Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 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 | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 14,583,221 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Operating Revenues | ' | ' | ' | ' |
Regulated energy | $59,356 | $55,680 | $223,168 | $192,463 |
Unregulated energy | 27,071 | 28,262 | 141,365 | 119,278 |
Other | 5,192 | 2,603 | 13,921 | 9,678 |
Total Operating Revenues | 91,619 | 86,545 | 378,454 | 321,419 |
Operating Expenses | ' | ' | ' | ' |
Regulated energy cost of sales | 23,040 | 22,591 | 102,020 | 86,321 |
Unregulated energy and other cost of sales | 22,935 | 21,795 | 112,702 | 90,656 |
Operations | 25,365 | 21,300 | 76,604 | 65,878 |
Maintenance | 2,562 | 2,146 | 7,168 | 5,688 |
Depreciation and amortization | 6,774 | 6,274 | 20,146 | 18,071 |
Other taxes | 3,151 | 3,719 | 9,942 | 10,383 |
Total Operating Expenses | 83,827 | 77,825 | 328,582 | 276,997 |
Operating Income | 7,792 | 8,720 | 49,872 | 44,422 |
Other income, net of other expenses | -32 | 101 | 380 | 413 |
Interest charges | 2,495 | 2,026 | 6,954 | 6,114 |
Income Before Income Taxes | 5,265 | 6,795 | 43,298 | 38,721 |
Income taxes | 2,085 | 2,916 | 17,303 | 15,617 |
Net Income | $3,180 | $3,879 | $25,995 | $23,104 |
Weighted Average Common Shares Outstanding: | ' | ' | ' | ' |
Basic (in shares) | 14,574,678 | 14,438,152 | 14,539,841 | 14,424,404 |
Diluted (in shares) | 14,616,665 | 14,553,501 | 14,588,130 | 14,538,467 |
Earnings Per Share of Common Stock: | ' | ' | ' | ' |
Basic (in usd per share) | $0.22 | $0.27 | $1.79 | $1.60 |
Diluted (in usd per share) | $0.22 | $0.27 | $1.78 | $1.59 |
Cash Dividends Declared Per Share of Common Stock (in usd per share) | $0.27 | $0.26 | $0.80 | $0.76 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net Income | $3,180 | $3,879 | $25,995 | $23,104 |
Employee Benefits, net of tax: | ' | ' | ' | ' |
Amortization of prior service cost, net of tax of ($6), ($6), ($18), and ($18) respectively | 9 | 9 | 26 | 27 |
Net gain, net of tax of $27, $43, $80 and $124, respectively | 39 | 64 | 118 | 186 |
Commodity Contract Cash Flow Hedges [Abstract] | ' | ' | ' | ' |
Unrealized loss on commodity contract cash flow hedges, net of tax of ($18), $0, ($19) and $0, respectively. | -27 | ' | -28 | ' |
Total other comprehensive income | 3 | 55 | 64 | 159 |
Comprehensive Income | $3,183 | $3,934 | $26,059 | $23,263 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Tax expense recognized on the amortization of prior service cost | ($6) | ($6) | ($18) | ($18) |
Tax expense recognized on the net gain (loss) | 27 | 43 | 80 | 124 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | ($18) | ' | ($19) | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment | ' | ' |
Regulated energy | $730,879 | $691,522 |
Unregulated energy | 80,500 | 76,267 |
Other | 21,974 | 21,002 |
Total property, plant and equipment | 833,353 | 788,791 |
Less: Accumulated depreciation and amortization | -192,515 | -174,148 |
Plus: Construction work in progress | 38,611 | 16,603 |
Net property, plant and equipment | 679,449 | 631,246 |
Current Assets | ' | ' |
Cash and cash equivalents | 2,285 | 3,356 |
Accounts receivable (less allowance for uncollectible accounts of $1,282 and $1,635, respectively) | 43,270 | 75,293 |
Accrued revenue | 7,629 | 13,910 |
Propane inventory, at average cost | 7,303 | 10,456 |
Other inventory, at average cost | 2,991 | 4,880 |
Storage gas prepayments | 4,990 | 4,318 |
Prepaid expenses | 7,887 | 6,910 |
Income taxes receivable | 2,100 | 2,609 |
Mark-to-market energy assets | 187 | 385 |
Regulatory assets | 7,790 | 2,436 |
Deferred income taxes | 1,700 | 1,696 |
Other current assets | 201 | 160 |
Total current assets | 88,333 | 126,409 |
Deferred Charges and Other Assets | ' | ' |
Investments, at fair value | 3,481 | 3,098 |
Regulatory assets | 66,241 | 66,584 |
Goodwill | 4,625 | 4,354 |
Other intangible assets, net | 2,675 | 2,975 |
Receivables and other deferred charges | 2,746 | 2,856 |
Total deferred charges and other assets | 79,768 | 79,867 |
Total Assets | 847,550 | 837,522 |
Stockholders' equity | ' | ' |
Common stock, par value $0.4867 per share (authorized 25,000,000 shares) | 7,095 | 4,691 |
Additional paid-in capital | 155,407 | 152,341 |
Retained earnings | 136,188 | 124,274 |
Accumulated other comprehensive loss | -2,469 | -2,533 |
Deferred compensation obligation | 1,217 | 1,124 |
Treasury stock | -1,217 | -1,124 |
Total stockholders' equity | 296,221 | 278,773 |
Long-term debt, net of current maturities | 165,044 | 117,592 |
Total capitalization | 461,265 | 396,365 |
Current Liabilities | ' | ' |
Current portion of long-term debt | 11,113 | 11,353 |
Short-term borrowing | 71,169 | 105,666 |
Accounts payable | 33,371 | 53,482 |
Accrued compensation | 7,269 | 8,394 |
Accrued interest | 3,347 | 1,235 |
Dividends payable | 3,936 | 3,710 |
Mark-to-market energy liabilities | 141 | 127 |
Regulatory liabilities | 2,797 | 4,157 |
Customer deposits and refunds | 24,970 | 26,140 |
Other accrued liabilities | 10,950 | 7,678 |
Total current liabilities | 169,063 | 221,942 |
Deferred Credits and Other Liabilities | ' | ' |
Deferred income taxes | 142,507 | 142,597 |
Deferred investment tax credits | 49 | 74 |
Regulatory liabilities | 3,772 | 4,402 |
Accrued asset removal cost-Regulatory liability | 39,851 | 39,510 |
Environmental liabilities | 9,022 | 9,155 |
Other pension and benefit costs | 18,246 | 21,000 |
Other liabilities | 3,775 | 2,477 |
Total deferred credits and other liabilities | 217,222 | 219,215 |
Other commitments and contingencies (Note 6) | ' | ' |
Total Capitalization and Liabilities | $847,550 | $837,522 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for uncollectible accounts | $1,282 | $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 $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating Activities | ' | ' |
Net Income | $25,995 | $23,104 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 20,146 | 18,071 |
Depreciation and accretion included in other costs | 5,152 | 4,504 |
Deferred income taxes, net | -156 | 9,947 |
(Gain) loss on sale of assets | -436 | -142 |
Unrealized (gain) loss on commodity contracts | 67 | -277 |
Unrealized gain on investments | -111 | 217 |
Realized gain on sales of investments, net | 0 | -702 |
Employee benefits | 476 | 708 |
Share-based compensation | 1,519 | 1,246 |
Other, net | 2 | -84 |
Changes in assets and liabilities: | ' | ' |
Purchase of investments | -272 | -436 |
Accounts receivable and accrued revenue | 38,304 | -567 |
Propane inventory, storage gas and other inventory | 4,137 | -933 |
Regulatory assets | -8,237 | -1,158 |
Prepaid expenses and other current assets | -804 | -1,361 |
Accounts payable and other accrued liabilities | -18,704 | 8,174 |
Income taxes receivable | 510 | 3,980 |
Accrued interest | 2,112 | 1,144 |
Customer deposits and refunds | -1,169 | -2,559 |
Accrued compensation | -1,242 | -1,060 |
Regulatory liabilities | -1,286 | 4,688 |
Other assets and liabilities, net | -1,643 | -77 |
Net cash provided by operating activities | 64,360 | 66,427 |
Investing Activities | ' | ' |
Property, plant and equipment expenditures | -68,981 | -68,579 |
Proceeds from sales of assets | 505 | 154 |
Proceeds from sale of investments | ' | -2,300 |
Payments to Acquire Businesses, Gross | 0 | -19,367 |
Environmental expenditures | -134 | -276 |
Net cash used in investing activities | -68,610 | -85,768 |
Financing Activities | ' | ' |
Common stock dividends | -10,319 | -9,716 |
Purchase of stock for Dividend Reinvestment Plan | -260 | -1,001 |
Change in cash overdrafts due to outstanding checks | -503 | -2,692 |
Net borrowing (repayment) under line of credit agreements | -33,994 | 32,790 |
Proceeds from Issuance of Long-term Debt | 49,975 | 6,985 |
Repayment of long-term debt | -1,720 | -8,594 |
Net cash provided by financing activities | 3,179 | 17,772 |
Net Decrease in Cash and Cash Equivalents | -1,071 | -1,569 |
Cash and Cash Equivalents-Beginning of Period | 3,356 | 3,361 |
Cash and Cash Equivalents-End of Period | $2,285 | $1,792 |
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] | ' | 14,396,248 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |
Net Income | 32,787 | ' | ' | 32,787 | ' | ' | ' | |
Other comprehensive income | 2,529 | ' | ' | ' | 2,529 | ' | ' | |
Dividend declared, shares | ' | 0 | ' | ' | ' | ' | ' | |
Dividend declared ($1.013 and $0.797 per share for 2013 and 2014 respectively) | -14,758 | 0 | -6 | -14,752 | ' | ' | ' | |
Conversion of debentures, shares | [1] | ' | 26,074 | ' | ' | ' | ' | ' |
Conversion of debentures | 295 | 8 | 287 | ' | ' | ' | ' | |
Share-based compensation, shares | [1],[2],[3] | ' | 35,022 | ' | ' | ' | ' | ' |
Share-based compensation and tax benefit | [2],[3] | 1,322 | 12 | 1,310 | ' | ' | ' | ' |
Treasury stock activities | 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] | ' | 14,457,345 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |
Net Income | 25,995 | ' | ' | 25,995 | ' | ' | ' | |
Other comprehensive income | 64 | ' | ' | ' | 64 | ' | ' | |
Dividend declared, shares | ' | 18,078 | ' | ' | ' | ' | ' | |
Dividend declared ($1.013 and $0.797 per share for 2013 and 2014 respectively) | -10,920 | 6 | 790 | -11,716 | ' | ' | ' | |
Retirement savings plan, shares | ' | 14,751 | ' | ' | ' | ' | ' | |
Retirement savings plan | 602 | 5 | 597 | ' | ' | ' | ' | |
Conversion of debentures, shares | [1] | ' | 47,313 | ' | ' | ' | ' | ' |
Conversion of debentures | 535 | 15 | 520 | ' | ' | ' | ' | |
Share-based compensation, shares | [1],[2],[3] | ' | 40,158 | ' | ' | ' | ' | ' |
Share-based compensation and tax benefit | [2],[3] | 1,172 | 13 | 1,159 | ' | ' | ' | ' |
Stock Split in Form of Stock Dividend Adjustment to Retained Earnings | -2,365 | 2,365 | ' | -2,365 | ' | ' | ' | |
Treasury stock activities | 0 | ' | ' | ' | ' | 93 | -93 | |
Ending Balances at Sep. 30, 2014 | $296,221 | $7,095 | $155,407 | $136,188 | ($2,469) | $1,217 | ($1,217) | |
Ending Balances, shares at Sep. 30, 2014 | [1] | ' | 14,577,645 | ' | ' | ' | ' | ' |
[1] | Includes 52,760 and 51,743 shares at SeptemberB 30, 2014 and DecemberB 31, 2013, respectively, held in a Rabbi Trust related to our Non-Qualified 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 nine months ended SeptemberB 30, 2014 and for the year ended DecemberB 31, 2013, we withheld 12,687 and 15,617 shares, respectively, for taxes. |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
Deferred compensation plan held Rabbi Trust (in shares) | 52,759.50 | 52,759.50 | 51,742.50 |
Shares issued under the performance incentive plan withheld for employee taxes (in shares) | ' | 12,687 | 15,616.50 |
Cash Dividends Declared Per Share of Common Stock (in usd per share) | $0.27 | $0.80 | $1.01 |
Summary_of_Accounting_Policies
Summary of Accounting Policies Summary of Accounting Policies (Notes) | 9 Months Ended | |
Sep. 30, 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. | ||
Reclassifications | ||
We reclassified certain amounts in the condensed consolidated cash flows statement for the nine months ended September 30, 2013 to conform to the current year's presentation. These reclassifications are considered immaterial to the overall presentation of our condensed consolidated financial statements. | ||
Stock Dividend | ||
On July 2, 2014, our Board of Directors approved a three-for-two stock split of our outstanding common stock to be effected in the form of a stock dividend. Each stockholder as of the close of business on the record date of August 13, 2014 received one additional share of common stock for every two shares of common stock owned. The additional shares were distributed on September 8, 2014. All share and per share data in this Form 10-Q are presented on a post-split basis. As a result of the stock split, we reclassified approximately $2.4 million from retained earnings to common stock. The $2.4 million represents $0.4867 par value per share of the shares issued in the stock split. | ||
Assets and Liabilities Held for Sale | ||
As of September 30, 2014, the following amounts included in the accompanying condensed consolidated balance sheet were held for sale: | ||
• | Assets and liabilities of BravePoint sold in October 2014 (see Note 3, Acquisitions and Disposition, for further details), which included $1.8 million of net property, plant and equipment, $4.8 million of current assets, $16,000 of other deferred charges, $2.6 million of current liabilities and $313,000 of deferred income taxes; and | |
• | An office building and land located in Winter Haven, Florida, with $497,000 of net property, plant and equipment, which are subject to an agreement for them to be sold to an unaffiliated purchaser. | |
The amounts for these assets and liabilities held for sale at September 30, 2014 were not material, and therefore, they are not presented separately in the accompanying condensed consolidated balance sheet. | ||
FASB Statements and Other Authoritative Pronouncements | ||
Recent Accounting Standards Yet to be Adopted | ||
Revenue from Contracts with Customers (ASC 606) - In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. This standard provides a single comprehensive revenue recognition model for all contracts with customers to improve comparability within industries, as well as across industries and capital markets. The standard contains principles that entities will apply to determine the measurement of revenue and when it is recognized. ASU 2014-09 is effective for reporting periods (interim and annual) beginning after December 15, 2016. We are currently assessing the impact this standard will have on our financial position and results of operations. | ||
Recently Adopted Accounting Standards | ||
Presentation of Financial Statements (ASC 205) and Property Plant and Equipment (ASC 360) - In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The new standard limits discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have or will have a major effect on an entity's operations and financial results, and requires additional disclosures related to discontinued operations. Upon adoption of the new standard, fewer disposals are expected to be presented as discontinued operations. We early adopted the provisions of this standard in the third quarter of 2014 and applied them to the sale of BravePoint (see Note 3, Acquisitions and Disposition for additional details on the sale). As a result, BravePoint is not presented as a discontinued operation in the accompanying condensed consolidated statements of income. | ||
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 | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Calculation of Earnings Per Share | ' | ||||||||||||||||
Calculation of Earnings Per Share | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands, except shares and per share data) | |||||||||||||||||
Calculation of Basic Earnings Per Share: | |||||||||||||||||
Net Income | $ | 3,180 | $ | 3,879 | $ | 25,995 | $ | 23,104 | |||||||||
Weighted average shares outstanding | 14,574,678 | 14,438,152 | 14,539,841 | 14,424,404 | |||||||||||||
Basic Earnings Per Share | $ | 0.22 | $ | 0.27 | $ | 1.79 | $ | 1.6 | |||||||||
Calculation of Diluted Earnings Per Share: | |||||||||||||||||
Reconciliation of Numerator: | |||||||||||||||||
Net Income | $ | 3,180 | $ | 3,879 | $ | 25,995 | $ | 23,104 | |||||||||
Effect of 8.25% Convertible debentures (1) | — | 11 | — | 33 | |||||||||||||
Adjusted numerator—Diluted | $ | 3,180 | $ | 3,890 | $ | 25,995 | $ | 23,137 | |||||||||
Reconciliation of Denominator: | |||||||||||||||||
Weighted shares outstanding—Basic | 14,574,678 | 14,438,152 | 14,539,841 | 14,424,404 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Share-based Compensation | 41,987 | 39,185 | 48,289 | 35,832 | |||||||||||||
8.25% Convertible debentures (1) | — | 76,164 | — | 78,231 | |||||||||||||
Adjusted denominator—Diluted | 14,616,665 | 14,553,501 | 14,588,130 | 14,538,467 | |||||||||||||
Diluted Earnings Per Share | $ | 0.22 | $ | 0.27 | $ | 1.78 | $ | 1.59 | |||||||||
(1) As of March 1, 2014, we no longer have any outstanding convertible debentures. See Note 14, Long-term debt for additional information. | |||||||||||||||||
As discussed in Note 1, Summary of Accounting Policies, previously reported share and per share amounts have been restated in the accompanying condensed consolidated financial statements and related notes to reflect the stock split effected in the form of a stock dividend. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2014 | |
Business Combinations [Abstract] | ' |
Acquisitions | ' |
Acquisitions and Disposition | |
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 certain 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 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 and have begun to convert some of the acquired customers. Although most of 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, $384,000 in propane inventory, $2.5 million in accounts receivable and accrued revenue and $227,000 in other current liabilities, which included the effect of purchase price adjustments in the third quarter of 2013 and the second quarter of 2014. 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, and the allocation of the purchase price and valuation of assets are final. | |
The revenue from this acquisition included in our condensed consolidated statement of income for the three and nine months ended September 30, 2014 was $4.4 million and $18.8 million, respectively. The net income from this acquisition included in our condensed consolidated statement of income for the three and nine months ended September 30, 2014 was $266,000 and $2.1 million, respectively. | |
The revenue from this acquisition included in our condensed consolidated statement of income for the three and nine months ended September 30, 2013 was $3.6 million and $4.6 million, respectively. The net income/loss from this acquisition included in our condensed consolidated statement of income for the three and nine months ended September 30, 2013 was $203,000 of net income and $204,000 of net loss, 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 and nine months ended September 30, 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 reflect 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 by the same amount. The revenue and net income from this acquisition that were included in our condensed consolidated statement of income for the three and nine months ended September 30, 2014 were not material. | |
