2018 Q4 Form 10-K Financial Statement

#000158773219000013 Filed on February 20, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2017 Q4 2017 Q3
Revenue $464.5M $462.4M $247.1M
YoY Change 0.45% 4.9% 6.42%
Cost Of Revenue $218.8M $210.0M $58.80M
YoY Change 4.19% 6.38% 12.43%
Gross Profit $245.7M $252.4M $188.4M
YoY Change -2.65% 3.7% 4.69%
Gross Profit Margin 52.9% 54.58% 76.23%
Selling, General & Admin $123.7M $120.0M $104.9M
YoY Change 3.08% -5.88% -7.0%
% of Gross Profit 50.35% 47.54% 55.69%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $41.10M $38.60M $38.40M
YoY Change 6.48% 3.49% 5.79%
% of Gross Profit 16.73% 15.29% 20.39%
Operating Expenses $164.8M $158.6M $143.2M
YoY Change 3.91% -3.76% -3.89%
Operating Profit $80.86M $93.83M $45.09M
YoY Change -13.82% 19.47% 45.97%
Interest Expense -$14.60M -$11.80M $11.50M
YoY Change 23.73% 5.36% 6.35%
% of Operating Profit -18.06% -12.58% 25.49%
Other Income/Expense, Net -$5.100M -$3.500M -$3.715M
YoY Change 45.71% 1066.67% -719.17%
Pretax Income $61.20M $78.50M $29.88M
YoY Change -22.04% 17.16% 44.8%
Income Tax $16.50M $29.20M $11.09M
% Of Pretax Income 26.96% 37.2% 37.1%
Net Earnings $44.70M $47.12M $18.80M
YoY Change -5.13% 11.35% 47.58%
Net Earnings / Revenue 9.62% 10.19% 7.61%
Basic Earnings Per Share $0.85 $0.90 $0.36
Diluted Earnings Per Share $0.84 $0.89 $0.36
COMMON SHARES
Basic Shares Outstanding 52.53M shares 52.27M shares 52.49M shares
Diluted Shares Outstanding 52.93M shares

Balance Sheet

Concept 2018 Q4 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.30M $14.40M $6.900M
YoY Change 47.92% -2.04% 53.33%
Cash & Equivalents $21.32M $14.41M $6.872M
Short-Term Investments
Other Short-Term Assets $20.50M $17.81M $15.01M
YoY Change 15.1% -13.78% 20.53%
Inventory $151.6M $169.8M $196.4M
Prepaid Expenses
Receivables $295.4M $298.8M $127.7M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $543.3M $589.0M $445.6M
YoY Change -7.76% 3.53% 18.13%
LONG-TERM ASSETS
Property, Plant & Equipment $4.284B $4.008B $3.912B
YoY Change 6.89% 7.4% 6.3%
Goodwill $158.0M $158.0M $158.0M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $46.21M $47.16M $43.63M
YoY Change -2.01% 7.73% -7.46%
Total Long-Term Assets $4.925B $4.618B $4.526B
YoY Change 6.66% 5.58% 4.84%
TOTAL ASSETS
Total Short-Term Assets $543.3M $589.0M $445.6M
Total Long-Term Assets $4.925B $4.618B $4.526B
Total Assets $5.469B $5.207B $4.971B
YoY Change 5.03% 5.34% 5.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $174.5M $143.7M $68.18M
YoY Change 21.46% 8.86% -3.37%
Accrued Expenses $30.29M $30.06M $18.54M
YoY Change 0.79% 31.08% 4.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $174.0M
YoY Change 324.39%
Long-Term Debt Due $8.000K
YoY Change 14.29%
Total Short-Term Liabilities $698.9M $673.3M $392.2M
YoY Change 3.8% 51.67% 51.54%
LONG-TERM LIABILITIES
Long-Term Debt $1.285B $1.193B $1.193B
YoY Change 7.73% 0.07% 0.07%
Other Long-Term Liabilities $89.60M $87.78M $81.83M
YoY Change 2.08% 15.41% 5.81%
Total Long-Term Liabilities $1.375B $1.281B $1.275B
YoY Change 7.34% 0.99% 0.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $698.9M $673.3M $392.2M
Total Long-Term Liabilities $1.375B $1.281B $1.275B
Total Liabilities $2.074B $1.954B $1.667B
YoY Change 6.12% 14.13% 9.07%
SHAREHOLDERS EQUITY
Retained Earnings $320.9M $246.1M $221.2M
YoY Change 30.37% 52.85% 61.19%
Common Stock $526.0K $526.0K $526.0K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.145M $18.50M $21.03M
YoY Change -88.4% 2.04% 3.51%
Treasury Stock Shares 33.10K shares 285.5K shares 324.6K shares
Shareholders Equity $2.043B $1.960B $1.932B
YoY Change
Total Liabilities & Shareholders Equity $5.469B $5.207B $4.971B
YoY Change 5.03% 5.34% 5.91%

Cashflow Statement

Concept 2018 Q4 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income $44.70M $47.12M $18.80M
YoY Change -5.13% 11.35% 47.58%
Depreciation, Depletion And Amortization $41.10M $38.60M $38.40M
YoY Change 6.48% 3.49% 5.79%
Cash From Operating Activities $30.90M -$48.60M $23.10M
YoY Change -163.58% -628.26% 63.83%
INVESTING ACTIVITIES
Capital Expenditures -$115.2M -$107.3M -$94.40M
YoY Change 7.36% 37.92% 9.13%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $100.0K
YoY Change
Cash From Investing Activities -$115.2M -$107.3M -$94.20M
YoY Change 7.36% 37.92% 8.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 93.10M 163.5M 72.80M
YoY Change -43.06% 107.75% 220.7%
NET CHANGE
Cash From Operating Activities 30.90M -48.60M 23.10M
Cash From Investing Activities -115.2M -107.3M -94.20M
Cash From Financing Activities 93.10M 163.5M 72.80M
Net Change In Cash 8.800M 7.600M 1.700M
YoY Change 15.79% -24.75% -103.42%
FREE CASH FLOW
Cash From Operating Activities $30.90M -$48.60M $23.10M
Capital Expenditures -$115.2M -$107.3M -$94.40M
Free Cash Flow $146.1M $58.70M $117.5M
YoY Change 148.89% -32.53% 16.8%

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CY2018 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
289000 USD
CY2017Q4 us-gaap Customer Deposits Current
CustomerDepositsCurrent
60811000 USD
CY2018Q4 us-gaap Customer Deposits Current
