
Assets, fair value disclosure | $ 116,232 | $ 130,895 |
Fair value, measurements, recurring | Money market funds | ||
Fair value measurements [Line Items] | ||
Assets, fair value disclosure | 7,361 | 10,190 |
Fair value, measurements, recurring | Insurance contracts* | ||
Fair value measurements [Line Items] | ||
Assets, fair value disclosure | 98,041 | 109,603 |
Fair value, measurements, recurring | Mortgage-backed securities | ||
Fair value measurements [Line Items] | ||
Assets, fair value disclosure | 8,294 | 8,706 |
Fair value, measurements, recurring | U.S. Treasury securities | ||
Fair value measurements [Line Items] | ||
Assets, fair value disclosure | 2,536 | 2,396 |
Fair value, inputs, level 2 | Fair value, measurements, recurring | ||
Fair value measurements [Line Items] | ||
Assets, fair value disclosure | 116,232 | 130,895 |
Fair value, inputs, level 2 | Fair value, measurements, recurring | Money market funds | ||
Fair value measurements [Line Items] | ||
Assets, fair value disclosure | 7,361 | 10,190 |
Fair value, inputs, level 2 | Fair value, measurements, recurring | Insurance contracts* | ||
Fair value measurements [Line Items] | ||
Assets, fair value disclosure | 98,041 | 109,603 |
Fair value, inputs, level 2 | Fair value, measurements, recurring | Mortgage-backed securities | ||
Fair value measurements [Line Items] | ||
Assets, fair value disclosure | 8,294 | 8,706 |
Fair value, inputs, level 2 | Fair value, measurements, recurring | U.S. Treasury securities | ||
Fair value measurements [Line Items] | ||
Assets, fair value disclosure | $ 2,536 | $ 2,396 |
Fair value measurements (Deta_2
Fair value measurements (Details 5) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 2,841,425 | $ 2,741,900 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 2,841,425 | 2,741,900 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, fair value | $ 2,469,625 | $ 2,984,866 |
Credit facilities (Details)
Credit facilities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Line of credit facility and other debt [Abstract] | ||
Letters of credit at end of period | $ 0 | |
Long-term debt | Commercial paper revolving credit agreement | Montana-Dakota Utilities Co. [Member] | ||
Line of credit facility and other debt [Abstract] | ||
Facility limit, maximum borrowing capacity | 175,000,000 | |
Amount outstanding, end of period | 117,500,000 | $ 64,900,000 |
Letters of credit at end of period | $ 0 | |
Expiration date | Dec. 19, 2024 | |
Long-term debt | Commercial paper revolving credit agreement | Centennial Energy Holdings, Inc. | ||
Line of credit facility and other debt [Abstract] | ||
Facility limit, maximum borrowing capacity | $ 600,000,000 | |
Amount outstanding, end of period | 298,000,000 | 385,400,000 |
Letters of credit at end of period | $ 0 | |
Expiration date | Dec. 19, 2024 | |
Long-term debt | Revolving credit facility | Montana-Dakota Utilities Co. [Member] | ||
Line of credit facility and other debt [Abstract] | ||
Amount outstanding, end of period | $ 0 | |
Option to increase borrowings, maximum amount | 225,000,000 | |
Long-term debt | Revolving credit facility | Cascade Natural Gas Corporation | ||
Line of credit facility and other debt [Abstract] | ||
Facility limit, maximum borrowing capacity | 100,000,000 | |
Amount outstanding, end of period | 44,400,000 | 71,000,000 |
Letters of credit at end of period | $ 2,200,000 | |
Expiration date | Nov. 30, 2027 | |
Option to increase borrowings, maximum amount | $ 125,000,000 | |
Long-term debt | Revolving credit facility | Intermountain Gas Company | ||
Line of credit facility and other debt [Abstract] | ||
Facility limit, maximum borrowing capacity | 100,000,000 | |
Amount outstanding, end of period | 85,600,000 | $ 56,500,000 |
Letters of credit at end of period | $ 0 | |
Expiration date | Oct. 13, 2027 | |
Option to increase borrowings, maximum amount | $ 125,000,000 | |
Long-term debt | Revolving credit facility | Centennial Energy Holdings, Inc. | ||
Line of credit facility and other debt [Abstract] | ||
Amount outstanding, end of period | 0 | |
Option to increase borrowings, maximum amount | $ 700,000,000 |
Short-term Debt (Details 2)
Short-term Debt (Details 2) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 19, 2022 | Oct. 21, 2022 | Mar. 18, 2022 | Dec. 31, 2021 |
Short-term Debt [Line Items] | |||||
Short-term borrowings | $ 246,500 | $ 0 | |||
Term Loan Agreement [Member] | MDU Energy Capital | |||||
Short-term Debt [Line Items] | |||||
Short-term borrowings | $ 11,500 | ||||
Ratio of total debt to total capitalization as specified in debt covenants | 70% | ||||
Term Loan Agreement [Member] | Centennial Energy Holdings, Inc. | |||||
Short-term Debt [Line Items] | |||||
Short-term borrowings | $ 135,000 | $ 100,000 | |||
Ratio of total debt to total capitalization as specified in debt covenants | 65% | 65% |
Long-term debt outstanding (Det
Long-term debt outstanding (Details 3) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Long-term debt outstanding [Line Items] | ||
Long-term debt | $ 2,841,425 | $ 2,741,900 |
Long-term debt due within one year | 78,031 | 148,053 |
Long-term debt | $ 2,763,394 | 2,593,847 |
Senior Notes | ||
Long-term debt outstanding [Line Items] | ||
Weighted average interest rate | 4.32% | |
Long-term debt | $ 2,258,500 | 2,125,000 |
Commercial paper | ||
Long-term debt outstanding [Line Items] | ||
Weighted average interest rate | 5.13% | |
Long-term debt | $ 415,500 | 450,300 |
Credit Agreements | ||
Long-term debt outstanding [Line Items] | ||
Weighted average interest rate | 6.31% | |
Long-term debt | $ 130,000 | 127,500 |
Medium-term notes | ||
Long-term debt outstanding [Line Items] | ||
Weighted average interest rate | 7.32% | |
Long-term debt | $ 35,000 | 35,000 |
Term Loan Agreements | ||
Long-term debt outstanding [Line Items] | ||
Weighted average interest rate | 3.64% | |
Long-term debt | $ 7,000 | 7,700 |
Other notes | ||
Long-term debt outstanding [Line Items] | ||
Weighted average interest rate | 1% | |
Long-term debt | $ 2,253 | 2,564 |
Long-term debt | ||
Long-term debt outstanding [Line Items] | ||
Unamortized debt issuance costs | 6,542 | 6,090 |
Discount | $ 286 | $ 74 |
Long-term borrowings (Details 4
Long-term borrowings (Details 4) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 22, 2022 | Oct. 13, 2022 | Jun. 15, 2022 | Mar. 23, 2022 | Dec. 31, 2021 |
Long-term debt outstanding [Line Items] | ||||||
Long-term debt | $ 2,841,425 | $ 2,741,900 | ||||
Montana-Dakota Utilities Co. [Member] | ||||||
Long-term debt outstanding [Line Items] | ||||||
Ratio of total debt to total capitalization | 51% | |||||
Cascade Natural Gas [Member] | ||||||
Long-term debt outstanding [Line Items] | ||||||
Ratio of total debt to total capitalization | 50% | |||||
Intermountain Gas Company | ||||||
Long-term debt outstanding [Line Items] | ||||||
Ratio of total debt to total capitalization | 57% | |||||
Intermountain Gas Company | Revolving credit facility | Long-term debt | ||||||
Long-term debt outstanding [Line Items] | ||||||
Facility limit, maximum borrowing capacity | $ 100,000 | |||||
Centennial Energy Holdings, Inc. | ||||||
Long-term debt outstanding [Line Items] | ||||||
Ratio of total debt to total capitalization | 46% | |||||
WBI Energy Transmission, Inc. | ||||||
Long-term debt outstanding [Line Items] | ||||||
Ratio of total debt to total capitalization | 40% | |||||
Senior Notes | ||||||
Long-term debt outstanding [Line Items] | ||||||
Long-term debt | $ 2,258,500 | $ 2,125,000 | ||||
Weighted average interest rate | 4.32% | |||||
Senior Notes | Cascade Natural Gas [Member] | ||||||
Long-term debt outstanding [Line Items] | ||||||
Long-term debt | $ 50,000 | |||||
Weighted average interest rate | 4.50% | |||||
Ratio of total debt to total capitalization as specified in debt covenants | 65% | |||||
Senior Notes | Intermountain Gas Company | ||||||
Long-term debt outstanding [Line Items] | ||||||
Long-term debt | $ 40,000 | |||||
Weighted average interest rate | 4.68% | |||||
Ratio of total debt to total capitalization as specified in debt covenants | 65% | |||||
Senior Notes | Centennial Energy Holdings, Inc. | ||||||
Long-term debt outstanding [Line Items] | ||||||
Long-term debt | $ 150,000 | |||||
Weighted average interest rate | 3.71% | |||||
Ratio of total debt to total capitalization as specified in debt covenants | 60% | |||||
Senior Notes | WBI Energy Transmission, Inc. | ||||||
Long-term debt outstanding [Line Items] | ||||||
Long-term debt | $ 235,000 | $ 40,000 | ||||
Weighted average interest rate | 6.67% | |||||
Ratio of total debt to total capitalization as specified in debt covenants | 55% | |||||
Long-term private shelf agreement issuance capacity | $ 350,000 | |||||
Remaining capacity under uncommitted private shelf agreement | $ 115,000 | |||||
Revolving credit facility | Montana-Dakota Utilities Co. [Member] | ||||||
Long-term debt outstanding [Line Items] | ||||||
Ratio of funded debt to total capitalization as specified in debt covenants | 65% | |||||
Revolving credit facility | Cascade Natural Gas [Member] | ||||||
Long-term debt outstanding [Line Items] | ||||||
Ratio of total debt to total capitalization as specified in debt covenants | 65% | |||||
Revolving credit facility | Intermountain Gas Company | ||||||
Long-term debt outstanding [Line Items] | ||||||
Ratio of total debt to total capitalization as specified in debt covenants | 65% | |||||
Facility limit, maximum borrowing capacity | $ 100,000 | |||||
Revolving credit facility | Centennial Energy Holdings, Inc. | ||||||
Long-term debt outstanding [Line Items] | ||||||
Ratio of total debt to total capitalization as specified in debt covenants | 65% |
Schedule of debt maturities (De
Schedule of debt maturities (Details 5) $ in Thousands | Dec. 31, 2022 USD ($) |
Long-term debt maturities [Line Items] | |
2023 | $ 78,031 |
2024 | 476,923 |
2025 | 177,802 |
2026 | 140,802 |
2027 | 230,802 |
Thereafter | $ 1,743,893 |
Lease costs (Details)
Lease costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Short-term lease cost | $ 160,318 | $ 132,449 | $ 135,376 |
Operating lease cost | 44,956 | 46,622 | 45,319 |
Variable lease cost | 1,739 | 1,516 | 1,319 |
Total lease costs | $ 207,013 | $ 180,587 | $ 182,014 |
Weighted average remaining lease term | 2 years 9 months 29 days | 2 years 8 months 1 day | 2 years 8 months 23 days |
