x | ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
New Jersey | 21-0398330 |
(State of incorporation) | (IRS employer identification no.) |
Large accelerated filer o | Accelerated filer o |
Non-accelerated filer x (Do not check if a smaller reporting company) | Smaller reporting company o |
Page No. | ||
PART I | ||
PART II | ||
PART III | ||
PART IV | ||
For Natural Gas: | |
1 dt | = One decatherm |
1 MMdt | = One million decatherms |
Dts/d | = Decatherms per day |
MDWQ | = Maximum daily withdrawal quantity |
• | SJG’s business activities are concentrated in southern New Jersey. Changes in the economies of southern New Jersey and surrounding regions could negatively impact the growth opportunities available to SJG and the financial condition of the customers and prospects of SJG. |
• | Changes in the regulatory environment or unfavorable rate regulation may have an unfavorable impact on SJG’s financial performance or condition. SJG’s business is regulated by the New Jersey Board of Public Utilities (BPU) which has authority over many of the activities of the business including, but not limited to, the rates it charges to its customers, the amount and type of securities it can issue, the nature of investments it can make, the nature and quality of services it provides, safety standards and other matters. The extent to which the actions of regulatory commissions restrict or delay SJG’s ability to earn a reasonable rate of return on invested capital and/or fully recover operating costs may adversely affect its results of operations, financial condition and cash flows. |
• | SJG may not be able to respond effectively to competition, which may negatively impact SJG’s financial performance or condition. Regulatory initiatives may provide or enhance opportunities for competitors that could reduce utility income obtained from existing or prospective customers. Also, competitors may be able to provide superior or less costly products or services based upon currently available or newly developed technologies. |
• | Warm weather, high commodity costs, or customer conservation initiatives could result in reduced demand for natural gas. SJG currently has a conservation incentive program clause that protects its revenues and gross margin against usage that is lower than a set level. Should this clause be terminated without replacement, lower customer energy utilization levels would likely reduce SJG’s net income. |
• | High natural gas prices could cause more of SJG’s receivables to be uncollectible. Higher levels of uncollectibles from utility customers would negatively impact SJG’s income and could result in higher working capital requirements. |
• | SJG’s net income could decrease if it is required to incur additional costs to comply with new governmental safety, health or environmental legislation. SJG is subject to extensive and changing federal and state laws and regulations that impact many aspects of its business; including the storage, transportation and distribution of natural gas, as well as the remediation of environmental contamination at former manufactured gas plant facilities. |
• | Increasing interest rates would negatively impact the net income of SJG. SJG is capital intensive, resulting in the incurrence of significant amounts of debt financing. SJG has issued all but $139.0 million of long-term debt either at fixed rates or has utilized interest rate swaps to mitigate changes in floating rates. However, new issues of long-term debt and all variable rate short-term debt are exposed to the impact of rising interest rates. |
• | The inability to obtain capital, particularly short-term capital from commercial banks, could negatively impact the daily operations and financial performance of SJG. SJG uses short-term borrowings under both a commercial paper program and committed and uncommitted credit facilities provided by commercial banks to supplement cash provided by operations, to support working capital needs, and to finance capital expenditures, as incurred. If the customary sources of short-term capital were no longer available due to market conditions, SJG may not be able to meet its working capital and capital expenditure requirements and borrowing costs could increase. |
• | A downgrade in SJG’s credit ratings could negatively affect its ability to access adequate and cost-effective capital. SJG’s ability to obtain adequate and cost-effective capital depends to a significant degree on its credit ratings, which are greatly influenced by SJG's financial condition and results of operations. If the rating agencies downgrade SJG’s credit ratings, particularly below investment grade, SJG’s borrowing costs would increase. In addition, SJG would likely be required to pay higher interest rates in future financings and potential funding sources would likely decrease. |
• | The inability to obtain natural gas would negatively impact the financial performance of SJG. SJG’s business is based upon the ability to deliver natural gas to customers. Disruption in the production of natural gas or transportation of that gas to SJG from its suppliers could prevent SJG from completing sales to its customers. |
• | Transporting and storing natural gas involves numerous risks that may result in accidents and other operating risks and costs. SJG’s gas distribution activities involve a variety of inherent hazards and operating risks, such as leaks, accidents, mechanical problems, natural disaster or terrorist activities, which could cause substantial financial losses. In addition, these risks could result in loss of human life, significant damage to property, environmental pollution and impairment of operations, which in turn could lead to substantial losses. In accordance with customary industry practice, SJG maintains insurance against some, but not all, of these risks and losses. The occurrence of any of these events even if fully covered by insurance could adversely affect SJG’s financial position, results of operations and cash flow. |
• | Adverse results in legal proceedings could be detrimental to the financial condition of SJG. The outcomes of legal proceedings can be unpredictable and can result in adverse judgments. |
• | Climate change legislation could impact SJG’s financial performance and condition. Climate change is receiving ever increasing attention from both scientists and legislators. The debate is ongoing as to the extent to which our climate is changing, the potential causes of this change and its future impacts. Some attribute global warming to increased levels of greenhouse gases, which has led to significant legislative and regulatory efforts to limit greenhouse gas emissions. The outcome of federal and state actions to address global climate change could result in a variety of regulatory programs, including additional charges to fund energy efficiency activities or other regulatory actions. These actions could affect the demand for natural gas and electricity, result in increased costs to our business and impact the prices we charge our customers. Because natural gas is a fossil fuel with low carbon content, it is possible that future carbon constraints could create additional demands for natural gas, both for production of electricity and direct use in homes and businesses. Any adoption by federal or state governments mandating a substantial reduction in greenhouse gas emissions could have far-reaching and significant impacts on the energy industry. We cannot predict the potential impact of such laws or regulations on our future financial condition, results of operations or cash flows. |
• | Failures in the security of our computer systems through cyberattacks, hackers or other sources, could have a material adverse impact on our business and results of operations. SJG uses computer systems and services that involve the storage of confidential information on our employees, customers and vendors. In addition, certain computer systems monitor and control our distribution processes. Experienced hackers may be able to develop and deploy viruses that exploit the security of our computer systems and thus obtain confidential information and/or disrupt significant business processes. Unauthorized access to confidential information or disruptions to significant business processes could damage our reputation and negatively impact our results of operations and financial condition. |
• | SJG's business could be adversely impacted by strikes or work stoppages by its unionized employees. The gas utility operations of SJG are dependent upon employees represented by unions and covered under collective bargaining agreements. A work stoppage could negatively impact operations, which could impact financial results as well as customer relationships. |
• | The risk of terrorism may adversely affect the economy as well as SJG's business. An act of terror could result in disruptions of natural gas supplies, cause price volatility in the cost of natural gas and overall could cause instability in the financial and capital markets. This could adversely impact the price and availability of natural gas and adversely affect SJG's results of operations and ability to raise capital. |
Year Ended December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Operating Revenues | $ | 534,290 | $ | 501,875 | $ | 446,480 | $ | 421,874 | $ | 412,449 | |||||||||
Operating Income | $ | 119,585 | $ | 113,690 | $ | 105,822 | $ | 101,762 | $ | 102,663 | |||||||||
Net Income | $ | 66,578 | $ | 66,483 | $ | 62,236 | $ | 58,241 | $ | 52,889 | |||||||||
Average Shares of Common Stock Outstanding | 2,339 | 2,339 | 2,339 | 2,339 | 2,339 | ||||||||||||||
Ratio of Earnings to Fixed Charges (1) | 5.4x | 5.4x | 5.3x | 5.5x | 5.3x |
As of December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Property, Plant and Equipment, Net | $ | 1,770,766 | $ | 1,589,369 | $ | 1,424,775 | $ | 1,285,591 | $ | 1,158,029 | |||||||||
Total Assets | $ | 2,288,204 | $ | 2,185,672 | $ | 1,909,126 | $ | 1,786,459 | $ | 1,615,723 | |||||||||
Capitalization: | |||||||||||||||||||
Common Equity | $ | 707,927 | $ | 680,568 | $ | 610,969 | $ | 521,395 | $ | 464,186 | |||||||||
Long-Term Debt | 584,082 | 507,091 | 454,000 | 425,000 | 362,813 | ||||||||||||||
Total Capitalization | $ | 1,292,009 | $ | 1,187,659 | $ | 1,064,969 | $ | 946,395 | $ | 826,999 | |||||||||
Total Customers | 373,100 | 366,854 | 362,256 | 357,306 | 351,304 |
2015 | 2014 | 2013 | |||||||||
Net Income Impact: | |||||||||||
CIP – Weather Related | 0.9 | (4.7 | ) | (0.3 | ) | ||||||
CIP – Usage Related | (1.9 | ) | 2.0 | 3.4 | |||||||
Total Net Income Impact | $ | (1.0 | ) | $ | (2.7 | ) | $ | 3.1 | |||
Weather Compared to 20-Year Average | 3.1% warmer | 7.5% colder | 0.6% colder | ||||||||
Weather Compared to Prior Year | 9.6% warmer | 4.6% colder | 20.6% colder |
2015 | 2014 | 2013 | ||||||||||||||||||
Utility Throughput – dth: | ||||||||||||||||||||
Firm Sales - | ||||||||||||||||||||
Residential | 23,852 | 17 | % | 24,508 | 18 | % | 22,070 | 20 | % | |||||||||||
Commercial | 5,980 | 4 | % | 5,530 | 4 | % | 5,408 | 5 | % | |||||||||||
Industrial | 338 | — | 283 | — | 292 | — | ||||||||||||||
Cogeneration and electric generation | 1,449 | 1 | % | 1,035 | 1 | % | 1,562 | 1 | % | |||||||||||
Firm Transportation - | ||||||||||||||||||||
Residential | 2,427 | 2 | % | 3,291 | 2 | % | 3,319 | 3 | % | |||||||||||
Commercial | 6,783 | 5 | % | 7,103 | 5 | % | 6,780 | 6 | % | |||||||||||
Industrial | 11,780 | 9 | % | 13,168 | 10 | % | 13,051 | 12 | % | |||||||||||
Cogeneration and electric generation | 5,870 | 4 | % | 10,307 | 7 | % | 7,977 | 7 | % | |||||||||||
Total Firm Throughput | 58,479 | 42 | % | 65,225 | 47 | % | 60,459 | 54 | % | |||||||||||
Interruptible Sales | 20 | — | — | — | 14 | — | ||||||||||||||
Interruptible Transportation | 1,338 | 1 | % | 1,401 | 1 | % | 1,452 | 1 | % | |||||||||||
Off-System | 14,603 | 11 | % | 9,411 | 7 | % | 9,685 | 9 | % | |||||||||||
Capacity Release | 62,349 | 46 | % | 62,193 | 45 | % | 40,088 | 36 | % | |||||||||||
Total Utility Throughput | 136,789 | 100 | % | 138,230 | 100 | % | 111,698 | 100 | % | |||||||||||
Utility Operating Revenues: | ||||||||||||||||||||
Firm Sales- | ||||||||||||||||||||
Residential | $ | 317,491 | 59 | % | $ | 279,797 | 56 | % | $ | 246,227 | 56 | % | ||||||||
Commercial | 69,845 | 13 | % | 63,584 | 13 | % | 57,126 | 13 | % | |||||||||||
Industrial | 4,083 | 1 | % | 4,070 | 1 | % | 3,485 | 1 | % | |||||||||||
Cogeneration and electric generation | 5,666 | 1 | % | 6,037 | 1 | % | 8,144 | 2 | % | |||||||||||
Firm Transportation - | ||||||||||||||||||||
Residential | 16,594 | 3 | % | 20,648 | 4 | % | 21,392 | 5 | % | |||||||||||
Commercial | 30,602 | 6 | % | 30,850 | 6 | % | 28,165 | 6 | % | |||||||||||
Industrial | 22,106 | 4 | % | 25,737 | 5 | % | 23,551 | 5 | % | |||||||||||
Cogeneration and electric generation | 4,920 | 1 | % | 9,531 | 2 | % | 6,982 | 2 | % | |||||||||||
Total Firm Revenues | 471,307 | 88 | % | 440,254 | 88 | % | 395,072 | 90 | % | |||||||||||
Interruptible Sales | 300 | — | 15 | — | 342 | — | ||||||||||||||
Interruptible Transportation | 1,373 | — | 1,694 | — | 1,827 | — | ||||||||||||||
Off-System | 49,624 | 9 | % | 52,809 | 11 | % | 41,488 | 9 | % | |||||||||||
Capacity Release | 10,296 | 2 | % | 5,835 | 1 | % | 6,384 | 1 | % | |||||||||||
Other | 1,390 | 1 | % | 1,268 | — | 1,367 | — | |||||||||||||
Total Utility Operating Revenues | 534,290 | 100 | % | 501,875 | 100 | % | 446,480 | 100 | % | |||||||||||
Less: | ||||||||||||||||||||
Cost of sales | 245,290 | 231,216 | 200,081 | |||||||||||||||||
Conservation recoveries * | 21,226 | 24,836 | 15,909 | |||||||||||||||||
RAC recoveries * | 9,134 | 8,255 | 8,137 | |||||||||||||||||
EET Recoveries * | 3,611 | 4,169 | 4,509 | |||||||||||||||||
Revenue taxes | 1,250 | 1,141 | 5,247 | |||||||||||||||||
Utility Margin ** | $ | 253,779 | $ | 232,258 | $ | 212,597 | ||||||||||||||
Utility Margin: | ||||||||||||||||||||
Residential | $ | 169,455 | 67 | % | $ | 159,780 | 69 | % | $ | 138,136 | 65 | % | ||||||||
Commercial and industrial | 72,149 | 28 | % | 65,492 | 29 | % | 57,495 | 27 | % | |||||||||||
Cogeneration and electric generation | 4,738 | 2 | % | 5,343 | 2 | % | 5,022 | 2 | % | |||||||||||
Interruptible | 120 | — | % | 81 | — | 114 | — | |||||||||||||
Off-system & capacity release | 4,270 | 2 | % | 3,023 | 1 | % | 2,070 | 1 | % | |||||||||||
Other revenues | 2,582 | 1 | % | 2,131 | 1 | % | 1,752 | 1 | % | |||||||||||
Margin before incentive mechanisms | 253,314 | 100 | % | 235,850 | 102 | % | 204,589 | 96 | % | |||||||||||
CIRT mechanism | — | — | % | — | — | % | 2,204 | 1 | % | |||||||||||
CIP mechanism | (1,798 | ) | (1 | )% | (4,529 | ) | (2 | )% | 5,310 | 3 | % | |||||||||
EET mechanism | 2,263 | 1 | % | 937 | — | 494 | — | |||||||||||||
Utility Margin ** | $ | 253,779 | 100 | % | $ | 232,258 | 100 | % | $ | 212,597 | 100 | % | ||||||||
Number of Customers at Year End: | ||||||||||||||||||||
Residential | 348,093 | 93 | % | 342,155 | 93 | % | 337,936 | 93 | % | |||||||||||
Commercial | 24,565 | 7 | % | 24,253 | 7 | % | 23,873 | 7 | % | |||||||||||
Industrial | 442 | — | 446 | — | 447 | — | ||||||||||||||
Total Customers | 373,100 | 100 | % | 366,854 | 100 | % | 362,256 | 100 | % | |||||||||||
Annual Degree-Days*** | 4,402 | 4,872 | 4,658 |
2015 vs. 2014 | 2014 vs. 2013 | ||||||
Operations | $ | 5,408 | $ | 16,623 | |||
Maintenance | $ | 2,726 | $ | 322 | |||
Depreciation | $ | 4,041 | $ | 3,549 | |||
Energy and Other Taxes | $ | 271 | $ | (4,102 | ) |
• | Expenses associated with write-offs of uncollectible customer accounts receivable increased $4.3 million in 2015, as compared with 2014. The increase in write-offs resulted from an increase in the aging of receivables following a very cold 2014-2015 winter season. |
• | SJG also increased its reserve for uncollectible accounts, resulting in $1.5 million of additional expense in 2015, as compared with 2014. Changes in the uncollectible reserve are the result of fluctuations in levels of customer accounts receivables balances. Accounts receivable was higher as of December 31, 2015 due to higher customer billing rates in effect for the majority of 2015, compared with 2014 (See discussion under “Rates and Regulatory Actions"), in addition to customer growth. |
• | Customer service expense increased $1.5 million in 2015, compared with 2014, due to increased staffing levels to achieve desired customer satisfaction levels and increased collection activities. |
• | The cost of providing postretirement healthcare and pension costs increased $1.2 million in 2015, compared with 2014, as the result of lower discount rates used to calculate such costs in 2015 (See discussion under “Pension and Other Postretirement Benefits”). |
• | Expense associated with the operation of the Company’s management systems increased $1.5 million in 2015, compared with 2014, primarily due to incremental cost associated with the new customer billing and work management systems placed in service near the end of 2014. |
• | These were partially offset by lower expenses associated with the New Jersey Clean Energy Program and Energy Efficiency Programs which decreased $4.2 million in 2015, compared with 2014. Such costs are recovered on a dollar-for-dollar basis; therefore, SJG experienced an offsetting decrease in revenues during 2015. |
• | Expense associated with the New Jersey Clean Energy Program and Energy Efficiency Programs experienced a net increase of $8.6 million in 2014, as compared to 2013. Such costs are recovered on a dollar-for-dollar basis; therefore, SJG experienced an offsetting increase in revenues during 2014. |
• | Expenses associated with write-offs of uncollectible customer accounts receivable increased $3.6 million in 2014, as compared with 2013. The increase in write-offs results from an increase in the aging of receivables. |
• | SJG also increased its reserve for uncollectible accounts, resulting in $1.3 million of additional expense in 2014, as compared to 2013. Changes in the uncollectible reserve are the result of fluctuations in levels of customer accounts receivables balances. Accounts receivable was higher as of December 31, 2014 due to higher customer billing rates, as approved by the BPU effective October 1, 2014, in addition to customer growth. |
• | Distribution operations expense increased $1.0 million in 2014, compared with 2013, as a result of extremely harsh weather conditions, primarily in the first quarter of 2014 when the region was hit by a polar vortex and near record snowfall. |
• | Customer accounting expense increased $1.3 million in 2014, compared with 2013, due to the need for additional resources to allow for testing, training and other transition costs associated with implementing a new customer service system. |
Total Facility | Usage | Available Liquidity | Expiration Date | ||||||||||
Commercial Paper/Revolving Credit Facility | $ | 200,000 | $ | 136,600 | (A) | $ | 63,400 | May 2018 | |||||
Uncommitted Bank Lines | 10,000 | — | 10,000 | August 2016 | |||||||||
Total | $ | 210,000 | $ | 136,600 | $ | 73,400 |
2015 | 2014 | ||||
Common Equity | 49 | % | 51 | % | |
Long-Term Debt | 42 | % | 41 | % | |
Short-Term Debt | 9 | % | 8 | % | |
Total | 100 | % | 100 | % |
Contractual Cash Obligations | Total | Up to 1 Year | Years 2 & 3 | Years 4 & 5 | More than 5 Years | ||||||||||||||
Principal Payments on Long-Term Debt | $ | 611,991 | $ | 27,909 | $ | 193,818 | $ | 36,818 | $ | 353,446 | |||||||||
Interest on Long-Term Debt | 201,805 | 22,296 | 38,954 | 31,429 | 109,126 | ||||||||||||||
Commodity Supply Purchase Obligations | 371,692 | 79,230 | 107,066 | 44,182 | 141,214 | ||||||||||||||
Environmental Remediation Costs | 123,194 | 48,323 | 40,744 | 8,469 | 25,658 | ||||||||||||||
Construction Obligations | 32,175 | 32,175 | — | — | — | ||||||||||||||
Operating Leases | 340 | 153 | 136 | 51 | — | ||||||||||||||
New Jersey Clean Energy Program | 12,410 | 12,410 | — | — | — | ||||||||||||||
Other Purchase Obligations | 1,070 | 1,070 | — | — | — | ||||||||||||||
Total Contractual Cash Obligations | $ | 1,354,677 | $ | 223,566 | $ | 380,718 | $ | 120,949 | $ | 629,444 |
Assets | ||||||||||||
Source of Fair Value | Maturity < 1 Year | Maturity 1 - 3 Years | Total | |||||||||
Prices Actively Quoted (NYMEX) | $ | 335 | $ | 64 | $ | 399 | ||||||
Prices Provided by Other External Sources (Basis) | 143 | 143 | ||||||||||
Prices based on internal models or other valuable methods | 599 | — | 599 | |||||||||
Total | $ | 1,077 | $ | 64 | $ | 1,141 |
Liabilities | ||||||||||||
Maturity | Maturity | |||||||||||
Source of Fair Value | < 1 Year | 1 - 3 Years | Total | |||||||||
Prices Actively Quoted (NYMEX) | $ | 5,073 | $ | 351 | $ | 5,424 | ||||||
Prices based on internal models or other valuable methods | 416 | — | 416 | |||||||||
Total | $ | 5,489 | $ | 351 | $ | 5,840 |
Net Derivatives — Energy Related Liability, January 1, 2015 | $ | (5,552 | ) |
Contracts Settled During the Twelve Months ended December 31, 2015, Net | 4,254 | ||
Other Changes in Fair Value from Continuing and New Contracts, Net | (3,401 | ) | |
Net Derivatives — Energy Related Liability, December 31, 2015 | $ | (4,699 | ) |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Operating Revenues | $ | 534,290 | $ | 501,875 | $ | 446,480 | |||||
Operating Expenses: | |||||||||||
Cost of Sales (Excluding depreciation) | 245,290 | 231,216 | 200,081 | ||||||||
Operations | 107,836 | 102,428 | 85,805 | ||||||||
Maintenance | 16,183 | 13,457 | 13,135 | ||||||||
Depreciation | 41,365 | 37,324 | 33,775 | ||||||||
Energy and Other Taxes | 4,031 | 3,760 | 7,862 | ||||||||
Total Operating Expenses | 414,705 | 388,185 | 340,658 | ||||||||
Operating Income | 119,585 | 113,690 | 105,822 | ||||||||
Other Income and Expense | 3,844 | 5,560 | 3,797 | ||||||||
Interest Charges | (19,906 | ) | (17,872 | ) | (12,550 | ) | |||||
Income Before Income Taxes | 103,523 | 101,378 | 97,069 | ||||||||
Income Taxes | (36,945 | ) | (34,895 | ) | (34,833 | ) | |||||
Net Income | $ | 66,578 | $ | 66,483 | $ | 62,236 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Net Income | $ | 66,578 | $ | 66,483 | $ | 62,236 | |||||
Other Comprehensive Income (Loss), Net of Tax:* | |||||||||||
Postretirement Liability Adjustment | 1,617 | (3,165 | ) | 2,286 | |||||||
Unrealized (Loss) Gain on Available-for-Sale Securities | (23 | ) | (472 | ) | 103 | ||||||
Unrealized Gain on Derivatives - Other | 23 | 27 | 27 | ||||||||
Other Comprehensive Income (Loss) - Net of Tax* | 1,617 | (3,610 | ) | 2,416 | |||||||
Comprehensive Income | $ | 68,195 | $ | 62,873 | $ | 64,652 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Cash Flows from Operating Activities: | |||||||||||
Net Income | $ | 66,578 | $ | 66,483 | $ | 62,236 | |||||
Provided by Operating Activities: | |||||||||||
Depreciation and Amortization | 58,668 | 52,155 | 48,261 | ||||||||
Provision for Losses on Accounts Receivable | 14,689 | 9,417 | 4,232 | ||||||||
CIP Receivable/Payable | (7,324 | ) | 15,226 | 21,160 | |||||||
Deferred Gas Costs - Net of Recoveries | 28,648 | (44,976 | ) | 5,473 | |||||||
Deferred SBC Costs - Net of Recoveries | 9,557 | 11,048 | 2,393 | ||||||||
Environmental Remediation Costs - Net of Recoveries | (22,058 | ) | (8,248 | ) | (438 | ) | |||||
Deferred and Noncurrent Income Taxes and Credits - Net | 39,148 | 32,193 | 31,940 | ||||||||
Gas Plant Cost of Removal | (5,096 | ) | (4,848 | ) | (6,092 | ) | |||||
Pension Contribution | (12,020 | ) | — | (9,100 | ) | ||||||
Changes in: | |||||||||||
Accounts Receivable | 8,597 | (14,667 | ) | (20,574 | ) | ||||||
Inventories | 11,198 | (3,820 | ) | (7,153 | ) | ||||||
Prepaid and Accrued Taxes - Net | (7,129 | ) | (6,508 | ) | 9,456 | ||||||
Other Prepayments and Current Assets | (9,717 | ) | 131 | (476 | ) | ||||||
Gas Purchases Payable | (13,423 | ) | (1,873 | ) | 9,306 | ||||||
Accounts Payable and Other Accrued Liabilities | (2,264 | ) | 11,302 | (5,107 | ) | ||||||
Other Assets | 4,996 | (7,481 | ) | (7,323 | ) | ||||||
Other Liabilities | 1,576 | (2,006 | ) | 10,565 | |||||||
Net Cash Provided by Operating Activities | 164,624 | 103,528 | 148,759 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Capital Expenditures | (207,785 | ) | (200,008 | ) | (161,498 | ) | |||||
Note Receivable | (9,916 | ) | — | — | |||||||
Net Sale (Purchase) of Restricted Investments in Margin Accounts | 1,091 | (7,281 | ) | 588 | |||||||
Net Sale of Restricted Investments from Escrowed Loan Proceeds | 101 | — | — | ||||||||
Investment in Long-Term Receivables | (19,033 | ) | (13,024 | ) | (7,182 | ) | |||||
Proceeds from Long-Term Receivables | 8,769 | 6,544 | 5,764 | ||||||||
Net Cash Used in Investing Activities | (226,773 | ) | (213,769 | ) | (162,328 | ) | |||||
Cash Flows from Financing Activities: | |||||||||||
Net Borrowings from (Repayments of) Short-Term Credit Facilities | 33,000 | 35,900 | (36,600 | ) | |||||||
Proceeds from Issuance of Long-Term Debt | 80,000 | 89,000 | 50,000 | ||||||||
Principal Repayments of Long-Term Debt | (11,009 | ) | (21,000 | ) | (25,000 | ) | |||||
Payments for Issuance of Long-Term Debt | (9 | ) | (627 | ) | (411 | ) | |||||
Dividends on Common Stock | (40,764 | ) | (18,201 | ) | — | ||||||
Additional Investment by Shareholder | — | 25,000 | 25,000 | ||||||||
Tax Deficiency from Restricted Stock Plan | (72 | ) | (73 | ) | (78 | ) | |||||
Net Cash Provided by Financing Activities | 61,146 | 109,999 | 12,911 | ||||||||
Net Decrease in Cash and Cash Equivalents | (1,003 | ) | (242 | ) | (658 | ) | |||||
Cash and Cash Equivalents at Beginning of Period | 1,778 | 2,020 | 2,678 | ||||||||
Cash and Cash Equivalents at End of Period | $ | 775 | $ | 1,778 | $ | 2,020 | |||||
Supplemental Disclosures of Cash Flow Information | |||||||||||
Interest (Net of Amounts Capitalized) | $ | 19,373 | $ | 17,832 | $ | 12,234 | |||||
Income Taxes (Net of Refunds) | $ | (1,665 | ) | $ | (7,690 | ) | $ | (5,056 | ) | ||
Supplemental Disclosures of Noncash Investing Activities | |||||||||||
Property and equipment acquired on account but not paid at year-end | $ | 24,857 | $ | 17,551 | $ | 20,055 |
December 31, 2015 | December 31, 2014 | ||||||
Assets | |||||||
Property, Plant and Equipment: | |||||||
Utility Plant, at original cost | $ | 2,211,239 | $ | 2,002,966 | |||
Accumulated Depreciation | (440,473 | ) | (413,597 | ) | |||
Property, Plant and Equipment - Net | 1,770,766 | 1,589,369 | |||||
Investments: | |||||||
Available-for-Sale Securities | 8,788 | 8,894 | |||||
Restricted Investments | 6,769 | 7,961 | |||||
Total Investments | 15,557 | 16,855 | |||||
Current Assets: | |||||||
Cash and Cash Equivalents | 775 | 1,778 | |||||
Notes Receivable | 9,916 | — | |||||
Accounts Receivable | 64,445 | 60,535 | |||||
Accounts Receivable - Related Parties | 1,972 | 1,157 | |||||
Unbilled Revenues | 25,613 | 49,910 | |||||
Provision for Uncollectibles | (9,778 | ) | (6,601 | ) | |||
Natural Gas in Storage, average cost | 14,294 | 25,325 | |||||
Materials and Supplies, average cost | 937 | 1,104 | |||||
Deferred Income Taxes - Net | — | 44,064 | |||||
Prepaid Taxes | 21,483 | 13,601 | |||||
Derivatives - Energy Related Assets | 1,077 | 2,051 | |||||
Other Prepayments and Current Assets | 13,405 | 3,688 | |||||
Total Current Assets | 144,139 | 196,612 | |||||
Regulatory and Other Noncurrent Assets: | |||||||
Regulatory Assets | 323,434 | 357,160 | |||||
Unamortized Debt Issuance Costs | 6,628 | 7,382 | |||||
Long-Term Receivables | 24,950 | 15,223 | |||||
Derivatives - Energy Related Assets | 64 | — | |||||
Other | 2,666 | 3,071 | |||||
Total Regulatory and Other Noncurrent Assets | 357,742 | 382,836 | |||||
Total Assets | $ | 2,288,204 | $ | 2,185,672 |
December 31, 2015 | December 31, 2014 | ||||||
Capitalization and Liabilities | |||||||
Common Equity: | |||||||
Common Stock, Par Value $2.50 per share: | |||||||
Authorized - 4,000,000 shares | |||||||
Outstanding - 2,339,139 shares | $ | 5,848 | $ | 5,848 | |||
Other Paid-In Capital and Premium on Common Stock | 250,827 | 250,899 | |||||
Accumulated Other Comprehensive Loss | (12,862 | ) | (14,479 | ) | |||
Retained Earnings | 464,114 | 438,300 | |||||
Total Common Equity | 707,927 | 680,568 | |||||
Long-Term Debt | 584,082 | 507,091 | |||||
Total Capitalization | 1,292,009 | 1,187,659 | |||||
Current Liabilities: | |||||||
Notes Payable | 134,400 | 101,400 | |||||
Current Portion of Long-Term Debt | 27,909 | 35,909 | |||||
Accounts Payable - Commodity | 8,936 | 22,359 | |||||
Accounts Payable - Other | 40,579 | 32,711 | |||||
Accounts Payable - Related Parties | 7,552 | 11,249 | |||||
Derivatives - Energy Related Liabilities | 5,489 | 6,305 | |||||
Customer Deposits and Credit Balances | 19,531 | 17,626 | |||||
Environmental Remediation Costs | 48,323 | 28,480 | |||||
Taxes Accrued | 1,930 | 1,177 | |||||
Pension Benefits | 2,227 | 1,515 | |||||
Interest Accrued | 5,989 | 6,099 | |||||
Other Current Liabilities | 5,686 | 6,580 | |||||
Total Current Liabilities | 308,551 | 271,410 | |||||
Regulatory and Other Noncurrent Liabilities: | |||||||
Regulatory Liabilities | 42,841 | 41,899 | |||||
Deferred Income Taxes - Net | 432,674 | 435,022 | |||||
Environmental Remediation Costs | 74,871 | 95,828 | |||||
Asset Retirement Obligations | 57,219 | 41,976 | |||||
Pension and Other Postretirement Benefits | 65,491 | 95,241 | |||||
Investment Tax Credits | — | 149 | |||||
Derivatives - Energy Related Liabilities | 351 | 1,298 | |||||
Derivatives - Other | 7,631 | 7,325 | |||||
Other | 6,566 | 7,865 | |||||
Total Regulatory and Other Noncurrent Liabilities | 687,644 | 726,603 | |||||
Commitments and Contingencies (Note 9) | |||||||
Total Capitalization and Liabilities | $ | 2,288,204 | $ | 2,185,672 |
Common Stock | Other Paid-In Capital and Premium on Common Stock | Accumulated Other Comprehensive Loss | Retained Earnings | Total | |||||||||||||||
Balance at January 1, 2013 | $ | 5,848 | $ | 201,050 | $ | (13,285 | ) | $ | 327,782 | $ | 521,395 | ||||||||
Net Income | 62,236 | 62,236 | |||||||||||||||||
Other Comprehensive Gain, Net of Tax: (a) | 2,416 | 2,416 | |||||||||||||||||
Cash Dividends Declared – Common Stock | — | — | |||||||||||||||||
Additional Investment by Shareholder | 25,000 | 25,000 | |||||||||||||||||
Tax Deficiency from Restricted Stock Plan | (78 | ) | (78 | ) | |||||||||||||||
Balance at December 31, 2013 | 5,848 | 225,972 | (10,869 | ) | 390,018 | 610,969 | |||||||||||||
Net Income | 66,483 | 66,483 | |||||||||||||||||
Other Comprehensive Loss, Net of Tax: (a) | (3,610 | ) | (3,610 | ) | |||||||||||||||
Cash Dividends Declared – Common Stock | (18,201 | ) | (18,201 | ) | |||||||||||||||
Additional Investment by Shareholder | 25,000 | 25,000 | |||||||||||||||||
Tax Deficiency from Restricted Stock Plan | (73 | ) | (73 | ) | |||||||||||||||
Balance at December 31, 2014 | 5,848 | 250,899 | (14,479 | ) | 438,300 | 680,568 | |||||||||||||
Net Income | 66,578 | 66,578 | |||||||||||||||||
Other Comprehensive Gain, Net of Tax: (a) | 1,617 | 1,617 | |||||||||||||||||
Cash Dividends Declared – Common Stock | (40,764 | ) | (40,764 | ) | |||||||||||||||
Additional Investment by Shareholder | — | — | |||||||||||||||||
Tax Deficiency from Restricted Stock Plan | (72 | ) | (72 | ) | |||||||||||||||
Balance at December 31, 2015 | $ | 5,848 | $ | 250,827 | $ | (12,862 | ) | $ | 464,114 | $ | 707,927 |
Postretirement Liability Adjustment | Unrealized Gain (Loss) on Available-for-Sale Securities | Unrealized Gain (Loss) on Derivatives | Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Balance at January 1, 2013 | $ | (12,958 | ) | $ | 294 | $ | (621 | ) | $ | (13,285 | ) | ||||
Changes During Year | 2,286 | 103 | 27 | 2,416 | |||||||||||
Balance at December 31, 2013 | (10,672 | ) | 397 | (594 | ) | (10,869 | ) | ||||||||
Changes During Year | (3,165 | ) | (472 | ) | 27 | (3,610 | ) | ||||||||
Balance at December 31, 2014 | (13,837 | ) | (75 | ) | (567 | ) | (14,479 | ) | |||||||
Changes During Year | 1,617 | (23 | ) | 23 | 1,617 | ||||||||||
Balance at December 31, 2015 | $ | (12,220 | ) | $ | (98 | ) | $ | (544 | ) | $ | (12,862 | ) |
1. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: |
2015 | 2014 | ||||||
Utility Plant: | |||||||
Production Plant | $ | 296 | $ | 296 | |||
Storage Plant | 20,872 | 23,023 | |||||
Transmission Plant | 252,934 | 248,737 | |||||
Distribution Plant | 1,702,148 | 1,547,218 | |||||
General Plant | 163,420 | 103,604 | |||||
Other Plant | 1,855 | 1,855 | |||||
Utility Plant in Service | 2,141,525 | 1,924,733 | |||||
Construction Work in Progress | 69,714 | 78,233 | |||||
Total Utility Plant | $ | 2,211,239 | $ | 2,002,966 |
2015 | 2014 | ||||||
ARO as of January 1, | $ | 41,976 | $ | 41,178 | |||
Accretion | 1,658 | 1,595 | |||||
Additions | 621 | 664 | |||||
Settlements | (1,110 | ) | (1,461 | ) | |||
Revisions in Estimated Cash Flows * | 14,074 | — | |||||
ARO as of December 31, | $ | 57,219 | $ | 41,976 |
2. | STOCK-BASED COMPENSATION PLANS: |
Grant Date | Shares Outstanding | Fair Value Per Share | Expected Volatility | Risk-Free Interest Rate | |||||||||
2014 - TSR | 10,287 | $ | 21.31 | 20.0 | % | 0.80 | % | ||||||
2014 - EPS | 10,287 | $ | 27.22 | n/a | n/a | ||||||||
2015 - TSR | 7,250 | $ | 26.31 | 16.0 | % | 1.10 | % | ||||||
2015 - EPS, ROE, Time | 18,651 | $ | 29.47 | n/a | n/a |
Shares | Weighted Average Grant Date Fair Value | |||||
Nonvested Shares Outstanding, January 1, 2015 | 36,794 | $ | 24.10 | |||
Granted | 26,266 | $ | 28.58 | |||
Vested* | (15,948 | ) | $ | 23.89 | ||
Cancelled/Forfeited | (637 | ) | $ | 26.71 | ||
Nonvested Shares Outstanding, December 31, 2015 | 46,475 | $ | 26.67 |
3. | RATES AND REGULATORY ACTIONS: |
• | January 2013 - SJG credited the accounts of its periodic BGSS customers with refunds totaling $9.4 million due to gas costs that were lower than projections. |
• | May 2013 - SJG filed its annual BGSS filing with the BPU requesting a $0.6 million reduction in gas cost recoveries. |
• | September 2013 - The BPU issued an Order approving, on a provisional basis, SJG’s request for a $0.6 million reduction in gas cost recoveries. |
• | January 2014 - SJG credited the accounts of its periodic BGSS customer with refunds totaling $11.2 million due to gas costs that were lower than projected. |
• | May 2014 - SJG filed its annual BGSS filing with the BPU requesting a $27.0 million, or a 9.3%, increase in gas cost recoveries. |
• | September 2014 - The BPU issued an Order approving, on a provisional basis, SJG’s request for a $27.0 million increase in gas cost recoveries. |
• | June 2015 - SJG filed its annual BGSS filing with the BPU, requesting a $28.4 million decrease in gas cost recoveries. |
• | September 2015 - The BPU issued an Order approving, on a provisional basis, SJG’s request for a $28.4 million decrease in gas cost recoveries. |
• | March 2013 - SJG filed a joint petition with another utility requesting modification to, and the continuation of, the CIP program effective October 1, 2013. |
• | May 2013 - SJG made its annual CIP filing with the BPU requesting a reduction in revenue of $17.8 million, which includes a $2.3 million reduction in non-weather related recovery and a $15.5 million reduction in weather related recovery. |
• | September 2013 - The BPU issued an Order approving, on a provisional basis, the 2013-2014 CIP rates filed in May 2013, effective October 1, 2013. |
• | May 2014 - SJG made its annual CIP filing with the BPU requesting a revenue reduction of $21.8 million, which includes a $4.2 million increase in non-weather related revenues and a $26.0 million reduction in weather related revenues. |
