Details of Selected Consolidated Balance Sheet Captions |
Details of Selected Financial Statement Captions The following tables provide additional information regarding the composition of certain financial statement captions.
Balance Sheet Accounts receivable Accounts receivable was comprised of the following at September 30, 2019 and 2018: | | | | | | | | | | September 30 | | 2019 | | 2018 | | (In thousands) | Billed accounts receivable | $ | 126,984 |
| | $ | 138,794 |
| Unbilled revenue | 78,986 |
| | 81,005 |
| Contributions in aid of construction receivable | 22,378 |
| | 23,015 |
| Other accounts receivable | 18,122 |
| | 25,276 |
| Total accounts receivable | 246,470 |
| | 268,090 |
| Less: allowance for doubtful accounts | (15,899 | ) | | (14,795 | ) | Net accounts receivable | $ | 230,571 |
| | $ | 253,295 |
|
Other current assets Other current assets as of September 30, 2019 and 2018 were comprised of the following accounts. | | | | | | | | | | September 30 | | 2019 | | 2018 | | (In thousands) | Deferred gas costs | $ | 23,766 |
| | $ | 1,927 |
| Prepaid expenses | 38,895 |
| | 33,233 |
| Materials and supplies | 5,916 |
| | 8,106 |
| Assets from risk management activities | 1,586 |
| | 1,369 |
| Other | 2,609 |
| | 1,420 |
| Total | $ | 72,772 |
| | $ | 46,055 |
|
Property, plant and equipment Property, plant and equipment was comprised of the following as of September 30, 2019 and 2018: | | | | | | | | | | September 30 | | 2019 | | 2018 | | (In thousands) | Storage plant | $ | 431,286 |
| | $ | 414,857 |
| Transmission plant | 3,157,316 |
| | 2,851,423 |
| Distribution plant | 9,333,011 |
| | 8,141,733 |
| General plant | 799,095 |
| | 771,355 |
| Intangible plant | 38,191 |
| | 38,280 |
| | 13,758,899 |
| | 12,217,648 |
| Construction in progress | 421,694 |
| | 349,725 |
| | 14,180,593 |
| | 12,567,373 |
| Less: accumulated depreciation and amortization | (2,392,924 | ) | | (2,196,226 | ) | Net property, plant and equipment(1) | $ | 11,787,669 |
| | $ | 10,371,147 |
|
| | (1) | Net property, plant and equipment includes plant acquisition adjustments of $(46.7) million and $(55.5) million at September 30, 2019 and 2018. |
Goodwill The following presents our goodwill balance allocated by segment and changes in the balance for the fiscal year ended September 30, 2019: | | | | | | | | | | | | | | Distribution | | Pipeline and Storage | | Total | | (In thousands) | Balance as of September 30, 2018 | $ | 587,342 |
| | $ | 143,077 |
| | $ | 730,419 |
| Deferred tax adjustments on prior acquisitions(1) | 262 |
| | 25 |
| | 287 |
| Balance as of September 30, 2019 | $ | 587,604 |
| | $ | 143,102 |
| | $ | 730,706 |
|
| | (1) | We annually adjust certain deferred taxes recorded in connection with an acquisition completed in fiscal 2005, which resulted in an increase to goodwill and net deferred tax liabilities of $0.3 million for fiscal 2019. |
Deferred charges and other assets Deferred charges and other assets as of September 30, 2019 and 2018 were comprised of the following accounts. | | | | | | | | | | September 30 | | 2019 | | 2018 | | (In thousands) | Marketable securities | $ | 101,883 |
| | $ | 99,385 |
| Regulatory assets | 260,220 |
| | 141,778 |
| Assets from risk management activities | 225 |
| | 250 |
| Pension asset | — |
| | 26,972 |
| Tax receivable | 10,099 |
| | 10,099 |
| Other | 18,786 |
| | 15,534 |
| Total | $ | 391,213 |
| | $ | 294,018 |
|
Accounts payable and accrued liabilities Accounts payable and accrued liabilities as of September 30, 2019 and 2018 were comprised of the following accounts. | | | | | | | | | | September 30 | | 2019 | | 2018 | | (In thousands) | Trade accounts payable | $ | 176,581 |