Weighted average discount rate | 4.05% | 3.54% | 4.03% |
Cash paid for amounts included in the measurement of lease liabilities | $ 44,512 | $ 43,489 | $ 45,043 |
Operating lease liabilities und
Operating lease liabilities undiscounted cash flows maturity schedule (Details 2) $ in Thousands | Dec. 31, 2022 USD ($) |
Leases [Abstract] | |
2023 | $ 38,927 |
2024 | 27,825 |
2025 | 18,741 |
2026 | 11,191 |
2027 | 7,297 |
Thereafter | 39,963 |
Total | 143,944 |
Less discount | 23,894 |
Total operating lease liabilities | $ 120,050 |
Lessor accounting (Details 3)
Lessor accounting (Details 3) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Operating Lease, Lease Income | $ 47.9 | $ 50.1 |
Lessor, Operating Lease, Payments to be Received, Next Twelve Months | $ 9.7 | |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenues | Revenues |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Asset retirement obligation [Roll Forward] | ||
Balance at beginning of year | $ 468,686 | $ 446,919 |
Liabilities incurred | 5,972 | 12,454 |
Liabilities acquired | 0 | 1,805 |
Liabilities settled | (9,646) | (15,155) |
Accretion expense* | 23,188 | 21,214 |
Revisions in estimates | (77,692) | 1,449 |
Balance at end of year | 410,508 | 468,686 |
Plant costs/asset retirement obligation costs | ||
Asset retirement obligation [Roll Forward] | ||
Accretion expense, including asset retirement obligations | $ 21,800 | $ 19,600 |
Common stock (Details)
Common stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Dividends declared per common share | $ 0.8750 | $ 0.8550 | $ 0.8350 |
Dividends declared to common stockholders | $ 178,761 | $ 174,084 | $ 168,489 |
Credit agreement limitation on company's subsidiaries ratio of funded debt to capitalization | 60% | ||
Company's subsidiaries net assets restricted from use for dividend payments | $ 1,900,000 | ||
Common stock | |||
Dividends declared to common stockholders | $ 177,900 | $ 173,000 | $ 167,400 |
Centennial [Member] | |||
Maximum distributions to the company as a ratio of average consolidated indebtedness to consolidated EBITDA | 350% |
Common stock Common stock issua
Common stock Common stock issuance (Details 2) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | |||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | |
Common Stock, Shares, Issued | 204,162,814 | 203,889,661 | |
Proceeds from Issuance of Common Stock | $ (149,000) | $ 88,767,000 | $ 3,385,000 |
At-the-market offering | |||
Class of Stock [Line Items] | |||
Common Stock, Shares Authorized | 6,400,000 | ||
Common Stock, Shares, Issued | 0 | 2,800,000 | |
Common Stock, Authorized Shares Remaining | 3,600,000 | ||
Proceeds from Issuance of Common Stock | $ (100,000) | $ 88,800,000 | |
Payments of Stock Issuance Costs | $ 149,000 | $ 1,200,000 | |
K-Plan | |||
Class of Stock [Line Items] | |||
Common Stock, Authorized Shares Remaining | 7,200,000 |
Preferred Stock (Details 3)
Preferred Stock (Details 3) - Preferred Stock [Member] - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Class of Stock [Line Items] | ||
Preferred stock, shares authorized | 2,000,000 | |
Preferred stock, par value per share | $ 100 | |
Preferred stock, shares oustanding | 0 | 0 |
Stock based compensation plans
Stock based compensation plans (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Payment Arrangement [Abstract] | |||
Share-based compensation arrangement, number of shares available for grant | 3.4 | ||
Share-based compensation expense, net of tax | $ 8.7 | $ 12 | $ 10.8 |
Share-based compensation nonvested awards total compensation cost not yet recognized | $ 12.5 | ||
Share-based compensation, nonvested awards, total compensation cost not yet recognized, period for recognition | 1 year 7 months 6 days |
Stock awards (Details 2)
Stock awards (Details 2) - Board of Directors - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based compensation arrangement by share-based payment award [Line Items] | |||
Share-based Compensation Arrangement Shares Issued in Period | 40,800 | 41,925 | 45,273 |
Share-based Compensation Arrangement, Value | $ 1.2 | $ 1.2 | $ 1.1 |
Restricted stock awards (Detail
Restricted stock awards (Details 3) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Target grant of shares under performance awards | shares | 188,499 |
Weighted average grant-date fair value | $ / shares | $ 27.54 |
Performance share awards (Detai
Performance share awards (Details 4) - Performance shares [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based compensation arrangement by share-based payment award [Line Items] | |||
Weighted average grant-date fair value | $ 31.99 | ||
Fair value of vested shares | $ 7,600,000 | $ 13,700,000 | $ 9,700,000 |
Share-based compensation arrangement by share-based payment award, options, outstanding [Roll Forward] | |||
Nonvested at beginning of period | 555,047 | ||
Nonvested at beginning of period | $ 34.40 | ||
Granted | 284,416 | ||
Weighted average grant-date fair value | $ 31.99 | ||
Performance shares earned/unearned | (22,750) | ||
Performance shares earned/unearned | $ 31.63 | ||
Vested | 251,168 | ||
Vested | $ 36.60 | ||
Nonvested at end of period | 565,545 | 555,047 | |
Nonvested at end of period | $ 32.32 | $ 34.40 | |
Grant Date February 2021 | |||
Share-based compensation arrangement by share-based payment award [Line Items] | |||
Target grant of shares under performance awards | 281,129 | ||
Grant Date February 2022 | |||
Share-based compensation arrangement by share-based payment award [Line Items] | |||
Target grant of shares under performance awards | 284,416 | ||
Market Condition [Member] | |||
Share-based compensation arrangement by share-based payment award [Line Items] | |||
Historical volatility rate | 50% | ||
Implied volatility rate | 50% | ||
Weighted average grant-date fair value | $ 36.25 | $ 37.96 | $ 40.75 |
Expected volatility rate, minimum | 24.07% | 35.37% | 15.30% |
Expected volatility rate, maximum | 31.41% | 46.35% | 15.97% |
Risk-free interest rate, minimum | 0.71% | 0.02% | 1.45% |
Risk-free interest rate, maximum | 1.68% | 0.20% | 1.62% |
Weighted average discounted dividends per share | $ 2.93 | $ 3.16 | $ 2.91 |
Share-based compensation arrangement by share-based payment award, options, outstanding [Roll Forward] | |||
Weighted average grant-date fair value | $ 36.25 | $ 37.96 | $ 40.75 |
Market Condition [Member] | Minimum | |||
Share-based compensation arrangement by share-based payment award [Line Items] | |||
Participant target grant of shares, percentage rate range | 0% | ||
Market Condition [Member] | Maximum | |||
Share-based compensation arrangement by share-based payment award [Line Items] | |||
Participant target grant of shares, percentage rate range | 200% | ||
Performance Condition [Member] | |||
Share-based compensation arrangement by share-based payment award [Line Items] | |||
Weighted average grant-date fair value | $ 27.73 | 27.35 | 31.63 |
Share-based compensation arrangement by share-based payment award, options, outstanding [Roll Forward] | |||
Weighted average grant-date fair value | $ 27.73 | $ 27.35 | $ 31.63 |
Performance Condition [Member] | Minimum | |||
Share-based compensation arrangement by share-based payment award [Line Items] | |||
Participant target grant of shares, percentage rate range | 0% | ||
Performance Condition [Member] | Maximum | |||
Share-based compensation arrangement by share-based payment award [Line Items] | |||
Participant target grant of shares, percentage rate range | 200% |
Accumulated other comprehensi_4
Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated other comprehensive loss [Roll Forward] | |||
Balance | $ 3,382,874 | ||
Amounts reclassified to accumulated other comprehensive loss from a regulatory asset | (3,265) | $ 0 | $ 0 |
Other comprehensive income (loss) | 10,421 | 7,074 | (5,976) |
Balance | 3,587,129 | 3,382,874 | |
Net unrealized gain (loss) on derivative instruments qualifying as hedges | |||
Accumulated other comprehensive loss [Roll Forward] | |||
Balance | (538) | (984) | |
Other comprehensive income (loss) before reclassifications | 0 | 0 | |
Amounts reclassified to accumulated other comprehensive loss from a regulatory asset | 0 | ||
Amounts reclassified from accumulated other comprehensive loss | 413 | 446 | |
Other comprehensive income (loss) | 413 | 446 | |
Balance | (125) | (538) | (984) |
Postretirement liability adjustment | |||
Accumulated other comprehensive loss [Roll Forward] | |||
Balance | (40,461) | (47,207) | |
Other comprehensive income (loss) before reclassifications | 12,007 | 4,876 | |
Amounts reclassified from accumulated other comprehensive loss | 1,819 | 1,870 | |
Other comprehensive income (loss) | 10,561 | 6,746 | |
Balance | (29,900) | (40,461) | (47,207) |
Net unrealized gain (loss) on available-for-sale investments | |||
Accumulated other comprehensive loss [Roll Forward] | |||
Balance | (5) | 113 | |
Other comprehensive income (loss) before reclassifications | (667) | (252) | |
Amounts reclassified to accumulated other comprehensive loss from a regulatory asset | 0 | ||
Amounts reclassified from accumulated other comprehensive loss | 114 | 134 | |
Other comprehensive income (loss) | (553) | (118) | |
Balance | (558) | (5) | 113 |
Total accumulated other comprehensive loss | |||
Accumulated other comprehensive loss [Roll Forward] | |||
Balance | (41,004) | (48,078) | |
Other comprehensive income (loss) before reclassifications | 11,340 | 4,624 | |
Amounts reclassified to accumulated other comprehensive loss from a regulatory asset | (3,265) | ||
Amounts reclassified from accumulated other comprehensive loss | 2,346 | 2,450 | |
Other comprehensive income (loss) | 10,421 | 7,074 | (5,976) |
Balance | $ (30,583) | $ (41,004) | $ (48,078) |
Reclassification out of accumul
Reclassification out of accumulated other comprehensive loss (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items] | |||
Interest expense | $ (119,273) | $ (93,984) | $ (96,519) |
Income taxes | (94,783) | (88,920) | (84,590) |
Other income | 7,379 | 26,416 | 26,711 |
Net income | 367,489 | 378,131 | $ 390,205 |
Reclassification out of accumulated other comprehensive loss | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items] | |||
Net income | (2,346) | (2,450) | |
