Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended |
Mar. 31, 2014 | |
Entity Information [Line Items] | ' |
Entity Registrant Name | 'QUESTAR CORP |
Entity Central Index Key | '0000751652 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Large Accelerated Filer |
Document Type | '10-Q |
Document Period End Date | 31-Mar-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q1 |
Amendment Flag | 'false |
Entity Common Stock, Shares Outstanding | 175,145,913 |
Questar Gas [Member] | ' |
Entity Information [Line Items] | ' |
Entity Registrant Name | 'QUESTAR GAS CO |
Entity Central Index Key | '0000068589 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Non-accelerated Filer |
Document Type | '10-Q |
Document Period End Date | 31-Mar-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q1 |
Amendment Flag | 'false |
Entity Common Stock, Shares Outstanding | 9,189,626 |
Questar Pipeline [Member] | ' |
Entity Information [Line Items] | ' |
Entity Registrant Name | 'QUESTAR PIPELINE CO |
Entity Central Index Key | '0000764044 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Non-accelerated Filer |
Document Type | '10-Q |
Document Period End Date | 31-Mar-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q1 |
Amendment Flag | 'false |
Entity Common Stock, Shares Outstanding | 6,550,843 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
REVENUES | ' | ' | ' | ' |
Questar Gas / Revenues from unaffiliated customers | $396.30 | $418.30 | $963.20 | $912 |
Wexpro | 12.3 | 10.3 | 47.1 | 37.2 |
Questar Pipeline / Revenues from unaffiliated customers | 48 | 48.3 | 189.2 | 200.9 |
Other | 0.3 | 0 | 0.5 | 0 |
Total Revenues | 456.9 | 476.9 | 1,200 | 1,150.10 |
OPERATING EXPENSES | ' | ' | ' | ' |
Cost of sales (excluding operating expenses shown separately) | 148.2 | 199.7 | 234.4 | 239.3 |
Operating and maintenance | 55.7 | 48.2 | 181.8 | 172.3 |
General and administrative | 31.5 | 33.8 | 118.7 | 125.5 |
Retirement incentive | 0 | 0 | 0 | 4.9 |
Production and other taxes | 17.9 | 15.3 | 60 | 48.9 |
Depreciation, depletion and amortization | 55.3 | 48.5 | 201.6 | 185.9 |
Asset impairment | 0 | 0 | 80.6 | 0 |
Total Operating Expenses | 308.6 | 345.5 | 877.1 | 776.8 |
Net gain (loss) from asset sales | 0 | 0 | -0.2 | 2.9 |
OPERATING INCOME | 148.3 | 131.4 | 322.7 | 376.2 |
Interest and other income | 1.8 | 3 | 8.7 | 8.6 |
Income from unconsolidated affiliate | 0.9 | 0.9 | 3.7 | 3.7 |
Interest expense | -15.8 | -14.5 | -58.2 | -57.7 |
INCOME BEFORE INCOME TAXES | 135.2 | 120.8 | 276.9 | 330.8 |
Income taxes | -50.1 | -47.9 | -103.5 | -121.1 |
NET INCOME | 85.1 | 72.9 | 173.4 | 209.7 |
Earnings Per Common Share | ' | ' | ' | ' |
Basic | $0.48 | $0.42 | $0.98 | $1.20 |
Diluted | $0.48 | $0.41 | $0.98 | $1.19 |
Weighted-average common shares outstanding | ' | ' | ' | ' |
Used in basic calculation | 175.7 | 175.3 | 175.6 | 175.6 |
Used in diluted calculation | 176.1 | 176.1 | 176.1 | 176.5 |
Dividends per common share | $0.18 | $0.17 | $0.72 | $0.67 |
Questar Gas [Member] | ' | ' | ' | ' |
REVENUES | ' | ' | ' | ' |
Questar Gas / Revenues from unaffiliated customers | 396.3 | 418.3 | 963.2 | 912 |
Revenues from affiliated company | 0 | 0.3 | 0.3 | 2 |
Total Revenues | 396.3 | 418.6 | 963.5 | 914 |
OPERATING EXPENSES | ' | ' | ' | ' |
Cost of natural gas sold (excluding operating expenses shown separately) | 254.6 | 290.6 | 614.6 | 587.7 |
Operating and maintenance | 39.8 | 33.7 | 119.2 | 111.8 |
General and administrative | 13.8 | 12.7 | 53.6 | 52.2 |
Retirement incentive | 0 | 0 | 0 | 2.4 |
Depreciation and amortization | 13.2 | 12.1 | 50.8 | 47.5 |
Other taxes | 5.1 | 5.2 | 17.9 | 17 |
Total Operating Expenses | 326.5 | 354.3 | 856.1 | 818.6 |
OPERATING INCOME | 69.8 | 64.3 | 107.4 | 95.4 |
Interest and other income | 1.3 | 1.2 | 5.2 | 5.5 |
Interest expense | -7.1 | -5.8 | -23.6 | -23.1 |
INCOME BEFORE INCOME TAXES | 64 | 59.7 | 89 | 77.8 |
Income taxes | -24.4 | -22.7 | -33.6 | -28.6 |
NET INCOME | 39.6 | 37 | 55.4 | 49.2 |
Questar Pipeline [Member] | ' | ' | ' | ' |
REVENUES | ' | ' | ' | ' |
Questar Pipeline / Revenues from unaffiliated customers | 48 | 48.3 | 189.2 | 200.9 |
Revenues from affiliated companies | 19.3 | 19.5 | 76.5 | 75.4 |
Total Revenues | 67.3 | 67.8 | 265.7 | 276.3 |
OPERATING EXPENSES | ' | ' | ' | ' |
Operating and maintenance | 8.1 | 7.4 | 33.2 | 34 |
General and administrative | 11.5 | 12.4 | 45.8 | 50.3 |
Retirement incentive | 0 | 0 | 0 | 0.9 |
Depreciation and amortization | 13.6 | 14.1 | 55 | 54.9 |
Asset impairment | 0 | 0 | 80.6 | 0 |
Other taxes | 2.3 | 2.5 | 9.1 | 9.1 |
Cost of sales (excluding operating expenses shown separately) | 1.7 | 1.2 | 6.6 | 7.4 |
Total Operating Expenses | 37.2 | 37.6 | 230.3 | 156.6 |
Net gain (loss) from asset sales | 0 | 0 | 0 | 2.7 |
OPERATING INCOME | 30.1 | 30.2 | 35.4 | 122.4 |
Interest and other income | 0.3 | 0.3 | 1.8 | 0.9 |
Income from unconsolidated affiliate | 0.9 | 0.9 | 3.7 | 3.7 |
Interest expense | -6.5 | -6.5 | -25.8 | -26.2 |
INCOME BEFORE INCOME TAXES | 24.8 | 24.9 | 15.1 | 100.8 |
Income taxes | -9.1 | -9.1 | -7 | -36.9 |
NET INCOME | $15.70 | $15.80 | $8.10 | $63.90 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Net income | $85.10 | $72.90 | $173.40 | $209.70 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Pension and other postretirement benefits | 4.3 | 7.8 | 165.3 | -31.8 |
Interest rate cash flow hedges | 0.2 | 0.2 | 0.5 | 0.5 |
Change in fair value of long-term investment | 0 | 0 | -0.1 | 0.1 |
Income taxes | -1.8 | -3 | -63.5 | 11.9 |
Net other comprehensive income (loss) | 2.7 | 5 | 102.2 | -19.3 |
COMPREHENSIVE INCOME | 87.8 | 77.9 | 275.6 | 190.4 |
Questar Pipeline [Member] | ' | ' | ' | ' |
Net income | 15.7 | 15.8 | 8.1 | 63.9 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Interest rate cash flow hedges | 0.2 | 0.2 | 0.5 | 0.5 |
Income taxes | -0.1 | -0.1 | -0.2 | -0.2 |
Net other comprehensive income (loss) | 0.1 | 0.1 | 0.3 | 0.3 |
COMPREHENSIVE INCOME | $15.80 | $15.90 | $8.40 | $64.20 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | |||
Current Assets | ' | ' | ' |
Cash and cash equivalents | $5.60 | $16 | $7.20 |
Accounts receivable, net | 130.6 | 123.8 | 141.2 |
Unbilled gas accounts receivable | 56.3 | 93.4 | 50.5 |
Gas stored underground | 6.9 | 40 | 9.8 |
Materials and supplies | 25 | 23.7 | 30 |
Current regulatory assets | 29.8 | 35.8 | 31.3 |
Prepaid expenses and other | 7.5 | 9.5 | 6.8 |
Deferred income taxes - current | 14.5 | 9.7 | 17.2 |
Total Current Assets | 276.2 | 351.9 | 294 |
Property, Plant and Equipment | 5,723.50 | 5,674.70 | 5,399.40 |
Accumulated depreciation, depletion and amortization | -2,121.60 | -2,071.70 | -2,011 |
Net Property, Plant and Equipment | 3,601.90 | 3,603 | 3,388.40 |
Investment in unconsolidated affiliate | 25.2 | 25.6 | 26.1 |
Noncurrent regulatory assets | 19.3 | 20.5 | 20.4 |
Other noncurrent assets | 51.8 | 53.3 | 47.8 |
TOTAL ASSETS | 3,974.40 | 4,054.30 | 3,776.70 |
Current Liabilities | ' | ' | ' |
Short-term debt | 157 | 276 | 202 |
Accounts payable and accrued expenses | 229.9 | 264.8 | 222.8 |
Current regulatory liabilities | 17.2 | 14.1 | 36.8 |
Current portion of long-term debt and capital lease obligation | 0.9 | 0.9 | 2.8 |
Total Current Liabilities | 405 | 555.8 | 464.4 |
Long-term debt and capital lease obligation, less current portion | 1,284.70 | 1,285.50 | 1,137.60 |
Deferred income taxes | 712.6 | 707.2 | 636.1 |
Asset retirement obligations | 68.6 | 67.7 | 61.2 |
Defined benefit pension plan and other postretirement benefits | 108.5 | 113.2 | 271.3 |
Noncurrent regulatory liabilities | 63.2 | 61.2 | 56.5 |
Customer contributions in aid of construction | 32 | 29.1 | 23.8 |
Other noncurrent liabilities | 43.6 | 35.8 | 39.7 |
COMMON SHAREHOLDERS' EQUITY | ' | ' | ' |
Common stock | 465.7 | 464.5 | 444.8 |
Retained earnings | 929.6 | 876.1 | 882.6 |
Accumulated other comprehensive (loss) | -139.1 | -141.8 | -241.3 |
Total Common Shareholders' Equity | 1,256.20 | 1,198.80 | 1,086.10 |
TOTAL LIABILITIES AND COMMON SHAREHOLDERS' EQUITY | 3,974.40 | 4,054.30 | 3,776.70 |
Questar Gas [Member] | ' | ' | ' |
Current Assets | ' | ' | ' |
Cash and cash equivalents | 1.4 | 8.8 | 2.8 |
Notes receivable from Questar | 30.6 | 0 | 0 |
Accounts receivable, net | 102.6 | 88.9 | 103.7 |
Unbilled gas accounts receivable | 56.3 | 93.4 | 50.4 |
Accounts receivable from affiliates | 31.3 | 30.4 | 32.8 |
Gas stored underground | 6.2 | 39.2 | 9.6 |
Materials and supplies | 13.2 | 12.1 | 14.4 |
Current regulatory assets | 24 | 30.2 | 26.1 |
Prepaid expenses and other | 2.4 | 3 | 2.2 |
Deferred income taxes - current | 2.9 | 2.9 | 5.7 |
Total Current Assets | 270.9 | 308.9 | 247.7 |
Property, Plant and Equipment | 2,230 | 2,203 | 2,062.80 |
Accumulated depreciation, depletion and amortization | -754.3 | -745.2 | -724 |
Net Property, Plant and Equipment | 1,475.70 | 1,457.80 | 1,338.80 |
Noncurrent regulatory assets | 15.4 | 16.1 | 15.7 |
Goodwill | 5.6 | 5.6 | 5.6 |
Other noncurrent assets | 3.9 | 4 | 3.1 |
TOTAL ASSETS | 1,771.50 | 1,792.40 | 1,610.90 |
Current Liabilities | ' | ' | ' |
Notes payable to Questar | 0 | 17.7 | 132.3 |
Accounts payable and accrued expenses | 111.3 | 139.2 | 109.9 |
Accounts payable to affiliates | 65.6 | 67.8 | 51.1 |
Customer advances | 7.2 | 19.8 | 7.2 |
Current regulatory liabilities | 15.2 | 11.1 | 35.6 |
Current portion of long-term debt and capital lease obligation | 0 | 0 | 2 |
Total Current Liabilities | 199.3 | 255.6 | 338.1 |
Long-term debt and capital lease obligation, less current portion | 534.5 | 534.5 | 384.5 |
Deferred income taxes | 340.6 | 340.7 | 316.5 |
Noncurrent regulatory liabilities | 54.8 | 53 | 48.6 |
Customer contributions in aid of construction | 32 | 29.1 | 23.8 |
Other noncurrent liabilities | 3.1 | 3.2 | 3.3 |
COMMON SHAREHOLDERS' EQUITY | ' | ' | ' |
Common stock | 23 | 23 | 23 |
Additional paid-in capital | 264.2 | 263.9 | 172.9 |
Retained earnings | 320 | 289.4 | 300.2 |
Total Common Shareholders' Equity | 607.2 | 576.3 | 496.1 |
TOTAL LIABILITIES AND COMMON SHAREHOLDERS' EQUITY | 1,771.50 | 1,792.40 | 1,610.90 |
Questar Pipeline [Member] | ' | ' | ' |
Current Assets | ' | ' | ' |
Cash and cash equivalents | 4.9 | 2.7 | 5.4 |
Notes receivable from Questar | 46.6 | 29.4 | 33.1 |
Accounts receivable, net | 17.5 | 18.5 | 18.6 |
Accounts receivable from affiliates | 33.8 | 36.6 | 34 |
Materials and supplies | 8.2 | 8.1 | 10.9 |
Current regulatory assets | 5.8 | 5.6 | 5.2 |
Prepaid expenses and other | 2.8 | 4.4 | 3.3 |
Deferred income taxes - current | 1.8 | 1.8 | 1.6 |
Total Current Assets | 121.4 | 107.1 | 112.1 |
Property, Plant and Equipment | 1,782.80 | 1,774.30 | 1,852.70 |
Accumulated depreciation, depletion and amortization | -640.6 | -627.2 | -642.7 |
Net Property, Plant and Equipment | 1,142.20 | 1,147.10 | 1,210 |
Investment in unconsolidated affiliate | 25.2 | 25.6 | 26.1 |
Goodwill | 4.2 | 4.2 | 4.2 |
Noncurrent regulatory and other assets | 7.1 | 7.7 | 8.7 |
TOTAL ASSETS | 1,300.10 | 1,291.70 | 1,361.10 |
Current Liabilities | ' | ' | ' |
Accounts payable and accrued expenses | 38.7 | 25.6 | 31.5 |
Accounts payable to affiliates | 3.4 | 9.4 | 3.4 |
Current regulatory liabilities | 2 | 3 | 1.2 |
Total Current Liabilities | 44.1 | 38 | 36.1 |
Long-term debt and capital lease obligation, less current portion | 458.8 | 458.9 | 458.9 |
Deferred income taxes | 228.6 | 228.6 | 245.8 |
Noncurrent regulatory and other liabilities | 15.9 | 13.9 | 14 |
COMMON SHAREHOLDERS' EQUITY | ' | ' | ' |
Common stock | 6.6 | 6.6 | 6.6 |
Additional paid-in capital | 350.1 | 349.5 | 348.1 |
Retained earnings | 218.8 | 219.1 | 274.7 |
Accumulated other comprehensive (loss) | -22.8 | -22.9 | -23.1 |
Total Common Shareholders' Equity | 552.7 | 552.3 | 606.3 |
TOTAL LIABILITIES AND COMMON SHAREHOLDERS' EQUITY | $1,300.10 | $1,291.70 | $1,361.10 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
OPERATING ACTIVITIES | ' | ' |
Net income | $85.10 | $72.90 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | 57.2 | 50.2 |
Deferred income taxes | -1.2 | 25.4 |
Asset impairment | 0 | 0 |
Share-based compensation | 3.2 | 3.1 |
(Income) from unconsolidated affiliate | -0.9 | -0.9 |
Distributions from unconsolidated affiliate and other | 1.6 | 1.5 |
