Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'CHESAPEAKE UTILITIES CORP | ' |
Trading Symbol | 'CPK | ' |
Entity Central Index Key | '0000019745 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 9,701,040 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating Revenues | ' | ' |
Regulated energy | $102,166 | $81,566 |
Unregulated energy | 79,973 | 54,991 |
Other | 4,198 | 4,172 |
Total Operating Revenues | 186,337 | 140,729 |
Operating Expenses | ' | ' |
Regulated energy cost of sales | 54,307 | 41,615 |
Unregulated energy and other cost of sales | 61,325 | 40,090 |
Operations | 26,626 | 21,754 |
Maintenance | 2,148 | 1,722 |
Depreciation and amortization | 6,635 | 5,820 |
Other taxes | 3,673 | 3,178 |
Total Operating Expenses | 154,714 | 114,179 |
Operating Income | 31,623 | 26,550 |
Other income, net of other expenses | 6 | 289 |
Interest charges | 2,155 | 2,072 |
Income Before Income Taxes | 29,474 | 24,767 |
Income taxes | 11,793 | 9,898 |
Net Income | $17,681 | $14,869 |
Weighted Average Common Shares Outstanding: | ' | ' |
Basic (in shares) | 9,658,431 | 9,601,529 |
Diluted (in shares) | 9,693,434 | 9,678,950 |
Earnings Per Share of Common Stock: | ' | ' |
Basic (in usd per share) | $1.83 | $1.55 |
Diluted (in usd per share) | $1.82 | $1.54 |
Cash Dividends Declared Per Share of Common Stock (in usd per share) | $0.39 | $0.37 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net Income | $17,681 | $14,869 |
Employee Benefits, net of tax: | ' | ' |
Amortization of prior service cost, net of tax of ($6) and ($6), respectively | 9 | 9 |
Net gain, net of tax of $27 and $38, respectively | 40 | 58 |
Total other comprehensive income | 31 | 49 |
Comprehensive Income | $17,712 | $14,918 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Tax expense recognized on the amortization of prior service cost | ($6) | ($6) |
Tax expense recognized on the net gain (loss) | $27 | $38 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment | ' | ' |
Regulated energy | $697,725 | $691,522 |
Unregulated energy | 76,938 | 76,267 |
Other | 21,129 | 21,002 |
Total property, plant and equipment | 795,792 | 788,791 |
Less: Accumulated depreciation and amortization | -179,918 | -174,148 |
Plus: Construction work in progress | 27,228 | 16,603 |
Net property, plant and equipment | 643,102 | 631,246 |
Current Assets | ' | ' |
Cash and cash equivalents | 4,791 | 3,356 |
Accounts receivable (less allowance for uncollectible accounts of $1,976 and $1,635, respectively) | 80,313 | 75,293 |
Accrued revenue | 12,536 | 13,910 |
Propane inventory, at average cost | 6,088 | 10,456 |
Other inventory, at average cost | 3,728 | 4,880 |
Storage gas prepayments | 1,323 | 4,318 |
Prepaid expenses | 4,890 | 6,910 |
Income taxes receivable | 0 | 2,609 |
Mark-to-market energy assets | 0 | 385 |
Regulatory assets | 4,342 | 2,436 |
Deferred income taxes | 1,723 | 1,696 |
Other current assets | 198 | 160 |
Total current assets | 119,932 | 126,409 |
Deferred Charges and Other Assets | ' | ' |
Investments, at fair value | 2,951 | 3,098 |
Regulatory assets | 66,395 | 66,584 |
Goodwill | 4,625 | 4,354 |
Other intangible assets, net | 2,875 | 2,975 |
Receivables and other deferred charges | 2,681 | 2,856 |
Total deferred charges and other assets | 79,527 | 79,867 |
Total Assets | 842,561 | 837,522 |
Stockholders' equity | ' | ' |
Common stock, par value $0.4867 per share (authorized 25,000,000 shares) | 4,715 | 4,691 |
Additional paid-in capital | 152,862 | 152,341 |
Retained earnings | 138,176 | 124,274 |
Accumulated other comprehensive loss | -2,502 | -2,533 |
Deferred compensation obligation | 1,138 | 1,124 |
Treasury stock | -1,138 | -1,124 |
Total stockholders' equity | 293,251 | 278,773 |
Long-term debt, net of current maturities | 117,195 | 117,592 |
Total capitalization | 410,446 | 396,365 |
Current Liabilities | ' | ' |
Current portion of long-term debt | 10,955 | 11,353 |
Short-term borrowing | 83,470 | 105,666 |
Accounts payable | 58,183 | 53,482 |
Accrued compensation | 4,937 | 8,394 |
Accrued interest | 2,536 | 1,235 |
Dividends payable | 3,730 | 3,710 |
Income Taxes Payable | 8,955 | 0 |
Mark-to-market energy liabilities | 0 | 127 |
Regulatory liabilities | 7,071 | 4,157 |
Customer deposits and refunds | 24,405 | 26,140 |
Other accrued liabilities | 8,934 | 7,678 |
Total current liabilities | 213,176 | 221,942 |
Deferred Credits and Other Liabilities | ' | ' |
Deferred income taxes | 142,414 | 142,597 |
Deferred investment tax credits | 65 | 74 |
Regulatory liabilities | 4,178 | 4,402 |
Accrued asset removal cost-Regulatory liability | 40,007 | 39,510 |
Environmental liabilities | 9,129 | 9,155 |
Other pension and benefit costs | 20,662 | 21,000 |
Other liabilities | 2,484 | 2,477 |
Total deferred credits and other liabilities | 218,939 | 219,215 |
Other commitments and contingencies (Note 6) | ' | ' |
Total Capitalization and Liabilities | $842,561 | $837,522 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for uncollectible accounts | $1,976 | $1,635 |
Common stock, par value (in usd per share) | $0.49 | $0.49 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating Activities | ' | ' |
Net Income | $17,681 | $14,869 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 6,635 | 5,820 |
Depreciation and accretion included in other costs | 1,783 | 1,476 |
Deferred income taxes, net | -231 | 2,208 |
(Gain) loss on sale of assets | -8 | -8 |
Unrealized (gain) loss on commodity contracts | 68 | -214 |
Unrealized gain on investments | -37 | -283 |
Realized gain on sales of investments, net | 0 | -69 |
Employee benefits | 162 | 209 |
Share-based compensation | 638 | 381 |
Other, net | -1 | -3 |
Changes in assets and liabilities: | ' | ' |
Purchase of investments | 184 | -7 |
Accounts receivable and accrued revenue | -3,647 | -8,657 |
Propane inventory, storage gas and other inventory | 8,243 | 5,064 |
Regulatory assets | -2,788 | 852 |
Prepaid expenses and other current assets | 2,185 | 1,469 |
Accounts payable and other accrued liabilities | 4,821 | 1,510 |
Income taxes receivable | 11,565 | 8,899 |
Accrued interest | 1,301 | 1,185 |
Customer deposits and refunds | -1,735 | -2,520 |
Accrued compensation | -3,505 | -2,753 |
Regulatory liabilities | 2,925 | 5,711 |
Other assets and liabilities, net | -240 | 21 |
Net cash provided by operating activities | 45,999 | 35,160 |
Investing Activities | ' | ' |
Property, plant and equipment expenditures | -18,464 | -16,409 |
Proceeds from sales of assets | 29 | 34 |
Payments to Acquire Businesses, Gross | 0 | -2,437 |
Environmental expenditures | -26 | -20 |
Net cash used in investing activities | -18,461 | -18,832 |
Financing Activities | ' | ' |
Common stock dividends | -3,369 | -3,176 |
Purchase of stock for Dividend Reinvestment Plan | -341 | -326 |
Change in cash overdrafts due to outstanding checks | -501 | 83 |
Net borrowing (repayment) under line of credit agreements | -21,696 | -13,647 |
Repayment of long-term debt | -196 | -15 |
Net cash used in financing activities | -26,103 | -17,081 |
Net Decrease in Cash and Cash Equivalents | 1,435 | -753 |
Cash and Cash Equivalents-Beginning of Period | 3,356 | 3,361 |
Cash and Cash Equivalents-End of Period | $4,791 | $2,608 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Deferred Compensation [Member] | Treasury Stock [Member] | |
In Thousands, except Share data, unless otherwise specified | ||||||||
Beginning Balances at Dec. 31, 2012 | $256,598 | $4,671 | $150,750 | $106,239 | ($5,062) | $982 | ($982) | |
Beginning Balances, shares at Dec. 31, 2012 | [1] | ' | 9,597,499 | ' | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared | $1.52 | ' | ' | ' | ' | ' | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |
Net Income | 32,787 | ' | ' | 32,787 | ' | ' | ' | |
Other comprehensive loss/income | 2,529 | ' | ' | ' | 2,529 | ' | ' | |
Dividends | -14,758 | ' | ' | -14,752 | ' | ' | ' | |
Conversion of debentures | 295 | 8 | 287 | ' | ' | ' | ' | |
Conversion of debentures, shares | [1] | ' | 17,383 | ' | ' | ' | ' | ' |
Share-based compensation | [2],[3] | 1,322 | 12 | 1,310 | ' | ' | ' | ' |
Share-based compensation, shares | [1],[2],[3] | ' | 23,348 | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Dividend Reinvestment Plan | ' | 0 | ' | ' | ' | ' | ' | |
Stock Issued During Period, Value, Dividend Reinvestment Plan | ' | 0 | -6 | ' | ' | ' | ' | |
Treasury Stock Activity During Period, Shares | ' | 0 | ' | ' | ' | ' | ' | |
Treasury Stock Activity And Deferred Compensation Plan Activity During Period Value | 0 | 0 | 0 | ' | ' | 142 | -142 | |
Ending Balances at Dec. 31, 2013 | 278,773 | 4,691 | 152,341 | 124,274 | -2,533 | 1,124 | -1,124 | |
Ending Balances, shares at Dec. 31, 2013 | [1] | ' | 9,638,230 | ' | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared | $0.39 | ' | ' | ' | ' | ' | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |
Net Income | 17,681 | ' | ' | 17,681 | ' | ' | ' | |
Other comprehensive loss/income | 31 | ' | ' | ' | 31 | ' | ' | |
Dividends | -3,780 | ' | ' | -3,779 | ' | ' | ' | |
Conversion of debentures | 535 | 15 | 520 | ' | ' | ' | ' | |
Conversion of debentures, shares | [1] | ' | 31,542 | ' | ' | ' | ' | ' |
Share-based compensation | [2],[3] | 11 | 9 | 2 | ' | ' | ' | ' |
Share-based compensation, shares | [1],[2],[3] | ' | 17,906 | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Dividend Reinvestment Plan | [1] | ' | 0 | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Dividend Reinvestment Plan | ' | 0 | -1 | ' | ' | ' | ' | |
Treasury Stock Activity During Period, Shares | ' | 0 | ' | ' | ' | ' | ' | |
Treasury Stock Activity And Deferred Compensation Plan Activity During Period Value | 0 | ' | ' | ' | ' | 14 | -14 | |
Ending Balances at Mar. 31, 2014 | $293,251 | $4,715 | $152,862 | $138,176 | ($2,502) | $1,138 | ($1,138) | |
Ending Balances, shares at Mar. 31, 2014 | [1] | ' | 9,687,678 | ' | ' | ' | ' | ' |
[1] | Includes 34,731 and 34,495 shares at MarchB 31, 2014 and DecemberB 31, 2013, respectively, held in a Rabbi Trust related to our Deferred Compensation Plan. | |||||||
[2] | Includes amounts for shares issued for Directorsb compensation. | |||||||
[3] | The shares issued under the SICP are net of shares withheld for employee taxes. For the quarter ended MarchB 31, 2014 and for the year ended DecemberB 31, 2013, we withheld 8,458 and 10,411 shares, respectively, for taxes. |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Deferred compensation plan held Rabbi Trust (in shares) | 34,731 | 34,495 |
Shares issued under the performance incentive plan withheld for employee taxes (in shares) | 8,458 | 10,411 |
Cash Dividends Declared Per Share of Common Stock (in usd per share) | $0.39 | $1.52 |
Summary_of_Accounting_Policies
Summary of Accounting Policies Summary of Accounting Policies (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies [Text Block] | ' |
Summary of Accounting Policies | |
Basis of Presentation | |
References in this document to the “Company,” “Chesapeake,” “we,” “us” and “our” are intended to mean Chesapeake Utilities Corporation, its divisions and/or its subsidiaries, as appropriate in the context of the disclosure. | |
The accompanying unaudited condensed consolidated financial statements have been prepared in compliance with the rules and regulations of the SEC and GAAP. In accordance with these rules and regulations, certain information and disclosures normally required for audited financial statements have been condensed or omitted. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto, included in our latest Annual Report on Form 10-K for the year ended December 31, 2013. In the opinion of management, these financial statements reflect normal recurring adjustments that are necessary for a fair presentation of our results of operations, financial position and cash flows for the interim periods presented. | |
Due to the seasonality of our business, results for interim periods are not necessarily indicative of results for the entire fiscal year. Revenue and earnings are typically greater during the first and fourth quarters, when consumption of energy is highest due to colder temperatures. | |
We have assessed and reported on subsequent events through the date of issuance of these condensed consolidated financial statements. | |
Reclassifications | |
We reclassified certain amounts in the condensed consolidated cash flows statement for the three months ended March 31, 2013 to conform to the current year’s presentation. These reclassifications are considered immaterial to the overall presentation of our condensed consolidated financial statements. | |
FASB Statements and Other Authoritative Pronouncements | |
Recently Adopted Accounting Standards | |
Income Taxes (ASC 740) - In July 2013, the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which requires the netting of certain unrecognized tax benefits against a deferred tax asset for a loss or other similar tax carryforward that would apply upon settlement of an uncertain tax position. ASU 2013-11 became effective for us on January 1, 2014. The adoption of ASU 2013-11 had no material impact on our financial position and results of operations. |
Calculation_of_Earnings_Per_Sh
Calculation of Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Calculation of Earnings Per Share | ' | ||||||||
Calculation of Earnings Per Share | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands, except shares and per share data) | |||||||||
Calculation of Basic Earnings Per Share: | |||||||||
Net Income | $ | 17,681 | $ | 14,869 | |||||
Weighted average shares outstanding | 9,658,431 | 9,601,529 | |||||||
Basic Earnings Per Share | $ | 1.83 | $ | 1.55 | |||||
Calculation of Diluted Earnings Per Share: | |||||||||
Reconciliation of Numerator: | |||||||||
Net Income | $ | 17,681 | $ | 14,869 | |||||
Effect of 8.25% Convertible debentures (1) | — | 11 | |||||||
Adjusted numerator—Diluted | $ | 17,681 | $ | 14,880 | |||||
Reconciliation of Denominator: | |||||||||
Weighted shares outstanding—Basic | 9,658,431 | 9,601,529 | |||||||
Effect of dilutive securities: | |||||||||
Share-based Compensation | 35,003 | 23,132 | |||||||
8.25% Convertible debentures (1) | — | 54,289 | |||||||
Adjusted denominator—Diluted | 9,693,434 | 9,678,950 | |||||||
Diluted Earnings Per Share | $ | 1.82 | $ | 1.54 | |||||
(1) As of March 1, 2014, we no longer have any outstanding convertible debentures. See Note 14, Long-term debt for additional information. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2014 | |
Business Combinations [Abstract] | ' |
Acquisitions | ' |
Acquisitions | |
Eastern Shore Gas Company | |
On May 31, 2013, the Maryland PSC approved the acquisition of ESG. Upon receiving this approval, we completed the purchase of the operating assets of ESG, which was not related to, or affiliated with, our interstate natural gas transmission subsidiary, Eastern Shore. We paid approximately $16.5 million at the closing of the transaction, which was subject to certain adjustments specified in the asset purchase agreement. During the third quarter of 2013, the purchase price was reduced by $543,000 due to adjustments to property, plant and equipment, propane inventory, accounts receivable and other accrued liabilities. The purchase price included approximately $726,000 of sales tax related to the transaction. We financed the acquisition using unsecured short-term debt. | |
