XML 34 R36.htm IDEA: XBRL DOCUMENT v3.3.0.814
Debt (Details) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Dec. 31, 2014
Sep. 30, 2014
Debt Disclosure [Abstract]      
Carrying Amount $ 621,700 $ 661,700 $ 661,700
Estimated Fair Value 697,647 756,808 748,902
Short-term Debt $ 225,200 $ 234,700 $ 190,000
Commercial Paper, Maximum Maturity 71 days    
Commercial Paper, Average Maturity 62 days    
Debt Instrument, Description At September 30, 2015, the Company's utility segment had long-term debt of $601.7 million. Utility long-term debt consists of first mortgage bonds (FMBs) with maturity dates ranging from 2016 through 2042, interest rates ranging from 3.176% to 9.05%, and a weighted-average coupon rate of 5.70%. The utility redeemed $40 million of FMBs with a coupon rate of 4.70% in June 2015. At September 30, 2015, the Company's gas storage segment’s long-term debt consisted of $20 million of fixed-rate senior collateralized debt with a maturity date of November 30, 2016 and an interest rate of 7.75%. This debt is collateralized by all of the membership interests in Gill Ranch and is nonrecourse to NW Natural. On April 28, 2015, Gill Ranch entered into an amendment to the loan agreement under which the earnings before interest, tax, depreciation, and amortization (EBITDA) covenant requirement is suspended through maturity of the loan. Previously, the covenant had been suspended through March 31, 2015, and the debt service reserve was set at $3 million. Under the amendment, the debt service reserve was fixed at $4.5 million as of June 30, 2015 with scheduled increases by contributions of $1.5 million on each of January 30, 2016 and August 30, 2016, respectively. Additionally, Gill Ranch must receive common equity contributions from its parent NWN Gas Storage of at least $2 million by August 31, 2015, which was made on May 19, 2015, and of at least $4 million by August 31, 2016.