• | September 2014 - The BPU issued an Order approving, on a provisional basis, the 2014-2015 CIP rates filed in May 2014, effective October 1 2014. |
• | June 2015 - SJG filed its annual CIP filing with the BPU, requesting a decrease in revenues of $11.3 million, which includes a $8.8 million decrease in non-weather related revenues and a $2.5 million decrease in weather related revenues. |
• | September 2015 - The BPU issued an Order approving, on a provisional basis, the 2015-2016 CIP rates filed in June 2015, effective October 1, 2015. |
• | September 2014 - The BPU approved SJG’s base rate case, which included a $7.5 million increase in revenues associated with the roll in of $69.9 million of AIRP investments into base rates. |
• | August 2014 - The BPU approved the Storm Hardening and Reliability Program (SHARP), authorizing SJG to invest $103.5 million over three years for system hardening on barrier islands. SJG will earn on a return on these investments as they are made and will reflect the investments in base rates through annual rate adjustments. |
• | April 2015 - SJG filed a petition seeking a base rate adjustment to increase annual revenues by approximately $4.0 million to reflect approximately $36.6 million of SHARP investments made from July 2014 through June 2015. |
• | September 2015 - The BPU approved SJG’s request to increase annual revenues from base rates by $4.0 million, effective October 1, 2015. |
• | May 2012 - SJG filed a petition requesting the approval of a new Energy Efficiency Program (“EEP II”) and to continue our existing EET to recover all costs associated with the EEP II through a $3.1 million increase in annual revenues. These programs provide customers with increased incentives to reduce their natural gas consumption. In June 2013, the BPU approved the EEP II program in the form of an extension of the existing EEP program, permitting SJG to invest $24.0 million in energy efficiency programs through June 2015. The BPU also approved in June 2013 an extension of the EET with a $2.1 million revenue increase effective July 2013. |
• | June 2012 - SJG filed a petition requesting a continuation of the original EEP I to bridge the gap between the expiration of the EEP I program on April 30, 2012, and the implementation of the proposed new EEP II program. This petition was approved by the BPU in August 2012. Also in June 2012, SJG filed its 2012 - 2013 annual EET rate adjustment petition requesting a $5.8 million increase in annual revenues to recover the costs associated with its EEP I program. The BPU approved this petition in September 2014. |
• | May 2013 - SJG filed its annual petition requesting an increase of $2.2 million for current EET programs. The BPU approved this petition in September 2014. |
• | May 2014 - SJG filed its annual EET rate adjustment petition requesting an $1.4 million increase in revenues to recover the costs of, and the allowed return on, prior investments associated with energy efficiency programs. The petition is currently pending. |
• | September 2014 - The BPU approved a revenue increase of $2.2 million associated with the 2012-2013 annual EET rate adjustment filing, with rates effective October 1, 2014. |
• | In January 2015 - SJG filed a petition with the BPU seeking to continue offering energy efficiency programs through June 2018 with a proposed budget of $56 million and with the same rate recovery mechanism that exists for its current energy efficiency programs ("EEPs"). |
• | June 2015, SJG filed its annual EET rate adjustment petition, requesting a $7.6 million decrease in revenues to continue recovering the costs of, and the allowed return on, prior investments associated with EEPs. This petition is currently pending. |
• | August 2015, the BPU approved a two year extension of the Company’s EEPs through August 31, 2017, with a program budget of $36.3 million. The BPU’s approval permitted SJG to adjust its EET rate, effective September 1, 2015, to increase annual revenues by $2.6 million, to recover projected costs and the allowed return on the first year of its investments in the EEP extension. |
• | July 2013 - SJG made its annual 2013-2014 SBC filing requesting a $6.4 million decrease in SBC revenues. The BPU approved this filing in September 2014. |
• | July 2014 - SJG made its annual 2014-2015 SBC filing requesting a $25.7 million decrease in SBC revenues. The BPU approved this filing in May 2015. |
• | July 2015 - SJG made its annual 2015-2016 SBC filing, requesting a $5.0 million decrease in SBC revenues. This petition is currently pending. |
• | June 2013 - SJG made its annual USF filing, along with the State’s other electric and gas utilities, proposing to decrease the statewide gas revenues by $29.4 million. This proposal was designed to decrease SJG's annual USF revenue by $3.7 million. |
• | September 2013 - The BPU approved the statewide USF budget of $54.4 million for all the State’s gas utilities. SJG's portion of the total is approximately $5.8 million, which decreased rates effective October 1, 2013, resulting in a $3.4 million decrease to our USF recoveries. |
• | June 2014 - SJG made its annual USF filing, along with the State’s other electric and gas utilities, proposing to increase the statewide gas revenues by $19.9 million. This proposal was designed to increase SJG’s annual USF revenue by $2.6 million. |
• | September 2014 - The BPU approved the statewide budget of $71.8 million for all the State’s gas utilities. SJG's portion of the total is approximately $7.9 million, which increased rates effective October 1, 2014, resulting in a $2.6 million increase to its USF recoveries. |
• | June 2015 - SJG made its annual USF filing, along with the State’s other electric and gas utilities, proposing to decrease the statewide gas revenues by $46.4 million. This proposal was designed to decrease SJG’s annual USF revenue by $3.4 million. |
• | September 2015 - The BPU approved the statewide budget of $46.4 million for all the State’s gas utilities. SJG's portion of the total is approximately $5.2 million, which decreased rates effective October 1, 2015, resulting in a $3.4 million decrease to its USF recoveries. |
4. | REGULATORY ASSETS AND LIABILITIES: |
2015 | 2014 | ||||||
Environmental Remediation Costs: | |||||||
Expended - Net | $ | 42,032 | $ | 29,540 | |||
Liability for Future Expenditures | 123,194 | 124,308 | |||||
Deferred Asset Retirement Obligation Costs | 42,430 | 31,584 | |||||
Deferred Pension and Other Postretirement Benefit Costs | 79,779 | 99,040 | |||||
Deferred Gas Costs - Net | 2,701 | 32,202 | |||||
Conservation Incentive Program - Receivable | 2,624 | — | |||||
Societal Benefit Costs Receivable | — | 385 | |||||
Deferred Interest Rate Contracts | 7,631 | 7,325 | |||||
Energy Efficiency Tracker | 496 | 11,247 | |||||
Pipeline Supplier Service Charges | 3,776 | 5,441 | |||||
Pipeline Integrity Cost | 4,596 | 3,431 | |||||
AFUDC - Equity Related Deferrals | 11,423 | 10,781 | |||||
Other Regulatory Assets | 2,752 | 1,876 | |||||
Total Regulatory Assets | $ | 323,434 | $ | 357,160 |
2015 | 2014 | ||||||
Excess Plant Removal Costs | $ | 32,644 | $ | 35,940 | |||
Conservation Incentive Program - Payable | — | 4,700 | |||||
Societal Benefit Costs Payable | 10,197 | 1,025 | |||||
Other Regulatory Liabilities | — | 234 | |||||
Total Regulatory Liabilities | $ | 42,841 | $ | 41,899 |
5. | RELATED PARTY TRANSACTIONS: |
• | South Jersey Energy Company (SJE) - a wholly owned subsidiary of SJES and a third party energy marketer that acquires and markets natural gas and electricity to retail end users and provides total energy management services to commercial and industrial customers. We provide SJE with billing services. For SJE’s commercial customers, for which we perform billing services, we purchase the related accounts receivable at book value and charge them a purchase of receivable fee (POR) for potential uncollectible accounts, and assume all risk associated with collection. |
• | South Jersey Resources Group, LLC (SJRG) - a wholly owned subsidiary of SJES and a wholesale gas and risk management business that supplies natural gas storage, commodity and transportation to retail marketers, utility businesses and electricity generators in the mid-Atlantic, Appalachian and southern states. We sell natural gas for resale and capacity release to SJRG and also meet some of our gas purchasing requirements by purchasing natural gas from SJRG. Additionally, prior to 2015, SJRG had managed some of our market risk associated with fluctuations in the cost of natural gas by entering into financial derivative contracts on our behalf. The gain or loss associated with these derivative contracts was included in our BGSS and in the SJRG receivable and payable amounts shown below. |
• | Marina Energy LLC (Marina) - a wholly owned subsidiary of SJES and developer, owner and operator of energy related projects. We provide natural gas transportation services to Marina under BPU-approved tariffs. |
• | South Jersey Energy Service Plus, LLC (SJESP) - a wholly owned subsidiary of SJES and an appliance service company. We provide billing services to SJESP. |
2015 | 2014 | 2013 | |||||||||
Operating Revenues/Affiliates: | |||||||||||
SJRG | $ | 5,342 | $ | 959 | $ | 1,390 | |||||
Marina | 602 | 1,083 | 1,297 | ||||||||
Other | 5 | — | 2 | ||||||||
Total Operating Revenues/Affiliates | $ | 5,949 | $ | 2,042 | $ | 2,689 |
2015 | 2014 | 2013 | |||||||||
Costs of Sales/Affiliates | |||||||||||
(Excluding depreciation): | |||||||||||
SJRG | $ | 26,090 | $ | 15,265 | $ | 14,959 | |||||
Derivative Losses/ (Gains) (See Note 1): | |||||||||||
SJRG | $ | 64 | $ | (1,582 | ) | $ | 887 | ||||
Operations Expense/Affiliates: | |||||||||||
SJI | $ | 14,088 | $ | 14,110 | $ | 11,990 | |||||
SJIS | — | — | 5,531 | ||||||||
Millennium | 2,746 | 2,668 | 2,686 | ||||||||
Other | (412 | ) | (434 | ) | (428 | ) | |||||
Total Operations Expense/Affiliates | $ | 16,422 | $ | 16,344 | $ | 19,779 |
6. | INCOME TAXES AND CREDITS: |
2015 | 2014 | 2013 | |||||||||
Tax at Statutory Rate | $ | 36,233 | $ | 35,482 | $ | 33,974 | |||||
Increase (Decrease) Resulting from: | |||||||||||
State Income Taxes | 4,584 | 1,935 | 4,833 | ||||||||
Amortization of Investment Tax Credits | (149 | ) | (211 | ) | (258 | ) | |||||
ESOP Dividend | (1,168 | ) | (1,109 | ) | (1,058 | ) | |||||
AFUDC | (1,109 | ) | (1,481 | ) | (916 | ) | |||||
Research and Development Credits | (1,400 | ) | — | — | |||||||
Other - Net | (46 | ) | 279 | (1,742 | ) | ||||||
Total Income Tax Expense | $ | 36,945 | $ | 34,895 | $ | 34,833 |
2015 | 2014 | 2013 | |||||||||
Current: | |||||||||||
Federal | $ | — | $ | 60 | $ | (53 | ) | ||||
State | (2,203 | ) | 2,642 | 2,946 | |||||||
Total Current | (2,203 | ) | 2,702 | 2,893 | |||||||
Deferred: | |||||||||||
Federal | 30,042 | 32,069 | 27,707 | ||||||||
State | 9,255 | 335 | 4,491 | ||||||||
Total Deferred | 39,297 | 32,404 | 32,198 | ||||||||
Investment Tax Credits | (149 | ) | (211 | ) | (258 | ) | |||||
Total Income Tax Expense | $ | 36,945 | $ | 34,895 | $ | 34,833 |
2015 | 2014 | ||||||
Deferred Tax Assets: | |||||||
Net Operating Loss and Tax Credits | $ | 64,978 | $ | 53,460 | |||
Deferred State tax | 20,825 | 17,390 | |||||
Provision for Uncollectibles | 4,030 | 2,676 | |||||
Conservation Incentive Program | — | 2,027 | |||||
Investment Tax Basis Gross-Up | — | 77 | |||||
Pension & Other Post Retirement Benefits | 28,464 | 27,782 | |||||
Deferred Revenues | 4,844 | 11,452 | |||||
Other | 3,985 | 3,624 | |||||
Total Deferred Tax Assets | $ | 127,126 | $ | 118,488 | |||
Deferred Tax Liabilities: | |||||||
Book Versus Tax Basis of Property | $ | 480,682 | $ | 417,178 | |||
Deferred Fuel Costs - Net | 3,998 | 22,959 | |||||
Environmental Remediation | 20,408 | 13,500 | |||||
Deferred Regulatory Costs | 566 | 6,333 | |||||
Deferred Pension & Other Post Retirement Benefits | 42,216 | 39,891 | |||||
Budget Billing - Customer Accounts | 830 | 1,138 | |||||
Section 461 Prepayments | 1,017 | 1,026 | |||||
Conservation Incentive Program | 1,132 | — | |||||
Other | 8,951 | 7,421 | |||||
Total Deferred Tax Liabilities | $ | 559,800 | $ | 509,446 | |||
Current Deferred Tax (Assets) | $ | — | $ | (44,064 | ) | ||
Noncurrent Deferred Tax Liabilities | 432,674 | 435,022 | |||||
Deferred Tax Liability - Net | $ | 432,674 | $ | 390,958 | |||
2015 | 2014 | 2013 | |||||||||
Balance at January 1, | $ | 552 | $ | 547 | $ | 503 | |||||
Increase as a result of tax position taken in prior years | 7 | 5 | 44 | ||||||||
Decrease due to a lapse in the statue of limitations | — | — | — | ||||||||
Settlements | — | — | — | ||||||||
Balance at December 31, | $ | 559 | $ | 552 | $ | 547 |
7. | LONG-TERM DEBT: |
2015 | 2014 | |||||||||
Long-Term Debt (A): | ||||||||||
First Mortgage Bonds: (B) | ||||||||||
5.387 | % | Series due 2015 (C) | — | 10,000 | ||||||
5.437 | % | Series due 2016 | 10,000 | 10,000 | ||||||
4.60 | % | Series due 2016 | 17,000 | 17,000 | ||||||
4.657 | % | Series due 2017 | 15,000 | 15,000 | ||||||
7.97 | % | Series due 2018 | 10,000 | 10,000 | ||||||
7.125 | % | Series due 2018 | 20,000 | 20,000 | ||||||
5.587 | % | Series due 2019 | 10,000 | 10,000 | ||||||
3.00 | % | Series due 2024 | 50,000 | 50,000 | ||||||
3.03 | % | Series due 2024 | 35,000 | 35,000 | ||||||
3.63 | % | Series due 2025 (D) | 9,091 | 10,000 | ||||||
4.84 | % | Series due 2026 | 15,000 | 15,000 | ||||||
4.93 | % | Series due 2026 | 45,000 | 45,000 | ||||||
4.03 | % | Series due 2027 | 45,000 | 45,000 | ||||||
4.01 | % | Series due 2030 | 50,000 | 50,000 | ||||||
4.23 | % | Series due 2030 | 30,000 | 30,000 | ||||||
3.74 | % | Series due 2032 | 35,000 | 35,000 | ||||||
5.55 | % | Series due 2033 | 32,000 | 32,000 | ||||||
6.213 | % | Series due 2034 | 10,000 | 10,000 | ||||||
5.45 | % | Series due 2035 | 10,000 | 10,000 | ||||||
Series A 2006 Tax-Exempt First Mortgage Bonds | ||||||||||
Variable Rate, due 2036 (E) | 24,900 | 25,000 | ||||||||
Variable Rate Bank Term Facility, due 2017 (F) | 139,000 | 59,000 | ||||||||
Total Long-Term Debt Outstanding | 611,991 | 543,000 | ||||||||
Less Current Maturities (A) | (27,909 | ) | (35,909 | ) | ||||||
Long-Term Debt | $ | 584,082 | $ | 507,091 |
(A) | Long-term debt maturities and sinking funds requirements for the succeeding five years are as follows (in thousands): 2016, $27,909; 2017, $154,909; 2018, $38,909; 2019,$18,909; 2020, $17,909. |
(B) | Our First Mortgage dated October 1, 1947, as supplemented, securing the First Mortgage Bonds constitutes a direct first mortgage lien on substantially all utility plant. |
(C) | In August 2015, SJG retired $10.0 million aggregate principal amount of 5.387% Medium Term Notes (MTN's) at maturity. |
(D) | In December 2015, SJG paid $909,000 toward the principal amount of 3.63% MTN's due December 2025. |
(E) | In September 2015, SJG paid $0.1 million toward the principal amount of variable rate rate demand bonds due February 2036. These variable rate demand bonds bear interest at a floating rate that resets weekly. The interest rate as of December 31, 2015 was 0.03%. Liquidity support on these bonds is provided under a separate letter of credit facility that expires in August, 2018. These bonds contain no financial covenants. |
(F) | In June 2014, SJG entered into a $200.0 million multiple-draw term facility offered by a syndicate of banks which expires in June 2017. SJG can draw under this facility through June 2016 and this facility bears interest at a floating rate based on LIBOR plus a spread determined by SJG's credit ratings. As of December 31, 2015, SJG had borrowed an aggregate $139.0 million under this facility at an average interest rate of 1.17% and the proceeds were used to pay down short-term debt. |
8. | FINANCIAL INSTRUMENTS: |
• | For Long-Term Debt, in estimating the fair value, we use the present value of remaining cash flows at the balance sheet date. We based the estimates on interest rates available to SJG at the end of each period for debt with similar terms and maturities (Level 2 in the fair value hierarchy. See Note 13 - Fair Value of Financial Assets and Financial Liabilities). The estimated fair values of SJG's long-term debt, including current maturities, as of December 31, 2015 and December 31, 2014, were $657.4 million and $587.3 million, respectively. The carrying amounts of SJG's long-term debt, including current maturities, as of December 31, 2015 and December 31, 2014, were $612.0 million and $543.0 million, respectively. |
9. | LINES OF CREDIT: |
Total Facility | Usage | Available Liquidity | Expiration Date | ||||||||||
Commercial Paper Program/ Revolving Credit Facility | $ | 200,000 | $ | 136,600 | (A) | $ | 63,400 | May 2018 | |||||
Uncommitted Bank Lines | 10,000 | — | 10,000 | August 2016 | |||||||||
Total | $ | 210,000 | $ | 136,600 | $ | 73,400 |
10. | RETAINED EARNINGS: |
11. | PENSION AND OTHER POSTRETIREMENT BENEFITS: |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||||||||
Service Cost | $ | 4,430 | $ | 3,697 | $ | 4,487 | $ | 726 | $ | 585 | $ | 771 | |||||||||||
Interest Cost | 9,357 | 8,952 | 7,886 | 2,406 | 2,297 | 2,221 | |||||||||||||||||
Expected Return on Plan Assets | (11,914 | ) | (10,818 | ) | (9,435 | ) | (2,708 | ) | (2,467 | ) | (2,158 | ) | |||||||||||
Amortization: | |||||||||||||||||||||||
Prior Service Cost (Credits) | 203 | 177 | 208 | 499 | 133 | (195 | ) | ||||||||||||||||
Actuarial Loss | 8,969 | 4,864 | 7,608 | 1,107 | 770 | 1,555 | |||||||||||||||||
Net Periodic Benefit Cost | 11,045 | 6,872 | 10,754 | 2,030 | 1,318 | 2,194 | |||||||||||||||||
Capitalized Benefit Costs | (4,805 | ) | (3,047 | ) | (5,002 | ) | (1,043 | ) | (722 | ) | (1,172 | ) | |||||||||||
Affiliate SERP Allocations | (1,688 | ) | (1,313 | ) | (1,389 | ) | — | — | — | ||||||||||||||
Deferred Benefit Costs | (1,007 | ) | — | — | (256 | ) | — | — | |||||||||||||||
Total Net Periodic Benefit Expense | $ | 3,545 | $ | 2,512 | $ | 4,363 | $ | 731 | $ | 596 | $ | 1,022 |
Regulatory Assets | Accumulated Other Comprehensive Loss (pre-tax) | ||||||||||||||
Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | ||||||||||||
Balance at January 1, 2014 | $ | 42,632 | $ | 16,652 | $ | 18,043 | $ | — | |||||||
Amounts Arising during the Period: | |||||||||||||||
Net Actuarial Loss | 31,075 | 7,826 | 7,102 | — | |||||||||||
Prior Service Cost | 486 | 4,146 | — | — | |||||||||||
Amounts Amortized to Net Periodic Costs: | |||||||||||||||
Net Actuarial Loss | (2,841 | ) | (628 | ) | (1,975 | ) | — | ||||||||
Prior Service Cost | (175 | ) | (133 | ) | — | — | |||||||||
Balance at December 31, 2014 | 71,177 | 27,863 | 23,170 | — | |||||||||||
Amounts Arising during the Period: | |||||||||||||||
Net Actuarial (Gain)/Loss | (463 | ) | (3,155 | ) | 184 | — | |||||||||
Prior Service Credit | — | (499 | ) | — | — | ||||||||||
Amounts Amortized to Net Periodic Costs: | |||||||||||||||
Net Actuarial Loss | (6,079 | ) | (1,107 | ) | (2,891 | ) | — | ||||||||
Prior Service Cost | (203 | ) | (7,755 | ) | — | — | |||||||||
Balance at December 31, 2015 | $ | 64,432 | $ | 15,347 | $ | 20,463 | $ | — |
Pension Benefits | Other Postretirement Benefits | ||||||
Prior Service Costs | $ | 203 | $ | (257 | ) | ||
Net Actuarial Loss | $ | 5,488 | $ | 998 |
Pension Benefits | Other Postretirement Benefits | ||||||
Net Actuarial Loss | $ | 2,257 | $ | — |
Other | |||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Change in Benefit Obligations: | |||||||||||||||
Benefit Obligation at Beginning of Year | $ | 221,605 | $ | 180,668 | $ | 60,670 | $ | 50,915 | |||||||
Service Cost | 4,430 | 3,697 | 726 | 585 | |||||||||||
Interest Cost | 9,357 | 8,952 | 2,406 | 2,297 | |||||||||||
Actuarial (Gain) Loss | (13,107 | ) | 35,634 | (6,257 | ) | 6,008 | |||||||||
Retiree Contributions | — | — | 608 | 452 | |||||||||||
Plan Amendments | — | 534 | (7,755 | ) | 4,146 | ||||||||||
Benefits Paid | (8,625 | ) | (7,880 | ) | (3,880 | ) | (3,733 | ) | |||||||
Benefit Obligation at End of Year | $ | 213,660 | $ | 221,605 | $ | 46,518 | $ | 60,670 | |||||||
Change in Plan Assets: | |||||||||||||||
Fair Value of Plan Assets at Beginning of Year | $ | 144,568 | $ | 142,674 | $ | 40,951 | $ | 39,471 | |||||||
Actual Return on Plan Assets | (913 | ) | 8,275 | (395 | ) | 507 | |||||||||
Employer Contributions | 14,002 | 1,499 | 6,144 | 4,254 | |||||||||||
Retiree Contributions | — | — | 608 | 452 | |||||||||||
Benefits Paid | (8,625 | ) | (7,880 | ) | (3,880 | ) | (3,733 | ) | |||||||
Fair Value of Plan Assets at End of Year | $ | 149,032 | $ | 144,568 | $ | 43,428 | $ | 40,951 |
Funded Status at End of Year: | |||||||||||||||
Accrued Net Benefit Cost at End of Year | $ | (64,628 | ) | $ | (77,037 | ) | $ | (3,090 | ) | $ | (19,719 | ) | |||
Amounts Recognized in the Statement of Financial Position Consist of: | |||||||||||||||
Current Liabilities | $ | (2,227 | ) | $ | (1,515 | ) | $ | — | $ | — | |||||
Noncurrent Liabilities | (62,401 | ) | (75,522 | ) | (3,090 | ) | (19,719 | ) | |||||||
Net Amount Recognized at End of Year | $ | (64,628 | ) | $ | (77,037 | ) | $ | (3,090 | ) | $ | (19,719 | ) | |||
Amounts Recognized in Regulatory Assets Consist of: | |||||||||||||||
Prior Service Costs | $ | 741 | $ | 944 | $ | (3,289 | ) | $ | 4,965 | ||||||
Net Actuarial Loss | 63,691 | 70,233 | 18,636 | 22,898 | |||||||||||
Net Amount Recognized at End of Year | $ | 64,432 | $ | 71,177 | $ | 15,347 | $ | 27,863 | |||||||
Amounts Recognized in Accumulated Other Comprehensive Loss Consist of: | |||||||||||||||
Net Actuarial Loss | $ | 20,463 | $ | 23,170 | $ | — | $ | — |
Pension Benefits | Other Postretirement Benefits | ||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||
Discount Rate | 4.83 | % | 4.25 | % | 4.73 | % | 4.20 | % | |||
Rate of Compensation Increase | 3.50 | % | 3.50 | % | 3.50 | % | 3.50 | % |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||
Discount Rate | 4.25 | % | 5.09 | % | 4.26 | % | 4.20 | % | 4.91 | % | 4.14 | % | |||||
Expected Long-Term Return on Plan Assets | 7.75 | % | 7.75 | % | 7.50 | % | 6.25 | % | 6.25 | % | 6.60 | % | |||||
Rate of Compensation Increase | 3.50 | % | 3.50 | % | 3.25 | % | 3.50 | % | 3.50 | % | 3.25 | % |
2015 | 2014 | |||
Medical Care and Drug Cost Trend Rate Assumed for Next Year | N/A | 7.00 | % | |
Dental Care Cost Trend Rate Assumed for Next Year | N/A | 4.75 | % | |
Rate to which Cost Trend Rates are Assumed to Decline (the Ultimate Trend Rate) | N/A | 4.75 | % | |
Year that the Rate Reaches the Ultimate Trend Rate | N/A | 2023 |
1-Percentage- Point Increase | 1-Percentage- Point Decrease | ||||||
Effect on the Total of Service and Interest Cost | $ | 153 | $ | (123 | ) |
Asset Category | Total | Level 1 | Level 2 | Level 3 | |||||||||||
As of December 31, 2015 | |||||||||||||||
Cash / Cash Equivalents: | |||||||||||||||
Cash | $ | 28 | $ | 28 | $ | — | $ | — | |||||||
Common/Collective Trust Funds (a) | 692 | — | 692 | — | |||||||||||
STIF-Type Instrument (b) | 1,096 | — | 1,096 | — | |||||||||||
Equity securities: | |||||||||||||||
Common/Collective Trust Funds – U.S. (a) | 41,976 | — | 41,976 | — | |||||||||||
Common/Collective Trust Funds – International (a) | 26,800 | — | 26,800 | — | |||||||||||
U.S. Large-Cap (c) | 11,535 | 11,535 | — | — | |||||||||||
U.S. Mid-Cap (c) | 2,748 | 2,748 | — | — | |||||||||||
U.S. Small-Cap (c) | 210 | 210 | — | ||||||||||||
International (c) | 1,367 | 1,367 | — | — | |||||||||||
Fixed Income: | |||||||||||||||
Common/Collective Trust Funds (a) | 40,853 | — | 40,853 | — | |||||||||||
Guaranteed Insurance Contract (d) | 8,031 | — | — | 8,031 | |||||||||||
Hedge Funds (e) | 3,353 | — | — | 3,353 | |||||||||||
Other types of investments: | |||||||||||||||
Private Equity Fund (f) | 3,477 | — | — | 3,477 | |||||||||||
Common/Collective Trust Fund – Real Estate (g) | 6,866 | — | — | 6,866 | |||||||||||
Total | $ | 149,032 | $ | 15,888 | $ | 111,417 | $ | 21,727 |
Asset Category | Total | Level 1 | Level 2 | Level 3 | |||||||||||
As of December 31, 2014 | |||||||||||||||
Cash / Cash Equivalents: | |||||||||||||||
Common/Collective Trust Funds (a) | $ | 554 | $ | — | $ | 554 | $ | — | |||||||
STIF-Type Instrument (b) | 1,003 | — | 1,003 | — | |||||||||||
Equity securities: | |||||||||||||||
Common/Collective Trust Funds – U.S. (a) | 41,000 | — | 41,000 | — | |||||||||||
Common/Collective Trust Funds – International (a) | 24,796 | — | 24,796 | — | |||||||||||
U.S. Large-Cap (c) | 10,380 | 10,380 | — | — | |||||||||||
U.S. Mid-Cap (c) | 4,122 | 4,122 | — | — | |||||||||||
U.S. Small-Cap (c) | 186 | 186 | |||||||||||||
International (c) | 2,698 | 2,698 | — | — | |||||||||||
Fixed Income: | |||||||||||||||
Common/Collective Trust Funds (a) | 38,740 | — | 38,740 | — | |||||||||||
Guaranteed Insurance Contract (d) | 8,738 | — | — | 8,738 | |||||||||||
Hedge Funds (e) | 3,469 | — | — | 3,469 | |||||||||||
Other types of investments: | |||||||||||||||
Private Equity Fund (f) | 2,895 | — | — | 2,895 | |||||||||||
Common/Collective Trust Fund – Real Estate (g) | 5,987 | — | — | 5,987 | |||||||||||
Total | $ | 144,568 | $ | 17,386 | $ | 106,093 | $ | 21,089 |
(a) | This category represents common/collective trust fund investments through a commingled employee benefit trust (excluding real estate). These commingled funds are not traded publicly; however, the majority of the underlying assets held in these funds are stocks and bonds that are traded on active markets and prices for these assets are readily observable. Also included in these funds are interest rate swaps, asset backed securities, mortgage backed securities and other investments with observable market values. Holdings in these commingled funds are classified as Level 2 investments. |
(b) | This category represents short-term investment funds held for the purpose of funding disbursement payment arrangements. Underlying assets are valued based on quoted prices in active markets, or where quoted prices are not available, based on models using observable market information. Since not all values can be obtained from quoted prices in active markets, these funds are classified as Level 2 investments. |
(c) | This category of equity investments represents a managed portfolio of common stock investments in five sectors: telecommunications, electric utilities, gas utilities, water and energy. These common stocks are actively traded on exchanges and price quotes for these shares are readily available. These common stocks are classified as Level 1 investments. |
(d) | This category represents SJI’s Group Annuity contracts with a nationally recognized life insurance company. The contracts are the assets of the plan, while the underlying assets of the contracts are owned by the contract holder. Valuation is based on a formula and calculation specified within the contract. Since the valuation is based on the reporting entity’s own assumptions, these contracts are classified as Level 3 investments. |
(e) | This category represents a collection of underlying funds which are all domiciled outside of the United States. All of the underlying fund managers are based in the U.S.; however, they do not necessarily trade only in the U.S. markets. The fair value of these funds is determined by the underlying fund's general partner or manager. These funds are classified as Level 3 investments. |
(f) | This category represents a limited partnership which includes several investments in U.S. leveraged buyout, venture capital, and special situation funds. Fund valuations are reported on a 90 to 120 day lag and, therefore, the value reported herein represents the market value as of June or September 30, 2015 and 2014, respectively, with cash flow changes through December applied. The fund’s investments are stated at fair value, which is generally based on the valuations provided by the general partners or managers of such investments. Fund investments are illiquid and resale is restricted. These funds are classified as Level 3 investments. |
(g) | This category represents real estate common/collective trust fund investments through a commingled employee benefit trust. These commingled funds are part of a direct investment in a pool of real estate properties. These funds are valued by investment managers on a periodic basis using pricing models that use independent appraisals from sources with professional qualifications. Since these valuation inputs are not highly observable, the real estate funds are classified as Level 2 investments. |
Guaranteed Insurance Contract | Hedge Funds | Private Equity Funds | Real Estate | Total | |||||||||||||||
Balance at January 1, 2014 | $ | 9,071 | $ | 3,328 | $ | 2,440 | $ | 5,401 | $ | 20,240 | |||||||||
Actual return on plan assets: | |||||||||||||||||||
Relating to assets still held at the reporting date | 396 | 141 | (20 | ) | 586 | 1,103 | |||||||||||||
Relating to assets sold during the period | 10 | — | 260 | — | 270 | ||||||||||||||
Purchases, Sales and Settlements | (739 | ) | — | 215 | — | (524 | ) | ||||||||||||
Balance at December 31, 2014 | $ | 8,738 | $ | 3,469 | $ | 2,895 | $ | 5,987 | $ | 21,089 | |||||||||
Actual return on plan assets: | |||||||||||||||||||
Relating to assets still held at the reporting date | (26 | ) | (116 | ) | (223 | ) | 879 | 514 | |||||||||||
Relating to assets sold during the period | 21 | — | 346 | — | 367 | ||||||||||||||
Purchases, Sales and Settlements | (702 | ) | — | 459 | — | (243 | ) | ||||||||||||
Balance at December 31, 2015 | $ | 8,031 | $ | 3,353 | $ | 3,477 | $ | 6,866 | $ | 21,727 |
Asset Category | Total | Level 1 | Level 2 | Level 3 | |||||||||||
As of December 31, 2015 | |||||||||||||||
Cash | $ | 26 | $ | 26 | $ | — | $ | — | |||||||
Equity Securities: | |||||||||||||||
Common/Collective Trust Funds - U.S. (a) | 12,154 | — | 12,154 | $ | — | ||||||||||
Common/Collective Trust Funds - International (a) | 7,471 | — | 7,471 | — | |||||||||||
Mutual Fund - U.S. (b) | 1,228 | 1,228 | — | — | |||||||||||
Mutual Funds - International (b) | 922 | 922 | — | — | |||||||||||
Fixed Income: | |||||||||||||||
Common/Collective Trust Funds - Bonds (a) | 11,852 | — | 11,852 | — | |||||||||||
Mutual Funds - Bonds (b) | 1,352 | 1,352 | — | — | |||||||||||
Other Types of Investments: | |||||||||||||||
Mutual Funds - REITS (b) | 142 | 142 | — | — | |||||||||||
Company Owned Life Insurance (c) | 8,281 | — | 8,281 | — | |||||||||||
Total | $ | 43,428 | $ | 3,670 | $ | 39,758 | $ | — | |||||||
Asset Category | Total | Level 1 | Level 2 | Level 3 | |||||||||||
As of December 31, 2014 | |||||||||||||||
Cash | $ | 142 | $ | 142 | $ | — | $ | — | |||||||
Equity Securities: | |||||||||||||||
Common/Collective Trust Funds - U.S. (a) | 10,006 | — | 10,006 | $ | — | ||||||||||
Common/Collective Trust Funds - International (a) | 7,030 | — | 7,030 | — | |||||||||||
Mutual Fund - U.S. (b) | 4,447 | 4,447 | — | — | |||||||||||
Mutual Funds - International (b) | 1,671 | 1,671 | — | — | |||||||||||
Fixed Income: | |||||||||||||||
Common/Collective Trust Funds - Bonds (a) | 11,059 | — | 11,059 | — | |||||||||||
Mutual Funds - Bonds (b) | 2,624 | 2,624 | — | — | |||||||||||
Other Types of Investments: | |||||||||||||||
Mutual Funds - REITS (b) | 286 | 286 | — | — | |||||||||||
Company Owned Life Insurance (c) | 3,686 | — | 3,686 | — | |||||||||||
Total | $ | 40,951 | $ | 9,170 | $ | 31,781 | $ | — | |||||||
(a) | This category represents common/collective trust fund investments through a commingled employee benefit trust (excluding real estate). These commingled funds are not traded publicly; however, the majority of the underlying assets held in these funds are stocks and bonds that are traded on active markets and prices for these assets are readily observable. Also included in these funds are interest rate swaps, asset backed securities, mortgage backed securities and other investments with observable market values. Holdings in these commingled funds are classified as Level 2 investments. |
(b) | This category represents mutual fund investments. The mutual funds are actively traded on exchanges and price quotes for the shares are readily available. These mutual funds are classified as Level 1 investments. |
(c) | This category represents Company-owned life insurance policies with a nationally known life insurance company. The value of these policies is backed by a series of common/collective trust funds held by the insurance carrier similar to category (a) above. Holdings in these insurance policies are classified as Level 2 investments. |
Pension Benefits | Other Postretirement Benefits | ||||||
2016 | $ | 9,685 | $ | 3,673 | |||
2017 | $ | 9,992 | $ | 3,657 | |||
2018 | $ | 10,364 | $ | 3,634 | |||
2019 | $ | 11,253 | $ | 3,689 | |||
2020 | $ | 11,704 | $ | 3,798 | |||
2021 - 2025 | $ | 68,799 | $ | 18,562 |
12. | COMMITMENTS AND CONTINGENCIES: |
2015 | 2014 | ||||||
Beginning of Year | $ | 124,308 | $ | 119,492 | |||
Accruals | 18,747 | 16,453 | |||||
Expenditures | (19,861 | ) | (11,637 | ) | |||
End of Year | $ | 123,194 | $ | 124,308 |
13. | FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES: |
• | Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. |
• | Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. |
• | Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. |
As of December 31, 2015 | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | |||||||||||||||
Available-for-Sale Securities (A) | $ | 8,788 | $ | 1,722 | $ | 7,066 | $ | — | |||||||
Derivatives – Energy Related Assets (B) | 1,141 | 398 | 144 | 599 | |||||||||||
$ | 9,929 | $ | 2,120 | $ | 7,210 | $ | 599 | ||||||||
Liabilities | |||||||||||||||
Derivatives – Energy Related Liabilities (B) | $ | 5,840 | $ | 5,424 | $ | — | $ | 416 | |||||||
Derivatives – Other (C) | 7,631 | — | 7,631 | — | |||||||||||
$ | 13,471 | $ | 5,424 | $ | 7,631 | $ | 416 |
As of December 31, 2014 | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | |||||||||||||||
Available-for-Sale Securities (A) | $ | 8,894 | $ | 5,924 | $ | 2,970 | $ | — | |||||||
Derivatives – Energy Related Assets (B) | 2,051 | 2 | 2,049 | — | |||||||||||
$ | 10,945 | $ | 5,926 | $ | 5,019 | $ | — | ||||||||
Liabilities | |||||||||||||||
Derivatives – Energy Related Liabilities (B) | $ | 7,603 | $ | 7,254 | $ | 349 | $ | — | |||||||
Derivatives – Other (C) | 7,325 | — | 7,325 | — | |||||||||||
$ | 14,928 | $ | 7,254 | $ | 7,674 | $ | — |
Type | Fair Value at December 31, 2015 | Valuation Technique | Significant Unobservable Input | Range [Weighted Average] | |
Assets | Liabilities | ||||
Forward Contract - Natural Gas | $599 | $416 | Discounted Cash Flow | Forward price (per dt) | $1.18 - $5.21 [$2.90] |
Year Ended December 31, 2015 | ||||
Balance at January 1, 2015 | $ | — | ||
Other Changes in Fair Value from Continuing and New contracts, Net | 183 | |||
Settlements | — | |||
Balance at December 31, 2015 | $ | 183 |
14. | DERIVATIVE INSTRUMENTS: |
Notional Amount | Fixed Interest Rate | Start Date | Maturity | Type of Debt | Obligor | ||||||||
$ | 12,500,000 | 3.43 | % | 12/1/2006 | 2/1/2036 | Tax-exempt | SJG | ||||||
$ | 12,500,000 | 3.43 | % | 12/1/2006 | 2/1/2036 | Tax-exempt | SJG |
Derivatives not designated as hedging instruments under GAAP | 2015 | 2014 | ||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||
Energy related commodity contracts: | ||||||||||||||||
Derivatives – Energy Related – Current | $ | 1,077 | $ | 5,489 | $ | 2,051 | $ | 6,305 | ||||||||
Derivatives – Energy Related – Non-Current | 64 | 351 | — | 1,298 | ||||||||||||
Interest rate contracts: | ||||||||||||||||
