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Summary Of Significant Accounting Policies (Policies)
3 Months Ended
Jul. 31, 2011
Summary Of Significant Accounting Policies [Abstract]  
Unaudited Interim Financial Information

Unaudited Interim Financial Information

 

The consolidated financial statements have not been audited. We have prepared the unaudited consolidated financial statements under the rules of the Securities and Exchange Commission (SEC). Therefore, certain financial information and note disclosures normally included in annual financial statements prepared in conformity with generally accepted accounting principles (GAAP) in the United States of America are omitted in this interim report under these SEC rules and regulations. These financial statements should be read in conjunction with the Consolidated Financial Statements and Notes included in our Form 10-K for the year ended October 31, 2010.

Seasonality

Seasonality and Use of Estimates

 

The unaudited consolidated financial statements include all normal recurring adjustments necessary for a fair statement of financial position at July 31, 2011 and October 31, 2010, the results of operations for the three months and nine months ended July 31, 2011 and 2010, and cash flows for the nine months ended July 31, 2011 and 2010. Our business is seasonal in nature. The results of operations for the three months and nine months ended July 31, 2011 do not necessarily reflect the results to be expected for the full year.

Use of Estimates

We make estimates and assumptions when preparing the consolidated financial statements. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from estimates.

 

Rate Regulated Basis Of Accounting

Our utility operations are subject to regulation with respect to rates, service area, accounting and various other matters by the regulatory commissions in the states in which we operate. The accounting regulations provide that rate-regulated public utilities account for and report assets and liabilities consistent with the economic effect of the manner in which independent third-party regulators establish rates. In applying these regulations, we capitalize certain costs and benefits as regulatory assets and liabilities, respectively, in order to provide for recovery from or refund to utility customers in future periods.

Inter-company transactions have been eliminated in consolidation where appropriate; however, we have not eliminated inter-company profit on sales to affiliates and costs from affiliates in accordance with accounting regulations prescribed under rate-based regulation.

Fair Value Measurements

Our financial assets and liabilities are recorded at fair value and consist primarily of derivatives that are recorded in the consolidated balance sheets in accordance with derivative accounting standards.

 

We utilize market data or assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally observable. We primarily apply the market approach for recurring fair value measurements and endeavor to utilize the best available information. Accordingly, we use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs.

Financing Receivable Allowance For Credit Losses Policy For Uncollectible Amounts

The quality of these loans is comparable to the quality of our natural gas receivables. We perform credit evaluations of our customers and maintain reserves for estimated credit losses based on historical experience and the aging of the loan balances. As of July 31, 2011, we do not have loans that are impaired. We recognize interest revenue on these loans using the simple add-on interest method.

Marketable Securities

The fair values of the equity securities are based on the quoted market prices as traded on the exchanges. We have matched the current portion of the deferred compensation liability with the current asset and the noncurrent deferred compensation liability with the noncurrent asset

Earnings Per Share

We compute basic earnings per share using the weighted average number of shares of common stock outstanding during each period.