Disposition of BravePoint | |
Subsequent to the end of third quarter of 2014, we completed the sale of BravePoint for approximately $12.0 million in cash. As of September 30, 2014, our investment in BravePoint was approximately $3.6 million. After deducting various expenses and transaction costs associated with the sale, we expect to record a pre-tax gain of approximately $6.5 million to $7.0 million (approximately $4.0 million after-tax) from this sale in the fourth quarter of 2014. Our condensed consolidated statements of income for the three and nine months ended September 30, 2014 included $5.5 million and $15.1 million of revenue, respectively, and $268,000 of net income and $232,000 of net loss, respectively, from BravePoint. |
Rates_and_Other_Regulatory_Act
Rates and Other Regulatory Activities | 9 Months Ended |
Sep. 30, 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 significant rates and other regulatory activities in Delaware during the first nine months of 2014. | |
Maryland | |
Sandpiper depreciation study: 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. After a series of testimonies and discussions, Sandpiper, the Maryland Office of People's Counsel and the technical staff of the Maryland PSC reached a settlement agreement, which, among other things, establishes new depreciation rates and accumulated depreciation for the acquired assets. Under the terms of the settlement agreement, Sandpiper would adopt new depreciation rates, which are lower than the rates currently in place, and decreases accumulated depreciation included in its rate base by approximately $3.0 million for future rate making purposes. Sandpiper also agrees to file a new depreciation study within five years. The settlement agreement does not change Sandpiper's rates charged to its customers. On September 29, 2014, the Public Utility Law Judge approved the settlement and issued a proposed order, which became a final order of the Maryland PSC on October 30, 2014. The decrease in accumulated depreciation of the acquired assets is for regulatory rate-making purposes and does not change the value of those assets reflected on our condensed consolidated balance sheets, which, pursuant to U.S. GAAP, were originally recorded based on the fair value of those assets on the date of the ESG acquisition. | |
Florida | |
Electric rate case: On April 28, 2014, FPU filed a base rate case for its electric distribution operation. FPU requested interim rate relief of approximately $2.4 million and final rate relief of approximately $5.9 million. The interim rate relief requested was based on the twelve-month period ended September 30, 2013. At the July 10, 2014 Agenda Conference, the Florida PSC approved interim rate relief of approximately $2.2 million. The interim rates were effective for meter readings on or after August 10, 2014. On August 29, 2014, FPU and the Florida Office of Public Counsel reached a settlement agreement, which provides, among other things, an increase in annual base rates of approximately $3.8 million and a rate of common equity return of 10.25 percent. On September 15, 2014, the Florida PSC approved the settlement agreement. New final rates will be effective for all meter reads on or after November 1, 2014. | |
PPA with Eight Flags: On September 26, 2014, FPU filed a PPA with the Florida PSC pursuant to which FPU proposes to purchase up to 20 megawatts of electricity from its affiliate, Eight Flags, to service its customers in the Northeast division. Eight Flags is pursuing the development and construction of a CHP plant in Nassau County, Florida. FPU expects the PPA to provide significant savings in fuel costs over its 20-year term, which FPU will pass on to its customers. FPU requested in its filing, approval of the Florida PSC before the end of 2014 in order to avoid any delay in construction of the CHP plant. | |
Other matters: We also had developments in the following regulatory matters in Florida: | |
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. The Florida PSC approved the extension of the surcharge and the additional amount for recovery at the Agenda Conference on January 7, 2014. This extension is effective for two years, beginning January 1, 2014. | |
On January 13, 2014, FPU's natural gas distribution 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 the depreciation expense for our Florida natural gas distribution operations. The PSC agenda date for the depreciation study is scheduled for November 25, 2014. | |
On September 30, 2014, FPU filed for approval with the Florida PSC two contracts with its Peninsula Pipeline affiliate for additional natural gas transportation services in Nassau and Palm Beach Counties, Florida. The PSC agenda date for these cases is scheduled for December 18, 2014. | |
Eastern Shore | |
The following are regulatory activities involving FERC orders applicable to Eastern Shore and the expansions of Eastern Shore’s transmission system: | |
OPT ≤ 90 Service: On August 7, 2014, Eastern Shore submitted for filing and acceptance tariff records to establish a new OPT ≤ 90 Service. The OPT ≤ 90 Service is designed to allow a customer to contract to receive unrestricted firm service subject to Eastern Shore’s right to not schedule service for up to 90 days during the peak months of November through April of each year. In addition, during these peak months, the OPT ≤ 90 Service would have a scheduling priority below that of Firm Transportation Service but above the priority given to all secondary firm and interruptible services. On September 5, 2014, the FERC issued an order accepting Eastern Shore’s tariff changes to be made effective September 7, 2014. On October 1, 2014, the FERC accepted and approved Eastern Shore’s compliance filing, and no further action is required. | |
TETLP Expansion Project: On January 31, 2014, Eastern Shore submitted to the FERC a request for prior notice authorization regarding a project that included certain improvements at Eastern Shore’s existing interconnection with TETLP near Honey Brook, Pennsylvania. This project allows 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; however, this project does not result in an increase in Eastern Shore’s overall system 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 FERC issued a CP for this project and a notice to allow construction to proceed. Eastern Shore completed construction activities for this project. On September 30, 2014, the FERC authorized Eastern Shore to place the project in service, and the service to an industrial customer commenced on October 1, 2014. The project consisted 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 was designed to provide 55,200 Dts/d of delivery lateral firm transportation service to an industrial customer facility that was under construction. The total cost of the project was approximately $11.5 million. | |
Other matters: On May 30, 2014, Eastern Shore submitted to the FERC a combined filing of its FRP and Cash-Out Refund for a twelve-month period from April 2013 to March 2014. In this filing, Eastern Shore proposed an FRP rate of 0.62 percent. During the period, Eastern Shore experienced an under-recovery of $494,000 in its Deferred Gas Required for Operations costs and an over-recovery of $160,000 in its Deferred Cash-Out costs. Eastern Shore proposed to incorporate the Cash-Out Refund into its FRP to mitigate the effect of the increase in the FRP to its customers. |
Environmental_Commitments_and_
Environmental Commitments and Contingencies | 9 Months Ended |
Sep. 30, 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. We were notified in December of 2013 by the DNREC that it would be conducting a facility evaluation of an eighth former MGP site located in Seaford, Delaware. | |
As of September 30, 2014, we had approximately $10.2 million in environmental liabilities, representing our estimate of the future costs associated with all of FPU’s MGP sites in Florida, which include the Key West, Pensacola, Sanford and West Palm Beach sites. FPU has approval to recover, from insurance and from customers through rates, up to $14.0 million of its environmental costs related to all of its MGP sites, approximately $9.5 million of which has been recovered as of September 30, 2014, leaving approximately $4.5 million in regulatory assets for future recovery of environmental costs from FPU’s customers. | |
In addition to the FPU MGP sites, we had $434,000 in environmental liabilities at September 30, 2014, related to Chesapeake’s MGP sites in Maryland and Florida, representing our estimate of future costs associated with these sites. As of September 30, 2014, we had approximately $408,000 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 will ultimately 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 at this site. 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 September 30, 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 September 30, 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 to implement the final remedy for this site, as provided in the Third Participation Agreement, 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 September 30, 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 on October 9, 2012 that, based on the data, NAM appears to be an appropriate remedy for the site. | |