Derivatives – Other | — | 7,631 | — | 7,325 | ||||||||||||
Total derivatives not designated as hedging instruments under GAAP | $ | 1,141 | $ | 13,471 | $ | 2,051 | $ | 14,928 |
As of December 31, 2015 | ||||||||||||||||||||||||
Description | Gross amounts of recognized assets/liabilities | Gross amount offset in the balance sheet | Net amounts of assets/liabilities in balance sheet | Gross amounts not offset in the balance sheet | Net amount | |||||||||||||||||||
Financial Instruments | Cash Collateral Posted | |||||||||||||||||||||||
Derivatives - Energy Related Assets | $ | 1,141 | $ | — | $ | 1,141 | $ | (399 | ) | (A) | $ | — | $ | 742 | ||||||||||
Derivatives - Energy Related Liabilities | (5,840 | ) | — | (5,840 | ) | 399 | (B) | 5,025 | (416 | ) | ||||||||||||||
Derivatives - Other | (7,631 | ) | — | (7,631 | ) | — | — | (7,631 | ) |
As of December 31, 2014 | ||||||||||||||||||||||||
Description | Gross amounts of recognized assets/liabilities | Gross amount offset in the balance sheet | Net amounts of assets/liabilities in balance sheet | Gross amounts not offset in the balance sheet | Net amount | |||||||||||||||||||
Financial Instruments | Cash Collateral Posted | |||||||||||||||||||||||
Derivatives - Energy Related Assets | $ | 2,051 | $ | — | $ | 2,051 | $ | (2 | ) | (A) | $ | — | $ | 2,049 | ||||||||||
Derivatives - Energy Related Liabilities | (7,603 | ) | — | (7,603 | ) | 2 | (B) | 7,253 | (348 | ) | ||||||||||||||
Derivatives - Other | (7,325 | ) | — | (7,325 | ) | — | — | (7,325 | ) |
Year ended December 31, | |||||||||||
Derivatives in Cash Flow Hedging Relationships | 2015 | 2014 | 2013 | ||||||||
Interest Rate Contracts: | |||||||||||
Losses reclassified from accumulated OCI into income (a) | $ | (46 | ) | $ | (46 | ) | $ | (46 | ) |
15. | ACCUMULATED OTHER COMPREHENSIVE LOSS (AOCL): |
Postretirement Liability Adjustment | Unrealized Gain (Loss) on Derivatives-Other | Unrealized Gain (Loss) on Available-for-Sale Securities | Total | ||||||||||||
Balance at January 1, 2015 (a) | (13,837 | ) | (567 | ) | $ | (75 | ) | $ | (14,479 | ) | |||||
Other comprehensive income before reclassifications | (110 | ) | — | (76 | ) | (186 | ) | ||||||||
Amounts reclassified from AOCL (b) | 1,727 | 23 | 53 | 1,803 | |||||||||||
Net current period other comprehensive income | 1,617 | 23 | (23 | ) | 1,617 | ||||||||||
Balance at December 31, 2015 (a) | $ | (12,220 | ) | $ | (544 | ) | $ | (98 | ) | $ | (12,862 | ) |
Postretirement Liability Adjustment | Unrealized Gain (Loss) on Derivatives-Other | Unrealized Gain (Loss) on Available-for-Sale Securities | Total | ||||||||||||
Balance at January 1, 2014 (a) | $ | (10,672 | ) | $ | (594 | ) | $ | 397 | $ | (10,869 | ) | ||||
Other comprehensive income before reclassifications | (4,345 | ) | — | 76 | (4,269 | ) | |||||||||
Amounts reclassified from AOCL (b) | 1,180 | 27 | (548 | ) | 659 | ||||||||||
Net current period other comprehensive income | (3,165 | ) | 27 | (472 | ) | (3,610 | ) | ||||||||
Balance at December 31, 2014 (a) | $ | (13,837 | ) | $ | (567 | ) | $ | (75 | ) | $ | (14,479 | ) |
Components of AOCL | Amounts Reclassified from AOCL | Affected Line Item in the Statements of Income | ||||||||
For the Year Ended December 31, 2015 | For the Year Ended December 31, 2014 | |||||||||
Unrealized Loss on Derivatives-Other - Interest Rate Contracts designated as cash flow hedges | $ | 46 | $ | 46 | Interest Charges | |||||
Income Taxes | (23 | ) | (19 | ) | Income Taxes (a) | |||||
$ | 23 | $ | 27 | |||||||
Unrealized Loss(Gain) on Available-for-Sale Securities | 90 | (918 | ) | Other Income & Expense | ||||||
Income Taxes | (37 | ) | 370 | Income Taxes (a) | ||||||
$ | 53 | $ | (548 | ) | ||||||
Actuarial Loss on Postretirement Benefits | 2,891 | 1,975 | Operating Expenses: Operations | |||||||
Income Taxes | (1,164 | ) | (795 | ) | Income Taxes (a) | |||||
$ | 1,727 | $ | 1,180 | |||||||
Losses from reclassifications for the period net of tax | $ | 1,803 | $ | 659 |
16. | QUARTERLY RESULTS OF OPERATIONS - UNAUDITED: |
2015 Quarter Ended | 2014 Quarter Ended | ||||||||||||||||||||||||||||||
March 31 | June 30 | Sept. 30 | Dec. 31 | March 31 | June 30 | Sept. 30 | Dec. 31 | ||||||||||||||||||||||||
Operating Revenues | $ | 267,658 | $ | 75,812 | $ | 58,634 | $ | 132,186 | $ | 210,545 | $ | 69,159 | $ | 60,952 | $ | 161,219 | |||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||
Cost of Sales (excluding depreciation) | 146,102 | 25,419 | 22,934 | 50,835 | 103,293 | 24,879 | 23,400 | 79,644 | |||||||||||||||||||||||
Operations and Maintenance | |||||||||||||||||||||||||||||||
Including Fixed Charges | 52,137 | 42,691 | 42,204 | 48,258 | 46,969 | 38,737 | 37,432 | 47,943 | |||||||||||||||||||||||
Income Taxes | 26,172 | 3,292 | (2,871 | ) | 10,352 | 22,527 | 2,379 | 534 | 9,455 | ||||||||||||||||||||||
Energy and Other Taxes | 1,420 | 854 | 806 | 951 | 1,185 | 830 | 798 | 947 | |||||||||||||||||||||||
Total Expenses | 225,831 | 72,256 | 63,073 | 110,396 | 173,974 | 66,825 | 62,164 | 137,989 | |||||||||||||||||||||||
Other Income and Expense | 760 | 1,670 | 1,010 | 404 | 1,086 | 1,477 | 2,186 | 811 | |||||||||||||||||||||||
Net Income | $ | 42,587 | $ | 5,226 | $ | (3,429 | ) | $ | 22,194 | $ | 37,657 | $ | 3,811 | $ | 974 | $ | 24,041 |
(a) | Listed below are all financial statements and schedules filed as part of this report: |
(b) | List of Exhibits (Exhibit Number is in Accordance with the Exhibit Table in Item 601 of Regulation S-K). |
Exhibit Number | Description | Reference | |
(3)(a) | Certificate of Incorporation of South Jersey Gas Company. | Incorporated by reference from Exhibit (3)(a) of Form 10-K filed March 7, 1997. | |
(3)(b) | Bylaws of South Jersey Gas Company as amended and restated through January 1, 2013. | Incorporated by reference from Exhibit 3.1 of Form 8-K of SJG as filed January 3, 2013. | |
(4)(a) | Form of Stock Certificate for Common Stock. | Incorporated by reference from Exhibit (4)(a) of Form 10-K filed March 7, 1997. | |
(4)(b)(i) | First Mortgage Indenture dated October 1, 1947. | Incorporated by reference from Exhibit (4)(b)(i) of Form 10-K of SJI for 1987 (1-6364). | |
(4)(b)(ii) | Nineteenth Supplemental Indenture dated as of April 1, 1992. | Incorporated by reference from Exhibit (4)(b)(xvii) of Form 10-K of SJI for 1992 (1-6364). | |
(4)(b)(iii) | Twenty-First Supplemental Indenture dated as of March 1, 1997. | Incorporated by reference from Exhibit (4)(b)(xviv) of Form 10-K of SJI for 1997 (1-6364). | |
(4)(b)(iv) | Twenty-Second Supplemental Indenture dated as of October 1, 1998. | Incorporated by reference from Exhibit (4)(b)(ix) of Form S-3 (333-62019). | |
(4)(b)(v) | Twenty-Third Supplemental Indenture dated as of September 1, 2002. | Incorporated by reference from Exhibit (4)(b)(x) of Form S-3 (333-98411). | |
(4)(b)(vi) | Twenty-Fourth Supplemental Indenture dated as of September 1, 2005. | Incorporated by reference from Exhibit (4)(b)(vi) of Form S-3 (333-126822). | |
(4)(b)(vii) | Amendment to Twenty-Fourth Supplemental Indenture dated as of March 31, 2006. | Incorporated by reference from Exhibit 4 of Form 8-K as filed April 26, 2006. | |
(4)(b)(viii) | Amendment No. 2 to the Twenty-Fourth Supplemental Indenture dated as of December 20, 2010. | Incorporated by reference from Exhibit (4)(b)(viii) of Form 10-K for 2010. | |
Exhibit Number | Description | Reference | |
(4)(b)(ix) | Twenty-Fifth Supplemental Indenture dated as of March 29, 2012. | Incorporated by reference from Exhibit 4.1 of Form 8-K of SJG as filed April 3, 2012. | |
(4)(b)(x) | Loan Agreement by and between New Jersey Economic Development Authority and SJG dated April 1, 2006. | Incorporated by reference from Exhibit 10 of Form 8-K of SJG as filed April 26, 2006. | |
(4)(c)(i) | Medium Term Note Indenture of Trust dated October 1, 1998. | Incorporated by reference from Exhibit (4)(e) of Form S-3 (333-62019). | |
(4)(c)(ii) | First Supplement to Indenture of Trust dated as of June 29, 2000. | Incorporated by reference from Exhibit 4.1 of Form 8-K of SJG dated July, 12, 2001. | |
(4)(c)(iii) | Second Supplement to Indenture of Trust dated as of July 5, 2000. | Incorporated by reference from Exhibit 4.2 of Form 8-K of SJG dated July, 12, 2001. | |
(4)(c)(iv) | Third Supplement to Indenture of Trust dated as of July 9, 2001. | Incorporated by reference from Exhibit 4.3 of Form 8-K of SJG dated July, 12, 2001. | |
(4)(c)(v) | Fourth Supplement to Indenture of Trust dated as of February 26, 2010. | Incorporated by reference from Exhibit 4.1 Form 8K dated March 5, 2010. | |
(10)(a)(i) | Gas storage agreement (GSS) between South Jersey Gas Company and Transco dated October 1, 1993. | Incorporated by reference from Exhibit (10)(d) of Form 10-K for 1993 (1-6364). | |
(10)(a)(ii) | Gas storage agreement (LG-A) between South Jersey Gas Company and Transco dated June 3, 1974. | Incorporated by reference from Exhibit (5)(f) of Form S-7 (2-56233). | |
(10)(a)(iii) | Gas storage agreement (LSS) between South Jersey Gas Company and Transco dated October 1, 1993. | Incorporated by reference from Exhibit (10)(i) of Form 10-K for 1993 (1-6364). | |
(10)(a)(iv) | Gas storage agreement (SS-1) between South Jersey Gas Company and Transco dated May 10, 1987 (effective April 1, 1988). | Incorporated by reference from Exhibit (10)(i)(a) of Form 10-K for 1988 (1-6364). | |
(10)(b)(i) | Gas storage agreement (SS-2) between South Jersey Gas Company and Transco dated July 25, 1990. | Incorporated by reference from Exhibit (10)(i)(i) of Form 10-K for 1991 (1-6364). | |
(10)(b)(ii) | Amendment to gas transportation agreement dated December 20, 1991 between South Jersey Gas Company and Transco dated October 5, 1993. | Incorporated by reference from Exhibit (10)(i)(k) of Form 10-K for 1993 (1-6364). | |
(10)(b)(iii) | CNJEP Service agreement between South Jersey Gas Company and Transco dated June 27, 2005. | Incorporated by reference from Exhibit (10)(i)(l) of Form 10-K for 2005 (1-6364). | |
(10)(c)(i) | FTS Service Agreement No. 38099 between South Jersey Gas Company and Columbia Gas Transmission Corporation dated November 1, 1993. | Incorporated by reference from Exhibit (10)(k)(n) of Form 10-K for 1993 (1-6364). | |
(10)(c)(ii) | NTS Service Agreement No. 39305 between South Jersey Gas Company and Columbia Gas Transmission Corporation dated November 1, 1993. | Incorporated by reference from Exhibit (10)(k)(o) of Form 10-K for 1993 (1-6364). |
Exhibit Number | Description | Reference | |
(10)(c)(iii) | FSS Service Agreement No. 38130 between South Jersey Gas Company and Columbia Gas Transmission Corporation dated November 1, 1993. | Incorporated by reference from Exhibit (10)(k)(p) of Form 10-K for 1993 (1-6364). | |
(10)(d)(i) | SST Service Agreement No. 38086 between South Jersey Gas Company and Columbia Gas Transmission Corporation dated November 1, 1993. | Incorporated by reference from Exhibit (10)(k)(q) of Form 10-K for 1993 (1-6364). | |
(10)(h)(i)* | Deferred Payment Plan for Directors of South Jersey Industries, Inc., South Jersey Gas Company, Energy & Minerals, Inc., R&T Group, Inc. and South Jersey Energy Company as amended and restated October 21, 1994. | Incorporated by reference from Exhibit (10)(l) of Form 10-K of SJI for 1994 (1-6364). | |
(10)(h)(ii)* | Schedule of Deferred Compensation Agreements. | Incorporated by reference from Exhibit (10)(l)(b) of Form 10-K of SJI for 1997 (1-6364). | |
(10)(h)(iii)* | Supplemental Executive Retirement Program, as amended and restated effective January 1, 2009, and Form of Agreement between certain South Jersey Industries, Inc. or subsidiary Company officers. | Incorporated by reference from Exhibit (10)(f)(ii) of Form 10-K of SJI for 2009 (1-6364). | |
(10)(h)(iv)* | Form of Officer Change in Control Agreements, effective January 1, 2013, between certain officers and either South Jersey Industries, Inc. or its subsidiaries. | Incorporated by reference from Exhibit 10.1 of Form 8-K of SJI as filed January 25, 2013. | |
(10)(h)(v)* | Schedule of Officer Agreements. | Incorporated by reference from Exhibit 10(e)(iv) of Form 10-K of SJI as filed February 27, 2015. | |
(10)(h)(vi)* | Officer Severance Plan. | Incorporated by reference from Exhibit 10(f)(i) of Form 10-K of SJI as filed February 27, 2015. | |
(10)(i)(i) | Note Purchase Agreement dated as of March 1, 2010. | Incorporated by reference from Exhibit 10 of Form 8-K dated March 5, 2010. | |
(10)(i)(ii) | Note Purchase Agreement dated as of December 30, 2010. | Incorporated by reference from Exhibit 10 of Form 8-K dated January 5, 2011. | |
(10)(i)(iii) | Four-Year Revolving Credit Agreement. | Incorporated by reference from Exhibit 10.1 of Form 8-K of SJG dated May 6, 2011. | |
(10)(i)(iv) | Commercial Paper Dealer Agreement, dated as of July 1, 2011. | Incorporated by reference from Exhibit 10.1 of Form 8-K of SJG dated July 1, 2011. | |
(10)(i)(v) | Commercial Paper Dealer Agreement, dated as of January 5, 2012. | Incorporated by reference from Exhibit 10.1 of Form 8-K of SJG dated January 9, 2012. | |
(10)(i)(vi) | Note Purchase Agreement dated as of April 2, 2012. | Incorporated by reference from Exhibit 10.1 of Form 8-K of SJG dated April 3, 2012. | |
Exhibit Number | Description | Reference | |
(10)(i)(vii) | Note Purchase Agreement, dated as of September 20, 2012, . | Incorporated by reference from Exhibit 10.1 of Form 8-K of SJG dated September 25, 2012. | |
(10)(i)(viii) | First Amendment to Credit Agreement, dated as of September 27, 2013. | Incorporated by reference from Exhibit 10.1 of Form 8-K of SJG as filed September 30, 2013. | |
(10)(i)(ix) | Note Purchase Agreement, dated as of November 21, 2013. | Incorporated by reference from Exhibit 10.1 of Form 8-K of SJG as filed November 22, 2013. | |
(10)(i)(x) | Term Loan Credit Agreement, dated as of June 5, 2014. | Incorporated by reference from Exhibit 10.1 of Form 8-K of SJG dated June 5, 2014. | |
(12) | Calculation of Ratio of Earnings to Fixed Charges (Before Federal Income Taxes) (filed herewith). | ||
(14) | Code of Ethics | Incorporated by reference from Exhibit (14) of Form 10-K of SJI as filed for 2007. | |
(31.1) | Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). | ||
(31.2) | Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). | ||
(32.1) | Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith). | ||
(32.2) | Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith). | ||
(101.INS) | eXtensible Business Reporting Language (XBRL) Instance Document (filed herewith). | ||
(101.SCH) | XBRL Taxonomy Extension Schema (filed herewith). | ||
(101.CAL) | XBRL Taxonomy Extension Calculation Linkbase (filed herewith). | ||
(101.DEF) | XBRL Taxonomy Extension Definition Linkbase (filed herewith). | ||
(101.LAB) | XBRL Taxonomy Extension Label Linkbase (filed herewith). | ||
(101.PRE) | XBRL Taxonomy Extension Presentation Linkbase (filed herewith). |
SOUTH JERSEY GAS COMPANY | |||
Date: | February 29, 2016 | BY: | /s/ Stephen H. Clark |
Stephen H. Clark, Chief Financial Officer | |||
Signature | Title | Date | ||
/s/ Jeffrey E. DuBois | Director, President | February 29, 2016 | ||
(Jeffrey E. DuBois) | (Principal Executive Officer) | |||
/s/ Stephen H. Clark | Chief Financial Officer | February 29, 2016 | ||
(Stephen H. Clark) | (Principal Financial Officer) | |||
/s/ Thomas S. Kavanaugh | Controller | February 29, 2016 | ||
(Thomas S. Kavanaugh) | ||||
/s/ Walter M. Higgins III | Director, Chairman of the Board | February 29, 2016 | ||
(Walter M. Higgins III) | ||||
/s/ Thomas A. Bracken | Director | February 29, 2016 | ||
(Thomas A. Bracken) | ||||
/s/ Victor A. Fortkiewicz | Director | February 29, 2016 | ||
(Victor A. Fortkiewicz) | ||||
/s/ Sunita Holzer | Director | February 29, 2016 | ||
(Sunita Holzer) |
Col. A | Col. B | Col. C | Col. D | Col. E | |||||||||||||||
Additions | |||||||||||||||||||
Classification | Balance at Beginning of Period | Charged to Costs and Expenses | Charged to Other Accounts - Describe (a) | Deductions - Describe (b) | Balance at End of Period | ||||||||||||||
Provision for Uncollectible | |||||||||||||||||||
Accounts for the Year Ended | |||||||||||||||||||
December 31, 2015 | $ | 6,601 | $ | 14,689 | $ | (235 | ) | $ | 11,277 | $ | 9,778 | ||||||||
Provision for Uncollectible | |||||||||||||||||||
Accounts for the Year Ended | |||||||||||||||||||
December 31, 2014 | $ | 4,553 | $ | 9,417 | $ | (102 | ) | $ | 7,267 | $ | 6,601 | ||||||||
Provision for Uncollectible | |||||||||||||||||||
Accounts for the Year Ended | |||||||||||||||||||
December 31, 2013 | $ | 3,985 | $ | 4,232 | $ | (41 | ) | $ | 3,623 | $ | 4,553 |
Exhibit 12 | ||||||||||||||||||||||||||||||
SOUTH JERSEY GAS COMPANY | ||||||||||||||||||||||||||||||
Calculation of Ratio of Earnings to Fixed Charges | ||||||||||||||||||||||||||||||
(IN THOUSANDS) | ||||||||||||||||||||||||||||||
Fiscal Year Ended December 31, | ||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Net Income | $ | 66,578 | $ | 66,483 | $ | 62,236 | $ | 58,241 | $ | 52,889 | ||||||||||||||||||||
Income Taxes, Net | 36,945 | 34,895 | 34,833 | 33,711 | 34,281 | |||||||||||||||||||||||||
Fixed Charges* | 22,722 | 22,264 | 20,724 | 18,897 | 20,034 | |||||||||||||||||||||||||
Capitalized Interest | (2,816 | ) | (4,392 | ) | (8,174 | ) | (6,470 | ) | (1,112 | ) | ||||||||||||||||||||
Total Available for Coverage | $ | 123,429 | $ | 119,250 | $ | 109,619 | $ | 104,379 | $ | 106,092 | ||||||||||||||||||||
Total Available | 5.4x | 5.4x | 5.3x | 5.5x | 5.3x | |||||||||||||||||||||||||
Fixed Charges | ||||||||||||||||||||||||||||||
* Fixed charges consist of interest charges (rentals are not material). | ||||||||||||||||||||||||||||||
South Jersey Gas Company | |||
Date: | February 29, 2016 | By: | /s/ Jeffrey E. DuBois |
Jeffrey E. DuBois | |||
President | |||
(Principal Executive Officer) |
South Jersey Gas Company | |||
Date: | February 29, 2016 | By: | /s/ Stephen H. Clark |
Stephen H. Clark | |||
Chief Financial Officer | |||
(Principal Financial Officer) |
/s/ Jeffrey E. DuBois | |
Name: Jeffrey E. DuBois | |
Title: President | |
(Principal Executive Officer) | |
February 29, 2016 |
/s/ Stephen H. Clark | |
Name: Stephen H. Clark | |
Title: Chief Financial Officer | |
(Principal Financial Officer) | |
February 29, 2016 |
DOCUMENT AND ENTITY INFORMATION - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Feb. 15, 2016 |
Jun. 30, 2015 |
|
Entity [Abstract] | |||
Entity Registrant Name | SOUTH JERSEY GAS Co | ||
Entity Central Index Key | 0001035216 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 2,339,139 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 0 |
STATEMENTS OF INCOME - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Statement [Abstract] | |||
Operating Revenues | $ 534,290 | $ 501,875 | $ 446,480 |
Operating Expenses: | |||
Cost of Sales (Excluding depreciation) | 245,290 | 231,216 | 200,081 |
Operations | 107,836 | 102,428 | 85,805 |
Maintenance | 16,183 | 13,457 | 13,135 |
Depreciation | 41,365 | 37,324 | 33,775 |
Energy and Other Taxes | 4,031 | 3,760 | 7,862 |
Total Operating Expenses | 414,705 | 388,185 | 340,658 |
Operating Income | 119,585 | 113,690 | 105,822 |
Other Income and Expense | 3,844 | 5,560 | 3,797 |
Interest Charges | (19,906) | (17,872) | (12,550) |
Income Before Income Taxes | 103,523 | 101,378 | 97,069 |
Income Taxes | (36,945) | (34,895) | (34,833) |
Net Income | $ 66,578 | $ 66,483 | $ 62,236 |
STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||
Statement of Comprehensive Income [Abstract] | ||||||||
Net Income | $ 66,578 | $ 66,483 | $ 62,236 | |||||
Other Comprehensive Income (Loss), Net of Tax: | ||||||||
Postretirement Liability Adjustment | [1] | 1,617 | (3,165) | 2,286 | ||||
Unrealized (Loss) Gain on Available-for-Sale Securities | [1] | (23) | (472) | 103 | ||||
Unrealized Gain on Derivatives - Other | [1] | 23 | 27 | 27 | ||||
Other Comprehensive Income (Loss) - Net of Tax | [1],[2] | 1,617 | (3,610) | 2,416 | ||||
Comprehensive Income | $ 68,195 | $ 62,873 | $ 64,652 | |||||
Additional Statement Information [Abstract] | ||||||||
Combined statutory rate | 40.00% | 40.00% | 41.00% | |||||
|
BALANCE SHEETS (Parenthetical) - $ / shares |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, par value (in USD per share) | $ 2.50 | $ 2.50 |
Common stock, shares authorized (in shares) | 4,000,000 | 4,000,000 |
Common stock, shares outstanding (in shares) | 2,339,139 | 2,339,139 |
STATEMENTS OF CHANGES IN COMMON EQUITY AND COMPREHENSIVE INCOME - USD ($) $ in Thousands |
Total |
Common Stock |
Other Paid-In Capital and Premium on Common Stock |
Accumulated Other Comprehensive Loss |
Retained Earnings |
||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2012 | $ 521,395 | $ 5,848 | $ 201,050 | $ (13,285) | $ 327,782 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net Income | 62,236 | 62,236 | |||||||||
Other Comprehensive Gain (Loss), Net of Tax | [2] | 2,416 | [1] | 2,416 | |||||||
Cash Dividends Declared – Common Stock | 0 | 0 | |||||||||
Additional Investment by Shareholder | 25,000 | 25,000 | |||||||||
Tax Deficiency from Restricted Stock Plan | (78) | (78) | |||||||||
Ending balance at Dec. 31, 2013 | $ 610,969 | 5,848 | 225,972 | (10,869) | 390,018 | ||||||
Additional Statement Information [Abstract] | |||||||||||
Combined statutory rate | 41.00% | ||||||||||
Net Income | $ 66,483 | 66,483 | |||||||||
Other Comprehensive Gain (Loss), Net of Tax | [2] | (3,610) | [1] | (3,610) | |||||||
Cash Dividends Declared – Common Stock | (18,201) | (18,201) | |||||||||
Additional Investment by Shareholder | 25,000 | 25,000 | |||||||||
Tax Deficiency from Restricted Stock Plan | (73) | (73) | |||||||||
Ending balance at Dec. 31, 2014 | $ 680,568 | 5,848 | 250,899 | (14,479) | 438,300 | ||||||
Additional Statement Information [Abstract] | |||||||||||
Combined statutory rate | 40.00% | ||||||||||
Net Income | $ 66,578 | 66,578 | |||||||||
Other Comprehensive Gain (Loss), Net of Tax | [2] | 1,617 | [1] | 1,617 | |||||||
Cash Dividends Declared – Common Stock | (40,764) | (40,764) | |||||||||
Additional Investment by Shareholder | 0 | 0 | |||||||||
Tax Deficiency from Restricted Stock Plan | (72) | (72) | |||||||||
Ending balance at Dec. 31, 2015 | $ 707,927 | $ 5,848 | $ 250,827 | $ (12,862) | $ 464,114 | ||||||
Additional Statement Information [Abstract] | |||||||||||
Combined statutory rate | 40.00% | ||||||||||
|
STATEMENTS OF CHANGES IN COMMON EQUITY AND COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||||||
Change In Accumulated Other Comprehensive Loss Balances [Roll Forward] | ||||||||||||
Beginning balance | [1] | $ (14,479) | $ (10,869) | |||||||||
Changes During Year | [2],[3] | 1,617 | (3,610) | $ 2,416 | ||||||||
Ending balance | [1] | (12,862) | (14,479) | (10,869) | ||||||||
Postretirement Liability Adjustment | ||||||||||||
Change In Accumulated Other Comprehensive Loss Balances [Roll Forward] | ||||||||||||
Beginning balance | [3] | (13,837) | [1] | (10,672) | [1] | (12,958) | ||||||
Changes During Year | [3] | 1,617 | (3,165) | 2,286 | ||||||||
Ending balance | [1],[3] | (12,220) | (13,837) | (10,672) | ||||||||
Unrealized Gain (Loss) on Available-for-Sale Securities | ||||||||||||
Change In Accumulated Other Comprehensive Loss Balances [Roll Forward] | ||||||||||||
Beginning balance | [3] | (75) | [1] | 397 | [1] | 294 | ||||||
Changes During Year | [3] | (23) | (472) | 103 | ||||||||
Ending balance | [1],[3] | (98) | (75) | 397 | ||||||||
Unrealized Gain (Loss) on Derivatives | ||||||||||||
Change In Accumulated Other Comprehensive Loss Balances [Roll Forward] | ||||||||||||
Beginning balance | [3] | (567) | [1] | (594) | [1] | (621) | ||||||
Changes During Year | [3] | 23 | 27 | 27 | ||||||||
Ending balance | [1],[3] | (544) | (567) | (594) | ||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Change In Accumulated Other Comprehensive Loss Balances [Roll Forward] | ||||||||||||
Beginning balance | [3] | (14,479) | (10,869) | (13,285) | ||||||||
Changes During Year | [3] | 1,617 | (3,610) | 2,416 | ||||||||
Ending balance | [3] | $ (12,862) | $ (14,479) | $ (10,869) | ||||||||
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: The Entity - South Jersey Industries, Inc. (SJI) owns all of the outstanding common stock of South Jersey Gas Company (SJG). In our opinion, the financial statements reflect all normal and recurring adjustments needed to fairly present our financial position and operating results at the dates and for the periods presented. Certain reclassifications have been made to the prior period's regulatory liabilities disclosure to conform to the current period presentation. The societal benefits cost previously included in "Other Regulatory Liabilities" were reclassified to the line item "Societal Benefits Costs Payable" in the regulatory liabilities table disclosed in Note 4. Certain reclassifications have been made to the prior period's deferred tax asset/liability disclosure to conform to the current period presentation. The breakout of current and noncurrent assets/liabilities previously disclosed in Note 6 was reclassified to separate deferred tax assets and deferred tax liabilities. Equity Investments - Marketable equity securities that are purchased as long-term investments are classified as Available-for-Sale Securities and carried at their fair value on our balance sheets. Any unrealized gains or losses are included in Accumulated Other Comprehensive Loss. An impairment loss is recorded when there is clear evidence that a decline in value is other than temporary. No impairment losses were recorded on Investments during 2015, 2014 or 2013. Estimates and Assumptions - We prepare our financial statements to conform with accounting principles generally accepted in the United States of America (GAAP). Management makes estimates and assumptions that affect the amounts reported in the financial statements and related disclosures. Therefore, actual results could differ from those estimates. Significant estimates include amounts related to regulatory accounting, energy derivatives, environmental remediation costs, pension and other postretirement benefit costs, and revenue recognition. Regulation - We are subject to the rules and regulations of the New Jersey Board of Public Utilities (BPU). See Note 3 for a detailed discussion of our rate structure and regulatory actions. We maintain our accounts according to the BPU’s prescribed Uniform System of Accounts. We follow the accounting for regulated enterprises prescribed by the FASB ASC Topic 980 – “Regulated Operations.” In general, Topic 980 allows for the deferral of certain costs (regulatory assets) and creation of certain obligations (regulatory liabilities) when it is probable that such items will be recovered from or refunded to customers in future periods. See Note 4 for a detailed discussion of regulatory assets and liabilities. Operating Revenues - Gas revenues are recognized in the period the commodity is delivered to customers. For retail customers that are not billed at the end of the month, we record an estimate to recognize unbilled revenues for gas delivered from the date of the last meter reading to the end of the month. Revenue and Throughput-Based Taxes - SJG collects certain revenue-based energy taxes from our customers. Such taxes include New Jersey State Sales Tax and Public Utilities Assessment (PUA). State sales tax is recorded as a liability when billed to customers and is not included in revenue or operating expenses. The PUA is included in both revenues and cost of sales and totaled $1.2 million, $1.1 million and $1.2 million in 2015, 2014 and 2013, respectively. In prior years, SJG had collected a throughput-based energy tax from customers in the form of a Transitional Energy Facility Assessment (TEFA ). The TEFA was included in both revenues and cost of sales and totaled $4.0 million in 2013. The TEFA was eliminated effective January 1, 2014. Accounts Receivable and Provision for Uncollectible Accounts - Accounts receivable are carried at the amount owed by customers. A provision for uncollectible accounts is established based on our collection experience and an assessment of the collectibility of specific accounts. Natural Gas in Storage – Natural Gas in Storage is reflected at average cost on the balance sheets, and represents natural gas that will be utilized in the ordinary course of business. Property, Plant & Equipment - For regulatory purposes, utility plant is stated at original cost, which may be different than our cost if the assets were acquired from another regulated entity. The cost of adding, replacing and renewing property is charged to the appropriate plant account. Utility Plant balances as of December 31, 2015 and 2014 were comprised of the following (in thousands):
The increase in Utility Plant in Service is related to projects for distribution, some of which are part of the Company's Accelerated Infrastructure Replacement Program (AIRP), as discussed under Note 3. Asset Retirement Obligations - The amounts included under Asset Retirement Obligations (ARO) are primarily related to the legal obligations we have to cut and cap our gas distribution pipelines when taking those pipelines out of service in future years. These liabilities are generally recognized upon the acquisition or construction of the asset. The related asset retirement cost is capitalized concurrently by increasing the carrying amount of the related asset by the same amount as the liability. Changes in the liability are recorded for the passage of time (accretion) or for revisions to cash flows originally estimated to settle the ARO. ARO activity during 2015 and 2014 was as follows (in thousands):
* The revision in estimated cash flows in 2015 reflects an increase in the contractual cost to settle ARO. A corresponding increase was made to Regulatory Assets, thus having no impact on earnings. Depreciation - We depreciate utility plant on a straight-line basis over the estimated remaining lives of the various property classes. These estimates are periodically reviewed and adjusted as required after BPU approval. The composite annual rate for all depreciable utility property was approximately 2.2% in 2015, 2.2% in 2014 and 2.3% in 2013. The actual composite rate may differ from the approved rate as the asset mix changes over time. Except for retirements outside of the normal course of business, accumulated depreciation is charged with the cost of depreciable utility property retired, less salvage. Effective October 1, 2014, SJG's composite depreciation rate was reduced from 2.4% to 2.1%. See Note 3. Capitalized Interest - We capitalize interest on construction at the rate of return on rate base utilized by the BPU to set rates in our last base rate proceeding. For our accelerated infrastructure programs, we capitalize interest on construction at a rate prescribed by the programs (See Note 3). Capitalized interest is included in Utility Plant on the balance sheets. Interest Charges are presented net of capitalized interest on the statements of income. We capitalized interest of $2.8 million in 2015, $4.4 million in 2014 and $8.2 million in 2013. The decrease in 2015 is primarily related to major IT systems being placed in service in 2014. The decrease in 2014 is related to the CIRT projects rolling into customer rates effective October 31, 2013. Under the CIRT, qualified capital expenditures continued to accrue interest on construction until such projects were rolled into customer rates and recovery of the expenditures commenced. All CIRT program investments have been rolled into rate base and the CIRT program is now concluded. See Note 3 for additional discussion of the CIRT programs. Impairment of Long-Lived Assets - We review the carrying amount of long-lived assets for possible impairment whenever events or changes in circumstances indicate that such amounts may not be recoverable. For the years ended 2015, 2014 and 2013, no significant impairments were identified. Derivative Instruments - SJG uses a variety of derivative instruments to limit its exposure to market risk in accordance with strict guidelines (See Note 14). These contracts, which have not been designated as hedging instruments under GAAP, are measured at fair value and recorded in Derivatives – Energy Related Assets or Derivatives – Energy Related Liabilities on the balance sheets. The costs or benefits of these short-term contracts are recoverable through SJG’s Basic Gas Supply Service (BGSS) clause, subject to BPU approval. As a result, the net unrealized pre-tax gains and losses for these energy related commodity contracts are included with realized gains and losses in Regulatory Assets or Regulatory Liabilities on the balance sheets. SJG has also entered into interest rate derivatives to hedge exposure to increasing interest rates and the impact of those rates on cash flows of variable-rate debt. These interest rate derivatives, which have not been designated as hedging instruments under GAAP, are measured at fair value and recorded in Derivatives-Other on the balance sheets. The fair value represents the amount SJG would have to pay the counterparty to terminate these contracts as of those dates. Subject to BPU approval, the market value upon termination of these interest rate derivatives can be recovered in rates and, therefore, these unrealized losses have been included in Other Regulatory Assets in the balance sheets. Income Taxes - Deferred income taxes are provided for all significant temporary differences between the book and taxable basis of assets and liabilities in accordance with FASB ASC Topic 740 – “Income Taxes” (See Note 6). A valuation allowance is established when it is determined that it is more likely than not that a deferred tax asset will not be realized. Cash and Cash Equivalents - For purposes of reporting cash flows, highly liquid investments with original maturities of three months or less are considered cash equivalents. NEW ACCOUNTING PRONOUNCEMENTS - Other than as described below, no new accounting pronouncement issued or effective during 2015, 2014 or 2013 had, or is expected to have, a material impact on the financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606); This ASU supersedes the revenue recognition requirements in FASB ASC 605, Revenue Recognition, and in most industry-specific topics. The new guidance identifies how and when entities should recognize revenue. The new rules establish a core principle requiring the recognition of revenue to depict the transfer of promised goods or services to customers in an amount reflecting the consideration to which the entity expects to be entitled in exchange for such goods or services. The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Management is currently determining the impact that adoption of this guidance will have on the Company's financial statement results. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40); Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. The new guidance requires management of a company to evaluate whether there is substantial doubt about the company's ability to continue as a going concern. This ASU is effective for the annual reporting period ending after December 15, 2016, and for interim and annual reporting periods thereafter, with early adoption permitted. The Company does not expect this standard to have an impact on its financial statements upon adoption. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810) - Amendments to the Consolidation Analysis, which changes the analysis to be performed in determining whether certain types of legal entities should be consolidated. Specifically, the standard amends the evaluation of whether (a) fees paid to a decision maker or service providers represent a variable interest, (b) a limited partnership or similar entity has the characteristics of a Variable Interest Entity ("VIE") and (c) a reporting entity is the primary beneficiary of a VIE. The standard is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods, with early adoption permitted. The Company does not expect this standard to have an impact on its financial statements upon adoption. In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This ASU requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. The standard is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. The adoption of this guidance will not have an impact on the Company's financial statement results; however, balance sheet presentations will be modified to conform to this guidance. Also in April 2015, the FASB issued ASU 2015-05, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40). This ASU provides guidance to customers (a) in determining whether a cloud computing arrangement includes a software license, and (b) on how the arrangement should be accounted for, depending on whether or not it includes a software license. The amended guidance is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. The Company does not expect this standard to have a significant impact on its financial statements upon adoption. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. This ASU states that inventory for which cost is determined using a method other than last-in, first-out (LIFO) or the retail method should be subsequently measured at the lower of cost or net realizable value (NRV), rather than at the lower of cost or market. The standard is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2016. Management is currently determining the impact that adoption of this guidance will have on the Company's financial statement results. In August 2015, the FASB issued ASU 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. This ASU states that, given the absence of authoritative guidance for debt issuance costs related to line-of-credit arrangements within ASU 2015-03 (defined above), the SEC staff would not object to an entity deferring and presenting such costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of credit arrangement. The adoption of this standard did not have an impact on the Company's financial statement results. In November 2015, the FASB issued ASU 2015-17, "Balance Sheet Classification of Deferred Taxes," which simplifies the presentation of deferred taxes by requiring that deferred tax assets and liabilities be presented as noncurrent on the balance sheet. ASU 2015-17 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2016. Early adoption is permitted for financial statements that have not previously been issued. This ASU 2015-17 may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company adopted this guidance, prospectively, as of December 31, 2015 (see note 6). |