Reclassification adjustment for loss on derivative instruments included in net income | Reclassification out of accumulated other comprehensive loss | Interest rate contract | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items] | |||
Interest expense | (590) | (591) | |
Income taxes | 177 | 145 | |
Net income | (413) | (446) | |
Amortization of postretirement liability losses included in net periodic benefit credit | Reclassification out of accumulated other comprehensive loss | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items] | |||
Income taxes | 597 | 615 | |
Other income | (2,416) | (2,485) | |
Net income | (1,819) | (1,870) | |
Reclassification adjustment on available-for-sale investments included in net income | Reclassification out of accumulated other comprehensive loss | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items] | |||
Income taxes | 31 | 36 | |
Other income | (145) | (170) | |
Net income | $ (114) | $ (134) |
Components of income before inc
Components of income before income taxes from continuing operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 462,059 | $ 466,651 | $ 474,856 |
Foreign | 0 | 0 | 261 |
Income before income taxes | $ 462,059 | $ 466,651 | $ 475,117 |
Income tax expense (benefit) (D
Income tax expense (benefit) (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | |||
Federal | $ 50,747 | $ 17,121 | $ 65,006 |
State | 20,710 | 11,549 | 21,234 |
Foreign | 0 | 0 | 151 |
Current income taxes | 71,457 | 28,670 | 86,391 |
Deferred: | |||
Federal | 17,820 | 45,885 | (3,735) |
State | 4,608 | 12,610 | (625) |
Investment tax credit - net | 898 | 1,755 | 2,559 |
Deferred income taxes | 23,326 | 60,250 | (1,801) |
Income taxes | $ 94,783 | $ 88,920 | $ 84,590 |
Components of deferred tax asse
Components of deferred tax assets and liabilities (Details 3) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Postretirement | $ 41,298 | $ 45,752 |
Compensation-related | 35,196 | 37,917 |
Operating lease liabilities | 25,718 | 26,710 |
Asset retirement obligations | 9,687 | 8,696 |
Legal and environmental contingencies | 8,526 | 8,603 |
Customer advances | 7,615 | 7,683 |
Payroll tax deferral | 0 | 6,940 |
Other | 51,472 | 39,960 |
Total deferred tax assets | 179,512 | 182,261 |
Deferred tax liabilities: | ||
Basis differences on property, plant and equipment | 608,528 | 585,095 |
Postretirement | 47,340 | 48,302 |
Purchased gas adjustment | 33,567 | 21,136 |
Operating lease right-of-use-assets | 25,472 | 26,570 |
Intangible assets | 23,007 | 21,074 |
Other | 60,078 | 59,934 |
Total deferred tax liabilities | 797,992 | 762,111 |
Valuation allowance | 12,823 | 12,112 |
Net deferred income tax liability | $ 631,303 | $ 591,962 |
Carryforwards (Details 4)
Carryforwards (Details 4) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
State and local jurisdiction | ||
Carryforwards [Line Items] | ||
Operating loss carryforwards | $ 176 | $ 164.8 |
Investment tax credit carryforward, amount | 35.1 | 35 |
Federal and State Taxing Authority | ||
Carryforwards [Line Items] | ||
Tax credit carryforward, amount | $ 35.7 | $ 35.6 |
Deferred tax reconciliation (De
Deferred tax reconciliation (Details 5) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Change in net deferred income tax liability from the preceding table | $ 39,341 | ||
Deferred taxes associated with other comprehensive loss | (3,507) | ||
Excess deferred income tax amortization | (9,008) | ||
Other | (3,500) | ||
Deferred income taxes | $ 23,326 | $ 60,250 | $ (1,801) |
Income tax expense (benefit) st
Income tax expense (benefit) statutory rate versus actual rate (Details 6) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Computed tax at federal statutory rate | |||
Computed tax at federal statutory rate | $ 97,032 | $ 97,997 | $ 99,775 |
Federal statutory rate | 21% | 21% | 21% |
Increases (reductions) resulting from: | |||
State income taxes, net of federal income tax | $ 19,126 | $ 19,496 | $ 17,845 |
State income tax, rate | 4.10% | 4.20% | 3.80% |
Federal renewable energy credit | $ (15,343) | $ (13,914) | $ (16,009) |
Federal renewable energy credit, rate | (3.30%) | (3.00%) | (3.40%) |
Tax compliance and uncertain tax positions | $ 1,080 | $ (477) | $ (3,543) |
Tax compliance and uncertain tax positions, rate | 0.20% | (0.10%) | (0.70%) |
Nonqualified benefit plans | $ 2,827 | $ (1,881) | $ (2,443) |
Effective Income Tax Rate Nonqualified benefit plans | 0.60% | (0.40%) | (0.50%) |
Excess deferred income tax amortization | $ (9,008) | $ (10,295) | $ (12,517) |
Excess deferred income tax amortization, rate | (1.90%) | (2.20%) | (2.60%) |
Other | $ (931) | $ (2,006) | $ 1,482 |
Other, rate | (0.20%) | (0.40%) | 0.20% |
Income taxes | $ 94,783 | $ 88,920 | $ 84,590 |
Total income tax expense, rate | 20.50% | 19.10% | 17.80% |
Cash flow information (Details)
Cash flow information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest, net* | $ 83,118 | $ 91,165 | $ 88,681 |
Income taxes paid, net** | 26,503 | 71,079 | 65,536 |
AFUDC borrowed | 2,200 | 2,800 | 2,600 |
Property, plant and equipment additions in accounts payable | 49,602 | 57,605 | 26,082 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 50,921 | 55,987 | 54,356 |
Debt assumed in connection with a business combination | 0 | 10 | 0 |
Accrual for holdback payment related to a business combination | 70 | 0 | 2,500 |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 7,304 | 0 | 0 |
Continuing and discontinued operations | |||
Income taxes paid, net** | $ 26,400 | $ 70,900 | $ 59,400 |
Business segment data (Details)
Business segment data (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Business segment data [Line Items] | |||
Revenues | $ 6,973,864 | $ 5,680,733 | $ 5,532,750 |
Depreciation, depletion and amortization | 327,826 | 299,214 | 285,100 |
Operating income (loss) | 573,953 | 534,219 | 544,925 |
Interest expense | 119,273 | 93,984 | 96,519 |
Income taxes | 94,783 | 88,920 | 84,590 |
Income from continuing operations | 367,276 | 377,731 | 390,527 |
Discontinued operations, net of tax | 213 | 400 | (322) |
Net income | 367,489 | 378,131 | 390,205 |
Capital expenditures | 656,559 | 935,806 | 648,279 |
Total assets | 9,660,781 | 8,910,435 | 8,053,372 |
Property, Plant and Equipment, Gross | 9,364,038 | 8,972,849 | |
Less accumulated depreciation, depletion and amortization | 3,272,493 | 3,216,461 | 3,133,831 |
Net property, plant and equipment | 6,091,545 | 5,756,388 | 5,166,939 |
Additional information [Abstract] | |||
Net noncash acquisitions, capital expenditure-related accounts payable and AFUDC | 1,700 | 38,700 | (15,700) |
Electric | |||
Business segment data [Line Items] | |||
Revenues | 376,579 | 349,039 | 331,538 |
Depreciation, depletion and amortization | 67,802 | 66,750 | 62,998 |
Operating income (loss) | 79,655 | 66,335 | 63,434 |
Interest expense | 28,526 | 26,712 | 26,699 |
Income taxes | (5,420) | (7,626) | (11,636) |
Capital expenditures | 133,970 | 82,427 | 114,676 |
Total assets | 1,856,258 | 1,810,695 | 2,123,693 |
Property, Plant and Equipment, Gross | 2,276,613 | 2,295,646 | 2,323,403 |
Natural gas distribution | |||
Business segment data [Line Items] | |||
Revenues | 1,273,249 | 971,364 | 847,651 |
Depreciation, depletion and amortization | 89,466 | 86,065 | 84,580 |
Operating income (loss) | 91,889 | 89,173 | 73,082 |
Interest expense | 42,126 | 37,265 | 36,798 |
Income taxes | 7,805 | 8,366 | 5,746 |
Capital expenditures | 240,064 | 170,411 | 193,048 |
Total assets | 3,214,452 | 2,929,519 | 2,302,770 |
Property, Plant and Equipment, Gross | 3,208,060 | 3,015,164 | 2,868,853 |
Pipeline | |||
Business segment data [Line Items] | |||
Revenues | 96,567 | 82,858 | 85,346 |
Depreciation, depletion and amortization | 26,857 | 20,569 | 21,669 |
Operating income (loss) | 55,466 | 48,078 | 49,436 |
Interest expense | 11,318 | 7,010 | 7,622 |
Income taxes | 10,212 | 9,594 | 7,650 |
Capital expenditures | 61,923 | 234,803 | 62,224 |
Total assets | 961,893 | 913,945 | 703,377 |
Property, Plant and Equipment, Gross | 1,108,141 | 1,051,868 | 821,697 |
Construction materials and contracting | |||
Business segment data [Line Items] | |||
Revenues | 2,533,713 | 2,228,306 | 2,177,585 |
Depreciation, depletion and amortization | 117,798 | 100,974 | 89,626 |
Operating income (loss) | 194,295 | 191,077 | 214,498 |
Interest expense | 30,121 | 19,218 | 20,577 |
Income taxes | 42,601 | 43,459 | 47,431 |
Capital expenditures | 181,917 | 417,524 | 191,635 |
Total assets | 2,268,970 | 2,161,653 | 1,798,493 |
Property, Plant and Equipment, Gross | 2,489,408 | 2,347,696 | 2,028,476 |
Construction services | |||
Business segment data [Line Items] | |||
Revenues | 2,693,756 | 2,049,082 | 2,090,685 |
Depreciation, depletion and amortization | 21,468 | 20,270 | 23,523 |
Operating income (loss) | 164,644 | 145,754 | 147,644 |
Interest expense | 6,354 | 3,540 | 4,095 |
Income taxes | 40,788 | 35,426 | 35,797 |
Capital expenditures | 36,413 | 29,140 | 83,651 |
Total assets | 1,126,323 | 845,262 | 818,662 |
Property, Plant and Equipment, Gross | 245,111 | 225,758 | 220,796 |
Other | |||
Business segment data [Line Items] | |||
Revenues | 0 | 84 | (55) |
Depreciation, depletion and amortization | 4,435 | 4,586 | 2,704 |
Operating income (loss) | (11,996) | (6,198) | (3,169) |
Interest expense | 1,465 | 342 | 883 |
Income taxes | (1,203) | (299) | (398) |
Capital expenditures | 2,272 | 1,501 | 3,045 |
Total assets | 232,885 | 249,361 | 306,377 |
Property, Plant and Equipment, Gross | 36,705 | 36,717 | 37,545 |
Intersegment Eliminations | |||
Business segment data [Line Items] | |||
Revenues | (84,176) | (77,606) | (76,969) |
Interest expense | (637) | (103) | (155) |
Total assets | (1,184,512) | (992,084) | (711,216) |
Intersegment Eliminations | Electric | |||
Business segment data [Line Items] | |||
Revenues | (494) | (543) | (491) |
Intersegment Eliminations | Natural gas distribution | |||
Business segment data [Line Items] | |||
Revenues | (555) | (576) | (534) |
Intersegment Eliminations | Pipeline | |||
Business segment data [Line Items] | |||
Revenues | (59,012) | (59,678) | (58,531) |
Intersegment Eliminations | Construction materials and contracting | |||
Business segment data [Line Items] | |||
Revenues | (1,016) | (624) | (417) |
Intersegment Eliminations | Construction services | |||
Business segment data [Line Items] | |||
Revenues | (5,494) | (2,555) | (5,038) |
Intersegment Eliminations | Other | |||
Business segment data [Line Items] | |||