Approximately 11,000 residential and commercial underground propane distribution system customers and 500 bulk propane delivery customers acquired in the transaction are being served by our new subsidiary, Sandpiper, and our propane distribution subsidiary, Sharp, respectively. Sandpiper's operations, which cover all of Worcester County, Maryland, are now subject to rate and service regulation by the Maryland PSC. We are evaluating the potential conversion of some of the underground propane distribution systems to natural gas distribution. Although these customers are currently being served with propane, we classify Sandpiper's operations as natural gas distribution in the Regulated Energy segment. | |
In connection with this acquisition, we recorded $12.6 million in property, plant and equipment, $344,000 in propane inventory, $2.5 million in accounts receivable and accrued revenue and $227,000 in other current liabilities, which included the effect of the purchase price adjustment in the third quarter of 2013. All but insignificant amounts of assets and liabilities are recorded in the Regulated Energy segment. No goodwill or intangible asset was recorded from this acquisition. The allocation of the purchase price and valuation of assets are preliminary, and we will complete the final purchase price allocation as soon as practicable, but no later than one year from the purchase of the assets. | |
The revenue and net income from this acquisition for the three months ended March 31, 2014 included in our condensed consolidated statement of income were $10.3 million and $1.7 million, respectively. | |
Other Acquisitions | |
On December 2, 2013, we acquired certain operating assets of the City of Fort Meade, Florida, for approximately $792,000. The purchased assets are used to provide natural gas distribution service in the City of Fort Meade, Florida. In connection with this acquisition, we recorded $670,000 in property, plant and equipment, $14,000 in inventory, $150,000 in goodwill and $42,000 in other current liabilities. Valuation of certain property, plant and equipment is preliminary and may be adjusted in the future based upon the final valuation, but no later than one year from the date of acquisition. All of the goodwill is expected to be deductible for income tax purposes. The revenue and net income from this acquisition that were included in our condensed consolidated statement of income for the three months ended March 31, 2014 were not material. | |
On February 5, 2013, we purchased the propane operating assets of Glades for approximately $2.9 million. The purchased assets are used to provide propane distribution service to approximately 3,000 residential and commercial customers in Okeechobee, Glades and Hendry Counties, Florida. In connection with this acquisition, we recorded $1.6 million in property, plant and equipment, $231,000 in propane and other inventory, $300,000 in an intangible asset related to Glades’ customer list, to be amortized over 12 years beginning in February 2013 and $724,000 in goodwill. All of the goodwill is expected to be deductible for income tax purposes. These amounts reflected an adjustment to the allocation of the purchase price during the first quarter of 2014 based on our final valuation, which decreased the value of propane inventory by $271,000 and increased goodwill for the same amount. The revenue and net income from this acquisition that were included in our condensed consolidated statement of income for the three months ended March 31, 2014 were not material. |
Rates_and_Other_Regulatory_Act
Rates and Other Regulatory Activities | 3 Months Ended |
Mar. 31, 2014 | |
Regulated Operations [Abstract] | ' |
Rates and Other Regulatory Activities | ' |
Rates and Other Regulatory Activities | |
Our natural gas and electric distribution operations in Delaware, Maryland and Florida are subject to regulation by their respective PSC; Eastern Shore, our natural gas transmission subsidiary, is subject to regulation by the FERC; and Peninsula Pipeline, our intrastate pipeline subsidiary, is subject to regulation by the Florida PSC. Chesapeake’s Florida natural gas distribution division and FPU’s natural gas and electric distribution operations continue to be subject to regulation by the Florida PSC as separate entities. | |
Delaware | |
There were no rates and other regulatory activities in Delaware during the first quarter of 2014. | |
Maryland | |
On March 24, 2014, Sandpiper filed a depreciation study with the Maryland PSC regarding the assets purchased in the ESG acquisition. This depreciation study was filed in accordance with the order dated May 29, 2013, which allowed Sandpiper to recommend the proper depreciation rates and accumulated depreciation associated with the acquired assets. Sandpiper recommended slightly lower depreciation rates to be applied prospectively and a reduction of $4.5 million in accumulated depreciation. At the administrative meeting on April 23, 2014, the Maryland PSC assigned this matter to an administrative judge for further review. | |
Florida | |
On April 28, 2014, FPU filed a base rate proceeding for its electric distribution operation. FPU is seeking interim rate relief of approximately $2.4 million and final rate relief of approximately $5.9 million. The interim rate relief requested is based on the twelve-month period ended September 30, 2013. We expect the interim rate relief to be determined in the second quarter of 2014. Any increase to our rates as a result of this interim rate relief will be subject to refund based on the outcome of the final rate relief, which we expect to occur during the fourth quarter of 2014. | |
On January 13, 2014, FPU's natural gas divisions and Chesapeake's Florida natural gas distribution division filed a consolidated natural gas depreciation study with the Florida PSC. We also filed for approval to establish a regulatory asset and related amortization to address the costs associated with the development of this study. Depending on the results of this proceeding, we may be required to change depreciation expense on our Florida natural gas distribution operations. The PSC agenda date for the depreciation study has not yet been set. | |
On November 15, 2013, Chesapeake's Florida natural gas distribution division petitioned the Florida PSC for an extension to its surcharge to recover an additional $381,000 in estimated remaining environmental cleanup costs that have not yet been recovered. This extension would be effective for two years beginning January 1, 2014. The Florida PSC approved the extension of the surcharge and the additional amount for recovery at the Agenda conference on January 7, 2014. | |
Eastern Shore | |
The following are regulatory activities involving FERC orders applicable to Eastern Shore and the expansions of Eastern Shore’s transmission system: | |
TETLP Expansion Project: On January 31, 2014, Eastern Shore submitted to the FERC a request for prior notice authorization regarding a project which included certain improvements at Eastern Shore’s existing interconnection with TETLP near Honey Brook, Pennsylvania. This project will allow Eastern Shore to increase its capacity to receive natural gas from TETLP by 57,000 Dts/d to a total capacity of 107,000 Dts/d but this requested improvement does not result in an increase in Eastern Shore’s overall pipeline capacity. On April 8, 2014, the FERC approved Eastern Shore’s prior notice application, and Eastern Shore made this additional receipt point capacity available to an existing industrial customer. | |
White Oak Lateral Project Filing: On June 13, 2013, Eastern Shore submitted to the FERC an application for a CP, seeking authorization to construct the White Oak lateral project located in Kent County, Delaware. The project consists of installing approximately 5.5 miles of 16-inch diameter pipeline, metering facilities and miscellaneous appurtenances extending from Eastern Shore's mainline system near its North Dover City Gate Station to the Garrison Oak Technical Park, all located in Dover, Delaware. This project is designed to provide 55,200 Dts/d of delivery lateral firm transportation service to an industrial customer facility currently under construction. The total cost of the project is estimated to be approximately $11.2 million. | |
On August 9, 2013, the FERC issued a notice of intent to prepare an environmental assessment for the project. The comment period concluded on September 9, 2013, with no comments being filed in the docket. The environmental assessment was issued on October 4, 2013, and FERC staff recommended a finding of no significant impact. Eastern Shore filed the implementation plan and acceptance of conditions, stating that it will comply with all environmental conditions as set forth in the order. On November 27, 2013, the FERC issued a CP for this project. On January 17, 2014, the FERC issued its notice to allow construction to proceed, and Eastern Shore began construction activities for this project on January 22, 2014, for a planned in-service date of January 1, 2015. |
Environmental_Commitments_and_
Environmental Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Environmental Remediation Obligations [Abstract] | ' |
Environmental Commitments and Contingencies | ' |
Environmental Commitments and Contingencies | |
We are subject to federal, state and local laws and regulations governing environmental quality and pollution control. These laws and regulations require us to remove or remediate at current and former operating sites the effect on the environment of the disposal or release of specified substances. | |
We have participated in the investigation and assessment of, and have remediation exposures at six former MGP sites. Those sites are located in Salisbury, Maryland, and Winter Haven, Key West, Pensacola, Sanford and West Palm Beach, Florida. We have also been in discussions with the MDE regarding a seventh former MGP site located in Cambridge, Maryland. | |
As of March 31, 2014, we had approximately $10.2 million in environmental liabilities related to all of FPU’s MGP sites in Florida, which include the Key West, Pensacola, Sanford and West Palm Beach sites, representing our estimate of the future costs associated with those sites. FPU has approval to recover up to $14.0 million of its environmental costs related to all of its MGP sites from insurance and from customers through rates, approximately $9.3 million of which has been recovered as of March 31, 2014. We had approximately $4.7 million in regulatory assets for future recovery of environmental costs from FPU’s customers. | |
In addition to the FPU MGP sites, we had $474,000 in environmental liabilities at March 31, 2014, related to Chesapeake’s MGP sites in Maryland and Florida, representing our estimate of future costs associated with these sites. As of March 31, 2014, we had approximately $598,000 in regulatory and other assets for future recovery through Chesapeake’s rates. Environmental liabilities for all of our MGP sites are recorded on an undiscounted basis based on the estimate of future costs provided by independent consultants. | |
We continue to expect that all costs related to environmental remediation and related activities will be recoverable from customers through rates. | |
The following discussion provides details on MGP sites: | |
West Palm Beach, Florida | |
Remedial options are being evaluated to respond to environmental impacts to soil and groundwater at, and in the immediate vicinity of, a parcel of property owned by FPU in West Palm Beach, Florida, where FPU previously operated a MGP. FPU is currently implementing a remedial plan approved by the FDEP for the east parcel of the West Palm Beach site, which includes installation of monitoring test wells, sparging of air into the groundwater system and extraction of vapors from the subsurface. It is anticipated that similar remedial actions ultimately will be implemented for other portions of the site. Estimated costs of remediation for the West Palm Beach site range from approximately $4.5 million to $15.4 million, including costs associated with the relocation of FPU’s operations at this site, which is necessary to implement the remedial plan, and any potential costs associated with future redevelopment of the properties. | |
Sanford, Florida | |
FPU is the current owner of property in Sanford, Florida, which was a former MGP site that was operated by several other entities before FPU acquired the property. FPU was never an owner or an operator of the MGP. In January 2007, FPU and the Sanford Group signed a Third Participation Agreement, which provides for the funding of the final remedy approved by the EPA for the site. FPU’s share of remediation costs under the Third Participation Agreement is set at five percent of a maximum of $13.0 million, or $650,000. As of March 31, 2014, FPU has paid $650,000 to the Sanford Group escrow account for its entire share of the funding requirements. | |
The total cost of the final remedy is now estimated to be over $20.0 million, which includes long-term monitoring and the settlement of claims asserted by two adjacent property owners to resolve damages that the property owners allege they have incurred and will incur as a result of the implementation of the EPA-approved remediation. In settlement of these claims, members of the Sanford Group, which in this instance does not include FPU, have agreed to pay specified sums of money to the parties. FPU has refused to participate in the funding of the third-party settlement agreements based on its contention that it did not contribute to the release of hazardous substances at the site giving rise to the third-party claims. FPU has advised the other members of the Sanford Group that it is unwilling at this time to agree to pay any sum in excess of the $650,000 committed by FPU in the Third Participation Agreement. | |
As of March 31, 2014, FPU’s remaining remediation expenses, including attorneys’ fees and costs, are estimated to be $24,000. However, we are unable to determine, to a reasonable degree of certainty, whether the other members of the Sanford Group will accept FPU’s asserted defense to liability for costs exceeding $13.0 million as provided in the Third Participation Agreement to implement the final remedy for this site or will pursue a claim against FPU for a sum in excess of the $650,000 that FPU has paid under the Third Participation Agreement. No such claims have been made as of March 31, 2014. | |
Key West, Florida | |
