2019 Q1 Form 10-Q Financial Statement

#000007014519000013 Filed on May 03, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1 2017 Q4
Revenue $552.5M $540.9M $419.7M
YoY Change 2.15% 3.61% -0.67%
Cost Of Revenue $195.0M $176.6M $94.00M
YoY Change 10.44% 19.32% 33.9%
Gross Profit $357.5M $364.3M $325.7M
YoY Change -1.86% -2.62% -7.55%
Gross Profit Margin 64.7% 67.35% 77.61%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $65.66M $61.16M $55.83M
YoY Change 7.37% 7.29% -0.65%
% of Gross Profit 18.37% 16.79% 17.14%
Operating Expenses $399.2M $369.3M $270.2M
YoY Change 8.09% 4.88% 7.92%
Operating Profit $153.4M $171.6M $149.5M
YoY Change -10.62% 0.96% -13.17%
Interest Expense -$27.10M -$28.40M -$28.60M
YoY Change -4.58% -3.4% 0.7%
% of Operating Profit -17.67% -16.55% -19.13%
Other Income/Expense, Net -$5.919M -$13.09M -$3.503M
YoY Change -54.79% -870.12% -318.94%
Pretax Income $120.4M $130.1M $117.4M
YoY Change -7.48% -8.53% -19.24%
Income Tax $29.79M $38.27M -$81.28M
% Of Pretax Income 24.74% 29.41% -69.24%
Net Earnings $90.60M $91.85M $198.7M
YoY Change -1.36% 2.87% 123.44%
Net Earnings / Revenue 16.4% 16.98% 47.34%
Basic Earnings Per Share $1.05 $1.07 $2.32
Diluted Earnings Per Share $1.04 $1.06 $2.30
COMMON SHARES
Basic Shares Outstanding 86.29M shares 85.81M shares 85.63M shares
Diluted Shares Outstanding 86.77M shares 86.32M shares 86.33M shares

Balance Sheet

Concept 2019 Q1 2018 Q1 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $100.6M $228.0M $166.3M
YoY Change -55.88% -1.38% 21.83%
Cash & Equivalents $100.6M $228.0M $166.3M
Short-Term Investments
Other Short-Term Assets $57.59M $60.32M $47.91M
YoY Change -4.54% 16.94% -3.74%
Inventory $44.50M $41.60M $59.30M
Prepaid Expenses
Receivables $235.6M $198.9M $161.0M
Other Receivables $15.10M $19.70M $9.200M
Total Short-Term Assets $506.3M $593.0M $521.6M
YoY Change -14.62% 6.47% 11.51%
LONG-TERM ASSETS
Property, Plant & Equipment $5.216B $4.783B $4.729B
YoY Change 9.05% 5.84% 5.41%
Goodwill $5.476M $5.476M $5.476M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $135.0M $123.0M $123.4M
YoY Change 9.76% 4.86% 7.59%
Other Assets $42.18M $426.0K $754.0K
YoY Change 9802.35% -12.16% 53.56%
Total Long-Term Assets $556.8M $538.8M $541.3M
YoY Change 3.34% -26.06% -23.53%
TOTAL ASSETS
Total Short-Term Assets $506.3M $593.0M $521.6M
Total Long-Term Assets $556.8M $538.8M $541.3M
Total Assets $6.279B $5.915B $5.792B
YoY Change 6.16% 1.89% 2.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $141.9M $127.6M $132.4M
YoY Change 11.18% 14.55% 17.04%
Accrued Expenses $195.8M $33.67M $37.76M
YoY Change 481.48% 1.5% 5.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change
Total Short-Term Liabilities $433.0M $379.9M $365.3M
YoY Change 13.98% 16.57% 19.3%
LONG-TERM LIABILITIES
Long-Term Debt $2.132B $2.085B $2.084B
YoY Change 2.28% -0.11% -0.11%
Other Long-Term Liabilities $1.004B $1.048B $1.029B
YoY Change -4.17% 16.04% 14.77%
Total Long-Term Liabilities $1.623B $1.530B $1.482B
YoY Change 6.04% -12.05% -12.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $433.0M $379.9M $365.3M
Total Long-Term Liabilities $1.623B $1.530B $1.482B
Total Liabilities $2.056B $1.910B $1.848B
YoY Change 7.62% -7.53% -7.9%
SHAREHOLDERS EQUITY
Retained Earnings $1.237B $1.071B $1.015B
YoY Change 15.47% 31.03% 33.06%
Common Stock $86.30M $85.88M $85.76M
YoY Change 0.49% 0.59% 0.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.091B $1.919B $1.860B
YoY Change
Total Liabilities & Shareholders Equity $6.279B $5.915B $5.792B
YoY Change 6.16% 1.89% 2.3%

