Stockholders' Equity

12 Months Ended

Dec. 31, 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. 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 2021, we issued just over 0.1 million shares at an average price per share of $125.71 and received net proceeds of $15.2 million under 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.

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 Income (Loss)

Defined benefit pension and postretirement plan items, unrealized gains (losses) of our propane swap agreements and natural gas swaps and futures contracts, 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 loss. The following table presents the changes in the balance of accumulated other comprehensive income (loss) for the years ended December 31, 2021 and 2020. All amounts in the following tables are presented net of tax.


	Defined Benefit Pension and Postretirement Plan Items		Commodity Contract Cash Flow Hedges		Interest Rate Swap Cash Flow Hedges		Total
(in thousands)
As of December 31, 2019	$	(4,933)	$	(1,334)	$	—	$	(6,267)
Other comprehensive income (loss) before reclassifications	(578)		5,400		16		4,838
Amounts reclassified from accumulated other comprehensive income (loss)	365		(1,757)		(44)		(1,436)
Net current-period other comprehensive income (loss)	(213)		3,643		(28)		3,402

As of December 31, 2020	(5,146)		2,309		(28)		(2,865)
Other comprehensive income before reclassifications	262		7,075		—		7,337
Amounts reclassified from accumulated other comprehensive income (loss)	1,616		(4,813)		28		(3,169)
Net current-period other comprehensive income	1,878		2,262		28		4,168

As of December 31, 2021	$	(3,268)	$	4,571	$	—	$	1,303

The following table presents amounts reclassified out of accumulated other comprehensive income (loss) for the years ended December 31, 2021, 2020 and 2019. 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)	2021		2020		2019
Amortization of defined benefit pension and postretirement plan items:
Prior service cost (1)	$	77	$	77	$	77
Net gain (1)	(2,243)		(592)		(2,600)
Total before income taxes	(2,166)		(515)		(2,523)
Income tax benefit (4)	550		150		656
Net of tax	$	(1,616)	$	(365)	$	(1,867)

Gains on commodity contracts cash flow hedges
Propane swap agreements (2)	$	6,651	$	2,428	$	1,520
Natural gas swaps (2)(3)	—		—		7
Natural gas futures (2)(3)	—		—		2,096
Total before income taxes	6,651		2,428		3,623
Income tax expense (4)	(1,838)		(671)		(1,028)
Net of tax	$	4,813	$	1,757	$	2,595
Gains and (losses) on interest rate swap cash flow hedges:
Interest rate swap agreements	$	(28)	$	60	$	—
Total before income taxes	(28)		60		—
Income tax expense (4)	—		(16)		—
Net of tax	$	(28)	$	44	$	—

Total reclassifications for the period	$	3,169	$	1,436	$	728

(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.