Changes in operating assets and liabilities | 67.9 | 53.8 |
Net Cash Provided By Operating Activities | 212.9 | 206 |
INVESTING ACTIVITIES | ' | ' |
Property, plant and equipment | -69.7 | -84 |
Cash used in disposition of assets | -0.9 | -0.5 |
Proceeds from disposition of assets | 0 | 0.1 |
Net Cash Used In Investing Activities | -70.6 | -84.4 |
FINANCING ACTIVITIES | ' | ' |
Common stock issued | 0.5 | 1.8 |
Common stock repurchased | -2.8 | -3.5 |
Change in short-term debt | -119 | -61 |
Long-term debt and capital lease obligation repaid | -0.3 | -40.1 |
Dividends paid | -31.6 | -29.8 |
Tax benefits from share-based compensation | 0.5 | 1.4 |
Net Cash Provided By (Used In) Financing Activities | -152.7 | -131.2 |
Change in cash and cash equivalents | -10.4 | -9.6 |
Beginning cash and cash equivalents | 16 | 16.8 |
Ending cash and cash equivalents | 5.6 | 7.2 |
Questar Gas [Member] | ' | ' |
OPERATING ACTIVITIES | ' | ' |
Net income | 39.6 | 37 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 14.6 | 13.4 |
Deferred income taxes | -0.1 | 10.7 |
Share-based compensation | 0.3 | 0.4 |
Changes in operating assets and liabilities | 45.3 | 44 |
Net Cash Provided By Operating Activities | 99.7 | 105.5 |
INVESTING ACTIVITIES | ' | ' |
Property, plant and equipment | -48.9 | -31.7 |
Cash used in disposition of assets | -0.9 | -0.4 |
Affiliated-company property, plant and equipment transfers | 0 | 10.7 |
Net Cash Used In Investing Activities | -49.8 | -21.4 |
FINANCING ACTIVITIES | ' | ' |
Change in notes receivable from Questar | -30.6 | 0 |
Change in notes payable to Questar | -17.7 | -33.8 |
Long-term debt and capital lease obligation repaid | 0 | -40 |
Dividends paid | -9 | -8.9 |
Net Cash Provided By (Used In) Financing Activities | -57.3 | -82.7 |
Change in cash and cash equivalents | -7.4 | 1.4 |
Beginning cash and cash equivalents | 8.8 | 1.4 |
Ending cash and cash equivalents | 1.4 | 2.8 |
Questar Pipeline [Member] | ' | ' |
OPERATING ACTIVITIES | ' | ' |
Net income | 15.7 | 15.8 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 14.1 | 14.7 |
Deferred income taxes | -0.1 | 3.2 |
Asset impairment | 0 | 0 |
Share-based compensation | 0.6 | 0.7 |
(Income) from unconsolidated affiliate | -0.9 | -0.9 |
Distributions from unconsolidated affiliate and other | 1.5 | 1.5 |
Changes in operating assets and liabilities | 13 | -1.4 |
Net Cash Provided By Operating Activities | 43.9 | 33.6 |
INVESTING ACTIVITIES | ' | ' |
Property, plant and equipment | -8.5 | -14.1 |
Cash used in disposition of assets | 0 | -0.1 |
Affiliated-company property, plant and equipment transfers | 0 | -10.7 |
Net Cash Used In Investing Activities | -8.5 | -24.9 |
FINANCING ACTIVITIES | ' | ' |
Change in notes receivable from Questar | -17.2 | 5.6 |
Dividends paid | -16 | -16 |
Net Cash Provided By (Used In) Financing Activities | -33.2 | -10.4 |
Change in cash and cash equivalents | 2.2 | -1.7 |
Beginning cash and cash equivalents | 2.7 | 7.1 |
Ending cash and cash equivalents | $4.90 | $5.40 |
Nature_of_Business_Notes
Nature of Business (Notes) | 3 Months Ended | |
Mar. 31, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Nature of Business | ' | |
Note 1 - Nature of Business | ||
Questar Corporation is a Rockies-based integrated natural gas company with three principal complementary and wholly-owned lines of business: | ||
• | Questar Gas Company (Questar Gas) provides retail natural gas distribution in Utah, Wyoming and Idaho. | |
• | Wexpro Company (Wexpro) develops and produces natural gas from cost-of-service reserves for Questar Gas customers. | |
• | Questar Pipeline Company (Questar Pipeline) operates interstate natural gas pipelines and storage facilities in the western United States and provides other energy services. | |
Questar is headquartered in Salt Lake City, Utah. Shares of Questar common stock trade on the New York Stock Exchange (NYSE:STR). |
Basis_of_Presentation_of_Inter
Basis of Presentation of Interim Financial Statements (Notes) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||
Basis of Presentation of Interim Financial Statements | ' | |||||||||||||||
Note 2 - Basis of Presentation of Interim Financial Statements | ||||||||||||||||
The interim financial statements contain the accounts of Questar and its wholly-owned subsidiaries. The financial statements were prepared in accordance with U.S. generally accepted accounting principles (GAAP), the instructions for Quarterly Reports on Form 10-Q and SEC Regulations S-X and S-K. All significant intercompany accounts and transactions have been eliminated in consolidation. | ||||||||||||||||
The financial statements reflect all normal, recurring adjustments and accruals that are, in the opinion of management, necessary for a fair presentation of financial position and results of operations for the interim periods presented. Interim financial statements do not include all of the information and notes required by GAAP for audited annual financial statements. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013. | ||||||||||||||||
The preparation of financial statements and notes in conformity with GAAP requires that management make estimates and assumptions that affect the amounts of revenues, expenses, assets and liabilities, and disclosure of contingent assets and liabilities. Actual results could differ from estimates. The results of operations for the three and 12 months ended March 31, 2014, are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. | ||||||||||||||||
Certain reclassifications were made to prior year information to conform to the current year presentation. Questar and Questar Gas reclassified amounts received from customers for the cost of plant removal from accumulated depreciation to a regulatory liability for the prior year. In addition, there were reclassifications on the Questar Condensed Consolidated Statements of Comprehensive Income and Condensed Consolidated Balance Sheets to reflect revised accounting for reclassifications out of accumulated other comprehensive loss related to the Company's pension and other postretirement benefit plans. These reclassifications did not impact net income or cash flows. The Company does not believe these changes are material to prior year financial statements. | ||||||||||||||||
Questar uses the equity method to account for its investment in an unconsolidated affiliate where it does not have control, but has significant influence. White River Hub, LLC is a limited liability company and FERC-regulated transporter of natural gas. Questar Pipeline owns 50% of White River Hub, LLC and is the operator. Generally, the investment in White River Hub, LLC on the Company's balance sheets equals the Company's proportionate share of equity reported by White River Hub, LLC. The investment is assessed for possible impairment when events indicate that the fair value of the investment may be below the Company's carrying value. When such a condition is deemed to be other-than-temporary, the carrying value of the investment is written down to its fair value, and the amount of the write-down is included in the determination of net income. | ||||||||||||||||
Questar Gas obtains the majority of its gas supply from Wexpro's cost-of-service production and pays Wexpro an operator service fee based on the terms of the Wexpro Agreement. Questar Gas also obtains transportation and storage services from Questar Pipeline. These intercompany revenues and expenses are eliminated in the Questar Consolidated Statements of Income by reducing revenues and cost of sales. The underlying costs of Wexpro's production and Questar Pipeline's transportation and storage services are disclosed in other categories in the Consolidated Statements of Income, including operating and maintenance expense and depreciation, depletion and amortization expense. During the second and third quarters of the year, a significant portion of the natural gas from Wexpro production is injected into underground storage. This gas is withdrawn from storage as needed during the heating season in the first and fourth quarters. The cost of natural gas sold is credited with the value of natural gas as it is injected into storage and debited as it is withdrawn from storage. The reported balance in consolidated cost of sales may be a negative amount during the second and third quarters because of the entries to record injection of gas into storage and the elimination of intercompany transactions. The details of Questar's consolidated cost of sales are as follows: | ||||||||||||||||
3 Months Ended | 12 Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||||
Questar Gas | ||||||||||||||||
Gas purchases | $ | 92.7 | $ | 103.3 | $ | 176 | $ | 146 | ||||||||
Operator service fee | 89.1 | 72.8 | 310.9 | 281.1 | ||||||||||||
Transportation and storage | 22.1 | 22 | 80.2 | 81 | ||||||||||||
Gathering | 4.9 | 4.6 | 19.1 | 19 | ||||||||||||
Royalties | 17.3 | 11.1 | 50.5 | 32.9 | ||||||||||||
Storage withdrawal, net | 33 | 28.8 | 3.4 | 3.3 | ||||||||||||
Purchased-gas account adjustment | (5.6 | ) | 46.7 | (30.3 | ) | 19.4 | ||||||||||
Other | 1.1 | 1.3 | 4.8 | 5 | ||||||||||||
Total Questar Gas cost of natural gas sold | 254.6 | 290.6 | 614.6 | 587.7 | ||||||||||||
Elimination of Questar Gas cost of natural gas sold - affiliated parties | (108.2 | ) | (92.1 | ) | (387.0 | ) | (355.8 | ) | ||||||||
Total Questar Gas cost of natural gas sold - unaffiliated parties | 146.4 | 198.5 | 227.6 | 231.9 | ||||||||||||
Questar Pipeline | ||||||||||||||||
Total Questar Pipeline cost of sales | 1.7 | 1.2 | 6.6 | 7.4 | ||||||||||||
Other cost of sales | 0.1 | — | 0.2 | — | ||||||||||||
Total cost of sales | $ | 148.2 | $ | 199.7 | $ | 234.4 | $ | 239.3 | ||||||||
Earnings_Per_Share_Notes
Earnings Per Share (Notes) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
Note 3 - Earnings Per Share | ||||||||||||
Basic earnings per share (EPS) is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period, which includes vested undistributed restricted stock units (RSUs). Diluted EPS includes the potential increase in the number of outstanding shares that could result from the exercise of in-the-money stock options, the vesting of RSUs with forfeitable dividends and the distribution of performance shares that are part of the Company's Long-Term Stock Incentive Plan (LTSIP), less shares repurchased under the treasury stock method. Restricted shares and RSUs with nonforfeitable dividends are participating securities for the computation of basic earnings per share. The application of the two-class method had an insignificant impact on the calculation of both basic and diluted EPS. A reconciliation of the components of basic and diluted shares used in the EPS calculation follows: | ||||||||||||
3 Months Ended | 12 Months Ended | |||||||||||
March 31, | March 31, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
(in millions) | ||||||||||||
Weighted-average basic common shares outstanding | 175.7 | 175.3 | 175.6 | 175.6 | ||||||||
Potential number of shares issuable under the Company's LTSIP | 0.4 | 0.8 | 0.5 | 0.9 | ||||||||
Weighted-average diluted common shares outstanding | 176.1 | 176.1 | 176.1 | 176.5 | ||||||||
Other_Comprehensive_Income_Not
Other Comprehensive Income (Notes) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Statement of Comprehensive Income [Abstract] | ' | |||||||||||||||||||||||||||||||
Other Comprehensive Income | ' | |||||||||||||||||||||||||||||||
Note 4 - Other Comprehensive Income | ||||||||||||||||||||||||||||||||
Comprehensive income, as reported in Questar's Condensed Consolidated Statements of Comprehensive Income, is the sum of net income as reported in the Questar Consolidated Statements of Income and net other comprehensive income (loss) (OCI). OCI includes recognition of the under-funded position of pension and other postretirement benefit plans, interest rate cash flow hedges, changes in the fair value of long-term investment, and the related income taxes. Income or loss is recognized when the pension and other postretirement benefit (OPRB) costs are accrued, as the Company records interest expense for hedged interest payments and when the long-term investment is sold or otherwise realized. | ||||||||||||||||||||||||||||||||