FPU formerly owned and operated a MGP in Key West, Florida. Field investigations performed in the 1990s identified limited environmental impacts at the site, which is currently owned by an unrelated third party. In 2010, after 17 years of regulatory inactivity, FDEP observed that some soil and groundwater standards were exceeded and requested implementation of additional soil and groundwater fieldwork. The scope of work is limited to the installation of two additional monitoring wells and periodic monitoring of the new and existing wells. The two new monitoring wells were installed in November 2011, and groundwater monitoring began in December 2011. The first semi-annual report from the monitoring program was issued in May 2012. The data from the June 2012 and September 2012 monitoring events were submitted to the FDEP on October 4, 2012. FDEP responded via e-mail on October 9, 2012 that based on the data, NAM appears to be an appropriate remedy for the site. The FDEP issued a Remedial Action Plan approval order, dated October 12, 2012, which specified that a limited semi-annual monitoring program is to be conducted. The annual cost to conduct the limited NAM program is not expected to exceed $8,000. Although the duration of the FDEP-required limited NAM cannot be determined with certainty, it is anticipated that total costs to complete the remedial action will not exceed $50,000. | |
Pensacola, Florida | |
FPU formerly owned and operated a MGP in Pensacola, Florida, which was subsequently owned by Gulf Power. Portions of the site are now owned by the City of Pensacola and the FDOT. In October 2009, FDEP informed Gulf Power that FDEP would approve a conditional No Further Action determination for the site, which must include a requirement for institutional and engineering controls. On December 13, 2011, Gulf Power, the City of Pensacola, FDOT and FPU submitted to FDEP a draft covenant for institutional and engineering controls for the site. Upon FDEP’s approval and the subsequent recording of the institutional and engineering controls, no further work is expected to be required of the parties. Assuming FDEP approves the draft institutional and engineering controls, it is anticipated that FPU’s share of remaining legal and cleanup costs will not exceed $5,000. | |
Winter Haven, Florida | |
The Winter Haven site is located on the eastern shoreline of Lake Shipp, in Winter Haven, Florida. Pursuant to a consent order entered into with FDEP, we are obligated to assess and remediate environmental impacts at this former MGP site. Recent groundwater sampling results show a continuing reduction in contaminant concentrations from the treatment system, which has been in operation since 2002. Currently, we predict that remedial action objectives could be met in approximately two to three years for the area being treated by the remediation system. On August 7, 2012, FDEP issued a letter discussing the need to evaluate further remedial options, which could incorporate risk-management options, including natural attenuation and the use of institutional and engineering controls. Modifications to the existing consent order and the remedial action plan modification could be required to incorporate risk-management options into the remedy for the site. A response letter was submitted to FDEP on May 7, 2013. FDEP issued an additional comment letter, dated September 16, 2013, containing various requests and questions, which we responded to on October 10, 2013. | |
An exploratory drilling program was conducted in November of 2013, and the most recent groundwater monitoring report was submitted on January 27, 2014. The results of the drilling program suggest that some additional remedial activities might be necessary in the southwest corner of the Winter Haven site, and, we are currently negotiating with FDEP the scope of such activities. | |
If modifications to the existing consent order and remedial action plan are required, we estimate that future remediation costs for the subsurface soils and groundwater at the site could be as much as $443,000, which includes an estimate of $100,000 to implement additional actions, such as institutional controls, at the site. If we are required to incur this cost, we continue to believe that the entire amount will be recoverable from customers through rates. | |
FDEP previously indicated that we could also be required to remediate sediments along the shoreline of Lake Shipp, immediately west of the site. Based on studies performed to date, we object to FDEP’s suggestion that the sediments have been adversely impacted by the former operations of the MGP. Our early estimates indicate that some of the corrective measures previously discussed by FDEP could cost as much as $1.0 million. We believe that corrective measures for the sediments are not warranted and intend to oppose any requirement that we undertake corrective measures in the offshore sediments. We have not recorded a liability for sediment remediation, as the final resolution of this matter cannot be predicted at this time. | |
Salisbury, Maryland | |
We have substantially completed remediation of a site in Salisbury, Maryland, where it was determined that a former MGP caused localized groundwater contamination. In February 2002, the MDE granted permission to permanently decommission the systems used for remediation and to discontinue all on-site and off-site well monitoring, except for one well, which is being maintained for periodic product monitoring and recovery. We anticipate that the remaining costs of the one remaining monitoring well will not exceed $5,000 annually. We cannot predict at this time when the MDE will grant permission to permanently decommission the one remaining monitoring well. | |
Other | |
We are in discussions with the MDE regarding a former MGP site located in Cambridge, Maryland. The outcome of this matter cannot be determined at this time; therefore, we have not recorded an environmental liability for this location. | |
In a letter dated December 5, 2013, the DNREC notified us that it will be conducting a facility evaluation of a former MGP site in Seaford, Delaware. The facility evaluation has not been conducted and the outcome of this evaluation cannot be determined at this time; therefore, we have not recorded an environmental liability for this location. |
Other_Commitments_and_Continge
Other Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Other Commitments and Contingencies | ' |
Other Commitments and Contingencies | |
Natural Gas, Electric and Propane Supply | |
Our natural gas, electric and propane distribution operations have entered into contractual commitments to purchase gas, electricity and propane from various suppliers. The contracts have various expiration dates. For our Delaware and Maryland natural gas distribution divisions, we have a contract with an unaffiliated energy marketing and risk management company to manage a portion of their natural gas transportation and storage capacity, which expires on March 31, 2015. | |
In May 2013, Sandpiper entered into a capacity, supply and operating agreement with EGWIC to purchase propane over a six-year term. Sandpiper's initial annual commitment is estimated at approximately 7.4 million gallons. Sandpiper has the option to enter into either a fixed per-gallon price for some or all of the propane purchases or a market-based price utilizing one of two local propane pricing indices. | |
Chesapeake’s Florida natural gas distribution division has firm transportation service contracts with FGT and Gulfstream. Pursuant to a capacity release program approved by the Florida PSC, all of the capacity under these agreements has been released to various third parties, including PESCO. Under the terms of these capacity release agreements, Chesapeake is contingently liable to FGT and Gulfstream, should any party that acquired the capacity through release fail to pay for the service. | |
In May 2013, PESCO renewed contracts to purchase natural gas from various suppliers. These contracts expire in May 2014. PESCO is currently obtaining and reviewing proposals from suppliers and anticipates executing new agreements before the existing agreements expire. | |
FPU’s electric fuel supply contracts require FPU to maintain an acceptable standard of creditworthiness based on specific financial ratios. FPU’s agreement with JEA requires FPU to comply with the following ratios based on the results of the prior 12 months: (a) total liabilities to tangible net worth less than 3.75 times, and (b) a fixed charge coverage ratio greater than 1.5 times. If either ratio is not met by FPU, it has 30 days to cure the default or provide an irrevocable letter of credit if the default is not cured. FPU’s electric fuel supply agreement with Gulf Power requires FPU to meet the following ratios based on the average of the prior six quarters: (a) funds from operations interest coverage ratio (minimum of 2 times), and (b) total debt to total capital (maximum of 65 percent). If FPU fails to meet the requirements, it has to provide the supplier a written explanation of actions taken or proposed to be taken to become compliant. Failure to comply with the ratios specified in the Gulf Power agreement could result in FPU having to provide an irrevocable letter of credit. As of March 31, 2014, FPU was in compliance with all of the requirements of its fuel supply contracts. | |
Sharp entered into a separate supply and operating agreement with EGWIC. Under this agreement, Sharp has a commitment to supply propane to EGWIC over a six -year term. Sharp's initial annual commitment is estimated at approximately 7.4 million gallons. The agreement between Sharp and EGWIC is separate from the agreement between Sandpiper and EGWIC, and neither agreement permits the parties to set off the rights and obligations specified in one against those specified in the other. | |
Corporate Guarantees | |
The Board of Directors has authorized us to issue corporate guarantees securing obligations of our subsidiaries and to obtain letters of credit securing our obligations, including the obligations of our subsidiaries. The maximum authorized liability under such guarantees and letters of credit is $45.0 million. | |
We have issued corporate guarantees to certain vendors of our subsidiaries, the largest portion of which are for Xeron and PESCO. These corporate guarantees provide for the payment of propane and natural gas purchases in the event of the respective subsidiary’s default. Neither subsidiary has ever defaulted on its obligations to pay its suppliers. The liabilities for these purchases are recorded when incurred. The aggregate amount guaranteed at March 31, 2014 was $31.6 million, with the guarantees expiring on various dates through February 2015. | |
Chesapeake guarantees the payment of FPU’s first mortgage bonds. The maximum exposure under the guarantee is the outstanding principal plus accrued interest balances. The outstanding principal balances of FPU’s first mortgage bonds approximate their carrying values (see Note 14, Long-Term Debt, to the condensed consolidated financial statements for further details). | |
In addition to the corporate guarantees, we have issued a letter of credit for $1.0 million, which expires on September 12, 2014, related to the electric transmission services for FPU’s northwest electric division. We have also issued a letter of credit to our current primary insurance company for $1.1 million, which expires on December 2, 2014, as security to satisfy the deductibles under our various insurance policies. As a result of a change in our primary insurance company in 2010, we renewed and decreased the letter of credit for $304,000 to our former primary insurance company, which will expire on June 1, 2014. There have been no draws on these letters of credit as of March 31, 2014. We do not anticipate that the letters of credit will be drawn upon by the counterparties, and we expect that the letters of credit will be renewed to the extent necessary in the future. | |
We provided a letter of credit for $2.3 million to TETLP related to the precedent agreement and firm transportation service agreement between our Delaware and Maryland divisions. | |
Tax-related Contingencies | |
We are subject to various audits and reviews by the federal, state, local and other regulatory authorities regarding income taxes and taxes other than income. As of March 31, 2014, we maintained a liability of $300,000 related to unrecognized income tax benefits and $968,000 related to contingencies for taxes other than income. As of December 31, 2013, we maintained a liability of $300,000 related to unrecognized income tax benefits and $1.0 million related to contingencies for taxes other than income. | |
Other | |
We are involved in certain other legal actions and claims arising in the normal course of business. We are also involved in certain legal and administrative proceedings before various governmental agencies concerning rates. In the opinion of management, the ultimate disposition of these proceedings will not have a material effect on our consolidated financial position, results of operations or cash flows. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Information | ' | ||||||||
Segment Information | |||||||||
We use the management approach to identify operating segments. We organize our business around differences in regulatory environment and/or products or services, and the operating results of each segment are regularly reviewed by the chief operating decision maker (our Chief Executive Officer) in order to make decisions about resources and to assess performance. The segments are evaluated based on their pre-tax operating income. Our operations comprise three operating segments: | |||||||||
• | Regulated Energy. The Regulated Energy segment includes natural gas distribution, natural gas transmission operations and electric distribution operations. All operations in this segment are regulated, as to their rates and services, by the PSC having jurisdiction in each operating territory or by the FERC in the case of Eastern Shore. | ||||||||
• | Unregulated Energy. The Unregulated Energy segment includes propane distribution and wholesale marketing operations, and natural gas marketing operations, which are unregulated as to their rates and services. Also included in this segment are other unregulated energy services, such as energy-related merchandise sales and heating, ventilation and air conditioning, plumbing and electrical services. | ||||||||
• | Other. The “Other” segment consists primarily of our advanced information services subsidiary, as well as our unregulated subsidiaries that own real estate leased to Chesapeake and certain corporate costs not allocated to other operations. | ||||||||
The following table presents financial information about our reportable segments: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Operating Revenues, Unaffiliated Customers | |||||||||
Regulated Energy | $ | 101,874 | $ | 81,304 | |||||
Unregulated Energy | 79,874 | 54,991 | |||||||
Other | 4,589 | 4,434 | |||||||
Total operating revenues, unaffiliated customers | $ | 186,337 | $ | 140,729 | |||||
Intersegment Revenues (1) | |||||||||
Regulated Energy | $ | 292 | $ | 263 | |||||
Unregulated Energy | 99 | — | |||||||
Other | 253 | 243 | |||||||
Total intersegment revenues | $ | 644 | $ | 506 | |||||
Operating Income | |||||||||
Regulated Energy | $ | 21,091 | $ | 17,306 | |||||
Unregulated Energy | 10,858 | 9,369 | |||||||
Other and eliminations | (326 | ) | (125 | ) | |||||
Total operating income | 31,623 | 26,550 | |||||||
Other income, net of other expenses | 6 | 289 | |||||||
Interest | 2,155 | 2,072 | |||||||
Income before Income Taxes | 29,474 | 24,767 | |||||||