Revenues | (17,605) | (13,630) | (11,958) |
Total Intersegment operating revenues | |||
Business segment data [Line Items] | |||
Revenues | 84,176 | 77,606 | 76,969 |
Regulated Operation | |||
Business segment data [Line Items] | |||
Revenues | 1,735,759 | 1,390,343 | 1,249,146 |
Income from continuing operations | 137,605 | 143,085 | 135,103 |
Regulated Operation | Electric | |||
Business segment data [Line Items] | |||
Revenues | 376,579 | 349,039 | 331,538 |
Income from continuing operations | 57,077 | 51,906 | 55,601 |
Regulated Operation | Natural gas distribution | |||
Business segment data [Line Items] | |||
Revenues | 1,273,249 | 971,364 | 847,651 |
Income from continuing operations | 45,171 | 51,596 | 44,049 |
Regulated Operation | Pipeline | |||
Business segment data [Line Items] | |||
Revenues | 85,931 | 69,940 | 69,957 |
Income from continuing operations | 35,357 | 39,583 | 35,453 |
Regulated Operation | Intersegment Eliminations | |||
Business segment data [Line Items] | |||
Revenues | 59,417 | 60,108 | 59,002 |
Regulated Operation | Intersegment Eliminations | Electric | |||
Business segment data [Line Items] | |||
Revenues | 494 | 543 | 491 |
Regulated Operation | Intersegment Eliminations | Natural gas distribution | |||
Business segment data [Line Items] | |||
Revenues | 555 | 576 | 534 |
Regulated Operation | Intersegment Eliminations | Pipeline | |||
Business segment data [Line Items] | |||
Revenues | 58,368 | 58,989 | 57,977 |
Nonregulated Operation | |||
Business segment data [Line Items] | |||
Revenues | 5,238,105 | 4,290,390 | 4,283,604 |
Income from continuing operations | 229,671 | 234,646 | 255,424 |
Nonregulated Operation | Pipeline | |||
Business segment data [Line Items] | |||
Revenues | 10,636 | 12,918 | 15,389 |
Income from continuing operations | (69) | 1,313 | 1,559 |
Nonregulated Operation | Construction materials and contracting | |||
Business segment data [Line Items] | |||
Revenues | 2,533,713 | 2,228,306 | 2,177,585 |
Income from continuing operations | 116,220 | 129,755 | 147,325 |
Nonregulated Operation | Construction services | |||
Business segment data [Line Items] | |||
Revenues | 2,693,756 | 2,049,082 | 2,090,685 |
Income from continuing operations | 124,781 | 109,402 | 109,721 |
Nonregulated Operation | Other | |||
Business segment data [Line Items] | |||
Revenues | 0 | 84 | (55) |
Income from continuing operations | (11,261) | (5,824) | (3,181) |
Nonregulated Operation | Intersegment Eliminations | |||
Business segment data [Line Items] | |||
Revenues | 24,759 | 17,498 | 17,967 |
Nonregulated Operation | Intersegment Eliminations | Pipeline | |||
Business segment data [Line Items] | |||
Revenues | 644 | 689 | 554 |
Nonregulated Operation | Intersegment Eliminations | Construction materials and contracting | |||
Business segment data [Line Items] | |||
Revenues | 1,016 | 624 | 417 |
Nonregulated Operation | Intersegment Eliminations | Construction services | |||
Business segment data [Line Items] | |||
Revenues | 5,494 | 2,555 | 5,038 |
Nonregulated Operation | Intersegment Eliminations | Other | |||
Business segment data [Line Items] | |||
Revenues | $ 17,605 | $ 13,630 | $ 11,958 |
Business segment data operating
Business segment data operating revenues reconciliation (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | $ 6,973,864 | $ 5,680,733 | $ 5,532,750 |
Operating Segments | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 7,040,435 | 5,744,625 | 5,597,816 |
Corporate, Non-Segment | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 17,605 | 13,714 | 11,903 |
Intersegment Eliminations | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | $ (84,176) | $ (77,606) | $ (76,969) |
Business segment data operati_2
Business segment data operating assets reconciliation (Details 3) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | $ 9,660,781 | $ 8,910,435 | $ 8,053,372 |
Operating Segments | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 9,491,679 | 8,717,563 | 7,816,848 |
Corporate, Non-Segment | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 1,353,614 | 1,184,956 | 947,740 |
Intersegment Eliminations | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | $ (1,184,512) | $ (992,084) | $ (711,216) |
Change in benefit obligations a
Change in benefit obligations and plan assets (Details) - Qualified Plan - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Underfunded Plan | Pension Benefits | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | $ 411,497 | $ 437,360 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 10,522 | 9,819 | 12,093 |
Plan participants' contributions | 0 | 0 | |
Actuarial gain | (85,303) | (12,140) | |
Benefits paid | (24,672) | (23,542) | |
Benefit obligation at end of year | 312,044 | 411,497 | 437,360 |
Change in net plan assets: | |||
Fair value of plan assets at beginning of year | 373,109 | 383,834 | |
Actual return on plan assets | (77,975) | 12,817 | |
Employer contribution | 0 | 0 | |
Plan participants' contributions | 0 | 0 | |
Benefits paid | (24,672) | (23,542) | |
Fair value of net plan assets at end of year | 270,462 | 373,109 | 383,834 |
Funded status - (under) over | (41,582) | (38,388) | |
Amounts recognized in the Consolidated Balance Sheets at December 31: | |||
Noncurrent assets - other | 0 | 0 | |
Other accrued liabilities | 0 | 0 | |
Noncurrent liabilities - other | 41,582 | 38,388 | |
Benefit obligation (liabilities) assets - net amount recognized | (41,582) | (38,388) | |
Amounts recognized in accumulated other comprehensive loss: | |||
Actuarial loss (gain) | 32,378 | 25,976 | |
Prior service credit | 0 | 0 | |
Total | 32,378 | 25,976 | |
Amounts recognized in regulatory assets or liabilities: | |||
Actuarial loss (gain) | 141,207 | 142,166 | |
Prior service credit | 0 | 0 | |
Total | 141,207 | 142,166 | |
Overfunded Plan | Other Postretirement Benefits | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 73,460 | 86,155 | |
Service cost | 1,416 | 1,600 | 1,532 |
Interest cost | 1,896 | 1,862 | 2,437 |
Plan participants' contributions | 569 | 641 | |
Actuarial gain | (18,401) | (12,802) | |
Benefits paid | (4,009) | (3,996) | |
Benefit obligation at end of year | 54,931 | 73,460 | 86,155 |
Change in net plan assets: | |||
Fair value of plan assets at beginning of year | 100,158 | 101,639 | |
Actual return on plan assets | (20,893) | 1,398 | |
Employer contribution | 501 | 476 | |
Plan participants' contributions | 569 | 641 | |
Benefits paid | (4,009) | (3,996) | |
Fair value of net plan assets at end of year | 76,326 | 100,158 | $ 101,639 |
Funded status - (under) over | 21,395 | 26,698 | |
Amounts recognized in the Consolidated Balance Sheets at December 31: | |||
Noncurrent assets - other | 36,325 | 45,863 | |
Other accrued liabilities | 1,044 | 544 | |
Noncurrent liabilities - other | 13,886 | 18,621 | |
Benefit obligation (liabilities) assets - net amount recognized | 21,395 | 26,698 | |
Amounts recognized in accumulated other comprehensive loss: | |||
Actuarial loss (gain) | (2,923) | 2,367 | |
Prior service credit | (289) | (290) | |
Total | (3,212) | 2,077 | |
Amounts recognized in regulatory assets or liabilities: | |||
Actuarial loss (gain) | (1,439) | (14,727) | |
Prior service credit | (3,796) | (5,193) | |
Total | $ (5,235) | $ (19,920) |
Benefit obligations in excess o
Benefit obligations in excess of plan assets (Details 2) - Qualified Plan - Pension Benefits - Underfunded Plan - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 312,044 | $ 411,497 |
Accumulated benefit obligation | 312,044 | 411,497 |
Fair value of plan assets | $ 270,462 | $ 373,109 |
Components of net periodic bene
Components of net periodic benefit cost (Details 3) - Qualified Plan - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Underfunded Plan | Pension Benefits | |||
Components of net periodic benefit credit: | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 10,522 | 9,819 | 12,093 |
Expected return on assets | (19,455) | (19,576) | (19,949) |
Amortization of prior service credit | 0 | 0 | 0 |
Recognized net actuarial loss (gain) | 6,683 | 8,017 | 7,172 |
Net periodic benefit credit, including amount capitalized | (2,250) | (1,740) | (684) |
Less amount capitalized | 0 | 0 | 0 |
Net periodic benefit cost (credit) | (2,250) | (1,740) | (684) |
Other changes in plan assets and benefit obligations recognized in accumulated comprehensive loss: | |||
Net (gain) loss | 2,369 | (265) | 934 |
Amortization of actuarial loss | (1,310) | (1,286) | (1,155) |
Amortization of prior service credit | 0 | 0 | 0 |
Reclassification of postretirement liability adjustment from regulatory asset | 5,343 | 0 | 0 |
Total recognized in accumulated other comprehensive loss | 6,402 | (1,551) | (221) |
Other changes in plan assets and benefit obligations recognized in regulatory assets or liabilities: | |||
Net (gain) loss | 9,757 | (5,116) | 4,546 |
Amortization of actuarial gain (loss) | (5,373) | (6,731) | (6,017) |
Amortization of prior service credit | 0 | 0 | 0 |
Reclassification of postretirement liability adjustment from regulatory asset to OCI | (5,343) | 0 | 0 |
Total recognized in regulatory assets or liabilities | (959) | (11,847) | (1,471) |
Total recognized in net periodic benefit credit, accumulated other comprehensive loss and regulatory assets or liabilities | 3,193 | (15,138) | (2,376) |
Overfunded Plan | Other Postretirement Benefits | |||
Components of net periodic benefit credit: | |||
Service cost | 1,416 | 1,600 | 1,532 |
Interest cost | 1,896 | 1,862 | 2,437 |
Expected return on assets | (5,288) | (5,098) | (5,019) |
Amortization of prior service credit | (1,398) | (1,398) | (1,398) |
Recognized net actuarial loss (gain) | (219) | 24 | 287 |
Net periodic benefit credit, including amount capitalized | (3,593) | (3,010) | (2,161) |
Less amount capitalized | 175 | 150 | 156 |
Net periodic benefit cost (credit) | (3,768) | (3,160) | (2,317) |
Other changes in plan assets and benefit obligations recognized in accumulated comprehensive loss: | |||
Net (gain) loss | (4,141) | (2,811) | (259) |
Amortization of actuarial loss | (281) | (135) | (306) |
Amortization of prior service credit | 125 | 100 | 101 |
Reclassification of postretirement liability adjustment from regulatory asset | (992) | 0 | 0 |
Total recognized in accumulated other comprehensive loss | (5,289) | (2,846) | (464) |
