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Gains and Losses on Derivative Financial Instruments | Gains and Losses on Securities Available for Sale | Funded Status of the Pension and Other Post-Retirement Benefit Plans | Total | |||||||||
Three Months Ended March 31, 2017 | ||||||||||||
Balance at January 1, 2017 | $ | 16,570 | $ | 5,047 | $ | (76,476 | ) | $ | (54,859 | ) | ||
Other Comprehensive Gains and Losses Before Reclassifications | 25,745 | 1,081 | — | 26,826 | ||||||||
Amounts Reclassified From Other Comprehensive Income (Loss) | (6,058 | ) | — | — | (6,058 | ) | ||||||
Balance at March 31, 2017 | $ | 36,257 | $ | 6,128 | $ | (76,476 | ) | $ | (34,091 | ) | ||
Six Months Ended March 31, 2017 | ||||||||||||
Balance at October 1, 2016 | $ | 64,782 | $ | 6,054 | $ | (76,476 | ) | $ | (5,640 | ) | ||
Other Comprehensive Gains and Losses Before Reclassifications | (4,705 | ) | 543 | — | (4,162 | ) | ||||||
Amounts Reclassified From Other Comprehensive Income (Loss) | (23,820 | ) | (469 | ) | — | (24,289 | ) | |||||
Balance at March 31, 2017 | $ | 36,257 | $ | 6,128 | $ | (76,476 | ) | $ | (34,091 | ) | ||
Three Months Ended March 31, 2016 | ||||||||||||
Balance at January 1, 2016 | $ | 162,728 | $ | 5,522 | $ | (69,794 | ) | $ | 98,456 | |||
Other Comprehensive Gains and Losses Before Reclassifications | 19,578 | 12 | — | 19,590 | ||||||||
Amounts Reclassified From Other Comprehensive Income (Loss) | (35,635 | ) | (225 | ) | — | (35,860 | ) | |||||
Balance at March 31, 2016 | $ | 146,671 | $ | 5,309 | $ | (69,794 | ) | $ | 82,186 | |||
Six Months Ended March 31, 2016 | ||||||||||||
Balance at October 1, 2015 | $ | 157,197 | $ | 5,969 | $ | (69,794 | ) | $ | 93,372 | |||
Other Comprehensive Gains and Losses Before Reclassifications | 64,273 | (435 | ) | — | 63,838 | |||||||
Amounts Reclassified From Other Comprehensive Income (Loss) | (74,799 | ) | (225 | ) | — | (75,024 | ) | |||||
Balance at March 31, 2016 | $ | 146,671 | $ | 5,309 | $ | (69,794 | ) | $ | 82,186 | |||
Details About Accumulated Other Comprehensive Income (Loss) Components | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Statement Where Net Income (Loss) is Presented | |||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
Gains (Losses) on Derivative Financial Instrument Cash Flow Hedges: | |||||||||||||
Commodity Contracts | $12,109 | $57,914 | $43,429 | $114,242 | Operating Revenues | ||||||||
Commodity Contracts | (1,498 | ) | 3,530 | (1,958 | ) | 4,450 | Purchased Gas | ||||||
Foreign Currency Contracts | (139 | ) | (209 | ) | (282 | ) | (287 | ) | Operation and Maintenance Expense | ||||
Gains (Losses) on Securities Available for Sale | — | 388 | 741 | 388 | Other Income | ||||||||
10,472 | 61,623 | 41,930 | 118,793 | Total Before Income Tax | |||||||||
(4,414 | ) | (25,763 | ) | (17,641 | ) | (43,769 | ) | Income Tax Expense | |||||
$6,058 | $35,860 | $24,289 | $75,024 | Net of Tax |
At March 31, 2017 | At September 30, 2016 | ||||||
Prepayments | $ | 5,284 | $ | 10,919 | |||
Prepaid Property and Other Taxes | 22,563 | 13,138 | |||||
Federal Income Taxes Receivable | — | 11,758 | |||||
State Income Taxes Receivable | 5,237 | 3,961 | |||||
Fair Values of Firm Commitments | — | 3,962 | |||||
Regulatory Assets | 18,501 | 15,616 | |||||
$ | 51,585 | $ | 59,354 |
At March 31, 2017 | At September 30, 2016 | ||||||
Accrued Capital Expenditures | $ | 13,964 | $ | 26,796 | |||
Regulatory Liabilities | 29,579 | 14,725 | |||||
Reserve for Gas Replacement | 20,215 | — | |||||
Federal Income Taxes Payable | 9,355 | — | |||||
Other | 33,174 | 32,909 | |||||
$ | 106,287 | $ | 74,430 |
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Recurring Fair Value Measures | At fair value as of March 31, 2017 | ||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Netting Adjustments(1) | Total(1) | ||||||||||||||
Assets: | |||||||||||||||||||
Cash Equivalents – Money Market Mutual Funds | $ | 214,213 | $ | — | $ | — | $ | — | $ | 214,213 | |||||||||
Derivative Financial Instruments: | |||||||||||||||||||
Commodity Futures Contracts – Gas | 2,449 | — | — | (1,068 | ) | 1,381 | |||||||||||||
Over the Counter Swaps – Gas and Oil | — | 73,525 | — | (10,177 | ) | 63,348 | |||||||||||||
Foreign Currency Contracts | — | 48 | — | (48 | ) | — | |||||||||||||
Other Investments: | |||||||||||||||||||
Balanced Equity Mutual Fund | 34,664 | — | — | — | 34,664 | ||||||||||||||
Fixed Income Mutual Fund | 38,460 | — | — | — | 38,460 | ||||||||||||||
Common Stock – Financial Services Industry | 3,649 | — | — | — | 3,649 | ||||||||||||||
Hedging Collateral Deposits | 1,771 | — | — | — | 1,771 | ||||||||||||||
Total | $ | 295,206 | $ | 73,573 | $ | — | $ | (11,293 | ) | $ | 357,486 | ||||||||
Liabilities: | |||||||||||||||||||
Derivative Financial Instruments: | |||||||||||||||||||
