Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding Trading Contracts

	Quantity in	Estimated Market		Weighted Average
At June 30, 2016	Gallons	Prices		Contract Prices
Forward Contracts - Propane
Purchase	421,000	$	0.5375	$	0.5388
	Quantity in	Estimated Market		Weighted Average
At June 30, 2016	Barrels	Prices		Contract Prices
Futures Contracts - Crude Oil
Purchase	20,000	$	48.3300	$	47.9000

Estimated market prices and weighted average contract prices are in dollars per gallon and barrel. All contracts expire by the end of the third 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 June 30, 2016 and December 31, 2015, are as follows:

	Asset Derivatives
		Fair Value As Of
(in thousands)	Balance Sheet Location	June 30, 2016		December 31, 2015
Derivatives not designated as hedging instruments
Forward & Future contracts	Mark-to-market energy assets	$	25	$	1
Derivatives designated as fair value hedges
Put options	Mark-to-market energy assets	—		152
Derivatives designated as cash flow hedges
Natural gas futures contracts	Mark-to-market energy assets	357		—
Propane swap agreements	Mark-to-market energy assets	23		—
Total asset derivatives		$	405	$	153

	Liability Derivatives
		Fair Value As Of
(in thousands)	Balance Sheet Location	June 30, 2016		December 31, 2015
Derivatives not designated as hedging instruments
Forward contracts	Mark-to-market energy liabilities	$	23	$	1
Derivatives designated as fair value hedges
Natural gas futures contracts	Mark-to-market energy liabilities	233		—
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		$	256	$	433

	Three Months Ended			Six Months Ended
(in thousands)	June 30, 2016(1)			June 30, 2016(1)
Commodity contracts	$	(233	)	$	(233	)
Fair value adjustment for natural gas inventory designated as the hedged item	681			681
Total increase in purchased gas cost	$	448		$	448
The increase in purchased gas cost is comprised of the following:
Basis ineffectiveness	$	(83	)	$	(83	)
Timing ineffectiveness	531			531
Total ineffectiveness	$	448		$	448

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 June 30,						For the Six Months Ended June 30,
(in thousands)	(Loss) on Derivatives	2016			2015			2016			2015
Derivatives not designated as hedging instruments
Realized gain on forward contracts (1)	Revenue	$	88		$	(71	)	275			206
Unrealized gain (loss) on forward contracts (1)	Revenue	1			203			2			78
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	—			(30		)				(34		)
Natural gas futures contracts	Natural Gas Inventory	(233		)	—			(233		)	—
Derivatives designated as cash flow hedges
Propane swap agreements	Cost of sales	—			—			(364		)	—
Propane swap agreements	Other Comprehensive Gain (Loss)	23			10			23			(2		)
Call options	Cost of sales	—			—			—			(81		)
Natural gas futures contracts	Cost of sales	211			—			359			—
Natural gas futures contracts	Other Comprehensive Gain	786			—			472			—
Total		$	876		$	112		$	607		$	691