XML 24 R13.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Debt | 6 Months Ended
--- | ---
Mar. 31, 2018
Debt Disclosure [Abstract] |
Debt | Debt The nature and terms of our debt instruments and credit facilities are described in detail in Note 5 to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended September 30, 2017. There were no material changes in the terms of our debt instruments during the six months ended March 31, 2018. Long-term debt at March 31, 2018 and September 30, 2017 consisted of the following:
| March 31, 2018 |  | September 30, 2017
| (In thousands)
Unsecured 8.50% Senior Notes, due March 2019 | $ | 450,000 |  |  | $ | 450,000 |
Unsecured 3.00% Senior Notes, due 2027 | 500,000 |  |  | 500,000 |
Unsecured 5.95% Senior Notes, due 2034 | 200,000 |  |  | 200,000 |
Unsecured 5.50% Senior Notes, due 2041 | 400,000 |  |  | 400,000 |
Unsecured 4.15% Senior Notes, due 2043 | 500,000 |  |  | 500,000 |
Unsecured 4.125% Senior Notes, due 2044 | 750,000 |  |  | 750,000 |
Medium-term note Series A, 1995-1, 6.67%, due 2025 | 10,000 |  |  | 10,000 |
Unsecured 6.75% Debentures, due 2028 | 150,000 |  |  | 150,000 |
Floating-rate term loan, due September 2019(1) | 125,000 |  |  | 125,000 |
Total long-term debt | 3,085,000 |  |  | 3,085,000 |
Less: |  |  |
Original issue premium / discount on unsecured senior notes and debentures | (4,412 | ) |  | (4,384 | )
Debt issuance cost | 21,520 |  |  | 22,339 |
Current maturities | 450,000 |  |  | — |
| $ | 2,617,892 |  |  | $ | 3,067,045 |
(1) | Up to $200 million can be drawn under this term loan.
We utilize short-term debt to provide cost-effective, short-term financing until it can be replaced with a balance of long-term debt and equity financing that achieves the Company’s desired capital structure with an equity-to-total-capitalization ratio between 50% and 60%, inclusive of long-term and short-term debt. Our short-term borrowing requirements are affected primarily by the seasonal nature of the natural gas business. Changes in the price of natural gas and the amount of natural gas we need to supply our customers’ needs could significantly affect our borrowing requirements. Our short-term borrowings typically reach their highest levels in the winter months. Currently, our short-term borrowing requirements are satisfied through a combination of a $1.5 billion commercial paper program and three committed revolving credit facilities with third-party lenders that provide approximately $1.5 billion of total working capital funding. The primary source of our funding is our commercial paper program, which is supported by a five-year unsecured $1.5 billion credit facility. On March 26, 2018, we executed one of our two one-year extension options which extended the maturity date from September 25, 2021 to September 25, 2022. The facility bears interest at a base rate or at a LIBOR-based rate for the applicable interest period, plus a spread ranging from zero percent to 1.25 percent, based on the Company’s credit ratings. Additionally, the facility contains a $250 million accordion feature, which provides the opportunity to increase the total committed loan to $1.75 billion. At March 31, 2018 and September 30, 2017, a total of $129.6 million and $447.7 million was outstanding under our commercial paper program. Additionally, we have a $25 million 364-day unsecured facility, which was renewed effective April 1, 2018 and expires March 31, 2019, and a $10 million 364-day unsecured revolving credit facility, which is used primarily to issue letters of credit. At March 31, 2018, there were no borrowings outstanding under either of these facilities; however, outstanding letters of credit reduced the total amount available to us under our $10 million facility to $4.4 million. The availability of funds under these credit facilities is subject to conditions specified in the respective credit agreements, all of which we currently satisfy. These conditions include our compliance with financial covenants and the continued accuracy of representations and warranties contained in these agreements. We are required by the financial covenants in each of these facilities to maintain, at the end of each fiscal quarter, a ratio of total-debt-to-total-capitalization of no greater than 70 percent. At March 31, 2018, our total-debt-to-total-capitalization ratio, as defined in the agreements, was 41 percent. In addition, both the interest margin and the fee that we pay on unused amounts under certain of these facilities are subject to adjustment depending upon our credit ratings. These credit facilities and our public indentures contain usual and customary covenants for our business, including covenants substantially limiting liens, substantial asset sales and mergers. Additionally, our public debt indentures relating to our senior notes and debentures, as well as certain of our revolving credit agreements, each contain a default provision that is triggered if outstanding indebtedness arising out of any other credit agreements in amounts ranging from in excess of $15 million to in excess of $100 million becomes due by acceleration or is not paid at maturity. We were in compliance with all of our debt covenants as of March 31, 2018. If we were unable to comply with our debt covenants, we would likely be required to repay our outstanding balances on demand, provide additional collateral or take other corrective actions.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration