Stockholder's Equity - Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2017

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Stockholder's Equity

Preferred Stock

We had 2,000,000 authorized and unissued shares of $0.01 par value preferred stock as of March 31, 2017 and December 31, 2016. Shares of preferred stock may be issued from time to time, by authorization of our Board of Directors and without the necessity of further action or authorization by stockholders, in one or more series and with such voting powers, designations, preferences and relative, participating, optional or other special rights and qualifications as the Board of Directors may, in its discretion, determine.

Common Stock Public Offering

In September 2016, we completed a public offering of 960,488 shares of our common stock at a public offering priceper share of $62.26. The net proceeds from the sale of common stock, after deducting underwriting commissions and expenses, were approximately $57.4 million, which were added to our general funds and used primarily to repay a portion of our short-term debt under unsecured lines of credit.

Stockholders' Rights

Our Certificate of Incorporation contains a Rights Plan, pursuant to which our Board of Directors previously declared a dividend of one preferred stock purchase right (each, a "Right," and, collectively, the "Rights") for each outstanding share of our common stock held of record on September 3, 1999, as adjusted for our stock split in September of 2014, and for additional shares of common stock issued since that time. Unless exercised, the Rights trade with our common stock and are evidenced by the common stock certificate. In general, each Right will become exercisable and trade independently from our common stock upon a person or entity acquiring a beneficial ownership of 15 percent or more of our outstanding common stock.

Each Right, if it becomes exercisable, initially entitles the holder to purchase one fiftieth of a share of our Series A Participating Cumulative Preferred Stock, par value $0.01 per share, at a price of $70 per unit, subject to anti-dilution adjustments. Upon a person or entity becoming an Acquiring Person, each Right (other than the Rights held by the Acquiring Person) will become exercisable to purchase a number of shares of our common stock having a market value equal to two times the exercise price of the Right. The Rights expire on August 20, 2019, unless they are redeemed earlier by us at the redemption price of $0.01 per Right. We may redeem the Rights at any time before they become exercisable and thereafter only in limited circumstances.

Accumulated Other Comprehensive (Loss)

Defined benefit pension and postretirement plan items, unrealized gains (losses) of our propane swap agreements, call options and natural gas futures contracts, designated as commodity contracts cash flow hedges, are the components of our accumulated comprehensive income (loss).

The following tables present the changes in the balance of accumulated other comprehensive loss for the three months endedMarch 31, 2017 and 2016. All amounts are presented net of tax.

	Defined Benefit			Commodity
	Pension and			Contracts
	Postretirement			Cash Flow
	Plan Items			Hedges			Total
(in thousands)
As of December 31, 2016	$	(5,360	)	$	482		$	(4,878	)
Other comprehensive (loss)/income before reclassifications	(9		)	1,278			1,269
Amounts reclassified from accumulated other comprehensive loss	91			(940		)	(849		)
Net current-period other comprehensive income	82			338			420
As of March 31, 2017	$	(5,278	)	$	820		$	(4,458	)

	Defined Benefit			Commodity
	Pension and			Contracts
	Postretirement			Cash Flow
	Plan Items			Hedges			Total
(in thousands)
As of December 31, 2015	$	(5,580	)	$	(260	)	$	(5,840	)
Other comprehensive loss before reclassifications	—			(283		)	(283		)
Amounts reclassified from accumulated other comprehensive loss	89			283			372
Net prior-period other comprehensive income	89			—			89
As of March 31, 2016	$	(5,491	)	$	(260	)	$	(5,751	)

The following table presents amounts reclassified out of accumulated other comprehensive loss for the three months endedMarch 31, 2017 and 2016. Deferred gains or losses for our commodity contracts cash flow hedges are recognized in earnings upon settlement.

	Three Months Ended
	March 31,
	2017			2016
(in thousands)
Amortization of defined benefit pension and postretirement plan items:
Prior service credit (1)	$	19		$	20
Net loss(1)	(170		)	(168		)
Total before income taxes	(151		)	(148		)
Income tax benefit	60			59
Net of tax	$	(91	)	$	(89	)
Gains and losses on commodity contracts cash flow hedges
Propane swap agreements (2)	$	388		$	(322	)
Natural gas futures (2)	1,150			(149		)
Total before income taxes	1,538			(471		)
Income tax (expense) benefit	(598		)	188
Net of tax	940			(283		)
Total reclassifications for the period	$	849		$	(372	)

⁽¹⁾ These amounts are included in the computation of net periodic costs (benefits). See Note 8, Employee Benefit Plans, for additional details.

⁽²⁾ These amounts are included in the effects of gains and losses from derivative instruments. See Note 11, Derivative Instruments, for additional details.

Amortization of defined benefit pension and postretirement plan items is included in operations expense, and gains and losses on propane swap agreements and call options are included in cost of sales, in the accompanying condensed consolidated statements of income. The income tax benefit is included in income tax expense in the accompanying condensed consolidated statements of income.