Commodity Futures Contracts – Gas | $ | 1,068 | $ | — | $ | — | $ | (1,068 | ) | $ | — | ||||||||
Over the Counter Swaps – Gas and Oil | — | 9,641 | — | (10,177 | ) | (536 | ) | ||||||||||||
Foreign Currency Contracts | — | 2,055 | — | (48 | ) | 2,007 | |||||||||||||
Total | $ | 1,068 | $ | 11,696 | $ | — | $ | (11,293 | ) | $ | 1,471 | ||||||||
Total Net Assets/(Liabilities) | $ | 294,138 | $ | 61,877 | $ | — | $ | — | $ | 356,015 |
Recurring Fair Value Measures | At fair value as of September 30, 2016 | ||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Netting Adjustments(1) | Total(1) | ||||||||||||||
Assets: | |||||||||||||||||||
Cash Equivalents – Money Market Mutual Funds | $ | 114,895 | $ | — | $ | — | $ | — | $ | 114,895 | |||||||||
Derivative Financial Instruments: | |||||||||||||||||||
Commodity Futures Contracts – Gas | 2,623 | — | — | (2,276 | ) | 347 | |||||||||||||
Over the Counter Swaps – Gas and Oil | — | 119,654 | — | (3,860 | ) | 115,794 | |||||||||||||
Foreign Currency Contracts | — | — | — | (2,337 | ) | (2,337 | ) | ||||||||||||
Other Investments: | |||||||||||||||||||
Balanced Equity Mutual Fund | 36,658 | — | — | — | 36,658 | ||||||||||||||
Fixed Income Mutual Fund | 31,395 | — | — | — | 31,395 | ||||||||||||||
Common Stock – Financial Services Industry | 2,902 | — | — | — | 2,902 | ||||||||||||||
Hedging Collateral Deposits | 1,484 | — | — | — | 1,484 | ||||||||||||||
Total | $ | 189,957 | $ | 119,654 | $ | — | $ | (8,473 | ) | $ | 301,138 | ||||||||
Liabilities: | |||||||||||||||||||
Derivative Financial Instruments: | |||||||||||||||||||
Commodity Futures Contracts – Gas | $ | 2,276 | $ | — | $ | — | $ | (2,276 | ) | $ | — | ||||||||
Over the Counter Swaps – Gas and Oil | — | 5,322 | — | (3,860 | ) | 1,462 | |||||||||||||
Foreign Currency Contracts | — | 2,337 | — | (2,337 | ) | — | |||||||||||||
Total | $ | 2,276 | $ | 7,659 | $ | — | $ | (8,473 | ) | $ | 1,462 | ||||||||
Total Net Assets/(Liabilities) | $ | 187,681 | $ | 111,995 | $ | — | $ | — | $ | 299,676 |
(1) | Netting Adjustments represent the impact of legally-enforceable master netting arrangements that allow the Company to net gain and loss positions held with the same counterparties. The net asset or net liability for each counterparty is recorded as an asset or liability on the Company’s balance sheet. |
Fair Value Measurements Using Unobservable Inputs (Level 3) | ||||||||||||||||
(Thousands of Dollars) | Total Gains/Losses | |||||||||||||||
October 1, 2015 | Gains/Losses Realized and Included in Earnings | Gains/Losses Unrealized and Included in Other Comprehensive Income (Loss) | Transfer In/Out of Level 3 | March 31, 2016 | ||||||||||||
Derivative Financial Instruments(2) | $ | 1,791 | $ | (2,002 | ) | (1) | $ | 211 | $ | — | $ | — | ||||
(1) | Amounts are reported in Operating Revenues in the Consolidated Statement of Income for the three months ended March 31, 2016. |
(2) | Derivative Financial Instruments are shown on a net basis. |
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March 31, 2017 | September 30, 2016 | ||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Long-Term Debt | $ | 2,087,385 | $ | 2,221,216 | $ | 2,086,252 | $ | 2,255,562 |
Commodity | Units | ||
Natural Gas | 138.8 | Bcf (short positions) | |
Natural Gas | 1.6 | Bcf (long positions) | |
Crude Oil | 3,051,000 | Bbls (short positions) |
The Effect of Derivative Financial Instruments on the Statement of Financial Performance for the | ||||||||||||||||||||
Three Months Ended March 31, 2017 and 2016 (Thousands of Dollars) | ||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Derivative Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on the Consolidated Statement of Comprehensive Income (Loss) (Effective Portion) for the Three Months Ended March 31, | Location of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income (Effective Portion) | Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income (Effective Portion) for the Three Months Ended March 31, | Location of Derivative Gain or (Loss) Recognized in the Consolidated Statement of Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Derivative Gain or (Loss) Recognized in the Consolidated Statement of Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) for the Three Months Ended March 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||
Commodity Contracts | $ | 42,484 | $ | 30,876 | Operating Revenue | $ | 12,109 | $ | 57,914 | Operating Revenue | $ | — | $ | 31 | ||||||
Commodity Contracts | 1,044 | (214 | ) | Purchased Gas | (1,498 | ) | 3,530 | Not Applicable | — | — | ||||||||||
Foreign Currency Contracts | 569 | 3,106 | Operation and Maintenance Expense | (139 | ) | (209 | ) | Not Applicable | — | — | ||||||||||