Income taxes | 11,793 | 9,898 | |||||||
Net Income | $ | 17,681 | $ | 14,869 | |||||
(1) | All significant intersegment revenues are billed at market rates and have been eliminated from consolidated operating revenues. | ||||||||
(in thousands) | 31-Mar-14 | 31-Dec-13 | |||||||
Identifiable Assets | |||||||||
Regulated energy | $ | 715,062 | $ | 708,950 | |||||
Unregulated energy | 103,658 | 100,585 | |||||||
Other | 23,841 | 27,987 | |||||||
Total identifiable assets | $ | 842,561 | $ | 837,522 | |||||
Our operations are almost entirely domestic. BravePoint has infrequent transactions in foreign countries which are denominated and paid primarily in U.S. dollars. These transactions are immaterial to the consolidated revenues. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Equity [Abstract] | ' | ||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||
The following table presents the changes in the balance of accumulated other comprehensive income (loss) for the three months ended March 31, 2014 and 2013. Defined benefit pension and postretirement plan items are the only component of our accumulated comprehensive income (loss). All amounts in the following table are presented net of tax. | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Beginning balance | $ | (2,533 | ) | $ | (5,062 | ) | |||
Other comprehensive loss before reclassifications | — | (6 | ) | ||||||
Amounts reclassified from accumulated other comprehensive loss | 31 | 55 | |||||||
Net current-period other comprehensive income | 31 | 49 | |||||||
Ending balance | $ | (2,502 | ) | $ | (5,013 | ) | |||
The following table presents amounts reclassified out of accumulated other comprehensive loss for the three months ended March 31, 2014 and 2013: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Amortization of defined benefit pension and postretirement plan items: | |||||||||
Prior service cost (1) | $ | 14 | $ | 14 | |||||
Net loss (1) | (66 | ) | (106 | ) | |||||
Total before income taxes | (52 | ) | (92 | ) | |||||
Income tax benefit | 21 | 37 | |||||||
Net of tax | $ | (31 | ) | $ | (55 | ) | |||
(1) These amounts are included in the computation of net periodic costs (benefits). See Note 9, Employee Benefit Plans, for additional details. | |||||||||
Amortization of defined benefit pension and postretirement plan items are included in operations expense in the accompanying condensed consolidated statements of income. The income tax benefit is included in income tax expense in the accompanying condensed consolidated statements of income. |
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | |||||||||||||||||||||||||||||||||||||||||
Net periodic benefit costs for our pension and post-retirement benefits plans for the three months ended March 31, 2014 and 2013 are set forth in the following tables: | |||||||||||||||||||||||||||||||||||||||||
Chesapeake | FPU | Chesapeake | Chesapeake | FPU | |||||||||||||||||||||||||||||||||||||
Pension Plan | Pension Plan | Pension SERP | Postretirement | Medical | |||||||||||||||||||||||||||||||||||||
Plan | Plan | ||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Interest cost | $ | 107 | $ | 102 | $ | 647 | $ | 594 | $ | 23 | $ | 21 | $ | 13 | $ | 12 | $ | 17 | $ | 16 | |||||||||||||||||||||
Expected return on plan assets | (133 | ) | (126 | ) | (773 | ) | (719 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||
Amortization of prior service cost | — | — | — | — | 5 | 5 | (19 | ) | (19 | ) | — | — | |||||||||||||||||||||||||||||
Amortization of net loss | 37 | 57 | — | 81 | 12 | 16 | 17 | 18 | — | — | |||||||||||||||||||||||||||||||
Net periodic cost (benefit) | 11 | 33 | (126 | ) | (44 | ) | 40 | 42 | 11 | 11 | 17 | 16 | |||||||||||||||||||||||||||||
Amortization of pre-merger regulatory asset | — | — | 190 | 190 | — | — | — | — | 2 | 2 | |||||||||||||||||||||||||||||||
Total periodic cost | $ | 11 | $ | 33 | $ | 64 | $ | 146 | $ | 40 | $ | 42 | $ | 11 | $ | 11 | $ | 19 | $ | 18 | |||||||||||||||||||||
We expect to record pension and postretirement benefit costs of approximately $578,000 for 2014. Included in these costs is $769,000 related to continued amortization of the FPU pension regulatory asset, which represents the portion attributable to FPU’s regulated energy operations of the changes in funded status that occurred but were not recognized as part of net periodic benefit costs prior to the merger. This was deferred as a regulatory asset by FPU prior to the merger to be recovered through rates pursuant to a previous order by the Florida PSC. The unamortized balance of this regulatory asset was $4.2 million and $4.4 million at March 31, 2014 and December 31, 2013, respectively. The amortization included in pension expense is being offset by a net periodic benefit of $191,000, which will reduce our total expected benefit costs to $578,000. | |||||||||||||||||||||||||||||||||||||||||
FPU continues to record as a regulatory asset a portion of the unrecognized pension and postretirement benefit costs related to its regulated operations after the merger pursuant to a Florida PSC order. The portion of the unrecognized pension and postretirement benefit costs related to FPU’s unregulated operations and Chesapeake’s operations is recorded to accumulated other comprehensive income/loss. The following table presents the amounts included in the regulatory asset and accumulated other comprehensive income/loss that were recognized as components of net periodic benefit cost during the three months ended March 31, 2014: | |||||||||||||||||||||||||||||||||||||||||
For Three Months Ended March 31, 2014 | Chesapeake | FPU | Chesapeake | Chesapeake | FPU | Total | |||||||||||||||||||||||||||||||||||
Pension | Pension | Pension SERP | Postretirement | Medical | |||||||||||||||||||||||||||||||||||||
Plan | Plan | Plan | Plan | ||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Prior service cost (credit) | $ | — | $ | — | $ | 5 | $ | (19 | ) | $ | — | (14 | ) | ||||||||||||||||||||||||||||
Net loss | 37 | — | 12 | 17 | — | 66 | |||||||||||||||||||||||||||||||||||
Total recognized in net periodic benefit cost | $ | 37 | $ | — | $ | 17 | $ | (2 | ) | $ | — | $ | 52 | ||||||||||||||||||||||||||||
Recognized from accumulated other comprehensive loss (1) | $ | 37 | $ | — | $ | 17 | $ | (2 | ) | $ | — | $ | 52 | ||||||||||||||||||||||||||||
Recognized from regulatory asset | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Total | $ | 37 | $ | — | $ | 17 | $ | (2 | ) | $ | — | $ | 52 | ||||||||||||||||||||||||||||
(1) | See Note 8, Accumulated Other Comprehensive Income (Loss). | ||||||||||||||||||||||||||||||||||||||||
During the three months ended March 31, 2014, we contributed $91,000 and $211,000, to the Chesapeake and FPU pension plans, respectively. We expect to contribute a total of $520,000 and $1.7 million to the Chesapeake and FPU pension plans, respectively, during 2014, which represent the minimum contribution payments required in 2014. | |||||||||||||||||||||||||||||||||||||||||
The Chesapeake Pension SERP, the Chesapeake Postretirement Plan and the FPU Medical Plan are unfunded and are expected to be paid out of our general funds. Cash benefits paid under the Chesapeake Pension SERP for the three months ended March 31, 2014, were $22,000. We expect to pay total cash benefits of approximately $88,000 under the Chesapeake Pension SERP in 2014. Cash benefits paid for the Chesapeake Postretirement Plan, primarily for medical claims for the three months ended March 31, 2014, were $23,000. We have estimated that approximately $95,000 will be paid for such benefits under the Chesapeake Postretirement Plan in 2014. Cash benefits paid for the FPU Medical Plan, primarily for medical claims for the three months ended March 31, 2014, were $55,000. We estimate that approximately $245,000 will be paid for such benefits under the FPU Medical Plan in 2014. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ' |
Investments | ' |
Investments | |
The investment balances at March 31, 2014 and December 31, 2013, consist of the Rabbi Trusts associated with the 401(k) SERP and deferred compensation plans. We classify these investments as trading securities and report them at their fair value. For the three months ended March 31, 2014 and 2013, we recorded a net unrealized gain of $37,000 and $283,000, respectively, in other income in the condensed consolidated statements of income related to these investments. We also have recorded an associated liability, which is included in other pension and benefit costs in the condensed consolidated balance sheets. This liability is adjusted each month for the gains and losses incurred by the Rabbi Trusts. |
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Share-Based Compensation | ' | ||||||||
Share-Based Compensation | |||||||||
Effective May 2, 2013, our non-employee directors and key employees are awarded share-based awards through our 2013 SICP. We record these share-based awards as compensation costs over the respective service period for which services are received in exchange for an award of equity or equity-based compensation. The compensation cost is based primarily on the fair value of the shares awarded, using the estimated fair value of each share on the date it was granted and the number of shares to be issued at the end of the service period. | |||||||||
The table below presents the amounts included in net income related to share-based compensation expense for the three months ended March 31, 2014 and 2013: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Awards to non-employee directors | $ | 124 | $ | 111 | |||||
Awards to key employees | 514 | 270 | |||||||
Total compensation expense | 638 | 381 | |||||||
Less: tax benefit | 257 | 153 | |||||||
Share-Based Compensation amounts included in net income | $ | 381 | $ | 228 | |||||
Non-employee Directors | |||||||||
Shares granted to non-employee directors are issued in advance of the directors’ service periods and are fully vested as of the date of the grant. We record a prepaid expense equal to the fair value of the shares issued and amortize the expense equally over a service period of one year. At March 31, 2014, there was $41,000 of unrecognized compensation expense related to these awards. This expense will be recognized over the directors’ remaining service periods ending April 30, 2014. | |||||||||
Key Employees | |||||||||
The table below presents the summary of the stock activity for the awards to key employees for the three months ended March 31, 2014: | |||||||||
Number of Shares | Weighted Average | ||||||||
Fair Value | |||||||||
Outstanding—December 31, 2013 | 80,761 | $ | 42.3 | ||||||
Granted | 27,628 | $ | 58.35 | ||||||
Vested | 26,364 | $ | 40.3 | ||||||
Outstanding—March 31, 2014 | 82,025 | $ | 48.35 | ||||||
In January and March 2014, the Board of Directors granted awards of 27,628 shares to key employees under the SICP. The award of 23,200 shares granted in January 2014 are multi-year awards that will vest at the end of the three-year service period ending December 31, 2016. The award of 4,428 shares granted in March 2014 are multi-year awards that will vest at the end of the three-year service period ending December 31, 2015. These awards are earned based upon the successful achievement of long-term goals, growth and financial results, which comprise both market-based and performance-based conditions or targets. The fair value of each performance-based condition or target is equal to the market price of our common stock on the date each award is granted. For the market-based conditions, we used the Black-Scholes pricing model to estimate the fair value of each market-based award granted. | |||||||||
At March 31, 2014, the aggregate intrinsic value of the SICP awards was $5.2 million. |
Derivative_Instruments
Derivative Instruments | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||
Derivative Instruments | ' | ||||||||||
Derivative Instruments | |||||||||||
We use derivative and non-derivative contracts to engage in trading activities and manage risks related to obtaining adequate supplies and the price fluctuations of natural gas, electricity and propane. Our natural gas, electric and propane distribution operations have entered into agreements with suppliers to purchase natural gas, electricity and propane for resale to their customers. Purchases under these contracts either do not meet the definition of derivatives or are considered “normal purchases and sales” and are accounted for on an accrual basis. Our propane distribution operation may also enter into fair value hedges of its inventory in order to mitigate the impact of wholesale price fluctuations. As of March 31, 2014, our natural gas and electric distribution operations did not have any outstanding derivative contracts. | |||||||||||
In June 2013, Sharp entered into put options to protect against the decline in propane prices and related potential inventory losses associated with 1.3 million gallons purchased for the propane price cap program in the upcoming heating season. If exercised, we would have received the difference between the market price and the strike price if propane prices had fallen below the strike prices of $0.830 per gallon in December 2013 through February of 2014, and $0.860 per gallon in January through March 2014. We accounted for these options as fair value hedges, and there is no ineffective portion of these hedges. We paid $120,000 to purchase the put options, which expired without exercise as the market prices exceeded the strike prices. | |||||||||||
In May 2013, Sharp entered into a call option to protect against an increase in propane prices associated with 630,000 gallons expected to be purchased at market-based prices to supply the demands of our propane price cap program customers. The program caps the retail price that we can charge to those customers during the upcoming heating season at a pre-determined level. The call option is exercised if the propane prices rise above the strike price of $0.975 per gallon in January through March of 2014. We accounted for this call option as a derivative instrument on a mark-to-market basis with any change in its fair value being reflected in current period earnings. We paid $72,000 to purchase the call option. In January through March of 2014, we received $209,000 representing the difference between the market price and the strike price during those months. | |||||||||||
Xeron engages in trading activities using forward and futures contracts. These contracts are considered derivatives and have been accounted for using the mark-to-market method of accounting. Under this method, the trading contracts are recorded at fair value, and the changes in fair value of those contracts are recognized as unrealized gains or losses in the statement of income for the period of change. As of March 31, 2014, we did not have outstanding trading contracts. | |||||||||||