CustomerDepositsCurrent
61183000 USD
CY2017Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
8033000 USD
CY2018Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
11457000 USD
CY2016 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
76247000 USD
CY2017 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
83138000 USD
CY2018 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
42413000 USD
CY2016 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
86788000 USD
CY2017 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
92393000 USD
CY2018 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
53242000 USD
CY2017Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
797339000 USD
CY2018Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
832682000 USD
CY2016 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
10541000 USD
CY2017 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
9255000 USD
CY2018 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
10829000 USD
CY2017Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
197394000 USD
CY2018Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
180256000 USD
CY2017Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
24712000 USD
CY2018Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
2778000 USD
CY2018Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
50200000 USD
CY2017Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
2984000 USD
CY2018Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
34000 USD
CY2017Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0 USD
CY2018Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0 USD
CY2017Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
599945000 USD
CY2018Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
652426000 USD
CY2017Q4 us-gaap Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
599945000 USD
CY2018Q4 us-gaap Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
652426000 USD
CY2017Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
106285000 USD
CY2018Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
105798000 USD
CY2017Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
677249000 USD
CY2018Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
717903000 USD
CY2017Q4 us-gaap Deferred Tax Liabilities Regulatory Assets And Liabilities
DeferredTaxLiabilitiesRegulatoryAssetsAndLiabilities
13805000 USD
CY2018Q4 us-gaap Deferred Tax Liabilities Regulatory Assets And Liabilities
DeferredTaxLiabilitiesRegulatoryAssetsAndLiabilities
8981000 USD
CY2016 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-40912000 USD
CY2017 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-42591000 USD
CY2018 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-43800000 USD
CY2016 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
-3316000 USD
CY2017 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
-4597000 USD
CY2018 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
-4567000 USD
CY2018 us-gaap Defined Benefit Plan Amounts Recognized In Other Comprehensive Income Loss Net Gain Loss Before Tax
DefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossNetGainLossBeforeTax
0 USD
CY2018Q4 us-gaap Defined Benefit Plan Assets Expected To Be Returned To Employer Amount
DefinedBenefitPlanAssetsExpectedToBeReturnedToEmployerAmount
0 USD
CY2017 us-gaap Defined Benefit Plan Benefit Obligation Payment For Settlement
DefinedBenefitPlanBenefitObligationPaymentForSettlement
46700000 USD
CY2017Q4 us-gaap Defined Benefit Plan Health Care Cost Trend Rate Assumed Next Fiscal Year
DefinedBenefitPlanHealthCareCostTrendRateAssumedNextFiscalYear
0.0700
CY2018Q4 us-gaap Defined Benefit Plan Health Care Cost Trend Rate Assumed Next Fiscal Year
DefinedBenefitPlanHealthCareCostTrendRateAssumedNextFiscalYear
0.0700
CY2018 us-gaap Defined Benefit Plan Narrative Description Of Basis Used To Determine Overall Expected Long Term Rate Of Return On Assets Assumption
DefinedBenefitPlanNarrativeDescriptionOfBasisUsedToDetermineOverallExpectedLongTermRateOfReturnOnAssetsAssumption
We determine our overall expected long-term rate of return on plan assets, based on our review of historical returns and economic growth models. As of December 31, 2014, we updated our assumed mortality rates to incorporate the new set of mortality tables issued by the Society of Actuaries in October 2014. We determine our discount rates annually.  We estimate our discount rate based upon a comparison of the expected cash flows associated with our future payments under our defined benefit pension and other postemployment obligations to a hypothetical bond portfolio created using high-quality bonds that closely match expected cash flows.  Bond portfolios are developed by selecting a bond for each of the next 60 years based on the maturity dates of the bonds.  Bonds selected to be included in the portfolios are only those rated by Moody’s as AA- or better and exclude callable bonds, bonds with less than a minimum issue size, yield outliers and other filtering criteria to remove unsuitable bonds.