Total | $ | 44,097 | $ | 33,768 | $ | 10,472 | $ | 61,235 | $ | — | $ | 31 |
The Effect of Derivative Financial Instruments on the Statement of Financial Performance for the | ||||||||||||||||||||
Six Months Ended March 31, 2017 and 2016 (Thousands of Dollars) | ||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Derivative Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on the Consolidated Statement of Comprehensive Income (Loss) (Effective Portion) for the Six Months Ended March 31, | Location of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income (Effective Portion) | Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income (Effective Portion) for the Six Months Ended March 31, | Location of Derivative Gain or (Loss) Recognized in the Consolidated Statement of Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Derivative Gain or (Loss) Recognized in the Consolidated Statement of Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) for the Six Months Ended March 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||
Commodity Contracts | $ | (7,960 | ) | $ | 96,217 | Operating Revenue | $ | 43,429 | $ | 114,242 | Operating Revenue | $ | (100 | ) | $ | 168 | ||||
Commodity Contracts | (492 | ) | 1,999 | Purchased Gas | (1,958 | ) | 4,450 | Not Applicable | — | — | ||||||||||
Foreign Currency Contracts | 48 | 923 | Operation and Maintenance Expense | (282 | ) | (287 | ) | Not Applicable | — | — | ||||||||||
Total | $ | (8,404 | ) | $ | 99,139 | $ | 41,189 | $ | 118,405 | $ | (100 | ) | $ | 168 | ||||||
Derivatives in Fair Value Hedging Relationships | Location of Gain or (Loss) on Derivative and Hedged Item Recognized in the Consolidated Statement of Income | Amount of Gain or (Loss) on Derivative Recognized in the Consolidated Statement of Income for the Six Months Ended March 31, 2017 (In Thousands) | Amount of Gain or (Loss) on the Hedged Item Recognized in the Consolidated Statement of Income for the Six Months Ended March 31, 2017 (In Thousands) | ||||
Commodity Contracts | Operating Revenues | $ | 2,954 | $ | (2,954 | ) | |
Commodity Contracts | Purchased Gas | $ | 226 | $ | (226 | ) | |
$ | 3,180 | $ | (3,180 | ) |
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Six Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Current Income Taxes | |||||||
Federal | $ | 34,113 | $ | 7,995 | |||
State | 11,509 | 15,537 | |||||
Deferred Income Taxes | |||||||
Federal | 51,749 | (197,982 | ) | ||||
State | 12,032 | (85,930 | ) | ||||
109,403 | (260,380 | ) | |||||
Deferred Investment Tax Credit | (86 | ) | (174 | ) | |||
Total Income Taxes | $ | 109,317 | $ | (260,554 | ) | ||
Presented as Follows: | |||||||
Other Income | (86 | ) | (174 | ) | |||
Income Tax Expense (Benefit) | 109,403 | (260,380 | ) | ||||
Total Income Taxes | $ | 109,317 | $ | (260,554 | ) |
Six Months Ended March 31, | |||||||
2017 | 2016 | ||||||
U.S. Income (Loss) Before Income Taxes | $ | 287,508 | $ | (597,350 | ) | ||
Income Tax Expense (Benefit), Computed at U.S. Federal Statutory Rate of 35% | $ | 100,628 | $ | (209,073 | ) | ||
State Income Taxes (Benefit) | 15,302 | (45,756 | ) | ||||
Miscellaneous | (6,613 | ) | (5,725 | ) | |||
Total Income Taxes | $ | 109,317 | $ | (260,554 | ) |
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Quarter Ended March 31, 2017 (Thousands) | |||||||||
Exploration and Production | Pipeline and Storage | Gathering | Utility | Energy Marketing | Total Reportable Segments | All Other | Corporate and Intersegment Eliminations | Total Consolidated | |
Revenue from External Customers | $159,553 | $53,163 | $26 | $257,949 | $50,940 | $521,631 | $218 | $226 | $522,075 |
Intersegment Revenues | $— | $22,592 | $27,936 | $6,096 | $16 | $56,640 | $— | $(56,640) | $— |
Segment Profit: Net Income (Loss) | $33,769 | $19,256 | $10,285 | $25,581 | $905 | $89,796 | $(221) | $(291) | $89,284 |
Six Months Ended March 31, 2017 (Thousands) | |||||||||
Exploration and Production | Pipeline and Storage | Gathering | Utility | Energy Marketing | Total Reportable Segments | All Other | Corporate and Intersegment Eliminations | Total Consolidated | |
Revenue from External Customers | $320,485 | $106,164 | $52 | $428,919 | $87,750 | $943,370 | $772 | $434 | $944,576 |
Intersegment Revenues | $— | $44,746 | $55,776 | $7,922 | $35 | $108,479 | $— | $(108,479) | $— |
Segment Profit: Net Income (Loss) | $68,849 | $38,624 | $21,266 | $46,755 | $2,687 | $178,181 | $(400) | $410 | $178,191 |
(Thousands) | Exploration and Production | Pipeline and Storage | Gathering | Utility | Energy Marketing | Total Reportable Segments | All Other | Corporate and Intersegment Eliminations | Total Consolidated |
Segment Assets: | |||||||||
At March 31, 2017 | $1,292,230 | $1,718,862 | $553,719 | $2,108,549 | $74,404 | $5,747,764 | $76,630 | $(19,719) | $5,804,675 |
