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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2015
Text Block [Abstract]  
Outstanding Trading Contracts
As of December 31, 2014, we had the following outstanding trading contracts, which we accounted for as derivatives:

At December 31, 2014
Quantity in
Gallons
 
Estimated Market
Prices
 
Weighted Average Contract Prices
Forward Contracts
 
 
 
 
 
Sale
4,200,000

 
 $0.5400 - $0.7900
 
$
0.6714

Purchase
4,201,000

 
$0.4700 - $1.3176
 
$
0.6416
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, 2015 and 2014, are as follows:
 
Asset Derivatives
 
 
 
Fair Value As Of
(in thousands)
Balance Sheet Location
 
December 31, 2015
 
December 31, 2014
Derivatives not designated as hedging instruments
 
 
 
 
 
Forward contracts
Mark-to-market energy assets
 
$
1

 
$
407

Derivatives designated as fair value hedges
 
 
 
 
 
Put options
Mark-to-market energy assets
 
152

 
622

Derivatives designated as cash flow hedges
 
 
 
 
 
Call options
Mark-to-market energy assets
 
—

 
26

Total asset derivatives
 
 
$
153

 
$
1,055

 

 
Liability Derivatives
 
 
 
Fair Value As Of
(in thousands)
Balance Sheet Location
 
December 31, 2015
 
December 31, 2014
Derivatives not designated as hedging instruments
 
 
 
 
 
Forward contracts
Mark-to-market energy liabilities
 
$
1

 
$
283

Propane swap agreements
Mark-to-market energy liabilities
 
—

 
735

Derivatives designated as cash flow hedges
 
 
 
 
 
Propane swap agreements
Mark-to-market energy liabilities
 
323

 
—

Natural gas futures contracts
Mark-to-market energy liabilities
 
109

 
—

Total liability derivatives
 
 
$
433

 
$
1,018
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)
2015
 
2014
 
2013
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
Realized gain on forward contracts and options (1)
Revenue
 
$
426

 
$
1,423

 
$
1,127

Unrealized gain (loss) on forward contracts (1)
Revenue
 
(126
)
 
57

 
217

Call options
Cost of Sales
 
—

 
—

 
97

Propane swap agreements
Cost of Sales
 
18

 
(735
)
 
—

Derivatives designated as fair value hedges:
 
 
 
 
 
 
 
Put/Call option
Cost of Sales
 
528

 
235

 
(28
)
Put/Call option (2)
Propane Inventory
 
43

 
517

 
(100
)
Derivatives designated as cash flow hedges
 
 
 
 
 
 
 
Propane swap agreements
Cost of Sales
 
(120
)
 
(341
)
 
—

Propane swap agreements
Other Comprehensive Loss
 
(323
)
 
—

 
—

Call options
Cost of Sales
 
(81
)
 
(17
)
 
—

Call options
Other Comprehensive Loss
 
—

 
(55
)
 
—

Natural gas futures contracts
Other Comprehensive Income
 
109

 
—

 
—

Total
 
 
$
474

 
$
1,084

 
$
1,313


(1)
All of the realized and unrealized gain (loss) on forward contracts represents the effect of trading activities on our consolidated statements of income.
(2)
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.