Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding Trading Contracts

	Quantity in	Estimated Market		Weighted Average
At March 31, 2016	Gallons	Prices		Contract Prices
Forward Contracts
Sale	630,000	$	0.4425	$	0.4425
Purchase	631,000	$	0.4413	$	0.4422

Estimated market prices and weighted average contract prices are in dollars per gallon. All contracts expire by the end of the second quarter of 2016.

Fair Values of Derivative Contracts Recorded in Condensed Consolidated Balance Sheet

air values of the derivative contracts recorded in the condensed consolidated balance sheets as of March 31, 2016 and December 31, 2015, are as follows:

	Asset Derivatives
		Fair Value As Of
(in thousands)	Balance Sheet Location	March 31, 2016		December 31, 2015
Derivatives not designated as hedging instruments
Forward contracts	Mark-to-market energy assets	$	—	$	1
Derivatives designated as fair value hedges
Put options	Mark-to-market energy assets			152
Total asset derivatives		$	—	$	153

	Liability Derivatives
		Fair Value As Of
(in thousands)	Balance Sheet Location	March 31, 2016		December 31, 2015
Derivatives not designated as hedging instruments
Forward contracts	Mark-to-market energy liabilities	$	—	$	1
Derivatives designated as cash flow hedges
Propane swap agreements	Mark-to-market energy liabilities	—		323
Natural gas futures contracts	Mark-to-market energy liabilities	423		109
Total liability derivatives		$	423	$	433

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	2016			2015
Derivatives not designated as hedging instruments
Realized gain on forward contracts (1)	Revenue	$	187		$	277
Unrealized gain (loss) on forward contracts (1)	Revenue	1			(125		)
Propane swap agreements	Cost of sales	—			18
Derivatives designated as fair value hedges
Put /Call options	Cost of sales	73			506
Put /Call options (2)	Propane Inventory	—			(3		)
Derivatives designated as cash flow hedges
Propane swap agreements	Cost of sales	(364		)	—
Propane swap agreements	Other Comprehensive Loss	—			(12		)
Call options	Cost of sales	—			(81		)
Natural gas futures contracts	Cost of sales	149			—
Natural gas futures contracts	Other Comprehensive Loss	(462		)	—
Total		$	(416	)	$	580