Details of the changes in the components of consolidated accumulated other comprehensive income (loss) (AOCI), net of income taxes, as reported in Questar's Condensed Consolidated Balance Sheets, are shown in the tables below. The tables also disclose details of income taxes related to each component of OCI. | ||||||||||||||||||||||||||||||||
Pension and OPRB | Interest rate cash flow hedges | Long-term invest. | Total | Pension and OPRB | Interest rate cash flow hedges | Long-term invest. | Total | |||||||||||||||||||||||||
3 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
AOCI at beginning of period | $ | (119.0 | ) | $ | (22.9 | ) | $ | 0.1 | $ | (141.8 | ) | $ | (223.2 | ) | $ | (23.2 | ) | $ | 0.1 | $ | (246.3 | ) | ||||||||||
Reclassified from AOCI(1) | 4.3 | 0.2 | — | 4.5 | 7.8 | 0.2 | — | 8 | ||||||||||||||||||||||||
Income taxes | ||||||||||||||||||||||||||||||||
Reclassified from AOCI(2) | (1.7 | ) | (0.1 | ) | — | (1.8 | ) | (2.9 | ) | (0.1 | ) | — | (3.0 | ) | ||||||||||||||||||
Net other comprehensive income | 2.6 | 0.1 | — | 2.7 | 4.9 | 0.1 | — | 5 | ||||||||||||||||||||||||
AOCI at March 31, | $ | (116.4 | ) | $ | (22.8 | ) | $ | 0.1 | $ | (139.1 | ) | $ | (218.3 | ) | $ | (23.1 | ) | $ | 0.1 | $ | (241.3 | ) | ||||||||||
Pension and OPRB | Interest rate cash flow hedges | Long-term invest. | Total | |||||||||||||||||||||||||||||
12 Months Ended | ||||||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
AOCI at beginning of period | $ | (218.3 | ) | $ | (23.1 | ) | $ | 0.1 | $ | (241.3 | ) | |||||||||||||||||||||
OCI before reclassifications | 135.8 | — | (0.1 | ) | 135.7 | |||||||||||||||||||||||||||
Reclassified from AOCI(1) | 29.5 | 0.5 | — | 30 | ||||||||||||||||||||||||||||
Income taxes | ||||||||||||||||||||||||||||||||
OCI before reclassifications | (51.9 | ) | — | 0.1 | (51.8 | ) | ||||||||||||||||||||||||||
Reclassified from AOCI(2) | (11.5 | ) | (0.2 | ) | — | (11.7 | ) | |||||||||||||||||||||||||
Total income taxes | (63.4 | ) | (0.2 | ) | 0.1 | (63.5 | ) | |||||||||||||||||||||||||
Net other comprehensive income | 101.9 | 0.3 | — | 102.2 | ||||||||||||||||||||||||||||
AOCI at March 31, | $ | (116.4 | ) | $ | (22.8 | ) | $ | 0.1 | $ | (139.1 | ) | |||||||||||||||||||||
(1) Interest rate cash flow hedge amounts are included in their entirety as charges to interest expense on the Consolidated Statements of Income. | ||||||||||||||||||||||||||||||||
(2) Income tax reclassifications related to interest rate cash flow hedge amounts are included in their entirety as credits to income taxes on the Consolidated Statements of Income. | ||||||||||||||||||||||||||||||||
Pension and other postretirement benefit AOCI reclassifications are included in the computation of net periodic pension and postretirement benefit costs. See Note 10 for additional details. | ||||||||||||||||||||||||||||||||
Comprehensive income, as reported in Questar Pipeline's Condensed Consolidated Statements of Comprehensive Income, is the sum of net income as reported in the Questar Pipeline Consolidated Statements of Income and net OCI. OCI includes interest rate cash flow hedges and the related income taxes. Income or loss is recognized as the company records interest expense for hedged interest payments. Disclosures above regarding interest rate cash flow hedges, including related income taxes and income statement reclassification effects, apply to Questar Pipeline. |
Asset_Retirement_Obligations_N
Asset Retirement Obligations (Notes) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Asset Retirement Obligation [Abstract] | ' | |||||||
Asset Retirement Obligations | ' | |||||||
Note 5 - Asset Retirement Obligations | ||||||||
Questar records an asset retirement obligation (ARO) along with an increase to the carrying value of the related property, plant and equipment when there is a legal obligation associated with the retirement of a tangible long-lived asset. Questar's AROs apply primarily to abandonment costs associated with gas and oil wells, production facilities and certain other properties. The Company has not recorded AROs on a majority of its long-lived transportation and distribution assets because the Company does not have a legal obligation to restore the area surrounding abandoned assets. The fair value of retirement costs is estimated by Company personnel based on abandonment costs of similar properties available to field operations and depreciated over the life of the related assets. Revisions to estimates result from material changes in the expected timing or amount of cash flows associated with AROs. Income or expense resulting from the settlement of ARO liabilities is included in net gain (loss) from asset sales on the Consolidated Statements of Income. The ARO liability is adjusted to present value each period through an accretion calculation using a credit-adjusted risk-free interest rate. Changes in Questar's AROs from the Condensed Consolidated Balance Sheets were as follows: | ||||||||
3 Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
AROs at beginning of year | $ | 67.7 | $ | 67.2 | ||||
Accretion | 0.8 | 0.8 | ||||||
Liabilities incurred | 0.4 | 0.4 | ||||||
Revisions in estimated cash flows | 0.4 | (6.8 | ) | |||||
Liabilities settled | (0.7 | ) | (0.4 | ) | ||||
AROs at March 31, | $ | 68.6 | $ | 61.2 | ||||
Wexpro collects from Questar Gas and deposits in trust certain funds related to AROs. The funds are recorded as other noncurrent assets and used to satisfy retirement obligations as the properties are abandoned. The accounting treatment of reclamation activities associated with AROs for properties administered under the Wexpro Agreement is defined in a guideline letter between Wexpro and the Utah Division of Public Utilities and the staff of the Wyoming Public Service Commission. |
Fair_Value_Measurements_Notes
Fair Value Measurements (Notes) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||
Note 6 - Fair Value Measurements | |||||||||||||||||||||||||
Questar complies with the accounting standards for fair value measurements and disclosures. The standards establish a fair value hierarchy. Level 1 inputs are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The Company had no assets or liabilities measured using Level 3 inputs at March 31, 2014, March 31, 2013 or December 31, 2013. Fair value accounting standards also apply to certain nonfinancial assets and liabilities that are measured at fair value on a nonrecurring basis. Questar did not have any such assets or liabilities at March 31, 2014, March 31, 2013 or December 31, 2013. | |||||||||||||||||||||||||
Questar | |||||||||||||||||||||||||
The following table discloses the carrying amount, estimated fair value and level within the fair value hierarchy of certain financial instruments not disclosed in other notes to Questar's financial statements in this Quarterly Report on Form 10-Q: | |||||||||||||||||||||||||
Hierarchy Level of Fair Value Estimates | Carrying | Estimated | Carrying | Estimated | Carrying | Estimated | |||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | Amount | Fair Value | ||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||
Cash and cash equivalents | 1 | $ | 5.6 | $ | 5.6 | $ | 7.2 | $ | 7.2 | $ | 16 | $ | 16 | ||||||||||||
Long-term investment | 1 | 15.3 | 15.3 | 16.1 | 16.1 | 17.3 | 17.3 | ||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||
Short-term debt | 1 | 157 | 157 | 202 | 202 | 276 | 276 | ||||||||||||||||||
Long-term debt, including current portion | 2 | 1,246.60 | 1,357.50 | 1,100.50 | 1,260.10 | 1,247.10 | 1,310.80 | ||||||||||||||||||
The carrying amounts of cash and cash equivalents and short-term debt approximate fair value. The long-term investment is recorded at fair value and consists of money market and short-term bond index mutual funds held in Wexpro's trust (see Note 5). The fair value of the long-term investment is based on quoted prices for the underlying funds. The fair value of fixed-rate long-term debt is based on the discounted present value of cash flows using the Company's current credit risk-adjusted borrowing rates. | |||||||||||||||||||||||||
Questar Gas | |||||||||||||||||||||||||
The following table discloses the carrying amount, estimated fair value and level within the fair value hierarchy of certain financial instruments not disclosed in other notes to Questar Gas's financial statements in this Quarterly Report on Form 10-Q: | |||||||||||||||||||||||||
Hierarchy Level of Fair Value Estimates | Carrying | Estimated | Carrying | Estimated | Carrying | Estimated | |||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | Amount | Fair Value | ||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||
Cash and cash equivalents | 1 | $ | 1.4 | $ | 1.4 | $ | 2.8 | $ | 2.8 | $ | 8.8 | $ | 8.8 | ||||||||||||
Notes receivable from Questar | 1 | 30.6 | 30.6 | — | — | — | — | ||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||
Notes payable to Questar | 1 | — | — | 132.3 | 132.3 | 17.7 | 17.7 | ||||||||||||||||||
Long-term debt, including current portion | 2 | 534.5 | 588.9 | 386.5 | 460 | 534.5 | 568 | ||||||||||||||||||
The carrying amounts of cash and cash equivalents approximate fair value. The carrying amounts of notes receivable from and payable to Questar approximate fair value because of their short maturities and market-based interest rates. The fair value of fixed-rate long-term debt is based on the discounted present value of cash flows using Questar Gas's current credit risk-adjusted borrowing rates. | |||||||||||||||||||||||||
Questar Pipeline | |||||||||||||||||||||||||
The following table discloses the carrying amount, estimated fair value and level within the fair value hierarchy of certain financial instruments not disclosed in other notes to Questar Pipeline's financial statements in this Quarterly Report on Form 10-Q: | |||||||||||||||||||||||||
Hierarchy Level of Fair Value Estimates | Carrying | Estimated | Carrying | Estimated | Carrying | Estimated | |||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | Amount | Fair Value | ||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||
Cash and cash equivalents | 1 | $ | 4.9 | $ | 4.9 | $ | 5.4 | $ | 5.4 | $ | 2.7 | $ | 2.7 | ||||||||||||
Notes receivable from Questar | 1 | 46.6 | 46.6 | 33.1 | 33.1 | 29.4 | 29.4 | ||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||
Long-term debt | 2 | 458.8 | 509.4 | 458.9 | 537.3 | 458.9 | 486 | ||||||||||||||||||
The carrying amounts of cash and cash equivalents approximate fair value. The carrying amounts of notes receivable from Questar approximate fair value because of their short maturities and market-based interest rates. The fair value of fixed-rate long-term debt is based on the discounted present value of cash flows using Questar Pipeline's current credit risk-adjusted borrowing rates. |
Derivatives_and_Hedging_Notes
Derivatives and Hedging (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Derivatives and Hedging | ' |
Note 7 - Derivatives and Hedging | |
Questar and its subsidiaries may enter into derivative instruments to manage exposure to changes in current and future market interest rates. Questar Pipeline entered into forward starting swaps totaling $150.0 million in the second and third quarters of 2011 in anticipation of issuing $180.0 million of notes in December 2011. Settlement of these swaps required payments of $37.3 million in the fourth quarter of 2011 because of declines in interest rates. These swaps qualified as cash flow hedges and the settlement payments are being amortized to interest expense over the 30-year life of the debt. See the Condensed Consolidated Statements of Comprehensive income and Note 4 for details regarding reclassifications of AOCI related to deferred interest rate cash flow hedge losses to interest expense for the three and 12 months ended March 31, 2014 and March 31, 2013. | |
Reclassifications into earnings of amounts reported in AOCI will continue while interest expense is recorded for the hedged interest payments through maturity in 2041. Pre-tax net losses of $0.5 million are expected to be reclassified from AOCI to the Consolidated Statements of Income in the next 12 months. As of March 31, 2014, the Company was not hedging any exposure to variability in future cash flows of forecasted transactions. There were no derivative assets or liabilities outstanding at March 31, 2014, March 31, 2013 or December 31, 2013. |