In October 2012, FDEP issued a Remedial Action Plan approval order which specified that a limited semi-annual monitoring program be conducted. The most recent groundwater-monitoring event was conducted on September 15, 2014. Natural Attenuation Default Criteria were met at all locations sampled. The next semi-annual sampling event is scheduled for March of 2015. | |
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. The annual cost to conduct the limited NAM program is not expected to exceed $8,000. | |
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 it would approve a conditional No Further Action determination for the site with the requirement for institutional and engineering controls. On September 11, 2014, FDEP issued a draft memorandum of understanding between FDOT and FDEP to implement site closure with approved institutional and engineering controls for the site. 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. Groundwater monitoring results have shown a continuing reduction in contaminant concentrations from the sparging system, which has been in operation since 2002. On September 12, 2014, FDEP issued a letter approving shut-down of the sparging operations on the northern portion of the site, contingent upon continued semi-annual monitoring. | |
Groundwater monitoring results on the southern portion of this site indicate that Natural Attenuation Default Criteria continue to be exceeded. We have plans to modify the monitoring network on the southern portion of the site in order to collect additional data to support the development of a remedial plan. Although specific remedial actions have not yet been identified, we estimate that future remediation costs for the subsurface soils and groundwater at the site should not exceed $443,000, which includes an estimate of $100,000 to implement additional actions, such as institutional controls, at the site. 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, and our recent meeting with FDEP, we believe that corrective measures for lake sediments are not warranted and will not be required by FDEP. We therefore have not recorded a liability for sediment remediation. | |
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 | 9 Months Ended |
Sep. 30, 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 natural 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, which expires on March 31, 2015, with an unaffiliated energy marketing and risk management company to manage a portion of the divisions' natural gas transportation and storage capacity. | |
In May 2013, Sandpiper entered into a capacity, supply and operating agreement with EGWIC to purchase propane over a six-year term. Sandpiper's current annual commitment is estimated at approximately 6.5 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. | |
Also in May 2013, 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 current annual commitment is estimated at approximately 6.5 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. | |
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 natural gas marketers and other 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 2014, PESCO renewed contracts to purchase natural gas from various suppliers. These contracts expire in May 2015. | |
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 September 30, 2014, FPU was in compliance with all of the requirements of its fuel supply contracts. | |
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 is for Xeron and PESCO. These corporate guarantees provide for the payment of propane and natural gas purchases, respectively, in the event that Xeron or PESCO defaults. 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 September 30, 2014 was $31.6 million, with the guarantees expiring on various dates through September 2015. | |
Chesapeake also 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, 2015, 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, 2015. There have been no draws on these letters of credit as of September 30, 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. | |
On July 25, 2014, we provided a letter to the Florida PSC guaranteeing potential refunds from interim rates to be charged by our Florida electric operation (see Note 4, Rates and Other Regulatory Activities, for further details on the Florida electric rate case). This guarantee expired in October 2014 upon approval of the permanent rate increase by the Florida PSC and determination that no refunds from interim rates were required. | |
Tax-related Contingencies | |
We are subject to various audits and reviews by the federal, state, local and other governmental authorities regarding income taxes and taxes other than income. As of September 30, 2014, we maintained a liability of $300,000 related to unrecognized income tax benefits and $848,000 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 | 9 Months Ended | ||||||||||||||||
Sep. 30, 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 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. At September 30, 2014, our “Other” segment consisted primarily of BravePoint, our advanced information services subsidiary. Also included in this segment are our unregulated subsidiaries that own real estate leased to Chesapeake and certain corporate costs not allocated to other operations. On October 1, 2014, we sold BravePoint (see Note 3, Acquisitions and Disposition, for further details). | ||||||||||||||||
The following table presents financial information about our reportable segments: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | |||||||||||||||||
Operating Revenues, Unaffiliated Customers | |||||||||||||||||
Regulated Energy | $ | 59,086 | $ | 55,387 | $ | 222,308 | $ | 191,666 | |||||||||
Unregulated Energy | 27,041 | 26,103 | 141,215 | 115,367 | |||||||||||||
Other | 5,492 | 5,055 | 14,931 | 14,386 | |||||||||||||
Total operating revenues, unaffiliated customers | $ | 91,619 | $ | 86,545 | $ | 378,454 | $ | 321,419 | |||||||||
Intersegment Revenues (1) | |||||||||||||||||
Regulated Energy | $ | 270 | $ | 293 | $ | 860 | $ | 797 | |||||||||
Unregulated Energy | 30 | 2,159 | 150 | 3,911 | |||||||||||||
Other | 258 | 274 | 760 | 743 | |||||||||||||
Total intersegment revenues | $ | 558 | $ | 2,726 | $ | 1,770 | $ | 5,451 | |||||||||
Operating Income | |||||||||||||||||
Regulated Energy | $ | 9,202 | $ | 10,243 | $ | 41,004 | $ | 36,169 | |||||||||
Unregulated Energy | (1,972 | ) | (1,803 | ) | 8,843 | 8,013 | |||||||||||
Other and eliminations | 562 | 280 | 25 | 240 | |||||||||||||
Total operating income | 7,792 | 8,720 | 49,872 | 44,422 | |||||||||||||
Other income (loss), net of other expenses | (32 | ) | 101 | 380 | 413 | ||||||||||||
Interest | 2,495 | 2,026 | 6,954 | 6,114 | |||||||||||||
Income before Income Taxes | 5,265 | 6,795 | 43,298 | 38,721 | |||||||||||||
Income taxes | 2,085 | 2,916 | 17,303 | 15,617 | |||||||||||||
Net Income | $ | 3,180 | $ | 3,879 | $ | 25,995 | $ | 23,104 | |||||||||
(1) | All significant intersegment revenues are billed at market rates and have been eliminated from consolidated operating revenues. | ||||||||||||||||
(in thousands) | 30-Sep-14 | 31-Dec-13 | |||||||||||||||
Identifiable Assets | |||||||||||||||||
Regulated energy | $ | 744,142 | $ | 708,950 | |||||||||||||
Unregulated energy | 75,973 | 100,585 | |||||||||||||||
Other | 27,435 | 27,987 | |||||||||||||||
Total identifiable assets | $ | 847,550 | $ | 837,522 | |||||||||||||
Our operations are almost entirely domestic. BravePoint had infrequent transactions in foreign countries, which were denominated and paid primarily in U.S. dollars. These transactions were immaterial to the consolidated revenues. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||
Defined benefit pension and postretirement plan items and unrealized gains (losses) of our propane swap agreements, designated as commodity contracts cash flow hedges, are the components of our accumulated comprehensive income (loss). The following tables present the changes in the balance of accumulated other comprehensive income (loss), net of related tax effects, for each component of other comprehensive income for the nine months ended September 30, 2014 and 2013. | |||||||||||||||||
Defined Benefit | Commodity | ||||||||||||||||
Pension and | Contracts | ||||||||||||||||
Postretirement | Cash Flow | ||||||||||||||||
Plan Items | Hedges | Total | |||||||||||||||
(in thousands) | |||||||||||||||||
As of December 31, 2013 | $ | (2,533 | ) | $ | — | $ | (2,533 | ) | |||||||||
Other comprehensive loss before reclassifications | — | (28 | ) | (28 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 92 | — | 92 | ||||||||||||||
Net current-period other comprehensive income (loss) | 92 | (28 | ) | 64 | |||||||||||||
As of September 30, 2014 | $ | (2,441 | ) | $ | (28 | ) | $ | (2,469 | ) | ||||||||
Defined Benefit | Commodity | ||||||||||||||||
Pension and | Contracts | ||||||||||||||||
Postretirement | Cash Flow | ||||||||||||||||
Plan Items | Hedges | Total | |||||||||||||||