| | $ | 135,159 |
| Accrued gas payable | 36,817 |
| | 48,721 |
| Accrued liabilities | 51,626 |
| | 33,403 |
| Total | $ | 265,024 |
| | $ | 217,283 |
|
Other current liabilities Other current liabilities as of September 30, 2019 and 2018 were comprised of the following accounts. | | | | | | | | | | September 30 | | 2019 | | 2018 | | (In thousands) | Customer credit balances and deposits | $ | 54,617 |
| | $ | 52,648 |
| Accrued employee costs | 55,216 |
| | 52,101 |
| Deferred gas costs | 14,112 |
| | 94,705 |
| Accrued interest | 51,381 |
| | 39,486 |
| Liabilities from risk management activities | 4,552 |
| | 56,734 |
| Taxes payable | 135,597 |
| | 123,457 |
| Pension and postretirement obligations | 26,197 |
| | 10,475 |
| Regulatory cost of service reserve | 4,209 |
| | 22,508 |
| Regulatory cost of removal obligation | 55,721 |
| | 55,770 |
| APT annual adjustment mechanism | 52,856 |
| | 19,918 |
| Regulatory excess deferred taxes (See Note 13) | 21,206 |
| | 5,225 |
| Other | 3,837 |
| | 14,041 |
| Total | $ | 479,501 |
| | $ | 547,068 |
|
Deferred credits and other liabilities Deferred credits and other liabilities as of September 30, 2019 and 2018 were comprised of the following accounts. | | | | | | | | | | September 30 | | 2019 | | 2018 | | (In thousands) | Customer advances for construction | $ | 12,566 |
| | $ | 11,010 |
| Other regulatory liabilities | 16,120 |
| | 78,599 |
| Asset retirement obligation | 17,054 |
| | 12,887 |
| Liabilities from risk management activities | 1,249 |
| | 103 |
| APT annual adjustment mechanism | 25,545 |
| | 15,310 |
| Unrecognized tax benefits | 27,716 |
| | 26,203 |
| Other | 20,883 |
| | 13,916 |
| Total | $ | 121,133 |
| | $ | 158,028 |
|
Statement of Comprehensive Income Other non-operating income (expense) Other non-operating income (expense) for the fiscal years ended September 30, 2019, 2018 and 2017 were comprised of the following accounts. | | | | | | | | | | | | | | Year Ended September 30 | | 2019 | | 2018 | | 2017 | | (In thousands) | Equity component of AFUDC | $ | 11,165 |
| | $ | — |
| | $ | — |
| Performance-based rate program | 6,737 |
| | 6,745 |
| | 9,240 |
| Pension and other postretirement non-service credit (cost)(1) | 3,016 |
| | (5,770 | ) | | (8,469 | ) | Interest income | 4,160 |
| | 1,450 |
| | 1,390 |
| Donations | (4,771 | ) | | (6,053 | ) | | (4,413 | ) | Unrealized loss on equity securities(1) | (1,349 | ) | | — |
| | — |
| Miscellaneous | (11,554 | ) | | (6,516 | ) | | (9,100 | ) | Total Other non-operating income (expense) | $ | 7,404 |
| | $ | (10,144 | ) | | $ | (11,352 | ) |
| | (1) | In accordance with our adoption of new accounting standards, the net periodic non-service credit (cost) and unrealized loss on equity securities are now included in the line item other non-operating income (expense) in the consolidated statements of comprehensive income, as described in Note 2. |
Statement of Cash Flows Supplemental disclosures of cash flow information for the fiscal years ended September 30, 2019, 2018 and 2017 were as follows: | | | | | | | | | | | | | | Year Ended September 30 | | 2019 | | 2018 | | 2017 | | (In thousands) | Cash Paid During The Period For: | | | | | | Interest | $ | 184,852 |
| | $ | 169,987 |
| | $ | 156,668 |
| Income taxes | $ | 11,467 |
| | $ | 6,102 |
| | $ | 5,264 |
| Non-Cash Transactions: | | | | | | Capital expenditures included in current liabilities | $ | 149,993 |
| | $ | 112,211 |
| | $ | 116,194 |
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