Other changes in plan assets and benefit obligations recognized in regulatory assets or liabilities: | |||
Net (gain) loss | 11,920 | (6,292) | (3,793) |
Amortization of actuarial gain (loss) | 500 | 110 | 19 |
Amortization of prior service credit | 1,273 | 1,298 | 1,297 |
Reclassification of postretirement liability adjustment from regulatory asset to OCI | 992 | 0 | 0 |
Total recognized in regulatory assets or liabilities | 14,685 | (4,884) | (2,477) |
Total recognized in net periodic benefit credit, accumulated other comprehensive loss and regulatory assets or liabilities | $ 5,628 | $ (10,890) | $ (5,258) |
Weighted average assumptions (D
Weighted average assumptions (Details 4) - Qualified Plan | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Underfunded Plan | Pension Benefits | ||
Used to determine benefit obligation | ||
Discount rate | 5.06% | 2.64% |
Expected return on plan assets | 6.50% | 6% |
Used to determine benefit cost | ||
Discount rate | 2.64% | 2.30% |
Expected return on plan assets | 6% | 6% |
Overfunded Plan | Other Postretirement Benefits | ||
Used to determine benefit obligation | ||
Discount rate | 5.07% | 2.66% |
Expected return on plan assets | 6% | 5.50% |
Rate of compensation increase | 3% | 3% |
Used to determine benefit cost | ||
Discount rate | 2.66% | 2.30% |
Expected return on plan assets | 5.50% | 5.50% |
Rate of compensation increase | 3% | 3% |
Investment Allocations (Details
Investment Allocations (Details 5) - Qualified Plan | Dec. 31, 2022 |
Underfunded Plan | Minimum | Equity securities | Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, plan assets, target allocation, percentage | 40% |
Underfunded Plan | Minimum | Fixed Income Securities | Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, plan assets, target allocation, percentage | 50% |
Underfunded Plan | Maximum | Equity securities | Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, plan assets, target allocation, percentage | 50% |
Underfunded Plan | Maximum | Fixed Income Securities | Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, plan assets, target allocation, percentage | 60% |
Overfunded Plan | Minimum | Equity securities | Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, plan assets, target allocation, percentage | 10% |
Overfunded Plan | Minimum | Fixed Income Securities | Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, plan assets, target allocation, percentage | 80% |
Overfunded Plan | Maximum | Equity securities | Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, plan assets, target allocation, percentage | 20% |
Overfunded Plan | Maximum | Fixed Income Securities | Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, plan assets, target allocation, percentage | 90% |
Health care rate assumptions an
Health care rate assumptions and cost trend rate (Details 6) - Overfunded Plan - Qualified Plan - Other Postretirement Benefits | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Health care trend rate assumed for next year | 7.50% | 7% |
Health care cost trend rate - ultimate | 4.50% | 4.50% |
Year in which ultimate trend rate achieved | 2033 | 2031 |
Estimated future benefit paymen
Estimated future benefit payments and subsidies (Details 7) - Qualified Plan - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2022 | |
Underfunded Plan | Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 0 | |
Defined Benefit Plan, Plan Assets, Additional Contributions by Employer | $ 20,000,000 | |
2023 | 24,936,000 | |
2024 | 24,882,000 | |
2025 | 24,749,000 | |
2026 | 24,605,000 | |
2027 | 24,387,000 | |
2028-2032 | 114,850,000 | |
Overfunded Plan | Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 595,000 | |
2023 | 4,275,000 | |
2024 | 4,371,000 | |
2025 | 4,456,000 | |
2026 | 4,509,000 | |
2027 | 4,523,000 | |
2028-2032 | 16,917,000 | |
2023 | 62,000 | |
2024 | 53,000 | |
2025 | 46,000 | |
2026 | 39,000 | |
2027 | 31,000 | |
2028-2032 | $ 93,000 |
Fair value - pension (Details 8
Fair value - pension (Details 8) - Qualified Plan - Underfunded Plan - Pension Benefits - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of net plan assets at end of year | $ 270,462 | $ 373,109 | $ 383,834 |
Defined Benefit Plan, Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | $ 8,170 | 4,637 | |
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Percentage | 7% | ||
Pension investments in insurance contracts | 100% | ||
Defined Benefit Plan, Equity Securities, US [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | $ 7,388 | 7,483 | |
Defined Benefit Plan, Equity Securities, Non-US [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | $ 467 | $ 1,279 | |
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Percentage | 16% | 19% | |
Collective and mutual funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | $ 154,443 | $ 208,476 | |
Corporate debt securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | $ 81,363 | $ 125,167 | |
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Percentage | 29% | 37% | |
Municipal bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | $ 5,904 | $ 7,507 | |
U.S. Government securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | $ 3,924 | $ 9,015 | |
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Percentage | 7% | 9% | |
Pooled Separate Accounts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | $ 3,241 | $ 3,088 | |
Total assets measured at fair value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of net plan assets at end of year | $ 270,462 | $ 373,109 | |
Defined Benefit Plan, Equity Securities, US, Large Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Percentage | 24% | 16% | |
Other Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Percentage | 17% | 19% | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Defined Benefit Plan, Equity Securities, US [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | $ 7,388 | $ 7,483 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Collective and mutual funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | 121,072 | 167,093 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Government securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | 3,044 | 7,113 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Total assets measured at fair value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of net plan assets at end of year | 131,504 | 181,689 | |
Significant Other Observable Inputs (Level 2) | Defined Benefit Plan, Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | 8,170 | 4,637 | |
Significant Other Observable Inputs (Level 2) | Defined Benefit Plan, Equity Securities, Non-US [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | 467 | 1,279 | |
Significant Other Observable Inputs (Level 2) | Collective and mutual funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | 33,371 | 41,383 | |
Significant Other Observable Inputs (Level 2) | Corporate debt securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | 81,363 | 125,167 | |
Significant Other Observable Inputs (Level 2) | Municipal bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | 5,904 | 7,507 | |
Significant Other Observable Inputs (Level 2) | U.S. Government securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | 880 | 1,902 | |
Significant Other Observable Inputs (Level 2) | Pooled Separate Accounts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | 3,241 | 3,088 | |
Significant Other Observable Inputs (Level 2) | Total assets measured at fair value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of net plan assets at end of year | 133,396 | 184,963 | |
Fair Value Measured at Net Asset Value Per Share | Collective and mutual funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | $ 5,562 | $ 6,457 |
Fair value - other postretireme
Fair value - other postretirement (Details 9) - Other Postretirement Benefits - Qualified Plan - Overfunded Plan - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of net plan assets at end of year | $ 76,326 | $ 100,158 | $ 101,639 |
Defined Benefit Plan, Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | $ 4,196 | 4,281 | |
Postretirement Investments in Collective and Mutual Funds | 7% | ||
Defined Benefit Plan, Equity Securities, US [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | $ 2,572 | 2,332 | |
Defined Benefit Plan, Equity Securities, Non-US [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | $ 1 | ||
Postretirement Investments in Collective and Mutual Funds | 16% | 19% | |
Collective and mutual funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | $ 10 | $ 94 | |
Insurance investment contract [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | 69,548 | 93,447 | |
Total assets measured at fair value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of net plan assets at end of year | $ 76,326 | $ 100,158 | |
Corporate debt securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Postretirement Investments in Collective and Mutual Funds | 29% | 37% | |
Postretirement Investments in Insurance Contracts | 69% | 58% | |
Defined Benefit Plan, Equity Securities, US, Large Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Postretirement Investments in Collective and Mutual Funds | 24% | 16% | |
Postretirement Investments in Insurance Contracts | 14% | 13% | |
Defined Benefit Plan, Equity Securities, US, Small Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Postretirement Investments in Insurance Contracts | 4% | 5% | |
U.S. Government securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Postretirement Investments in Collective and Mutual Funds | 7% | 9% | |
Postretirement Investments in Insurance Contracts | 13% | 13% | |
Other Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Postretirement Investments in Collective and Mutual Funds | 17% | 19% | |
Postretirement Investments in Insurance Contracts | 11% | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Defined Benefit Plan, Equity Securities, US [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | $ 2,572 | $ 2,332 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Collective and mutual funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | 5 | 4 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Total assets measured at fair value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of net plan assets at end of year | 2,577 | 2,336 | |
Significant Other Observable Inputs (Level 2) | Defined Benefit Plan, Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | 4,196 | 4,281 | |