STOCK-BASED COMPENSATION PLANS |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK-BASED COMPENSATION PLANS | STOCK-BASED COMPENSATION PLANS: In April 2015, SJI adopted its 2015 Omnibus Equity Compensation Plan, which replaced its previous Stock Based Compensation Plan. Officers and other key employees of SJG participate in the plans of SJI. Performance-based restricted shares vest over a three-year period and are subject to SJI achieving certain market and earnings-based performance targets as compared to a peer group average, which can cause the actual amount of shares that ultimately vest to range from between 0% to 200% of the original share units granted. In 2015, SJI also granted time-based shares of restricted stock, one-third of which vests annually over a three-year period and is limited to 100% payout. Vesting of time-based grants is contingent upon SJI achieving a return on equity (ROE) of at least 7% during the initial year of the grant and meeting the service requirement. Provided that the 7% ROE requirement is met in the initial year, payout is solely contingent upon the service requirement being met in years two and three of the grant. In 2015, SJG Officers and other key employees were granted 7,878 shares of time-based restricted stock, which are included in the shares table below. Grants containing market-based performance targets use SJI's total shareholder return (TSR) relative to a peer group to measure performance. As TSR-based grants are contingent upon market and service conditions, SJI is required to measure and recognize stock-based compensation expense based on the fair value at the date of grant on a straight-line basis over the requisite three-year period of each award. In addition, SJI identifies specific forfeitures of share-based awards, and compensation expense is adjusted accordingly over the requisite service period. Compensation expense is not adjusted based on the actual achievement of performance goals. The fair value of TSR-based restricted stock awards on the date of grant is estimated using a Monte Carlo simulation model. Through 2014, grants containing earnings-based targets were based on SJI's earnings per share (EPS) growth rate relative to a peer group to measure performance. Beginning in 2015, earnings-based performance targets include predefined EPS and ROE goals to measure performance. As EPS-based and ROE-based grants are contingent upon performance and service conditions, SJI is required to measure and recognize stock-based compensation expense based on the fair value at the date of grant over the requisite three-year period of each award. The fair value is measured as the market price at the date of grant. The initial accruals of compensation expense are based on the estimated number of shares expected to vest, assuming the requisite service is rendered and probable outcome of the performance condition is achieved. That estimate is revised if subsequent information indicates that the actual number of shares is likely to differ from previous estimates. Compensation expense is ultimately adjusted based on the actual achievement of service and performance targets. We are allocated a portion of SJI's compensation cost during the vesting period. We accrue a liability and record compensation cost over the requisite three-year service period based on the grant date fair value as described above for each type of grant. Upon vesting, we make a cash payment to SJI equal to the amounts accrued as compensation cost during the vesting period. Since the inception of the plans, our expense recognition policy has been consistent with the expense recognition policy at SJI. The following table summarizes the SJI nonvested restricted stock awards pertaining to SJG outstanding at December 31, 2015, and the assumptions used to estimate the fair value of the awards:
Expected volatility is based on the actual volatility of SJI’s share price over the preceding three-year period as of the valuation date. The risk-free interest rate is based on the zero-coupon U.S. Treasury Bond, with a term equal to the three-year term of the Officers' and other key employees' restricted shares. As notional dividend equivalents are credited to the holders during the three year service period, no reduction to the fair value of the award is required. The cost for restricted stock awards was $0.3 million, $0.2 million and $0.4 million in 2015, 2014 and 2013, respectively. Of these costs, approximately one half was capitalized to Utility Plant in each of those years. As of December 31, 2015, there was $0.7 million of total unrecognized compensation cost related to nonvested share-based compensation awards granted under the restricted stock plans. That cost is expected to be recognized over a weighted average period of 1.8 years. The following table summarizes information regarding restricted stock award activity during 2015, excluding accrued dividend equivalents:
* Based on performance information available at the filing of this report, management does not expect to award shares associated with the 2013 grants to officers and other key employees in 2016. Performance targets during the three-year vesting periods were not attained for the 2011 or 2012 grants that vested at December 31, 2013 and 2014, respectively. As a result, no shares were awarded in 2014 or 2015. During 2013, SJG awarded 12,901 shares that had vested at December 31, 2012, to its officers and other key employees at a market value of $0.6 million. SJG has a policy of making cash payments to SJI to satisfy its obligations under the Plan. Cash payments to SJI during 2015, 2014 and 2013 were approximately $0.2 million, $0.4 million and $0.4 million, respectively, relating to stock awards. Additionally, a change in control could result in the nonvested shares becoming nonforfeitable or immediately payable in cash. |
RATES AND REGULATORY ACTIONS |
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RATES AND REGULATORY ACTIONS | RATES AND REGULATORY ACTIONS: Base Rates - SJG is subject to the rules and regulations of the BPU. In September 2010, the BPU granted SJG a base rate increase of $42.1 million, which was predicated, in part, upon an 8.21% rate of return on rate base that included a 10.3% return on common equity. The $42.1 million includes $16.6 million of revenue previously recovered through the Conservation Incentive Program (CIP) and $6.8 million of revenues previously recovered through the Capital Investment Recovery Tracker (CIRT), resulting in incremental revenue of $18.7 million. SJG was permitted to recover regulatory assets contained in its petition and defer certain federally mandated pipeline integrity management program costs for recovery in its next base rate case. In addition, annual depreciation expense was reduced by $1.2 million as a result of the amortization of excess cost of removal recoveries. The BPU also authorized a Phase II of the base rate proceeding to review the costs of CIRT projects not rolled into rate base in the September 2010 settlement. A proceeding took place in 2013 to roll into base rates the remaining $22.5 million of CIRT I project costs that were not included in the 2010 rate increase, as well as CIRT II and III investments totaling $95.0 million that were made subsequent to the 2010 base rate case. These costs were rolled into rate base and reflected in base rates effective October 2013. In September 2014, the BPU granted SJG a base rate increase of $20 million, which was predicated, in part, upon a 7.10% rate of return on rate base that included a 9.75% return on common equity. The $20 million includes approximately $7.5 million of revenue associated with previously approved Accelerated Infrastructure Replacement Program (AIRP) investments that were rolled into base rates. SJG was also permitted to recover certain regulatory assets and to reduce its composite depreciate rate from 2.4% to 2.1%. These changes became effective on October 1, 2014. Rate Mechanisms - SJG's tariff, a schedule detailing the terms, conditions and rate information applicable to its various types of natural gas service, as approved by the BPU, has several primary rate mechanisms as discussed in detail below: Basic Gas Supply Service (BGSS) Clause - The BGSS price structure allows SJG to recover all prudently incurred gas costs. BGSS charges to customers can be either monthly or periodic (annual). Monthly BGSS charges are applicable to large use customers and are referred to as monthly because the rate changes on a monthly basis pursuant to a BPU-approved formula based on commodity market prices. Periodic BGSS charges are applicable to lower usage customers, which include all of our residential customers, and are evaluated at least annually by the BPU. However, to some extent, more frequent rate changes to the periodic BGSS are allowed. SJG collects gas costs from customers on a forecasted basis and defers periodic over/under recoveries to the following BGSS year, which runs from October 1 through September 30. If SJG is in a net cumulative undercollected position, gas costs deferrals are reflected on the balance sheet as a regulatory asset. If SJG is in a net cumulative overcollected position, amounts due back to customers are reflected on the balance sheet as a regulatory liability. SJG pays interest on net overcollected BGSS balances at the rate of return on rate base utilized by the BPU to set rates in our last base rate proceeding. Regulatory actions regarding the BGSS were as follows:
Conservation Incentive Program (CIP) - The primary purpose of the CIP is to promote conservation efforts, without negatively impacting financial stability, and to base SJG's profit margin on the number of customers rather than the amount of natural gas distributed to customers. In October 2006, the BPU approved the CIP as a three-year pilot program. In January 2010, the BPU approved an extension of this program through September 2013, with an automatic one year extension through September 2014 if a request for an extension was filed by March 2013. A petition was filed in March 2013 to extend the CIP program and in May 2014 the BPU approved the continuation of the CIP. Each CIP year begins October 1 and ends September 30 of the subsequent year. On a monthly basis during the CIP year, SJG records adjustments to earnings based on weather and customer usage factors, as incurred. Subsequent to each year, SJG makes filings with the BPU to review and approve amounts recorded under the CIP. BPU approved cash inflows or outflows generally will not begin until the next CIP year. Regulatory actions regarding the CIP were as follows:
Capital Investment Recovery Tracker (CIRT) - The purpose of the CIRT was to accelerate capital expenditures in an effort to stimulate the economy. The petition requested that we be allowed to earn a return of, and a return on, our investment. On a monthly basis during the CIRT year, SJG recorded adjustments to earnings based on actual CIRT program expenditures, as incurred. In September 2013, the BPU approved the base rate roll in of the CIRT I, II and III program investments effective October 1, 2013, resulting in a $15.5 million increase in annual revenue. This approval also concluded Phase II of the 2010 base rate case. All CIRT program investments have been rolled into rate base and the CIRT program is now concluded. Accelerated Infrastructure Replacement Program (AIRP) - In July 2012, SJG filed a petition to implement a five-year, $250.0 million Accelerated Infrastructure Replacement Program. In February 2013, the BPU issued an Order approving a $141.2 million program to replace cast iron and unprotected bare steel mains and services over a four-year period, with annual investments of approximately $35.3 million. Pursuant to the Order, AIRP investments are to be reviewed and included in rate base in future base rate proceedings. Regulatory actions regarding AIRP were as follows:
Storm Hardening and Reliability Program (SHARP) - In September 2013, SJG filed with the BPU an asset hardening program pursuant to which it will invest approximately $280.0 million over seven years to replace low pressure distribution mains and services with high pressure mains and services in coastal areas that are susceptible to flooding during major storm events. Regulatory actions regarding SHARP were as follows:
Energy Efficiency Tracker (EET) - In January 2009, SJG filed a petition with the BPU requesting approval of an Energy Efficiency Program (EEP I) for residential, commercial and industrial customers. The BPU approved this petition in July 2009. Under this program SJG was permitted to invest $17.0 million over two years in energy efficiency measures to be installed in customer homes and businesses. SJG also recovered incremental operating and maintenance expenses and earn a return of, and return on, program investments. Regulatory actions regarding the EET/EEP were as follows:
Societal Benefits Clause (SBC) - The SBC allows SJG to recover costs related to several BPU-mandated programs. Within the SBC are a Remediation Adjustment Clause (RAC), a New Jersey Clean Energy Program (NJCEP) and a Universal Service Fund (USF) program. Regulatory actions regarding the SBC, with the exception of USF which requires separate regulatory filings, were as follows:
Remediation Adjustment Clause (RAC) - The RAC recovers environmental remediation costs of 12 former gas manufacturing plants (See Note 12). The BPU allows SJG to recover such costs over seven-year amortization periods. The net between the amounts actually spent and amounts recovered from customers is recorded as a regulatory asset, Environmental Remediation Cost Expended - Net. RAC activity affects revenue and cash flows but does not directly affect earnings because of the cost recovery over seven-year amortization periods. As of December 31, 2015 and 2014, we reflected the unamortized remediation costs of $42.0 million and $29.5 million, respectively, on the balance sheet under Regulatory Assets (See Note 4). Since implementing the RAC in 1992, SJG has recovered $110.5 million through rates. Clean Energy Program Clause (CLEP) - A component of the Societal Benefit Clause (SBC), The CLEP recovers costs associated with state mandated New Jersey Clean Energy Programs (NJCEP) and, as it relates to SJG, the Company's energy efficiency and renewable energy programs. In June 2013, the BPU approved a NJCEP funding level of $345.0 million through June 2014, of which SJG was responsible for $14.5 million. In June 2014, the BPU approved a NJCEP funding level of $345.0 million through June 2015, of which SJG was responsible for $14.5 million. In June 2015, the BPU approved a NJCEP funding level of $345.0 million through June 2016, of which SJG was responsible for $14.6 million. NJCEP adjustments affect revenue and cash flows but do not directly affect earnings as related costs are deferred and recovered through rates on an on-going basis. Universal Service Fund (USF) - The USF is a statewide program through which funds for the USF and Lifeline Credit and Tenants Assistance Programs are collected from customers of all New Jersey electric and gas utilities. USF adjustments affect cash flows but do not directly affect revenue or earnings as related costs are deferred and recovered through rates on an ongoing basis. Separate regulatory actions regarding the USF were as follows:
Other Regulatory Matters - Unbundling - Effective January 10, 2000, the BPU approved full unbundling of SJG's system. This allows all natural gas consumers to select their natural gas commodity supplier. As of December 31, 2015, 35,400 of SJG's customers were purchasing their gas commodity from someone other than us. Customers choosing to purchase natural gas from providers other than the utility are charged for the cost of gas by the marketer. The resulting decrease in SJG's revenues is offset by a corresponding decrease in gas costs. While customer choice can reduce utility revenues, it does not negatively affect SJG's net income or financial condition. The BPU continues to allow for full recovery of prudently incurred natural gas costs through the BGSS. Unbundling did not change the fact that SJG still recover cost of service, including certain deferred costs, through base rates. Pipeline Integrity Costs - SJG is permitted to defer and recover incremental costs incurred as a result of Pipeline Integrity Management regulations that became effective January 14, 2004, which are aimed at enhancing public safety and reliability. The regulations require that utilities use a comprehensive analysis to assess, evaluate, repair and validate the integrity of certain transmission lines in the event of a leak or failure. As part of SJG's 2014 base rate case, it was permitted to recover previously deferred pipeline integrity costs incurred from October 2010 through June 2014. In addition, SJG is authorized to defer future program costs, including related carrying costs, for recovery in our next base rate proceeding, subject to review by the BPU. As of December 31, 2015 and 2014, deferred pipeline integrity costs totaled $2.7 million and $3.4 million, respectively, and are included in other regulatory assets (See Note 4). Superstorm Sandy - In June 2013, SJG filed a petition requesting deferral of $0.7 million of incremental operating and maintenance expenses incurred due to Superstorm Sandy. The BPU approved the recovery of these expenses through base rates in SJG’s 2014 base rate case. Filings and petitions described above are still pending unless otherwise indicated. |
REGULATORY ASSETS AND LIABILITIES |
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Regulatory Assets and Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REGULATORY ASSETS AND LIABILITIES | REGULATORY ASSETS AND LIABILITIES: The discussion under Note 3, Rates and Regulatory Actions, is integral to the following explanations of specific regulatory assets and liabilities. Regulatory Assets at December 31 consisted of the following items (in thousands):
Except where noted below, all regulatory assets are or will be recovered through utility rate charges, as detailed in the following discussion. We are currently permitted to recover interest on our Environmental Remediation Costs, Societal Benefit Costs Receivable, Energy Efficiency Tracker and Pipeline Integrity Costs, while the other assets are being recovered without a return on investment. Environmental Remediation Costs - We have two regulatory assets associated with environmental costs related to the cleanup of 12 sites where we or our predecessors previously operated gas manufacturing plants. The first asset, Environmental Remediation Cost: Expended - Net, represents what was actually spent to clean up the sites, less recoveries through the RAC and insurance carriers. These costs meet the deferral requirements of GAAP, as the BPU allows us to recover such expenditures through the RAC. The other asset, Environmental Remediation Cost: Liability for Future Expenditures, relates to estimated future expenditures required to complete the remediation of these sites. We recorded this estimated amount as a regulatory asset with the corresponding current and noncurrent liabilities on the balance sheets under the captions Current Liabilities and Regulatory and Other Noncurrent Liabilities. The BPU allows us to recover the deferred costs over seven-year periods after they are spent (See Notes 3 and 12). Deferred Asset Retirement Obligation Costs - This regulatory asset resulted from the recording of asset retirement obligations (ARO) and additional utility plant, primarily related to a legal obligation we have for certain safety requirements upon the retirement of our gas distribution and transmission system. We recover asset retirement costs through rates charged to customers. All related accumulated accretion and depreciation amounts for these ARO represent timing differences in the recognition of retirement costs that we are currently recovering in rates and, as such, we are deferring such differences as regulatory assets. Deferred Pension and Other Postretirement Benefit Costs - The BPU authorized us to recover costs related to postretirement benefits under the accrual method of accounting consistent with GAAP. In 2006, our regulatory asset was increased by $37.1 million representing the recognition of the underfunded positions of our pension and other postretirement benefit plans. Subsequent adjustments to this balance occur annually to reflect changes in the funded positions of these benefit plans caused by changes in actual plan experience as well as assumptions of future experience (See Note 11). Deferred Gas Costs - Net - Over/under collections of gas costs are monitored through SJG's BGSS mechanism. Net undercollected gas costs are classified as a regulatory asset and net overcollected gas costs are classified as a regulatory liability (see note 3). Derivative contracts used to hedge natural gas purchases are also included in the BGSS, subject to BPU approval (see note 14). Conservation Incentive Program Receivable - The impact of the CIP is recorded as an adjustment to earnings as incurred, while cash recovery under the CIP generally occurs during the subsequent CIP year (see Note 3). Societal Benefit Costs Receivable - This regulatory asset primarily represents cumulative costs less recoveries under the USF and CLEP programs (See Note 3). Energy Efficiency Tracker - This regulatory asset represents cumulative investments less recoveries under the Energy Efficiency Program (See Note 3). Deferred Interest Rate Contracts - These amounts represent the market value of interest rate derivatives as discussed further in Note 13. Pipeline Supplier Service Charges - This regulatory asset represents costs necessary to maintain adequate supply and system pressures, which are being recovered on a monthly basis through the BGSS over the term of the underlying supplier contracts (See Note 3). Pipeline Integrity Cost - As part of our September 2014 base rate increase, we were permitted to recover previously deferred pipeline integrity costs incurred through September 2014. In addition, we are authorized to defer future program costs, including related carrying costs, for recovery in our next base rate proceeding, subject to review by the BPU (see Note 3). AFUDC Equity Related Deferrals - This regulatory asset represents the future revenue to recover the future income taxes related to the deferred tax liability for the equity component of AFUDC. Included in the balance is $2.3 million which is being recovered over a period of three years, as approved by the BPU in SJG’s 2014 rate case settlement. The remaining balance is being amortized over the life of the associated utility plant. Other Regulatory Assets - Some of the assets included in Other Regulatory Assets are currently being recovered from ratepayers as approved by the BPU. Management believes the remaining deferred costs are probable of recovery from ratepayers through future utility rates. Regulatory Liabilities at December 31 consisted of the following items (in thousands):
Excess Plant Removal Costs – Represents amounts accrued in excess of actual utility plant removal costs incurred to date. As part of our September 2014 base rate increase, we are required to amortize approximately $1.1 million of this balance to depreciation expense each year. Conservation Incentive Program - Payable - See previous discussion under "Conservation Incentive Program - Receivable" above. Societal Benefit Costs Payable - This regulatory liability primarily represents cumulative costs less recoveries under the USF and CLEP programs. See previous discussion under "Societal Benefit Costs Receivable" above. Other Regulatory Liabilities – All other regulatory liabilities are subject to being returned to ratepayers in future rate proceedings. |
RELATED PARTY TRANSACTIONS |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS: We conducted business with our parent, SJI, and several other related parties. A description of each of these affiliates and related transactions is as follows: SJI Services, LLC (SJIS) - was a wholly owned subsidiary of SJI, which provided services, such as information technology, human resources, corporate communications, materials purchasing and fleet management to SJI and all of its subsidiaries. SJIS was dissolved effective January 1, 2014. All services previously provided by SJIS are currently being provided by SJI. South Jersey Energy Solutions, LLC (SJES) - a wholly owned subsidiary of SJI that serves as a holding company for all of SJI’s nonutility operating businesses:
Millennium Account Services, LLC (Millennium) - a partnership between SJI and Pepco Holdings, Inc, which reads our utility customers’ meters on a monthly basis for a fee. Sales of gas to SJRG and SJE comply with Section 284.02 of the Regulations of the Federal Energy Regulatory Commission (FERC). In addition to the above, we provide various administrative and professional services to SJI and each of the affiliates discussed above. Likewise, SJI provides substantial administrative services on our behalf. For certain types of transactions, we served as central processing agents for the related parties discussed above. Amounts due to and due from these related parties for pass-through items are not considered material to the financial statements as a whole. A summary of these related party transactions, excluding pass-through items, included in Operating Revenues were as follows (in thousands):
Related party transactions, excluding pass-through items, included in Operating Expenses were as follows (in thousands):
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INCOME TAXES AND CREDITS |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES AND CREDITS | INCOME TAXES AND CREDITS: Total income taxes applicable to operations differ from the tax that would have resulted by applying the statutory Federal income tax rate to pre-tax income for the following reasons (in thousands):
The provision for Income Taxes is comprised of the following (in thousands):
Investment Tax Credits are deferred and amortized at the annual rate of 3%, which approximates the life of related assets. The net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes resulted in the following net deferred tax liabilities at December 31 (in thousands):
SJG is included in the consolidated federal income tax return filed by SJI. The actual taxes, including credits, are allocated by SJI to its subsidiaries, generally on a separate return basis except for net operating loss and credit carryforwards. As of December 31, 2015 and December 31, 2014, there were no income taxes due to or from SJI. As of December 31, 2015, SJG has total federal net operating loss carryforwards of $179.3 million; of which $63.0 million will expire in 2031, $4.2 million will expire in 2032, $49.1 million will expire in 2034 and $63.0 million will expire in 2035. SJG has research and development credits of $1.4 million which will expire between 2031 and 2034. A valuation allowance is recorded when it is more likely than not that any of our deferred income tax assets will not be realized. We believe that we will generate sufficient future taxable income to realize the income tax benefits related to our deferred tax assets. A reconciliation of unrecognized tax benefits is as follows (in thousands):
The total unrecognized tax benefits reflected in the table above exclude $0.7 million, $0.7 million and $0.6 million of accrued interest and penalties as of December 31, 2015, 2014 and 2013, respectively. The amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate is not significant. Our policy is to record interest and penalties related to unrecognized tax benefits as interest expense and other expense, respectively. These amounts were not significant in 2015, 2014 or 2013. There have been no material changes to the unrecognized tax benefits during 2015, 2014 or 2013 and we do not anticipate any significant changes in the total unrecognized tax benefits within the next 12 months. The unrecognized tax benefits are primarily related to an uncertainty of state income tax issues relating to the Company's nexus in certain states. Federal income tax returns and state income tax returns from 2012 forward are open and subject to examination. |
LONG-TERM DEBT |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LONG-TERM DEBT | LONG-TERM DEBT: A schedule of our long-term debt as of December 31, including current maturities, is as follows (in thousands):
In December 2015, SJG filed a petition with the New Jersey Board of Public Utilities to issue up to $400.0 million of long term debt securities in various forms including MTN's and unsecured debt, with maturities of more than 12 months, over the next three years. This petition is pending approval. |
FINANCIAL INSTRUMENTS |
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Financial Instruments, Owned, at Fair Value [Abstract] | |||||
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS: RESTRICTED INVESTMENTS - In accordance with the terms of our tax-exempt first mortgage bonds, unused proceeds are required to be escrowed pending approved construction expenditures. As of December 31, 2015 and December 31, 2014, the escrowed proceeds, including interest earned, totaled $32,200 and $132,300, respectively. SJG maintains a margin account with a counterparty in conjunction with SJG's risk management activities as detailed in Note 14. The funds provided by SJG will increase or decrease as the number and value of outstanding energy-related contracts held with this counterparty changes. As of December 31, 2015 and 2014, the balance held by the counterparty was $6.7 million and $7.8 million, respectively. The carrying amounts of the Restricted Investments approximate their fair value at December 31, 2015 and December 31, 2014, which would be included in Level 1 of the fair value hierarchy. (See Note 13 - Fair Value of Financial Assets and Financial Liabilities). NOTE RECEIVABLE - In June 2015, SJG advanced $10.0 million to a not-for profit organization formed to spur economic development in Atlantic City, New Jersey, of which $0.1 million was repaid. The note bears interest at 1% for an initial term of six months, with the borrower's option to extend the term for two additional terms of three months each. In December 2015, the borrower exercised its first option to extend the term of the note for an additional three months. SJG holds a first lien security interest on land in Atlantic City as collateral against this note. The carrying amount of this receivable approximates its fair value at December 31, 2015, which would be included in Level 2 of the fair value hierarchy (See Note 13 - Fair Value of Financial Assets and Financial Liabilities). LONG-TERM RECEIVABLES – SJG provides financing to customers for the purpose of attracting conversions to natural gas heating systems from competing fuel sources. The terms of these loans call for customers to make monthly payments over a period of five to ten years with no interest. The carrying amounts of such loans were $12.9 million and $15.0 million as of December 31, 2015 and December 31, 2014, respectively. The current portion of these receivables is reflected in Accounts Receivable and the non-current portion is reflected in Long-Term Receivables on the balance sheets. The carrying amounts noted above are net of unamortized discounts resulting from imputed interest in the amount of $1.3 million as of both December 31, 2015 and December 31, 2014. The annual amortization to interest is not material to SJG’s financial statements. The carrying amounts of these receivables approximate their fair value at December 31, 2015 and December 31, 2014, which would be included in Level 2 of the fair value hierarchy. (See Note 13 - Fair Value of Financial Assets and Financial Liabilities). FINANCIAL INSTRUMENTS NOT CARRIED AT FAIR VALUE - The fair value of a financial instrument is the market price to sell an asset or transfer a liability at the measurement date. The carrying amounts of SJG's financial instruments that are not carried at fair value, including those financial instruments disclosed in this footnote, approximate their fair values at December 31, 2015 and December 31, 2014, except as noted below.
