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Risk Management and Derivatives: (Tables)
6 Months Ended
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Contract or notional amounts and terms of marketing activities and derivative commodity instruments We had the following net long positions as of:
June 30, 2022December 31, 2021
Notional
Amounts (MMBtus)
Maximum
Term
(months) (a)
Notional
Amounts (MMBtus)
Maximum
Term
(months) (a)
Natural gas futures purchased100,000 9590,000 3
Natural gas options purchased, net430,000 93,100,000 3
Natural gas basis swaps purchased — 0870,000 3
Natural gas over-the-counter swaps, net (b)
7,090,000 304,570,000 34
Natural gas physical contracts, net (c)
12,166,541 1816,416,677 24
__________
(a)    Term reflects the maximum forward period hedged.
(b)    As of June 30, 2022, 2,416,000 MMBtus of natural gas over-the-counter swaps purchases were designated as cash flow hedges.
(c)     Volumes exclude derivative contracts that qualify for the normal purchases and normal sales exception permitted by GAAP.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table presents the fair value and balance sheet classification of our derivative instruments (in thousands) as of:

Balance Sheet LocationJune 30, 2022December 31, 2021
Derivatives designated as hedges:
Asset derivative instruments:
Current commodity derivativesDerivative assets, current$$2,017 
Noncurrent commodity derivativesOther assets, non-current256 18 
Liability derivative instruments:
Current commodity derivativesDerivative liabilities, current(3,318)— 
Total derivatives designated as hedges$(3,060)$2,035 
Derivatives not designated as hedges:
Asset derivative instruments:
Current commodity derivativesDerivative assets, current$714 $2,356 
Noncurrent commodity derivativesOther assets, non-current923 804 
Liability derivative instruments:
Current commodity derivativesDerivative liabilities, current(1,401)(1,439)
Noncurrent commodity derivativesOther deferred credits and other liabilities— (20)
Total derivatives not designated as hedges$236 $1,701 
Derivative Instruments, Gain (Loss)
The impacts of cash flow hedges on our Condensed Consolidated Statements of Comprehensive Income and Condensed Consolidated Statements of Income are presented below for the three and six months ended June 30, 2022 and 2021. Note that this presentation does not reflect the gains or losses arising from the underlying physical transactions; therefore, it is not indicative of the economic profit or loss we realized when the underlying physical and financial transactions were settled.

Three Months Ended June 30,Three Months Ended June 30,
2022202120222021
Derivatives in Cash Flow Hedging RelationshipsAmount of Gain/(Loss) Recognized in OCIIncome Statement LocationAmount of Gain/(Loss) Reclassified from AOCI into Income
(in thousands)(in thousands)
Interest rate swaps$713 $713 Interest expense$(713)$(713)
Commodity derivatives(4,371)1,187 Fuel, purchased power and cost of natural gas sold1,323 56 
Total$(3,658)$1,900 $610 $(657)

Six Months Ended June 30,Six Months Ended June 30,
2022202120222021
Derivatives in Cash Flow Hedging RelationshipsAmount of Gain/(Loss) Recognized in OCIIncome Statement LocationAmount of Gain/(Loss) Reclassified from AOCI into Income
(in thousands)(in thousands)
Interest rate swaps$1,426 $1,426 Interest expense$(1,426)$(1,426)
Commodity derivatives(5,238)1,360 Fuel, purchased power and cost of natural gas sold3,577 25 
Total$(3,812)$2,786 $2,151 $(1,401)
The following table summarizes the impacts of derivative instruments not designated as hedge instruments on our Condensed Consolidated Statements of Income for the three and six months ended June 30, 2022 and 2021. Note that this presentation does not reflect the expected gains or losses arising from the underlying physical transactions; therefore, it is not indicative of the economic profit or loss we realized when the underlying physical and financial transactions were settled.

Three Months Ended June 30,
20222021
Derivatives Not Designated as Hedging InstrumentsLocation of Gain/(Loss) on Derivatives Recognized in IncomeAmount of Gain/(Loss) on Derivatives Recognized in Income
(in thousands)
Commodity derivatives - ElectricFuel, purchased power and cost of natural gas sold$— $(3,598)
Commodity derivatives - Natural GasFuel, purchased power and cost of natural gas sold(2,332)1,816 
$(2,332)$(1,782)
Six Months Ended June 30,
20222021
Derivatives Not Designated as Hedging InstrumentsIncome Statement LocationAmount of Gain/(Loss) on Derivatives Recognized in Income
(in thousands)
Commodity derivatives - Electric Fuel, purchased power and cost of natural gas sold$— $(5,122)
Commodity derivatives - Natural GasFuel, purchased power and cost of natural gas sold1,162 2,182 
$1,162 $(2,940)