Significant Other Observable Inputs (Level 2) | Defined Benefit Plan, Equity Securities, Non-US [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | 1 | ||
Significant Other Observable Inputs (Level 2) | Collective and mutual funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | 5 | 90 | |
Significant Other Observable Inputs (Level 2) | Insurance investment contract [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | 69,548 | 93,447 | |
Significant Other Observable Inputs (Level 2) | Total assets measured at fair value [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of net plan assets at end of year | $ 73,749 | 97,819 | |
Fair Value Measured at Net Asset Value Per Share | Collective and mutual funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | $ 3 |
Nonqualified Benefit Plans Bene
Nonqualified Benefit Plans Benefit Obligations (Details 10) - Unfunded Plan - Nonqualified Plan - Supplemental Employee Retirement Plan - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 74,730 | $ 92,918 |
Accumulated benefit obligation | $ 74,730 | $ 92,918 |
Nonqualified Benefit Plans Comp
Nonqualified Benefit Plans Components of NPBC (Details 11) - Unfunded Plan - Nonqualified Plan - Supplemental Employee Retirement Plan - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 0 | $ 0 | $ 58 |
Interest cost | 2,142 | 1,912 | 2,606 |
Recognized net actuarial loss | 950 | 1,164 | 1,192 |
Net periodic benefit cost | $ 3,092 | $ 3,076 | $ 3,856 |
Nonqualified Benefit Plans Weig
Nonqualified Benefit Plans Weighted Average Assumptions (Details 12) - Unfunded Plan - Nonqualified Plan - Supplemental Employee Retirement Plan | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation discount rate | 4.97% | 2.39% |
Net periodic benefit cost discount rate | 2.39% | 1.97% |
Nonqualified Benefit Plans Futu
Nonqualified Benefit Plans Future Benefit Payments (Details 13) - Unfunded Plan - Nonqualified Plan - Supplemental Employee Retirement Plan $ in Thousands | Dec. 31, 2022 USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | $ 6,651 |
2024 | 7,183 |
2025 | 7,430 |
2026 | 7,537 |
2027 | 7,420 |
2028-2032 | $ 29,930 |
Nonqualified Benefit Plans Cont
Nonqualified Benefit Plans Contributions (Details 14) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Unfunded Plan | Nonqualified Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Nonqualified Defined Contribution Plan, Cost | $ 3.3 | $ 2.4 | $ 1.8 |
Nonqualified Benefit Plans Inve
Nonqualified Benefit Plans Investments (Details 15) - Unfunded Plan - Supplemental Employee Retirement Plan - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Investments in nonqualified benefit plans | $ 143,850 | $ 158,149 |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investments in nonqualified benefit plans | 98,041 | 109,603 |
Life insurance carried on plan participants | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investments in nonqualified benefit plans | 38,448 | 38,356 |
Other Investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investments in nonqualified benefit plans | $ 7,361 | $ 10,190 |
Defined Contribution Benefit Pl
Defined Contribution Benefit Plans Contribution (Details 16) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Contribution Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Nonqualified Defined Contribution Plan, Cost | $ 46.4 | $ 45.4 | $ 50.1 |
Multiemployer Plans Zones (Deta
Multiemployer Plans Zones (Details 17) | 12 Months Ended |
Dec. 31, 2022 | |
Maximum | |
Multiemployer Plans [Line Items] | |
Multiemployer plan red zone status funded percentage | 65% |
Mulitiemployer plan yellow status funded percentage | 80% |
Minimum | |
Multiemployer Plans [Line Items] | |
Multiemployer plan yellow zone status funded percentage | 65% |
Multiemployer plan green zone status funded percentage | 80% |
Multiemployer Plans Participati
Multiemployer Plans Participation by Plan (Details 18) - Pension Benefits - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Pension, Insignificant, Employer Contribution, Cost | $ 26,909 | $ 24,192 | $ 23,670 |
Multiemployer Plan, Employer Contribution, Cost | $ 101,276 | $ 82,388 | 85,444 |
Edison Pension Plan | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Pension, Significant, Employer Identification Number | 936061681 | ||
Multiemployer Plan, Pension, Significant, Plan Number | 001 | ||
Multiemployer Plan, Pension, Significant, Certified Zone Status [Fixed List] | Green | Green | |
Multiemployer Plan, Pension, Significant, Funding Improvement or Rehabilitation Plan, Implementation Status [Fixed List] | No | ||
Multiemployer Plan, Pension, Significant, Employer Contribution, Cost | $ 18,750 | $ 18,331 | 16,121 |
Multiemployer Plan, Pension, Significant, Surcharge [Fixed List] | No | ||
Multiemployer Plan, Pension, Significant, Collective-Bargaining Arrangement, Expiration Date | Dec. 31, 2023 | ||
IBEW Local 212 Pension Trust | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Pension, Significant, Employer Identification Number | 316127280 | ||
Multiemployer Plan, Pension, Significant, Plan Number | 001 | ||
Multiemployer Plan, Pension, Significant, Certified Zone Status [Fixed List] | Green | Green | |
Multiemployer Plan, Pension, Significant, Funding Improvement or Rehabilitation Plan, Implementation Status [Fixed List] | No | ||
Multiemployer Plan, Pension, Significant, Employer Contribution, Cost | $ 1,622 | $ 1,733 | 1,521 |
Multiemployer Plan, Pension, Significant, Surcharge [Fixed List] | No | ||
Multiemployer Plan, Pension, Significant, Collective-Bargaining Arrangement, Expiration Date | Jun. 01, 2025 | ||
Multiemployer Plan, Pension, Significant, Certified Zone Status, Date | Apr. 30, 2021 | Apr. 30, 2021 | |
IBEW Local 357 Pension Plan A | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Pension, Significant, Employer Identification Number | 886023284 | ||
Multiemployer Plan, Pension, Significant, Plan Number | 001 | ||
Multiemployer Plan, Pension, Significant, Certified Zone Status [Fixed List] | Green | Green | |
Multiemployer Plan, Pension, Significant, Funding Improvement or Rehabilitation Plan, Implementation Status [Fixed List] | No | ||
Multiemployer Plan, Pension, Significant, Employer Contribution, Cost | $ 12,876 | $ 6,485 | 9,913 |
Multiemployer Plan, Pension, Significant, Surcharge [Fixed List] | No | ||
Multiemployer Plan, Pension, Significant, Collective-Bargaining Arrangement, Expiration Date | May 31, 2024 | ||
IBEW Local 82 Pension Plan | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Pension, Significant, Employer Identification Number | 316127268 | ||
Multiemployer Plan, Pension, Significant, Plan Number | 001 | ||
Multiemployer Plan, Pension, Significant, Certified Zone Status [Fixed List] | Green | Green | |
Multiemployer Plan, Pension, Significant, Funding Improvement or Rehabilitation Plan, Implementation Status [Fixed List] | No | ||
Multiemployer Plan, Pension, Significant, Employer Contribution, Cost | $ 1,854 | $ 1,353 | 1,373 |
Multiemployer Plan, Pension, Significant, Surcharge [Fixed List] | No | ||
Multiemployer Plan, Pension, Significant, Collective-Bargaining Arrangement, Expiration Date | Dec. 03, 2023 | ||
Multiemployer Plan, Pension, Significant, Certified Zone Status, Date | Jun. 30, 2022 | Jun. 30, 2021 | |
IBEW Local 648 Pension Plan | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Pension, Significant, Employer Identification Number | 316134845 | ||
Multiemployer Plan, Pension, Significant, Plan Number | 001 | ||
Multiemployer Plan, Pension, Significant, Certified Zone Status [Fixed List] | Yellow | Yellow | |
Multiemployer Plan, Pension, Significant, Funding Improvement or Rehabilitation Plan, Implementation Status [Fixed List] | Implemented | ||
Multiemployer Plan, Pension, Significant, Employer Contribution, Cost | $ 915 | $ 706 | 526 |
Multiemployer Plan, Pension, Significant, Surcharge [Fixed List] | No | ||
Multiemployer Plan, Pension, Significant, Collective-Bargaining Arrangement, Expiration Date | Sep. 01, 2024 | ||
Multiemployer Plan, Pension, Significant, Certified Zone Status, Date | Feb. 28, 2022 | Feb. 28, 2021 | |
IBEW Local 683 Pension Fund Pension Plan | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Pension, Significant, Employer Identification Number | 341442087 | ||
Multiemployer Plan, Pension, Significant, Plan Number | 001 | ||
Multiemployer Plan, Pension, Significant, Certified Zone Status [Fixed List] | Green | Green | |
Multiemployer Plan, Pension, Significant, Funding Improvement or Rehabilitation Plan, Implementation Status [Fixed List] | No | ||
Multiemployer Plan, Pension, Significant, Employer Contribution, Cost | $ 3,362 | $ 1,238 | 1,240 |
Multiemployer Plan, Pension, Significant, Surcharge [Fixed List] | No | ||
Multiemployer Plan, Pension, Significant, Collective-Bargaining Arrangement, Expiration Date | May 26, 2024 | ||
Idaho Plumbers and Pipefitters Pension Plan | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Pension, Significant, Employer Identification Number | 826010346 | ||
Multiemployer Plan, Pension, Significant, Plan Number | 001 | ||
Multiemployer Plan, Pension, Significant, Certified Zone Status [Fixed List] | Green | Green | |
Multiemployer Plan, Pension, Significant, Funding Improvement or Rehabilitation Plan, Implementation Status [Fixed List] | No | ||
Multiemployer Plan, Pension, Significant, Employer Contribution, Cost | $ 1,613 | $ 1,528 | 1,370 |
Multiemployer Plan, Pension, Significant, Surcharge [Fixed List] | No | ||
Multiemployer Plan, Pension, Significant, Collective-Bargaining Arrangement, Expiration Date | Mar. 31, 2023 | ||
Multiemployer Plan, Pension, Significant, Certified Zone Status, Date | May 31, 2022 | May 31, 2021 | |
National Electrical Benefit Fund | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Pension, Significant, Employer Identification Number | 530181657 | ||
Multiemployer Plan, Pension, Significant, Plan Number | 001 | ||
Multiemployer Plan, Pension, Significant, Certified Zone Status [Fixed List] | Green | Green | |
Multiemployer Plan, Pension, Significant, Funding Improvement or Rehabilitation Plan, Implementation Status [Fixed List] | No | ||
Multiemployer Plan, Pension, Significant, Employer Contribution, Cost | $ 18,060 | $ 14,361 | 14,484 |
Multiemployer Plan, Pension, Significant, Surcharge [Fixed List] | No | ||