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LINES OF CREDIT |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LINES OF CREDIT | LINES OF CREDIT: Credit facilities and available liquidity as of December 31, 2015 were as follows (in thousands):
(A) Includes letters of credit outstanding in the amount of $2.2 million. The SJG facility is provided by a syndicate of banks and contains one financial covenant limiting the ratio of indebtedness to total capitalization (as defined in the credit agreement) to not more than 0.65 to 1 measured at the end of each fiscal quarter. SJG was in compliance with this covenant as of December 31, 2015. SJG manages a commercial paper program under which SJG may issue short-term, unsecured promissory notes to qualified investors up to a maximum aggregate amount outstanding at any time of $200.0 million The notes have fixed maturities which vary by note, but may not exceed 270 days from the date of issue. Proceeds from the notes are used for general corporate purposes. SJG uses the commercial paper program in tandem with the $200.0 million revolving credit facility and does not expect the principal amount of borrowings outstanding under the commercial paper program and the credit facility at any time to exceed an aggregate of $200.0 million. Average borrowings outstanding under these credit facilities, not including letters of credit, during the twelve months ended December 31, 2015 and 2014 were $118.1 million and $52.3 million, respectively. The maximum amount outstanding under these credit facilities, not including letters of credit, during the twelve months ended December 31, 2015 and 2014 were $162.3 million and $105.0 million, respectively. Based upon the existing credit facilities and a regular dialogue with our banks, we believe that there will continue to be sufficient credit available to meet our business’ future liquidity needs. Borrowings under these credit facilities are at market rates. The weighted average interest rate on these borrowings, which changes daily, was 0.66% , 0.45% and 0.37% at December 31, 2015, 2014 and 2013, respectively. |
RETAINED EARNINGS |
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Dec. 31, 2015 | |
Equity [Abstract] | |
RETAINED EARNINGS | RETAINED EARNINGS: Various loan agreements contain potential restrictions regarding the amount of cash dividends or other distributions that we may pay on our common stock. As of December 31, 2015, these loan restrictions did not affect the amount that may be distributed from our retained earnings. SJG declared and paid cash dividends of $40.7 million in 2015 to SJI. SJG received $25 million equity infusions from SJI in both 2014 and 2013. . Future equity contributions will occur on an as needed basis. |
PENSION AND OTHER POSTRETIREMENT BENEFITS |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | PENSION AND OTHER POSTRETIREMENT BENEFITS: We participate in the defined benefit pension plans and other postretirement benefit plans of SJI. Approximately 55.5% of the Company's current full-time employees will be entitled to annuity payments upon retirement. Participation in the SJI qualified defined benefit pension plans was closed to new employees beginning in 2003; however, employees who are not eligible for these pension plans are eligible to receive an enhanced version of SJI’s defined contribution plan. Certain officers of SJG also participate in the non-funded supplemental executive retirement plan (SERP) of SJI, a non-qualified defined benefit pension plan. The other postretirement benefit plans provide health care and life insurance benefits to some retirees. Net periodic benefit cost related to the employee and officer pension and other postretirement benefit plans consisted of the following components (in thousands):
Capitalized benefit costs reflected in the table above relate to our construction program. Deferred benefit costs relate to the deferral of incremental expenses associated with the adoption of new mortality tables (RP-2014 base table with MP-2014 generational projection scale) in 2015. Deferred benefit costs are expected to be recovered through rates as part of our next base rate case. Companies with publicly traded equity securities that sponsor a postretirement benefit plan are required to fully recognize, as an asset or liability, the overfunded or underfunded status of its benefit plans and recognize changes in the funded status in the year in which the changes occur. Changes in funded status are generally reported in Other Comprehensive Loss; however, since we recover all prudently incurred pension and postretirement benefit costs from our ratepayers, a significant portion of the charges resulting from the recording of additional liabilities under this statement are reported as regulatory assets (See Note 4). Details of the activity within the Regulatory Asset and Accumulated Other Comprehensive Loss associated with Pension and Other Postretirement Benefits are as follows (in thousands):
The estimated costs that will be amortized from Regulatory Assets into net periodic benefit costs in 2015 are as follows (in thousands):
The estimated costs that will be amortized from Accumulated Other Comprehensive Loss into net periodic benefit costs in 2016 are as follows (in thousands):
A reconciliation of the plans’ benefit obligations, fair value of plan assets, funded status and amounts recognized in our balance sheets follows (in thousands):
The projected benefit obligation (PBO) and accumulated benefit obligation (ABO) of our qualified employee pension plans were $167.6 million and $154.8 million, respectively, as of December 31, 2015; and $176.3 million and $161.3 million, respectively, as of December 31, 2014. The ABO of these plans exceeded the value of the plan assets as of December 31, 2015 and 2014. The value of these assets were $149.0 million and $144.6 million as of December 31, 2015 and 2014, respectively, and can be seen in the tables above. The PBO and ABO for our non-funded SERP were $46.1 million and $44.6 million, respectively, as of December 31, 2015; and $45.3 million and $44.0 million, respectively, as of December 31, 2014. The SERP obligation is reflected in the tables above and has no assets. The weighted-average assumptions used to determine benefit obligations at December 31 were:
The weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 were:
In 2014, the Society of Actuaries (SOA) released new mortality tables (RP-2014 base table with MP-2014 generational projection scale), which indicated that the average life expectancy of both our active and retired plan participants had increased. The obligations as of December 31, 2014, disclosed herein reflect the use of those tables. In 2015, the SOA released an update to the RP-2014 tables (MP-2015 base tables), slightly reducing the average life expectancy previously released. The obligations as of December 31, 2015, disclosed herein, reflect the use of the updated 2015 tables. While the adoption of the new tables impacts liabilities significantly as of December 31 of the year of adoption, the impact on expense does not occur until the subsequent year. The discount rates used to determine the benefit obligations at December 31, 2015 and 2014, which are used to determine the net periodic benefit cost for the subsequent year, were based on a portfolio model of high-quality investments with maturities that match the expected benefit payments under our pension and other postretirement benefit plans. The expected long-term return on plan assets (“return”) has been determined by applying long-term capital market projections provided by our pension plan Trustee to the asset allocation guidelines, as defined in the Company’s investment policy, to arrive at a weighted average return. For certain other equity securities held by an investment manager outside of the control of the Trustee, the return has been determined based on historic performance in combination with long-term expectations. The return for the other postretirement benefits plan is determined in the same manner as discussed above; however, the expected return is reduced based on the taxable nature of the underlying trusts. The assumed health care cost trend rates at December 31 were:
The retiree medical plan changed effective January 1, 2016. Retirees are provided a fixed contribution to a health reimbursement account, allowing them to obtain coverage from health-care exchanges, rather than utilizing the Company provided health-care plan. Since the health-care benefits are now a fixed dollar amount under the new plan and will not increase in the future, the plan no longer has health care trend assumptions as of December 31, 2015. As a result, assumed health care cost trend rates no longer have a significant effect on the amounts reported for our postretirement health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects (in thousands):
PLAN ASSETS — The Company’s overall investment strategy for pension plan assets is to achieve a diversification by asset class, style of manager, and sector and industry limits to achieve investment results that match the actuarially assumed rate of return, while preserving the inflation adjusted value of the plans. The Company has implemented this diversification strategy primarily with commingled common/collective trust funds. The target allocations for pension plan assets are 28-48 percent U.S. equity securities, 13-25 percent international equity securities, 32-42 percent fixed income investments, and 0-14 percent to all other types of investments. Equity securities include investments in commingled common/collective trust funds as well as large-cap, mid-cap and small-cap companies. Fixed income securities include commingled common/collective trust funds, group annuity contracts for pension payments, and hedge funds. Other types of investments include investments in private equity funds and real estate funds that follow several different strategies. The strategy recognizes that risk and volatility are present to some degree with all types of investments. We seek to avoid high levels of risk at the total fund level through diversification by asset class, style of manager, and sector and industry limits. Specifically prohibited investments include, but are not limited to, venture capital, margin trading, commodities and securities of companies with less than $250.0 million capitalization (except in the small-cap portion of the fund where capitalization levels as low as $50.0 million are permissible). These restrictions are only applicable to individual investment managers with separately managed portfolios and do not apply to mutual funds or commingled trusts. SJG evaluated its pension and other postretirement benefit plans’ asset portfolios for the existence of significant concentrations of credit risk as of December 31, 2015. Types of concentrations that were evaluated include, but are not limited to, investment concentrations in a single entity, type of industry, foreign country, and individual fund. As of December 31, 2015, there were no significant concentrations (defined as greater than 10 percent of plan assets) of risk in SJG’s pension and other postretirement benefit plan assets. GAAP establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques. This hierarchy groups assets into three distinct levels as fully described in Note 13, which will serve as the basis for presentation throughout the remainder of this Note. The fair values of SJG’s pension plan assets at December 31, 2015 and 2014 by asset category are as follows (in thousands):
Fair Value Measurement Using Significant Unobservable Inputs (Level 3) (In thousands)
As with the pension plan assets, the Company’s overall investment strategy for post-retirement benefit plan assets is to achieve a diversification by asset class, style of manager, and sector and industry limits to achieve investment results that match the actuarially assumed rate of return, while preserving the inflation adjusted value of the plans. The Company has implemented this diversification strategy with a mix of common/collective trust funds, mutual funds and Company-owned life insurance policies. The target allocations for post-retirement benefit plan assets are 30-43 percent U.S. equity securities, 20-30 percent international equity securities, and 32-42 percent fixed income investments and 0-7 percent to all other types of investments. Equity securities include investments in large-cap, mid-cap and small-cap companies within mutual funds or common/collective trust funds. Fixed income securities within the common/collective trust fund include primarily investment grade, U.S. Government and mortgage-backed financial instruments. The insurance policies are backed by a series of commingled trust investments held by the insurance carrier. The fair values of SJG’s other postretirement benefit plan assets at December 31, 2015 and 2014 by asset category are as follows (in thousands):
Future Benefit Payments - The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid during the following years (in thousands):
Contributions - SJG contributed $12.0 million and $9.1 million to our qualified employee pension plans during the years ended December 31, 2015 and 2013, respectively. No pension plan contributions were made to our qualified employee pension plans during the year ended December 31, 2014. Payments related to the unfunded SERP plan in 2015, 2014 and 2013 were $2.0 million, $1.5 million and $1.2 million, respectively. SERP payments are expected to approximate $2.2 million in 2016. We also have a regulatory obligation to contribute approximately $3.6 million annually to our other postretirement benefit plans’ trusts, less costs incurred directly by us. Defined Contribution Plan - We also offer an Employees’ Retirement Savings Plan (Savings Plan) to eligible employees. For employees eligible for participation in SJI's defined benefit pension plans, SJG matches 50% of participants’ contributions up to 6% of base compensation. For employees who are not eligible for participation in SJI’s defined benefit plans, we match 50% of participants’ contributions up to 8% of base compensation. Employees not eligible for the pension plans also receive a year-end contribution of $1,500 if 10 or fewer years of service, or $2,000 if more than 10 years of service. The amount expensed and contributed for the matching provision of the Savings Plan approximated $1.2 million, $1.2 million and $1.0 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
COMMITMENTS AND CONTINGENCIES |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES: Standby Letter of Credit - SJG provided a $25.2 million letter of credit under a separate facility outside of the revolving credit facility to support variable-rate demand bonds issued through the New Jersey Economic Development Authority (NJEDA) to finance the expansion of SJG’s natural gas distribution system. Gas Supply Related Contracts - In the normal course of conducting business, we have entered into long-term contracts for natural gas supplies, firm transportation and gas storage service. The earliest date at which any of the primary terms of these contracts expire is October 2017. The transportation and storage agreements entered into between us and each of our interstate pipeline service providers were done so in accordance with their respective FERC approved tariff. Our cumulative obligation for gas supply related demand charges and reservation fees paid for these services averages approximately $6.3 million per month and is recovered on a current basis through the BGSS. Pending Litigation - We are subject to claims arising in the ordinary course of business and other legal proceedings. We accrue liabilities related to these claims when we can reasonably estimate the amount or range of amounts of probable settlement costs or other charges for these claims. The Company has accrued approximately $0.8 million and $0.5 million related to all claims in the aggregate, as of December 31, 2015 and December 31, 2014, respectively. Management does not believe that it is reasonably possible that there will be a material change in the Company's estimated liability in the near term and does not currently anticipate the disposition of any known claims that would have a material effect on the Company's financial position, results of operations or cash flows. Collective Bargaining Agreements - Unionized personnel represent approximately 60% of our workforce at December 31, 2015. The Company has collective bargaining agreements with two unions who represent these employees: the International Brotherhood of Electrical Workers (IBEW) that operates under a collective bargaining agreement that runs through February 28, 2017. The remaining unionized employees are represented by the International Association of Machinists and Aerospace Workers (IAM). Employees represented by the IAM operate under a collective bargaining agreement that runs through August 2017. Environmental Remediation Costs - We incurred and recorded costs for environmental cleanup of 12 sites where we or our predecessors operated gas manufacturing plants. We stopped manufacturing gas in the 1950s. We successfully entered into settlements with all of our historic comprehensive general liability carriers regarding the environmental remediation expenditures at our sites. Also, we had purchased a Cleanup Cost Cap Insurance Policy limiting the amount of remediation expenditures that we were required to make at 11 of our sites. This policy provided coverage up to $50.0 million, which was exhausted in 2012. Since the early 1980s, we accrued environmental remediation costs of $359.1 million, of which $236.0 million has been spent as of December 31, 2015. The following table details the amounts accrued and expended for environmental remediation at December 31 (in thousands):
The balances are segregated between current and noncurrent on the balance sheets under the captions Current Liabilities and Regulatory and Other Noncurrent Liabilities. Management estimates that undiscounted future costs to clean up our sites will range from $123.2 million to $204.7 million. We recorded the lower end of this range, $123.2 million, as a liability because a single reliable estimation point is not feasible due to the amount of uncertainty involved in the nature of projected remediation efforts and the long period over which remediation efforts will continue. Six of our sites comprise the majority of these estimates, the sum of the six sites range from a low of $110.5 million to a high of $190.5 million. Recorded amounts include estimated costs based on projected investigation and remediation work plans using existing technologies. Actual costs could differ from the estimates due to the long-term nature of the projects, changing technology, government regulations and site-specific requirements. Significant risks surrounding these estimates include unforeseen market price increases for remedial services, property owner acceptance of remedy selection, regulatory approval of selected remedy and remedial investigative findings. The remediation efforts at our six most significant sites include the following: Site 1 - Several interim remedial actions have been completed at the site. Steps remaining to remediate the balance of the site include selection of the remedial action, confirmation of regulatory compliance of the selected remedy, implementation of the approved remedy and issuance of a Response Action Outcome. Site 2 - Various remedial investigation activities have been completed at this site and a final site remedy has been proposed to the regulatory authority. Steps remaining to remediate the site include confirmation of regulatory compliance of the selected remedy, implementation of the approved remedy and issuance of a Response Action Outcome. Site 3 - Various remedial investigation activities have been completed at this site and a final site remedy is being developed for proposal to the regulatory authority. Steps remaining to remediate the site include selection of a final remedy, confirmation of regulatory compliance of the selected remedy, implementation of the approved remedy and issuance of a Response Action Outcome. Site 4 - Remedial investigation activities are complete at this site and a final remedy has been proposed to and approved by the regulatory authority. Steps remaining to remediate the site include installation of a sub-surface containment unit, post remediation groundwater monitoring, and issuance of a Response Action Outcome. Site 5 -Remedial investigation activities are complete at this site and a final remedy has been proposed to and approved by the regulatory authority. Steps remaining to remediate the site include in-situ remediation of impacted soil, post remediation groundwater monitoring, and issuance of a Response Action Outcome. Site 6 - Remedial investigation activities have been completed at this site and a final site remedy is being developed for proposal to the regulatory authority. Steps remaining to remediate the site include selection of a final remedy, confirmation of regulatory compliance of the selected remedy, implementation of the approved remedy and issuance of a Response Action Outcome. |
FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES | FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES: GAAP establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques. The levels of the hierarchy are described below:
Assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of financial assets and financial liabilities and their placement within the fair value hierarchy. For financial assets and financial liabilities measured at fair value on a recurring basis, information about the fair value measurements for each major category is as follows (in thousands):
(A) Available-for-Sale Securities include securities that are traded in active markets and securities that are not traded publicly. The securities traded in active markets are valued using the quoted principal market close prices that are provided by the trustees and are categorized in Level 1 in the fair value hierarchy. The remaining securities consist of funds that are not publicly traded. These funds, which consist of stocks and bonds that are traded individually in active markets, are valued using quoted prices for similar assets and are categorized in Level 2 in the fair value hierarchy. (B) Derivatives – Energy Related Assets and Liabilities are traded in both exchange-based and non-exchange-based markets. Exchange-based contracts are valued using unadjusted quoted market sources in active markets and are categorized in Level 1 in the fair value hierarchy. Certain non-exchange-based contracts are valued using indicative price quotations available through brokers or over-the-counter, on-line exchanges and are categorized in Level 2. These price quotations reflect the average of the bid-ask mid-point prices and are obtained from sources that management believes provide the most liquid market. For non-exchange-based derivatives that trade in less liquid markets with limited pricing information, model inputs generally would include both observable and unobservable inputs. In instances where observable data is unavailable, management considers the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks such as liquidity, volatility and contract duration. Such instruments are categorized in Level 3 as the model inputs generally are not observable. Significant Unobservable Inputs - Management uses the discounted cash flow model to value Level 3 physical and financial forwards, which calculates mark-to-market valuations based on forward market prices, original transaction prices, volumes, risk-free rate of return and credit spreads. Inputs to the valuation model are reviewed and revised as needed, based on historical information, updated market data, market liquidity and relationships, and changes in third party pricing sources. The validity of the mark-to-market valuations and changes in mark-to-market valuations from period to period are examined and qualified against historical expectations by the risk management function. If any discrepancies are identified during this process, the mark-to-market valuations or the market pricing information is evaluated further and adjusted, if necessary. Level 3 valuation methods for natural gas derivative contracts include utilizing another location in close proximity adjusted for certain pipeline charges to derive a basis value. The significant unobservable inputs used in the fair value measurement of certain natural gas contracts consist of forward prices developed based on industry-standard methodologies. Significant increases (decreases) in these forward prices for purchases of natural gas would result in a directionally similar impact to the fair value measurement and for sales of natural gas would result in a directionally opposite impact to the fair value measurement. (C) Derivatives – Other, include interest rate swaps that are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgment. The following table provides quantitative information regarding significant unobservable inputs in Level 3 fair value measurements (in thousands):
The changes in fair value measurements of Derivatives – Energy Related Assets and Liabilities at December 31, 2015, using significant unobservable inputs (Level 3), are as follows (in thousands):
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DERIVATIVE INSTRUMENTS |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS: SJG is involved in buying, selling, transporting and storing natural gas and is subject to market risk on expected future purchases and sales due to commodity price fluctuations. The Company uses a variety of derivative instruments to limit this exposure to market risk in accordance with strict corporate guidelines. These derivative instruments include forward contracts, futures contracts, swap agreements and options contracts. As of December 31, 2015, SJG had outstanding NYMEX contracts intended to limit the exposure to market risk on 8.6 MMdts of expected future purchases of natural gas and 0.3 MMdts of expected future sales of natural gas. In addition to these derivative contracts, SJG had basis related purchase and sales contracts totaling 1.4 MMdts. These contracts, which do not qualify for the normal purchase and sale exemption and have not been designated as hedging instruments under GAAP, are measured at fair value and recorded in "Derivatives —Energy Related Assets" or "Derivatives — Energy Related Liabilities" on the balance sheets. The costs or benefits of these short-term contracts are recoverable through SJG’s Basic Gas Supply Service (BGSS) clause, subject to BPU approval. As a result, the net unrealized pre-tax gains and losses for these energy related commodity contracts are included with realized gains and losses in Regulatory Assets or Regulatory Liabilities on the balance sheets. As of December 31, 2015 and December 31, 2014, SJG had $4.7 million and $5.6 million of unrealized gains, respectively, included in its BGSS related to open financial contracts. The Company has also entered into interest rate derivatives to manage exposure to increasing interest rates and the impact of those rates on cash flows of variable-rate debt. These interest rate derivatives, which have not been designated as hedging instruments under GAAP, are measured at fair value and recorded in "Derivatives - Other" on the balance sheets. The fair value represents the amount SJG would have to pay the counterparty to terminate these contracts as of those dates. Subject to BPU approval, the market value upon termination of these interest rate derivatives can be recovered in rates and therefore these unrealized losses have been included in Regulatory Assets on the balance sheets. We previously used derivative transactions known as “Treasury Locks” to mitigate against the impact on our cash flows of possible interest rate increases on debt issued in September 2005. The initial $1.4 million cost of the Treasury Locks has been included in Accumulated Other Comprehensive Loss and is being amortized over the 30-year life of the associated debt issue. As of December 31, 2015 and December 31, 2014, the unamortized balance was approximately $0.9 million and $1.0 million, respectively. As of December 31, 2015, SJG’s active interest rate swaps were as follows:
The fair values of all derivative instruments, as reflected in the balance sheets as of December 31, 2015 and December 31, 2014, are as follows (in thousands):
For derivative instruments disclosed in the table above, information as to the presentation on the condensed balance sheets is as follows (in thousands):
(A) The balances at December 31, 2015 and December 31, 2014 were related to derivative liabilities which can be net settled against derivative assets. (B) The balances at December 31, 2015 and December 31, 2014 were related to derivative assets which can be net settled against derivative liabilities. The effect of derivative instruments on the statements of income for 2015 , 2014 and 2013 are as follows (in thousands):
(a) Included in Interest Charges Net realized (losses) gains associated with SJG’s energy-related financial commodity contracts of $(9.1) million, $1.7 million and $(0.4) million for 2015, 2014 and 2013, respectively, are not included in the above table. These contracts are part of SJG’s regulated risk management activities that serve to mitigate BGSS costs passed on to its customers. As these transactions are entered into pursuant to, and recoverable through, regulatory riders, any changes in the value of SJG’s energy related financial commodity contracts are deferred in Regulatory Assets or Liabilities and there is no impact on earnings. |
ACCUMULATED OTHER COMPREHENSIVE LOSS (AOCL) |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS (AOCL) | ACCUMULATED OTHER COMPREHENSIVE LOSS (AOCL): The following tables summarizes the changes in accumulated other comprehensive loss (AOCL) for the years ended December 31, 2015 and 2014, respectively (in thousands):
(a) Determined using a combined statutory tax rate of 40% in 2015 and 2014. (b) See table below. The reclassifications out of AOCL for the years ended December 31, 2015 and 2014 is as follows (in thousands):
(a) Determined using a combined statutory tax rate of 40% in 2015 and 2014. |
QUARTERLY RESULTS OF OPERATIONS - UNAUDITED |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
QUARTERLY RESULTS OF OPERATIONS - UNAUDITED | QUARTERLY RESULTS OF OPERATIONS - UNAUDITED: The summarized quarterly results of our operations are as follows (in thousands):
NOTE: Because of the seasonal nature of our business, statements for the three-month periods are not indicative of the results for a full year. |
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS |
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Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (In Thousands)
(a) Recoveries of accounts previously written off and minor adjustments. (b) Uncollectible accounts written off. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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Accounting Policies [Abstract] | |||||||||||||
The Entity | The Entity - South Jersey Industries, Inc. (SJI) owns all of the outstanding common stock of South Jersey Gas Company (SJG). In our opinion, the financial statements reflect all normal and recurring adjustments needed to fairly present our financial position and operating results at the dates and for the periods presented. |
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Reclassifications | Certain reclassifications have been made to the prior period's regulatory liabilities disclosure to conform to the current period presentation. The societal benefits cost previously included in "Other Regulatory Liabilities" were reclassified to the line item "Societal Benefits Costs Payable" in the regulatory liabilities table disclosed in Note 4. Certain reclassifications have been made to the prior period's deferred tax asset/liability disclosure to conform to the current period presentation. The breakout of current and noncurrent assets/liabilities previously disclosed in Note 6 was reclassified to separate deferred tax assets and deferred tax liabilities. |
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Equity Investments | Equity Investments - Marketable equity securities that are purchased as long-term investments are classified as Available-for-Sale Securities and carried at their fair value on our balance sheets. Any unrealized gains or losses are included in Accumulated Other Comprehensive Loss. An impairment loss is recorded when there is clear evidence that a decline in value is other than temporary. |
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Estimates and Assumptions | Estimates and Assumptions - We prepare our financial statements to conform with accounting principles generally accepted in the United States of America (GAAP). Management makes estimates and assumptions that affect the amounts reported in the financial statements and related disclosures. Therefore, actual results could differ from those estimates. Significant estimates include amounts related to regulatory accounting, energy derivatives, environmental remediation costs, pension and other postretirement benefit costs, and revenue recognition. |
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Regulation | Regulation - We are subject to the rules and regulations of the New Jersey Board of Public Utilities (BPU). See Note 3 for a detailed discussion of our rate structure and regulatory actions. We maintain our accounts according to the BPU’s prescribed Uniform System of Accounts. We follow the accounting for regulated enterprises prescribed by the FASB ASC Topic 980 – “Regulated Operations.” In general, Topic 980 allows for the deferral of certain costs (regulatory assets) and creation of certain obligations (regulatory liabilities) when it is probable that such items will be recovered from or refunded to customers in future periods. See Note 4 for a detailed discussion of regulatory assets and liabilities. |
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Operating Revenues | Operating Revenues - Gas revenues are recognized in the period the commodity is delivered to customers. For retail customers that are not billed at the end of the month, we record an estimate to recognize unbilled revenues for gas delivered from the date of the last meter reading to the end of the month. |
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Revenue and Throughput-Based Taxes | Revenue and Throughput-Based Taxes - SJG collects certain revenue-based energy taxes from our customers. Such taxes include New Jersey State Sales Tax and Public Utilities Assessment (PUA). State sales tax is recorded as a liability when billed to customers and is not included in revenue or operating expenses. |
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Accounts Receivable and Provision for Uncollectible Accounts | Accounts Receivable and Provision for Uncollectible Accounts - Accounts receivable are carried at the amount owed by customers. A provision for uncollectible accounts is established based on our collection experience and an assessment of the collectibility of specific accounts. |
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Natural Gas in Storage | Natural Gas in Storage – Natural Gas in Storage is reflected at average cost on the balance sheets, and represents natural gas that will be utilized in the ordinary course of business. |
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Property, Plant & Equipment | Property, Plant & Equipment - For regulatory purposes, utility plant is stated at original cost, which may be different than our cost if the assets were acquired from another regulated entity. The cost of adding, replacing and renewing property is charged to the appropriate plant account. |
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Asset Retirement Obligations | Asset Retirement Obligations - The amounts included under Asset Retirement Obligations (ARO) are primarily related to the legal obligations we have to cut and cap our gas distribution pipelines when taking those pipelines out of service in future years. These liabilities are generally recognized upon the acquisition or construction of the asset. The related asset retirement cost is capitalized concurrently by increasing the carrying amount of the related asset by the same amount as the liability. Changes in the liability are recorded for the passage of time (accretion) or for revisions to cash flows originally estimated to settle the ARO. |
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Depreciation | Depreciation - We depreciate utility plant on a straight-line basis over the estimated remaining lives of the various property classes. These estimates are periodically reviewed and adjusted as required after BPU approval. The composite annual rate for all depreciable utility property was approximately 2.2% in 2015, 2.2% in 2014 and 2.3% in 2013. The actual composite rate may differ from the approved rate as the asset mix changes over time. Except for retirements outside of the normal course of business, accumulated depreciation is charged with the cost of depreciable utility property retired, less salvage. |
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Capitalized Interest | Capitalized Interest - We capitalize interest on construction at the rate of return on rate base utilized by the BPU to set rates in our last base rate proceeding. For our accelerated infrastructure programs, we capitalize interest on construction at a rate prescribed by the programs (See Note 3). Capitalized interest is included in Utility Plant on the balance sheets. Interest Charges are presented net of capitalized interest on the statements of income. We capitalized interest of $2.8 million in 2015, $4.4 million in 2014 and $8.2 million in 2013. The decrease in 2015 is primarily related to major IT systems being placed in service in 2014. The decrease in 2014 is related to the CIRT projects rolling into customer rates effective October 31, 2013. Under the CIRT, qualified capital expenditures continued to accrue interest on construction until such projects were rolled into customer rates and recovery of the expenditures commenced. All CIRT program investments have been rolled into rate base and the CIRT program is now concluded. See Note 3 for additional discussion of the CIRT programs. |
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Impairment of Long-Lived Assets | Impairment of Long-Lived Assets - We review the carrying amount of long-lived assets for possible impairment whenever events or changes in circumstances indicate that such amounts may not be recoverable. For the years ended 2015, 2014 and 2013, no significant impairments were identified. |
