Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding Trading Contracts

	Quantity in	Estimated Market	Weighted Average
At September 30, 2014	Gallons	Prices	Contract Prices
Forward Contracts
Sale	1,260,000	$1.0838 - $1.1400	$	1.1118
Purchase	1,261,000	$1.0913 - $1.3176	$	1.1107

Estimated market prices and weighted average contract prices are in dollars per gallon. All contracts expire by the end of the fourth quarter of 2014.

Fair Values of Derivative Contracts Recorded in Condensed Consolidated Balance Sheet

Fair values of the derivative contracts recorded in the condensed consolidated balance sheets as of September 30, 2014 and December 31, 2013, are as follows:

	Asset Derivatives
		Fair Value As Of
(in thousands)	Balance Sheet Location	September 30, 2014		December 31, 2013
Derivatives not designated as hedging instruments
Forward contracts	Mark-to-market energy assets	$	83	$	196
Call Option (1)	Mark-to-market energy assets	—		169
Derivatives designated as fair value hedges
Put Options	Mark-to-market energy assets	56		20
Derivatives designated as cash flow hedges
Propane swap agreements	Mark-to-market energy assets	13		—
Call Option	Mark-to-market energy assets	35		—
Total asset derivatives		$	187	$	385

⁽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 September 30, 2014.

	Liability Derivatives
		Fair Value As Of
(in thousands)	Balance Sheet Location	September 30, 2014		December 31, 2013
Derivatives not designated as hedging instruments
Forward contracts	Mark-to-market energy liabilities	$	81	$	127
Derivatives designated as cash flow hedges
Propane swap agreements	Mark-to-market energy liabilities	60		—
Total liability derivatives		$	141	$	127

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 September 30,						For the Nine Months Ended September 30,
(in thousands)	(Loss) on Derivatives	2014			2013			2014			2013
Derivatives not designated as hedging instruments
Unrealized gain (loss) on forward contracts	Revenue	$	(5	)	$	86		$	(67	)	$	239
Call Option	Cost of sales	—			38			137			29
Derivatives designated as fair value hedges
Put/Call Options	Cost of sales	(43		)	—			(92		)	(28		)
Put/Call Options (1)	Propane Inventory	—			(43		)	—			(57		)
Derivatives designated as cash flow hedges
Propane swap agreements	Other Comprehensive loss	(45		)	—			(46		)	—
Total		$	(93	)	$	81		$	(68	)	$	183

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 September 30,					For the Nine Months Ended September 30,
(in thousands)	Statements of Income	2014			2013		2014			2013
Realized gain on forward contracts	Revenue	$	54		$	321	$	1,384		$	506
Unrealized gain (loss) on forward contracts	Revenue	(5		)	86		(67		)	239
Total		$	49		$	407	$	1,317		$	745