ShareBased_Compensation_Notes
Share-Based Compensation (Notes) | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||||||||
Note 8 - Share-Based Compensation | |||||||||||||||||||||||
Questar may issue stock options, restricted shares, RSUs and performance shares to certain of its officers, employees and non-employee directors under the LTSIP. Questar recognizes expense over time as the stock options, restricted shares, RSUs and performance shares vest. Total share-based compensation expense amounted to $3.2 million for the first quarter of 2014 compared to $3.1 million in 2013. Deferred share-based compensation, representing the unvested value of restricted share and RSU awards, amounted to $10.9 million at March 31, 2014. For the first quarter, cash flow from income tax benefits in excess of recognized compensation expense amounted to $0.5 million in 2014 compared to $1.4 million in 2013. There were 4,037,945 shares available for future grants at March 31, 2014. | |||||||||||||||||||||||
There were no unvested stock options at March 31, 2014. No stock options were granted, exercised or forfeited in the first quarter of 2014. Stock option balances under the terms of the LTSIP are summarized below: | |||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||
Range of exercise | Number outstanding at March 31, 2014 | Weighted-average remaining term in years | Weighted-average exercise price | Number exercisable at March 31, 2014 | Weighted-average exercise price | ||||||||||||||||||
prices | |||||||||||||||||||||||
$ | 7.84 | - | $ | 11.4 | 404,174 | 1.6 | $ | 10.52 | 404,174 | $ | 10.52 | ||||||||||||
13.1 | - | 17.35 | 313,666 | 2.3 | 13.54 | 313,666 | 13.54 | ||||||||||||||||
717,840 | 1.9 | $ | 11.84 | 717,840 | $ | 11.84 | |||||||||||||||||
Restricted share grants typically vest in equal installments over a three-year period from the grant date. Several grants vest in a single installment after a specified period. The weighted-average remaining vesting period of unvested restricted shares at March 31, 2014, was 9 months. No restricted shares were granted or forfeited in the first quarter of 2014. Transactions involving restricted shares under the terms of the LTSIP are summarized below: | |||||||||||||||||||||||
Restricted | Price Range | Weighted-Average Price | |||||||||||||||||||||
Shares | |||||||||||||||||||||||
Outstanding | |||||||||||||||||||||||
Balance at December 31, 2013 | 392,327 | $ | 15.22 | - | $ | 21.53 | $ | 18.28 | |||||||||||||||
Vested | (212,530 | ) | 15.98 | - | 21.53 | 18.6 | |||||||||||||||||
Balance at March 31, 2014 | 179,797 | $ | 15.22 | - | $ | 21.53 | $ | 17.91 | |||||||||||||||
Questar may grant RSUs to certain of its officers, employees and non-employee directors under the LTSIP. One share of Questar common stock will be distributed for each RSU at the time of vesting. RSU grants typically vest in equal installments over a three-year period from the grant date. Several grants vest in a single installment after a specified period. The weighted-average remaining vesting period of unvested RSUs at March 31, 2014, was 21 months. Transactions involving RSUs under the terms of the LTSIP are summarized below: | |||||||||||||||||||||||
RSUs | Price Range | Weighted-Average Price | |||||||||||||||||||||
Outstanding | |||||||||||||||||||||||
Balance at December 31, 2013 | 316,268 | $ | 22.17 | - | $ | 25.44 | $ | 23.62 | |||||||||||||||
Granted | 346,776 | 23.6 | - | 23.63 | 23.6 | ||||||||||||||||||
Vested | (119,014 | ) | 22.71 | - | 25.44 | 23.66 | |||||||||||||||||
Forfeited | (2,456 | ) | 23.6 | 23.6 | 23.6 | ||||||||||||||||||
Balance at March 31, 2014 | 541,574 | $ | 22.17 | - | $ | 24.26 | $ | 23.6 | |||||||||||||||
Questar may grant RSUs with deferred share distributions (deferred RSUs) to certain of its non-employee directors under the LTSIP. Grants of deferred RSUs typically vest in equal installments over a three-year period from the grant date. Several grants vest in a single installment after a specified period. At March 31, 2014, Questar's outstanding deferred RSUs totaled 91,289 with a weighted-average price of $17.25 per share. The weighted-average remaining vesting period of unvested deferred RSUs at March 31, 2014, was 11 months. The deferred RSU total includes 74,208 units with a weighted-average price of $15.79 that were fully vested as of March 31, 2014. One share of Questar common stock will be distributed for each vested deferred RSU (including accrued reinvested dividend equivalents) at the time of the grantees' separation from service. | |||||||||||||||||||||||
Questar may grant performance shares to certain of its officers under the terms of the LTSIP. The awards are designed to motivate and reward these officers for long-term Company performance and provide an incentive for them to remain with the Company. The target number of performance shares for each officer is subject to adjustment upward or downward based on the Company's total shareholder return relative to a specified peer group of companies over a three-year performance period. Each three-year performance period commences at the beginning of the year of grant. Distributions of performance shares, if any, take place in the quarter following the conclusion of the performance period so long as such officer was employed by the Company or its affiliates as of the last day of the performance period. | |||||||||||||||||||||||
For performance shares granted in 2012 and 2013, half of any award will be distributed in shares of Questar common stock and half in cash. Thereafter, any award will be distributed in shares, with no cash component. For share-settled performance share awards, the grant-date fair value of the awards is amortized to expense over the vesting period. The Monte Carlo simulation method is used to estimate the grant-date fair value of the performance share awards. The liability associated with awards to be settled in cash is adjusted to its estimated fair value through earnings on a quarterly basis. Equity- and liability-based performance share compensation expense amounted to $0.7 million in the first quarter of 2014 and $0.8 million in the first quarter of 2013. The weighted-average remaining vesting period of unvested performance shares at March 31, 2014, was 21 months. Performance share transactions under the terms of the LTSIP are summarized below: | |||||||||||||||||||||||
Target Number of Performance Shares Outstanding | Grant-Date | Weighted- Average Grant-Date Fair Value | |||||||||||||||||||||
Fair Value Range | |||||||||||||||||||||||
Balance at December 31, 2013 | 387,879 | $ | 18.23 | - | $ | 39.62 | $ | 27.61 | |||||||||||||||
Granted | 139,611 | 31.07 | 31.07 | 31.07 | |||||||||||||||||||
Payout adjustment(1) | (76,657 | ) | 18.23 | 18.23 | 18.23 | ||||||||||||||||||
Distributed(1) | (51,104 | ) | 18.23 | 18.23 | 18.23 | ||||||||||||||||||
Forfeited | (5,660 | ) | 25.42 | - | 39.62 | 33.06 | |||||||||||||||||
Balance at March 31, 2014 | 394,069 | $ | 25.42 | - | $ | 39.62 | $ | 31.8 | |||||||||||||||
(1) Actual shares and cash distributed were determined by multiplying the target shares by 0.40 to reflect Questar's final total shareholder return ranking among the specified peer companies for the performance period from January 1, 2011 through December 31, 2013. | |||||||||||||||||||||||
The above March 31, 2014 balance includes 6,475 vested target performance shares with a weighted-average grant-date fair value of $30.08 and expected distribution dates ranging from the first quarter of 2015 through the first quarter of 2017. | |||||||||||||||||||||||
Certain officers, employees and non-employee directors of former subsidiary QEP Resources held 251,098 Questar stock options with a weighted-average exercise price of $11.33 per share and a weighted-average remaining life of 2.2 years at March 31, 2014. |
Operations_by_Line_of_Business
Operations by Line of Business (Notes) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Operations by Line of Business | ' | |||||||||||||||
Note 9 - Operations by Line of Business | ||||||||||||||||
Questar's three principal complementary lines of business include Questar Gas, which provides retail natural gas distribution in Utah, Wyoming and Idaho; Wexpro, which develops and produces natural gas from cost-of-service reserves for Questar Gas customers; and Questar Pipeline, which operates interstate natural gas pipelines and storage facilities. Line-of-business information is presented according to senior management's basis for evaluating performance and considering differences in the nature of products, services and regulation, among other factors. | ||||||||||||||||
Following is a summary of operations by line of business: | ||||||||||||||||
3 Months Ended | 12 Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||||
Revenues from Unaffiliated Customers | ||||||||||||||||
Questar Gas | $ | 396.3 | $ | 418.3 | $ | 963.2 | $ | 912 | ||||||||
Wexpro | 12.3 | 10.3 | 47.1 | 37.2 | ||||||||||||
Questar Pipeline | 48 | 48.3 | 189.2 | 200.9 | ||||||||||||
Other | 0.3 | — | 0.5 | — | ||||||||||||
Total | $ | 456.9 | $ | 476.9 | $ | 1,200.00 | $ | 1,150.10 | ||||||||
Revenues from Affiliated Companies | ||||||||||||||||
Questar Gas | $ | — | $ | 0.3 | $ | 0.3 | $ | 2 | ||||||||
Wexpro | 89.1 | 72.8 | 311.1 | 281.2 | ||||||||||||
Questar Pipeline | 19.3 | 19.5 | 76.5 | 75.4 | ||||||||||||
Total | $ | 108.4 | $ | 92.6 | $ | 387.9 | $ | 358.6 | ||||||||
Operating Income (Loss) | ||||||||||||||||
Questar Gas | $ | 69.8 | $ | 64.3 | $ | 107.4 | $ | 95.4 | ||||||||
Wexpro | 48.5 | 39.8 | 176.4 | 160.7 | ||||||||||||
Questar Pipeline | 30.1 | 30.2 | 35.4 | 122.4 | ||||||||||||
Corporate and other | (0.1 | ) | (2.9 | ) | 3.5 | (2.3 | ) | |||||||||
Total | $ | 148.3 | $ | 131.4 | $ | 322.7 | $ | 376.2 | ||||||||
Net Income (Loss) | ||||||||||||||||
Questar Gas | $ | 39.6 | $ | 37 | $ | 55.4 | $ | 49.2 | ||||||||
Wexpro | 31.8 | 26.3 | 116.1 | 105.9 | ||||||||||||
Questar Pipeline | 15.7 | 15.8 | 8.1 | 63.9 | ||||||||||||
Corporate and other | (2.0 | ) | (6.2 | ) | (6.2 | ) | (9.3 | ) | ||||||||
Total | $ | 85.1 | $ | 72.9 | $ | 173.4 | $ | 209.7 | ||||||||
Employee_Benefits_Notes
Employee Benefits (Notes) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Employee Benefits | ' | |||||||||||||||
Note 10 - Employee Benefits | ||||||||||||||||
The Company has a noncontributory defined benefit pension plan covering a majority of its employees and postretirement medical and life insurance plans providing coverage to less than half of its employees. Employees hired or rehired after June 30, 2010 are not eligible for the noncontributory defined benefit pension plan and employees hired or rehired after December 31, 1996, are not eligible for the postretirement medical plan and are not eligible to receive basic life insurance once they retire. | ||||||||||||||||
Questar is subject to and complies with minimum-required and maximum-allowed annual contribution levels for its qualified pension plan, as determined by the Employee Retirement Income Security Act and the Internal Revenue Code. The 2014 estimated net cost for the qualified pension plan is $15.4 million. | ||||||||||||||||
The Company also has a nonqualified pension plan that covers a group of management employees in addition to the noncontributory qualified pension plan. The nonqualified pension plan provides for defined benefit payments upon retirement of the management employee, or to the spouse upon death of the management employee, above the benefit limit defined by the Internal Revenue Service for the qualified plan. The nonqualified pension plan is unfunded; claims are paid from the Company's general funds. The 2014 estimated net cost for the nonqualified pension plan is $3.7 million. | ||||||||||||||||
Components of the qualified and nonqualified net periodic pension cost are listed in the table below: | ||||||||||||||||
3 Months Ended | 12 Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||||
Service cost | $ | 3 | $ | 3.5 | $ | 13.4 | $ | 13.2 | ||||||||
