Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2013

Text Block [Abstract]

Outstanding Trading Contracts

As of December 31, 2013, we had the following outstanding trading contracts, which we accounted for as derivatives:

	Quantity in	Estimated Market	Weighted Average
At December 31, 2013	Gallons	Prices	Contract Prices
Forward Contracts
Sale	1,892,000	$0.9900 - $1.4750	$	1.2786
Purchase	1,991,000	$0.9411 - $1.4600	$	1.2444

Estimated market prices and weighted average contract prices are in dollars per gallon.

All contracts expire by the end of the first quarter of 2014.

Fair Values of Derivative Contracts Recorded in Consolidated Balance Sheets

Fair values of the derivative contracts recorded in the consolidated balance sheets as of December 31, 2013 and 2012, are as follows:

	Asset Derivatives
		Fair Value As Of
(in thousands)	Balance Sheet Location	December 31, 2013		December 31, 2012
Derivatives not designated as hedging instruments
Forward contracts	Mark-to-market energy assets	$	196	$	182
Call Option	Mark-to-market energy assets	169		—
Derivatives designated as fair value hedges
Call option	Mark-to-market energy assets	—		28
Put option	Mark-to-market energy assets	20		—
Total asset derivatives		$	385	$	210

	Liability Derivatives
		Fair Value As Of
(in thousands)	Balance Sheet Location	December 31, 2013		December 31, 2012
Derivatives not designated as hedging instruments
Forward contracts	Mark-to-market energy liabilities	$	127	$	331
Total liability derivatives		$	127	$	331

Effects of Gains and Losses from Derivative Instruments

The effects of gains and losses from derivative instruments are as follows:

	Amount of Gain (Loss) on Derivatives:
	Location of Gain (Loss) on Derivatives	For the Year Ended December 31,
(in thousands)		2013			2012			2011
Derivatives not designated as hedging instruments:
Unrealized gain (loss) on forward contracts	Revenue	$	217		$	(339	)	$	41
Call Option	Cost of Sales	97			—			(23		)
Derivatives designated as fair value hedges:
Put/Call Option	Cost of Sales	(28		)	27
Put/Call Option (1)	Propane Inventory	(100		)	(40		)	—
Total		$	186		$	(352	)	$	18

(1) As a fair value hedge with no ineffective portion, the unrealized gains and losses associated with this call option are recorded in cost of sales, offset by the corresponding change in the value of propane inventory (hedged item), which is also recorded in cost of sales. The amounts in cost of sales offset to zero and the unrealized gains and losses of this call option effectively changed the value of propane inventory.

Effects of Trading Activities on Consolidated Statements of Income

The effects of trading activities on the consolidated statements of income are as follows:

		Amount of Trading Revenue
	Location of Gain	For the Year Ended December 31,
(in thousands)	(Loss) on Derivatives	2013		2012			2011
Realized gain on forward contracts and options	Revenue	$	1,127	$	2,695		$	2,215
Unrealized gain (loss) on forward contracts	Revenue	217		(339		)	41
Total		$	1,344	$	2,356		$	2,256