Cashflow Statement

Concept 2019 Q1 2018 Q1 2017 Q4
OPERATING ACTIVITIES
Net Income $90.60M $91.85M $198.7M
YoY Change -1.36% 2.87% 123.44%
Depreciation, Depletion And Amortization $65.66M $61.16M $55.83M
YoY Change 7.37% 7.29% -0.65%
Cash From Operating Activities $236.4M $191.2M $97.50M
YoY Change 23.64% -7.77% -32.57%
INVESTING ACTIVITIES
Capital Expenditures -$209.0M -$119.1M $142.6M
YoY Change 75.48% 16.65% 34.47%
Acquisitions
YoY Change
Other Investing Activities -$100.0K $20.10M -$2.612M
YoY Change -100.5% -7.8% -160.79%
Cash From Investing Activities -$209.1M -$99.10M -$140.0M
YoY Change 111.0% 23.41% 33.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $307.0M
YoY Change
Cash From Financing Activities -37.30M -31.20M -344.0M
YoY Change 19.55% -3.41% 926.87%
NET CHANGE
Cash From Operating Activities 236.4M 191.2M 97.50M
Cash From Investing Activities -209.1M -99.10M -140.0M
Cash From Financing Activities -37.30M -31.20M -344.0M
Net Change In Cash -10.00M 60.90M -386.5M
YoY Change -116.42% -35.69% -6046.15%
FREE CASH FLOW
Cash From Operating Activities $236.4M $191.2M $97.50M
Capital Expenditures -$209.0M -$119.1M $142.6M
Free Cash Flow $445.4M $310.3M -$45.11M
YoY Change 43.54% 0.29% -217.03%

