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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended
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Jun. 30, 2021
Accounting Policies [Abstract] |
Schedule of Restricted Cash | The following table provides a reconciliation of cash and cash equivalents and restricted cash reported in the Unaudited Condensed Consolidated Balance Sheets to the total amounts in the Unaudited Condensed Consolidated Statements of Cash Flows as follows:
(Thousands) | June 30, 2021 | September 30, 2020 | June 30, 2020 | September 30, 2019
Balance Sheet |  |  |  |
Cash and cash equivalents | $ | 4,719 |  | $ | 117,012 |  | $ | 42,821 |  | $ | 2,676 |
Restricted cash in other noncurrent assets | $ | 1,291 |  | $ | 2,411 |  | $ | 2,424 |  | $ | 1,387 |
Statements of Cash Flow |  |  |  |
Cash, cash equivalents and restricted cash | $ | 6,010 |  | $ | 119,423 |  | $ | 45,245 |  | $ | 4,063 |
Summary of Natural Gas in Storage | The following table summarizes natural gas in storage, at average cost by segment as of:
| June 30, 2021 | September 30, 2020
($ in thousands) | Natural Gas in Storage | Bcf | Natural Gas in Storage | Bcf
Natural Gas Distribution |  | $ | 68,657 |  | 17.4 |  |  | $ | 110,037 |  | 27.2 |
Energy Services |  | 57,167 |  | 22.2 |  |  | 57,352 |  | 34.3 |
Storage and Transportation |  | — |  | — |  |  | 115 |  | 0.02 |
Total |  | $ | 125,824 |  | 39.6 |  |  | $ | 167,504 |  | 61.52 |
Schedule of Software Costs Included in the Consolidated Financial Statements | The following tables present the software costs included in the Unaudited Condensed Consolidated Financial Statements:
(Thousands) | June 30, 2021 | September 30, 2020
Balance Sheets |  |
Utility plant, at cost | $ | 14,127 |  | $ | 13,452 |
Construction work in progress | $ | 2,496 |  | $ | — |
Nonutility plant and equipment, at cost | $ | 334 |  | $ | 316 |
Accumulated depreciation and amortization, utility plant | $ | (1,057) |  | $ | (279) |
Accumulated depreciation and amortization, nonutility plant and equipment | $ | (23) |  | $ | (5) |
Software costs | $ | 5,560 |  | $ | 4,707 |
| Three Months Ended | Nine Months Ended
| June 30, | June 30,
Statements of Operations | 2021 | 2020 | 2021 | 2020
Operation and maintenance (1) | $ | 2,039 |  | $ | 1,928 |  | $ | 6,810 |  | $ | 4,524 |
Depreciation and amortization | $ | 273 |  | $ | — |  | $ | 796 |  | $ | — |
(1)During the three and nine months ended June 30, 2021, approximately $147,000 and $335,000, respectively, was amortized from software costs into O&M. There were no amounts amortized for the three and nine months ended June 30, 2020.