At September 30, 2016 | $1,323,081 | $1,680,734 | $534,259 | $2,021,514 | $63,392 | $5,622,980 | $77,138 | $(63,731) | $5,636,387 |
Quarter Ended March 31, 2016 (Thousands) | |||||||||
Exploration and Production | Pipeline and Storage | Gathering | Utility | Energy Marketing | Total Reportable Segments | All Other | Corporate and Intersegment Eliminations | Total Consolidated | |
Revenue from External Customers | $143,783 | $56,276 | $113 | $212,737 | $35,436 | $448,345 | $561 | $226 | $449,132 |
Intersegment Revenues | $— | $23,292 | $21,545 | $5,364 | $312 | $50,513 | $— | $(50,513) | $— |
Segment Profit: Net Income (Loss) | $(213,335) | $21,194 | $7,568 | $31,960 | $3,484 | $(149,129) | $(23) | $1,465 | $(147,687) |
Six Months Ended March 31, 2016 (Thousands) | |||||||||
Exploration and Production | Pipeline and Storage | Gathering | Utility | Energy Marketing | Total Reportable Segments | All Other | Corporate and Intersegment Eliminations | Total Consolidated | |
Revenue from External Customers | $295,749 | $109,630 | $238 | $356,585 | $60,420 | $822,622 | $1,266 | $439 | $824,327 |
Intersegment Revenues | $— | $45,477 | $40,184 | $9,028 | $624 | $95,313 | $— | $(95,313) | $— |
Segment Profit: Net Income (Loss) | $(450,421) | $42,470 | $12,490 | $50,566 | $4,707 | $(340,188) | $166 | $3,226 | $(336,796) |
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Retirement Plan | Other Post-Retirement Benefits | ||||||||||||
Three Months Ended March 31, | 2017 | 2016 | 2017 | 2016 | |||||||||
Service Cost | $ | 2,992 | $ | 2,928 | $ | 612 | $ | 583 | |||||
Interest Cost | 9,596 | 10,579 | 4,752 | 5,096 | |||||||||
Expected Return on Plan Assets | (14,929 | ) | (14,842 | ) | (7,865 | ) | (7,883 | ) | |||||
Amortization of Prior Service Cost (Credit) | 264 | 308 | (107 | ) | (228 | ) | |||||||
Amortization of Losses | 10,672 | 8,062 | 4,604 | 1,382 | |||||||||
Net Amortization and Deferral for Regulatory Purposes (Including Volumetric Adjustments) (1) | 6,234 | 5,609 | 3,790 | 6,599 | |||||||||
Net Periodic Benefit Cost | $ | 14,829 | $ | 12,644 | $ | 5,786 | $ | 5,549 |
Retirement Plan | Other Post-Retirement Benefits | ||||||||||||
Six Months Ended March 31, | 2017 | 2016 | 2017 | 2016 | |||||||||
Service Cost | $ | 5,984 | $ | 5,855 | $ | 1,224 | $ | 1,166 | |||||
Interest Cost | 19,192 | 21,158 | 9,504 | 10,193 | |||||||||
Expected Return on Plan Assets | (29,859 | ) | (29,685 | ) | (15,729 | ) | (15,768 | ) | |||||
Amortization of Prior Service Cost (Credit) | 529 | 617 | (214 | ) | (456 | ) | |||||||
Amortization of Losses | 21,343 | 16,124 | 9,207 | 2,765 | |||||||||
Net Amortization and Deferral for Regulatory Purposes (Including Volumetric Adjustments) (1) | 6,770 | 7,516 | 5,102 | 10,720 | |||||||||
Net Periodic Benefit Cost | $ | 23,959 | $ | 21,585 | $ | 9,094 | $ | 8,620 | |||||
(1) | The Company’s policy is to record retirement plan and other post-retirement benefit costs in the Utility segment on a volumetric basis to reflect the fact that the Utility segment experiences higher throughput of natural gas in the winter months and lower throughput of natural gas in the summer months. |
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Gains and Losses on Derivative Financial Instruments | Gains and Losses on Securities Available for Sale | Funded Status of the Pension and Other Post-Retirement Benefit Plans | Total | |||||||||
Three Months Ended March 31, 2017 | ||||||||||||
Balance at January 1, 2017 | $ | 16,570 | $ | 5,047 | $ | (76,476 | ) | $ | (54,859 | ) | ||
Other Comprehensive Gains and Losses Before Reclassifications | 25,745 | 1,081 | — | 26,826 | ||||||||
Amounts Reclassified From Other Comprehensive Income (Loss) | (6,058 | ) | — | — | (6,058 | ) | ||||||
Balance at March 31, 2017 | $ | 36,257 | $ | 6,128 | $ | (76,476 | ) | $ | (34,091 | ) | ||
Six Months Ended March 31, 2017 | ||||||||||||
Balance at October 1, 2016 | $ | 64,782 | $ | 6,054 | $ | (76,476 | ) | $ | (5,640 | ) | ||
Other Comprehensive Gains and Losses Before Reclassifications | (4,705 | ) | 543 | — | (4,162 | ) | ||||||
Amounts Reclassified From Other Comprehensive Income (Loss) | (23,820 | ) | (469 | ) | — | (24,289 | ) | |||||
Balance at March 31, 2017 | $ | 36,257 | $ | 6,128 | $ | (76,476 | ) | $ | (34,091 | ) | ||
Three Months Ended March 31, 2016 | ||||||||||||
Balance at January 1, 2016 | $ | 162,728 | $ | 5,522 | $ | (69,794 | ) | $ | 98,456 | |||
Other Comprehensive Gains and Losses Before Reclassifications | 19,578 | 12 | — | 19,590 | ||||||||
Amounts Reclassified From Other Comprehensive Income (Loss) | (35,635 | ) | (225 | ) | — | (35,860 | ) | |||||
Balance at March 31, 2016 | $ | 146,671 | $ | 5,309 | $ | (69,794 | ) | $ | 82,186 | |||
Six Months Ended March 31, 2016 | ||||||||||||