CY2018Q4 us-gaap Defined Benefit Plan Plan Assets Target Allocation Percentage
DefinedBenefitPlanPlanAssetsTargetAllocationPercentage
1
CY2017Q4 us-gaap Defined Benefit Plan Ultimate Health Care Cost Trend Rate1
DefinedBenefitPlanUltimateHealthCareCostTrendRate1
0.0500
CY2018Q4 us-gaap Defined Benefit Plan Ultimate Health Care Cost Trend Rate1
DefinedBenefitPlanUltimateHealthCareCostTrendRate1
0.0500
CY2017 us-gaap Defined Benefit Plan Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate
DefinedBenefitPlanYearHealthCareCostTrendRateReachesUltimateTrendRate
2023
CY2018 us-gaap Defined Benefit Plan Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate
DefinedBenefitPlanYearHealthCareCostTrendRateReachesUltimateTrendRate
2024
CY2016 us-gaap Dilutive Securities
DilutiveSecurities
0 USD
CY2017 us-gaap Dilutive Securities
DilutiveSecurities
0 USD
CY2018 us-gaap Dilutive Securities
DilutiveSecurities
0 USD
CY2016 us-gaap Dividends Common Stock
DividendsCommonStock
73209000 USD
CY2017 us-gaap Dividends Common Stock
DividendsCommonStock
87951000 USD
CY2018 us-gaap Dividends Common Stock
DividendsCommonStock
96594000 USD
CY2016 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.67
CY2017Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.45
CY2017Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.39
CY2017Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.36
CY2017Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.90
CY2017 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.10
CY2018Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.73
CY2018Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.39
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.31
CY2018Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.85
CY2018 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.27
CY2016 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.65
CY2017Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.44
CY2017Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.39
CY2017Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.36
CY2017Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.89
CY2017 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.08
CY2018Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.72
CY2018Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.39
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.31
CY2018Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.84
CY2018 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.25
CY2016 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2016 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
4300000 USD
CY2017 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
3000000 USD
CY2018 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2100000 USD
CY2016 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
-9022000 USD
CY2017 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
-9516000 USD
CY2018 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
-8152000 USD
CY2017Q4 us-gaap Goodwill
Goodwill
157953000 USD
CY2018Q4 us-gaap Goodwill
Goodwill
157953000 USD
CY2016 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2017 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2018 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
225338000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
256138000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
225765000 USD
CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
85243000 USD
CY2017 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
93143000 USD
CY2018 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
53531000 USD
CY2016 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
78868000 USD
CY2017 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
89648000 USD
CY2018 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
47411000 USD
CY2016 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-783000 USD
CY2017 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-8000 USD
CY2018 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
33000 USD
CY2016 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
7158000 USD
CY2017 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
6503000 USD
CY2018 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
8783000 USD
CY2016 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-35702000 USD
CY2017 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-1389000 USD
CY2018 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
800000 USD
CY2016 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
27596000 USD
CY2017 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1945000 USD
CY2018 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
36885000 USD
CY2016 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-8539000 USD
CY2017 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
7127000 USD
CY2018 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
236000 USD
CY2016 us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
884000 USD
CY2017 us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
-398000 USD
CY2018 us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
372000 USD
CY2016 us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-37480000 USD
CY2017 us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
0 USD
CY2018 us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
0 USD
CY2016 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-19000 USD
CY2017 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-78000 USD
CY2018 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
148000 USD
CY2016 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-16721000 USD
CY2016 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
30220000 USD
CY2017 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
4722000 USD
CY2018 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-22859000 USD
CY2016 us-gaap Increase Decrease In Materials And Supplies
IncreaseDecreaseInMaterialsAndSupplies
759000 USD
CY2017 us-gaap Increase Decrease In Materials And Supplies
IncreaseDecreaseInMaterialsAndSupplies
5588000 USD
CY2018 us-gaap Increase Decrease In Materials And Supplies
IncreaseDecreaseInMaterialsAndSupplies