National Electrical Benefit Fund | Minimum | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Pension, Significant, Collective-Bargaining Arrangement, Expiration Date | May 31, 2022 | ||
National Electrical Benefit Fund | Maximum | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Pension, Significant, Collective-Bargaining Arrangement, Expiration Date | May 31, 2027 | ||
Pension and Retirement Plan of Plumbers and Pipefitters Local 525 | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Pension, Significant, Employer Identification Number | 886003864 | ||
Multiemployer Plan, Pension, Significant, Plan Number | 001 | ||
Multiemployer Plan, Pension, Significant, Certified Zone Status [Fixed List] | Green | Green | |
Multiemployer Plan, Pension, Significant, Funding Improvement or Rehabilitation Plan, Implementation Status [Fixed List] | No | ||
Multiemployer Plan, Pension, Significant, Employer Contribution, Cost | $ 6,304 | $ 4,345 | 6,266 |
Multiemployer Plan, Pension, Significant, Surcharge [Fixed List] | No | ||
Multiemployer Plan, Pension, Significant, Collective-Bargaining Arrangement, Expiration Date | Sep. 30, 2024 | ||
Multiemployer Plan, Pension, Significant, Certified Zone Status, Date | Jun. 30, 2022 | Jun. 30, 2021 | |
Pension Trust Fund for Operating Engineers | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Pension, Significant, Employer Identification Number | 946090764 | ||
Multiemployer Plan, Pension, Significant, Plan Number | 001 | ||
Multiemployer Plan, Pension, Significant, Certified Zone Status [Fixed List] | Yellow | Yellow | |
Multiemployer Plan, Pension, Significant, Funding Improvement or Rehabilitation Plan, Implementation Status [Fixed List] | Implemented | ||
Multiemployer Plan, Pension, Significant, Employer Contribution, Cost | $ 2,484 | $ 2,495 | 2,680 |
Multiemployer Plan, Pension, Significant, Surcharge [Fixed List] | No | ||
Pension Trust Fund for Operating Engineers | Minimum | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Pension, Significant, Collective-Bargaining Arrangement, Expiration Date | Mar. 31, 2023 | ||
Pension Trust Fund for Operating Engineers | Maximum | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Pension, Significant, Collective-Bargaining Arrangement, Expiration Date | Jun. 15, 2026 | ||
Sheet Metal Workers Pension Plan of Southern CA, AZ, and NV | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Pension, Significant, Employer Identification Number | 956052257 | ||
Multiemployer Plan, Pension, Significant, Plan Number | 001 | ||
Multiemployer Plan, Pension, Significant, Certified Zone Status [Fixed List] | Green | Yellow | |
Multiemployer Plan, Pension, Significant, Funding Improvement or Rehabilitation Plan, Implementation Status [Fixed List] | Implemented | ||
Multiemployer Plan, Pension, Significant, Employer Contribution, Cost | $ 3,400 | $ 2,615 | 3,255 |
Multiemployer Plan, Pension, Significant, Surcharge [Fixed List] | No | ||
Multiemployer Plan, Pension, Significant, Collective-Bargaining Arrangement, Expiration Date | Jun. 30, 2024 | ||
Western Conference of Teamsters Pension Plan | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Pension, Significant, Employer Identification Number | 916145047 | ||
Multiemployer Plan, Pension, Significant, Plan Number | 001 | ||
Multiemployer Plan, Pension, Significant, Certified Zone Status [Fixed List] | Green | Green | |
Multiemployer Plan, Pension, Significant, Funding Improvement or Rehabilitation Plan, Implementation Status [Fixed List] | No | ||
Multiemployer Plan, Pension, Significant, Employer Contribution, Cost | $ 3,127 | $ 3,006 | $ 3,025 |
Multiemployer Plan, Pension, Significant, Surcharge [Fixed List] | No | ||
Western Conference of Teamsters Pension Plan | Minimum | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Pension, Significant, Collective-Bargaining Arrangement, Expiration Date | Dec. 31, 2023 | ||
Western Conference of Teamsters Pension Plan | Maximum | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Pension, Significant, Collective-Bargaining Arrangement, Expiration Date | Dec. 31, 2025 |
Multiemployer Plan Contribution
Multiemployer Plan Contributions (Details 19) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Multiemployer Plans, Defined Contribution [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Employer Contribution, Cost | $ 67.9 | $ 54.8 | $ 54.2 |
Other Postretirement Benefits | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Employer Contribution, Cost | $ 81 | $ 66.1 | $ 63.8 |
Jointly owned facilities (Detai
Jointly owned facilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Jointly owned electricity generation plant | Big Stone Station | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Proportionate ownership share | 22.70% | |
Utility plant in service | $ 157,699 | $ 157,259 |
Construction work in progress | 231 | 571 |
Less accumulated depreciation | 48,590 | 47,293 |
Utility plant in services net | $ 109,340 | 110,537 |
Jointly owned electricity generation plant | Coyote Station | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Proportionate ownership share | 25% | |
Utility plant in service | $ 158,274 | 157,764 |
Construction work in progress | 1,807 | 784 |
Less accumulated depreciation | 111,203 | 109,202 |
Utility plant in services net | $ 48,878 | 49,346 |
Jointly owned electricity generation plant | Wygen III | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Proportionate ownership share | 25% | |
Utility plant in service | $ 66,238 | 66,357 |
Construction work in progress | 273 | 108 |
Less accumulated depreciation | 12,477 | 11,383 |
Utility plant in services net | $ 54,034 | 55,082 |
Jointly Owned Electricity Transmission and Distribution System | BSSE | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Proportionate ownership share | 50% | |
Utility plant in service | $ 107,260 | 107,424 |
Construction work in progress | 0 | 0 |
Less accumulated depreciation | 6,182 | 4,506 |
Utility plant in services net | $ 101,078 | $ 102,918 |
IPUC (Details)
IPUC (Details) - Intermountain Gas Company - Gas Distribution [Member] - IPUC - USD ($) $ in Millions | Feb. 01, 2023 | Dec. 01, 2022 |
Subsequent Event [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 56.5 | |
Public Utilities, Approved Rate Increase (Decrease), Percentage | 17.10% | |
Pending Rate Case [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 11.3 | |
Public Utilities, Requested Rate Increase (Decrease), Percentage | 3.20% |
MNPUC (Details 2)
MNPUC (Details 2) - MNPUC [Member] - Gas Distribution [Member] - Great Plains Natural Gas Co. [Member] - USD ($) | Jan. 06, 2023 | Nov. 08, 2022 | Jun. 01, 2022 | Sep. 01, 2021 |
Public Utilities, General Disclosures [Line Items] | ||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 8,800,000 | |||
Depreciation and Amortization Requested Rate Increase (Decrease), Amount | $ (1,200,000) | |||
Depreciation and Amortization, Rate, Percent | 4.50% | |||
Depreciation and Amortization, Requested Rate, Percent | 2.80% | |||
Depreciation and Amortization Approved Rate Increase (Decrease), Amount | $ (1,000,000) | |||
Subsequent Event [Member] | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Disallowed Gas Costs (Increase) Decrease | $ 845,000 |
MTPSC (Details 3)
MTPSC (Details 3) - Pending Rate Case [Member] - Montana-Dakota Utilities Co. [Member] - Electric - MTPSC - USD ($) $ in Millions | Feb. 01, 2023 | Nov. 04, 2022 |
Public Utilities, General Disclosures [Line Items] | ||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 10.5 | |
Public Utilities, Requested Rate Increase (Decrease), Percentage | 15.20% | |
Subsequent Event [Member] | ||
Public Utilities, General Disclosures [Line Items] | ||
Public Utilities, Interim Rate Increase (Decrease), Amount | $ 1.7 | |
Public Utilities, Interim Rate Increase (Decrease), Percentage | 2.70% |
NDPSC (Details 4)
NDPSC (Details 4) - Electric - NDPSC [Member] - Montana-Dakota Utilities Co. [Member] - USD ($) | Mar. 01, 2023 | Nov. 01, 2022 | Jul. 14, 2022 | May 16, 2022 |
Public Utilities, General Disclosures [Line Items] | ||||
Requested Renewable Resource Cost Adjustment Rate Tariff | $ 17,900,000 | |||
Subsequent Event [Member] | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Renewable Resource Cost Adjustment Rate Tariff | $ 17,000,000 | |||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ (1,000,000) | |||
Pending Rate Case [Member] | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 25,400,000 | |||
Public Utilities, Requested Rate Increase (Decrease), Percentage | 12.30% | |||
Public Utilities, Interim Rate Increase (Decrease), Amount | $ 10,900,000 | |||
Public Utilities, Interim Rate Increase (Decrease), Percentage | 5.30% |
WUTC (Details 5)
WUTC (Details 5) $ in Millions | Jan. 23, 2023 USD ($) |
Gas Distribution [Member] | WUTC [Member] | Cascade Natural Gas [Member] | Subsequent Event [Member] | |
Public Utilities, General Disclosures [Line Items] | |
Public Utilities, Denied Rate Increase (Decrease), Amount | $ 3.3 |
FERC (Details 6)
FERC (Details 6) $ in Millions | Jan. 01, 2023 USD ($) |
MISO [Member] | Montana-Dakota Utilities Co. [Member] | Electric | Subsequent Event [Member] | |
Public Utilities, General Disclosures [Line Items] | |
Transmission Formula Revenue Requirement | $ 15.4 |
Litigation (Details)
Litigation (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Loss Contingencies [Line Items] | ||
Potential liabilities related to litigation and environmental matters | $ 32.9 | $ 37 |
Loss Contingency, Receivable | 10.4 | 14.1 |
Loss Contingency, Regulated | $ 20.9 | $ 21.2 |
Enviromental matters (Details 2
Enviromental matters (Details 2) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Portland Harbor Site | |
Site Contingency [Line Items] | |
Environmental matters investigative costs | $ 115,000,000 |
Environmental matters, estimated costs | 1,000,000,000 |
Missoula, MT manufactured gas plant site | |
Site Contingency [Line Items] | |
Total estimated costs for site remediation | 560,000 |
Environmental Matters Estimated Investigative Costs | 1,800,000 |
Environmental matters accrual for site remediation | 725,000 |
Incurred Costs For Site Remedial Investigation | 922,000 |
Bremerton, WA manufactured gas plant site | |
Site Contingency [Line Items] | |
Environmental matters accrual for site remediation | 17,500,000 |