Balance at October 1, 2015 | $ | 157,197 | $ | 5,969 | $ | (69,794 | ) | $ | 93,372 | |||
Other Comprehensive Gains and Losses Before Reclassifications | 64,273 | (435 | ) | — | 63,838 | |||||||
Amounts Reclassified From Other Comprehensive Income (Loss) | (74,799 | ) | (225 | ) | — | (75,024 | ) | |||||
Balance at March 31, 2016 | $ | 146,671 | $ | 5,309 | $ | (69,794 | ) | $ | 82,186 | |||
Details About Accumulated Other Comprehensive Income (Loss) Components | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Statement Where Net Income (Loss) is Presented | |||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
Gains (Losses) on Derivative Financial Instrument Cash Flow Hedges: | |||||||||||||
Commodity Contracts | $12,109 | $57,914 | $43,429 | $114,242 | Operating Revenues | ||||||||
Commodity Contracts | (1,498 | ) | 3,530 | (1,958 | ) | 4,450 | Purchased Gas | ||||||
Foreign Currency Contracts | (139 | ) | (209 | ) | (282 | ) | (287 | ) | Operation and Maintenance Expense | ||||
Gains (Losses) on Securities Available for Sale | — | 388 | 741 | 388 | Other Income | ||||||||
10,472 | 61,623 | 41,930 | 118,793 | Total Before Income Tax | |||||||||
(4,414 | ) | (25,763 | ) | (17,641 | ) | (43,769 | ) | Income Tax Expense | |||||
$6,058 | $35,860 | $24,289 | $75,024 | Net of Tax |
At March 31, 2017 | At September 30, 2016 | ||||||
Prepayments | $ | 5,284 | $ | 10,919 | |||
Prepaid Property and Other Taxes | 22,563 | 13,138 | |||||
Federal Income Taxes Receivable | — | 11,758 | |||||
State Income Taxes Receivable | 5,237 | 3,961 | |||||
Fair Values of Firm Commitments | — | 3,962 | |||||
Regulatory Assets | 18,501 | 15,616 | |||||
$ | 51,585 | $ | 59,354 |
At March 31, 2017 | At September 30, 2016 | ||||||
Accrued Capital Expenditures | $ | 13,964 | $ | 26,796 | |||
Regulatory Liabilities | 29,579 | 14,725 | |||||
Reserve for Gas Replacement | 20,215 | — | |||||
Federal Income Taxes Payable | 9,355 | — | |||||
Other | 33,174 | 32,909 | |||||
$ | 106,287 | $ | 74,430 |
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Gains and Losses on Derivative Financial Instruments | Gains and Losses on Securities Available for Sale | Funded Status of the Pension and Other Post-Retirement Benefit Plans | Total | |||||||||
Three Months Ended March 31, 2017 | ||||||||||||
Balance at January 1, 2017 | $ | 16,570 | $ | 5,047 | $ | (76,476 | ) | $ | (54,859 | ) | ||
Other Comprehensive Gains and Losses Before Reclassifications | 25,745 | 1,081 | — | 26,826 | ||||||||
Amounts Reclassified From Other Comprehensive Income (Loss) | (6,058 | ) | — | — | (6,058 | ) | ||||||
Balance at March 31, 2017 | $ | 36,257 | $ | 6,128 | $ | (76,476 | ) | $ | (34,091 | ) | ||
Six Months Ended March 31, 2017 | ||||||||||||
Balance at October 1, 2016 | $ | 64,782 | $ | 6,054 | $ | (76,476 | ) | $ | (5,640 | ) | ||
Other Comprehensive Gains and Losses Before Reclassifications | (4,705 | ) | 543 | — | (4,162 | ) | ||||||
Amounts Reclassified From Other Comprehensive Income (Loss) | (23,820 | ) | (469 | ) | — | (24,289 | ) | |||||
Balance at March 31, 2017 | $ | 36,257 | $ | 6,128 | $ | (76,476 | ) | $ | (34,091 | ) | ||
Three Months Ended March 31, 2016 | ||||||||||||
Balance at January 1, 2016 | $ | 162,728 | $ | 5,522 | $ | (69,794 | ) | $ | 98,456 | |||
Other Comprehensive Gains and Losses Before Reclassifications | 19,578 | 12 | — | 19,590 | ||||||||
Amounts Reclassified From Other Comprehensive Income (Loss) | (35,635 | ) | (225 | ) | — | (35,860 | ) | |||||
Balance at March 31, 2016 | $ | 146,671 | $ | 5,309 | $ | (69,794 | ) | $ | 82,186 | |||
Six Months Ended March 31, 2016 | ||||||||||||
Balance at October 1, 2015 | $ | 157,197 | $ | 5,969 | $ | (69,794 | ) | $ | 93,372 | |||
Other Comprehensive Gains and Losses Before Reclassifications | 64,273 | (435 | ) | — | 63,838 | |||||||
Amounts Reclassified From Other Comprehensive Income (Loss) | (74,799 | ) | (225 | ) | — | (75,024 | ) | |||||
Balance at March 31, 2016 | $ | 146,671 | $ | 5,309 | $ | (69,794 | ) | $ | 82,186 | |||
Details About Accumulated Other Comprehensive Income (Loss) Components | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Statement Where Net Income (Loss) is Presented | |||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
Gains (Losses) on Derivative Financial Instrument Cash Flow Hedges: | |||||||||||||
Commodity Contracts | $12,109 | $57,914 | $43,429 | $114,242 | Operating Revenues | ||||||||
Commodity Contracts | (1,498 | ) | 3,530 | (1,958 | ) | 4,450 | Purchased Gas | ||||||
Foreign Currency Contracts | (139 | ) | (209 | ) | (282 | ) | (287 | ) | Operation and Maintenance Expense | ||||
Gains (Losses) on Securities Available for Sale | — | 388 | 741 | 388 | Other Income | ||||||||
10,472 | 61,623 | 41,930 | 118,793 | Total Before Income Tax | |||||||||
