Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments [Table Text Block]

As of March 31, 2019, the volume of our open commodity derivative contracts were as follows:

Business unit	Commodity	Quantity hedged (in millions)	Designation	Longest Expiration date of hedge
PESCO	Natural gas (Dts)	21.7	Cash flows hedges	December 2022
PESCO	Natural gas (Dts)	3.8	Not designated	March 2021
Sharp	Propane (gallons)	5.4	Cash flows hedges	June 2021

Offsetting Assets and Liabilities [Table Text Block]

The following table summarizes the accounts receivable and payable on a gross and net basis at March 31, 2019 and December 31, 2018:

	At March 31, 2019
(in thousands)	Gross amounts		Amounts offset		Net amounts
Accounts receivable	$	8,832	$	3,264	$	5,568
Accounts payable	$	15,906	$	3,264	$	12,642

	At December 31, 2018
(in thousands)	Gross amounts		Amounts offset		Net amounts
Accounts receivable	$	12,368	$	3,834	$	8,534
Accounts payable	$	24,741	$	3,834	$	20,907

Schedule of Due to (from) Broker-Dealers and Clearing Organizations [Table Text Block]

We maintain separate broker margin accounts for Sharp and PESCO. The balances are as follows:

(in thousands)	Balance Sheet Location	At March 31, 2019			At December 31, 2018
PESCO	Other Current Assets	$	(335	)	$	2,810

Fair Values of Derivative Contracts Recorded in Condensed Consolidated Balance Sheet

The fair values of the derivative contracts recorded in the condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018, are as follows:

	Asset Derivatives
		Fair Value As Of
(in thousands)	Balance Sheet Location	March 31, 2019		December 31, 2018
Derivatives not designated as hedging instruments
Natural gas futures contracts	Derivative assets, at fair value	$	2,122	$	4,024
Derivatives designated as fair value hedges
Propane put options	Derivative assets, at fair value	—		71
Derivatives designated as cash flow hedges
Natural gas futures contracts	Derivative assets, at fair value	7,055		9,059
Propane swap agreements	Derivative assets, at fair value	44		11
Total asset derivatives		$	9,221	$	13,165

	Liability Derivatives
		Fair Value As Of
(in thousands)	Balance Sheet Location	March 31, 2019		December 31, 2018
Derivatives not designated as hedging instruments
Natural gas futures contracts	Derivative liabilities, at fair value	$	2,638	$	4,562
Derivatives designated as cash flow hedges
Natural gas futures contracts	Derivative liabilities, at fair value	3,533		8,705
Propane swap agreements	Derivative liabilities, at fair value	627		1,604
Total liability derivatives		$	6,798	$	14,871

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	2019			2018
Derivatives not designated as hedging instruments
Natural gas futures contracts	Cost of sales	$	(22	)	$	(2,835	)
Propane swap agreements	Cost of sales	—			(9		)
Derivatives designated as cash flow hedges
Propane swap agreements	Cost of sales	606			(464		)
Propane swap agreements	Other comprehensive income (loss)	1,009			(992		)
Natural gas futures contracts	Cost of sales	(573		)	298
Natural gas swap contracts	Cost of sales	11			(450		)
Natural gas swap contracts	Other comprehensive income (loss)	3,226			(1,617		)
Natural gas futures contracts	Other comprehensive income (loss)	(59		)	65
Total		$	4,198		$	(6,004	)

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]

As of March 31, 2019, the following amounts were recorded in the condensed consolidated balance sheets related to fair value hedges:

(in thousands)	Carrying Amount of Hedged Item				Cumulative Adjustment Included in Carrying Amount of Hedged Item
Balance Sheet Location of Hedged Items	At March 31, 2019		At December 31, 2018		At March 31, 2019		At December 31, 2018
Inventory	$	6	$	212	$	—	$	—