Facts In Submission

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CY2019Q1 us-gaap Goodwill
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CY2019Q1 us-gaap Derivative Instruments And Hedges Noncurrent
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11130000 USD
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Assets
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CY2018Q3 nfg Interest Payable On Long Term Debt
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CY2019Q1 nfg Customer Advances
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25703000 USD
CY2019Q1 us-gaap Accrued Liabilities Current
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CY2018Q3 us-gaap Accrued Liabilities Current
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CY2019Q1 us-gaap Derivative Instruments And Hedges Liabilities
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CY2018Q3 us-gaap Derivative Instruments And Hedges Liabilities
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CY2018Q3 us-gaap Deferred Tax Liabilities Noncurrent
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CY2019Q1 nfg Taxes Refundable To Customers
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CY2018Q3 nfg Taxes Refundable To Customers
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CY2019Q1 nfg Cost Of Removal Regulatory Liability
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CY2018Q3 nfg Cost Of Removal Regulatory Liability
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CY2018Q3 us-gaap Regulatory Liability Noncurrent
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CY2018Q3 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent
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CY2019Q1 us-gaap Asset Retirement Obligations Noncurrent
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CY2018Q3 us-gaap Asset Retirement Obligations Noncurrent
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CY2018Q3 us-gaap Liabilities Noncurrent
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CommitmentsAndContingencies
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CY2018Q3 us-gaap Commitments And Contingencies
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CY2018Q3 us-gaap Liabilities And Stockholders Equity
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us-gaap Net Income Loss
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us-gaap Increase Decrease In Other Current Assets
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us-gaap Net Income Loss
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us-gaap Increase Decrease In Regulatory Clause Revenue
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us-gaap Increase Decrease In Regulatory Clause Revenue
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12083000 USD
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nfg Increase Decrease In Customer Advances Current
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
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us-gaap Deferred Income Taxes And Tax Credits
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us-gaap Share Based Compensation
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us-gaap Other Noncash Income Expense
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us-gaap Increase Decrease In Receivables
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Deferred Gas Cost
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us-gaap Increase Decrease In Deferred Gas Cost
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37646000 USD
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us-gaap Increase Decrease In Other Operating Assets
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us-gaap Increase Decrease In Other Operating Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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288682000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
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us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
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17310000 USD
us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Payments Of Dividends Common Stock
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us-gaap Payments For Repurchase Of Equity
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us-gaap Proceeds From Issuance Or Sale Of Equity
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2891000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-325620000 USD
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
233047000 USD
CY2017Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
557271000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
102626000 USD
CY2018Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
231651000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
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74929000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
51939000 USD
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
Reclassifications<span style="font-family:inherit;font-size:10pt;">.  In November 2016, the FASB issued authoritative guidance related to the presentation of restricted cash on the statement of cash flows. The new guidance requires restricted cash and cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows, and requires disclosure of how cash and cash equivalents on the statement of cash flows reconciles to the balance sheet. The Company considers Hedging Collateral Deposits to be restricted cash. The Company adopted this guidance effective October 1, 2018 on a retrospective basis. As a result, prior periods have been reclassified to conform to the current year presentation. Additional discussion is provided below at Consolidated Statement of Cash Flows.</span><div style="line-height:120%;text-align:justify;font-size:7pt;"><span style="font-family:inherit;font-size:7pt;"><br/></span></div><span style="font-family:inherit;font-size:10pt;">In March 2017, the FASB issued authoritative guidance related to the presentation of net periodic pension cost and net periodic postretirement benefit cost. The new guidance requires segregation of the service cost component from the other components of net periodic pension cost and net periodic postretirement benefit cost for financial reporting purposes. The service cost component is to be presented on the income statement in the same line items as other compensation costs included within Operating Expenses and the other components of net periodic pension cost and net periodic postretirement benefit cost are to be presented on the income statement below the subtotal labeled Operating Income (Loss). Under this guidance, the service cost component is eligible to be capitalized as part of the cost of inventory or property, plant and equipment while the other components of net periodic pension cost and net periodic postretirement benefit cost are generally not eligible for capitalization, unless allowed by a regulator. The Company adopted this guidance effective October 1, 2018. The Company applied the guidance retrospectively for the pension and postretirement benefit costs using amounts disclosed in prior period financial statement notes as estimates for the reclassifications in accordance with a practical expedient allowed under the guidance. For the quarter and six months ended March 31, 2018, Operating Income increased </span><span style="font-family:inherit;font-size:10pt;"><span>$14.9 million</span></span><span style="font-family:inherit;font-size:10pt;"> and </span><span style="font-family:inherit;font-size:10pt;"><span>$22.4 million</span></span><span style="font-family:inherit;font-size:10pt;">, respectively, and Other Income (Deductions) decreased by the same amounts as a result of the reclassifications. For the quarter and six months ended March 31, 2019, Other Income (Deductions) includes </span><span style="font-family:inherit;font-size:10pt;"><span>$12.4 million</span></span><span style="font-family:inherit;font-size:10pt;"> and </span><span style="font-family:inherit;font-size:10pt;"><span>$19.8 million</span></span>, respectively, of pension and postretirement benefit costs.
CY2018Q1 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
14900000 USD
us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
22400000 USD
CY2019Q1 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
12400000 USD
us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
19800000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
102626000 USD
CY2017Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
557271000 USD
CY2018Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
229606000 USD
CY2019Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
100643000 USD
CY2017Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
555530000 USD
CY2018Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
227994000 USD
CY2018Q3 us-gaap Margin Deposit Assets
MarginDepositAssets
3441000 USD
CY2019Q1 us-gaap Margin Deposit Assets
MarginDepositAssets
1983000 USD
CY2017Q3 us-gaap Margin Deposit Assets
MarginDepositAssets
1741000 USD
CY2018Q1 us-gaap Margin Deposit Assets
MarginDepositAssets
3657000 USD
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
233047000 USD
CY2018Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
231651000 USD
us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization
CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortization
64900000 USD
CY2018 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization
CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortization
62200000 USD
CY2019Q1 nfg Full Cost Ceiling Test Discount Factor
FullCostCeilingTestDiscountFactor
0.10
CY2019Q1 nfg Full Cost Ceiling Exceeds Book Value Of Oil And Gas Properties
FullCostCeilingExceedsBookValueOfOilAndGasProperties
577500000 USD
CY2019Q1 us-gaap Effect On Future Cash Flows Amount
EffectOnFutureCashFlowsAmount
37000000.0 USD
CY2018Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-28690000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
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CY2019Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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RevenueRemainingPerformanceObligation
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us-gaap Maximum Remaining Maturity Of Foreign Currency Derivatives1
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P7Y
us-gaap Unrealized Gain Loss On Price Risk Cash Flow Derivatives Before Tax
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6400000 USD
nfg After Tax Net Hedging Gains Losses In Accumulated Other Comprehensive Income Loss
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4600000 USD
us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
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1700000 USD
nfg Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months After Tax
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1200000 USD
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CY2018Q1 us-gaap Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net
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us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
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us-gaap Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net
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us-gaap Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net
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1739000 USD
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CY2019Q1 us-gaap Credit Risk Derivative Assets At Fair Value
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7600000 USD
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CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
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EffectiveIncomeTaxRateContinuingOperations
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us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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65700000 USD
CY2018 nfg Increase To Taxes Refundable To Customers Impact Of Changes In Corporate Tax Rate
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271000000.0 USD
us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
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5000000.0 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2019Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
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7300000 USD
us-gaap Remaining Recovery Period Of Regulatory Assets For Which No Return On Investment During Recovery Period Is Provided1
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P3Y
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
5
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
90595000 USD
us-gaap Net Income Loss
NetIncomeLoss
193256000 USD
CY2019Q1 us-gaap Assets
Assets
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Assets
6036486000 USD
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NetIncomeLoss
91847000 USD
us-gaap Net Income Loss
NetIncomeLoss
290501000 USD
us-gaap Public Utilities Approved Return On Equity Percentage
PublicUtilitiesApprovedReturnOnEquityPercentage
0.087

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