(4,414 | ) | (25,763 | ) | (17,641 | ) | (43,769 | ) | Income Tax Expense | |||||
$6,058 | $35,860 | $24,289 | $75,024 | Net of Tax |
At March 31, 2017 | At September 30, 2016 | ||||||
Prepayments | $ | 5,284 | $ | 10,919 | |||
Prepaid Property and Other Taxes | 22,563 | 13,138 | |||||
Federal Income Taxes Receivable | — | 11,758 | |||||
State Income Taxes Receivable | 5,237 | 3,961 | |||||
Fair Values of Firm Commitments | — | 3,962 | |||||
Regulatory Assets | 18,501 | 15,616 | |||||
$ | 51,585 | $ | 59,354 |
At March 31, 2017 | At September 30, 2016 | ||||||
Accrued Capital Expenditures | $ | 13,964 | $ | 26,796 | |||
Regulatory Liabilities | 29,579 | 14,725 | |||||
Reserve for Gas Replacement | 20,215 | — | |||||
Federal Income Taxes Payable | 9,355 | — | |||||
Other | 33,174 | 32,909 | |||||
$ | 106,287 | $ | 74,430 |
|
Recurring Fair Value Measures | At fair value as of March 31, 2017 | ||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Netting Adjustments(1) | Total(1) | ||||||||||||||
Assets: | |||||||||||||||||||
Cash Equivalents – Money Market Mutual Funds | $ | 214,213 | $ | — | $ | — | $ | — | $ | 214,213 | |||||||||
Derivative Financial Instruments: | |||||||||||||||||||
Commodity Futures Contracts – Gas | 2,449 | — | — | (1,068 | ) | 1,381 | |||||||||||||
Over the Counter Swaps – Gas and Oil | — | 73,525 | — | (10,177 | ) | 63,348 | |||||||||||||
Foreign Currency Contracts | — | 48 | — | (48 | ) | — | |||||||||||||
Other Investments: | |||||||||||||||||||
Balanced Equity Mutual Fund | 34,664 | — | — | — | 34,664 | ||||||||||||||
Fixed Income Mutual Fund | 38,460 | — | — | — | 38,460 | ||||||||||||||
Common Stock – Financial Services Industry | 3,649 | — | — | — | 3,649 | ||||||||||||||
Hedging Collateral Deposits | 1,771 | — | — | — | 1,771 | ||||||||||||||
Total | $ | 295,206 | $ | 73,573 | $ | — | $ | (11,293 | ) | $ | 357,486 | ||||||||
Liabilities: | |||||||||||||||||||
Derivative Financial Instruments: | |||||||||||||||||||
Commodity Futures Contracts – Gas | $ | 1,068 | $ | — | $ | — | $ | (1,068 | ) | $ | — | ||||||||
Over the Counter Swaps – Gas and Oil | — | 9,641 | — | (10,177 | ) | (536 | ) | ||||||||||||
Foreign Currency Contracts | — | 2,055 | — | (48 | ) | 2,007 | |||||||||||||
Total | $ | 1,068 | $ | 11,696 | $ | — | $ | (11,293 | ) | $ | 1,471 | ||||||||
Total Net Assets/(Liabilities) | $ | 294,138 | $ | 61,877 | $ | — | $ | — | $ | 356,015 |
Recurring Fair Value Measures | At fair value as of September 30, 2016 | ||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Netting Adjustments(1) | Total(1) | ||||||||||||||
Assets: | |||||||||||||||||||
Cash Equivalents – Money Market Mutual Funds | $ | 114,895 | $ | — | $ | — | $ | — | $ | 114,895 | |||||||||
Derivative Financial Instruments: | |||||||||||||||||||
Commodity Futures Contracts – Gas | 2,623 | — | — | (2,276 | ) | 347 | |||||||||||||
Over the Counter Swaps – Gas and Oil | — | 119,654 | — | (3,860 | ) | 115,794 | |||||||||||||
Foreign Currency Contracts | — | — | — | (2,337 | ) | (2,337 | ) | ||||||||||||
Other Investments: | |||||||||||||||||||
Balanced Equity Mutual Fund | 36,658 | — | — | — | 36,658 | ||||||||||||||
Fixed Income Mutual Fund | 31,395 | — | — | — | 31,395 | ||||||||||||||
Common Stock – Financial Services Industry | 2,902 | — | — | — | 2,902 | ||||||||||||||
Hedging Collateral Deposits | 1,484 | — | — | — | 1,484 | ||||||||||||||
Total | $ | 189,957 | $ | 119,654 | $ | — | $ | (8,473 | ) | $ | 301,138 | ||||||||
Liabilities: | |||||||||||||||||||
Derivative Financial Instruments: | |||||||||||||||||||
Commodity Futures Contracts – Gas | $ | 2,276 | $ | — | $ | — | $ | (2,276 | ) | $ | — | ||||||||
Over the Counter Swaps – Gas and Oil | — | 5,322 | — | (3,860 | ) | 1,462 | |||||||||||||
Foreign Currency Contracts | — | 2,337 | — | (2,337 | ) | — | |||||||||||||
Total | $ | 2,276 | $ | 7,659 | $ | — | $ | (8,473 | ) | $ | 1,462 | ||||||||
Total Net Assets/(Liabilities) | $ | 187,681 | $ | 111,995 | $ | — | $ | — | $ | 299,676 |
(1) | Netting Adjustments represent the impact of legally-enforceable master netting arrangements that allow the Company to net gain and loss positions held with the same counterparties. The net asset or net liability for each counterparty is recorded as an asset or liability on the Company’s balance sheet. |
Fair Value Measurements Using Unobservable Inputs (Level 3) | ||||||||||||||||
(Thousands of Dollars) | Total Gains/Losses | |||||||||||||||
October 1, 2015 | Gains/Losses Realized and Included in Earnings | Gains/Losses Unrealized and Included in Other Comprehensive Income (Loss) | Transfer In/Out of Level 3 | March 31, 2016 | ||||||||||||
Derivative Financial Instruments(2) | $ | 1,791 | $ | (2,002 | ) | (1) | $ | 211 | $ | — | $ | — | ||||