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Derivative Instruments | Derivative Instruments - SJG uses a variety of derivative instruments to limit its exposure to market risk in accordance with strict guidelines (See Note 14). These contracts, which have not been designated as hedging instruments under GAAP, are measured at fair value and recorded in Derivatives – Energy Related Assets or Derivatives – Energy Related Liabilities on the balance sheets. The costs or benefits of these short-term contracts are recoverable through SJG’s Basic Gas Supply Service (BGSS) clause, subject to BPU approval. As a result, the net unrealized pre-tax gains and losses for these energy related commodity contracts are included with realized gains and losses in Regulatory Assets or Regulatory Liabilities on the balance sheets. SJG has also entered into interest rate derivatives to hedge exposure to increasing interest rates and the impact of those rates on cash flows of variable-rate debt. These interest rate derivatives, which have not been designated as hedging instruments under GAAP, are measured at fair value and recorded in Derivatives-Other on the balance sheets. The fair value represents the amount SJG would have to pay the counterparty to terminate these contracts as of those dates. Subject to BPU approval, the market value upon termination of these interest rate derivatives can be recovered in rates and, therefore, these unrealized losses have been included in Other Regulatory Assets in the balance sheets. |
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Income Taxes | Income Taxes - Deferred income taxes are provided for all significant temporary differences between the book and taxable basis of assets and liabilities in accordance with FASB ASC Topic 740 – “Income Taxes” (See Note 6). A valuation allowance is established when it is determined that it is more likely than not that a deferred tax asset will not be realized. |
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Cash and Cash Equivalents | Cash and Cash Equivalents - For purposes of reporting cash flows, highly liquid investments with original maturities of three months or less are considered cash equivalents. |
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NEW ACCOUNTING PRONOUNCEMENTS | NEW ACCOUNTING PRONOUNCEMENTS - Other than as described below, no new accounting pronouncement issued or effective during 2015, 2014 or 2013 had, or is expected to have, a material impact on the financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606); This ASU supersedes the revenue recognition requirements in FASB ASC 605, Revenue Recognition, and in most industry-specific topics. The new guidance identifies how and when entities should recognize revenue. The new rules establish a core principle requiring the recognition of revenue to depict the transfer of promised goods or services to customers in an amount reflecting the consideration to which the entity expects to be entitled in exchange for such goods or services. The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Management is currently determining the impact that adoption of this guidance will have on the Company's financial statement results. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40); Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. The new guidance requires management of a company to evaluate whether there is substantial doubt about the company's ability to continue as a going concern. This ASU is effective for the annual reporting period ending after December 15, 2016, and for interim and annual reporting periods thereafter, with early adoption permitted. The Company does not expect this standard to have an impact on its financial statements upon adoption. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810) - Amendments to the Consolidation Analysis, which changes the analysis to be performed in determining whether certain types of legal entities should be consolidated. Specifically, the standard amends the evaluation of whether (a) fees paid to a decision maker or service providers represent a variable interest, (b) a limited partnership or similar entity has the characteristics of a Variable Interest Entity ("VIE") and (c) a reporting entity is the primary beneficiary of a VIE. The standard is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods, with early adoption permitted. The Company does not expect this standard to have an impact on its financial statements upon adoption. In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This ASU requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. The standard is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. The adoption of this guidance will not have an impact on the Company's financial statement results; however, balance sheet presentations will be modified to conform to this guidance. Also in April 2015, the FASB issued ASU 2015-05, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40). This ASU provides guidance to customers (a) in determining whether a cloud computing arrangement includes a software license, and (b) on how the arrangement should be accounted for, depending on whether or not it includes a software license. The amended guidance is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. The Company does not expect this standard to have a significant impact on its financial statements upon adoption. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. This ASU states that inventory for which cost is determined using a method other than last-in, first-out (LIFO) or the retail method should be subsequently measured at the lower of cost or net realizable value (NRV), rather than at the lower of cost or market. The standard is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2016. Management is currently determining the impact that adoption of this guidance will have on the Company's financial statement results. In August 2015, the FASB issued ASU 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. This ASU states that, given the absence of authoritative guidance for debt issuance costs related to line-of-credit arrangements within ASU 2015-03 (defined above), the SEC staff would not object to an entity deferring and presenting such costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of credit arrangement. The adoption of this standard did not have an impact on the Company's financial statement results. In November 2015, the FASB issued ASU 2015-17, "Balance Sheet Classification of Deferred Taxes," which simplifies the presentation of deferred taxes by requiring that deferred tax assets and liabilities be presented as noncurrent on the balance sheet. ASU 2015-17 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2016. Early adoption is permitted for financial statements that have not previously been issued. This ASU 2015-17 may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company adopted this guidance, prospectively, as of December 31, 2015 (see note 6). |
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Stock Based Compensation Plans | Officers and other key employees of SJG participate in the plans of SJI. Performance-based restricted shares vest over a three-year period and are subject to SJI achieving certain market and earnings-based performance targets as compared to a peer group average, which can cause the actual amount of shares that ultimately vest to range from between 0% to 200% of the original share units granted. In 2015, SJI also granted time-based shares of restricted stock, one-third of which vests annually over a three-year period and is limited to 100% payout. Vesting of time-based grants is contingent upon SJI achieving a return on equity (ROE) of at least 7% during the initial year of the grant and meeting the service requirement. Provided that the 7% ROE requirement is met in the initial year, payout is solely contingent upon the service requirement being met in years two and three of the grant. In 2015, SJG Officers and other key employees were granted 7,878 shares of time-based restricted stock, which are included in the shares table below. Grants containing market-based performance targets use SJI's total shareholder return (TSR) relative to a peer group to measure performance. As TSR-based grants are contingent upon market and service conditions, SJI is required to measure and recognize stock-based compensation expense based on the fair value at the date of grant on a straight-line basis over the requisite three-year period of each award. In addition, SJI identifies specific forfeitures of share-based awards, and compensation expense is adjusted accordingly over the requisite service period. Compensation expense is not adjusted based on the actual achievement of performance goals. The fair value of TSR-based restricted stock awards on the date of grant is estimated using a Monte Carlo simulation model. Through 2014, grants containing earnings-based targets were based on SJI's earnings per share (EPS) growth rate relative to a peer group to measure performance. Beginning in 2015, earnings-based performance targets include predefined EPS and ROE goals to measure performance. As EPS-based and ROE-based grants are contingent upon performance and service conditions, SJI is required to measure and recognize stock-based compensation expense based on the fair value at the date of grant over the requisite three-year period of each award. The fair value is measured as the market price at the date of grant. The initial accruals of compensation expense are based on the estimated number of shares expected to vest, assuming the requisite service is rendered and probable outcome of the performance condition is achieved. That estimate is revised if subsequent information indicates that the actual number of shares is likely to differ from previous estimates. Compensation expense is ultimately adjusted based on the actual achievement of service and performance targets. We are allocated a portion of SJI's compensation cost during the vesting period. We accrue a liability and record compensation cost over the requisite three-year service period based on the grant date fair value as described above for each type of grant. Upon vesting, we make a cash payment to SJI equal to the amounts accrued as compensation cost during the vesting period. Since the inception of the plans, our expense recognition policy has been consistent with the expense recognition policy at SJI. |
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Fair Value | (A) Available-for-Sale Securities include securities that are traded in active markets and securities that are not traded publicly. The securities traded in active markets are valued using the quoted principal market close prices that are provided by the trustees and are categorized in Level 1 in the fair value hierarchy. The remaining securities consist of funds that are not publicly traded. These funds, which consist of stocks and bonds that are traded individually in active markets, are valued using quoted prices for similar assets and are categorized in Level 2 in the fair value hierarchy. (B) Derivatives – Energy Related Assets and Liabilities are traded in both exchange-based and non-exchange-based markets. Exchange-based contracts are valued using unadjusted quoted market sources in active markets and are categorized in Level 1 in the fair value hierarchy. Certain non-exchange-based contracts are valued using indicative price quotations available through brokers or over-the-counter, on-line exchanges and are categorized in Level 2. These price quotations reflect the average of the bid-ask mid-point prices and are obtained from sources that management believes provide the most liquid market. For non-exchange-based derivatives that trade in less liquid markets with limited pricing information, model inputs generally would include both observable and unobservable inputs. In instances where observable data is unavailable, management considers the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks such as liquidity, volatility and contract duration. Such instruments are categorized in Level 3 as the model inputs generally are not observable. Significant Unobservable Inputs - Management uses the discounted cash flow model to value Level 3 physical and financial forwards, which calculates mark-to-market valuations based on forward market prices, original transaction prices, volumes, risk-free rate of return and credit spreads. Inputs to the valuation model are reviewed and revised as needed, based on historical information, updated market data, market liquidity and relationships, and changes in third party pricing sources. The validity of the mark-to-market valuations and changes in mark-to-market valuations from period to period are examined and qualified against historical expectations by the risk management function. If any discrepancies are identified during this process, the mark-to-market valuations or the market pricing information is evaluated further and adjusted, if necessary. Level 3 valuation methods for natural gas derivative contracts include utilizing another location in close proximity adjusted for certain pipeline charges to derive a basis value. The significant unobservable inputs used in the fair value measurement of certain natural gas contracts consist of forward prices developed based on industry-standard methodologies. Significant increases (decreases) in these forward prices for purchases of natural gas would result in a directionally similar impact to the fair value measurement and for sales of natural gas would result in a directionally opposite impact to the fair value measurement. (C) Derivatives – Other, include interest rate swaps that are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgment. GAAP establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques. The levels of the hierarchy are described below:
Assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of financial assets and financial liabilities and their placement within the fair value hierarchy. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Utility Plant balances | Utility Plant balances as of December 31, 2015 and 2014 were comprised of the following (in thousands):
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Asset Retirement Obligation Activity | ARO activity during 2015 and 2014 was as follows (in thousands):
* The revision in estimated cash flows in 2015 reflects an increase in the contractual cost to settle ARO. A corresponding increase was made to Regulatory Assets, thus having no impact on earnings. |
STOCK-BASED COMPENSATION PLANS (Tables) |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the SJI nonvested restricted stock awards pertaining to SJG outstanding at and the assumptions used to estimate the fair value of the awards | The following table summarizes the SJI nonvested restricted stock awards pertaining to SJG outstanding at December 31, 2015, and the assumptions used to estimate the fair value of the awards:
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Summary of the information regarding restricted stock award activity excluding accrued dividend equivalents | The following table summarizes information regarding restricted stock award activity during 2015, excluding accrued dividend equivalents:
* Based on performance information available at the filing of this report, management does not expect to award shares associated with the 2013 grants to officers and other key employees in 2016. |
REGULATORY ASSETS AND LIABILITIES (Tables) |
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Regulatory Assets and Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Regulatory Assets | Regulatory Assets at December 31 consisted of the following items (in thousands):
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Schedule of Regulatory Liabilities | Regulatory Liabilities at December 31 consisted of the following items (in thousands):
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RELATED PARTY TRANSACTIONS (Tables) |
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Summary of related party transactions | A summary of these related party transactions, excluding pass-through items, included in Operating Revenues were as follows (in thousands):
Related party transactions, excluding pass-through items, included in Operating Expenses were as follows (in thousands):
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INCOME TAXES AND CREDITS (Tables) |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of effective income tax rate reconciliation | Total income taxes applicable to operations differ from the tax that would have resulted by applying the statutory Federal income tax rate to pre-tax income for the following reasons (in thousands):
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Schedule of components of provision for income taxes | The provision for Income Taxes is comprised of the following (in thousands):
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Schedule of deferred tax assets and liabilities | The net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes resulted in the following net deferred tax liabilities at December 31 (in thousands):
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Reconciliation of unrecognized tax benefits | A reconciliation of unrecognized tax benefits is as follows (in thousands):
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LONG-TERM DEBT (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of long-term debt | A schedule of our long-term debt as of December 31, including current maturities, is as follows (in thousands):
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LINES OF CREDIT (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of lines of credit | Credit facilities and available liquidity as of December 31, 2015 were as follows (in thousands):
(A) Includes letters of credit outstanding in the amount of $2.2 million. |
PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | Net periodic benefit cost related to the employee and officer pension and other postretirement benefit plans consisted of the following components (in thousands):
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Schedule Defined Benefit Plans, Changes in Regulatory Assets and Accumulated Other Comprehensive Income (Loss) | Details of the activity within the Regulatory Asset and Accumulated Other Comprehensive Loss associated with Pension and Other Postretirement Benefits are as follows (in thousands):
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Schedule of Amounts in Regulatory Assets to be Recognized over Next Fiscal Year | The estimated costs that will be amortized from Regulatory Assets into net periodic benefit costs in 2015 are as follows (in thousands):
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Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | The estimated costs that will be amortized from Accumulated Other Comprehensive Loss into net periodic benefit costs in 2016 are as follows (in thousands):
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Schedule of Net Funded Status and Amounts Recognized in Balance Sheet | A reconciliation of the plans’ benefit obligations, fair value of plan assets, funded status and amounts recognized in our balance sheets follows (in thousands):
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Schedule of Assumptions Used | The weighted-average assumptions used to determine benefit obligations at December 31 were:
The weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 were:
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Schedule of Health Care Cost Trend Rates | The assumed health care cost trend rates at December 31 were:
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Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one-percentage-point change in assumed health care cost trend rates would have the following effects (in thousands):
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Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | Fair Value Measurement Using Significant Unobservable Inputs (Level 3) (In thousands)
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Schedule of Expected Benefit Payments | Future Benefit Payments - The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid during the following years (in thousands):
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Pension Benefits | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets | The fair values of SJG’s pension plan assets at December 31, 2015 and 2014 by asset category are as follows (in thousands):
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Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets | The fair values of SJG’s other postretirement benefit plan assets at December 31, 2015 and 2014 by asset category are as follows (in thousands):
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COMMITMENTS AND CONTINGENCIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Environmental Loss Contingencies | The following table details the amounts accrued and expended for environmental remediation at December 31 (in thousands):
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FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of assets and liabilities | For financial assets and financial liabilities measured at fair value on a recurring basis, information about the fair value measurements for each major category is as follows (in thousands):
(A) Available-for-Sale Securities include securities that are traded in active markets and securities that are not traded publicly. The securities traded in active markets are valued using the quoted principal market close prices that are provided by the trustees and are categorized in Level 1 in the fair value hierarchy. The remaining securities consist of funds that are not publicly traded. These funds, which consist of stocks and bonds that are traded individually in active markets, are valued using quoted prices for similar assets and are categorized in Level 2 in the fair value hierarchy. (B) Derivatives – Energy Related Assets and Liabilities are traded in both exchange-based and non-exchange-based markets. Exchange-based contracts are valued using unadjusted quoted market sources in active markets and are categorized in Level 1 in the fair value hierarchy. Certain non-exchange-based contracts are valued using indicative price quotations available through brokers or over-the-counter, on-line exchanges and are categorized in Level 2. These price quotations reflect the average of the bid-ask mid-point prices and are obtained from sources that management believes provide the most liquid market. For non-exchange-based derivatives that trade in less liquid markets with limited pricing information, model inputs generally would include both observable and unobservable inputs. In instances where observable data is unavailable, management considers the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks such as liquidity, volatility and contract duration. Such instruments are categorized in Level 3 as the model inputs generally are not observable. Significant Unobservable Inputs - Management uses the discounted cash flow model to value Level 3 physical and financial forwards, which calculates mark-to-market valuations based on forward market prices, original transaction prices, volumes, risk-free rate of return and credit spreads. Inputs to the valuation model are reviewed and revised as needed, based on historical information, updated market data, market liquidity and relationships, and changes in third party pricing sources. The validity of the mark-to-market valuations and changes in mark-to-market valuations from period to period are examined and qualified against historical expectations by the risk management function. If any discrepancies are identified during this process, the mark-to-market valuations or the market pricing information is evaluated further and adjusted, if necessary. Level 3 valuation methods for natural gas derivative contracts include utilizing another location in close proximity adjusted for certain pipeline charges to derive a basis value. The significant unobservable inputs used in the fair value measurement of certain natural gas contracts consist of forward prices developed based on industry-standard methodologies. Significant increases (decreases) in these forward prices for purchases of natural gas would result in a directionally similar impact to the fair value measurement and for sales of natural gas would result in a directionally opposite impact to the fair value measurement. (C) Derivatives – Other, include interest rate swaps that are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgment. |
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Quantitative information regarding significant unobservable inputs in Level 3 fair value measurements | The following table provides quantitative information regarding significant unobservable inputs in Level 3 fair value measurements (in thousands):
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Fair value measurements of Derivatives - Energy Related Assets and Liabilities | The changes in fair value measurements of Derivatives – Energy Related Assets and Liabilities at December 31, 2015, using significant unobservable inputs (Level 3), are as follows (in thousands):
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DERIVATIVE INSTRUMENTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of notional amounts of outstanding derivative positions | As of December 31, 2015, SJG’s active interest rate swaps were as follows:
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Fair value of derivative instruments | The fair values of all derivative instruments, as reflected in the balance sheets as of December 31, 2015 and December 31, 2014, are as follows (in thousands):
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Offsetting arrangements | For derivative instruments disclosed in the table above, information as to the presentation on the condensed balance sheets is as follows (in thousands):
(A) The balances at December 31, 2015 and December 31, 2014 were related to derivative liabilities which can be net settled against derivative assets. (B) The balances at December 31, 2015 and December 31, 2014 were related to derivative assets which can be net settled against derivative liabilities. |
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Derivatives in cash flow hedging relationships | The effect of derivative instruments on the statements of income for 2015 , 2014 and 2013 are as follows (in thousands):
(a) Included in Interest Charges |
ACCUMULATED OTHER COMPREHENSIVE LOSS (AOCL) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in accumulated other comprehensive loss (AOCL) | The following tables summarizes the changes in accumulated other comprehensive loss (AOCL) for the years ended December 31, 2015 and 2014, respectively (in thousands):
(a) Determined using a combined statutory tax rate of 40% in 2015 and 2014. (b) See table below. |
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Reclassifications out of AOCL | The reclassifications out of AOCL for the years ended December 31, 2015 and 2014 is as follows (in thousands):
(a) Determined using a combined statutory tax rate of 40% in 2015 and 2014. |
QUARTERLY RESULTS OF OPERATIONS - UNAUDITED (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | The summarized quarterly results of our operations are as follows (in thousands):
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) |
1 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Oct. 01, 2014 |
Sep. 29, 2014 |
Sep. 30, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||
Accounting Policies [Abstract] | ||||||||
Equity investment impairments | $ 0 | $ 0 | $ 0 | |||||
PUA included in both utility revenue and cost of sales | 1,200,000 | 1,100,000 | 1,200,000 | |||||
TEFA included in both utility revenue and cost of sales | 4,000,000 | |||||||
Utility Plant: | ||||||||
Production Plant | 296,000 | 296,000 | ||||||
Storage Plant | 20,872,000 | 23,023,000 | ||||||
Transmission Plant | 252,934,000 | 248,737,000 | ||||||
Distribution Plant | 1,702,148,000 | 1,547,218,000 | ||||||
General Plant | 163,420,000 | 103,604,000 | ||||||
Other Plant | 1,855,000 | 1,855,000 | ||||||
Utility Plant in Service | 2,141,525,000 | 1,924,733,000 | ||||||
Construction Work in Progress | 69,714,000 | 78,233,000 | ||||||
Total Utility Plant | 2,211,239,000 | 2,002,966,000 | ||||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||||||
ARO as of January 1, | 41,976,000 | 41,178,000 | ||||||
Accretion | 1,658,000 | 1,595,000 | ||||||
Additions | 621,000 | 664,000 | ||||||
Settlements | (1,110,000) | (1,461,000) | ||||||
Revisions in Estimated Cash Flows | [1] | 14,074,000 | 0 | |||||
ARO as of December 31, | $ 57,219,000 | $ 41,976,000 | $ 41,178,000 | |||||
Composite annual rate for all depreciable utility property | 2.20% | 2.20% | 2.30% | |||||
Public Utilities, depreciation rate | 2.10% | 2.40% | 2.40% | |||||
Interest capitalized | $ 2,800,000 | $ 4,400,000 | $ 8,200,000 | |||||
|
STOCK-BASED COMPENSATION PLANS (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2015 |
||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||||||
Vesting period of shares | 3 years | 3 years | ||||||
Shares granted (in shares) | 26,266 | |||||||
Shares Outstanding (in shares) | 46,475 | 36,794 | 36,794 | 46,475 | ||||
Fair Value Per Share (in USD per share) | $ 26.67 | $ 24.10 | $ 24.10 | $ 26.67 | ||||
Expected volatility, measurement period | 3 years | |||||||
Cost of restricted stock awards | $ 0.3 | $ 0.2 | $ 0.4 | |||||
Amount to be capitalized to Utlity Plant (as a percent) | 50.00% | 50.00% | 50.00% | |||||
Unrecognized compensation cost of awards granted under the plan | $ 0.7 | |||||||
Weighted average period over which unrecognized compensation cost is to be recognized (in years) | 1 year 9 months 18 days | |||||||
Restricted stock award activity, excluding accrued dividend equivalents [Roll Forward} | ||||||||
Nonvested Shares Outstanding, beginning balance (in shares) | 46,475 | 36,794 | ||||||
Shares granted (in shares) | 26,266 | |||||||
Vested (in shares) | [1] | (15,948) | ||||||
Cancelled/Forfeited (in shares) | (637) | |||||||
Nonvested Shares Outstanding, ending balance (in shares) | 46,475 | 36,794 | ||||||
Weighted Average Grant Date Fair Value | ||||||||
Weighted Average Grant Date Fair Value, Nonvested Shares Outstanding, beginning balance (in USD per share) | $ 26.67 | $ 24.10 | ||||||
Weighted Average Grant Date Fair Value, Granted (in USD per share) | 28.58 | |||||||
Weighted Average Grant Date Fair Value, Vested (in USD per share) | [1] | 23.89 | ||||||
Weighted Average Grant Date Fair Value, Cancelled/Forfeited (in USD per share) | 26.71 | |||||||
Weighted Average Grant Date Fair Value, Nonvested Shares Outstanding, ending balance (in USD per share) | $ 26.67 | $ 24.10 | ||||||
Number of shares awarded during the period | 12,901 | |||||||
Market value of shares awarded | $ 0.6 | |||||||
Cash payments to SJI relating to stock awards | $ 0.2 | $ 0.4 | $ 0.4 | |||||
Officers and key employees | ||||||||
Weighted Average Grant Date Fair Value | ||||||||
Number of shares awarded during the period | 0 | 0 | ||||||
Officers and key employees | Forecast | ||||||||
Weighted Average Grant Date Fair Value | ||||||||
Number of shares awarded during the period | 0 | |||||||
2014 - TSR | ||||||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||||||
Shares Outstanding (in shares) | 10,287 | 10,287 | 10,287 | |||||
Fair Value Per Share (in USD per share) | $ 21.31 | $ 21.31 | $ 21.31 | |||||
Expected Volatility | 20.00% | |||||||
Risk-Free Interest Rate | 0.80% | |||||||
Restricted stock award activity, excluding accrued dividend equivalents [Roll Forward} | ||||||||
Nonvested Shares Outstanding, beginning balance (in shares) | 10,287 | |||||||
Nonvested Shares Outstanding, ending balance (in shares) | 10,287 | |||||||
Weighted Average Grant Date Fair Value | ||||||||
Weighted Average Grant Date Fair Value, Nonvested Shares Outstanding, beginning balance (in USD per share) | $ 21.31 | |||||||
Weighted Average Grant Date Fair Value, Nonvested Shares Outstanding, ending balance (in USD per share) | $ 21.31 | |||||||
2014 - EPS | ||||||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||||||
Shares Outstanding (in shares) | 10,287 | 10,287 | 10,287 | |||||
Fair Value Per Share (in USD per share) | $ 27.22 | $ 27.22 | $ 27.22 | |||||
Restricted stock award activity, excluding accrued dividend equivalents [Roll Forward} | ||||||||
Nonvested Shares Outstanding, beginning balance (in shares) | 10,287 | |||||||
Nonvested Shares Outstanding, ending balance (in shares) | 10,287 | |||||||
Weighted Average Grant Date Fair Value | ||||||||
Weighted Average Grant Date Fair Value, Nonvested Shares Outstanding, beginning balance (in USD per share) | $ 27.22 | |||||||
Weighted Average Grant Date Fair Value, Nonvested Shares Outstanding, ending balance (in USD per share) | $ 27.22 | |||||||
2015 - TSR | ||||||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||||||
Shares Outstanding (in shares) | 7,250 | 7,250 | 7,250 | |||||
Fair Value Per Share (in USD per share) | $ 26.31 | $ 26.31 | $ 26.31 | |||||
Expected Volatility | 16.00% | |||||||
Risk-Free Interest Rate | 1.10% | |||||||
Restricted stock award activity, excluding accrued dividend equivalents [Roll Forward} | ||||||||
Nonvested Shares Outstanding, beginning balance (in shares) | 7,250 | |||||||
Nonvested Shares Outstanding, ending balance (in shares) | 7,250 | |||||||
Weighted Average Grant Date Fair Value | ||||||||
Weighted Average Grant Date Fair Value, Nonvested Shares Outstanding, beginning balance (in USD per share) | $ 26.31 | |||||||
Weighted Average Grant Date Fair Value, Nonvested Shares Outstanding, ending balance (in USD per share) | $ 26.31 | |||||||
2015 - EPS, ROE, Time | ||||||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||||||
Shares Outstanding (in shares) | 18,651 | 18,651 | 18,651 | |||||
Fair Value Per Share (in USD per share) | $ 29.47 | $ 29.47 | $ 29.47 | |||||
Restricted stock award activity, excluding accrued dividend equivalents [Roll Forward} | ||||||||
Nonvested Shares Outstanding, beginning balance (in shares) | 18,651 | |||||||
Nonvested Shares Outstanding, ending balance (in shares) | 18,651 | |||||||
Weighted Average Grant Date Fair Value | ||||||||
Weighted Average Grant Date Fair Value, Nonvested Shares Outstanding, beginning balance (in USD per share) | $ 29.47 | |||||||
Weighted Average Grant Date Fair Value, Nonvested Shares Outstanding, ending balance (in USD per share) | $ 29.47 | |||||||
Restricted stock | ||||||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||||||
Vesting period of shares | 3 years | |||||||
Amount of payout limit for one-third of the time-based shares of restricted stock | 100.00% | |||||||
Minimum return on equity requirement | 7.00% | |||||||
Shares granted (in shares) | 7,878 | |||||||
Restricted stock award activity, excluding accrued dividend equivalents [Roll Forward} | ||||||||
Shares granted (in shares) | 7,878 | |||||||
Minimum | ||||||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||||||
Percentage of actual amount of shares that ultimately vest of original share units granted | 0.00% | |||||||
Maximum | ||||||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||||||
Percentage of actual amount of shares that ultimately vest of original share units granted | 200.00% | |||||||
|
RATES AND REGULATORY ACTIONS (Details) $ in Thousands |
1 Months Ended | 12 Months Ended | 288 Months Ended | |||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 01, 2014 |
Sep. 29, 2014 |
Sep. 30, 2014
USD ($)
|
Aug. 31, 2014
USD ($)
|
Jan. 31, 2014
USD ($)
|
Sep. 30, 2013
USD ($)
|
Jun. 30, 2013
USD ($)
|
Feb. 28, 2013
USD ($)
|
Jan. 31, 2013
USD ($)
|
Jul. 31, 2012
USD ($)
|
Sep. 30, 2010
USD ($)
|
Jan. 31, 2010 |
Jan. 31, 2009
USD ($)
|
Oct. 31, 2006 |
Dec. 31, 2015
USD ($)
site
customer
sites
|
Jun. 30, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
site
customer
sites
|
Sep. 30, 2015
USD ($)
|
Aug. 31, 2015
USD ($)
|
Jul. 31, 2015
USD ($)
|
Apr. 30, 2015
USD ($)
|
Jan. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Jul. 31, 2014
USD ($)
|
Jun. 30, 2014
USD ($)
|
May. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
Oct. 31, 2013
USD ($)
|
Jul. 31, 2013
USD ($)
|
May. 31, 2013
USD ($)
|
Jun. 30, 2012
USD ($)
|
May. 31, 2012
USD ($)
|
|
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||
Public Utilities, Approved Base Rate Increase | $ 20,000 | $ 42,100 | ||||||||||||||||||||||||||||||
Public Utilities, Rate of Return on Base Rate | 7.10% | 8.21% | ||||||||||||||||||||||||||||||
Public Utilities, Return on Common Equity | 9.75% | 10.30% | ||||||||||||||||||||||||||||||
Public Utilities, Annual Depreciation Reduction Attributable To Petition | $ 1,200 | |||||||||||||||||||||||||||||||
Investment Requested to be Recovered through CIRT, Investments To Be Rolled to Base Rate | $ 22,500 | $ 95,000 | ||||||||||||||||||||||||||||||
Public Utilities, depreciation rate | 2.10% | 2.40% | 2.40% | |||||||||||||||||||||||||||||
Investment Requested to be Recovered through CIRT III, Amount of AIRP | $ 141,200 | $ 250,000 | ||||||||||||||||||||||||||||||
Investment Requested to be Recovered through CIRT III, Term of AIRP | 4 years | 5 years | ||||||||||||||||||||||||||||||
Investment Requested to be Recovered through CIRT III, Annual Amount of AIRP | $ 35,300 | |||||||||||||||||||||||||||||||
Investment Requested to be Recovered through SHARP | $ 103,500 | $ 280,000 | $ 36,600 | |||||||||||||||||||||||||||||
Investment Requested to be Recovered through SHARP, Term | 3 years | 7 years | ||||||||||||||||||||||||||||||
Number of sites for environmental cleanup | site | 12 | 12 | ||||||||||||||||||||||||||||||
Regulatory Assets | $ 323,434 | $ 323,434 | $ 357,160 | |||||||||||||||||||||||||||||
Regulated Operations, Number of Customers Purchasing Energy Commodities From A Provider Other Then The Reporting Entity | customer | 35,400 | 35,400 | ||||||||||||||||||||||||||||||
Costs Requested for Deferral, Storm Related | $ 700 | |||||||||||||||||||||||||||||||
Environmental restoration costs expended net | ||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||
Regulatory Assets | $ 42,032 | $ 42,032 | 29,540 | |||||||||||||||||||||||||||||
Other regulatory assets, deferred pipeline integrity costs | ||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||
Regulatory Assets | $ 2,700 | $ 2,700 | 3,400 | |||||||||||||||||||||||||||||
Conservation Incentive Program | ||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||
Public Utilities, Approved Base Rate Increase | 16,600 | |||||||||||||||||||||||||||||||
Amount of Regulatory Costs Not yet Approved, Increase/(Decrease) | (11,300) | $ (21,800) | $ (17,800) | |||||||||||||||||||||||||||||
Amount of Regulatory Costs Approved, Increase (Decrease) | $ 15,500 | |||||||||||||||||||||||||||||||
Regulatory Costs, Period | 3 years | |||||||||||||||||||||||||||||||
Regulatory Costs, Extension Period | 1 year | |||||||||||||||||||||||||||||||
Conservation Incentive Program | Non weather | ||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||
Amount of Regulatory Costs Not yet Approved, Increase/(Decrease) | (8,800) | 4,200 | (2,300) | |||||||||||||||||||||||||||||
Conservation Incentive Program | Weather | ||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||
Amount of Regulatory Costs Not yet Approved, Increase/(Decrease) | (2,500) | (26,000) | (15,500) | |||||||||||||||||||||||||||||
