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

9 Months Ended

Sep. 30, 2024

Accumulated Other Comprehensive Income (Loss)

Stockholders' Equity

Common Stock Issuances

In November 2023, in connection with our acquisition of FCG, we completed an equity offering resulting in the issuance of approximately 4.4 million shares of our common stock at a price per share of $82.72 (net of underwriter discounts and commissions). We received net proceeds of $366.4 million which were used to partially finance the acquisition.

We maintain an effective shelf registration statement with the SEC for the issuance of shares under our DRIP and other plans. Depending on our capital needs and subject to market conditions, we may issue additional shares under the direct stock purchase component of the DRIP in addition to other possible debt and equity offerings. For the nine months ended September 30, 2024, we received net proceeds of $56.8 million for issuances under the DRIP. There were no issuances under the DRIP during 2023. Our most recent ATM equity program, which allowed us to issue and sell shares of our common stock up to an aggregate offering price of $75.0 million, expired in June 2023.

Accumulated Other Comprehensive Loss

Defined benefit pension and postretirement plan items, unrealized gains (losses) of our propane swap agreements designated as commodity contract 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 tables present the changes in the balances of accumulated other comprehensive loss components as of September 30, 2024 and 2023. All amounts in the following tables are presented net of tax.


	Defined Benefit		Commodity		Interest Rate
	Pension and		Contract		Swap
	Postretirement		Cash Flow		Cash Flow
	Plan Items		Hedges		Hedges		Total
(in thousands)
As of December 31, 2023	$	(2,584)	$	(274)	$	120	$	(2,738)
Other comprehensive income (loss) before reclassifications	—		1,031		(1,340)		(309)
Amounts reclassified from accumulated other comprehensive income (loss)	41		(698)		(431)		(1,088)
Net current-period other comprehensive income (loss)	41		333		(1,771)		(1,397)

As of September 30, 2024	$	(2,543)	$	59	$	(1,651)	$	(4,135)



As of December 31, 2022	$	(2,506)	$	1,092	$	35	$	(1,379)
Other comprehensive income (loss) before reclassifications	—		(660)		928		268
Amounts reclassified from accumulated other comprehensive income (loss)	32		202		(260)		(26)
Net prior-period other comprehensive income (loss)	32		(458)		668		242
As of September 30, 2023	$	(2,474)	$	634	$	703	$	(1,137)

Deferred gains or losses for our commodity contract and interest rate swap cash flow hedges are recognized in earnings upon settlement and are included in the effects of gains and losses from derivative instruments. See Note 12, Derivative Instruments, for additional details. Amortization of the net loss related to the defined benefit pension plan and postretirement plans is included in the computation of net periodic cost (benefit). See Note 10, Employee Benefit Plans, for additional details.