Xeron has entered into master netting agreements with two counterparties to mitigate exposure to counterparty credit risk. The master netting agreements enable Xeron to net these two counterparties' outstanding accounts receivable and payable, which are presented on a gross basis in the accompanying condensed consolidated balance sheets. At March 31, 2014, Xeron had a right to offset $5.3 million and $3.8 million of accounts receivable and accounts payable, respectively, with these two counterparties. At December 31, 2013, Xeron had a right to offset $2.8 million and $3.2 million of accounts receivable and accounts payable, respectively, with these two counterparties. | |||||||||||
The following tables present information about the fair value and related gains and losses of our derivative contracts. We did not have any derivative contracts with a credit-risk-related contingency. | |||||||||||
Fair values of the derivative contracts recorded in the condensed consolidated balance sheet as of March 31, 2014 and December 31, 2013, are as follows: | |||||||||||
Asset Derivatives | |||||||||||
Fair Value As Of | |||||||||||
(in thousands) | Balance Sheet Location | 31-Mar-14 | 31-Dec-13 | ||||||||
Derivatives not designated as hedging instruments | |||||||||||
Forward contracts | Mark-to-market energy assets | $ | — | $ | 196 | ||||||
Call Option (1) | Mark-to-market energy assets | — | 169 | ||||||||
Derivatives designated as fair value hedges | |||||||||||
Put Options (2) | Mark-to-market energy assets | — | 20 | ||||||||
Total asset derivatives | $ | — | $ | 385 | |||||||
Liability Derivatives | |||||||||||
Fair Value As Of | |||||||||||
(in thousands) | Balance Sheet Location | 31-Mar-14 | 31-Dec-13 | ||||||||
Derivatives not designated as hedging instruments | |||||||||||
Forward contracts | Mark-to-market energy liabilities | $ | — | $ | 127 | ||||||
Total liability derivatives | $ | — | $ | 127 | |||||||
(1) | We purchased a call option for the propane price cap program in May 2013. The call option was fully exercised during 2014. There was no outstanding call option at March 31, 2014. | ||||||||||
(2) | We purchased put options for the propane price cap program in June 2013. The put options expired in March 2014. | ||||||||||
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 March 31, | ||||||||||
(in thousands) | (Loss) on Derivatives | 2014 | 2013 | ||||||||
Derivatives not designated as hedging instruments: | |||||||||||
Unrealized gain (loss) on forward contracts | Revenue | $ | (68 | ) | 214 | ||||||
Call Option | Cost of sales | 137 | — | ||||||||
Derivatives designated as fair value hedges: | |||||||||||
Put/Call Options | Cost of sales | (20 | ) | (28 | ) | ||||||
Total | $ | 49 | $ | 186 | |||||||
The effects of trading activities on the condensed consolidated statements of income are the following: | |||||||||||
Location in the | For the Three Months Ended March 31, | ||||||||||
(in thousands) | Statements of Income | 2014 | 2013 | ||||||||
Realized gain on forward contracts | Revenue | $ | 1,246 | $ | 74 | ||||||
Unrealized gain (loss) on forward contracts | Revenue | (68 | ) | 214 | |||||||
Total | $ | 1,178 | $ | 288 | |||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are the following: | |||||||||||||||||
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | |||||||||||||||||
Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and | |||||||||||||||||
Level 3: Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity). | |||||||||||||||||
We did not have mark-to-market energy assets or liabilities at March 31, 2014. The following table summarizes our financial assets and liabilities that are measured at fair value on a recurring basis and the fair value measurements, by level, within the fair value hierarchy used at March 31, 2014 and December 31, 2013: | |||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||
31-Mar-14 | Fair Value | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets | Observable | Unobservable | |||||||||||||||
(Level 1) | Inputs | Inputs | |||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||
(in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Investments—guaranteed income fund | $ | 365 | $ | — | $ | — | $ | 365 | |||||||||
Investments—other | $ | 2,586 | $ | 2,586 | $ | — | $ | — | |||||||||
Fair Value Measurements Using: | |||||||||||||||||
December 31, 2013 | Fair Value | Quoted Prices in | Significant Other | Significant | |||||||||||||
(in thousands) | Active Markets | Observable | Unobservable | ||||||||||||||
(Level 1) | Inputs | Inputs | |||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||
Assets: | |||||||||||||||||
Investments—guaranteed income fund | $ | 458 | $ | — | $ | — | $ | 458 | |||||||||
Investments—other | $ | 2,640 | $ | 2,640 | $ | — | $ | — | |||||||||
Mark-to-market energy assets, incl. put/call options | $ | 385 | $ | — | $ | 385 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Mark-to-market energy liabilities | $ | 127 | $ | — | $ | 127 | $ | — | |||||||||
The following table sets forth the summary of the changes in the fair value of Level 3 investments for the three months ended March 31, 2014 and 2013: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Beginning Balance | $ | 458 | $ | — | |||||||||||||
Transfers in due to change in trustee | — | 425 | |||||||||||||||
Purchases and adjustments | (94 | ) | (13 | ) | |||||||||||||
Transfers | — | (16 | ) | ||||||||||||||
Investment income | 1 | 2 | |||||||||||||||
Ending Balance | $ | 365 | $ | 398 | |||||||||||||
Investment income from the Level 3 investments is reflected in other income (loss) in the accompanying condensed consolidated statements of income. | |||||||||||||||||
The following valuation techniques were used to measure fair value assets in the table above on a recurring basis as of March 31, 2014 and December 31, 2013: | |||||||||||||||||
Level 1 Fair Value Measurements: | |||||||||||||||||
Investments- equity securities—The fair values of these trading securities are recorded at fair value based on unadjusted quoted prices in active markets for identical securities. | |||||||||||||||||
Investments- other—The fair values of these investments, comprised of money market and mutual funds, are recorded at fair value based on quoted net asset values of the shares. | |||||||||||||||||
Level 2 Fair Value Measurements: | |||||||||||||||||
Mark-to-market energy assets and liabilities—These forward contracts are valued using market transactions in either the listed or OTC markets. | |||||||||||||||||
Propane put/call options—The fair value of the propane put/call options are determined using market transactions for similar assets and liabilities in either the listed or OTC markets. | |||||||||||||||||
Level 3 Fair Value Measurements: | |||||||||||||||||
Investments- guaranteed income fund—The fair values of these investments are recorded at the contract value, which approximates their fair value. | |||||||||||||||||
At March 31, 2014, there were no non-financial assets or liabilities required to be reported at fair value. We review our non-financial assets for impairment at least on an annual basis, as required. | |||||||||||||||||
Other Financial Assets and Liabilities | |||||||||||||||||
Financial assets with carrying values approximating fair value include cash and cash equivalents and accounts receivable. Financial liabilities with carrying values approximating fair value include accounts payable and other accrued liabilities and short-term debt. The fair value of cash and cash equivalents is measured using the comparable value in the active market and approximates its carrying value (Level 1 measurement). The fair value of short-term debt approximates the carrying value due to its short maturities and because interest rates approximate current market rates (Level 3 measurement). | |||||||||||||||||
At March 31, 2014, long-term debt, including current maturities but excluding a capital lease obligation, had a carrying value of $121.2 million. This compares to a fair value of $137.9 million, using a discounted cash flow methodology that incorporates a market interest rate based on published corporate borrowing rates for debt instruments with similar terms and average maturities, and with adjustments for duration, optionality, and risk profile. At December 31, 2013, long-term debt, including the current maturities but excludes a capital lease obligation, had a carrying value of $122.0 million, compared to the estimated fair value of $136.8 million. The valuation technique used to estimate the fair value of long-term debt would be considered a Level 3 measurement. |
LongTerm_Debt
Long-Term Debt | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
Long-Term Debt | |||||||||
Our outstanding long-term debt is shown below: | |||||||||
March 31, | December 31, | ||||||||
(in thousands) | 2014 | 2013 | |||||||
FPU secured first mortgage bonds (A) : | |||||||||
9.08% bond, due June 1, 2022 | $ | 7,967 | $ | 7,967 | |||||
Uncollateralized senior notes: | |||||||||
7.83% note, due January 1, 2015 | 2,000 | 2,000 | |||||||
6.64% note, due October 31, 2017 | 10,909 | 10,909 | |||||||
5.50% note, due October 12, 2020 | 14,000 | 14,000 | |||||||
5.93% note, due October 31, 2023 | 30,000 | 30,000 | |||||||
5.68% note, due June 30, 2026 | 29,000 | 29,000 | |||||||
6.43% note, due May 2, 2028 | 7,000 | 7,000 | |||||||
3.73% note, due December 16, 2028 | 20,000 | 20,000 | |||||||
Convertible debentures: | |||||||||
8.25% due March 1, 2014 | — | 646 | |||||||
Promissory notes | 360 | 445 | |||||||
Capital lease obligation | 6,914 | 6,978 | |||||||
Total long-term debt | 128,150 | 128,945 | |||||||
Less: current maturities | (10,955 | ) | (11,353 | ) | |||||
Total long-term debt, net of current maturities | $ | 117,195 | $ | 117,592 | |||||
(A) | FPU secured first mortgage bonds are guaranteed by Chesapeake. | ||||||||
Uncollateralized Senior Notes | |||||||||
In September 2013, we entered into a Note Agreement to issue $70.0 million in aggregate of unsecured Senior Notes to the Note Holders. In December 2013, we issued Series A Notes of unsecured Senior Notes, with an aggregate principal amount of $20.0 million, at a rate of 3.73 percent. Series B of the unsecured Senior Notes, with an aggregate principal amount of $50.0 million, will be issued on May 15, 2014, at a rate of 3.88 percent. The proceeds received from the issuances of the Notes will be used to reduce our short-term borrowings under our lines of credit and to fund capital expenditures. | |||||||||
Convertible Debentures | |||||||||
During the first two months of 2014, Convertible Debentures totaling $537,000 were converted to stock and $109,000 were redeemed for cash. As of March 1, 2014, we no longer have any outstanding Convertible Debentures. |
Summary_of_Accounting_Policies1
Summary of Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
References in this document to the “Company,” “Chesapeake,” “we,” “us” and “our” are intended to mean Chesapeake Utilities Corporation, its divisions and/or its subsidiaries, as appropriate in the context of the disclosure. | |
The accompanying unaudited condensed consolidated financial statements have been prepared in compliance with the rules and regulations of the SEC and GAAP. In accordance with these rules and regulations, certain information and disclosures normally required for audited financial statements have been condensed or omitted. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto, included in our latest Annual Report on Form 10-K for the year ended December 31, 2013. In the opinion of management, these financial statements reflect normal recurring adjustments that are necessary for a fair presentation of our results of operations, financial position and cash flows for the interim periods presented. | |
Due to the seasonality of our business, results for interim periods are not necessarily indicative of results for the entire fiscal year. Revenue and earnings are typically greater during the first and fourth quarters, when consumption of energy is highest due to colder temperatures. | |
We have assessed and reported on subsequent events through the date of issuance of these condensed consolidated financial statements. | |
Reclassifications | ' |
Reclassifications | |
We reclassified certain amounts in the condensed consolidated cash flows statement for the three months ended March 31, 2013 to conform to the current year’s presentation. These reclassifications are considered immaterial to the overall presentation of our condensed consolidated financial statements. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
FASB Statements and Other Authoritative Pronouncements | |
Recently Adopted Accounting Standards | |
Income Taxes (ASC 740) - In July 2013, the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which requires the netting of certain unrecognized tax benefits against a deferred tax asset for a loss or other similar tax carryforward that would apply upon settlement of an uncertain tax position. ASU 2013-11 became effective for us on January 1, 2014. The adoption of ASU 2013-11 had no material impact on our financial position and results of operations. |
Calculation_of_Earnings_Per_Sh1
Calculation of Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Calculation of Basic and Diluted Earnings Per Share | ' | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands, except shares and per share data) | |||||||||
Calculation of Basic Earnings Per Share: | |||||||||
Net Income | $ | 17,681 | $ | 14,869 | |||||
Weighted average shares outstanding | 9,658,431 | 9,601,529 | |||||||
Basic Earnings Per Share | $ | 1.83 | $ | 1.55 | |||||
Calculation of Diluted Earnings Per Share: | |||||||||
Reconciliation of Numerator: | |||||||||
Net Income | $ | 17,681 | $ | 14,869 | |||||
Effect of 8.25% Convertible debentures (1) | — | 11 | |||||||
Adjusted numerator—Diluted | $ | 17,681 | $ | 14,880 | |||||
Reconciliation of Denominator: | |||||||||
Weighted shares outstanding—Basic | 9,658,431 | 9,601,529 | |||||||
Effect of dilutive securities: | |||||||||
Share-based Compensation | 35,003 | 23,132 | |||||||
8.25% Convertible debentures (1) | — | 54,289 | |||||||
Adjusted denominator—Diluted | 9,693,434 | 9,678,950 | |||||||
Diluted Earnings Per Share | $ | 1.82 | $ | 1.54 | |||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Schedule of Segment Reporting Information by Segment | ' | ||||||||
The following table presents financial information about our reportable segments: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Operating Revenues, Unaffiliated Customers | |||||||||
Regulated Energy | $ | 101,874 | $ | 81,304 | |||||
Unregulated Energy | 79,874 | 54,991 | |||||||
Other | 4,589 | 4,434 | |||||||
Total operating revenues, unaffiliated customers | $ | 186,337 | $ | 140,729 | |||||
Intersegment Revenues (1) | |||||||||
Regulated Energy | $ | 292 | $ | 263 | |||||
Unregulated Energy | 99 | — | |||||||
Other | 253 | 243 | |||||||
Total intersegment revenues | $ | 644 | $ | 506 | |||||
Operating Income | |||||||||
Regulated Energy | $ | 21,091 | $ | 17,306 | |||||
Unregulated Energy | 10,858 | 9,369 | |||||||
Other and eliminations | (326 | ) | (125 | ) | |||||
Total operating income | 31,623 | 26,550 | |||||||
Other income, net of other expenses | 6 | 289 | |||||||
Interest | 2,155 | 2,072 | |||||||
Income before Income Taxes | 29,474 | 24,767 | |||||||
Income taxes | 11,793 | 9,898 | |||||||
Net Income | $ | 17,681 | $ | 14,869 | |||||