Interest cost | 8.4 | 7.8 | 31.2 | 31.4 | ||||||||||||
Expected return on plan assets | (10.6 | ) | (9.5 | ) | (39.2 | ) | (33.6 | ) | ||||||||
Prior service and other costs | 0.1 | 0.3 | 0.9 | 1.1 | ||||||||||||
Recognized net actuarial loss | 3.9 | 6.8 | 26 | 26.3 | ||||||||||||
Net pension cost | $ | 4.8 | $ | 8.9 | $ | 32.3 | $ | 38.4 | ||||||||
The Company currently estimates a $2.8 million net cost for postretirement benefits other than pensions in 2014, before accretion of a regulatory liability. Net periodic postretirement benefit cost components are listed in the table below: | ||||||||||||||||
3 Months Ended | 12 Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||||
Service cost | $ | 0.2 | $ | 0.2 | $ | 0.7 | $ | 0.8 | ||||||||
Interest cost | 1 | 1 | 3.7 | 3.9 | ||||||||||||
Expected return on plan assets | (0.8 | ) | (0.7 | ) | (2.7 | ) | (2.5 | ) | ||||||||
Amortization of transition obligation | — | — | — | 1.2 | ||||||||||||
Recognized net actuarial loss | 0.3 | 0.7 | 2.6 | 2.6 | ||||||||||||
Accretion of regulatory liability | 0.2 | 0.2 | 0.5 | 0.3 | ||||||||||||
Net postretirement benefit cost | $ | 0.9 | $ | 1.4 | $ | 4.8 | $ | 6.3 | ||||||||
Questar_Southern_Trails_Pipeli
Questar Southern Trails Pipeline Eastern Segment Impairment (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
Strategic Review of Questar Southern Trails Pipeline and Impairment of Eastern Segment [Abstract] | ' |
Questar Southern Trails Pipeline Eastern Segment Impairment | ' |
Note 11 - Questar Southern Trails Pipeline Eastern Segment Impairment | |
During the third quarter of 2013, Questar Pipeline updated its five-year forecast for the eastern segment of Southern Trails Pipeline, which resulted in revised projections of higher operating expenses including right-of-way and pipeline safety costs. Current and projected market rates for natural gas transportation between the San Juan Basin and California markets do not cover these increasing operating expenses. Because of changes in expected cash flows in the third quarter of 2013 and the lack of progress in selling or recontracting this pipeline, Questar Pipeline recorded a noncash impairment of its entire investment in the eastern segment of Southern Trails Pipeline of $80.6 million, or $52.4 million after income taxes. Questar Pipeline used a probability-weighted discounted cash flow analysis that included significant inputs such as Questar Pipeline's cost of capital and assumptions regarding future transportation rates and operating costs. |
Wexpro_Acquisition_of_Producin
Wexpro Acquisition of Producing Properties and Inclusion in Wexpro II Agreement (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
Wexpro Acquisition of Producing Properties [Abstract] | ' |
Wexpro Acquisition of Producing Properties and Inclusion in Wexpro II Agreement | ' |
Note 12 - Wexpro Acquisition of Producing Properties and Inclusion in Wexpro II Agreement | |
On September 4, 2013, Wexpro completed the transaction announced in July 2013 to acquire an additional interest in natural gas-producing properties in the Trail Unit of southwestern Wyoming's Vermillion Basin (Trail acquisition). This acquisition was an addition to the company’s existing Trail assets, which are governed by the 1981 Wexpro Agreement. In January 2014, the Public Service Commission of Utah and the Wyoming Public Service Commission (the Commissions) approved the inclusion of these properties in the Wexpro II Agreement, effective February 1, 2014. The Wexpro II Agreement is modeled after the terms of the original Wexpro Agreement. Under the Wexpro II Agreement, Wexpro may acquire gas development properties and Questar Gas may submit an application to the Commissions to treat these properties similar to the original Wexpro properties. If the Commissions approve the applications, the gas will be developed for the benefit of Questar Gas customers. Wexpro will be entitled to a return on the acquisition costs based on Questar Gas's approved cost of capital. Future development investment will earn returns consistent with the original Wexpro Agreement. |
Basis_of_Presentation_of_Inter1
Basis of Presentation of Interim Financial Statements (Policies) | 3 Months Ended | |
Mar. 31, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Nature of Business | ' | |
Questar Corporation is a Rockies-based integrated natural gas company with three principal complementary and wholly-owned lines of business: | ||
• | Questar Gas Company (Questar Gas) provides retail natural gas distribution in Utah, Wyoming and Idaho. | |
• | Wexpro Company (Wexpro) develops and produces natural gas from cost-of-service reserves for Questar Gas customers. | |
• | Questar Pipeline Company (Questar Pipeline) operates interstate natural gas pipelines and storage facilities in the western United States and provides other energy services. | |
Questar is headquartered in Salt Lake City, Utah. Shares of Questar common stock trade on the New York Stock Exchange (NYSE:STR). | ||
Investment in Unconsolidated Affiliate | ' | |
Questar uses the equity method to account for its investment in an unconsolidated affiliate where it does not have control, but has significant influence. White River Hub, LLC is a limited liability company and FERC-regulated transporter of natural gas. Questar Pipeline owns 50% of White River Hub, LLC and is the operator. Generally, the investment in White River Hub, LLC on the Company's balance sheets equals the Company's proportionate share of equity reported by White River Hub, LLC. The investment is assessed for possible impairment when events indicate that the fair value of the investment may be below the Company's carrying value. When such a condition is deemed to be other-than-temporary, the carrying value of the investment is written down to its fair value, and the amount of the write-down is included in the determination of net income. | ||
Earnings Per Share | ' | |
Basic earnings per share (EPS) is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period, which includes vested undistributed restricted stock units (RSUs). Diluted EPS includes the potential increase in the number of outstanding shares that could result from the exercise of in-the-money stock options, the vesting of RSUs with forfeitable dividends and the distribution of performance shares that are part of the Company's Long-Term Stock Incentive Plan (LTSIP), less shares repurchased under the treasury stock method. Restricted shares and RSUs with nonforfeitable dividends are participating securities for the computation of basic earnings per share. The application of the two-class method had an insignificant impact on the calculation of both basic and diluted EPS. | ||
Comprehensive Income - Questar | ' | |
Comprehensive income, as reported in Questar's Condensed Consolidated Statements of Comprehensive Income, is the sum of net income as reported in the Questar Consolidated Statements of Income and net other comprehensive income (loss) (OCI). OCI includes recognition of the under-funded position of pension and other postretirement benefit plans, interest rate cash flow hedges, changes in the fair value of long-term investment, and the related income taxes. Income or loss is recognized when the pension and other postretirement benefit (OPRB) costs are accrued, as the Company records interest expense for hedged interest payments and when the long-term investment is sold or otherwise realized. | ||
Comprehensive Income - Questar Pipeline | ' | |
Comprehensive income, as reported in Questar Pipeline's Condensed Consolidated Statements of Comprehensive Income, is the sum of net income as reported in the Questar Pipeline Consolidated Statements of Income and net OCI. OCI includes interest rate cash flow hedges and the related income taxes. Income or loss is recognized as the company records interest expense for hedged interest payments. | ||
Asset Retirement Obligations | ' | |
Questar records an asset retirement obligation (ARO) along with an increase to the carrying value of the related property, plant and equipment when there is a legal obligation associated with the retirement of a tangible long-lived asset. Questar's AROs apply primarily to abandonment costs associated with gas and oil wells, production facilities and certain other properties. The Company has not recorded AROs on a majority of its long-lived transportation and distribution assets because the Company does not have a legal obligation to restore the area surrounding abandoned assets. The fair value of retirement costs is estimated by Company personnel based on abandonment costs of similar properties available to field operations and depreciated over the life of the related assets. Revisions to estimates result from material changes in the expected timing or amount of cash flows associated with AROs. Income or expense resulting from the settlement of ARO liabilities is included in net gain (loss) from asset sales on the Consolidated Statements of Income. The ARO liability is adjusted to present value each period through an accretion calculation using a credit-adjusted risk-free interest rate. | ||
Business Segments | ' | |
Line-of-business information is presented according to senior management's basis for evaluating performance and considering differences in the nature of products, services and regulation, among other factors. |
Basis_of_Presentation_of_Inter2
Basis of Presentation of Interim Financial Statements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||
Cost of sales detail | ' | |||||||||||||||
The details of Questar's consolidated cost of sales are as follows: | ||||||||||||||||
3 Months Ended | 12 Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||||
Questar Gas | ||||||||||||||||
Gas purchases | $ | 92.7 | $ | 103.3 | $ | 176 | $ | 146 | ||||||||
Operator service fee | 89.1 | 72.8 | 310.9 | 281.1 | ||||||||||||
Transportation and storage | 22.1 | 22 | 80.2 | 81 | ||||||||||||
Gathering | 4.9 | 4.6 | 19.1 | 19 | ||||||||||||
Royalties | 17.3 | 11.1 | 50.5 | 32.9 | ||||||||||||
Storage withdrawal, net | 33 | 28.8 | 3.4 | 3.3 | ||||||||||||
Purchased-gas account adjustment | (5.6 | ) | 46.7 | (30.3 | ) | 19.4 | ||||||||||
Other | 1.1 | 1.3 | 4.8 | 5 | ||||||||||||
Total Questar Gas cost of natural gas sold | 254.6 | 290.6 | 614.6 | 587.7 | ||||||||||||
Elimination of Questar Gas cost of natural gas sold - affiliated parties | (108.2 | ) | (92.1 | ) | (387.0 | ) | (355.8 | ) | ||||||||
Total Questar Gas cost of natural gas sold - unaffiliated parties | 146.4 | 198.5 | 227.6 | 231.9 | ||||||||||||
Questar Pipeline | ||||||||||||||||
Total Questar Pipeline cost of sales | 1.7 | 1.2 | 6.6 | 7.4 | ||||||||||||
Other cost of sales | 0.1 | — | 0.2 | — | ||||||||||||
Total cost of sales | $ | 148.2 | $ | 199.7 | $ | 234.4 | $ | 239.3 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of Weighted Average Number of Shares | ' | |||||||||||
A reconciliation of the components of basic and diluted shares used in the EPS calculation follows: | ||||||||||||
3 Months Ended | 12 Months Ended | |||||||||||
March 31, | March 31, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
(in millions) | ||||||||||||
Weighted-average basic common shares outstanding | 175.7 | 175.3 | 175.6 | 175.6 | ||||||||
Potential number of shares issuable under the Company's LTSIP | 0.4 | 0.8 | 0.5 | 0.9 | ||||||||
Weighted-average diluted common shares outstanding | 176.1 | 176.1 | 176.1 | 176.5 | ||||||||
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||||||||||
Details of the changes in the components of consolidated accumulated other comprehensive income (loss) (AOCI), net of income taxes, as reported in Questar's Condensed Consolidated Balance Sheets, are shown in the tables below. The tables also disclose details of income taxes related to each component of OCI. | ||||||||||||||||||||||||||||||||
Pension and OPRB | Interest rate cash flow hedges | Long-term invest. | Total | Pension and OPRB | Interest rate cash flow hedges | Long-term invest. | Total | |||||||||||||||||||||||||
3 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
AOCI at beginning of period | $ | (119.0 | ) | $ | (22.9 | ) | $ | 0.1 | $ | (141.8 | ) | $ | (223.2 | ) | $ | (23.2 | ) | $ | 0.1 | $ | (246.3 | ) | ||||||||||
