Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Values of Derivative Contracts Recorded in Condensed Consolidated Balance Sheet

air values of the derivative contracts recorded in the condensed consolidated balance sheets as of September 30, 2016 and December 31, 2015, are as follows:



	Asset Derivatives
		Fair Value As Of
(in thousands)	Balance Sheet Location	September 30, 2016		December 31, 2015
Derivatives not designated as hedging instruments
Forward & Future contracts	Mark-to-market energy assets	$	—	$	1
Derivatives designated as fair value hedges
Put options	Mark-to-market energy assets	—		152
Derivatives designated as cash flow hedges
Natural gas futures contracts	Mark-to-market energy assets	240		—
Propane swap agreements	Mark-to-market energy assets	237		—
Total asset derivatives		$	477	$	153



	Liability Derivatives
		Fair Value As Of
(in thousands)	Balance Sheet Location	September 30, 2016		December 31, 2015
Derivatives not designated as hedging instruments
Forward contracts	Mark-to-market energy liabilities	$	—	$	1
Natural gas futures contracts	Mark-to-market energy liabilities	29		—
Derivatives designated as fair value hedges
Natural gas futures contracts	Mark-to-market energy liabilities	—		—
Derivatives designated as cash flow hedges
Propane swap agreements	Mark-to-market energy liabilities	—		323
Natural gas futures contracts	Mark-to-market energy liabilities	—		109
Total liability derivatives		$	29	$	433



	Three Months Ended		Nine Months Ended
(in thousands)	September 30, 2016 ⁽¹⁾		September 30, 2016 ⁽¹⁾
Commodity contracts	$	—	$	(233	)
Fair value adjustment for natural gas inventory designated as the hedged item	—		681
Total increase in purchased gas cost	$	—	$	448

The increase in purchased gas cost is comprised of the following:
Basis ineffectiveness	$	—	$	(83	)
Timing ineffectiveness	—		531
Total ineffectiveness	$	—	$	448

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	2016			2015			2016			2015
Derivatives not designated as hedging instruments
Realized gain (loss) on forward contracts ⁽¹⁾	Revenue	$	(231	)	$	187		$	44		$	393
Unrealized gain (loss) on forward contracts ⁽¹⁾	Revenue	(2		)	(7		)	—			71
Natural gas futures contracts	Cost of sales	205			—			205			—
Propane swap agreements	Cost of sales	—			—			—			18
Derivatives designated as fair value hedges
Put /Call options	Cost of sales	—			—			73			506
Put /Call options⁽²⁾	Propane Inventory	—			(46		)	—			(79		)
Natural gas futures contracts	Natural Gas Inventory	—			—			(233		)	—
Derivatives designated as cash flow hedges
Propane swap agreements	Cost of sales	—			—			(364		)	—
Propane swap agreements	Other Comprehensive Gain (Loss)	213			(126		)	559			(128		)
Call options	Cost of sales	—			—			—			(81		)
Natural gas futures contracts	Cost of sales	105			—			464			—
Natural gas futures contracts	Other Comprehensive Gain (Loss)	(123		)	—			349			—
Total		$	167		$	8		$	1,097		$	700