Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments [Table Text Block]

As of March 31, 2023, the volume of our commodity derivative contracts were as follows:

Business unit	Commodity	Contract Type	Quantity hedged (in millions)	Designation	Longest Expiration date of hedge
Sharp	Propane (gallons)	Purchases	13.5	Cash flow hedges	August 2025
Sharp	Propane (gallons)	Sales	3.2	Cash flow hedges	December 2023

Fair Values of Derivative Contracts Recorded in Condensed Consolidated Balance Sheet

March 31, 2023 and December 31, 2022, are as follows: 

	Derivative Assets
		Fair Value As Of
(in thousands)	Balance Sheet Location	March 31, 2023		December 31, 2022
Derivatives designated as cash flow hedges
Propane swap agreements	Derivative assets, at fair value	$	1,801	$	3,317
Interest rate swap agreements	Derivative assets, at fair value	345		452
Total Derivative Assets (1)		$	2,146	$	3,769

 (1) Derivative assets, at fair value include $1.2 million and $2.8 million in current assets in the condensed consolidated balance sheet at March 31, 2023 and December 31, 2022, respectively, with the remainder of the balance classified as long-term.

	Derivative Liabilities
		Fair Value As Of
(in thousands)	Balance Sheet Location	March 31, 2023		December 31, 2022
Derivatives designated as cash flow hedges
Propane swap agreements	Derivative liabilities, at fair value	$	871	$	1,810
Interest rate swap agreements	Derivative liabilities, at fair value	563		405
Total Derivative Liabilities (1)		$	1,434	$	2,215

(1) Derivative liabilities, at fair value include $0.8 million and $0.6 million in current liabilities in the condensed consolidated balance sheet at March 31, 2023 and December 31, 2022, respectively, with the remainder of the balance classified as long-term.

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	2023		2022
Derivatives not designated as hedging instruments
Propane swap agreements	Unregulated propane and natural gas costs	$	—	$	56
Derivatives designated as cash flow hedges
Propane swap agreements	Revenues	733		(826)
Propane swap agreements	Unregulated propane and natural gas costs	(127)		3,547
Propane swap agreements	Other comprehensive income (loss)	(577)		714
Interest rate swap agreements	Interest expense	65		—
Interest rate swap agreements	Other comprehensive income (loss)	(265)		—
Total		$	(171)	$	3,491