Reclassified from AOCI(1) | 4.3 | 0.2 | — | 4.5 | 7.8 | 0.2 | — | 8 | ||||||||||||||||||||||||
Income taxes | ||||||||||||||||||||||||||||||||
Reclassified from AOCI(2) | (1.7 | ) | (0.1 | ) | — | (1.8 | ) | (2.9 | ) | (0.1 | ) | — | (3.0 | ) | ||||||||||||||||||
Net other comprehensive income | 2.6 | 0.1 | — | 2.7 | 4.9 | 0.1 | — | 5 | ||||||||||||||||||||||||
AOCI at March 31, | $ | (116.4 | ) | $ | (22.8 | ) | $ | 0.1 | $ | (139.1 | ) | $ | (218.3 | ) | $ | (23.1 | ) | $ | 0.1 | $ | (241.3 | ) | ||||||||||
Pension and OPRB | Interest rate cash flow hedges | Long-term invest. | Total | |||||||||||||||||||||||||||||
12 Months Ended | ||||||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
AOCI at beginning of period | $ | (218.3 | ) | $ | (23.1 | ) | $ | 0.1 | $ | (241.3 | ) | |||||||||||||||||||||
OCI before reclassifications | 135.8 | — | (0.1 | ) | 135.7 | |||||||||||||||||||||||||||
Reclassified from AOCI(1) | 29.5 | 0.5 | — | 30 | ||||||||||||||||||||||||||||
Income taxes | ||||||||||||||||||||||||||||||||
OCI before reclassifications | (51.9 | ) | — | 0.1 | (51.8 | ) | ||||||||||||||||||||||||||
Reclassified from AOCI(2) | (11.5 | ) | (0.2 | ) | — | (11.7 | ) | |||||||||||||||||||||||||
Total income taxes | (63.4 | ) | (0.2 | ) | 0.1 | (63.5 | ) | |||||||||||||||||||||||||
Net other comprehensive income | 101.9 | 0.3 | — | 102.2 | ||||||||||||||||||||||||||||
AOCI at March 31, | $ | (116.4 | ) | $ | (22.8 | ) | $ | 0.1 | $ | (139.1 | ) | |||||||||||||||||||||
(1) Interest rate cash flow hedge amounts are included in their entirety as charges to interest expense on the Consolidated Statements of Income. | ||||||||||||||||||||||||||||||||
(2) Income tax reclassifications related to interest rate cash flow hedge amounts are included in their entirety as credits to income taxes on the Consolidated Statements of Income. |
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Asset Retirement Obligation [Abstract] | ' | |||||||
Changes in AROs | ' | |||||||
Changes in Questar's AROs from the Condensed Consolidated Balance Sheets were as follows: | ||||||||
3 Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
AROs at beginning of year | $ | 67.7 | $ | 67.2 | ||||
Accretion | 0.8 | 0.8 | ||||||
Liabilities incurred | 0.4 | 0.4 | ||||||
Revisions in estimated cash flows | 0.4 | (6.8 | ) | |||||
Liabilities settled | (0.7 | ) | (0.4 | ) | ||||
AROs at March 31, | $ | 68.6 | $ | 61.2 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | ' | ||||||||||||||||||||||||
The following table discloses the carrying amount, estimated fair value and level within the fair value hierarchy of certain financial instruments not disclosed in other notes to Questar's financial statements in this Quarterly Report on Form 10-Q: | |||||||||||||||||||||||||
Hierarchy Level of Fair Value Estimates | Carrying | Estimated | Carrying | Estimated | Carrying | Estimated | |||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | Amount | Fair Value | ||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||
Cash and cash equivalents | 1 | $ | 5.6 | $ | 5.6 | $ | 7.2 | $ | 7.2 | $ | 16 | $ | 16 | ||||||||||||
Long-term investment | 1 | 15.3 | 15.3 | 16.1 | 16.1 | 17.3 | 17.3 | ||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||
Short-term debt | 1 | 157 | 157 | 202 | 202 | 276 | 276 | ||||||||||||||||||
Long-term debt, including current portion | 2 | 1,246.60 | 1,357.50 | 1,100.50 | 1,260.10 | 1,247.10 | 1,310.80 | ||||||||||||||||||
Questar Gas [Member] | ' | ||||||||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | ' | ||||||||||||||||||||||||
The following table discloses the carrying amount, estimated fair value and level within the fair value hierarchy of certain financial instruments not disclosed in other notes to Questar Gas's financial statements in this Quarterly Report on Form 10-Q: | |||||||||||||||||||||||||
Hierarchy Level of Fair Value Estimates | Carrying | Estimated | Carrying | Estimated | Carrying | Estimated | |||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | Amount | Fair Value | ||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||
Cash and cash equivalents | 1 | $ | 1.4 | $ | 1.4 | $ | 2.8 | $ | 2.8 | $ | 8.8 | $ | 8.8 | ||||||||||||
Notes receivable from Questar | 1 | 30.6 | 30.6 | — | — | — | — | ||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||
Notes payable to Questar | 1 | — | — | 132.3 | 132.3 | 17.7 | 17.7 | ||||||||||||||||||
Long-term debt, including current portion | 2 | 534.5 | 588.9 | 386.5 | 460 | 534.5 | 568 | ||||||||||||||||||
Questar Pipeline [Member] | ' | ||||||||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | ' | ||||||||||||||||||||||||
The following table discloses the carrying amount, estimated fair value and level within the fair value hierarchy of certain financial instruments not disclosed in other notes to Questar Pipeline's financial statements in this Quarterly Report on Form 10-Q: | |||||||||||||||||||||||||
Hierarchy Level of Fair Value Estimates | Carrying | Estimated | Carrying | Estimated | Carrying | Estimated | |||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | Amount | Fair Value | ||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||
Cash and cash equivalents | 1 | $ | 4.9 | $ | 4.9 | $ | 5.4 | $ | 5.4 | $ | 2.7 | $ | 2.7 | ||||||||||||
Notes receivable from Questar | 1 | 46.6 | 46.6 | 33.1 | 33.1 | 29.4 | 29.4 | ||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||
Long-term debt | 2 | 458.8 | 509.4 | 458.9 | 537.3 | 458.9 | 486 | ||||||||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||||||||||||
Options held under the LTSIP, by exercise price range | ' | ||||||||||||||||||||||
Stock option balances under the terms of the LTSIP are summarized below: | |||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||
Range of exercise | Number outstanding at March 31, 2014 | Weighted-average remaining term in years | Weighted-average exercise price | Number exercisable at March 31, 2014 | Weighted-average exercise price | ||||||||||||||||||
prices | |||||||||||||||||||||||
$ | 7.84 | - | $ | 11.4 | 404,174 | 1.6 | $ | 10.52 | 404,174 | $ | 10.52 | ||||||||||||
13.1 | - | 17.35 | 313,666 | 2.3 | 13.54 | 313,666 | 13.54 | ||||||||||||||||
717,840 | 1.9 | $ | 11.84 | 717,840 | $ | 11.84 | |||||||||||||||||
Transactions involving restricted shares and RSUs under the terms of the LTSIP | ' | ||||||||||||||||||||||
Transactions involving restricted shares under the terms of the LTSIP are summarized below: | |||||||||||||||||||||||
Restricted | Price Range | Weighted-Average Price | |||||||||||||||||||||
Shares | |||||||||||||||||||||||
Outstanding | |||||||||||||||||||||||
Balance at December 31, 2013 | 392,327 | $ | 15.22 | - | $ | 21.53 | $ | 18.28 | |||||||||||||||
Vested | (212,530 | ) | 15.98 | - | 21.53 | 18.6 | |||||||||||||||||
Balance at March 31, 2014 | 179,797 | $ | 15.22 | - | $ | 21.53 | $ | 17.91 | |||||||||||||||
Transactions involving RSUs under the terms of the LTSIP are summarized below: | |||||||||||||||||||||||
RSUs | Price Range | Weighted-Average Price | |||||||||||||||||||||
Outstanding | |||||||||||||||||||||||
Balance at December 31, 2013 | 316,268 | $ | 22.17 | - | $ | 25.44 | $ | 23.62 | |||||||||||||||
Granted | 346,776 | 23.6 | - | 23.63 | 23.6 | ||||||||||||||||||
Vested | (119,014 | ) | 22.71 | - | 25.44 | 23.66 | |||||||||||||||||
Forfeited | (2,456 | ) | 23.6 | 23.6 | 23.6 | ||||||||||||||||||
Balance at March 31, 2014 | 541,574 | $ | 22.17 | - | $ | 24.26 | $ | 23.6 | |||||||||||||||
Transactions involving performance shares under the terms of the LTSIP | ' | ||||||||||||||||||||||
Performance share transactions under the terms of the LTSIP are summarized below: | |||||||||||||||||||||||
Target Number of Performance Shares Outstanding | Grant-Date | Weighted- Average Grant-Date Fair Value | |||||||||||||||||||||
Fair Value Range | |||||||||||||||||||||||
Balance at December 31, 2013 | 387,879 | $ | 18.23 | - | $ | 39.62 | $ | 27.61 | |||||||||||||||
Granted | 139,611 | 31.07 | 31.07 | 31.07 | |||||||||||||||||||
Payout adjustment(1) | (76,657 | ) | 18.23 | 18.23 | 18.23 | ||||||||||||||||||
Distributed(1) | (51,104 | ) | 18.23 | 18.23 | 18.23 | ||||||||||||||||||
Forfeited | (5,660 | ) | 25.42 | - | 39.62 | 33.06 | |||||||||||||||||
Balance at March 31, 2014 | 394,069 | $ | 25.42 | - | $ | 39.62 | $ | 31.8 | |||||||||||||||
(1) Actual shares and cash distributed were determined by multiplying the target shares by 0.40 to reflect Questar's final total shareholder return ranking among the specified peer companies for the performance period from January 1, 2011 through December 31, 2013. |
Operations_by_Line_of_Business1
Operations by Line of Business (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Summary of operations by line of business | ' | |||||||||||||||
Following is a summary of operations by line of business: | ||||||||||||||||
3 Months Ended | 12 Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||||
Revenues from Unaffiliated Customers | ||||||||||||||||
Questar Gas | $ | 396.3 | $ | 418.3 | $ | 963.2 | $ | 912 | ||||||||
Wexpro | 12.3 | 10.3 | 47.1 | 37.2 | ||||||||||||
Questar Pipeline | 48 | 48.3 | 189.2 | 200.9 | ||||||||||||
Other | 0.3 | — | 0.5 | — | ||||||||||||
Total | $ | 456.9 | $ | 476.9 | $ | 1,200.00 | $ | 1,150.10 | ||||||||
Revenues from Affiliated Companies | ||||||||||||||||
Questar Gas | $ | — | $ | 0.3 | $ | 0.3 | $ | 2 | ||||||||
Wexpro | 89.1 | 72.8 | 311.1 | 281.2 | ||||||||||||
Questar Pipeline | 19.3 | 19.5 | 76.5 | 75.4 | ||||||||||||
Total | $ | 108.4 | $ | 92.6 | $ | 387.9 | $ | 358.6 | ||||||||
Operating Income (Loss) | ||||||||||||||||
Questar Gas | $ | 69.8 | $ | 64.3 | $ | 107.4 | $ | 95.4 | ||||||||
Wexpro | 48.5 | 39.8 | 176.4 | 160.7 | ||||||||||||
Questar Pipeline | 30.1 | 30.2 | 35.4 | 122.4 | ||||||||||||
Corporate and other | (0.1 | ) | (2.9 | ) | 3.5 | (2.3 | ) | |||||||||
Total | $ | 148.3 | $ | 131.4 | $ | 322.7 | $ | 376.2 | ||||||||
Net Income (Loss) | ||||||||||||||||
Questar Gas | $ | 39.6 | $ | 37 | $ | 55.4 | $ | 49.2 | ||||||||
Wexpro | 31.8 | 26.3 | 116.1 | 105.9 | ||||||||||||
Questar Pipeline | 15.7 | 15.8 | 8.1 | 63.9 | ||||||||||||
Corporate and other | (2.0 | ) | (6.2 | ) | (6.2 | ) | (9.3 | ) | ||||||||
Total | $ | 85.1 | $ | 72.9 | $ | 173.4 | $ | 209.7 | ||||||||
Employee_Benefits_Tables
Employee Benefits (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Defined Benefit Plans Disclosures | ' | |||||||||||||||
Net periodic postretirement benefit cost components are listed in the table below: | ||||||||||||||||
3 Months Ended | 12 Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||||
Service cost | $ | 0.2 | $ | 0.2 | $ | 0.7 | $ | 0.8 | ||||||||
Interest cost | 1 | 1 | 3.7 | 3.9 | ||||||||||||
Expected return on plan assets | (0.8 | ) | (0.7 | ) | (2.7 | ) | (2.5 | ) | ||||||||
Amortization of transition obligation | — | — | — | 1.2 | ||||||||||||
Recognized net actuarial loss | 0.3 | 0.7 | 2.6 | 2.6 | ||||||||||||
Accretion of regulatory liability | 0.2 | 0.2 | 0.5 | 0.3 | ||||||||||||
Net postretirement benefit cost | $ | 0.9 | $ | 1.4 | $ | 4.8 | $ | 6.3 | ||||||||
Components of the qualified and nonqualified net periodic pension cost are listed in the table below: | ||||||||||||||||
3 Months Ended | 12 Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||||
Service cost | $ | 3 | $ | 3.5 | $ | 13.4 | $ | 13.2 | ||||||||
Interest cost | 8.4 | 7.8 | 31.2 | 31.4 | ||||||||||||
Expected return on plan assets | (10.6 | ) | (9.5 | ) | (39.2 | ) | (33.6 | ) | ||||||||
Prior service and other costs | 0.1 | 0.3 | 0.9 | 1.1 | ||||||||||||
Recognized net actuarial loss | 3.9 | 6.8 | 26 | 26.3 | ||||||||||||
Net pension cost | $ | 4.8 | $ | 8.9 | $ | 32.3 | $ | 38.4 | ||||||||
Nature_of_Business_Details
Nature of Business (Details) | 3 Months Ended |
Mar. 31, 2014 | |
lines_of_business | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Number of principal complementary lines of business | 3 |
Basis_of_Presentation_of_Inter3
Basis of Presentation of Interim Financial Statements (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' |
Ownership percentage in unconsolidated affiliate (in hundredths) | 50.00% | ' | 50.00% | ' |
Cost of Sales [Abstract] | ' | ' | ' | ' |
