Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments [Table Text Block]

As of September 30, 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	22.1	Cash flow hedges	June 2026
Sharp	Propane (gallons)	Sales	6.3	Cash flow hedges	March 2024

Fair Values of Derivative Contracts Recorded in Condensed Consolidated Balance Sheet

September 30, 2023 and December 31, 2022, are as follows: 

	Derivative Assets
		Fair Value As Of
(in thousands)	Balance Sheet Location	September 30, 2023		December 31, 2022
Derivatives designated as cash flow hedges
Propane swap agreements	Derivative assets, at fair value	$	1,804	$	3,317
Interest rate swap agreements	Derivative assets, at fair value	949		452
Total Derivative Assets (1)		$	2,753	$	3,769

 (1) Derivative assets, at fair value include $2.3 million and $2.8 million in current assets in the condensed consolidated balance sheet at September 30, 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	September 30, 2023		December 31, 2022
Derivatives designated as cash flow hedges
Propane swap agreements	Derivative liabilities, at fair value	$	929	$	1,810
Interest rate swap agreements	Derivative liabilities, at fair value	—		405
Total Derivative Liabilities (1)		$	929	$	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 September 30, 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 September 30,				For the Nine Months Ended September 30,
(in thousands)	(Loss) on Derivatives	2023		2022		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	(452)		102		(1,011)		3,932
Propane swap agreements	Other comprehensive income (loss)	2,362		(4,050)		(632)		(4,022)
Interest rate swap agreements	Interest expense	160		—		352		—
Interest rate swap agreements	Other comprehensive income (loss)	268		207		901		207
Total		$	2,338	$	(3,741)	$	343	$	(653)