Capital Investment Recovery Tracker | ||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||
Public Utilities, Approved Base Rate Increase | 6,800 | |||||||||||||||||||||||||||||||
Incremental Revenue | ||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||
Public Utilities, Approved Base Rate Increase | $ 18,700 | |||||||||||||||||||||||||||||||
Accelerated Infrastructure Replacement Program | ||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||
Public Utilities, Approved Base Rate Increase | $ 7,500 | |||||||||||||||||||||||||||||||
Investment Requested to be Recovered through CIRT, Investments To Be Rolled to Base Rate | 69,900 | |||||||||||||||||||||||||||||||
Basic Gas Supply Service | ||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||
Proceeds from Refunds From Favorable Regulatory Action | $ 11,200 | $ 9,400 | ||||||||||||||||||||||||||||||
Amount of Regulatory Costs Not yet Approved, Increase/(Decrease) | (28,400) | $ 27,000 | (600) | |||||||||||||||||||||||||||||
Amount of Regulatory Costs Approved, Increase (Decrease) | 27,000 | (600) | $ (28,400) | |||||||||||||||||||||||||||||
Amount of Regulatory Costs Not yet Approved, Percent Change in Recoveries, Increase (Decrease) | 9.30% | |||||||||||||||||||||||||||||||
Storm Hardening and Reliability Program | ||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||
Amount of Regulatory Costs Not yet Approved, Increase/(Decrease) | $ 4,000 | |||||||||||||||||||||||||||||||
Amount of Regulatory Costs Approved, Increase (Decrease) | 4,000 | |||||||||||||||||||||||||||||||
Energy Efficiency Tracker | ||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||
Amount of Regulatory Costs Not yet Approved, Increase/(Decrease) | (7,600) | $ 56,000 | $ 1,400 | $ 2,200 | $ 5,800 | $ 3,100 | ||||||||||||||||||||||||||
Amount of Regulatory Costs Approved, Increase (Decrease) | 2,200 | $ 2,600 | $ 2,100 | |||||||||||||||||||||||||||||
Regulatory Costs, Period | 2 years | |||||||||||||||||||||||||||||||
Amount of Regulatory Costs Available Under Program | 24,000 | $ 17,000 | $ 36,300 | |||||||||||||||||||||||||||||
Societal Benefits Clause | ||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||
Amount of Regulatory Costs Not yet Approved, Increase/(Decrease) | $ (5,000) | $ (25,700) | $ (6,400) | |||||||||||||||||||||||||||||
Remediation Adjustment Clause | ||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||
Number of sites for environmental cleanup | sites | 12 | 12 | ||||||||||||||||||||||||||||||
Amortization Period of Environmental Remediation Costs | 7 years | |||||||||||||||||||||||||||||||
Regulated Costs Recovered | $ 110,500 | |||||||||||||||||||||||||||||||
Remediation Adjustment Clause | Environmental restoration costs expended net | ||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||
Regulatory Assets | $ 42,000 | $ 42,000 | $ 29,500 | |||||||||||||||||||||||||||||
New Jersey Clean Energy Program | ||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||
Amount of Regulatory Costs Approved, Statewide | 345,000 | 0 | $ 345,000 | |||||||||||||||||||||||||||||
Regulatory Costs For Which Reporting Entity is Responsible For | 14,500 | 14,600 | 14,500 | |||||||||||||||||||||||||||||
Universal Service Fund | ||||||||||||||||||||||||||||||||
Schedule of Capitalization [Line Items] | ||||||||||||||||||||||||||||||||
Amount of Regulatory Costs Approved, Increase (Decrease) | 7,900 | 5,800 | 5,200 | |||||||||||||||||||||||||||||
Amount of Regulatory Costs Approved, Statewide | 71,800 | 54,400 | 46,400 | |||||||||||||||||||||||||||||
Amount of Regulatory Costs Not yet Approved, Statewide, Increase (Decrease) | (29,400) | (46,400) | 19,900 | |||||||||||||||||||||||||||||
Amount of Regulatory Costs Not Yet Approved, Annual Revenue Impact, Increase (Decrease) | $ (3,700) | $ (3,400) | $ 2,600 | |||||||||||||||||||||||||||||
Amount of Regulatory Costs Approved, Annual Revenue Impact, Increase (Decrease) | $ 2,600 | $ (3,400) | $ (3,400) |
REGULATORY ASSETS AND LIABILITIES (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
USD ($)
site
asset
|
Dec. 31, 2006
USD ($)
|
Dec. 31, 2014
USD ($)
|
|
Regulatory Assets [Line Items] | |||
Total Regulatory Assets | $ 323,434 | $ 357,160 | |
Number regulatory assets associated with environmental costs related to the cleanup of 12 sites where SJG or their predecessors previously operated gas manufacturing plants (in regulatory assets) | asset | 2 | ||
Number of sites where SJG or their predecessors previously operated gas manufacturing plants (in sites) | site | 12 | ||
Environmental Restoration Costs | |||
Regulatory Assets [Line Items] | |||
Regulatory Costs, Original Recovery Period of Expenditures | 7 years | ||
Environmental Remediation Costs- Expended Net | |||
Regulatory Assets [Line Items] | |||
Total Regulatory Assets | $ 42,032 | 29,540 | |
Environmental Restoration Costs: Liability for Future Expenditures | |||
Regulatory Assets [Line Items] | |||
Total Regulatory Assets | 123,194 | 124,308 | |
Deferred Asset Retirement Obligation Costs | |||
Regulatory Assets [Line Items] | |||
Total Regulatory Assets | 42,430 | 31,584 | |
Deferred Pension and Other Postretirement Benefit Costs | |||
Regulatory Assets [Line Items] | |||
Total Regulatory Assets | 79,779 | 99,040 | |
Regulatory asset increased | $ 37,100 | ||
Deferred Gas Costs - Net | |||
Regulatory Assets [Line Items] | |||
Total Regulatory Assets | 2,701 | 32,202 | |
Conservation Incentive Program - Receivable | |||
Regulatory Assets [Line Items] | |||
Total Regulatory Assets | 2,624 | 0 | |
Societal Benefit Costs Receivable | |||
Regulatory Assets [Line Items] | |||
Total Regulatory Assets | 0 | 385 | |
Deferred Interest Rate Contracts | |||
Regulatory Assets [Line Items] | |||
Total Regulatory Assets | 7,631 | 7,325 | |
Energy Efficiency Tracker | |||
Regulatory Assets [Line Items] | |||
Total Regulatory Assets | 496 | 11,247 | |
Pipeline Supplier Service Charges | |||
Regulatory Assets [Line Items] | |||
Total Regulatory Assets | 3,776 | 5,441 | |
Pipeline Integrity Cost | |||
Regulatory Assets [Line Items] | |||
Total Regulatory Assets | 4,596 | 3,431 | |
AFUDC - Equity Related Deferrals | |||
Regulatory Assets [Line Items] | |||
Total Regulatory Assets | 11,423 | 10,781 | |
Other Regulatory Assets | |||
Regulatory Assets [Line Items] | |||
Total Regulatory Assets | 2,752 | $ 1,876 | |
AFUDC Equity Related Deferrals | |||
Regulatory Assets [Line Items] | |||
Total Regulatory Assets | $ 2,300 | ||
Regulatory Costs, Original Recovery Period of Expenditures | 3 years |
REGULATORY ASSETS AND LIABILITIES - Additional Details (Details) - USD ($) $ in Thousands |
1 Months Ended | ||
---|---|---|---|
Sep. 30, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Regulatory Liabilities [Line Items] | |||
Total Regulatory Liabilities | $ 42,841 | $ 41,899 | |
Excess Plant Removal Costs | |||
Regulatory Liabilities [Line Items] | |||
Total Regulatory Liabilities | 32,644 | 35,940 | |
Annual amortization reflected in depreciation expense | $ 1,100 | ||
Conservation Incentive Program - Payable | |||
Regulatory Liabilities [Line Items] | |||
Total Regulatory Liabilities | 0 | 4,700 | |
Societal Benefit Costs Payable | |||
Regulatory Liabilities [Line Items] | |||
Total Regulatory Liabilities | 10,197 | 1,025 | |
Other Regulatory Liabilities | |||
Regulatory Liabilities [Line Items] | |||
Total Regulatory Liabilities | $ 0 | $ 234 |
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Operating Revenues/Affiliates: | |||
Total Operating Revenues/Affiliates | $ 5,949 | $ 2,042 | $ 2,689 |
Derivative Losses/ (Gains) | (9,100) | 1,700 | (400) |
Operations Expense/Affiliates: | |||
Total Operations Expense/Affiliates | 16,422 | 16,344 | 19,779 |
SJRG | |||
Operating Revenues/Affiliates: | |||
Total Operating Revenues/Affiliates | 5,342 | 959 | 1,390 |
Cost of Sales/Affiliates (Excluding depreciation) | 26,090 | 15,265 | 14,959 |
Derivative Losses/ (Gains) | 64 | (1,582) | 887 |
Marina | |||
Operating Revenues/Affiliates: | |||
Total Operating Revenues/Affiliates | 602 | 1,083 | 1,297 |
SJI | |||
Operations Expense/Affiliates: | |||
Total Operations Expense/Affiliates | 14,088 | 14,110 | 11,990 |
SJIS | |||
Operations Expense/Affiliates: | |||
Total Operations Expense/Affiliates | 0 | 0 | 5,531 |
Millennium | |||
Operations Expense/Affiliates: | |||
Total Operations Expense/Affiliates | 2,746 | 2,668 | 2,686 |
Other | |||
Operating Revenues/Affiliates: | |||
Total Operating Revenues/Affiliates | 5 | 0 | 2 |
Operations Expense/Affiliates: | |||
Total Operations Expense/Affiliates | $ (412) | $ (434) | $ (428) |
INCOME TAXES AND CREDITS (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||||||||||
Tax at Statutory Rate | $ 36,233,000 | $ 35,482,000 | $ 33,974,000 | ||||||||
Increase (Decrease) Resulting from: | |||||||||||
State Income Taxes | 4,584,000 | 1,935,000 | 4,833,000 | ||||||||
Amortization of Investment Tax Credits | (149,000) | (211,000) | (258,000) | ||||||||
ESOP Dividend | (1,168,000) | (1,109,000) | (1,058,000) | ||||||||
AFUDC | (1,109,000) | (1,481,000) | (916,000) | ||||||||
Research and Development Credits | (1,400,000) | 0 | 0 | ||||||||
Other - Net | (46,000) | 279,000 | (1,742,000) | ||||||||
Total Income Tax Expense | $ 10,352,000 | $ (2,871,000) | $ 3,292,000 | $ 26,172,000 | $ 9,455,000 | $ 534,000 | $ 2,379,000 | $ 22,527,000 | 36,945,000 | 34,895,000 | 34,833,000 |
Current: | |||||||||||
Federal | 0 | 60,000 | (53,000) | ||||||||
State | (2,203,000) | 2,642,000 | 2,946,000 | ||||||||
Total Current | (2,203,000) | 2,702,000 | 2,893,000 | ||||||||
Deferred: | |||||||||||
Federal | 30,042,000 | 32,069,000 | 27,707,000 | ||||||||
State | 9,255,000 | 335,000 | 4,491,000 | ||||||||
Total Deferred | 39,297,000 | 32,404,000 | 32,198,000 | ||||||||
Investment Tax Credits | (149,000) | (211,000) | (258,000) | ||||||||
Total Income Tax Expense | 10,352,000 | $ (2,871,000) | $ 3,292,000 | 26,172,000 | 9,455,000 | $ 534,000 | $ 2,379,000 | 22,527,000 | $ 36,945,000 | 34,895,000 | 34,833,000 |
Annual amortization rate of investment tax credits | 3.00% | ||||||||||
Deferred Tax Assets: | |||||||||||
Net Operating Loss and Tax Credits | 64,978,000 | 53,460,000 | $ 64,978,000 | 53,460,000 | |||||||
Deferred State tax | 20,825,000 | 17,390,000 | 20,825,000 | 17,390,000 | |||||||
Provision for Uncollectibles | 4,030,000 | 2,676,000 | 4,030,000 | 2,676,000 | |||||||
Conservation Incentive Program | 0 | 2,027,000 | 0 | 2,027,000 | |||||||
Investment Tax Basis Gross-Up | 0 | 77,000 | 0 | 77,000 | |||||||
Pension & Other Post Retirement Benefits | 28,464,000 | 27,782,000 | 28,464,000 | 27,782,000 | |||||||
Deferred Revenues | 4,844,000 | 11,452,000 | 4,844,000 | 11,452,000 | |||||||
Other | 3,985,000 | 3,624,000 | 3,985,000 | 3,624,000 | |||||||
Total Deferred Tax Assets | 127,126,000 | 118,488,000 | 127,126,000 | 118,488,000 | |||||||
Deferred Tax Liabilities: | |||||||||||
Book Versus Tax Basis of Property | 480,682,000 | 417,178,000 | 480,682,000 | 417,178,000 | |||||||
Deferred Fuel Costs - Net | 3,998,000 | 22,959,000 | 3,998,000 | 22,959,000 | |||||||
Environmental Remediation | 20,408,000 | 13,500,000 | 20,408,000 | 13,500,000 | |||||||
Deferred Regulatory Costs | 566,000 | 6,333,000 | 566,000 | 6,333,000 | |||||||
Deferred Pension & Other Post Retirement Benefits | 42,216,000 | 39,891,000 | 42,216,000 | 39,891,000 | |||||||
Budget Billing - Customer Accounts | 830,000 | 1,138,000 | 830,000 | 1,138,000 | |||||||
Section 461 Prepayments | 1,017,000 | 1,026,000 | 1,017,000 | 1,026,000 | |||||||
Conservation Incentive Program | 1,132,000 | 0 | 1,132,000 | 0 | |||||||
Other | 8,951,000 | 7,421,000 | 8,951,000 | 7,421,000 | |||||||
Total Deferred Tax Liabilities | 559,800,000 | 509,446,000 | 559,800,000 | 509,446,000 | |||||||
Current Deferred Tax (Assets) | 0 | 44,064,000 | 0 | 44,064,000 | |||||||
Noncurrent Deferred Tax Liabilities | 432,674,000 | 435,022,000 | 432,674,000 | 435,022,000 | |||||||
Deferred Tax Liability - Net | 432,674,000 | 390,958,000 | 432,674,000 | 390,958,000 | |||||||
Research and development credits | 1,400,000 | 1,400,000 | |||||||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||||||||||
Balance at January 1, | $ 552,000 | $ 547,000 | 552,000 | 547,000 | 503,000 | ||||||
Increase as a result of tax position taken in prior years | 7,000 | 5,000 | 44,000 | ||||||||
Decrease due to a lapse in the statue of limitations | 0 | 0 | 0 | ||||||||
Settlements | 0 | 0 | 0 | ||||||||
Balance at December 31, | 559,000 | 552,000 | 559,000 | 552,000 | 547,000 | ||||||
Accrued interest and penalties on unrecognized tax benefits | 700,000 | 700,000 | 700,000 | 700,000 | $ 600,000 | ||||||
Internal Revenue Service (IRS) | |||||||||||
Deferred Tax Liabilities: | |||||||||||
Operating loss carryforwards | 179,300,000 | 179,300,000 | |||||||||
Internal Revenue Service (IRS) | 2031 | |||||||||||
Deferred Tax Liabilities: | |||||||||||
Operating loss carryforwards | 63,000,000 | 63,000,000 | |||||||||
Internal Revenue Service (IRS) | 2032 | |||||||||||
Deferred Tax Liabilities: | |||||||||||
Operating loss carryforwards | 4,200,000 | 4,200,000 | |||||||||
Internal Revenue Service (IRS) | 2034 | |||||||||||
Deferred Tax Liabilities: | |||||||||||
Operating loss carryforwards | 49,100,000 | 49,100,000 | |||||||||
Internal Revenue Service (IRS) | 2035 | |||||||||||
Deferred Tax Liabilities: | |||||||||||
Operating loss carryforwards | 63,000,000 | 63,000,000 | |||||||||
SJI | Prepaid taxes | |||||||||||
Deferred Tax Liabilities: | |||||||||||
Income taxes due from parent company | $ 0 | $ 0 | $ 0 | $ 0 |
LONG-TERM DEBT (Details) - USD ($) |
1 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Aug. 31, 2015 |
Dec. 31, 2014 |
Jun. 30, 2014 |
||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Total Long-Term Debt Outstanding | [1] | $ 611,991,000 | $ 543,000,000 | |||||||||||||||
Less Current Maturities | [1] | (27,909,000) | (35,909,000) | |||||||||||||||
Long-Term Debt | [1] | 584,082,000 | 507,091,000 | |||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||||||
2016 | 27,909,000 | |||||||||||||||||
2017 | 154,909,000 | |||||||||||||||||
2018 | 38,909,000 | |||||||||||||||||
2019 | 18,909,000 | |||||||||||||||||
2020 | 17,909,000 | |||||||||||||||||
Letter of credit provided | $ 210,000,000 | |||||||||||||||||
Medium-term Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated interest rate | 5.387% | |||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||||||
Extinguishment of Debt, Amount | $ 10,000,000.0 | |||||||||||||||||
First Mortgage Bonds | Series Due 2015, 5.387% | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated interest rate | 5.387% | |||||||||||||||||
Total Long-Term Debt Outstanding | [1],[2],[3] | $ 0 | 10,000,000 | |||||||||||||||
First Mortgage Bonds | Series Due 2016, 5.437% | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated interest rate | 5.437% | |||||||||||||||||
Total Long-Term Debt Outstanding | [1],[3] | $ 10,000,000 | 10,000,000 | |||||||||||||||
First Mortgage Bonds | Series Due 2016, 4.60% | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated interest rate | 4.60% | |||||||||||||||||
Total Long-Term Debt Outstanding | [1],[3] | $ 17,000,000 | 17,000,000 | |||||||||||||||
First Mortgage Bonds | Series Due 2017, 4.657% | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated interest rate | 4.657% | |||||||||||||||||
Total Long-Term Debt Outstanding | [1],[3] | $ 15,000,000 | 15,000,000 | |||||||||||||||
First Mortgage Bonds | Series Due 2018, 7.97% | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated interest rate | 7.97% | |||||||||||||||||
Total Long-Term Debt Outstanding | [1],[3] | $ 10,000,000 | 10,000,000 | |||||||||||||||
First Mortgage Bonds | Series Due 2018, 7.125% | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated interest rate | 7.125% | |||||||||||||||||
Total Long-Term Debt Outstanding | [1],[3] | $ 20,000,000 | 20,000,000 | |||||||||||||||
First Mortgage Bonds | Series Due 2019, 5.587% | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated interest rate | 5.587% | |||||||||||||||||
Total Long-Term Debt Outstanding | [1],[3] | $ 10,000,000 | 10,000,000 | |||||||||||||||
First Mortgage Bonds | Series Due 2024, 3.00% | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated interest rate | 3.00% | |||||||||||||||||
Total Long-Term Debt Outstanding | [1],[3] | $ 50,000,000 | 50,000,000 | |||||||||||||||
First Mortgage Bonds | Series Due 2024, 3.03% | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated interest rate | 3.03% | |||||||||||||||||
Total Long-Term Debt Outstanding | [1],[3] | $ 35,000,000 | 35,000,000 | |||||||||||||||
First Mortgage Bonds | Series Due 2025, 3.63% | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated interest rate | 3.63% | |||||||||||||||||
Total Long-Term Debt Outstanding | [1],[3],[4] | $ 9,091,000 | 10,000,000 | |||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||||||
Repayments of Debt | $ 909,000 | |||||||||||||||||
First Mortgage Bonds | Series Due 2026, 4.84% | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated interest rate | 4.84% | |||||||||||||||||
Total Long-Term Debt Outstanding | [1],[3] | $ 15,000,000 | 15,000,000 | |||||||||||||||
First Mortgage Bonds | Series Due 2026, 4.93% | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated interest rate | 4.93% | |||||||||||||||||
Total Long-Term Debt Outstanding | [1],[3] | $ 45,000,000 | 45,000,000 | |||||||||||||||
First Mortgage Bonds | Series Due 2027, 4.03% | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated interest rate | 4.03% | |||||||||||||||||
Total Long-Term Debt Outstanding | [1],[3] | $ 45,000,000 | 45,000,000 | |||||||||||||||
First Mortgage Bonds | Series Due 2030, 4.01% | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated interest rate | 4.01% | |||||||||||||||||
Total Long-Term Debt Outstanding | [1],[3] | $ 50,000,000 | 50,000,000 | |||||||||||||||
First Mortgage Bonds | Series Due 2030, 4.23% | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated interest rate | 4.23% | |||||||||||||||||
Total Long-Term Debt Outstanding | [1],[3] | $ 30,000,000 | 30,000,000 | |||||||||||||||
First Mortgage Bonds | Series Due 2032, 3.74% | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated interest rate | 3.74% | |||||||||||||||||
Total Long-Term Debt Outstanding | [1],[3] | $ 35,000,000 | 35,000,000 | |||||||||||||||
First Mortgage Bonds | Series Due 2033, 5.55% | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated interest rate | 5.55% | |||||||||||||||||
Total Long-Term Debt Outstanding | [1],[3] | $ 32,000,000 | 32,000,000 | |||||||||||||||
First Mortgage Bonds | Series Due 2034, 6.213% | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated interest rate | 6.213% | |||||||||||||||||
Total Long-Term Debt Outstanding | [1],[3] | $ 10,000,000 | 10,000,000 | |||||||||||||||
First Mortgage Bonds | Series Due 2035, 5.45% | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated interest rate | 5.45% | |||||||||||||||||
Total Long-Term Debt Outstanding | [1],[3] | $ 10,000,000 | 10,000,000 | |||||||||||||||
Bonds at variable rates | Series A 2006 Tax-Exempt First Mortgage Bonds, Variable Rate, due 2036 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Total Long-Term Debt Outstanding | [1],[5] | $ 24,900,000 | 25,000,000 | |||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||||||
Repayments of Debt | $ 100,000 | |||||||||||||||||
Interest rate at end of period | 3.00% | |||||||||||||||||
Loans Payable | Term Line of Credit | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Total Long-Term Debt Outstanding | [1],[6] | $ 139,000,000 | $ 59,000,000 | |||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||||||
Letter of credit provided | $ 200,000,000.0 | |||||||||||||||||
Average interest rate | 1.17% | |||||||||||||||||
Medium-term Notes | ||||||||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||||||||||||
Approved borrowing capacity | $ 400,000,000.0 | |||||||||||||||||
|
FINANCIAL INSTRUMENTS (Details) |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2015
USD ($)
term
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
|||
Schedule of Financial Instruments [Line Items] | |||||
Restricted Investments | $ 6,769,000 | $ 7,961,000 | |||
Carrying amount of long-term debt | [1] | $ 611,991,000 | 543,000,000 | ||
Minimum | |||||
Schedule of Financial Instruments [Line Items] | |||||
Term of Note | 5 years | ||||
Maximum | |||||
Schedule of Financial Instruments [Line Items] | |||||
Term of Note | 10 years | ||||
Atlantic City Note Receivable | |||||
Schedule of Financial Instruments [Line Items] | |||||
Amount of advance to not-for profit organization | $ 10,000,000 | ||||
Proceeds from collection of advance | $ 100,000 | ||||
Interest rate of Note | 1.00% | ||||
Term of Note | 6 months | ||||
Number of additional terms to extend Note | term | 2 | ||||
Term of extension option | 3 months | ||||
Unnamed counterparty | |||||
Schedule of Financial Instruments [Line Items] | |||||
Restricted Investments | $ 6,700,000 | 7,800,000 | |||
Level 1 | |||||
Schedule of Financial Instruments [Line Items] | |||||
Restricted investments held in escrow | 32,200 | ||||
Level 2 | |||||
Schedule of Financial Instruments [Line Items] | |||||
Restricted investments held in escrow | 132,300 | ||||
Estimated fair value of long-term debt | 657,400,000 | 587,300,000 | |||
Carrying amount of long-term debt | 612,000,000 | 543,000,000 | |||
Level 2 | Financing receivable | |||||
Schedule of Financial Instruments [Line Items] | |||||
Long-term receivables, net of unamortized discount | 12,900,000 | 15,000,000 | |||
Imputed interest on long term receivables | $ 1,300,000 | $ 1,300,000 | |||
|
LINES OF CREDIT (Details) |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013 |
||||
Line of Credit Facility [Line Items] | ||||||
Total Facility | $ 210,000,000 | |||||
Usage | 136,600,000 | |||||
Available Liquidity | $ 73,400,000 | |||||
Financial covenant, ratio of indebtedness to consolidated total capitalization (not more than) | 0.65 | |||||
Average borrowings outstanding during the period | $ 118,100,000 | $ 52,300,000 | ||||
Maximum amounts outstanding during the period | $ 162,300,000 | $ 105,000,000 | ||||
Weighted average borrowing cost | 0.66% | 0.45% | 0.37% | |||
Commercial Paper Program/ Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Total Facility | [1] | $ 200,000,000 | ||||
Usage | [1] | 136,600,000 | ||||
Available Liquidity | [1] | 63,400,000 | ||||
Letters of credit outstanding, amount | 2,200,000 | |||||
Uncommitted Bank Lines | ||||||
Line of Credit Facility [Line Items] | ||||||
Total Facility | 10,000,000 | |||||
Usage | 0 | |||||
Available Liquidity | 10,000,000 | |||||
South Jersey Gas Commercial Paper Program | ||||||
Line of Credit Facility [Line Items] | ||||||
Total Facility | $ 200,000,000.0 | |||||
Fixed maturities of notes, at maximum number of days (in days) | 270 days | |||||
|
RETAINED EARNINGS (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Equity [Abstract] | |||
Amount of cash dividends declared to SJI | $ 40,700,000 | ||
Cash dividends paid to SJI | 40,700,000 | ||
Equity infusions from SJI | $ 0 | $ 25,000,000 | $ 25,000,000 |
PENSION AND OTHER POSTRETIREMENT BENEFITS (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Compensation and Retirement Disclosure [Abstract] | |||
Percentage of employees entitled to annuity payments upon retirement | 55.50% | ||
Pension Benefits | |||
Net periodic benefit cost [Abstract] | |||
Service Cost | $ 4,430 | $ 3,697 | $ 4,487 |
Interest Cost | 9,357 | 8,952 | 7,886 |
Expected Return on Plan Assets | (11,914) | (10,818) | (9,435) |
Amortization: | |||
Prior Service Cost (Credits) | 203 | 177 | 208 |
Actuarial Loss | 8,969 | 4,864 | 7,608 |
Net Periodic Benefit Cost | 11,045 | 6,872 | 10,754 |
Capitalized Benefit Costs | (4,805) | (3,047) | (5,002) |
Affiliate SERP Allocations | (1,688) | (1,313) | (1,389) |
Deferred Benefit Costs | (1,007) | 0 | 0 |
Total Net Periodic Benefit Expense | 3,545 | 2,512 | 4,363 |
Other Postretirement Benefits | |||
Net periodic benefit cost [Abstract] | |||
Service Cost | 726 | 585 | 771 |
Interest Cost | 2,406 | 2,297 | 2,221 |
Expected Return on Plan Assets | (2,708) | (2,467) | (2,158) |
Amortization: | |||
Prior Service Cost (Credits) | 499 | 133 | (195) |
Actuarial Loss | 1,107 | 770 | 1,555 |
Net Periodic Benefit Cost | 2,030 | 1,318 | 2,194 |
Capitalized Benefit Costs | (1,043) | (722) | (1,172) |
Affiliate SERP Allocations | 0 | 0 | 0 |
Deferred Benefit Costs | (256) | 0 | 0 |
Total Net Periodic Benefit Expense | $ 731 | $ 596 | $ 1,022 |
PENSION AND OTHER POSTRETIREMENT BENEFITS - DETAILS OF ACTIVITY WITHIN THE REGULATORY ASSET AND ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Pension Benefits | ||
Regulatory Assets | ||
Beginning Balance | $ 71,177 | $ 42,632 |
Amounts Arising During the Period, Net Actuarial Loss | (463) | 31,075 |
Amounts Arising During the Period, Prior Service Cost (Credit) | 0 | 486 |
Amounts Amortized to Net Periodic Costs, Net Actuarial Loss | (6,079) | (2,841) |
Amounts Amortized to Net Periodic Costs, Prior Service (Cost) Credit | (203) | (175) |
Ending Balance | 64,432 | 71,177 |
Accumulated Other Comprehensive Loss (pre-tax) | ||
Beginning Balance | 23,170 | 18,043 |
Amounts Arising During the Period, Net Actuarial Loss | 184 | 7,102 |
Amounts Arising During the Period, Prior Service Cost (Credit) | 0 | 0 |
Amounts Amortized to Net Periodic Costs, Net Actuarial Loss | (2,891) | (1,975) |
Amounts Amortized to Net Periodic Costs, Prior Service (Cost) Credit | 0 | 0 |
Ending Balance | 20,463 | 23,170 |
Other Postretirement Benefits | ||
Regulatory Assets | ||
Beginning Balance | 27,863 | 16,652 |
Amounts Arising During the Period, Net Actuarial Loss | (3,155) | 7,826 |
Amounts Arising During the Period, Prior Service Cost (Credit) | (499) | 4,146 |
Amounts Amortized to Net Periodic Costs, Net Actuarial Loss | (1,107) | (628) |
Amounts Amortized to Net Periodic Costs, Prior Service (Cost) Credit | (7,755) | (133) |
Ending Balance | 15,347 | 27,863 |
Accumulated Other Comprehensive Loss (pre-tax) | ||
Beginning Balance | 0 | 0 |
Amounts Arising During the Period, Net Actuarial Loss | 0 | 0 |
Amounts Arising During the Period, Prior Service Cost (Credit) | 0 | 0 |
Amounts Amortized to Net Periodic Costs, Net Actuarial Loss | 0 | 0 |
Amounts Amortized to Net Periodic Costs, Prior Service (Cost) Credit | 0 | 0 |
Ending Balance | $ 0 | $ 0 |
PENSION AND OTHER POSTRETIREMENT BENEFITS - ESTIMATED COSTS TO BE AMORTIZED (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Prior Service Costs | $ 203 |
Net Actuarial Loss | 5,488 |
Net Actuarial Loss | 2,257 |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Prior Service Costs | (257) |
Net Actuarial Loss | 998 |
Net Actuarial Loss | $ 0 |
PENSION AND OTHER POSTRETIREMENT BENEFITS - RECONCILIATION OF PLANS' BENEFIT OBLIGATION, FAIR VALUE OF PLAN ASSETS, FUNDED STATUS AND AMOUNTS RECOGNIZED IN BALANCE SHEET (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Amounts Recognized in the Statement of Financial Position Consist of: | |||
Current Liabilities | $ (2,227) | $ (1,515) | |
Noncurrent Liabilities | (65,491) | (95,241) | |
Pension Benefits | |||
Change in Benefit Obligations: | |||
Benefit Obligation at Beginning of Year | 221,605 | 180,668 | |
Service Cost | 4,430 | 3,697 | $ 4,487 |
Interest Cost | 9,357 | 8,952 | 7,886 |
Actuarial (Gain) Loss | (13,107) | 35,634 | |
Retiree Contributions | 0 | 0 | |
Plan Amendments | 0 | 534 | |
Benefits Paid | (8,625) | (7,880) | |
Benefit Obligation at End of Year | 213,660 | 221,605 | 180,668 |
Change in Plan Assets: | |||
Fair Value of Plan Assets at Beginning of Year | 144,568 | 142,674 | |
Actual Return on Plan Assets | (913) | 8,275 | |
Employer Contributions | 14,002 | 1,499 | |
Retiree Contributions | 0 | 0 | |
Benefits Paid | (8,625) | (7,880) | |
Fair Value of Plan Assets at End of Year | 149,032 | 144,568 | 142,674 |
Funded Status at End of Year: | |||
Accrued Net Benefit Cost at End of Year | (64,628) | (77,037) | |
Amounts Recognized in the Statement of Financial Position Consist of: | |||
Current Liabilities | (2,227) | (1,515) | |
Noncurrent Liabilities | (62,401) | (75,522) | |
Net Amount Recognized at End of Year | (64,628) | (77,037) | |
Amounts Recognized in Regulatory Assets Consist of: | |||
Prior Service Costs | 741 | 944 | |
Net Actuarial Loss | 63,691 | 70,233 | |
Net Amount Recognized at End of Year | 64,432 | 71,177 | 42,632 |
Amounts Recognized in Accumulated Other Comprehensive Loss Consist of: | |||
Net Actuarial Loss | 20,463 | 23,170 | |
Projected benefit obligation | 167,600 | 176,300 | |
Accumulated benefit obligation | 154,800 | 161,300 | |
Other Postretirement Benefits | |||
Change in Benefit Obligations: | |||
Benefit Obligation at Beginning of Year | 60,670 | 50,915 | |
Service Cost | 726 | 585 | 771 |
Interest Cost | 2,406 | 2,297 | 2,221 |
Actuarial (Gain) Loss | (6,257) | 6,008 | |
Retiree Contributions | 608 | 452 | |
Plan Amendments | (7,755) | 4,146 | |
Benefits Paid | (3,880) | (3,733) | |
Benefit Obligation at End of Year | 46,518 | 60,670 | 50,915 |
Change in Plan Assets: | |||
Fair Value of Plan Assets at Beginning of Year | 40,951 | 39,471 | |
Actual Return on Plan Assets | (395) | 507 | |
Employer Contributions | 6,144 | 4,254 | |
Retiree Contributions | 608 | 452 | |
Benefits Paid | (3,880) | (3,733) | |
Fair Value of Plan Assets at End of Year | 43,428 | 40,951 | 39,471 |
Funded Status at End of Year: | |||
Accrued Net Benefit Cost at End of Year | (3,090) | (19,719) | |
Amounts Recognized in the Statement of Financial Position Consist of: | |||
Current Liabilities | 0 | 0 | |
Noncurrent Liabilities | (3,090) | (19,719) | |
Net Amount Recognized at End of Year | (3,090) | (19,719) | |
Amounts Recognized in Regulatory Assets Consist of: | |||
Prior Service Costs | (3,289) | 4,965 | |
Net Actuarial Loss | 18,636 | 22,898 | |
Net Amount Recognized at End of Year | 15,347 | 27,863 | 16,652 |
Amounts Recognized in Accumulated Other Comprehensive Loss Consist of: | |||
Net Actuarial Loss | 0 | 0 | |
Supplemental Employee Retirement Plans | |||
Change in Plan Assets: | |||
Employer Contributions | 2,000 | 1,500 | $ 1,200 |
Amounts Recognized in Accumulated Other Comprehensive Loss Consist of: | |||
Projected benefit obligation | 46,100 | 45,300 | |
Accumulated benefit obligation | $ 44,600 | $ 44,000 |
PENSION AND OTHER POSTRETIREMENT BENEFITS - WEIGHTED AVERAGE ASSUMPTIONS USED (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Pension Benefits | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount Rate | 4.83% | 4.25% | |
Rate of Compensation Increase | 3.50% | 3.50% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount Rate | 4.25% | 5.09% | 4.26% |
Expected Long-Term Return on Plan Assets | 7.75% | 7.75% | 7.50% |
Rate of Compensation Increase | 3.50% | 3.50% | 3.25% |
Other Postretirement Benefits | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount Rate | 4.73% | 4.20% | |
Rate of Compensation Increase | 3.50% | 3.50% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount Rate | 4.20% | 4.91% | 4.14% |
Expected Long-Term Return on Plan Assets | 6.25% | 6.25% | 6.60% |
Rate of Compensation Increase | 3.50% | 3.50% | 3.25% |
PENSION AND OTHER POSTRETIREMENT BENEFITS - ASSUMED HEALTH CARE COST TREND RATES (Details) - Other Postretirement Benefits |
12 Months Ended |
---|---|
Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |
Medical Care and Drug Cost Trend Rate Assumed for Next Year | 7.00% |
Dental Care Cost Trend Rate Assumed for Next Year | 4.75% |
Rate to which Cost Trend Rates are Assumed to Decline (the Ultimate Trend Rate) | 4.75% |
Year that the Rate Reaches the Ultimate Trend Rate | 2023 |
PENSION AND OTHER POSTRETIREMENT BENEFITS - ONE PERCENT POINT CHANGE EFFECTS (Details) - Other Postretirement Benefits $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | |
1 - Percentage Point Increase, Effect on the Total of Service and Interest Cost | $ 153 |
1 - Percentage Point Decrease, Effect on the Total of Service and Interest Cost | $ (123) |
PENSION AND OTHER POSTRETIREMENT BENEFITS - PLAN ASSETS (Details) - Pension Benefits |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Required Capitalization for Plan Asset Allocation (less than) | $ 250,000,000 |
Defined Benefit Plan, Required Capitalization for Plan Asset Allocation, Small Cap | $ 50,000,000 |
Equity Securities, U.S. Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities, Range Minimum | 28.00% |
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities, Range Maximum | 48.00% |
Equity Securities, International Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities, Range Minimum | 13.00% |
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities, Range Maximum | 25.00% |
Fixed Income Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities, Range Minimum | 32.00% |
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities, Range Maximum | 42.00% |
Other Investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities, Range Minimum | 0.00% |
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities, Range Maximum | 14.00% |
PENSION AND OTHER POSTRETIREMENT BENEFITS - PLAN ASSETS BY CATEGORY (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | $ 144,568 | $ 142,674 | |||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | 144,568 | 142,674 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | 149,032 | 144,568 | |||||||||||||||||||||||
Pension Benefits | Cash | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | 28 | ||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | 28 | ||||||||||||||||||||||||
Pension Benefits | Common/Collective Trust Funds | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [1] | 554 | 554 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [1] | 554 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [1] | 692 | 554 | ||||||||||||||||||||||
Pension Benefits | STIF-Type Instrument | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [2] | 1,003 | 1,003 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [2] | 1,003 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [2] | 1,096 | 1,003 | ||||||||||||||||||||||
Pension Benefits | Common/Collective Trust Funds – U.S. | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [1] | 41,000 | 41,000 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [1] | 41,000 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [1] | 41,976 | 41,000 | ||||||||||||||||||||||
Pension Benefits | U.S. Large-Cap | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [3] | 10,380 | 10,380 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [3] | 10,380 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [3] | 11,535 | 10,380 | ||||||||||||||||||||||
Pension Benefits | U.S. Mid-Cap | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [3] | 4,122 | 4,122 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [3] | 4,122 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [3] | 2,748 | 4,122 | ||||||||||||||||||||||
Pension Benefits | U.S. Small-Cap | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [3] | 186 | 186 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [3] | 186 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [3] | 210 | 186 | ||||||||||||||||||||||
Pension Benefits | Equity Securities, International Securities | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [3] | 2,698 | 2,698 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [3] | 2,698 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [3] | 1,367 | 2,698 | ||||||||||||||||||||||
Pension Benefits | Common/Collective Trust Funds - International | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [1] | 24,796 | 24,796 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [1] | 24,796 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [1] | 26,800 | 24,796 | ||||||||||||||||||||||
Pension Benefits | Common/Collective Trust Funds | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [1] | 38,740 | 38,740 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [1] | 38,740 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [1] | 40,853 | 38,740 | ||||||||||||||||||||||
Pension Benefits | Common/Collective Trust Fund – Real Estate | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [4] | 5,987 | 5,987 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [4] | 5,987 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [4] | 6,866 | 5,987 | ||||||||||||||||||||||
Pension Benefits | Guaranteed Insurance Contract | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [5] | 8,738 | 8,738 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [5] | 8,738 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [5] | 8,031 | 8,738 | ||||||||||||||||||||||
Pension Benefits | Hedge Funds | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [6] | 3,469 | 3,469 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [6] | 3,469 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [6] | 3,353 | 3,469 | ||||||||||||||||||||||
Pension Benefits | Private Equity Fund | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [7] | 2,895 | 2,895 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [7] | 2,895 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [7] | $ 3,477 | 2,895 | ||||||||||||||||||||||
Pension Benefits | Private Equity Fund | Minimum | |||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fund Valuations Lag Period | 90 days | ||||||||||||||||||||||||
Pension Benefits | Private Equity Fund | Maximum | |||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fund Valuations Lag Period | 120 days | ||||||||||||||||||||||||
Pension Benefits | Level 1 | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | $ 17,386 | 17,386 | |||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | 17,386 | ||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | 15,888 | 17,386 | |||||||||||||||||||||||
Pension Benefits | Level 1 | Cash | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | 28 | ||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | 28 | ||||||||||||||||||||||||
Pension Benefits | Level 1 | Common/Collective Trust Funds | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [1] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [1] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [1] | 0 | 0 | ||||||||||||||||||||||
Pension Benefits | Level 1 | STIF-Type Instrument | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [2] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [2] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [2] | 0 | 0 | ||||||||||||||||||||||
Pension Benefits | Level 1 | Common/Collective Trust Funds – U.S. | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [1] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [1] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [1] | 0 | 0 | ||||||||||||||||||||||
Pension Benefits | Level 1 | U.S. Large-Cap | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [3] | 10,380 | 10,380 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [3] | 10,380 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [3] | 11,535 | 10,380 | ||||||||||||||||||||||
Pension Benefits | Level 1 | U.S. Mid-Cap | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [3] | 4,122 | 4,122 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [3] | 4,122 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [3] | 2,748 | 4,122 | ||||||||||||||||||||||