Other cost of sales | $0.10 | $0 | $0.20 | $0 |
Total cost of sales | 148.2 | 199.7 | 234.4 | 239.3 |
Questar Gas [Member] | ' | ' | ' | ' |
Cost of Sales [Abstract] | ' | ' | ' | ' |
Gas purchases | 92.7 | 103.3 | 176 | 146 |
Operator service fee | 89.1 | 72.8 | 310.9 | 281.1 |
Transportation and storage | 22.1 | 22 | 80.2 | 81 |
Gathering | 4.9 | 4.6 | 19.1 | 19 |
Royalties | 17.3 | 11.1 | 50.5 | 32.9 |
Storage withdrawal, net | 33 | 28.8 | 3.4 | 3.3 |
Purchased-gas account adjustment | -5.6 | 46.7 | -30.3 | 19.4 |
Other | 1.1 | 1.3 | 4.8 | 5 |
Cost of Purchased Oil and Gas | 254.6 | 290.6 | 614.6 | 587.7 |
Elimination of Questar Gas cost of natural gas sold - affiliated parties | -108.2 | -92.1 | -387 | -355.8 |
Total Questar Gas cost of natural gas sold - unaffiliated parties | 146.4 | 198.5 | 227.6 | 231.9 |
Questar Pipeline [Member] | ' | ' | ' | ' |
Cost of Sales [Abstract] | ' | ' | ' | ' |
Total Questar Pipeline cost of sales | $1.70 | $1.20 | $6.60 | $7.40 |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted-average basic common shares outstanding (in shares) | 175.7 | 175.3 | 175.6 | 175.6 |
Potential number of shares issuable under the Company's LTSIP (in shares) | 0.4 | 0.8 | 0.5 | 0.9 |
Weighted-average diluted common shares outstanding (in shares) | 176.1 | 176.1 | 176.1 | 176.5 |
Other_Comprehensive_Income_Det
Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' | |||
AOCI at beginning of period | ($141.80) | ($246.30) | ($241.30) | ' | |||
OCI before reclassifications | ' | ' | 135.7 | ' | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 4.5 | [1] | 8 | [1] | 30 | [1] | ' |
Income taxes | ' | ' | ' | ' | |||
Attributable to OCI before reclassifications | ' | ' | -51.8 | ' | |||
Attributable to amounts reclassified from AOCI | -1.8 | [2] | -3 | [2] | -11.7 | [2] | ' |
Total income taxes | -1.8 | -3 | -63.5 | 11.9 | |||
Net other comprehensive income (loss) | 2.7 | 5 | 102.2 | -19.3 | |||
AOCI at March 31, | -139.1 | -241.3 | -139.1 | -241.3 | |||
Reclassification Adjustment out of Accumulated Other Comphrensive Income [Abstract] | ' | ' | ' | ' | |||
Income tax benefit | -50.1 | -47.9 | -103.5 | -121.1 | |||
Pension and OPRB | ' | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' | |||
AOCI at beginning of period | -119 | -223.2 | -218.3 | ' | |||
OCI before reclassifications | ' | ' | 135.8 | ' | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 4.3 | [1] | 7.8 | [1] | 29.5 | [1] | ' |
Income taxes | ' | ' | ' | ' | |||
Attributable to OCI before reclassifications | ' | ' | -51.9 | ' | |||
Attributable to amounts reclassified from AOCI | -1.7 | [2] | -2.9 | [2] | -11.5 | [2] | ' |
Total income taxes | ' | ' | -63.4 | ' | |||
Net other comprehensive income (loss) | 2.6 | 4.9 | 101.9 | ' | |||
AOCI at March 31, | -116.4 | -218.3 | -116.4 | -218.3 | |||
Long-term invest. | ' | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' | |||
AOCI at beginning of period | 0.1 | 0.1 | 0.1 | ' | |||
OCI before reclassifications | ' | ' | -0.1 | ' | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | [1] | 0 | [1] | 0 | [1] | ' |
Income taxes | ' | ' | ' | ' | |||
Attributable to OCI before reclassifications | ' | ' | 0.1 | ' | |||
Attributable to amounts reclassified from AOCI | 0 | [2] | 0 | [2] | 0 | [2] | ' |
Total income taxes | ' | ' | 0.1 | ' | |||
Net other comprehensive income (loss) | 0 | 0 | 0 | ' | |||
AOCI at March 31, | 0.1 | 0.1 | 0.1 | 0.1 | |||
Questar Pipeline [Member] | ' | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' | |||
AOCI at beginning of period | -22.9 | ' | -23.1 | ' | |||
Income taxes | ' | ' | ' | ' | |||
Total income taxes | -0.1 | -0.1 | -0.2 | -0.2 | |||
Net other comprehensive income (loss) | 0.1 | 0.1 | 0.3 | 0.3 | |||
AOCI at March 31, | -22.8 | -23.1 | -22.8 | -23.1 | |||
Reclassification Adjustment out of Accumulated Other Comphrensive Income [Abstract] | ' | ' | ' | ' | |||
Income tax benefit | -9.1 | -9.1 | -7 | -36.9 | |||
Questar Pipeline [Member] | Interest rate cash flow hedges | ' | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' | |||
AOCI at beginning of period | -22.9 | -23.2 | -23.1 | ' | |||
OCI before reclassifications | ' | ' | 0 | ' | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0.2 | [1] | 0.2 | [1] | 0.5 | [1] | ' |
Income taxes | ' | ' | ' | ' | |||
Attributable to OCI before reclassifications | ' | ' | 0 | ' | |||
Attributable to amounts reclassified from AOCI | -0.1 | [2] | -0.1 | [2] | -0.2 | [2] | ' |
Total income taxes | ' | ' | -0.2 | ' | |||
Net other comprehensive income (loss) | 0.1 | 0.1 | 0.3 | ' | |||
AOCI at March 31, | -22.8 | -23.1 | -22.8 | -23.1 | |||
Questar Pipeline [Member] | Interest rate cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | |||
Reclassification Adjustment out of Accumulated Other Comphrensive Income [Abstract] | ' | ' | ' | ' | |||
Interest (expense) | -0.2 | -0.2 | -0.5 | ' | |||
Income tax benefit | $0.10 | $0.10 | $0.20 | ' | |||
[1] | Interest rate cash flow hedge amounts are included in their entirety as charges to interest expense on the Consolidated Statements of Income. | ||||||
[2] | Income tax reclassifications related to interest rate cash flow hedge amounts are included in their entirety as credits to income taxes on the Consolidated Statements of Income. |
Asset_Retirement_Obligations_D
Asset Retirement Obligations (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' |
AROs at beginning of year | $67.70 | $67.20 |
Accretion | 0.8 | 0.8 |
Liabilities incurred | 0.4 | 0.4 |
Revisions in estimated cash flows | 0.4 | -6.8 |
Liabilities settled | -0.7 | -0.4 |
AROs at March 31, | $68.60 | $61.20 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | |||
Carrying Amount [Member] | ' | ' | ' |
Financial assets [Abstract] | ' | ' | ' |
Cash and cash equivalents | $5.60 | $16 | $7.20 |
Long-term investment | 15.3 | 17.3 | 16.1 |
Financial liabilities [Abstract] | ' | ' | ' |
Short-term debt | 157 | 276 | 202 |
Long-term debt, including current portion | 1,246.60 | 1,247.10 | 1,100.50 |
Estimated Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Financial assets [Abstract] | ' | ' | ' |
Cash and cash equivalents | 5.6 | 16 | 7.2 |
Financial liabilities [Abstract] | ' | ' | ' |
Short-term debt | 157 | 276 | 202 |
Estimated Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Financial liabilities [Abstract] | ' | ' | ' |
Long-term debt, including current portion | 1,357.50 | 1,310.80 | 1,260.10 |
Estimated Fair Value [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Financial assets [Abstract] | ' | ' | ' |
Long-term investment | 15.3 | 17.3 | 16.1 |
Questar Gas [Member] | Carrying Amount [Member] | ' | ' | ' |
Financial assets [Abstract] | ' | ' | ' |
Cash and cash equivalents | 1.4 | 8.8 | 2.8 |
Notes receivable from Questar | 30.6 | 0 | 0 |
Financial liabilities [Abstract] | ' | ' | ' |
Notes payable to Questar | 0 | 17.7 | 132.3 |
Long-term debt, including current portion | 534.5 | 534.5 | 386.5 |
Questar Gas [Member] | Estimated Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Financial assets [Abstract] | ' | ' | ' |
Cash and cash equivalents | 1.4 | 8.8 | 2.8 |
Notes receivable from Questar | 30.6 | 0 | 0 |
Financial liabilities [Abstract] | ' | ' | ' |
Notes payable to Questar | 0 | 17.7 | 132.3 |
Questar Gas [Member] | Estimated Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Financial liabilities [Abstract] | ' | ' | ' |
Long-term debt, including current portion | 588.9 | 568 | 460 |
Questar Pipeline [Member] | Carrying Amount [Member] | ' | ' | ' |
Financial assets [Abstract] | ' | ' | ' |
Cash and cash equivalents | 4.9 | 2.7 | 5.4 |
Notes receivable from Questar | 46.6 | 29.4 | 33.1 |
Financial liabilities [Abstract] | ' | ' | ' |
Long-term debt, including current portion | 458.8 | 458.9 | 458.9 |
Questar Pipeline [Member] | Estimated Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Financial assets [Abstract] | ' | ' | ' |
Cash and cash equivalents | 4.9 | 2.7 | 5.4 |
Notes receivable from Questar | 46.6 | 29.4 | 33.1 |
Questar Pipeline [Member] | Estimated Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Financial liabilities [Abstract] | ' | ' | ' |
Long-term debt, including current portion | $509.40 | $486 | $537.30 |
Derivatives_and_Hedging_Detail
Derivatives and Hedging (Details) (Cash Flow Hedging [Member], Questar Pipeline [Member], Forward Starting Interest Rate Swaps Terminating Q4 2011 [Member], USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2011 | |
Cash Flow Hedging [Member] | Questar Pipeline [Member] | Forward Starting Interest Rate Swaps Terminating Q4 2011 [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amount | ' | $150,000,000 |
Debt Instrument, Face Amount | ' | 180,000,000 |
Interest payment for terminated derivative instrument | ' | 37,300,000 |
Life of long-term debt associated with cash flow hedges | ' | '30 years |
Pre-tax net losses expected to be reclassified from AOCI to Consolidated statement of income | $500,000 | ' |
Reclassification from accumulated OCI to income, estimated time to transfer | '12 months | ' |
ShareBased_Compensation_Genera
Share-Based Compensation General (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation [Abstract] | ' | ' |
Share-based compensation | $3.20 | $3.10 |
Deferred share-based compensation on restricted share awards and restricted stock unit awards | 10.9 | ' |
Cash flow from income tax benefits in excess of recognized compensation expense | $0.50 | $1.40 |
Shares available for future grant (in shares) | 4,037,945 | ' |
ShareBased_Compensation_Stock_
Share-Based Compensation Stock options (Details) (Stock Options [Member], USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Stock option transactions under the terms of the LTSIP - shares [Roll Forward] | ' |
Granted | 0 |
Exercised | 0 |
Forfeited | 0 |
Stock option transactions under the terms of the LTSIP - exercise price [Roll Forward] | ' |
Balance at March 31, 2014 | $11.84 |
Stock options outstanding, exercisable and unvested at end of period, by exercise price range [Abstract] | ' |
Options Outstanding, Number outstanding at end of period | 717,840 |
Options Outstanding, Weighted-average remaining term (in years and months) | '1 year 11 months |
Options Exercisable, Number exercisable at end of period | 717,840 |
Options Exercisable, Weighted-average exercise price | $11.84 |
Stock options, additional disclosures [Abstract] | ' |
Number of unvested options at end of period (in shares) | 0 |
Number of Questar stock options held by certain officers, employees and nonemployee directors of QEP (in shares) | 251,098 |
Weighted-average exercise price of Questar stock options awarded to certain officers, employees and nonemployee directors of QEP (in dollars per share) | $11.33 |
Weighted-average remaining life of Questar stock options held by certain officers, employees and nonemployee directors of QEP (in years) | '2 years 2 months |
$7.84 - $11.40 [Member] | ' |
Stock option transactions under the terms of the LTSIP - exercise price [Roll Forward] | ' |
Balance at March 31, 2014 | $10.52 |
Stock options outstanding, exercisable and unvested at end of period, by exercise price range [Abstract] | ' |
Range of exercise prices, lower limit | $7.84 |
Range of exercise prices, upper limit | $11.40 |
Options Outstanding, Number outstanding at end of period | 404,174 |
Options Outstanding, Weighted-average remaining term (in years and months) | '1 year 7 months |
Options Exercisable, Number exercisable at end of period | 404,174 |
Options Exercisable, Weighted-average exercise price | $10.52 |
$13.10 - $17.35 [Member] | ' |
Stock option transactions under the terms of the LTSIP - exercise price [Roll Forward] | ' |
Balance at March 31, 2014 | $13.54 |
Stock options outstanding, exercisable and unvested at end of period, by exercise price range [Abstract] | ' |
Range of exercise prices, lower limit | $13.10 |
Range of exercise prices, upper limit | $17.35 |
Options Outstanding, Number outstanding at end of period | 313,666 |
Options Outstanding, Weighted-average remaining term (in years and months) | '2 years 3 months |
Options Exercisable, Number exercisable at end of period | 313,666 |
Options Exercisable, Weighted-average exercise price | $13.54 |
ShareBased_Compensation_Restri