(1) | All significant intersegment revenues are billed at market rates and have been eliminated from consolidated operating revenues. | ||||||||
(in thousands) | 31-Mar-14 | 31-Dec-13 | |||||||
Identifiable Assets | |||||||||
Regulated energy | $ | 715,062 | $ | 708,950 | |||||
Unregulated energy | 103,658 | 100,585 | |||||||
Other | 23,841 | 27,987 | |||||||
Total identifiable assets | $ | 842,561 | $ | 837,522 | |||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Equity [Abstract] | ' | ||||||||
Changes in Accumulated Other Comprehensive Loss | ' | ||||||||
The following table presents the changes in the balance of accumulated other comprehensive income (loss) for the three months ended March 31, 2014 and 2013. Defined benefit pension and postretirement plan items are the only component of our accumulated comprehensive income (loss). All amounts in the following table are presented net of tax. | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Beginning balance | $ | (2,533 | ) | $ | (5,062 | ) | |||
Other comprehensive loss before reclassifications | — | (6 | ) | ||||||
Amounts reclassified from accumulated other comprehensive loss | 31 | 55 | |||||||
Net current-period other comprehensive income | 31 | 49 | |||||||
Ending balance | $ | (2,502 | ) | $ | (5,013 | ) | |||
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||
The following table presents amounts reclassified out of accumulated other comprehensive loss for the three months ended March 31, 2014 and 2013: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Amortization of defined benefit pension and postretirement plan items: | |||||||||
Prior service cost (1) | $ | 14 | $ | 14 | |||||
Net loss (1) | (66 | ) | (106 | ) | |||||
Total before income taxes | (52 | ) | (92 | ) | |||||
Income tax benefit | 21 | 37 | |||||||
Net of tax | $ | (31 | ) | $ | (55 | ) | |||
(1) These amounts are included in the computation of net periodic costs (benefits). See Note 9, Employee Benefit Plans, for additional details. |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||||||||||||||||||||||
Net periodic benefit costs for our pension and post-retirement benefits plans for the three months ended March 31, 2014 and 2013 are set forth in the following tables: | |||||||||||||||||||||||||||||||||||||||||
Chesapeake | FPU | Chesapeake | Chesapeake | FPU | |||||||||||||||||||||||||||||||||||||
Pension Plan | Pension Plan | Pension SERP | Postretirement | Medical | |||||||||||||||||||||||||||||||||||||
Plan | Plan | ||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Interest cost | $ | 107 | $ | 102 | $ | 647 | $ | 594 | $ | 23 | $ | 21 | $ | 13 | $ | 12 | $ | 17 | $ | 16 | |||||||||||||||||||||
Expected return on plan assets | (133 | ) | (126 | ) | (773 | ) | (719 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||
Amortization of prior service cost | — | — | — | — | 5 | 5 | (19 | ) | (19 | ) | — | — | |||||||||||||||||||||||||||||
Amortization of net loss | 37 | 57 | — | 81 | 12 | 16 | 17 | 18 | — | — | |||||||||||||||||||||||||||||||
Net periodic cost (benefit) | 11 | 33 | (126 | ) | (44 | ) | 40 | 42 | 11 | 11 | 17 | 16 | |||||||||||||||||||||||||||||
Amortization of pre-merger regulatory asset | — | — | 190 | 190 | — | — | — | — | 2 | 2 | |||||||||||||||||||||||||||||||
Total periodic cost | $ | 11 | $ | 33 | $ | 64 | $ | 146 | $ | 40 | $ | 42 | $ | 11 | $ | 11 | $ | 19 | $ | 18 | |||||||||||||||||||||
Amounts Included in Regulatory Asset and Accumulated Other Comprehensive Income/Loss Recognized as Net Periodic Benefit Cost | ' | ||||||||||||||||||||||||||||||||||||||||
The following table presents the amounts included in the regulatory asset and accumulated other comprehensive income/loss that were recognized as components of net periodic benefit cost during the three months ended March 31, 2014: | |||||||||||||||||||||||||||||||||||||||||
For Three Months Ended March 31, 2014 | Chesapeake | FPU | Chesapeake | Chesapeake | FPU | Total | |||||||||||||||||||||||||||||||||||
Pension | Pension | Pension SERP | Postretirement | Medical | |||||||||||||||||||||||||||||||||||||
Plan | Plan | Plan | Plan | ||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Prior service cost (credit) | $ | — | $ | — | $ | 5 | $ | (19 | ) | $ | — | (14 | ) | ||||||||||||||||||||||||||||
Net loss | 37 | — | 12 | 17 | — | 66 | |||||||||||||||||||||||||||||||||||
Total recognized in net periodic benefit cost | $ | 37 | $ | — | $ | 17 | $ | (2 | ) | $ | — | $ | 52 | ||||||||||||||||||||||||||||
Recognized from accumulated other comprehensive loss (1) | $ | 37 | $ | — | $ | 17 | $ | (2 | ) | $ | — | $ | 52 | ||||||||||||||||||||||||||||
Recognized from regulatory asset | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Total | $ | 37 | $ | — | $ | 17 | $ | (2 | ) | $ | — | $ | 52 | ||||||||||||||||||||||||||||
(1) | See Note 8, Accumulated Other Comprehensive Income (Loss). |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Share-Based Compensation Amounts Included in Net Income | ' | ||||||||
The table below presents the amounts included in net income related to share-based compensation expense for the three months ended March 31, 2014 and 2013: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Awards to non-employee directors | $ | 124 | $ | 111 | |||||
Awards to key employees | 514 | 270 | |||||||
Total compensation expense | 638 | 381 | |||||||
Less: tax benefit | 257 | 153 | |||||||
Share-Based Compensation amounts included in net income | $ | 381 | $ | 228 | |||||
Summary of Stock Activity under SICP | ' | ||||||||
The table below presents the summary of the stock activity for the awards to key employees for the three months ended March 31, 2014: | |||||||||
Number of Shares | Weighted Average | ||||||||
Fair Value | |||||||||
Outstanding—December 31, 2013 | 80,761 | $ | 42.3 | ||||||
Granted | 27,628 | $ | 58.35 | ||||||
Vested | 26,364 | $ | 40.3 | ||||||
Outstanding—March 31, 2014 | 82,025 | $ | 48.35 | ||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||
Outstanding Trading Contracts | ' | ||||||||||
As of March 31, 2014, we did not have outstanding trading contracts. | |||||||||||
Fair Values of Derivative Contracts Recorded in Condensed Consolidated Balance Sheet | ' | ||||||||||
Fair values of the derivative contracts recorded in the condensed consolidated balance sheet as of March 31, 2014 and December 31, 2013, are as follows: | |||||||||||
Asset Derivatives | |||||||||||
Fair Value As Of | |||||||||||
(in thousands) | Balance Sheet Location | 31-Mar-14 | 31-Dec-13 | ||||||||
Derivatives not designated as hedging instruments | |||||||||||
Forward contracts | Mark-to-market energy assets | $ | — | $ | 196 | ||||||
Call Option (1) | Mark-to-market energy assets | — | 169 | ||||||||
Derivatives designated as fair value hedges | |||||||||||
Put Options (2) | Mark-to-market energy assets | — | 20 | ||||||||
Total asset derivatives | $ | — | $ | 385 | |||||||
Liability Derivatives | |||||||||||
Fair Value As Of | |||||||||||
(in thousands) | Balance Sheet Location | 31-Mar-14 | 31-Dec-13 | ||||||||
Derivatives not designated as hedging instruments | |||||||||||
Forward contracts | Mark-to-market energy liabilities | $ | — | $ | 127 | ||||||
Total liability derivatives | $ | — | $ | 127 | |||||||
(1) | We purchased a call option for the propane price cap program in May 2013. The call option was fully exercised during 2014. There was no outstanding call option at March 31, 2014. | ||||||||||
(2) | |||||||||||
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 March 31, | ||||||||||
(in thousands) | (Loss) on Derivatives | 2014 | 2013 | ||||||||
Derivatives not designated as hedging instruments: | |||||||||||
Unrealized gain (loss) on forward contracts | Revenue | $ | (68 | ) | 214 | ||||||
Call Option | Cost of sales | 137 | — | ||||||||
Derivatives designated as fair value hedges: | |||||||||||
Put/Call Options | Cost of sales | (20 | ) | (28 | ) | ||||||
Total | $ | 49 | $ | 186 | |||||||
Effects of Trading Activities on Condensed Consolidated Statements of Income | ' | ||||||||||
The effects of trading activities on the condensed consolidated statements of income are the following: | |||||||||||
Location in the | For the Three Months Ended March 31, | ||||||||||
(in thousands) | Statements of Income | 2014 | 2013 | ||||||||
Realized gain on forward contracts | Revenue | $ | 1,246 | $ | 74 | ||||||
Unrealized gain (loss) on forward contracts | Revenue | (68 | ) | 214 | |||||||
Total | $ | 1,178 | $ | 288 | |||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
The following table summarizes our financial assets and liabilities that are measured at fair value on a recurring basis and the fair value measurements, by level, within the fair value hierarchy used at March 31, 2014 and December 31, 2013: | |||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||
31-Mar-14 | Fair Value | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets | Observable | Unobservable | |||||||||||||||
(Level 1) | Inputs | Inputs | |||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||
(in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Investments—guaranteed income fund | $ | 365 | $ | — | $ | — | $ | 365 | |||||||||
Investments—other | $ | 2,586 | $ | 2,586 | $ | — | $ | — | |||||||||
Fair Value Measurements Using: | |||||||||||||||||
December 31, 2013 | Fair Value | Quoted Prices in | Significant Other | Significant | |||||||||||||
(in thousands) | Active Markets | Observable | Unobservable | ||||||||||||||
(Level 1) | Inputs | Inputs | |||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||
Assets: | |||||||||||||||||
Investments—guaranteed income fund | $ | 458 | $ | — | $ | — | $ | 458 | |||||||||
Investments—other | $ | 2,640 | $ | 2,640 | $ | — | $ | — | |||||||||
Mark-to-market energy assets, incl. put/call options | $ | 385 | $ | — | $ | 385 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Mark-to-market energy liabilities | $ | 127 | $ | — | $ | 127 | $ | — | |||||||||
Summary of Changes in Fair Value of Investments | ' | ||||||||||||||||
The following table sets forth the summary of the changes in the fair value of Level 3 investments for the three months ended March 31, 2014 and 2013: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Beginning Balance | $ | 458 | $ | — | |||||||||||||
Transfers in due to change in trustee | — | 425 | |||||||||||||||
Purchases and adjustments | (94 | ) | (13 | ) | |||||||||||||
Transfers | — | (16 | ) | ||||||||||||||
Investment income | 1 | 2 | |||||||||||||||
Ending Balance | $ | 365 | $ | 398 | |||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Outstanding Long-Term Debt | ' | ||||||||
Our outstanding long-term debt is shown below: | |||||||||
March 31, | December 31, | ||||||||
(in thousands) | 2014 | 2013 | |||||||
FPU secured first mortgage bonds (A) : | |||||||||
9.08% bond, due June 1, 2022 | $ | 7,967 | $ | 7,967 | |||||
Uncollateralized senior notes: | |||||||||
7.83% note, due January 1, 2015 | 2,000 | 2,000 | |||||||
6.64% note, due October 31, 2017 | 10,909 | 10,909 | |||||||
5.50% note, due October 12, 2020 | 14,000 | 14,000 | |||||||
5.93% note, due October 31, 2023 | 30,000 | 30,000 | |||||||
5.68% note, due June 30, 2026 | 29,000 | 29,000 | |||||||
6.43% note, due May 2, 2028 | 7,000 | 7,000 | |||||||
3.73% note, due December 16, 2028 | 20,000 | 20,000 | |||||||
Convertible debentures: | |||||||||
8.25% due March 1, 2014 | — | 646 | |||||||
Promissory notes | 360 | 445 | |||||||
Capital lease obligation | 6,914 | 6,978 | |||||||
Total long-term debt | 128,150 | 128,945 | |||||||
Less: current maturities | (10,955 | ) | (11,353 | ) | |||||
Total long-term debt, net of current maturities | $ | 117,195 | $ | 117,592 | |||||
(A) | FPU secured first mortgage bonds are guaranteed by Chesapeake. |
Calculation_of_Earnings_Per_Sh2
Calculation of Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Calculation of Basic Earnings Per Share: | ' | ' | ' |
Net Income | $17,681 | $14,869 | $32,787 |
Weighted shares outstanding - Basic (in shares) | 9,658,431 | 9,601,529 | ' |
Basic Earnings Per Share (in usd per share) | $1.83 | $1.55 | ' |
Reconciliation of Numerator: | ' | ' | ' |
Net Income | 17,681 | 14,869 | 32,787 |
Effect of 8.25% Convertible debentures | 0 | 11 | ' |
Adjusted numerator-Diluted | $17,681 | $14,880 | ' |
Reconciliation of Denominator: | ' | ' | ' |
Weighted shares outstanding - Basic (in shares) | 9,658,431 | 9,601,529 | ' |
Effect of dilutive securities: | ' | ' | ' |
Share-based Compensation (in shares) | 35,003 | 23,132 | ' |
8.25% Convertible debentures (in shares) | 0 | 54,289 | ' |
Adjusted denominator-Diluted (in shares) | 9,693,434 | 9,678,950 | ' |
Diluted Earnings Per Share (in usd per share) | $1.82 | $1.54 | ' |
Calculation_of_Earnings_Per_Sh3
Calculation of Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) (8.25% Convertible debentures [Member]) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
8.25% Convertible debentures [Member] | ' | ' |
Calculation Of Numerator And Denominator In Earnings Per Share [Line Items] | ' | ' |
Debt Instrument, Interest Rate During Period | 0.00% | 8.25% |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | 31-May-13 | Mar. 31, 2014 | Sep. 30, 2013 | Dec. 02, 2013 | Feb. 05, 2013 | Mar. 31, 2014 | |
Eastern Shore Gas Company [Member] | Eastern Shore Gas Company [Member] | Eastern Shore Gas Company [Member] | Fort Meade [Member] | Propane Acquisition [Member] | Propane Acquisition [Member] | ||||
Customer | customer | ||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory Purchase Accounting Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | $271,031 |
Purchase Price Adjustment | ' | ' | ' | ' | ' | 543,000 | ' | ' | ' |
Number of residential and commercial customers receiving propane gas distribution service | ' | ' | ' | 11,000 | ' | ' | ' | 3,000 | ' |
Minimum number of customers to whom gas distribution systems and bulk delivery service provided | ' | ' | ' | 500 | ' | ' | ' | ' | ' |
Purchase price allocated to property, plant and equipment | ' | ' | ' | 12,600,000 | ' | ' | 670,000 | 1,600,000 | ' |
Purchase price allocated to propane and other inventory | ' | ' | ' | 344,000 | ' | ' | 14,000 | 231,000 | ' |
Receivables | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | ' | ' | 227,000 | ' | ' | ' | ' | ' |
Revenues | 186,337,000 | 140,729,000 | ' | ' | 10,300,000 | ' | ' | ' | ' |
Net Income (Loss) Attributable to Parent | 17,681,000 | 14,869,000 | 32,787,000 | ' | 1,700,000 | ' | ' | ' | ' |
Purchase price allocated to intangible assets related to customer list | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | ' | ' | ' | ' | ' | '12 years | ' |
Payments to Acquire Businesses, Gross | 0 | 2,437,000 | ' | 16,500,000 | ' | ' | 792,000 | 2,900,000 | ' |
Sales Tax | ' | ' | ' | ' | ' | 726,000 | ' | ' | ' |
Goodwill | 4,625,000 | ' | 4,354,000 | ' | ' | ' | 150,000 | 724,000 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | ' | ' | ' | ' | ' | ' | 42,000 | ' | ' |
Goodwill, Purchase Accounting Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | $271,000 |
Rates_and_Other_Regulatory_Act1
Rates and Other Regulatory Activities - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | 6 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 13, 2013 | Jun. 30, 2013 | |