4661000 USD
CY2016 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-33141000 USD
CY2017 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
10347000 USD
CY2018 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-1953000 USD
CY2016 us-gaap Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
-25666000 USD
CY2017 us-gaap Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
-118095000 USD
CY2018 us-gaap Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
-50100000 USD
CY2016 us-gaap Increase Decrease In Property And Other Taxes Payable
IncreaseDecreaseInPropertyAndOtherTaxesPayable
5322000 USD
CY2017 us-gaap Increase Decrease In Property And Other Taxes Payable
IncreaseDecreaseInPropertyAndOtherTaxesPayable
-1247000 USD
CY2018 us-gaap Increase Decrease In Property And Other Taxes Payable
IncreaseDecreaseInPropertyAndOtherTaxesPayable
6316000 USD
CY2016 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
80028000 USD
CY2017 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
15147000 USD
CY2018 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
5159000 USD
CY2016 us-gaap Increase Decrease In Regulatory Assets And Liabilities
IncreaseDecreaseInRegulatoryAssetsAndLiabilities
49472000 USD
CY2017 us-gaap Increase Decrease In Regulatory Assets And Liabilities
IncreaseDecreaseInRegulatoryAssetsAndLiabilities
-29250000 USD
CY2018 us-gaap Increase Decrease In Regulatory Assets And Liabilities
IncreaseDecreaseInRegulatoryAssetsAndLiabilities
-109437000 USD
CY2016 us-gaap Interest Expense
InterestExpense
43739000 USD
CY2017 us-gaap Interest Expense
InterestExpense
46065000 USD
CY2018 us-gaap Interest Expense
InterestExpense
51305000 USD
CY2016 us-gaap Interest Paid
InterestPaid
42129000 USD
CY2017 us-gaap Interest Paid
InterestPaid
44436000 USD
CY2018 us-gaap Interest Paid
InterestPaid
49371000 USD
CY2017Q4 us-gaap Interest Payable Current
InterestPayableCurrent
18776000 USD
CY2018Q4 us-gaap Interest Payable Current
InterestPayableCurrent
18924000 USD
CY2016 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
8600000 USD
CY2017 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
8700000 USD
CY2018 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
8200000 USD
CY2018Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
1200000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
5206878000 USD
CY2018Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
5468642000 USD
CY2017Q4 us-gaap Liabilities Current
LiabilitiesCurrent
673330000 USD
CY2018Q4 us-gaap Liabilities Current
LiabilitiesCurrent
698891000 USD
CY2017Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0 USD
CY2018Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0 USD
CY2018 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2023-10-01
CY2018Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
399300000 USD
CY2017Q4 us-gaap Long Term Debt
LongTermDebt
1200000000 USD
CY2018Q4 us-gaap Long Term Debt
LongTermDebt
1300000000 USD
CY2017Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1193257000 USD
CY2018Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1285483000 USD
CY2017Q4 us-gaap Materials Supplies And Other
MaterialsSuppliesAndOther
39672000 USD
CY2018Q4 us-gaap Materials Supplies And Other
MaterialsSuppliesAndOther
44333000 USD
CY2017Q4 us-gaap Other Assets Current
OtherAssetsCurrent
17807000 USD
CY2018Q4 us-gaap Other Assets Current
OtherAssetsCurrent
20495000 USD
CY2017 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
101693000 USD
CY2018 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-66334000 USD
CY2016 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-308579000 USD
CY2017 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-355743000 USD
CY2018 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-394450000 USD
CY2016 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
290589000 USD
CY2017 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
253800000 USD
CY2018 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
467694000 USD
CY2016 us-gaap Net Income Loss
NetIncomeLoss
140095000 USD
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
76456000 USD
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
20623000 USD
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
18797000 USD
CY2017Q4 us-gaap Net Income Loss
NetIncomeLoss
47119000 USD
CY2017 us-gaap Net Income Loss
NetIncomeLoss
162995000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
90835000 USD
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
20419000 USD
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
16276000 USD
CY2018Q4 us-gaap Net Income Loss
NetIncomeLoss
44704000 USD
CY2018 us-gaap Net Income Loss
NetIncomeLoss
172234000 USD
CY2016 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
140095000 USD
CY2017 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
162995000 USD
CY2018 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
172234000 USD
CY2016 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
-19827000 USD
CY2017 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
-17252000 USD
CY2018 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
-8824000 USD
CY2017Q4 us-gaap Net Regulatory Assets
NetRegulatoryAssets
-35490000 USD
CY2018Q4 us-gaap Net Regulatory Assets
NetRegulatoryAssets
-77361000 USD
CY2016 us-gaap Operating Income Loss
OperatingIncomeLoss
288947000 USD
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
129445000 USD
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
48365000 USD
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
45093000 USD
CY2017Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
93825000 USD
CY2017 us-gaap Operating Income Loss
OperatingIncomeLoss
316728000 USD
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
130290000 USD
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
41043000 USD
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
36241000 USD
CY2018Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
80855000 USD
CY2018 us-gaap Operating Income Loss
OperatingIncomeLoss
288429000 USD
CY2018Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
32000000 USD
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