Share-Based Compensation Restricted shares (Details) (Restricted Shares [Member], USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Transactions under the terms of the LTSIP - shares [Roll Forward] | ' |
Balance at December 31, 2013 | 392,327 |
Granted | 0 |
Vested | -212,530 |
Forfeited | 0 |
Balance at March 31, 2014 | 179,797 |
Transactions under the terms of LTSIP - grant-date fair value [Roll Forward] | ' |
Balance at December 31, 2013 | $18.28 |
Vested | $18.60 |
Balance at March 31, 2014 | $17.91 |
Share-based awards other than options, additional disclosures [Abstract] | ' |
Vesting period for share-based award (in years) | '3 years |
Weighted-average remaining vesting period of share-based awards (in months) | '9 months |
Minimum [Member] | ' |
Transactions under the terms of LTSIP - grant-date fair value [Roll Forward] | ' |
Balance at December 31, 2013 | $15.22 |
Vested | $15.98 |
Balance at March 31, 2014 | $15.22 |
Maximum [Member] | ' |
Transactions under the terms of LTSIP - grant-date fair value [Roll Forward] | ' |
Balance at December 31, 2013 | $21.53 |
Vested | $21.53 |
Balance at March 31, 2014 | $21.53 |
ShareBased_Compensation_Restri1
Share-Based Compensation Restricted stock units (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Restricted Stock Units (RSUs) [Member] | ' |
Transactions under the terms of the LTSIP - shares [Roll Forward] | ' |
Balance at December 31, 2013 | 316,268 |
Granted | 346,776 |
Vested | -119,014 |
Forfeited | -2,456 |
Balance at March 31, 2014 | 541,574 |
Transactions under the terms of LTSIP - grant-date fair value [Roll Forward] | ' |
Balance at December 31, 2013 | $23.62 |
Granted | $23.60 |
Vested | $23.66 |
Forfeited | $23.60 |
Balance at March 31, 2014 | $23.60 |
Share-based awards other than options, additional disclosures [Abstract] | ' |
Vesting period for share-based award (in years) | '3 years |
Weighted-average remaining vesting period of share-based awards (in months) | '21 months |
Weighted-average price of deferred restricted stock units outstanding (in shares) | $23.60 |
Number of shares of common stock to be issued for each vested restricted stock unit (RSU) | 1 |
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ' |
Transactions under the terms of LTSIP - grant-date fair value [Roll Forward] | ' |
Balance at December 31, 2013 | $22.17 |
Granted | $23.60 |
Vested | $22.71 |
Forfeited | $23.60 |
Balance at March 31, 2014 | $22.17 |
Share-based awards other than options, additional disclosures [Abstract] | ' |
Weighted-average price of deferred restricted stock units outstanding (in shares) | $22.17 |
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ' |
Transactions under the terms of LTSIP - grant-date fair value [Roll Forward] | ' |
Balance at December 31, 2013 | $25.44 |
Granted | $23.63 |
Vested | $25.44 |
Forfeited | $23.60 |
Balance at March 31, 2014 | $24.26 |
Share-based awards other than options, additional disclosures [Abstract] | ' |
Weighted-average price of deferred restricted stock units outstanding (in shares) | $24.26 |
Deferred Restricted Stock Units (RSUs) [Member] | ' |
Transactions under the terms of LTSIP - grant-date fair value [Roll Forward] | ' |
Balance at March 31, 2014 | $17.25 |
Share-based awards other than options, additional disclosures [Abstract] | ' |
Vesting period for share-based award (in years) | '3 years |
Weighted-average remaining vesting period of share-based awards (in months) | '11 months |
Number of deferred restricted stock units outstanding (in shares) | 91,289 |
Weighted-average price of deferred restricted stock units outstanding (in shares) | $17.25 |
Number of shares of common stock to be issued for each vested restricted stock unit (RSU) | 1 |
Deferred Restricted Stock Units (RSUs) [Member] | Vested Undistributed [Member] | ' |
Transactions under the terms of LTSIP - grant-date fair value [Roll Forward] | ' |
Balance at March 31, 2014 | $15.79 |
Share-based awards other than options, additional disclosures [Abstract] | ' |
Number of deferred restricted stock units outstanding (in shares) | 74,208 |
Weighted-average price of deferred restricted stock units outstanding (in shares) | $15.79 |
ShareBased_Compensation_Perfor
Share-Based Compensation Performance shares (Details) (Performance Shares [Member], USD $) | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Transactions under the terms of the LTSIP - shares [Roll Forward] | ' | ' | |
Balance at December 31, 2013 | 387,879 | ' | |
Granted | 139,611 | ' | |
Payout adjustment | -76,657 | [1] | ' |
Distributed | -51,104 | [1] | ' |
Forfeited | -5,660 | ' | |
Balance at March 31, 2014 | 394,069 | ' | |
Transactions under the terms of LTSIP - grant-date fair value [Roll Forward] | ' | ' | |
Balance at December 31, 2013 | $27.61 | ' | |
Granted | $31.07 | ' | |
Payout adjustment | $18.23 | [1] | ' |
Distributed | $18.23 | [1] | ' |
Forfeited | $33.06 | ' | |
Balance at March 31, 2014 | $31.80 | ' | |
Share-based awards other than options, additional disclosures [Abstract] | ' | ' | |
Performance period that the target number of performance shares for each exectutive officer is subject to adjustment based on the company's performance (in years) | '3 years | ' | |
Equity- and liability-based performance share compensation expense | $0.70 | $0.80 | |
Weighted-average remaining vesting period of share-based awards (in months) | '21 months | ' | |
Performance share payout adjustment factor (in hundredths) | 0.4 | ' | |
Weighted-average grant-date fair value of vested undistributed performance shares outstanding (in shares) | $31.80 | ' | |
Vested Undistributed [Member] | ' | ' | |
Transactions under the terms of LTSIP - grant-date fair value [Roll Forward] | ' | ' | |
Balance at March 31, 2014 | $30.08 | ' | |
Share-based awards other than options, additional disclosures [Abstract] | ' | ' | |
Number of vested undistributed performance shares outstanding (in shares) | 6,475 | ' | |
Weighted-average grant-date fair value of vested undistributed performance shares outstanding (in shares) | $30.08 | ' | |
Minimum [Member] | ' | ' | |
Transactions under the terms of LTSIP - grant-date fair value [Roll Forward] | ' | ' | |
Balance at December 31, 2013 | $18.23 | ' | |
Granted | $31.07 | ' | |
Payout adjustment | $18.23 | [1] | ' |
Distributed | $18.23 | [1] | ' |
Forfeited | $25.42 | ' | |
Balance at March 31, 2014 | $25.42 | ' | |
Share-based awards other than options, additional disclosures [Abstract] | ' | ' | |
Weighted-average grant-date fair value of vested undistributed performance shares outstanding (in shares) | $25.42 | ' | |
Minimum [Member] | Vested Undistributed [Member] | ' | ' | |
Share-based awards other than options, additional disclosures [Abstract] | ' | ' | |
The date the actual performance shares (if any) will be distributed | 'first quarter of 2015 | ' | |
Maximum [Member] | ' | ' | |
Transactions under the terms of LTSIP - grant-date fair value [Roll Forward] | ' | ' | |
Balance at December 31, 2013 | $39.62 | ' | |
Granted | $31.07 | ' | |
Payout adjustment | $18.23 | [1] | ' |
Distributed | $18.23 | [1] | ' |
Forfeited | $39.62 | ' | |
Balance at March 31, 2014 | $39.62 | ' | |
Share-based awards other than options, additional disclosures [Abstract] | ' | ' | |
Weighted-average grant-date fair value of vested undistributed performance shares outstanding (in shares) | $39.62 | ' | |
Maximum [Member] | Vested Undistributed [Member] | ' | ' | |
Share-based awards other than options, additional disclosures [Abstract] | ' | ' | |
The date the actual performance shares (if any) will be distributed | 'first quarter of 2017 | ' | |
[1] | Actual shares and cash distributed were determined by multiplying the target shares by 0.40 to reflect Questar's final total shareholder return ranking among the specified peer companies for the performance period from January 1, 2011 through December 31, 2013. |
Operations_by_Line_of_Business2
Operations by Line of Business (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
lines_of_business | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Number of principal complementary lines of business | 3 | ' | ' | ' |
Revenues from Unaffiliated Customers | $456.90 | $476.90 | $1,200 | $1,150.10 |
Operating Income (Loss) | 148.3 | 131.4 | 322.7 | 376.2 |
Net Income (Loss) | 85.1 | 72.9 | 173.4 | 209.7 |
Questar Gas [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues from Unaffiliated Customers | 396.3 | 418.3 | 963.2 | 912 |
Operating Income (Loss) | 69.8 | 64.3 | 107.4 | 95.4 |
Net Income (Loss) | 39.6 | 37 | 55.4 | 49.2 |
Wexpro [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues from Unaffiliated Customers | 12.3 | 10.3 | 47.1 | 37.2 |
Operating Income (Loss) | 48.5 | 39.8 | 176.4 | 160.7 |
Net Income (Loss) | 31.8 | 26.3 | 116.1 | 105.9 |
Questar Pipeline [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues from Unaffiliated Customers | 48 | 48.3 | 189.2 | 200.9 |
Operating Income (Loss) | 30.1 | 30.2 | 35.4 | 122.4 |
Net Income (Loss) | 15.7 | 15.8 | 8.1 | 63.9 |
Questar Corp and Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues from Unaffiliated Customers | 0.3 | 0 | 0.5 | 0 |
Operating Income (Loss) | -0.1 | -2.9 | 3.5 | -2.3 |
Net Income (Loss) | -2 | -6.2 | -6.2 | -9.3 |
Intersegment Eliminations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues from Unaffiliated Customers | 108.4 | 92.6 | 387.9 | 358.6 |
Intersegment Eliminations [Member] | Questar Gas [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues from Unaffiliated Customers | 0 | 0.3 | 0.3 | 2 |
Intersegment Eliminations [Member] | Wexpro [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues from Unaffiliated Customers | 89.1 | 72.8 | 311.1 | 281.2 |
Intersegment Eliminations [Member] | Questar Pipeline [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues from Unaffiliated Customers | $19.30 | $19.50 | $76.50 | $75.40 |
Employee_Benefits_Details
Employee Benefits (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Qualified and nonqualified pension plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $3 | $3.50 | $13.40 | $13.20 |
Interest cost | 8.4 | 7.8 | 31.2 | 31.4 |
Expected return on plan assets | -10.6 | -9.5 | -39.2 | -33.6 |
Prior service and other costs | 0.1 | 0.3 | 0.9 | 1.1 |
Recognized net actuarial loss | 3.9 | 6.8 | 26 | 26.3 |
Net benefit cost | 4.8 | 8.9 | 32.3 | 38.4 |
Estimated qualified pension plan cost for current fiscal year | 15.4 | ' | 15.4 | ' |
Estimated nonqualified pension plan cost for current fiscal year | 3.7 | ' | 3.7 | ' |
Postretirement benefits plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 0.2 | 0.2 | 0.7 | 0.8 |
Interest cost | 1 | 1 | 3.7 | 3.9 |
Expected return on plan assets | -0.8 | -0.7 | -2.7 | -2.5 |
Amortization of transition obligation | 0 | 0 | 0 | 1.2 |
Recognized net actuarial loss | 0.3 | 0.7 | 2.6 | 2.6 |
Accretion of regulatory liability | 0.2 | 0.2 | 0.5 | 0.3 |
Net benefit cost | 0.9 | 1.4 | 4.8 | 6.3 |
Estimated postretirement benefits cost for current fiscal year, before accretion of regulatory liability | $2.80 | ' | $2.80 | ' |
Questar_Southern_Trails_Pipeli1
Questar Southern Trails Pipeline Eastern Segment Impairment (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Pre-tax asset impairment charge | $0 | $0 | $80.60 | $0 |
Questar Pipeline [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Pre-tax asset impairment charge | 0 | 0 | 80.6 | 0 |
Questar Pipeline [Member] | Questar Southern Trails Pipeline - Eastern Segment [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Pre-tax asset impairment charge | ' | ' | 80.6 | ' |
After-tax asset impairment charge | ' | ' | $52.40 | ' |
Wexpro_Acquisition_of_Producin1
Wexpro Acquisition of Producing Properties and Inclusion in Wexpro II Agreement (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Business Acquisition [Line Items] | ' |
Business Acquisition, Effective Date of Acquisition | 4-Sep-13 |
Business Acquisition, Date of Acquisition Agreement | 25-Jul-13 |
Business Acquisition, Description of Acquired Entity | 'an additional interest in natural gas-producing properties in the Trail Unit of southwestern Wyoming's Vermillion Basin |
Date of Acquisition's Inclusion under Wexpro II Agreement | 1-Feb-14 |