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

9 Months Ended

Sep. 30, 2021

Accumulated Other Comprehensive Income (Loss)

Stockholders' Equity

Common Stock Issuances

In June 2020, we filed a shelf registration statement with the SEC to facilitate the issuance of our common stock from time to time. In August 2020, we filed a prospectus supplement under the shelf registration statement for an ATM equity program under which we may issue and sell shares of our common stock up to an aggregate offering price of $75.0 million. In the third and fourth quarters of 2020, we issued 0.7 million shares of common stock at an average price per share of $82.93 and received net proceeds of approximately $61.0 million, after deducting commissions and other fees of $1.5 million.

We maintain an effective shelf registration statement with the SEC for the issuance of shares under our DRIP. Depending on our capital needs and subject to market conditions, in addition to other possible debt and equity offerings, we may issue additional shares under the direct stock purchase component of the DRIP. In the third and fourth quarters of 2020, we issued 0.3 million shares at an average price per share of $86.12 and received net proceeds of $22.0 million under the DRIP. In the first nine months of 2021, we issued less than 0.1 million shares at an average price per share of $116.63 and received net proceeds of $6.6 million under the DRIP. In October 2021, we issued less than 0.1 million shares at an average price per share of $127.40 and received net proceeds of $1.8 million under the DRIP.

We used the net proceeds from the ATM equity program and the DRIP, after deducting the commissions or other fees and related offering expenses payable by us, for general corporate purposes, including, but not limited to, financing of capital expenditures, repayment of short-term debt, financing acquisitions, investing in subsidiaries, and general working capital purposes.

Accumulated Other Comprehensive Gain (Loss)

Defined benefit pension and postretirement plan items, unrealized gains (losses) of our propane swap agreements designated as commodity contracts cash flow hedges, and the unrealized gains (losses) of our interest rate swap agreements designated as cash flow hedges are the components of our accumulated other comprehensive income (loss). The following tables present the changes in the balance of accumulated other comprehensive gain (loss) as of September 30, 2021 and 2020. All amounts in the following tables are presented net of tax.


	Defined Benefit		Commodity		Interest Rate
	Pension and		Contracts		Swap
	Postretirement		Cash Flow		Cash Flow
	Plan Items		Hedges		Hedges		Total
(in thousands)
As of December 31, 2020	$	(5,146)	$	2,309	$	(28)	$	(2,865)
Other comprehensive income before reclassifications	—		8,121		55		8,176
Amounts reclassified from accumulated other comprehensive income (loss)	192		(3,027)		(37)		(2,872)
Net current-period other comprehensive income	192		5,094		18		5,304

As of September 30, 2021	$	(4,954)	$	7,403	$	(10)	$	2,439


(in thousands)
As of December 31, 2019	$	(4,933)	$	(1,334)	$	—	$	(6,267)
Other comprehensive income before reclassifications	—		3,594		23		3,617
Amounts reclassified from accumulated other comprehensive income/(loss)	198		(1,144)		(33)		(979)
Net prior-period other comprehensive income/(loss)	198		2,450		(10)		2,638
As of September 30, 2020	$	(4,735)	$	1,116	$	(10)	$	(3,629)

The following table presents amounts reclassified out of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2021 and 2020. Deferred gains or losses for our commodity contracts and interest rate swap cash flow hedges are recognized in earnings upon settlement.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
(in thousands)
Amortization of defined benefit pension and postretirement plan items:
Prior service credit (1)	$	19	$	19	$	57	$	57
Net loss(1)	(106)		(108)		(317)		(323)
Total before income taxes	(87)		(89)		(260)		(266)
Income tax benefit	23		23		68		68
Net of tax	$	(64)	$	(66)	$	(192)	$	(198)

Gains on commodity contracts cash flow hedges:
Propane swap agreements (2)	$	681	$	116	$	4,183	$	1,581
Income tax expense	(188)		(32)		(1,156)		(437)
Net of tax	$	493	$	84	$	3,027	$	1,144

Gains on interest rate swap cash flow hedges:
Interest rate swap agreements	$	24	$	34	$	50	$	45
Income tax expense	(6)		(9)		(13)		(12)
Net of tax	$	18	$	25	$	37	$	33

Total reclassifications for the period	$	447	$	43	$	2,872	$	979

(1) These amounts are included in the computation of net periodic costs (benefits). See Note 10, Employee Benefit Plans, for additional details.

(2) These amounts are included in the effects of gains and losses from derivative instruments. See Note 13, Derivative Instruments, for additional details.

Amortization of defined benefit pension and postretirement plan items are included in other expense, net gains and losses on propane swap agreements contracts are included in cost of sales, the realized gain or loss on interest rate swap agreements is recognized as a component of interest charges 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.