(1) | Amounts are reported in Operating Revenues in the Consolidated Statement of Income for the three months ended March 31, 2016. |
(2) | Derivative Financial Instruments are shown on a net basis. |
|
March 31, 2017 | September 30, 2016 | ||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Long-Term Debt | $ | 2,087,385 | $ | 2,221,216 | $ | 2,086,252 | $ | 2,255,562 |
The Effect of Derivative Financial Instruments on the Statement of Financial Performance for the | ||||||||||||||||||||
Three Months Ended March 31, 2017 and 2016 (Thousands of Dollars) | ||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Derivative Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on the Consolidated Statement of Comprehensive Income (Loss) (Effective Portion) for the Three Months Ended March 31, | Location of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income (Effective Portion) | Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income (Effective Portion) for the Three Months Ended March 31, | Location of Derivative Gain or (Loss) Recognized in the Consolidated Statement of Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Derivative Gain or (Loss) Recognized in the Consolidated Statement of Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) for the Three Months Ended March 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||
Commodity Contracts | $ | 42,484 | $ | 30,876 | Operating Revenue | $ | 12,109 | $ | 57,914 | Operating Revenue | $ | — | $ | 31 | ||||||
Commodity Contracts | 1,044 | (214 | ) | Purchased Gas | (1,498 | ) | 3,530 | Not Applicable | — | — | ||||||||||
Foreign Currency Contracts | 569 | 3,106 | Operation and Maintenance Expense | (139 | ) | (209 | ) | Not Applicable | — | — | ||||||||||
Total | $ | 44,097 | $ | 33,768 | $ | 10,472 | $ | 61,235 | $ | — | $ | 31 |
The Effect of Derivative Financial Instruments on the Statement of Financial Performance for the | ||||||||||||||||||||
Six Months Ended March 31, 2017 and 2016 (Thousands of Dollars) | ||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Derivative Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on the Consolidated Statement of Comprehensive Income (Loss) (Effective Portion) for the Six Months Ended March 31, | Location of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income (Effective Portion) | Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income (Effective Portion) for the Six Months Ended March 31, | Location of Derivative Gain or (Loss) Recognized in the Consolidated Statement of Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Derivative Gain or (Loss) Recognized in the Consolidated Statement of Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) for the Six Months Ended March 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||
Commodity Contracts | $ | (7,960 | ) | $ | 96,217 | Operating Revenue | $ | 43,429 | $ | 114,242 | Operating Revenue | $ | (100 | ) | $ | 168 | ||||
Commodity Contracts | (492 | ) | 1,999 | Purchased Gas | (1,958 | ) | 4,450 | Not Applicable | — | — | ||||||||||
Foreign Currency Contracts | 48 | 923 | Operation and Maintenance Expense | (282 | ) | (287 | ) | Not Applicable | — | — | ||||||||||
Total | $ | (8,404 | ) | $ | 99,139 | $ | 41,189 | $ | 118,405 | $ | (100 | ) | $ | 168 | ||||||
Derivatives in Fair Value Hedging Relationships | Location of Gain or (Loss) on Derivative and Hedged Item Recognized in the Consolidated Statement of Income | Amount of Gain or (Loss) on Derivative Recognized in the Consolidated Statement of Income for the Six Months Ended March 31, 2017 (In Thousands) | Amount of Gain or (Loss) on the Hedged Item Recognized in the Consolidated Statement of Income for the Six Months Ended March 31, 2017 (In Thousands) | ||||
Commodity Contracts | Operating Revenues | $ | 2,954 | $ | (2,954 | ) | |
Commodity Contracts | Purchased Gas | $ | 226 | $ | (226 | ) | |
$ | 3,180 | $ | (3,180 | ) |
|
Six Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Current Income Taxes | |||||||
Federal | $ | 34,113 | $ | 7,995 | |||
State | 11,509 | 15,537 | |||||
Deferred Income Taxes | |||||||
Federal | 51,749 | (197,982 | ) | ||||
State | 12,032 | (85,930 | ) | ||||
109,403 | (260,380 | ) | |||||
Deferred Investment Tax Credit | (86 | ) | (174 | ) | |||
Total Income Taxes | $ | 109,317 | $ | (260,554 | ) | ||
Presented as Follows: | |||||||
Other Income | (86 | ) | (174 | ) | |||
Income Tax Expense (Benefit) | 109,403 | (260,380 | ) | ||||
Total Income Taxes | $ | 109,317 | $ | (260,554 | ) |
Six Months Ended March 31, | |||||||
2017 | 2016 | ||||||
U.S. Income (Loss) Before Income Taxes | $ | 287,508 | $ | (597,350 | ) | ||
Income Tax Expense (Benefit), Computed at U.S. Federal Statutory Rate of 35% | $ | 100,628 | $ | (209,073 | ) | ||
State Income Taxes (Benefit) | 15,302 | (45,756 | ) | ||||