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the changes in the components of accumulated other comprehensive (loss) income, net of related tax effects during the three months ended June 30, 2021 and 2020:
(Thousands) | Cash Flow Hedges | Postemployment Benefit Obligation | Total
Balance at March 31, 2021 | $ | (9,903) |  |  | $ | (32,293) |  |  | $ | (42,196) |
Other comprehensive income, net of tax |  |  |  |  |
Amounts reclassified from accumulated other comprehensive loss, net of tax of $(79), $(245), $(324), respectively | 264 |  |  | 812 |  | (1) | 1,076 |
Balance at June 30, 2021 | $ | (9,639) |  |  | $ | (31,481) |  |  | $ | (41,120) |
Balance at March 31, 2020 | $ | (9,711) |  |  | $ | (24,928) |  |  | $ | (34,639) |
Other comprehensive (loss) income, net of tax |  |  |  |  |
Other comprehensive loss, before reclassifications, net of tax of $180, $0, $180 | (626) |  |  | — |  |  | (626) |
Amounts reclassified from accumulated other comprehensive loss, net of tax of $0, $(191), $(191) | — |  |  | 663 |  | (1) | 663 |
Net current-period other comprehensive (loss) income, net of tax of $180, $(191), $(11) | (626) |  |  | 663 |  |  | 37 |
Balance at June 30, 2020 | $ | (10,337) |  |  | $ | (24,265) |  |  | $ | (34,602) |
(1)Included in the computation of net periodic pension cost, a component of operations and maintenance expense on the Unaudited Condensed Consolidated Statements of Operations. The following table presents the changes in the components of accumulated other comprehensive (loss) income, net of related tax effects during the nine months ended June 30, 2021 and 2020:
(Thousands) | Cash Flow Hedges | Postemployment Benefit Obligation | Total
Balance at September 30, 2020 | $ | (10,397) |  |  | $ | (33,918) |  |  | $ | (44,315) |
Other comprehensive income, net of tax |  |  |  |  |
Amounts reclassified from accumulated other comprehensive loss, net of tax of $(270), $(734), $(1,004), respectively | 758 |  |  | 2,437 |  | (1) | 3,195 |
Balance at June 30, 2021 | $ | (9,639) |  |  | $ | (31,481) |  |  | $ | (41,120) |
Balance at September 30, 2019 | $ | — |  |  | $ | (31,787) |  |  | $ | (31,787) |
Other comprehensive income, net of tax |  |  |  |  |
Other comprehensive (loss) income, before reclassifications, net of tax of $2,961, $(1,681), $1,280 | (10,337) |  |  | 5,378 |  |  | (4,959) |
Amounts reclassified from accumulated other comprehensive loss, net of tax of $0, $(480) and $(480) | — |  |  | 2,144 |  | (1) | 2,144 |
Net current-period other comprehensive (loss) income, net of tax of $2,961, $(2,161), $800 | (10,337) |  |  | 7,522 |  |  | (2,815) |
Balance at June 30, 2020 | $ | (10,337) |  |  | $ | (24,265) |  |  | $ | (34,602) |
(1)Included in the computation of net periodic pension cost, a component of operations and maintenance expense on the Unaudited Condensed Consolidated Statements of Operations.
Impact of Changes Resulting from Change in Accounting Principle | The impact of the change in accounting policy on the Unaudited Condensed Consolidated Statements of Operations during the three months ended June 30, 2020 is as follows:
| As Previously | Effect of | As
(Thousands) | Reported | Change | Adjusted
Depreciation and amortization | $ | 31,216 |  | (3,344) |  | $ | 27,872 |
Total operating expenses | $ | 319,165 |  | (3,344) |  | $ | 315,821 |
Operating loss | $ | (20,191) |  | 3,344 |  | $ | (16,847) |
Loss before income taxes and equity in earnings of affiliates | $ | (32,622) |  | 3,344 |  | $ | (29,278) |
Income tax benefit | $ | (2,190) |  | (4,577) |  | $ | (6,767) |
Net loss | $ | (27,219) |  | 7,921 |  | $ | (19,298) |
(Loss) Earnings per common share |  |  |
Basic | $ | (0.28) |  | 0.08 |  | $ | (0.20) |
