XML 98 R25.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Stockholders' Equity
 12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) STOCKHOLDERS' EQUITY
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 and swap contracts, designated as commodity contracts cash flow hedges, are the components of our accumulated comprehensive income (loss). In 2018, we elected early adoption of ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. Accordingly, we reclassified stranded tax effects resulting from the TCJA from accumulated other comprehensive loss to retained earnings, related to our employee benefit plans and commodity contract cash flow hedges. The following table presents the changes in the balance of accumulated other comprehensive loss for the years ended December 31, 2019 and 2018. All amounts in the following tables are presented net of tax.
 
 
 
Defined Benefit Pension and Postretirement Plan Items
 
Commodity Contract Cash Flow Hedges
 
Total
(in thousands)
 
 
 
 
 
 
As of December 31, 2017
 
$
(4,743
)
 
$
471

 
$
(4,272
)
Other comprehensive loss before reclassifications
 
(602
)
 
(3,130
)
 
(3,732
)
Amounts reclassified from accumulated other comprehensive income
 
439

 
1,759

 
2,198

Net current-period other comprehensive loss
 
(163
)
 
(1,371
)
 
(1,534
)
Stranded tax reclassification to retained earnings
 
(1,022
)
 
115

 
(907
)
As of December 31, 2018
 
(5,928
)
 
(785
)
 
(6,713
)
      Other comprehensive income/(loss) before reclassifications
 
(872
)
 
2,161

 
1,289

      Amounts reclassified from accumulated other comprehensive income/(loss)
 
1,867

 
(2,595
)
 
(728
)
Net current-period other comprehensive income/(loss)
 
995

 
(434
)
 
561

     Prior-year reclassification
 
—

 
(115
)
 
(115
)
As of December 31, 2019
 
$
(4,933
)
 
$
(1,334
)
 
$
(6,267
)

The following table presents amounts reclassified out of accumulated other comprehensive income (loss) for the years ended December 31, 2019, 2018 and 2017. Deferred gains and losses of our commodity contracts cash flow hedges are recognized in earnings upon settlement.
 
 
For the Year Ended December 31,
(in thousands)
 
2019
 
2018
 
2017
Amortization of defined benefit pension and postretirement plan items:
 
 
 
 
 
 
 Prior service cost (1)
 
$
77

 
$
77

 
$
77

Net gain (1)
 
(2,600
)
 
(579
)
 
(636
)
Total before income taxes
 
(2,523
)

(502
)

(559
)
       Income tax benefit (4)
 
656

 
63

 
223

Net of tax
 
$
(1,867
)

$
(439
)

$
(336
)
 
 
 
 
 
 
 
Gains and losses on commodity contracts cash flow hedges
 
 
 
 
 
 
Propane swap agreements (2)
 
$
1,520

 
$
(647
)
 
$
1,607

Natural gas swaps (2)(3)
 
7

 
197

 
(822
)
Natural gas futures (2)(3)
 
2,096

 
(2,010
)
 
(456
)
Total before income taxes
 
3,623


(2,460
)

329

Income tax impact (4)
 
(1,028
)
 
701

 
(159
)
Net of tax
 
$
2,595


$
(1,759
)

$
170

 
 
 
 
 
 
 
Total reclassifications for the period
 
$
728


$
(2,198
)

$
(166
)
 
(1) These amounts are included in the computation of net periodic benefits. See Note 17, Employee Benefit Plans, for additional details.
(2) These amounts are included in the effects of gains and losses from derivative instruments. See Note 8, Derivative Instruments, for additional details.
(3) PESCO's results are reflected as discontinued operations in our consolidated statements of income.
(4) The income tax benefit is included in income tax expense in the accompanying consolidated statements of income.