(in thousands) | |||||||||||||||||
As of December 31, 2012 | $ | (5,062 | ) | $ | — | $ | (5,062 | ) | |||||||||
Other comprehensive loss before reclassifications | (6 | ) | — | (6 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 165 | — | 165 | ||||||||||||||
Net current-period other comprehensive income | 159 | — | 159 | ||||||||||||||
As of September 30, 2013 | $ | (4,903 | ) | $ | — | $ | (4,903 | ) | |||||||||
The following table presents amounts reclassified out of accumulated other comprehensive loss for the three and nine months ended September 30, 2014 and 2013. The only such amounts for those periods were defined benefit pension and postretirement plan items, which had not occurred in those periods. Deferred gains or losses for our commodity contracts cash flow hedges are recognized in earnings upon settlement. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | |||||||||||||||||
Amortization of defined benefit pension and postretirement plan items: | |||||||||||||||||
Prior service cost (1) | $ | 15 | $ | 15 | $ | 44 | $ | 45 | |||||||||
Net loss (1) | (66 | ) | (107 | ) | (198 | ) | (320 | ) | |||||||||
Total before income taxes | (51 | ) | (92 | ) | (154 | ) | (275 | ) | |||||||||
Income tax benefit | 21 | 37 | 62 | 110 | |||||||||||||
Net of tax | $ | (30 | ) | $ | (55 | ) | $ | (92 | ) | $ | (165 | ) | |||||
(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 is 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 | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 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 and nine months ended September 30, 2014 and 2013 are set forth in the following tables: | |||||||||||||||||||||||||||||||||||||||||
Chesapeake | FPU | Chesapeake SERP | Chesapeake | FPU | |||||||||||||||||||||||||||||||||||||
Pension Plan | Pension Plan | Postretirement | Medical | ||||||||||||||||||||||||||||||||||||||
Plan | Plan | ||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, | 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 | 16 | 18 | — | — | |||||||||||||||||||||||||||||||
Net periodic cost (benefit) | 11 | 33 | (126 | ) | (44 | ) | 40 | 42 | 10 | 11 | 17 | 16 | |||||||||||||||||||||||||||||
Amortization of pre-merger regulatory asset | — | — | 191 | 191 | — | — | — | — | 2 | 2 | |||||||||||||||||||||||||||||||
Total periodic cost | $ | 11 | $ | 33 | $ | 65 | $ | 147 | $ | 40 | $ | 42 | $ | 10 | $ | 11 | $ | 19 | $ | 18 | |||||||||||||||||||||
Chesapeake | FPU | Chesapeake SERP | Chesapeake | FPU | |||||||||||||||||||||||||||||||||||||
Pension Plan | Pension Plan | Postretirement | Medical | ||||||||||||||||||||||||||||||||||||||
Plan | Plan | ||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Interest cost | $ | 320 | $ | 307 | $ | 1,941 | $ | 1,782 | $ | 69 | $ | 62 | $ | 39 | $ | 36 | $ | 50 | $ | 47 | |||||||||||||||||||||
Expected return on plan assets | (398 | ) | (378 | ) | (2,318 | ) | (2,156 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||
Amortization of prior service cost | — | (1 | ) | — | — | 14 | 14 | (58 | ) | (58 | ) | — | — | ||||||||||||||||||||||||||||
Amortization of net loss | 112 | 171 | — | 243 | 36 | 48 | 50 | 55 | — | — | |||||||||||||||||||||||||||||||
Net periodic cost (benefit) | 34 | 99 | (377 | ) | (131 | ) | 119 | 124 | 31 | 33 | 50 | 47 | |||||||||||||||||||||||||||||
Amortization of pre-merger regulatory asset | — | — | 571 | 571 | — | — | — | — | 6 | 6 | |||||||||||||||||||||||||||||||
Total periodic cost | $ | 34 | $ | 99 | $ | 194 | $ | 440 | $ | 119 | $ | 124 | $ | 31 | $ | 33 | $ | 56 | $ | 53 | |||||||||||||||||||||
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 for 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 $3.8 million and $4.4 million at September 30, 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. | |||||||||||||||||||||||||||||||||||||||||
Pursuant to a Florida PSC order, 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. 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 and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2014 | Chesapeake | FPU | Chesapeake SERP | Chesapeake | FPU | Total | |||||||||||||||||||||||||||||||||||
Pension | Pension | Postretirement | Medical | ||||||||||||||||||||||||||||||||||||||
Plan | Plan | Plan | Plan | ||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Prior service cost (credit) | $ | — | $ | — | $ | 5 | $ | (19 | ) | $ | — | (14 | ) | ||||||||||||||||||||||||||||
Net loss | 37 | — | 12 | 16 | — | 65 | |||||||||||||||||||||||||||||||||||
Total recognized in net periodic benefit cost | $ | 37 | $ | — | $ | 17 | $ | (3 | ) | $ | — | $ | 51 | ||||||||||||||||||||||||||||
Recognized from accumulated other comprehensive loss (1) | $ | 37 | $ | — | $ | 17 | $ | (3 | ) | $ | — | $ | 51 | ||||||||||||||||||||||||||||
Recognized from regulatory asset | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Total | $ | 37 | $ | — | $ | 17 | $ | (3 | ) | $ | — | $ | 51 | ||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | Chesapeake | FPU | Chesapeake SERP | Chesapeake | FPU | Total | |||||||||||||||||||||||||||||||||||
Pension | Pension | Postretirement | Medical | ||||||||||||||||||||||||||||||||||||||
Plan | Plan | Plan | Plan | ||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Prior service cost (credit) | $ | — | $ | — | $ | 14 | $ | (58 | ) | $ | — | (44 | ) | ||||||||||||||||||||||||||||
Net loss | 112 | — | 36 | 50 | — | 198 | |||||||||||||||||||||||||||||||||||
Total recognized in net periodic benefit cost | $ | 112 | $ | — | $ | 50 | $ | (8 | ) | $ | — | $ | 154 | ||||||||||||||||||||||||||||
Recognized from accumulated other comprehensive loss (1) | $ | 112 | $ | — | $ | 50 | $ | (8 | ) | $ | — | $ | 154 | ||||||||||||||||||||||||||||
Recognized from regulatory asset | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Total | $ | 112 | $ | — | $ | 50 | $ | (8 | ) | $ | — | $ | 154 | ||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | Chesapeake | FPU | Chesapeake SERP | Chesapeake | FPU | Total | |||||||||||||||||||||||||||||||||||
Pension | Pension | Postretirement | Medical | ||||||||||||||||||||||||||||||||||||||
Plan | Plan | Plan | Plan | ||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Prior service cost (credit) | $ | — | $ | — | $ | 5 | $ | (19 | ) | $ | — | (14 | ) | ||||||||||||||||||||||||||||
Net loss | 57 | 81 | 16 | 18 | — | 172 | |||||||||||||||||||||||||||||||||||
Total recognized in net periodic benefit cost | $ | 57 | $ | 81 | $ | 21 | $ | (1 | ) | $ | — | $ | 158 | ||||||||||||||||||||||||||||
Recognized from accumulated other comprehensive loss (1) | $ | 57 | $ | 15 | $ | 21 | $ | (1 | ) | $ | — | $ | 92 | ||||||||||||||||||||||||||||
Recognized from regulatory asset | — | 66 | — | — | — | 66 | |||||||||||||||||||||||||||||||||||
Total | $ | 57 | $ | 81 | $ | 21 | $ | (1 | ) | $ | — | $ | 158 | ||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | Chesapeake | FPU | Chesapeake SERP | Chesapeake | FPU | Total | |||||||||||||||||||||||||||||||||||
Pension | Pension | Postretirement | Medical | ||||||||||||||||||||||||||||||||||||||
Plan | Plan | Plan | Plan | ||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Prior service cost (credit) | $ | (1 | ) | $ | — | $ | 14 | $ | (58 | ) | $ | — | (45 | ) | |||||||||||||||||||||||||||
Net loss | 171 | 243 | 48 | 55 | — | 517 | |||||||||||||||||||||||||||||||||||
Total recognized in net periodic benefit cost | $ | 170 | $ | 243 | $ | 62 | $ | (3 | ) | $ | — | $ | 472 | ||||||||||||||||||||||||||||
Recognized from accumulated other comprehensive loss (1) | $ | 170 | $ | 46 | $ | 62 | $ | (3 | ) | $ | — | $ | 275 | ||||||||||||||||||||||||||||
Recognized from regulatory asset | — | 197 | — | — | — | 197 | |||||||||||||||||||||||||||||||||||
Total | $ | 170 | $ | 243 | $ | 62 | $ | (3 | ) | $ | — | $ | 472 | ||||||||||||||||||||||||||||
(1) | See Note 8, Accumulated Other Comprehensive Income (Loss). | ||||||||||||||||||||||||||||||||||||||||
During the three and nine months ended September 30, 2014, we contributed $308,000 and $529,000, respectively, to the Chesapeake Pension Plan and $1.4 million and $2.0 million, respectively, to the FPU Pension Plan. We expect to contribute a total of $709,000 and $2.6 million to the Chesapeake Pension Plan and FPU Pension Plan, respectively, during 2014, which represent the minimum contribution payments required during the year. | |||||||||||||||||||||||||||||||||||||||||
The Chesapeake 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 SERP for the three and nine months ended September 30, 2014, were $22,000 and $67,000, respectively. 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 and nine months ended September 30, 2014, were $12,000 and $57,000, respectively. 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 and nine months ended September 30, 2014, were $43,000 and $187,000, respectively. We estimate that approximately $245,000 will be paid for such benefits under the FPU Medical Plan in 2014. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ' |
Investments | ' |
Investments | |