Florida [Member] | TETLP Expansion Project [Member] | White Oak Lateral Project Filing [Member] | White Oak Lateral Project Filing [Member] | ||
Eastern Shore [Member] | Eastern Shore [Member] | Eastern Shore [Member] | |||
mi | |||||
in | |||||
Rates and Other Regulatory Activities [Line Items] | ' | ' | ' | ' | ' |
Reduction in accumulated depreciation | $4,500,000 | ' | ' | ' | ' |
Public Utilities, Interim Rate Increase (Decrease), Amount | ' | 2,400,000 | ' | ' | ' |
Public Utilities, Requested Rate Increase (Decrease), Amount | ' | 5,900,000 | ' | ' | ' |
Estimated Environmental Cleanup Costs To Be Recovered | ' | 381,000 | ' | ' | ' |
Increase in Pipeline Capacity | ' | ' | 57,000 | ' | ' |
Estimated capital cost | ' | ' | ' | ' | $11,200,000 |
White Oak lateral capacity of firm transportation service | ' | ' | ' | 55,200 | ' |
White Oak lateral length of pipeline to be installed | ' | ' | ' | 5.5 | ' |
Lateral diamater of pipeline to be installed | ' | ' | ' | 16 | ' |
New plant capacity volume | ' | ' | 107,000 | 55,200 | ' |
Environmental_Commitments_and_1
Environmental Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
site | |||
Environmental Commitments And Contingencies [Line Items] | ' | ' | ' |
Company's exposure in number of former Manufactured Gas Plant Sites | 6 | ' | ' |
Environmental liabilities | $9,129,000 | ' | $9,155,000 |
Amount paid for funding requirements | 26,000 | 20,000 | ' |
West Palm Beach Florida [Member] | ' | ' | ' |
Environmental Commitments And Contingencies [Line Items] | ' | ' | ' |
Estimated costs of remediation range, minimum | 4,500,000 | ' | ' |
Estimated costs of remediation range, maximum | 15,400,000 | ' | ' |
Sanford Florida [Member] | ' | ' | ' |
Environmental Commitments And Contingencies [Line Items] | ' | ' | ' |
Estimated costs of remediation range, maximum | 13,000,000 | ' | ' |
Cost of remedy for settlements of claims | 20,000,000 | ' | ' |
Environmental remediation expense | 24,000 | ' | ' |
FPU [Member] | ' | ' | ' |
Environmental Commitments And Contingencies [Line Items] | ' | ' | ' |
Environmental liabilities | 10,200,000 | ' | ' |
Approval of recovery of environmental costs | 14,000,000 | ' | ' |
Environmental costs recovered | 9,300,000 | ' | ' |
FPU [Member] | Sanford Florida [Member] | ' | ' | ' |
Environmental Commitments And Contingencies [Line Items] | ' | ' | ' |
Estimated costs of remediation range, maximum | 650,000 | ' | ' |
Environmental remediation expense percent | 5.00% | ' | ' |
Amount paid for funding requirements | 650,000 | ' | ' |
FPU [Member] | Manufactured Gas Plant [Member] | ' | ' | ' |
Environmental Commitments And Contingencies [Line Items] | ' | ' | ' |
Regulatory assets for future recovery of environmental costs | 4,700,000 | ' | ' |
Chesapeake [Member] | ' | ' | ' |
Environmental Commitments And Contingencies [Line Items] | ' | ' | ' |
Environmental liabilities | 474,000 | ' | ' |
Regulatory assets for future recovery of environmental costs | $598,000 | ' | ' |
Environmental_Commitments_and_2
Environmental Commitments and Contingencies - Additional Information 1 (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2010 | |
Key West Florida [Member] | ' | ' |
Environmental Commitments And Contingencies [Line Items] | ' | ' |
Period of regulatory inactivity | ' | '17 years |
Costs to resolve liability | $50,000 | ' |
Key West Florida [Member] | Maximum [Member] | ' | ' |
Environmental Commitments And Contingencies [Line Items] | ' | ' |
Costs to resolve liability | 8,000 | ' |
Pensacola Florida [Member] | ' | ' |
Environmental Commitments And Contingencies [Line Items] | ' | ' |
Costs to resolve liability | 5,000 | ' |
Winter Haven Florida [Member] | ' | ' |
Environmental Commitments And Contingencies [Line Items] | ' | ' |
Environmental remediation expense | 443,000 | ' |
Additional remediation costs | 100,000 | ' |
Corrective measures cost | 1,000,000 | ' |
Winter Haven Florida [Member] | Minimum [Member] | ' | ' |
Environmental Commitments And Contingencies [Line Items] | ' | ' |
Remedial action time period | '2 years | ' |
Winter Haven Florida [Member] | Maximum [Member] | ' | ' |
Environmental Commitments And Contingencies [Line Items] | ' | ' |
Remedial action time period | '3 years | ' |
Salisbury Maryland [Member] | ' | ' |
Environmental Commitments And Contingencies [Line Items] | ' | ' |
Monitoring well remaining maximum cost | $5,000 | ' |
Other_Commitments_and_Continge1
Other Commitments and Contingencies - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | |
31-May-13 | Mar. 31, 2014 | Dec. 31, 2013 | |
gal | |||
Other Contingencies And Commitments [Line Items] | ' | ' | ' |
Number of years to purchase propane under contract | '6 years | ' | ' |
Annual Estimate Of Volume Of Propane To Be Purchased | 7,400,000 | ' | ' |
Total liabilities to tangible net worth minimum times | ' | 3.75 | ' |
Fixed charge coverage ratio minimum times | ' | 1.5 | ' |
Time to cure ratio | ' | '30 days | ' |
Funds from operations interest coverage ratio minimum times | ' | 2 | ' |
Total debt to capital maximum | ' | 0.65 | ' |
Document Period End Date | ' | 31-Mar-14 | ' |
Maximum authorized liability under such guarantees and letters of credit | ' | $45,000,000 | ' |
Aggregate guaranteed amount | ' | 31,600,000 | ' |
Draws on letters of credit | ' | 0 | ' |
Liability for Uncertain Tax Positions, Noncurrent | ' | 300,000 | 300,000 |
Unrecognized Tax Benefits | ' | 968,000 | 1,030,000 |
September 12, 2013 [Member] | ' | ' | ' |
Other Contingencies And Commitments [Line Items] | ' | ' | ' |
Amount of letter of credit to our current primary insurance company | ' | 1,000,000 | ' |
December 2, 2013 [Member] | ' | ' | ' |
Other Contingencies And Commitments [Line Items] | ' | ' | ' |
Amount of letter of credit to our current primary insurance company | ' | 1,094,000 | ' |
June 1, 2014 [Member] | ' | ' | ' |
Other Contingencies And Commitments [Line Items] | ' | ' | ' |
Amount of letter of credit to our current primary insurance company | ' | 304,000 | ' |
TETLP Letter of Credit [Member] | Texas Eastern Transmission, LP [Member] | ' | ' | ' |
Other Contingencies And Commitments [Line Items] | ' | ' | ' |
Amount of letter of credit to our current primary insurance company | ' | $2,300,000 | ' |
Segment_Information_Schedule_o
Segment Information - Schedule of Segment Reporting Information by Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||
Operating Revenues, Unaffiliated Customers | ' | ' | ' | ||
Total operating revenues, unaffiliated customers | $186,337 | $140,729 | ' | ||
Intersegment Revenues | ' | ' | ' | ||
Total operating revenues, unaffiliated customers | 186,337 | 140,729 | ' | ||
Operating Income | ' | ' | ' | ||
Total operating income | 31,623 | 26,550 | ' | ||
Other income, net of other expenses | 6 | 289 | ' | ||
Interest | 2,155 | 2,072 | ' | ||
Income Before Income Taxes | 29,474 | 24,767 | ' | ||
Income taxes | 11,793 | 9,898 | ' | ||
Net Income | 17,681 | 14,869 | 32,787 | ||
Identifiable Assets | ' | ' | ' | ||
Total identifiable assets | 842,561 | ' | 837,522 | ||
Regulated Energy [Member] | ' | ' | ' | ||
Operating Income | ' | ' | ' | ||
Total operating income | 21,091 | 17,306 | ' | ||
Identifiable Assets | ' | ' | ' | ||
Total identifiable assets | 715,062 | ' | 708,950 | ||
Unregulated Energy [Member] | ' | ' | ' | ||
Operating Income | ' | ' | ' | ||
Total operating income | 10,858 | 9,369 | ' | ||
Identifiable Assets | ' | ' | ' | ||
Total identifiable assets | 103,658 | ' | 100,585 | ||
Other [Member] | ' | ' | ' | ||
Identifiable Assets | ' | ' | ' | ||
Total identifiable assets | 23,841 | ' | 27,987 | ||
Other and eliminations [Member] | ' | ' | ' | ||
Operating Income | ' | ' | ' | ||
Total operating income | -326 | -125 | ' | ||
Operating Revenues, Unaffiliated Customers [Member] | ' | ' | ' | ||
Operating Revenues, Unaffiliated Customers | ' | ' | ' | ||
Total operating revenues, unaffiliated customers | 186,337 | 140,729 | ' | ||
Intersegment Revenues | ' | ' | ' | ||
Total operating revenues, unaffiliated customers | 186,337 | 140,729 | ' | ||
Operating Revenues, Unaffiliated Customers [Member] | Regulated Energy [Member] | ' | ' | ' | ||
Operating Revenues, Unaffiliated Customers | ' | ' | ' | ||
Total operating revenues, unaffiliated customers | 101,874 | 81,304 | ' | ||
Intersegment Revenues | ' | ' | ' | ||
Total operating revenues, unaffiliated customers | 101,874 | 81,304 | ' | ||
Operating Revenues, Unaffiliated Customers [Member] | Unregulated Energy [Member] | ' | ' | ' | ||
Operating Revenues, Unaffiliated Customers | ' | ' | ' | ||
Total operating revenues, unaffiliated customers | 79,874 | 54,991 | ' | ||
Intersegment Revenues | ' | ' | ' | ||
Total operating revenues, unaffiliated customers | 79,874 | 54,991 | ' | ||
Operating Revenues, Unaffiliated Customers [Member] | Other [Member] | ' | ' | ' | ||
Operating Revenues, Unaffiliated Customers | ' | ' | ' | ||
Total operating revenues, unaffiliated customers | 4,589 | 4,434 | ' | ||
Intersegment Revenues | ' | ' | ' | ||
Total operating revenues, unaffiliated customers | 4,589 | 4,434 | ' | ||
Intersegment Revenues [Member] | ' | ' | ' | ||
Operating Revenues, Unaffiliated Customers | ' | ' | ' | ||
Total operating revenues, unaffiliated customers | 644 | [1] | 506 | [1] | ' |
Intersegment Revenues | ' | ' | ' | ||
Total operating revenues, unaffiliated customers | 644 | [1] | 506 | [1] | ' |
Intersegment Revenues [Member] | Regulated Energy [Member] | ' | ' | ' | ||
Operating Revenues, Unaffiliated Customers | ' | ' | ' | ||
Total operating revenues, unaffiliated customers | 292 | [1] | 263 | [1] | ' |
Intersegment Revenues | ' | ' | ' | ||
Total operating revenues, unaffiliated customers | 292 | [1] | 263 | [1] | ' |
Intersegment Revenues [Member] | Unregulated Energy [Member] | ' | ' | ' | ||
Operating Revenues, Unaffiliated Customers | ' | ' | ' | ||
Total operating revenues, unaffiliated customers | 99 | [1] | 0 | [1] | ' |
Intersegment Revenues | ' | ' | ' | ||
Total operating revenues, unaffiliated customers | 99 | [1] | 0 | [1] | ' |
Intersegment Revenues [Member] | Other [Member] | ' | ' | ' | ||
Operating Revenues, Unaffiliated Customers | ' | ' | ' | ||
Total operating revenues, unaffiliated customers | 253 | [1] | 243 | [1] | ' |
Intersegment Revenues | ' | ' | ' | ||
Total operating revenues, unaffiliated customers | $253 | [1] | $243 | [1] | ' |
[1] | All significant intersegment revenues are billed at market rates and have been eliminated from consolidated operating revenues. |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Loss (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Roll Forward] | ' | ' |
Beginning balance | ($2,533) | ($5,062) |
Other comprehensive loss before reclassifications | 0 | -6 |
Amounts reclassified from accumulated other comprehensive loss | 31 | 55 |
Net current-period other comprehensive income (loss) | 31 | 49 |
Ending balance | ($2,502) | ($5,013) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) - Reclassifications of Accumulated Other Comprehensive Loss (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Amortization of pension and postretirement items: | ' | ' | ||
Tax benefit | $11,793 | $9,898 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ||
Amortization of pension and postretirement items: | ' | ' | ||
Prior service cost | 14 | [1] | 14 | [1] |
Net loss | 66 | [1] | 106 | [1] |
Total before tax | -52 | -92 | ||
Tax benefit | -21 | -37 | ||
Net of tax | ($31) | ($55) | ||
[1] | These amounts are included in the computation of net periodic costs (benefits). See Note 9, Employee Benefit Plans, for additional details. |
Employee_Benefit_Plans_Employe
Employee Benefit Plans - Employee Benefit Plans (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Document Period End Date | 31-Mar-14 | ' |
Amortization of prior service cost | ($14) | ' |
Amortization of net loss | 66 | ' |
Chesapeake Pension Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Interest cost | 107 | 102 |
Expected return on plan assets | -133 | -126 |
Amortization of prior service cost | 0 | 0 |
Amortization of net loss | 37 | 57 |
Net periodic cost (benefit) | 11 | 33 |
Total periodic cost | 11 | 33 |
FPU Pension Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Interest cost | 647 | 594 |
Expected return on plan assets | -773 | -719 |
Amortization of net loss | 0 | 81 |
Net periodic cost (benefit) | -126 | -44 |
Amortization of pre-merger regulatory asset | 190 | 190 |
Total periodic cost | 64 | 146 |
Chesapeake Pension SERP [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Interest cost | 23 | 21 |
Amortization of prior service cost | 5 | 5 |
Amortization of net loss | 12 | 16 |
Net periodic cost (benefit) | 40 | 42 |
Total periodic cost | 40 | 42 |
Chesapeake Postretirement Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Interest cost | 13 | 12 |
Amortization of prior service cost | -19 | -19 |
Amortization of net loss | 17 | 18 |
Net periodic cost (benefit) | 11 | 11 |
Total periodic cost | 11 | 11 |
FPU Medical Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Interest cost | 17 | 16 |
Amortization of net loss | 0 | 0 |
Net periodic cost (benefit) | 17 | 16 |
Amortization of pre-merger regulatory asset | 2 | 2 |
Total periodic cost | $19 | $18 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Expected pension and postretirement benefit costs | $578,000 | ' | ' |
Expected amortization of pre merger regulatory asset | 769,000 | ' | ' |
Chesapeake Pension Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Unamortized balance of regulatory asset | 4,200,000 | ' | 4,400,000 |
Defined Benefit Plan, Net Periodic Benefit Cost | 11,000 | 33,000 | ' |
Contribution to pension plan | 91,000 | ' | ' |
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | 520,000 | ' | ' |
Consolidated [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost | 191,000 | ' | ' |
FPU Pension Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost | -126,000 | -44,000 | ' |
Contribution to pension plan | 211,000 | ' | ' |
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | 1,677,000 | ' | ' |
Chesapeake Pension SERP [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost | 40,000 | 42,000 | ' |
Contribution to pension plan | 22,000 | ' | ' |
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | 88,000 | ' | ' |
Chesapeake Postretirement Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost | 11,000 | 11,000 | ' |
Contribution to pension plan | 23,000 | ' | ' |
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | 95,000 | ' | ' |
FPU Medical Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost | 17,000 | 16,000 | ' |
Contribution to pension plan | 55,000 | ' | ' |
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | $245,000 | ' | ' |
Employee_Benefit_Plans_Amounts
Employee Benefit Plans - Amounts Included in Regulatory Asset and Accumulated Other Comprehensive Income/Loss Recognized as Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | |
Prior service cost (credit) | ($14) | ' | |
Net loss | 66 | ' | |
Recognized from accumulated other comprehensive loss | 52 | [1] | ' |
Recognized from regulatory asset | 0 | ' | |
Total recognized in net periodic benefit cost | 52 | ' | |
Chesapeake Pension Plan [Member] | ' | ' | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | |
Prior service cost (credit) | 0 | 0 | |
Net loss | 37 | 57 | |
Recognized from accumulated other comprehensive loss | 37 | [1] | ' |
Total recognized in net periodic benefit cost | 37 | ' | |
FPU Pension Plan [Member] | ' | ' | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | |
Net loss | 0 | 81 | |
Recognized from accumulated other comprehensive loss | 0 | [1] | ' |
Recognized from regulatory asset | 0 | ' | |
Total recognized in net periodic benefit cost | 0 | ' | |
Chesapeake Pension SERP [Member] | ' | ' | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | |
Prior service cost (credit) | 5 | 5 | |
Net loss | 12 | 16 | |
Recognized from accumulated other comprehensive loss | 17 | [1] | ' |
Total recognized in net periodic benefit cost | 17 | ' | |
Chesapeake Postretirement Plan [Member] | ' | ' | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | |
Prior service cost (credit) | -19 | -19 | |
Net loss | 17 | 18 | |
Recognized from accumulated other comprehensive loss | -2 | [1] | ' |
Total recognized in net periodic benefit cost | ($2) | ' | |
[1] | See Note 8, Accumulated Other Comprehensive Income (Loss). |
Investments_Schedule_of_Invest
Investments - Schedule of Investment (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment [Line Items] | ' | ' |
Investments, at fair value | $2,951 | $3,098 |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Unrealized gain, net of other expenses | $37 | $283 |
ShareBased_Compensation_ShareB
Share-Based Compensation - Share-Based Compensation Amounts Included in Net Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Total compensation expense | $638 | $381 |
Less: tax benefit | -257 | -153 |
Share-Based Compensation amounts included in net income | 381 | 228 |
Awards to non-employee directors [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Total compensation expense | 124 | 111 |
Award to key employees [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Total compensation expense | $514 | $270 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Document Period End Date | 31-Mar-14 |
Unrecognized compensation expense related to the awards to non-employee directors | $41,000 |
Awards to non-employee directors [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Amortization of expense equally over a service period | '1 year |
Award to key employees [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Granted awards, shares | 27,628 |
Intrinsic value of the SICP awards | $5,200,000 |
2014-2016 service period [Member] | Award to key employees [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Granted awards, shares | 23,200 |
Vesting period | '3 years |
2013-2015 service period [Member] | Award to key employees [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Granted awards, shares | 4,428 |
Vesting period | '3 years |
ShareBased_Compensation_Summar
Share-Based Compensation - Summary of Stock Activity under PIP (Detail) (Award to key employees [Member], USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Award to key employees [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Number of Shares, Outstanding - December 31, 2013 | 80,761 |
Number of Shares, Granted | 27,628 |
Number of Shares, Vested | 26,364 |
Number of Shares, Outstanding - March 31, 2014 | 82,025 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' |
Weighted Average Fair Value, Outstanding - December 31, 2013 | $42.30 |
Weighted Average Fair Value, Granted | $58.35 |
Weighted Average Fair Value, Vested | $40.30 |
Weighted Average Fair Value, Outstanding - March 31, 2014 | $48.35 |
Derivative_Instruments_Additio
Derivative Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||
Mar. 31, 2014 | Dec. 31, 2013 | 31-May-13 | Jun. 30, 2013 | 31-May-13 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Counterparty | Counterparty | Call options [Member] | Call options [Member] | Call options [Member] | Put Option [Member] | Put Option [Member] | Put Option [Member] | Mark To Market Energy Assets [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | ||
gal | gal | Minimum [Member] | Maximum [Member] | Call options [Member] | Mark To Market Energy Assets [Member] | Mark To Market Energy Assets [Member] | ||||||
Put Option [Member] | Put Option [Member] | |||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase quantity for propane price cap | ' | ' | ' | 1,300,000 | 630,000 | ' | ' | ' | ' | ' | ' | ' |
Strike price of put option | ' | ' | 0.975 | ' | ' | ' | ' | 0.83 | 0.86 | ' | ' | ' |
Payment to purchase put option | ' | ' | ' | ' | ' | ' | $120,000 | ' | ' | ' | ' | ' |
Derivative asset, fair value, net | 0 | 385,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 20,000 |
Payment to purchase call options | ' | ' | ' | ' | 72,000 | ' | ' | ' | ' | ' | ' | ' |
Fair value of call options | ' | ' | ' | ' | ' | ' | ' | ' | ' | 169,000 | ' | ' |
Number of counterparties under master netting agreements | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rights to offset accounts receivable | 5,300,000 | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rights to offset accounts payable | 3,800,000 | 3,155,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on Sale of Derivatives | ' | ' | ' | ' | ' | $209,000 | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_Fair_Va
Derivative Instruments - Fair Values of Derivative Contracts Recorded in Condensed Consolidated Balance Sheet (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Derivatives, Fair Value [Line Items] | ' | ' |
Document Period End Date | 31-Mar-14 | ' |
Derivatives designated as fair value hedges, Asset derivatives | $0 | $385 |
Derivatives not designated as hedging instruments, Liability derivatives | 0 | 127 |
Mark-to-market energy assets [Member] | Forward Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives asset not designated as hedging instruments, Forward contracts, Asset Derivatives | 0 | 196 |
Mark-to-market energy assets [Member] | Call options [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives asset not designated as hedging instruments, Call Option, Derivatives assets | ' | 169 |
Mark-to-market energy assets [Member] | Put Option [Member] | Derivatives designated as fair value hedges [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives designated as fair value hedges, Asset derivatives | 0 | 20 |
Mark-to-market energy liabilities [Member] | Forward Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives not designated as hedging instruments, Liability derivatives | $0 | $127 |
Derivative_Instruments_Effects
Derivative Instruments - Effects of Gains and Losses from Derivative Instruments on Condensed Consolidated Financial Statements (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain (Loss) on derivatives | $49 | $186 |
Call Option [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain (Loss) on Sale of Derivatives | 209 | ' |
Derivatives not designated as hedging instruments [Member] | Call Option [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain (Loss) on derivatives | ' | 0 |
Gain (Loss) on Sale of Derivatives | 137 | ' |
Derivatives designated as fair value hedges [Member] | Put/Call Option [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain (Loss) on derivatives | -20 | -28 |
Revenue [Member] | Forward Contracts [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain (Loss) on derivatives | -68 | 214 |
Revenue [Member] | Derivatives not designated as hedging instruments [Member] | Forward Contracts [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain (Loss) on derivatives | ($68) | $214 |
Derivative_Instruments_Effects1
Derivative Instruments - Effects of Trading Activities on Condensed Consolidated Statements of Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' |
Unrealized gain (loss) on forward contracts Revenue | $49 | $186 |
Total | 1,178 | 288 |
Revenue [Member] | Forward Contracts [Member] | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' |
Unrealized gain (loss) on forward contracts Revenue | -68 | 214 |
Revenue [Member] | Forward Contracts [Member] | Options [Member] | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' |
Gain (Loss) on Sale of Derivatives | $1,246 | $74 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | Quoted Prices in Active Markets (Level 1) [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | ||
Mark-to-market energy liabilities [Member] | Investments in equity securities [Member] | Investments - other [Member] | Mark To Market Energy Assets Including Put Option [Member] | Mark-to-market energy liabilities [Member] | Investments in equity securities [Member] | Investments - other [Member] | Mark To Market Energy Assets Including Put Option [Member] | Mark-to-market energy liabilities [Member] | Investments in equity securities [Member] | Investments - other [Member] | Mark-to-market energy liabilities [Member] | Investments in equity securities [Member] | Investments - other [Member] | Mark To Market Energy Assets Including Put Option [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Other Observable Inputs (Level 2) [Member] | Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Investments in guaranteed income fund [Member] | Investments - other [Member] | Investments in guaranteed income fund [Member] | Investments - other [Member] | Investments in guaranteed income fund [Member] | Investments - other [Member] | Investments in guaranteed income fund [Member] | Investments - other [Member] | ||||||||||||||||||
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments | $2,951 | $3,098 | ' | $0 | $2,640 | ' | ' | $0 | $0 | ' | ' | $458 | $0 | ' | $458 | $2,640 | ' | $365 | $2,586 | $0 | $2,586 | $0 | $0 | $365 | $0 |
Mark-to-market energy assets | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 385 | 0 | ' | ' | ' | ' | ' | 385 | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mark-to-market energy liabilities | ' | ' | $0 | ' | ' | ' | $127 | ' | ' | ' | ' | ' | ' | $127 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Summary of Changes in Fair Value of Investments (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Beginning Balance | $458 | $0 |
Transfers in due to change in trustee | 0 | 425 |
Purchases and adjustments | -94 | -13 |
Transfers | 0 | -16 |
Investment Income | 1 | 2 |
Ending Balance | $365 | $398 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ' | ' |
Long-term debt including current maturities | $121,200,000 | $122,000,000 |
Fair value of long-term debt | 137,900,000 | 136,800,000 |
Total Long-term debt | $128,150,000 | $128,945,000 |
LongTerm_Debt_Outstanding_Long
Long-Term Debt - Outstanding Long-Term Debt (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Total long-term debt | $121,200 | $122,000 | ||
Capital Lease Obligations | 6,914 | 6,978 | ||
Total Long-term debt | 128,150 | 128,945 | ||
Less: current maturities | -10,955 | -11,353 | ||
Total long-term debt, net of current maturities | 117,195 | 117,592 | ||
9.08% bond, due June 1, 2022 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total long-term debt | 7,967 | [1] | 7,967 | [1] |
7.83% note, due January 1, 2015 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total long-term debt | 2,000 | 2,000 | ||
6.64% note, due October 31, 2017 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total long-term debt | 10,909 | 10,909 | ||
5.50% note, due October 12, 2020 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total long-term debt | 14,000 | 14,000 | ||
5.93% note, due October 31, 2023 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total long-term debt | 30,000 | 30,000 | ||
5.68% note, due June 30, 2026 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total long-term debt | 29,000 | 29,000 | ||
Uncollateralized Senior Notes Due On May Two Thousand Twenty Eight [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total long-term debt | 7,000 | 7,000 | ||
Uncollateralized Senior Note Two Due on December Two Thousand Twenty Eight [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total long-term debt | 20,000 | 20,000 | ||
8.25% due March 1, 2014 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total long-term debt | 0 | 646 | ||
Promissory note [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total long-term debt | $360 | $445 | ||
[1] | FPU secured first mortgage bonds are guaranteed by Chesapeake. |
LongTerm_Debt_Outstanding_Long1
Long-Term Debt - Outstanding Long-Term Debt (Parenthetical) (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
9.08% bond, due June 1, 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, interest percentage | 9.08% | ' |
Debt instrument, maturity date | 1-Jun-22 | ' |
7.83% note, due January 1, 2015 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, interest percentage | 7.80% | ' |
Debt instrument, maturity date | 1-Jan-15 | ' |
6.64% note, due October 31, 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, interest percentage | 6.64% | ' |
Debt instrument, maturity date | 31-Oct-17 | ' |
5.50% note, due October 12, 2020 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, interest percentage | 5.50% | ' |
Debt instrument, maturity date | 12-Oct-20 | ' |
5.93% note, due October 31, 2023 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, interest percentage | 5.93% | ' |
Debt instrument, maturity date | 31-Oct-23 | ' |
5.68% note, due June 30, 2026 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, interest percentage | 5.68% | ' |
Debt instrument, maturity date | 30-Jun-26 | ' |
8.25% due March 1, 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, interest percentage | 8.25% | ' |
Debt instrument, maturity date | 1-Mar-14 | ' |
Uncollateralized Senior Notes Due On May Two Thousand Twenty Eight [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, interest percentage | 6.43% | ' |
Debt instrument, maturity date | 2-May-28 | ' |
Uncollateralized Senior Note Two Due on December Two Thousand Twenty Eight [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, interest percentage | 3.73% | 3.73% |
Debt instrument, maturity date | 16-Dec-28 | ' |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | ||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Sep. 05, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | |
5.68% note, due June 30, 2026 [Member] | 5.68% note, due June 30, 2026 [Member] | Uncollateralized Senior Notes Due On Two Thousand Twenty Nine [Member] | Aggregate Unsecured Senior Notes [Member] | Uncollateralized Senior Note Two Due on December Two Thousand Twenty Eight [Member] | Uncollateralized Senior Note Two Due on December Two Thousand Twenty Eight [Member] | Convertible Debt Securities [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long term debt maximum borrowing capacity | ' | ' | ' | ' | ' | $50,000,000 | $70,000,000 | ' | ' | ' |
Total long-term debt | 121,200,000 | ' | 122,000,000 | 29,000,000 | 29,000,000 | ' | ' | 20,000,000 | 20,000,000 | ' |
Long-term debt, interest percentage | ' | ' | ' | 5.68% | ' | 3.88% | ' | 3.73% | 3.73% | ' |
Repayments of Long-term Debt | 196,000 | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 537,000 |
Repayments of Convertible Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | $109,000 |