Miscellaneous | (6,613 | ) | (5,725 | ) | |||
Total Income Taxes | $ | 109,317 | $ | (260,554 | ) |
|
Quarter Ended March 31, 2017 (Thousands) | |||||||||
Exploration and Production | Pipeline and Storage | Gathering | Utility | Energy Marketing | Total Reportable Segments | All Other | Corporate and Intersegment Eliminations | Total Consolidated | |
Revenue from External Customers | $159,553 | $53,163 | $26 | $257,949 | $50,940 | $521,631 | $218 | $226 | $522,075 |
Intersegment Revenues | $— | $22,592 | $27,936 | $6,096 | $16 | $56,640 | $— | $(56,640) | $— |
Segment Profit: Net Income (Loss) | $33,769 | $19,256 | $10,285 | $25,581 | $905 | $89,796 | $(221) | $(291) | $89,284 |
Six Months Ended March 31, 2017 (Thousands) | |||||||||
Exploration and Production | Pipeline and Storage | Gathering | Utility | Energy Marketing | Total Reportable Segments | All Other | Corporate and Intersegment Eliminations | Total Consolidated | |
Revenue from External Customers | $320,485 | $106,164 | $52 | $428,919 | $87,750 | $943,370 | $772 | $434 | $944,576 |
Intersegment Revenues | $— | $44,746 | $55,776 | $7,922 | $35 | $108,479 | $— | $(108,479) | $— |
Segment Profit: Net Income (Loss) | $68,849 | $38,624 | $21,266 | $46,755 | $2,687 | $178,181 | $(400) | $410 | $178,191 |
(Thousands) | Exploration and Production | Pipeline and Storage | Gathering | Utility | Energy Marketing | Total Reportable Segments | All Other | Corporate and Intersegment Eliminations | Total Consolidated |
Segment Assets: | |||||||||
At March 31, 2017 | $1,292,230 | $1,718,862 | $553,719 | $2,108,549 | $74,404 | $5,747,764 | $76,630 | $(19,719) | $5,804,675 |
At September 30, 2016 | $1,323,081 | $1,680,734 | $534,259 | $2,021,514 | $63,392 | $5,622,980 | $77,138 | $(63,731) | $5,636,387 |
Quarter Ended March 31, 2016 (Thousands) | |||||||||
Exploration and Production | Pipeline and Storage | Gathering | Utility | Energy Marketing | Total Reportable Segments | All Other | Corporate and Intersegment Eliminations | Total Consolidated | |
Revenue from External Customers | $143,783 | $56,276 | $113 | $212,737 | $35,436 | $448,345 | $561 | $226 | $449,132 |
Intersegment Revenues | $— | $23,292 | $21,545 | $5,364 | $312 | $50,513 | $— | $(50,513) | $— |
Segment Profit: Net Income (Loss) | $(213,335) | $21,194 | $7,568 | $31,960 | $3,484 | $(149,129) | $(23) | $1,465 | $(147,687) |
Six Months Ended March 31, 2016 (Thousands) | |||||||||
Exploration and Production | Pipeline and Storage | Gathering | Utility | Energy Marketing | Total Reportable Segments | All Other | Corporate and Intersegment Eliminations | Total Consolidated | |
Revenue from External Customers | $295,749 | $109,630 | $238 | $356,585 | $60,420 | $822,622 | $1,266 | $439 | $824,327 |
Intersegment Revenues | $— | $45,477 | $40,184 | $9,028 | $624 | $95,313 | $— | $(95,313) | $— |
Segment Profit: Net Income (Loss) | $(450,421) | $42,470 | $12,490 | $50,566 | $4,707 | $(340,188) | $166 | $3,226 | $(336,796) |
|
Retirement Plan | Other Post-Retirement Benefits | ||||||||||||
Three Months Ended March 31, | 2017 | 2016 | 2017 | 2016 | |||||||||
Service Cost | $ | 2,992 | $ | 2,928 | $ | 612 | $ | 583 | |||||
Interest Cost | 9,596 | 10,579 | 4,752 | 5,096 | |||||||||
Expected Return on Plan Assets | (14,929 | ) | (14,842 | ) | (7,865 | ) | (7,883 | ) | |||||
Amortization of Prior Service Cost (Credit) | 264 | 308 | (107 | ) | (228 | ) | |||||||
Amortization of Losses | 10,672 | 8,062 | 4,604 | 1,382 | |||||||||
Net Amortization and Deferral for Regulatory Purposes (Including Volumetric Adjustments) (1) | 6,234 | 5,609 | 3,790 | 6,599 | |||||||||
Net Periodic Benefit Cost | $ | 14,829 | $ | 12,644 | $ | 5,786 | $ | 5,549 |
Retirement Plan | Other Post-Retirement Benefits | ||||||||||||
Six Months Ended March 31, | 2017 | 2016 | 2017 | 2016 | |||||||||
Service Cost | $ | 5,984 | $ | 5,855 | $ | 1,224 | $ | 1,166 | |||||
Interest Cost | 19,192 | 21,158 | 9,504 | 10,193 | |||||||||
Expected Return on Plan Assets | (29,859 | ) | (29,685 | ) | (15,729 | ) | (15,768 | ) | |||||
Amortization of Prior Service Cost (Credit) | 529 | 617 | (214 | ) | (456 | ) | |||||||
Amortization of Losses | 21,343 | 16,124 | 9,207 | 2,765 | |||||||||
Net Amortization and Deferral for Regulatory Purposes (Including Volumetric Adjustments) (1) | 6,770 | 7,516 | 5,102 | 10,720 | |||||||||
Net Periodic Benefit Cost | $ | 23,959 | $ | 21,585 | $ | 9,094 | $ | 8,620 | |||||
(1) | The Company’s policy is to record retirement plan and other post-retirement benefit costs in the Utility segment on a volumetric basis to reflect the fact that the Utility segment experiences higher throughput of natural gas in the winter months and lower throughput of natural gas in the summer months. |
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