The investment balances at September 30, 2014 and December 31, 2013, consist of the Rabbi Trust(s) associated with deferred compensation plan(s). We classify these investments as trading securities and report them at their fair value. For the three months ended September 30, 2014 and 2013, we recorded a net unrealized loss of $41,000 and $259,000, respectively, in other income in the condensed consolidated statements of income related to these investments. For the nine months ended September 30, 2014 and 2013, we recorded a net unrealized gain of $111,000 and a net unrealized loss of $217,000, 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 | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||
Share-Based Compensation | |||||||||||||||||
Since May 2, 2013, our non-employee directors and key employees have been granted share-based awards through our 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 and nine months ended September 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | |||||||||||||||||
Awards to non-employee directors | $ | 137 | $ | 124 | $ | 394 | $ | 354 | |||||||||
Awards to key employees | 317 | 261 | 1,125 | 892 | |||||||||||||
Total compensation expense | 454 | 385 | 1,519 | 1,246 | |||||||||||||
Less: tax benefit | 183 | 155 | 612 | 502 | |||||||||||||
Share-Based Compensation amounts included in net income | $ | 271 | $ | 230 | $ | 907 | $ | 744 | |||||||||
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. In May 2014, each of our non-employee directors received an annual retainer of 1,209 shares of common stock under the SICP. A summary of the stock activity for our non-employee directors during the nine months ended September 30, 2014 is presented below. | |||||||||||||||||
Number of Shares | Weighted Average Grant date Fair Value | ||||||||||||||||
Outstanding - December 31, 2013 | — | $ | — | ||||||||||||||
Granted | 13,299 | $ | 41.33 | ||||||||||||||
Vested | 13,299 | $ | 41.33 | ||||||||||||||
Outstanding - September 30, 2014 | — | $ | — | ||||||||||||||
At September 30, 2014, there was $321,000 of unrecognized compensation expense related to these awards. This expense will be recognized over the period ending April 30, 2015, which approximates the expected remaining service period of those directors. | |||||||||||||||||
Key Employees | |||||||||||||||||
The table below presents the summary of the stock activity for awards to key employees for the nine months ended September 30, 2014: | |||||||||||||||||
Number of Shares | Weighted Average | ||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding—December 31, 2013 | 121,142 | $ | 28.2 | ||||||||||||||
Granted | 41,442 | $ | 39.99 | ||||||||||||||
Vested | 39,546 | $ | 26.87 | ||||||||||||||
Outstanding—September 30, 2014 | 123,038 | $ | 32.6 | ||||||||||||||
In January and March 2014, the Board of Directors granted awards of 41,442 shares to key employees under the SICP. The awards of 34,800 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. Another award of 6,642 shares granted in March 2014 to one key employee is a multi-year award that will vest at the end of the service period ending December 31, 2015. All of these stock 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 September 30, 2014, the aggregate intrinsic value of the SICP awards granted to key employees was $5.1 million. |
Derivative_Instruments
Derivative Instruments | 9 Months Ended | ||||||||||||||||||
Sep. 30, 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 typically 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 or cash flow hedges of its future purchase commitments in order to mitigate the impact of wholesale price fluctuations. As of September 30, 2014, our natural gas and electric distribution operations did not have any outstanding derivative contracts. | |||||||||||||||||||
In August 2014, Sharp entered into a call option to protect against an increase in propane prices associated with 630,000 gallons we expect to purchase at market-based prices to supply the demands of our propane price cap program customers. The retail price that we can charge to those customers during the upcoming heating season is capped at a pre-determined level. The call option is exercised if the propane prices rise above the strike price of $1.0875 per gallon in December 2014 through February of 2015. We will receive the difference between the market price and the strike price during those months. We paid $52,000 to purchase the call option, and we accounted for it as a cash flow hedge. As of September 30, 2014, the call option had a fair value of $35,000. The change in fair value of the call option is recorded as unrealized gain/loss in other comprehensive income (loss). | |||||||||||||||||||
In May 2014, Sharp entered into swap agreements to mitigate the risk of fluctuations in wholesale propane index prices associated with 630,000 gallons expected to be purchased for the upcoming heating season. Under these swap agreements, Sharp receives the difference between the index prices (Mont Belvieu prices in December 2014 through February 2015) and the swap prices of $1.1350, $1.0975 and $1.0475 per gallon for each swap agreement, to the extent the index prices exceed the swap prices. If the index prices are lower than the swap prices, Sharp will pay the difference. These swap agreements essentially fix the price of those 630,000 gallons purchased for the upcoming heating season. We accounted for them as cash flow hedges, and there is no ineffective portion of these hedges. As of September 30, 2014, two swap agreements had a fair value of $60,000 of liability and one swap agreement had a fair value of $13,000 of asset. The change in fair value of the swap agreements is recorded as unrealized gain/loss in other comprehensive income (loss). | |||||||||||||||||||
In May 2014, Sharp also entered into put options to protect against declines in propane prices and related potential inventory losses associated with 630,000 gallons purchased for the propane price cap program in the upcoming heating season. The put options are exercised if propane prices fall below the strike prices of $0.9475, $0.9975 and $1.0350 per gallon, for each option agreement in December 2014 through February 2015, respectively. We will receive the difference between the market price and the strike prices during those months. We paid $128,000 to purchase the put options. We accounted for them as fair value hedges and there is no ineffective portion of these hedges. As of September 30, 2014, the put options had a fair value of $56,000. The change in fair value of the put options effectively reduced our propane inventory balance. | |||||||||||||||||||
In June 2013, Sharp entered into put options to protect against declines 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 those options as fair value hedges, and there was no ineffective portion of those 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 we expected to purchase at market-based prices to supply the demands of our propane price cap program customers. The program capped the retail price that we could charge to those customers during the upcoming heating season at a pre-determined level. The call option was exercised because propane prices rose 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 September 30, 2014, we had the following outstanding trading contracts, which we accounted for as derivatives: | |||||||||||||||||||
Quantity in | Estimated Market | Weighted Average | |||||||||||||||||
At September 30, 2014 | Gallons | Prices | Contract Prices | ||||||||||||||||
Forward Contracts | |||||||||||||||||||
Sale | 1,260,000 | $1.0838 - $1.1400 | $ | 1.1118 | |||||||||||||||
Purchase | 1,261,000 | $1.0913 - $1.3176 | $ | 1.1107 | |||||||||||||||
Estimated market prices and weighted average contract prices are in dollars per gallon. All contracts expire by the end of the fourth quarter of 2014. | |||||||||||||||||||
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 September 30, 2014, Xeron had a right to offset $2.2 million and $1.6 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 sheets as of September 30, 2014 and December 31, 2013, are as follows: | |||||||||||||||||||
Asset Derivatives | |||||||||||||||||||
Fair Value As Of | |||||||||||||||||||
(in thousands) | Balance Sheet Location | 30-Sep-14 | 31-Dec-13 | ||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||
Forward contracts | Mark-to-market energy assets | $ | 83 | $ | 196 | ||||||||||||||
Call Option (1) | Mark-to-market energy assets | — | 169 | ||||||||||||||||
Derivatives designated as fair value hedges | |||||||||||||||||||
Put Options | Mark-to-market energy assets | 56 | 20 | ||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||
Propane swap agreements | Mark-to-market energy assets | 13 | — | ||||||||||||||||
Call Option | Mark-to-market energy assets | 35 | — | ||||||||||||||||
Total asset derivatives | $ | 187 | $ | 385 | |||||||||||||||
(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 September 30, 2014. | ||||||||||||||||||
Liability Derivatives | |||||||||||||||||||
Fair Value As Of | |||||||||||||||||||
(in thousands) | Balance Sheet Location | 30-Sep-14 | 31-Dec-13 | ||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||
Forward contracts | Mark-to-market energy liabilities | $ | 81 | $ | 127 | ||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||
