Derivatives (Tables)

6 Months Ended

Jun. 30, 2011

Fair Value of Derivatives

(in thousands)

	June 30, 2011			December 31, 2010
	Asset Derivative	Liability Derivative		Asset Derivative	Liability Derivative
Derivatives Designated as Hedging Instruments
Heating oil	$ 18,101	$ —		$ 13,475	$ —
Coal	3,273	(1,924)		2,009	(2,350)
Total	21,374	(1,924)		15,484	(2,350)
Derivatives Not Designated as Hedging Instruments
Coal — held for trading purposes	18,780	(9,788)		34,445	(24,087)
Coal	1,352	(4,704)		1,139	(912)
Total	20,132	(14,492)		35,584	(24,999)
Total derivatives	41,506	(16,416)		51,068	(27,349)
Effect of counterparty netting	(10,625)	10,625		(22,402)	22,402
Net derivatives as classified in the balance sheets	$ 30,881	$ (5,791)	$ 25,090	$ 28,666	$ (4,947)	$ 23,719

Net derivatives as reflected on the balance sheets

		June 30, 2011	December 31, 2010
Heating oil	Other current assets	$ 18,101	$ 13,475
Coal	Coal derivative assets	12,780	15,191
	Coal derivative liabilities	(5,791)	(4,947)
		$ 25,090	$ 23,719

Effects Of Derivatives On Measures Of Financial Performance

Three Months Ended June 30

(in thousands)

Derivatives used in Cash Flow Hedging	Gain (Loss) Recognized in OCI (Effective Portion)						Gains (Losses) Reclassified from OCI into Income (Effective Portion)						Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Relationships	2011			2010			2011			2010			2011		2010
Heating oil	$	(6,337	)	$	(8,572	)	$	6,654	(2)	$	1,925	(2)	$	—	$	—
Coal sales	1,344			(7,237		)	237		(1)	(1,201		)(1)	—		—
Coal purchases	97			7,167			—		(2)	—		(2)	—		—
Totals	$	(4,896	)	$	(8,642	)	$	6,891		$	724		$	—	$	—

Derivatives Not Designated as	Gain (Loss)
Hedging Instruments	2011			2010
Coal — unrealized	$	(374	)(3)	$	(3,466	)(3)
Coal — realized	$	147	(4)	$	1,252	(4)

Location in Statement of Income:

(1) Coal sales

(2) Cost of coal sales

(3) Change in fair value of coal derivatives and coal trading activities, net

(4) Other operating income, net

Six Months Ended June 30

(in thousands)

Derivatives used in Cash Flow Hedging	Gain (Loss) Recognized in OCI (Effective Portion)						Gains (Losses) Reclassified from OCI into Income (Effective Portion)						Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Relationships	2011			2010			2011			2010			2011		2010
Heating oil	$	7,921		$	(8,560	)	$	9,824	(2)	$	(304	)(2)	$	—	$	—
Coal sales	2,750			(7,638		)	324		(1)	(1,330		)(1)	—		—
Coal purchases	(779		)	8,069			—		(2)	(336		)(2)	—		—
Totals	$	9,892		$	(8,129	)	$	10,148		$	(1,970	)	$	—	$	—

Derivatives Not Designated as	Gain (Loss)
Hedging Instruments	2011			2010
Coal — unrealized	$	(1,419	)(3)	$	(8,388	)(3)
Coal — realized	$	147	(4)	$	2,852	(4)

Location in Statement of Income:

(1) Coal sales

(2) Cost of coal sales

(3) Change in fair value of coal derivatives and coal trading activities, net

(4) Other operating income, net

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

+ References+ Details

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References+ Details