Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2013

Inventories at December 31 consisted of:



	2013		2012
	(In thousands)
Aggregates held for resale	$	101,568	$	87,715
Materials and supplies	69,808		69,390
Asphalt oil	38,099		67,480
Merchandise for resale	21,720		31,172
Natural gas in storage (current)	16,417		29,030
Other	34,779		32,628
Total	$	282,391	$	317,415

AFUDC and interest capitailized

The amount of AFUDC and interest capitalized for the years ended December 31 were as follows:



	2013		2012		2011
	(In thousands)
Interest capitalized	$	6,033	$	8,659	$	10,821
AFUDC - borrowed	$	2,767	$	2,483	$	1,666
AFUDC - equity	$	3,322	$	4,530	$	2,587

Property, plant and equipment

Property, plant and equipment at December 31 was as follows:



	2013			2012		Weighted Average Depreciable Life in Years
	(Dollars in thousands, where applicable)
Regulated:
Electric:
Generation	$	570,394		$	546,011	42
Distribution	308,202			276,446		39
Transmission	196,824			180,543		48
Construction in progress	141,365			62,123		-
Other	99,037			85,461		14
Natural gas distribution:
Distribution	1,384,587			1,308,314		40
Construction in progress	46,763			71,679		-
Other	345,551			309,957		25
Pipeline and energy services:
Transmission	418,594			403,126		52
Gathering	39,597			42,420		19
Storage	42,939			42,058		51
Construction in progress	6,937			13,667		-
Other	39,504			38,386		29
Nonregulated:
Pipeline and energy services:
Midstream	213,063			233,840		17
Construction in progress	188,641			29,657		-
Other	12,897			13,379		11
Exploration and production:
Oil and natural gas properties	3,017,879			2,723,356		*
Other	42,969			41,204		8
Construction materials and contracting:
Land	125,551			126,788		-
Buildings and improvements	70,000			73,884		19
Machinery, vehicles and equipment	906,774			899,592		12
Construction in progress	13,315			11,165		-
Aggregate reserves	394,715			393,552		**
Construction services:
Land	4,821			4,723		-
Buildings and improvements	16,628			16,563		20
Machinery, vehicles and equipment	105,991			100,445		6
Other	7,508			8,893		4
Other:
Land	2,837			2,837		-
Other	47,160			47,682		23
Eliminations	(7,177		)	—
Less accumulated depreciation, depletion and amortization	3,872,487			3,608,912
Net property, plant and equipment	$	4,931,379		$	4,498,839

* Amortized on the units-of-production method based on total proved reserves at a BOE average rate of $17.41, $15.28 and $12.25 for the years ended December 31, 2013, 2012 and 2011, respectively. Includes oil and natural gas properties accounted for under the full-cost method, of which $124.9 million and $191.8 million were excluded from amortization at December 31, 2013 and 2012, respectively.

** Depleted on the units-of-production method.

Summary of natural gas and oil properties not subject to amortization

The following table summarizes the Company's oil and natural gas properties not subject to amortization at December 31, 2013, in total and by the year in which such costs were incurred:



			Year Costs Incurred
	Total		2013		2012		2011		2010 and prior
	(In thousands)
Acquisition	$	93,758	$	1,514	$	23,588	$	28,543	$	40,113
Development	14,824		12,622		1,633		271		298
Exploration	14,547		9,952		4,346		198		51
Capitalized interest	1,740		340		418		410		572
Total costs not subject to amortization	$	124,869	$	24,428	$	29,985	$	29,422	$	41,034

Percentage-of-completion method

Costs and estimated earnings in excess of billings and billings in excess of costs and estimated earnings on uncompleted contracts at December 31, were as follows:



	2013		2012
	(In thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts	$	60,828	$	64,996
Billings in excess of costs and estimated earnings on uncompleted contracts	$	84,189	$	83,167

Amounts representing balances billed but not paid by customers under retainage provisions in contracts at December 31, were as follows:



	2013		2012
	(In thousands)
Short-term retainage *	$	55,906	$	54,256
Long-term retainage **	4,229		2,038
Total retainage	$	60,135	$	56,294

* Expected to be paid within one year or less and included in receivables, net.

** Included in deferred charges and other assets - other.

Schedule of earnings per share reconciliation

Net income (loss) was the same for both the basic and diluted earnings (loss) per share calculations. A reconciliation of the weighted average common shares outstanding used in the basic and diluted earnings (loss) per share calculation was as follows:



	2013	2012	2011
	(In thousands)
Weighted average common shares outstanding - basic	188,855	188,826	188,763
Effect of dilutive stock options and performance share awards	838	—	142
Weighted average common shares outstanding - diluted	189,693	188,826	188,905
Shares excluded from the calculation of diluted earnings per share	—	58	—

Cash expenditures for interest and income taxes and noncash investing transactions

Cash expenditures for interest and income taxes for the years ended December 31 were as follows:



	2013		2012		2011
	(In thousands)
Interest, net of amount capitalized	$	81,689	$	74,378	$	78,133
Income taxes paid (refunded), net	$	24,857	$	3,277	$	(12,287	)

Noncash investing transactions at December 31 were as follows:



	2013		2012		2011
	(In thousands)
Property, plant and equipment additions in accounts payable	$	67,129	$	76,205	$	41,540

After-tax changes in the components of accumulated other comprehensive income (loss)

The after-tax changes in the components of accumulated other comprehensive loss as of December 31, 2013, 2012 and 2011, were as follows:



	Net Unrealized Gain (Loss) on Derivative Instruments Qualifying as Hedges			Postretirement Liability Adjustment			Foreign Currency Translation Adjustment			Net Unrealized Gains on Available-for-sale Investments			Total Accumulated Other Comprehensive Loss
	(In thousands)
Balance at December 31, 2011	$	6,275		$	(53,320	)	$	(38	)	$	82		$	(47,001	)
Current-period other comprehensive income (loss)	(257		)	(1,027		)	(473		)	37			(1,720		)
Balance at December 31, 2012	6,018			(54,347		)	(511		)	119			(48,721		)
Other comprehensive income (loss) before reclassifications	(5,594		)	18,539			(299		)	(194		)	12,452
Amounts reclassified from accumulated other comprehensive loss	(4,189		)	2,001			143			109			(1,936		)
Net current-period other comprehensive income (loss)	(9,783		)	20,540			(156		)	(85		)	10,516
Balance at December 31, 2013	$	(3,765	)	$	(33,807	)	$	(667	)	$	34		$	(38,205	)

Reclassification out of accumulated other comprehensive income (loss)

Reclassifications out of accumulated other comprehensive loss for the year ended December 31 were as follows:



	2013			Location on Consolidated Statements of Income
	(In thousands)
Reclassification adjustment for gain (loss) on derivative instruments included in net income:
Commodity derivative instruments	$	7,803		Operating revenues
Interest rate derivative instruments	(1,066		)	Interest expense
	6,737
	(2,548		)	Income taxes
	4,189
Amortization of postretirement liability losses included in net periodic benefit cost	(3,277		)	(a)
	1,276			Income taxes
	(2,001		)
Reclassification adjustment for loss on foreign currency translation adjustment included in net income	(213		)	Earnings (loss) from equity method investments
	70			Earnings (loss) from equity method investments
	(143		)
Reclassification adjustment for loss on available-for-sale investments included in net income	(168		)	Other income
	59			Income taxes
	(109		)
Total reclassifications	$	1,936

(a) Included in net periodic benefit cost (credit). For more information, see Note 16.