Propane swap agreements | Mark-to-market energy liabilities | 60 | — | ||||||||||||||||
Total liability derivatives | $ | 141 | $ | 127 | |||||||||||||||
The effects of gains and losses from derivative instruments on the condensed consolidated financial statements are as follows: | |||||||||||||||||||
Amount of Gain (Loss) on Derivatives: | |||||||||||||||||||
Location of Gain | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||
(in thousands) | (Loss) on Derivatives | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||
Unrealized gain (loss) on forward contracts | Revenue | $ | (5 | ) | $ | 86 | $ | (67 | ) | $ | 239 | ||||||||
Call Option | Cost of sales | — | 38 | 137 | 29 | ||||||||||||||
Derivatives designated as fair value hedges | |||||||||||||||||||
Put/Call Options | Cost of sales | (43 | ) | — | (92 | ) | (28 | ) | |||||||||||
Put/Call Options (1) | Propane Inventory | — | (43 | ) | — | (57 | ) | ||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||
Propane swap agreements | Other Comprehensive loss | (45 | ) | — | (46 | ) | — | ||||||||||||
Total | $ | (93 | ) | $ | 81 | $ | (68 | ) | $ | 183 | |||||||||
-1 | As a fair value hedge with no ineffective portion, the unrealized gains and losses associated with this call option are recorded in cost of sales, offset by the corresponding change in the value of propane inventory (hedged item), which is also recorded in cost of sales. The amounts in cost of sales offset to zero and the unrealized gains and losses of this call option effectively changed the value of propane inventory. | ||||||||||||||||||
The effects of trading activities on the condensed consolidated statements of income are the following: | |||||||||||||||||||
Location in the | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||
(in thousands) | Statements of Income | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Realized gain on forward contracts | Revenue | $ | 54 | $ | 321 | $ | 1,384 | $ | 506 | ||||||||||
Unrealized gain (loss) on forward contracts | Revenue | (5 | ) | 86 | (67 | ) | 239 | ||||||||||||
Total | $ | 49 | $ | 407 | $ | 1,317 | $ | 745 | |||||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||||||
Sep. 30, 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). | |||||||||||||||||
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 September 30, 2014 and December 31, 2013: | |||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||
30-Sep-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 | $ | 315 | $ | — | $ | — | $ | 315 | |||||||||
Investments—other | $ | 3,166 | $ | 3,166 | $ | — | $ | — | |||||||||
Mark-to-market energy assets, incl. put/call options | $ | 187 | $ | — | $ | 187 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Mark-to-market energy liabilities incl. swap agreements | $ | 141 | $ | — | $ | 141 | $ | — | |||||||||
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 nine months ended September 30, 2014 and 2013: | |||||||||||||||||
Nine Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Beginning Balance | $ | 458 | $ | — | |||||||||||||
Transfers in due to change in trustee | — | 425 | |||||||||||||||
Purchases and adjustments | (89 | ) | 98 | ||||||||||||||
Transfers | (58 | ) | (16 | ) | |||||||||||||
Investment income | 4 | 5 | |||||||||||||||
Ending Balance | $ | 315 | $ | 512 | |||||||||||||
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 September 30, 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 and swap agreements—The fair value of the propane put/call options and swap agreements 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 September 30, 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 September 30, 2014, long-term debt, including current maturities but excluding a capital lease obligation, had a carrying value of $169.7 million. This compares to a fair value of $186.6 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 excluding 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 | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
Long-Term Debt | |||||||||
Our outstanding long-term debt is shown below: | |||||||||
September 30, | December 31, | ||||||||
(in thousands) | 2014 | 2013 | |||||||
FPU secured first mortgage bonds (A) : | |||||||||
9.08% bond, due June 1, 2022 | $ | 7,969 | $ | 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 | 28,500 | 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 | |||||||
3.88% note, due May 15, 2029 | 50,000 | — | |||||||
Convertible debentures: | |||||||||
8.25% due March 1, 2014 | — | 646 | |||||||
Promissory notes | 329 | 445 | |||||||
Capital lease obligation | 6,450 | 6,978 | |||||||
Total long-term debt | 176,157 | 128,945 | |||||||
Less: current maturities | (11,113 | ) | (11,353 | ) | |||||
Total long-term debt, net of current maturities | $ | 165,044 | $ | 117,592 | |||||
(A) | FPU secured first mortgage bonds are guaranteed by Chesapeake. | ||||||||
Uncollateralized Senior Notes | |||||||||
In September 2013, we entered into the Note Agreement to issue $70.0 million in aggregate of Notes to the Note Holders. In December 2013, we issued the Series A Notes, with an aggregate principal amount of $20.0 million, at a rate of 3.73 percent. On May 15, 2014, we issued the Series B Notes, with an aggregate principal amount of $50.0 million, at a rate of 3.88 percent. The proceeds received from the issuances of the Notes were 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, $537,000 of Convertible Debentures were converted to stock and $109,000 were redeemed for cash, leaving no outstanding Convertible Debentures as of March 1, 2014. |
Summary_of_Accounting_Policies1
Summary of Accounting Policies (Policies) | 9 Months Ended | |
Sep. 30, 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. | ||
Reclassifications | ||
We reclassified certain amounts in the condensed consolidated cash flows statement for the nine months ended September 30, 2013 to conform to the current year's presentation. These reclassifications are considered immaterial to the overall presentation of our condensed consolidated financial statements. | ||
Stock Dividend | ||
On July 2, 2014, our Board of Directors approved a three-for-two stock split of our outstanding common stock to be effected in the form of a stock dividend. Each stockholder as of the close of business on the record date of August 13, 2014 received one additional share of common stock for every two shares of common stock owned. The additional shares were distributed on September 8, 2014. All share and per share data in this Form 10-Q are presented on a post-split basis. As a result of the stock split, we reclassified approximately $2.4 million from retained earnings to common stock. The $2.4 million represents $0.4867 par value per share of the shares issued in the stock split. | ||
Assets and Liabilities Held for Sale | ||
As of September 30, 2014, the following amounts included in the accompanying condensed consolidated balance sheet were held for sale: | ||
• | Assets and liabilities of BravePoint sold in October 2014 (see Note 3, Acquisitions and Disposition, for further details), which included $1.8 million of net property, plant and equipment, $4.8 million of current assets, $16,000 of other deferred charges, $2.6 million of current liabilities and $313,000 of deferred income taxes; and | |
• | An office building and land located in Winter Haven, Florida, with $497,000 of net property, plant and equipment, which are subject to an agreement for them to be sold to an unaffiliated purchaser. | |
The amounts for these assets and liabilities held for sale at September 30, 2014 were not material, and therefore, they are not presented separately in the accompanying condensed consolidated balance sheet. | ||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | |
FASB Statements and Other Authoritative Pronouncements | ||
Recent Accounting Standards Yet to be Adopted | ||
Revenue from Contracts with Customers (ASC 606) - In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. This standard provides a single comprehensive revenue recognition model for all contracts with customers to improve comparability within industries, as well as across industries and capital markets. The standard contains principles that entities will apply to determine the measurement of revenue and when it is recognized. ASU 2014-09 is effective for reporting periods (interim and annual) beginning after December 15, 2016. We are currently assessing the impact this standard will have on our financial position and results of operations. | ||
Recently Adopted Accounting Standards | ||
Presentation of Financial Statements (ASC 205) and Property Plant and Equipment (ASC 360) - In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The new standard limits discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have or will have a major effect on an entity's operations and financial results, and requires additional disclosures related to discontinued operations. Upon adoption of the new standard, fewer disposals are expected to be presented as discontinued operations. We early adopted the provisions of this standard in the third quarter of 2014 and applied them to the sale of BravePoint (see Note 3, Acquisitions and Disposition for additional details on the sale). As a result, BravePoint is not presented as a discontinued operation in the accompanying condensed consolidated statements of income. | ||
