Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding Trading Contracts

As of March 31, 2014, we did not have outstanding trading contracts.

Fair Values of Derivative Contracts Recorded in Condensed Consolidated Balance Sheet

Fair values of the derivative contracts recorded in the condensed consolidated balance sheet as of March 31, 2014 and December 31, 2013, are as follows:

	Asset Derivatives
		Fair Value As Of
(in thousands)	Balance Sheet Location	March 31, 2014		December 31, 2013
Derivatives not designated as hedging instruments
Forward contracts	Mark-to-market energy assets	$	—	$	196
Call Option (1)	Mark-to-market energy assets	—		169
Derivatives designated as fair value hedges
Put Options (2)	Mark-to-market energy assets	—		20
Total asset derivatives		$	—	$	385

	Liability Derivatives
		Fair Value As Of
(in thousands)	Balance Sheet Location	March 31, 2014		December 31, 2013
Derivatives not designated as hedging instruments
Forward contracts	Mark-to-market energy liabilities	$	—	$	127
Total liability derivatives		$	—	$	127

⁽¹⁾  We purchased a call option for the propane price cap program in May 2013. The call option was fully exercised during 2014. There was no outstanding call option at March 31, 2014.

⁽²⁾ 

Effects of Gains and Losses from Derivative Instruments on Condensed Consolidated Financial Statements

The effects of gains and losses from derivative instruments on the condensed consolidated financial statements are as follows:

		Amount of Gain (Loss) on Derivatives:
	Location of Gain	For the Three Months Ended March 31,
(in thousands)	(Loss) on Derivatives	2014			2013
Derivatives not designated as hedging instruments:
Unrealized gain (loss) on forward contracts	Revenue	$	(68	)	214
Call Option	Cost of sales	137			—
Derivatives designated as fair value hedges:
Put/Call Options	Cost of sales	(20		)	(28		)
Total		$	49		$	186

Effects of Trading Activities on Condensed Consolidated Statements of Income

The effects of trading activities on the condensed consolidated statements of income are the following:

	Location in the	For the Three Months Ended March 31,
(in thousands)	Statements of Income	2014			2013
Realized gain on forward contracts	Revenue	$	1,246		$	74
Unrealized gain (loss) on forward contracts	Revenue	(68		)	214
Total		$	1,178		$	288