32000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
28200000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
6300000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
4200000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
4300000 USD
CY2017Q4 us-gaap Regulatory Liability Current
RegulatoryLiabilityCurrent
9438000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
4500000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
5100000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
3800000 USD
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
47157000 USD
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
46211000 USD
CY2017 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-1293000 USD
CY2018 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
596000 USD
CY2016 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-314000 USD
CY2017 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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618000 USD
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CY2018 us-gaap Derivatives Reporting Of Derivative Activity
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Derivatives and Risk Management Activities</font><font style="font-family:inherit;font-size:10pt;"> - We record all derivative instruments at fair value, with the exception of normal purchases and normal sales that are expected to result in physical delivery. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it, or if regulatory rulings require a different accounting treatment.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">If certain conditions are met, we may elect to designate a derivative instrument as a hedge of exposure to changes in fair values or cash flows.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The table below summarizes the various ways in which we account for our derivative instruments and the impact on our consolidated financial statements:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="5" rowspan="1"></td></tr><tr><td style="width:23%;" rowspan="1" colspan="1"></td><td style="width:3%;" rowspan="1" colspan="1"></td><td style="width:35%;" rowspan="1" colspan="1"></td><td style="width:3%;" rowspan="1" colspan="1"></td><td style="width:36%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Recognition and Measurement</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Accounting Treatment</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Balance Sheet</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Income Statement</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:2px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="vertical-align:top;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;vertical-align:top;">Normal purchases and</font></div><div style="vertical-align:top;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;vertical-align:top;">normal sales</font></div></td><td style="vertical-align:top;border-bottom:2px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">-</font></div></td><td style="vertical-align:top;border-bottom:2px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Fair value not recorded</font></div></td><td style="vertical-align:top;border-bottom:2px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">-</font></div></td><td style="vertical-align:top;border-bottom:2px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Change in fair value not recognized in earnings</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Mark-to-market</font></div></td><td style="vertical-align:top;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">-</font></div></td><td style="vertical-align:top;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Recorded at fair value</font></div></td><td style="vertical-align:top;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">-</font></div></td><td style="vertical-align:top;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Change in fair value recognized in, and</font></div><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">recoverable through, the purchased-gas cost adjustment mechanisms</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We have not elected to formally designate any of our derivative instruments as hedges. Gains or losses associated with the fair value of commodity derivative instruments entered into by us are included in, and recoverable through, the purchased-gas cost adjustment mechanisms.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">See Note 8 for additional information regarding our hedging activities using derivatives.</font></div></div>
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font><font style="font-family:inherit;font-size:10pt;"> - The preparation of our consolidated financial statements and related disclosures in accordance with GAAP requires us to make estimates and assumptions with respect to values or conditions that cannot be known with certainty that affect the reported amount of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements. These estimates and assumptions also affect the reported amounts of revenue and expenses during the reporting period. Items that may be estimated include, but are not limited to, the economic useful life of assets, fair value of assets and liabilities, provisions for doubtful accounts receivable, unbilled revenues for natural gas delivered but for which meters have not been read, natural gas purchased but for which no invoice has been received, provision for income taxes, including any deferred income tax valuation allowances, the results of litigation and various other recorded or disclosed amounts.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We evaluate these estimates on an ongoing basis using historical experience and other methods we consider reasonable based on the particular circumstances. Nevertheless, actual results may differ significantly from the estimates. Any effects on our financial position or results of operations from revisions to these estimates are recorded in the period when the facts that give rise to the revision become known.</font></div></div>

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