Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments [Table Text Block]

As of September 30, 2024, 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	13.1	Cash flow hedges	March 2027

Fair Values of Derivative Contracts Recorded in Condensed Consolidated Balance Sheet

September 30, 2024 and December 31, 2023, are as follows: 

	Derivative Assets
		Fair Value As Of
(in thousands)	Balance Sheet Location	September 30, 2024		December 31, 2023
Derivatives designated as cash flow hedges
Propane swap agreements	Derivative assets, at fair value	$	334	$	702
Interest rate swap agreements	Derivative assets, at fair value	193		365
Total Derivative Assets (1)		$	527	$	1,067

 (1) Derivative assets, at fair value, include $0.4 million in current assets in the condensed consolidated balance sheet at September 30, 2024 and $1.0 million at December 31, 2023, with the remainder of the balances classified as long-term.

	Derivative Liabilities
		Fair Value As Of
(in thousands)	Balance Sheet Location	September 30, 2024		December 31, 2023
Derivatives designated as cash flow hedges
Propane swap agreements	Derivative liabilities, at fair value	$	254	$	1,078
Interest rate swap agreements	Derivative liabilities, at fair value	2,409		203
Total Derivative Liabilities (1)		$	2,663	$	1,281

(1) Derivative liabilities, at fair value, include $0.6 million in current liabilities in the condensed consolidated balance sheet at September 30, 2024 and $0.4 million at December 31, 2023, with the remainder of the balances 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 statements of income 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	2024		2023		2024		2023
Derivatives designated as cash flow hedges
Propane swap agreements	Revenues	$	—	$	—	$	(307)	$	733
Propane swap agreements	Unregulated propane and natural gas costs	(87)		(452)		1,263		(1,011)
Interest rate swap agreements	Interest expense	237		160		579		352
Total		$	150	$	(292)	$	1,535	$	74