Diluted | $ | (0.28) |  | 0.08 |  | $ | (0.20) |
The impact of the change in accounting policy on the Unaudited Condensed Consolidated Statements of Operations during the nine months ended June 30, 2020 is as follows:
| As Previously | Effect of | As
(Thousands) | Reported | Change | Adjusted
Depreciation and amortization | $ | 89,758 |  | (9,733) |  | $ | 80,025 |
Total operating expenses | $ | 1,377,103 |  | (9,733) |  | $ | 1,367,370 |
Operating income | $ | 176,521 |  | 9,733 |  | $ | 186,254 |
Income before income taxes and equity in earnings of affiliates | $ | 136,364 |  | 9,733 |  | $ | 146,097 |
Income tax (benefit) expense | $ | (4,092) |  | 30,080 |  | $ | 25,988 |
Net income | $ | 150,647 |  | (20,347) |  | $ | 130,300 |
Earnings per common share |  |  |
Basic | $ | 1.60 |  | (0.22) |  | $ | 1.38 |
Diluted | $ | 1.59 |  | (0.21) |  | $ | 1.38 |
The cumulative effect of the change in accounting policy on the Unaudited Condensed Consolidated Balance Sheets as of September 30, 2020 is as follows:
| As Previously | Effect of | As
(Thousands) | Reported | Change | Adjusted
Assets |  |  |
Nonutility plant and equipment, at cost | $ | 1,430,723 |  | (322,211) |  | $ | 1,108,512 |
Accumulated depreciation and amortization, nonutility plant and equipment | $ | (202,507) |  | 61,945 |  | $ | (140,562) |
Property, plant and equipment, net | $ | 3,983,035 |  | (260,266) |  | $ | 3,722,769 |
Other noncurrent assets | $ | 78,716 |  | 6,941 |  | $ | 85,657 |
Total noncurrent assets | $ | 964,435 |  | 6,941 |  | $ | 971,376 |
Total assets | $ | 5,569,802 |  | (253,325) |  | $ | 5,316,477 |
Capitalization |  |  |
Retained earnings | $ | 1,148,297 |  | (200,796) |  | $ | 947,501 |
Common stock equity | $ | 1,844,692 |  | (200,796) |  | $ | 1,643,896 |
Total capitalization | $ | 4,104,158 |  | (200,796) |  | $ | 3,903,362 |
Liabilities |  |  |
Deferred income taxes | $ | 190,610 |  | (52,529) |  | $ | 138,081 |
Total noncurrent liabilities | $ | 931,922 |  | (52,529) |  | $ | 879,393 |
Total capitalization and liabilities | $ | 5,569,802 |  | (253,325) |  | $ | 5,316,477 |
The impact of the change in accounting policy on the Unaudited Condensed Consolidated Statements of Cash Flows as of June 30, 2020 is as follows:
| As Previously | Effect of | As
(Thousands) | Reported | Change | Adjusted
Depreciation and amortization | $ | 89,758 |  | (9,733) |  | $ | 80,025 |
Deferred income taxes | $ | (3,066) |  | 30,080 |  | $ | 27,014 |
The impact of the change in accounting policy on the Unaudited Condensed Consolidated Statements of Common Stock Equity as of June 30, 2020 is as follows:
| As Previously | Effect of | As
(Thousands) | Reported | Change | Adjusted
Retained Earnings |  |  |
Balance at September 30, 2019 | $ | 1,075,960 |  | (206,102) |  | $ | 869,858 |
Net Income | $ | 89,361 |  | (13,609) |  | $ | 75,752 |
Balance at December 31, 2019 | $ | 1,135,475 |  | (219,711) |  | $ | 915,764 |
Net Income | $ | 88,505 |  | (14,659) |  | $ | 73,846 |
Balance at March 31, 2020 | $ | 1,194,092 |  | (234,370) |  | $ | 959,722 |
Net Loss | $ | (27,219) |  | 7,921 |  | $ | (19,298) |
Balance at June 30, 2020 | $ | 1,136,925 |  | (226,449) |  | $ | 910,476 |
Total |  |  |
Balance at September 30, 2019 | $ | 1,551,717 |  | (206,102) |  | $ | 1,345,615 |
Net Income | $ | 89,361 |  | (13,609) |  | $ | 75,752 |
Balance at December 31, 2019 | $ | 1,827,803 |  | (219,711) |  | $ | 1,608,092 |
Net Income | $ | 88,505 |  | (14,659) |  | $ | 73,846 |
Balance at March 31, 2020 | $ | 1,889,107 |  | (234,370) |  | $ | 1,654,737 |
Net Loss | $ | (27,219) |  | 7,921 |  | $ | (19,298) |
Balance at June 30, 2020 | $ | 1,838,927 |  | (226,449) |  | $ | 1,612,478 |

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