Total estimated costs for site remedial investigation and feasibility study | 12,100,000 |
Incurred costs for site remedial investigation and feasibility study | 9,900,000 |
Environmental matters accrual of investigative costs | 2,200,000 |
Bellingham, WA manufactured gas plant site | |
Site Contingency [Line Items] | |
Site contingency, loss exposure not accrued, preferred alternative estimate | 9,300,000 |
Minimum | Bremerton, WA manufactured gas plant site | |
Site Contingency [Line Items] | |
Site contingency, loss exposure not accrued, best estimate | 13,600,000 |
Minimum | Bellingham, WA manufactured gas plant site | |
Site Contingency [Line Items] | |
Site contingency, loss exposure not accrued, best estimate | 8,000,000 |
Maximum | Bremerton, WA manufactured gas plant site | |
Site Contingency [Line Items] | |
Site contingency, loss exposure not accrued, best estimate | 71,000,000 |
Maximum | Bellingham, WA manufactured gas plant site | |
Site Contingency [Line Items] | |
Site contingency, loss exposure not accrued, best estimate | $ 20,400,000 |
Purchase commitments (Details 3
Purchase commitments (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Long-term Purchase Commitment [Line Items] | |||
Commitment term | 37 years | ||
Amounts purchased under various commitments | $ 1,000,000 | $ 849,300 | $ 666,000 |
Inventories | |||
Purchase commitments due | |||
2023 | 712,875 | ||
2024 | 258,074 | ||
2025 | 158,152 | ||
2026 | 103,677 | ||
2027 | 81,619 | ||
Purchase Obligation, to be Paid, after Year Five | $ 676,489 |
Guarantees (Details 4)
Guarantees (Details 4) | Dec. 31, 2022 USD ($) |
Guarantor Obligations [Line Items] | |
Guarantor obligations, maximum exposure, undiscounted | $ 341,800,000 |
Fixed maximum amounts guaranteed by year 2023 | 51,300,000 |
Fixed maximum amounts guaranteed by year 2024 | 148,400,000 |
Fixed maximum amounts guaranteed by year 2025 | 126,800,000 |
Fixed maximum amounts guaranteed by year 2026 | 1,300,000 |
Fixed maximum amounts guaranteed by year 2027 | 800,000 |
Fixed maximum amounts guaranteed, thereafter | 1,700,000 |
No scheduled maturity date | 11,500,000 |
Amount outstanding under guarantees that is reflected on balance sheet | 0 |
Letters of credit | 30,000,000 |
Letters of credit set to expire - 2023 | 29,500,000 |
Letters of credit set to expire - 2024 | 500,000 |
Outstanding letters of credit | 0 |
Amount of surety bonds outstanding | $ 1,300,000,000 |
Variable interest entities (Det
Variable interest entities (Details 5) $ in Millions | Dec. 31, 2022 USD ($) |
Fuel contract | |
Variable Interest Entities [Line Items] | |
Variable interest entity, reporting entity involvement, maximum loss exposure, amount | $ 29.5 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | Jan. 20, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Subsequent Event [Line Items] | |||
Long-term debt | $ 2,841,425 | $ 2,741,900 | |
Term Loan Agreement [Member] | Cascade Natural Gas [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Long-term debt | $ 150,000 | ||
Ratio of total debt to total capitalization as specified in debt covenants | 65% | ||
Term Loan Agreement [Member] | Intermountain Gas Company | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Long-term debt | $ 125,000 | ||
Ratio of total debt to total capitalization as specified in debt covenants | 65% |
Condensed Statements of Income
Condensed Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Financial Statements, Captions [Line Items] | |||
Revenues | $ 6,973,864 | $ 5,680,733 | $ 5,532,750 |
Operating expenses | 6,399,911 | 5,146,514 | 4,987,825 |
Operating income | 573,953 | 534,219 | 544,925 |
Other income | 7,379 | 26,416 | 26,711 |
Interest expense | 119,273 | 93,984 | 96,519 |
Income before income taxes | 462,059 | 466,651 | 475,117 |
Income taxes | 94,783 | 88,920 | 84,590 |
Income from continuing operations | 367,276 | 377,731 | 390,527 |
Comprehensive income | 377,910 | 385,205 | 384,229 |
MDU Resources Group, Inc. [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenues | 0 | 0 | 0 |
Operating expenses | 14,323 | 0 | 0 |
Operating income | (14,323) | 0 | 0 |
Other income | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Income before income taxes | (14,323) | 0 | 0 |
Income taxes | (1,623) | 0 | 0 |
Equity in earnings of subsidiaries from continuing operations | 379,976 | 377,731 | 390,527 |
Income from continuing operations | 367,276 | 377,731 | 390,527 |
Equity in earnings (loss) of subsidiaries from discontinued operations | 213 | 400 | (322) |
Net income | 367,489 | 378,131 | 390,205 |
Comprehensive income | $ 377,910 | $ 385,205 | $ 384,229 |
Condensed Balance Sheets (Detai
Condensed Balance Sheets (Details 2) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||||
Cash and cash equivalents | $ 80,517 | $ 54,161 | $ 59,547 | $ 66,459 |
Receivables, net | 1,305,642 | 946,741 | ||
Prepayments and other current assets | 72,972 | 95,741 | ||
Assets, Current | 2,011,748 | 1,550,943 | ||
Noncurrent Assets | ||||
Investments | 161,913 | 175,476 | ||
Operating lease right-of-use assets | 119,375 | 124,138 | ||
Other | 165,509 | 157,675 | ||
Total noncurrent assets | 7,649,033 | 7,359,492 | ||
Total assets | 9,660,781 | 8,910,435 | 8,053,372 | |
Current liabilities: | ||||
Accounts payable | 657,168 | 478,933 | ||
Taxes payable | 70,810 | 80,372 | ||
Dividends payable | 45,245 | 44,229 | ||
Accrued compensation | 88,662 | 81,904 | ||
Operating lease liabilities due within one year | 34,516 | 35,368 | ||
Other accrued liabilities | 232,231 | 207,078 | ||
Total current liabilities | 1,479,603 | 1,092,240 | ||
Noncurrent liabilities: | ||||
Operating lease liabilities | 85,534 | 89,253 | ||
Other | 259,479 | 273,408 | ||
Total noncurrent liabilities | 4,594,049 | 4,435,321 | ||
Commitments and contingencies | ||||
Commitments and Contingencies | ||||
Stockholders' equity: | ||||
Common stock | 204,163 | 203,889 | ||
Other paid-in capital | 1,466,037 | 1,461,205 | ||
Retained earnings | 1,951,138 | 1,762,410 | ||
Accumulated other comprehensive loss | (30,583) | (41,004) | ||
Treasury stock at cost - 538,921 shares | (3,626) | (3,626) | ||
Stockholders' Equity Attributable to Parent | 3,587,129 | 3,382,874 | ||
Total liabilities and stockholders' equity | $ 9,660,781 | $ 8,910,435 | ||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | ||
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 | ||
Common Stock, Shares, Issued | 204,162,814 | 203,889,661 | ||
Treasury Stock, Common, Shares | 538,921 | 538,921 | ||
MDU Resources Group, Inc. [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | $ 19,486 | $ 6,159 | $ 8,781 | $ 12,326 |
Receivables, net | 4,410 | 6,120 | ||
Accounts receivable from subsidiaries | 53,285 | 49,696 | ||
Prepayments and other current assets | 3,237 | 2,528 | ||
Assets, Current | 80,418 | 64,503 | ||
Noncurrent Assets | ||||
Investments | 50,206 | 55,686 | ||
Investment in subsidiaries | 3,581,754 | 3,368,537 | ||
Deferred income taxes | 12,668 | 7,364 | ||
Operating lease right-of-use assets | 72 | 114 | ||
Other | 2,068 | 26,558 | ||
Total noncurrent assets | 3,646,768 | 3,458,259 | ||
Total assets | 3,727,186 | 3,522,762 | ||
Current liabilities: | ||||
Accounts payable | 2,354 | 2,546 | ||
Accounts payable to subsidiaries | 4,402 | 6,133 | ||
Taxes payable | 572 | 1,672 | ||
Dividends payable | 45,246 | 44,229 | ||
Accrued compensation | 4,312 | 4,098 | ||
Operating lease liabilities due within one year | 42 | 52 | ||
Other accrued liabilities | 17,907 | 7,309 | ||
Total current liabilities | 74,835 | 66,039 | ||
Noncurrent liabilities: | ||||
Operating lease liabilities | 30 | 62 | ||
Other | 65,192 | 73,787 | ||
Total noncurrent liabilities | 65,222 | 73,849 | ||
Commitments and contingencies | ||||
Commitments and Contingencies | ||||
Stockholders' equity: | ||||
Common stock | 204,163 | 203,889 | ||
Other paid-in capital | 1,466,037 | 1,461,205 | ||
Retained earnings | 1,951,138 | 1,762,410 | ||
Accumulated other comprehensive loss | (30,583) | (41,004) | ||
Treasury stock at cost - 538,921 shares | (3,626) | (3,626) | ||
Stockholders' Equity Attributable to Parent | 3,587,129 | 3,382,874 | ||
Total liabilities and stockholders' equity | $ 3,727,186 | $ 3,522,762 | ||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | ||
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 | ||
Common Stock, Shares, Issued | 204,162,814 | 203,889,661 | ||
Treasury Stock, Common, Shares | 538,921 | 538,921 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | $ 510,064 | $ 495,777 | $ 768,374 |
Investments | (6,477) | (3,973) | (1,814) |
Net cash used in investing activities | (638,881) | (885,878) | (630,243) |
Proceeds from issuance of common stock | (149) | 88,767 | 3,385 |
Dividends paid | (176,915) | (171,354) | (166,405) |
Repurchase of common stock | (7,399) | (6,701) | 0 |
Tax withholding on stock-based compensation | (4,904) | (4,127) | (362) |
Net cash used in financing activities | 155,173 | 384,715 | (145,043) |
Increase (decrease) in cash and cash equivalents | 26,356 | (5,386) | (6,912) |
Cash and cash equivalents - beginning of year | 54,161 | 59,547 | 66,459 |
Cash and cash equivalents - end of year | 80,517 | 54,161 | 59,547 |
MDU Resources Group, Inc. [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 242,199 | 187,297 | 226,642 |
Investments in and advances to subsidiaries | (45,000) | (102,000) | (67,000) |
Investments | (885) | (391) | (4) |
Net cash used in investing activities | (45,885) | (102,391) | (67,004) |
Proceeds from issuance of common stock | (149) | 88,767 | 3,385 |
Dividends paid | (176,915) | (171,354) | (166,405) |
Repurchase of common stock | (3,525) | (2,992) | 0 |
Tax withholding on stock-based compensation | (2,398) | (1,949) | (163) |
Net cash used in financing activities | (182,987) | (87,528) | (163,183) |
Increase (decrease) in cash and cash equivalents | 13,327 | (2,622) | (3,545) |
Cash and cash equivalents - beginning of year | 6,159 | 8,781 | 12,326 |
Cash and cash equivalents - end of year | $ 19,486 | $ 6,159 | $ 8,781 |
Notes to Condensed Financial St
Notes to Condensed Financial Statements (Details 4) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
MDU Resources Group, Inc. [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash dividends paid to parent company by consolidated subsidiaries | $ 242.1 | $ 188.1 | $ 228.4 |