Pension Benefits | Level 1 | U.S. Small-Cap | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [3] | 186 | 186 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [3] | 186 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [3] | 210 | 186 | ||||||||||||||||||||||
Pension Benefits | Level 1 | Equity Securities, International Securities | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [3] | 2,698 | 2,698 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [3] | 2,698 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [3] | 1,367 | 2,698 | ||||||||||||||||||||||
Pension Benefits | Level 1 | Common/Collective Trust Funds - International | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [1] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [1] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [1] | 0 | 0 | ||||||||||||||||||||||
Pension Benefits | Level 1 | Common/Collective Trust Funds | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [1] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [1] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [1] | 0 | 0 | ||||||||||||||||||||||
Pension Benefits | Level 1 | Common/Collective Trust Fund – Real Estate | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [4] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [4] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [4] | 0 | 0 | ||||||||||||||||||||||
Pension Benefits | Level 1 | Guaranteed Insurance Contract | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [5] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [5] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [5] | 0 | 0 | ||||||||||||||||||||||
Pension Benefits | Level 1 | Hedge Funds | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [6] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [6] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [6] | 0 | 0 | ||||||||||||||||||||||
Pension Benefits | Level 1 | Private Equity Fund | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [7] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [7] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [7] | 0 | 0 | ||||||||||||||||||||||
Pension Benefits | Level 2 | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | 106,093 | 106,093 | |||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | 106,093 | ||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | 111,417 | 106,093 | |||||||||||||||||||||||
Pension Benefits | Level 2 | Cash | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | 0 | ||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | 0 | ||||||||||||||||||||||||
Pension Benefits | Level 2 | Common/Collective Trust Funds | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [1] | 554 | 554 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [1] | 554 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [1] | 692 | 554 | ||||||||||||||||||||||
Pension Benefits | Level 2 | STIF-Type Instrument | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [2] | 1,003 | 1,003 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [2] | 1,003 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [2] | 1,096 | 1,003 | ||||||||||||||||||||||
Pension Benefits | Level 2 | Common/Collective Trust Funds – U.S. | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [1] | 41,000 | 41,000 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [1] | 41,000 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [1] | 41,976 | 41,000 | ||||||||||||||||||||||
Pension Benefits | Level 2 | U.S. Large-Cap | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [3] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [3] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [3] | 0 | 0 | ||||||||||||||||||||||
Pension Benefits | Level 2 | U.S. Mid-Cap | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [3] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [3] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [3] | 0 | 0 | ||||||||||||||||||||||
Pension Benefits | Level 2 | U.S. Small-Cap | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [3] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [3] | 0 | |||||||||||||||||||||||
Pension Benefits | Level 2 | Equity Securities, International Securities | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [3] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [3] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [3] | 0 | 0 | ||||||||||||||||||||||
Pension Benefits | Level 2 | Common/Collective Trust Funds - International | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [1] | 24,796 | 24,796 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [1] | 24,796 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [1] | 26,800 | 24,796 | ||||||||||||||||||||||
Pension Benefits | Level 2 | Common/Collective Trust Funds | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [1] | 38,740 | 38,740 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [1] | 38,740 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [1] | 40,853 | 38,740 | ||||||||||||||||||||||
Pension Benefits | Level 2 | Common/Collective Trust Fund – Real Estate | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [4] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [4] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [4] | 0 | 0 | ||||||||||||||||||||||
Pension Benefits | Level 2 | Guaranteed Insurance Contract | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [5] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [5] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [5] | 0 | 0 | ||||||||||||||||||||||
Pension Benefits | Level 2 | Hedge Funds | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [6] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [6] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [6] | 0 | 0 | ||||||||||||||||||||||
Pension Benefits | Level 2 | Private Equity Fund | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [7] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [7] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [7] | 0 | 0 | ||||||||||||||||||||||
Pension Benefits | Level 3 | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | 21,089 | 20,240 | |||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | 21,089 | 20,240 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Relating to assets still held at the reporting date | 514 | 1,103 | |||||||||||||||||||||||
Relating to assets sold during the period | 367 | 270 | |||||||||||||||||||||||
Purchases, Sales and Settlements | (243) | (524) | |||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | 21,727 | 21,089 | |||||||||||||||||||||||
Pension Benefits | Level 3 | Cash | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | 0 | ||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | 0 | ||||||||||||||||||||||||
Pension Benefits | Level 3 | Common/Collective Trust Funds | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [1] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [1] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [1] | 0 | 0 | ||||||||||||||||||||||
Pension Benefits | Level 3 | STIF-Type Instrument | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [2] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [2] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [2] | 0 | 0 | ||||||||||||||||||||||
Pension Benefits | Level 3 | Common/Collective Trust Funds – U.S. | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [1] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [1] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [1] | 0 | 0 | ||||||||||||||||||||||
Pension Benefits | Level 3 | U.S. Large-Cap | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [3] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [3] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [3] | 0 | 0 | ||||||||||||||||||||||
Pension Benefits | Level 3 | U.S. Mid-Cap | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [3] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [3] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [3] | 0 | 0 | ||||||||||||||||||||||
Pension Benefits | Level 3 | Equity Securities, International Securities | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [3] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [3] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [3] | 0 | 0 | ||||||||||||||||||||||
Pension Benefits | Level 3 | Common/Collective Trust Funds - International | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [1] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [1] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [1] | 0 | 0 | ||||||||||||||||||||||
Pension Benefits | Level 3 | Common/Collective Trust Funds | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [1] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [1] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [1] | 0 | 0 | ||||||||||||||||||||||
Pension Benefits | Level 3 | Common/Collective Trust Fund – Real Estate | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | 5,987 | [4] | 5,401 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | 5,987 | [4] | 5,401 | ||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Relating to assets still held at the reporting date | 879 | 586 | |||||||||||||||||||||||
Relating to assets sold during the period | 0 | 0 | |||||||||||||||||||||||
Purchases, Sales and Settlements | 0 | 0 | |||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [4] | 6,866 | 5,987 | ||||||||||||||||||||||
Pension Benefits | Level 3 | Guaranteed Insurance Contract | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | 8,738 | [5] | 9,071 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | 8,738 | [5] | 9,071 | ||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Relating to assets still held at the reporting date | (26) | 396 | |||||||||||||||||||||||
Relating to assets sold during the period | 21 | 10 | |||||||||||||||||||||||
Purchases, Sales and Settlements | (702) | (739) | |||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [5] | 8,031 | 8,738 | ||||||||||||||||||||||
Pension Benefits | Level 3 | Hedge Funds | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | 3,469 | [6] | 3,328 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | 3,469 | [6] | 3,328 | ||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Relating to assets still held at the reporting date | (116) | 141 | |||||||||||||||||||||||
Relating to assets sold during the period | 0 | 0 | |||||||||||||||||||||||
Purchases, Sales and Settlements | 0 | 0 | |||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [6] | 3,353 | 3,469 | ||||||||||||||||||||||
Pension Benefits | Level 3 | Private Equity Fund | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | 2,895 | [7] | 2,440 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | 2,895 | [7] | 2,440 | ||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Relating to assets still held at the reporting date | (223) | (20) | |||||||||||||||||||||||
Relating to assets sold during the period | 346 | 260 | |||||||||||||||||||||||
Purchases, Sales and Settlements | 459 | 215 | |||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [7] | 3,477 | 2,895 | ||||||||||||||||||||||
Other Postretirement Benefits | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | 40,951 | 39,471 | |||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | 40,951 | 39,471 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | 43,428 | 40,951 | |||||||||||||||||||||||
Other Postretirement Benefits | Cash | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | 142 | 142 | |||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | 142 | ||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | $ 26 | 142 | |||||||||||||||||||||||
Other Postretirement Benefits | Equity Securities, U.S. Securities | Minimum | |||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Target plan allocations | 30.00% | ||||||||||||||||||||||||
Other Postretirement Benefits | Equity Securities, U.S. Securities | Maximum | |||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Target plan allocations | 43.00% | ||||||||||||||||||||||||
Other Postretirement Benefits | Common/Collective Trust Funds – U.S. | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [8] | $ 10,006 | 10,006 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [8] | 10,006 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [8] | 12,154 | 10,006 | ||||||||||||||||||||||
Other Postretirement Benefits | Mutual Fund - U.S. | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [2] | 4,447 | 4,447 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [2] | 4,447 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | $ 1,228 | [9] | 4,447 | [2] | |||||||||||||||||||||
Other Postretirement Benefits | Equity Securities, International Securities | Minimum | |||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Target plan allocations | 20.00% | ||||||||||||||||||||||||
Other Postretirement Benefits | Equity Securities, International Securities | Maximum | |||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Target plan allocations | 30.00% | ||||||||||||||||||||||||
Other Postretirement Benefits | Common/Collective Trust Funds - International | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [8] | $ 7,030 | 7,030 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [8] | 7,030 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [8] | 7,471 | 7,030 | ||||||||||||||||||||||
Other Postretirement Benefits | Mutual Funds - International | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [2] | 1,671 | 1,671 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [2] | 1,671 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | $ 922 | [9] | 1,671 | [2] | |||||||||||||||||||||
Other Postretirement Benefits | Fixed Income Funds | Minimum | |||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Target plan allocations | 32.00% | ||||||||||||||||||||||||
Other Postretirement Benefits | Fixed Income Funds | Maximum | |||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Target plan allocations | 42.00% | ||||||||||||||||||||||||
Other Postretirement Benefits | Common/Collective Trust Fund – Bonds | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [8] | $ 11,059 | 11,059 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [8] | 11,059 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [8] | 11,852 | 11,059 | ||||||||||||||||||||||
Other Postretirement Benefits | Fixed Income, Mutual Funds - Bonds | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [9] | 2,624 | 2,624 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [9] | 2,624 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [9] | $ 1,352 | 2,624 | ||||||||||||||||||||||
Other Postretirement Benefits | Other Investments | Minimum | |||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Target plan allocations | 0.00% | ||||||||||||||||||||||||
Other Postretirement Benefits | Other Investments | Maximum | |||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Target plan allocations | 7.00% | ||||||||||||||||||||||||
Other Postretirement Benefits | Mutual Funds - REITs | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [9] | $ 286 | 286 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [9] | 286 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [9] | 142 | 286 | ||||||||||||||||||||||
Other Postretirement Benefits | Company Owned Life Insurance | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [10] | 3,686 | 3,686 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [10] | 3,686 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [10] | 8,281 | 3,686 | ||||||||||||||||||||||
Other Postretirement Benefits | Level 1 | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | 9,170 | 9,170 | |||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | 9,170 | ||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | 3,670 | 9,170 | |||||||||||||||||||||||
Other Postretirement Benefits | Level 1 | Cash | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | 142 | 142 | |||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | 142 | ||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | 26 | 142 | |||||||||||||||||||||||
Other Postretirement Benefits | Level 1 | Common/Collective Trust Funds – U.S. | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [8] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [8] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [8] | 0 | 0 | ||||||||||||||||||||||
Other Postretirement Benefits | Level 1 | Mutual Fund - U.S. | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [2] | 4,447 | 4,447 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [2] | 4,447 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | 1,228 | [9] | 4,447 | [2] | |||||||||||||||||||||
Other Postretirement Benefits | Level 1 | Common/Collective Trust Funds - International | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [8] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [8] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [8] | 0 | 0 | ||||||||||||||||||||||
Other Postretirement Benefits | Level 1 | Mutual Funds - International | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [2] | 1,671 | 1,671 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [2] | 1,671 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | 922 | [9] | 1,671 | [2] | |||||||||||||||||||||
Other Postretirement Benefits | Level 1 | Common/Collective Trust Fund – Bonds | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [8] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [8] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [8] | 0 | 0 | ||||||||||||||||||||||
Other Postretirement Benefits | Level 1 | Fixed Income, Mutual Funds - Bonds | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [9] | 2,624 | 2,624 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [9] | 2,624 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [9] | 1,352 | 2,624 | ||||||||||||||||||||||
Other Postretirement Benefits | Level 1 | Mutual Funds - REITs | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [9] | 286 | 286 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [9] | 286 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [9] | 142 | 286 | ||||||||||||||||||||||
Other Postretirement Benefits | Level 1 | Company Owned Life Insurance | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [10] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [10] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [10] | 0 | 0 | ||||||||||||||||||||||
Other Postretirement Benefits | Level 2 | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | 31,781 | 31,781 | |||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | 31,781 | ||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | 39,758 | 31,781 | |||||||||||||||||||||||
Other Postretirement Benefits | Level 2 | Cash | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | 0 | 0 | |||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | 0 | ||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | 0 | 0 | |||||||||||||||||||||||
Other Postretirement Benefits | Level 2 | Common/Collective Trust Funds – U.S. | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [8] | 10,006 | 10,006 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [8] | 10,006 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [8] | 12,154 | 10,006 | ||||||||||||||||||||||
Other Postretirement Benefits | Level 2 | Mutual Fund - U.S. | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [2] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [2] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | 0 | [9] | 0 | [2] | |||||||||||||||||||||
Other Postretirement Benefits | Level 2 | Common/Collective Trust Funds - International | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [8] | 7,030 | 7,030 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [8] | 7,030 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [8] | 7,471 | 7,030 | ||||||||||||||||||||||
Other Postretirement Benefits | Level 2 | Mutual Funds - International | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [2] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [2] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | 0 | [9] | 0 | [2] | |||||||||||||||||||||
Other Postretirement Benefits | Level 2 | Common/Collective Trust Fund – Bonds | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [8] | 11,059 | 11,059 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [8] | 11,059 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [8] | 11,852 | 11,059 | ||||||||||||||||||||||
Other Postretirement Benefits | Level 2 | Fixed Income, Mutual Funds - Bonds | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [9] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [9] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [9] | 0 | 0 | ||||||||||||||||||||||
Other Postretirement Benefits | Level 2 | Mutual Funds - REITs | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [9] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [9] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [9] | 0 | 0 | ||||||||||||||||||||||
Other Postretirement Benefits | Level 2 | Company Owned Life Insurance | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [10] | 3,686 | 3,686 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [10] | 3,686 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [10] | 8,281 | 3,686 | ||||||||||||||||||||||
Other Postretirement Benefits | Level 3 | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | 0 | 0 | |||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | 0 | ||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | 0 | 0 | |||||||||||||||||||||||
Other Postretirement Benefits | Level 3 | Cash | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | 0 | 0 | |||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | 0 | ||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | 0 | 0 | |||||||||||||||||||||||
Other Postretirement Benefits | Level 3 | Common/Collective Trust Funds – U.S. | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [8] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [8] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [8] | 0 | 0 | ||||||||||||||||||||||
Other Postretirement Benefits | Level 3 | Mutual Fund - U.S. | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [2] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [2] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | 0 | [9] | 0 | [2] | |||||||||||||||||||||
Other Postretirement Benefits | Level 3 | Common/Collective Trust Funds - International | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [8] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [8] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [8] | 0 | 0 | ||||||||||||||||||||||
Other Postretirement Benefits | Level 3 | Mutual Funds - International | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [2] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [2] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | 0 | [9] | 0 | [2] | |||||||||||||||||||||
Other Postretirement Benefits | Level 3 | Common/Collective Trust Fund – Bonds | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [8] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [8] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [8] | 0 | 0 | ||||||||||||||||||||||
Other Postretirement Benefits | Level 3 | Fixed Income, Mutual Funds - Bonds | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [9] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [9] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [9] | 0 | 0 | ||||||||||||||||||||||
Other Postretirement Benefits | Level 3 | Mutual Funds - REITs | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [9] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [9] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [9] | 0 | 0 | ||||||||||||||||||||||
Other Postretirement Benefits | Level 3 | Company Owned Life Insurance | |||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||||||||||||||||||||
Fair Value of Plan Assets | [10] | 0 | 0 | ||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | [10] | 0 | |||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | [10] | $ 0 | $ 0 | ||||||||||||||||||||||
|
PENSION AND OTHER POSTRETIREMENT BENEFITS - FUTURE BENEFIT PAYMENTS (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |||
Pension Contributions | $ 12,020,000 | $ 0 | $ 9,100,000 |
Pension Benefits | |||
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |||
2016 | 9,685,000 | ||
2017 | 9,992,000 | ||
2018 | 10,364,000 | ||
2019 | 11,253,000 | ||
2020 | 11,704,000 | ||
2021- 2025 | 68,799,000 | ||
Pension Contributions | 12,000,000 | 0 | 9,100,000 |
Employer Contributions | 14,002,000 | 1,499,000 | |
Other Postretirement Benefits | |||
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |||
2016 | 3,673,000 | ||
2017 | 3,657,000 | ||
2018 | 3,634,000 | ||
2019 | 3,689,000 | ||
2020 | 3,798,000 | ||
2021- 2025 | 18,562,000 | ||
Employer Contributions | 6,144,000 | 4,254,000 | |
Estimated future contributions | 3,600,000 | ||
Supplemental Employee Retirement Plans | |||
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |||
Employer Contributions | 2,000,000 | $ 1,500,000 | $ 1,200,000 |
Estimated future contributions | $ 2,200,000 |
PENSION AND OTHER POSTRETIREMENT BENEFITS - DEFINED CONTRIBUTION PLAN (Details) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
USD ($)
$ / employees
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | $ | $ 1.2 | $ 1.2 | $ 1.0 |
Employee Qualifying For Defined Benefit Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent | 6.00% | ||
Employee Not Qualifying For Defined Benefit Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent | 8.00% | ||
Year End Contribution for Employees With Less Then Ten Years of Service | 1,500 | ||
Year End Contribution for Employees With More Then Ten Years of Service | 2,000 | ||
Years of Service Threshold to Determine Year End Contribution | 10 years |
COMMITMENTS AND CONTINGENCIES (Details) |
12 Months Ended | 432 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2015
USD ($)
site
union
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2015
USD ($)
site
union
|
Dec. 31, 2012
USD ($)
site
|
|
Loss Contingencies [Line Items] | ||||
Letter of credit provided | $ 210,000,000 | $ 210,000,000 | ||
Monthly gas supply related demand charges and reservation fees | 6,300,000 | |||
Estimated litigation liability | $ 800,000 | $ 500,000 | $ 800,000 | |
Percentage of personnel represented in collective bargaining agreements | 60.00% | 60.00% | ||
Number of unions | union | 2 | 2 | ||
Number of sites for environmental cleanup | site | 12 | 12 | ||
Number of sites covered by insurance | site | 11 | |||
Insurance policy limit | $ 50,000,000.0 | |||
Accrual for Environmental Loss Contingencies [Roll Forward] | ||||
Beginning of Year | $ 124,308,000 | 119,492,000 | ||
Accruals | 18,747,000 | 16,453,000 | $ 359,100,000 | |
Expenditures | (19,861,000) | (11,637,000) | (236,000,000) | |
End of Year | 123,194,000 | $ 124,308,000 | 123,194,000 | |
Standby Letter of Credit | ||||
Loss Contingencies [Line Items] | ||||
Letter of credit provided | 25,200,000 | 25,200,000 | ||
Environmental Restoration Costs | ||||
Accrual for Environmental Loss Contingencies [Roll Forward] | ||||
Range of possible loss, minimum | 123,200,000 | 123,200,000 | ||
Range of possible loss, maximum | 204,700,000 | 204,700,000 | ||
Environmental Restoration Costs | Sites Comprising the Majority the Environmental Remediation | ||||
Accrual for Environmental Loss Contingencies [Roll Forward] | ||||
Range of possible loss, minimum | 110,500,000 | 110,500,000 | ||
Range of possible loss, maximum | $ 190,500,000 | $ 190,500,000 | ||
Number of sites affected by environmental remediation | site | 6 | 6 |
FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Assets | |||||||||
Available-for-Sale Securities | [1] | $ 8,788 | $ 8,894 | ||||||
Derivatives - Energy Related Assets | [2] | 1,141 | 2,051 | ||||||
Total Assets | 9,929 | 10,945 | |||||||
Liabilities | |||||||||
Derivatives - Energy Related Liabilities | [2] | 5,840 | 7,603 | ||||||
Derivatives - Other | [3] | 7,631 | 7,325 | ||||||
Total Liabilities | 13,471 | 14,928 | |||||||
Level 1 | |||||||||
Assets | |||||||||
Available-for-Sale Securities | [1] | 1,722 | 5,924 | ||||||
Derivatives - Energy Related Assets | [2] | 398 | 2 | ||||||
Total Assets | 2,120 | 5,926 | |||||||
Liabilities | |||||||||
Derivatives - Energy Related Liabilities | [2] | 5,424 | 7,254 | ||||||
Derivatives - Other | [3] | 0 | 0 | ||||||
Total Liabilities | 5,424 | 7,254 | |||||||
Level 2 | |||||||||
Assets | |||||||||
Available-for-Sale Securities | [1] | 7,066 | 2,970 | ||||||
Derivatives - Energy Related Assets | [2] | 144 | 2,049 | ||||||
Total Assets | 7,210 | 5,019 | |||||||
Liabilities | |||||||||
Derivatives - Energy Related Liabilities | [2] | 0 | 349 | ||||||
Derivatives - Other | [3] | 7,631 | 7,325 | ||||||
Total Liabilities | 7,631 | 7,674 | |||||||
Level 3 | |||||||||
Assets | |||||||||
Available-for-Sale Securities | [1] | 0 | 0 | ||||||
Derivatives - Energy Related Assets | [2] | 599 | 0 | ||||||
Total Assets | 599 | 0 | |||||||
Liabilities | |||||||||
Derivatives - Energy Related Liabilities | [2] | 416 | 0 | ||||||
Derivatives - Other | [3] | 0 | 0 | ||||||
Total Liabilities | $ 416 | $ 0 | |||||||
|
FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES - QUANTITATIVE INFORMATION ON LEVEL 3 MEASUREMENTS (Details) - Level 3 - Forward Contract - Natural Gas $ in Thousands |
Dec. 31, 2015
USD ($)
$ / decatherm
|
---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative Asset | $ | $ 599 |
Derivative Liability | $ | $ 416 |
Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative, Forward price (in USD per dt) | 1.18 |
Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative, Forward price (in USD per dt) | 5.21 |
Weighted Average | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative, Forward price (in USD per dt) | 2.90 |
FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES - FAIR VALUE MEASUREMENTS OF DERIVATES (Details) - Level 3 $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |
Balance at January 1, 2015 | $ 0 |
Other Changes in Fair Value from Continuing and New contracts, Net | 183 |
Settlements | 0 |
Balance at December 31, 2015 | $ 183 |
DERIVATIVE INSTRUMENTS (Details) |
1 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2005
USD ($)
|
Dec. 31, 2015
USD ($)
MMcfe
|
Dec. 31, 2014
USD ($)
|
|
Derivative [Line Items] | |||
Unrealized gain (losses) included in its BGSS related to open financial contracts | $ 4,700,000 | $ 5,600,000 | |
Initial cost of Treasury Locks | $ 1,400,000 | ||
Amortization period of Treasury Locks | 30 years | ||
Unamortized balance of Treasury Locks | 900,000 | $ 1,000,000 | |
South Jersey Gas Company | Interest Rate Swap, $12,500,000 Contract 1 | |||
Derivative [Line Items] | |||
Notional Amount | $ 12,500,000,000 | ||
Fixed Interest Rate | 3.43% | ||
South Jersey Gas Company | Interest Rate Swap, $12,500,000 Contract 2 | |||
Derivative [Line Items] | |||
Notional Amount | $ 12,500,000,000 | ||
Fixed Interest Rate | 3.43% | ||
Basis and Index Related Purchase and Sales Contracts | |||
Derivative [Line Items] | |||
Notional amount, energy | MMcfe | 1,400 | ||
Derivative Transaction Type, Purchase | |||
Derivative [Line Items] | |||
Notional amount, energy | MMcfe | 8,600 | ||
Derivative Transaction Type, Sale | |||
Derivative [Line Items] | |||
Notional amount, energy | MMcfe | 300 |
DERIVATIVE INSTRUMENTS - FAIR VALUE OF ALL DERIVATIVE INSTRUMENTS (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Fair value Derivative Assets | $ 1,141 | $ 2,051 |
Fair value Derivative Liabilities | 13,471 | 14,928 |
Derivatives - Energy Related | Derivatives – Energy Related – Current | ||
Derivatives, Fair Value [Line Items] | ||
Fair value Derivative Assets | 1,077 | 2,051 |
Fair value Derivative Liabilities | 5,489 | 6,305 |
Derivatives - Energy Related | Derivatives – Energy Related – Non-Current | ||
Derivatives, Fair Value [Line Items] | ||
Fair value Derivative Assets | 64 | 0 |
Fair value Derivative Liabilities | 351 | 1,298 |
Interest Rate Contract | Derivatives – Other | ||
Derivatives, Fair Value [Line Items] | ||
Fair value Derivative Assets | 0 | 0 |
Fair value Derivative Liabilities | $ 7,631 | $ 7,325 |
DERIVATIVE INSTRUMENTS - OFFSETTING ARRANGEMENTS (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||
---|---|---|---|---|---|---|---|
Derivatives - Energy Related | |||||||
Offsetting Derivative Assets [Abstract] | |||||||
Gross amounts of recognized assets | $ 1,141 | $ 2,051 | |||||
Gross amount offset in the balance sheet | 0 | 0 | |||||
Net amounts of assets/liabilities in balance sheet | 1,141 | 2,051 | |||||
Gross amounts not offset in the balance sheet, Financial Instruments | [1] | (399) | (2) | ||||
Gross amounts not offset in the balance sheet, Cash Collateral Posted | 0 | 0 | |||||
Net amount | 742 | 2,049 | |||||
Offsetting Derivative Liabilities [Abstract] | |||||||
Gross amounts of recognized liabilities | (5,840) | (7,603) | |||||
Gross amount offset in the balance sheet | 0 | 0 | |||||
Net amounts of assets/liabilities in balance sheet | (5,840) | (7,603) | |||||
Gross amounts not offset in the balance sheet, Financial Instruments | [2] | 399 | 2 | ||||
Gross amounts not offset in the balance sheet, Cash Collateral Posted | 5,025 | 7,253 | |||||
Net amount | (416) | (348) | |||||
Derivatives - Other | |||||||
Offsetting Derivative Liabilities [Abstract] | |||||||
Gross amounts of recognized liabilities | (7,631) | (7,325) | |||||
Gross amount offset in the balance sheet | 0 | 0 | |||||
Net amounts of assets/liabilities in balance sheet | (7,631) | (7,325) | |||||
Gross amounts not offset in the balance sheet, Financial Instruments | 0 | 0 | |||||
Gross amounts not offset in the balance sheet, Cash Collateral Posted | 0 | 0 | |||||
Net amount | $ (7,631) | $ (7,325) | |||||
|
DERIVATIVE INSTRUMENTS - DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Losses reclassified from accumulated OCI into income | [1] | $ (46) | $ (46) | $ (46) | |
Realized gains losses, derivative instruments on energy-related contracts | $ (9,100) | $ 1,700 | $ (400) | ||
|
ACCUMULATED OTHER COMPREHENSIVE LOSS (AOCL) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||||||
Beginning balance | [1] | $ (14,479) | $ (10,869) | |||||||||||
Other comprehensive income before reclassifications | (186) | (4,269) | ||||||||||||
Amounts reclassified from AOCL | [2] | 1,803 | 659 | |||||||||||
Other Comprehensive Income (Loss) - Net of Tax | [3],[4] | 1,617 | (3,610) | $ 2,416 | ||||||||||
Ending balance | [1] | $ (12,862) | $ (14,479) | $ (10,869) | ||||||||||
Combined statutory tax rate | 40.00% | 40.00% | 41.00% | |||||||||||
Postretirement Liability Adjustment | ||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||||||
Beginning balance | [4] | $ (13,837) | [1] | $ (10,672) | [1] | $ (12,958) | ||||||||
Other comprehensive income before reclassifications | (110) | (4,345) | ||||||||||||
Amounts reclassified from AOCL | [2] | 1,727 | 1,180 | |||||||||||
Other Comprehensive Income (Loss) - Net of Tax | [4] | 1,617 | (3,165) | 2,286 | ||||||||||
Ending balance | [1],[4] | (12,220) | (13,837) | (10,672) | ||||||||||
Unrealized Gain (Loss) on Derivatives-Other | ||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||||||
Beginning balance | [4] | (567) | [1] | (594) | [1] | (621) | ||||||||
Other comprehensive income before reclassifications | 0 | 0 | ||||||||||||
Amounts reclassified from AOCL | [2] | 23 | 27 | |||||||||||
Other Comprehensive Income (Loss) - Net of Tax | [4] | 23 | 27 | 27 | ||||||||||
Ending balance | [1],[4] | (544) | (567) | (594) | ||||||||||
Unrealized Gain (Loss) on Available-for-Sale Securities | ||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||||||
Beginning balance | [4] | (75) | [1] | 397 | [1] | 294 | ||||||||
Other comprehensive income before reclassifications | (76) | 76 | ||||||||||||
Amounts reclassified from AOCL | [2] | 53 | (548) | |||||||||||
Other Comprehensive Income (Loss) - Net of Tax | [4] | (23) | (472) | 103 | ||||||||||
Ending balance | [1],[4] | $ (98) | $ (75) | $ 397 | ||||||||||
|
ACCUMULATED OTHER COMPREHENSIVE LOSS (AOCL) - Additional Details (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Interest Charges | $ (19,906) | $ (17,872) | $ (12,550) | ||||||||
Other Income & Expense | 3,844 | 5,560 | 3,797 | ||||||||
Operating Expenses: Operations | (107,836) | (102,428) | (85,805) | ||||||||
Income Taxes | $ (10,352) | $ 2,871 | $ (3,292) | $ (26,172) | $ (9,455) | $ (534) | $ (2,379) | $ (22,527) | (36,945) | (34,895) | (34,833) |
Net Income | $ 22,194 | $ (3,429) | $ 5,226 | $ 42,587 | $ 24,041 | $ 974 | $ 3,811 | $ 37,657 | $ 66,578 | $ 66,483 | $ 62,236 |
Combined statutory rate | 40.00% | 40.00% | 41.00% | ||||||||
Amounts Reclassified from AOCL | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net Income | $ 1,803 | $ 659 | |||||||||
Amounts Reclassified from AOCL | Unrealized Loss on Derivatives-Other - Interest Rate Contracts designated as cash flow hedges | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Interest Charges | 46 | 46 | |||||||||
Income Taxes | (23) | (19) | |||||||||
Net Income | 23 | 27 | |||||||||
Amounts Reclassified from AOCL | Unrealized Gain (Loss) on Available-for-Sale Securities | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other Income & Expense | 90 | (918) | |||||||||
Income Taxes | (37) | 370 | |||||||||
Net Income | 53 | (548) | |||||||||
Amounts Reclassified from AOCL | Actuarial Loss on Postretirement Benefits | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Operating Expenses: Operations | 2,891 | 1,975 | |||||||||
Income Taxes | (1,164) | (795) | |||||||||
Net Income | $ 1,727 | $ 1,180 |
QUARTERLY RESULTS OF OPERATIONS - UNAUDITED (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Operating Revenues | $ 132,186 | $ 58,634 | $ 75,812 | $ 267,658 | $ 161,219 | $ 60,952 | $ 69,159 | $ 210,545 | $ 534,290 | $ 501,875 | $ 446,480 |
Expenses: | |||||||||||
Cost of Sales (excluding depreciation) | 50,835 | 22,934 | 25,419 | 146,102 | 79,644 | 23,400 | 24,879 | 103,293 | 245,290 | 231,216 | 200,081 |
Operations and Maintenance Including Fixed Charges | 48,258 | 42,204 | 42,691 | 52,137 | 47,943 | 37,432 | 38,737 | 46,969 | |||
Income Taxes | 10,352 | (2,871) | 3,292 | 26,172 | 9,455 | 534 | 2,379 | 22,527 | 36,945 | 34,895 | 34,833 |
Energy and Other Taxes | 951 | 806 | 854 | 1,420 | 947 | 798 | 830 | 1,185 | 4,031 | 3,760 | 7,862 |
Total Expenses | 110,396 | 63,073 | 72,256 | 225,831 | 137,989 | 62,164 | 66,825 | 173,974 | |||
Other Income and Expense | 404 | 1,010 | 1,670 | 760 | 811 | 2,186 | 1,477 | 1,086 | |||
Net Income | $ 22,194 | $ (3,429) | $ 5,226 | $ 42,587 | $ 24,041 | $ 974 | $ 3,811 | $ 37,657 | $ 66,578 | $ 66,483 | $ 62,236 |
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - Allowance for Doubtful Accounts - USD ($) $ in Thousands |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||||
Balance | $ 6,601 | $ 4,553 | $ 3,985 | |||||
Charged to Costs and Expenses | 14,689 | 9,417 | 4,232 | |||||
Charged to Other Accounts | [1] | (235) | (102) | (41) | ||||
Deductions | [2] | 11,277 | 7,267 | 3,623 | ||||
Balance | $ 9,778 | $ 6,601 | $ 4,553 | |||||
|
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