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) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Calculation of Basic and Diluted Earnings Per Share | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands, except shares and per share data) | |||||||||||||||||
Calculation of Basic Earnings Per Share: | |||||||||||||||||
Net Income | $ | 3,180 | $ | 3,879 | $ | 25,995 | $ | 23,104 | |||||||||
Weighted average shares outstanding | 14,574,678 | 14,438,152 | 14,539,841 | 14,424,404 | |||||||||||||
Basic Earnings Per Share | $ | 0.22 | $ | 0.27 | $ | 1.79 | $ | 1.6 | |||||||||
Calculation of Diluted Earnings Per Share: | |||||||||||||||||
Reconciliation of Numerator: | |||||||||||||||||
Net Income | $ | 3,180 | $ | 3,879 | $ | 25,995 | $ | 23,104 | |||||||||
Effect of 8.25% Convertible debentures (1) | — | 11 | — | 33 | |||||||||||||
Adjusted numerator—Diluted | $ | 3,180 | $ | 3,890 | $ | 25,995 | $ | 23,137 | |||||||||
Reconciliation of Denominator: | |||||||||||||||||
Weighted shares outstanding—Basic | 14,574,678 | 14,438,152 | 14,539,841 | 14,424,404 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Share-based Compensation | 41,987 | 39,185 | 48,289 | 35,832 | |||||||||||||
8.25% Convertible debentures (1) | — | 76,164 | — | 78,231 | |||||||||||||
Adjusted denominator—Diluted | 14,616,665 | 14,553,501 | 14,588,130 | 14,538,467 | |||||||||||||
Diluted Earnings Per Share | $ | 0.22 | $ | 0.27 | $ | 1.78 | $ | 1.59 | |||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information by Segment | ' | ||||||||||||||||
The following table presents financial information about our reportable segments: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | |||||||||||||||||
Operating Revenues, Unaffiliated Customers | |||||||||||||||||
Regulated Energy | $ | 59,086 | $ | 55,387 | $ | 222,308 | $ | 191,666 | |||||||||
Unregulated Energy | 27,041 | 26,103 | 141,215 | 115,367 | |||||||||||||
Other | 5,492 | 5,055 | 14,931 | 14,386 | |||||||||||||
Total operating revenues, unaffiliated customers | $ | 91,619 | $ | 86,545 | $ | 378,454 | $ | 321,419 | |||||||||
Intersegment Revenues (1) | |||||||||||||||||
Regulated Energy | $ | 270 | $ | 293 | $ | 860 | $ | 797 | |||||||||
Unregulated Energy | 30 | 2,159 | 150 | 3,911 | |||||||||||||
Other | 258 | 274 | 760 | 743 | |||||||||||||
Total intersegment revenues | $ | 558 | $ | 2,726 | $ | 1,770 | $ | 5,451 | |||||||||
Operating Income | |||||||||||||||||
Regulated Energy | $ | 9,202 | $ | 10,243 | $ | 41,004 | $ | 36,169 | |||||||||
Unregulated Energy | (1,972 | ) | (1,803 | ) | 8,843 | 8,013 | |||||||||||
Other and eliminations | 562 | 280 | 25 | 240 | |||||||||||||
Total operating income | 7,792 | 8,720 | 49,872 | 44,422 | |||||||||||||
Other income (loss), net of other expenses | (32 | ) | 101 | 380 | 413 | ||||||||||||
Interest | 2,495 | 2,026 | 6,954 | 6,114 | |||||||||||||
Income before Income Taxes | 5,265 | 6,795 | 43,298 | 38,721 | |||||||||||||
Income taxes | 2,085 | 2,916 | 17,303 | 15,617 | |||||||||||||
Net Income | $ | 3,180 | $ | 3,879 | $ | 25,995 | $ | 23,104 | |||||||||
(1) | All significant intersegment revenues are billed at market rates and have been eliminated from consolidated operating revenues. | ||||||||||||||||
(in thousands) | 30-Sep-14 | 31-Dec-13 | |||||||||||||||
Identifiable Assets | |||||||||||||||||
Regulated energy | $ | 744,142 | $ | 708,950 | |||||||||||||
Unregulated energy | 75,973 | 100,585 | |||||||||||||||
Other | 27,435 | 27,987 | |||||||||||||||
Total identifiable assets | $ | 847,550 | $ | 837,522 | |||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Changes in Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
Defined Benefit | Commodity | ||||||||||||||||
Pension and | Contracts | ||||||||||||||||
Postretirement | Cash Flow | ||||||||||||||||
Plan Items | Hedges | Total | |||||||||||||||
(in thousands) | |||||||||||||||||
As of December 31, 2012 | $ | (5,062 | ) | $ | — | $ | (5,062 | ) | |||||||||
Other comprehensive loss before reclassifications | (6 | ) | — | (6 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 165 | — | 165 | ||||||||||||||
Net current-period other comprehensive income | 159 | — | 159 | ||||||||||||||
As of September 30, 2013 | $ | (4,903 | ) | $ | — | $ | (4,903 | ) | |||||||||
Defined Benefit | Commodity | ||||||||||||||||
Pension and | Contracts | ||||||||||||||||
Postretirement | Cash Flow | ||||||||||||||||
Plan Items | Hedges | Total | |||||||||||||||
(in thousands) | |||||||||||||||||
As of December 31, 2013 | $ | (2,533 | ) | $ | — | $ | (2,533 | ) | |||||||||
Other comprehensive loss before reclassifications | — | (28 | ) | (28 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 92 | — | 92 | ||||||||||||||
Net current-period other comprehensive income (loss) | 92 | (28 | ) | 64 | |||||||||||||
As of September 30, 2014 | $ | (2,441 | ) | $ | (28 | ) | $ | (2,469 | ) | ||||||||
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | |||||||||||||||||
Amortization of defined benefit pension and postretirement plan items: | |||||||||||||||||
Prior service cost (1) | $ | 15 | $ | 15 | $ | 44 | $ | 45 | |||||||||
Net loss (1) | (66 | ) | (107 | ) | (198 | ) | (320 | ) | |||||||||
Total before income taxes | (51 | ) | (92 | ) | (154 | ) | (275 | ) | |||||||||
Income tax benefit | 21 | 37 | 62 | 110 | |||||||||||||
Net of tax | $ | (30 | ) | $ | (55 | ) | $ | (92 | ) | $ | (165 | ) |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||||||||||||||||||||||
Chesapeake | FPU | Chesapeake SERP | Chesapeake | FPU | |||||||||||||||||||||||||||||||||||||
Pension Plan | Pension Plan | Postretirement | Medical | ||||||||||||||||||||||||||||||||||||||
Plan | Plan | ||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, | 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 | 16 | 18 | — | — | |||||||||||||||||||||||||||||||
Net periodic cost (benefit) | 11 | 33 | (126 | ) | (44 | ) | 40 | 42 | 10 | 11 | 17 | 16 | |||||||||||||||||||||||||||||
Amortization of pre-merger regulatory asset | — | — | 191 | 191 | — | — | — | — | 2 | 2 | |||||||||||||||||||||||||||||||
Total periodic cost | $ | 11 | $ | 33 | $ | 65 | $ | 147 | $ | 40 | $ | 42 | $ | 10 | $ | 11 | $ | 19 | $ | 18 | |||||||||||||||||||||
Chesapeake | FPU | Chesapeake SERP | Chesapeake | FPU | |||||||||||||||||||||||||||||||||||||
Pension Plan | Pension Plan | Postretirement | Medical | ||||||||||||||||||||||||||||||||||||||
Plan | Plan | ||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Interest cost | $ | 320 | $ | 307 | $ | 1,941 | $ | 1,782 | $ | 69 | $ | 62 | $ | 39 | $ | 36 | $ | 50 | $ | 47 | |||||||||||||||||||||
Expected return on plan assets | (398 | ) | (378 | ) | (2,318 | ) | (2,156 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||
Amortization of prior service cost | — | (1 | ) | — | — | 14 | 14 | (58 | ) | (58 | ) | — | — | ||||||||||||||||||||||||||||
Amortization of net loss | 112 | 171 | — | 243 | 36 | 48 | 50 | 55 | — | — | |||||||||||||||||||||||||||||||
Net periodic cost (benefit) | 34 | 99 | (377 | ) | (131 | ) | 119 | 124 | 31 | 33 | 50 | 47 | |||||||||||||||||||||||||||||
Amortization of pre-merger regulatory asset | — | — | 571 | 571 | — | — | — | — | 6 | 6 | |||||||||||||||||||||||||||||||
Total periodic cost | $ | 34 | $ | 99 | $ | 194 | $ | 440 | $ | 119 | $ | 124 | $ | 31 | $ | 33 | $ | 56 | $ | 53 | |||||||||||||||||||||
For the Three Months Ended September 30, 2014 | Chesapeake | FPU | Chesapeake SERP | Chesapeake | FPU | Total | |||||||||||||||||||||||||||||||||||
Pension | Pension | Postretirement | Medical | ||||||||||||||||||||||||||||||||||||||
Plan | Plan | Plan | Plan | ||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Prior service cost (credit) | $ | — | $ | — | $ | 5 | $ | (19 | ) | $ | — | (14 | ) | ||||||||||||||||||||||||||||
Net loss | 37 | — | 12 | 16 | — | 65 | |||||||||||||||||||||||||||||||||||
Total recognized in net periodic benefit cost | $ | 37 | $ | — | $ | 17 | $ | (3 | ) | $ | — | $ | 51 | ||||||||||||||||||||||||||||
Recognized from accumulated other comprehensive loss (1) | $ | 37 | $ | — | $ | 17 | $ | (3 | ) | $ | — | $ | 51 | ||||||||||||||||||||||||||||
Recognized from regulatory asset | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Total | $ | 37 | $ | — | $ | 17 | $ | (3 | ) | $ | — | $ | 51 | ||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | Chesapeake | FPU | Chesapeake SERP | Chesapeake | FPU | Total | |||||||||||||||||||||||||||||||||||
Pension | Pension | Postretirement | Medical | ||||||||||||||||||||||||||||||||||||||
Plan | Plan | Plan | Plan | ||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Prior service cost (credit) | $ | — | $ | — | $ | 14 | $ | (58 | ) | $ | — | (44 | ) | ||||||||||||||||||||||||||||
Net loss | 112 | — | 36 | 50 | — | 198 | |||||||||||||||||||||||||||||||||||
Total recognized in net periodic benefit cost | $ | 112 | $ | — | $ | 50 | $ | (8 | ) | $ | — | $ | 154 | ||||||||||||||||||||||||||||
Recognized from accumulated other comprehensive loss (1) | $ | 112 | $ | — | $ | 50 | $ | (8 | ) | $ | — | $ | 154 | ||||||||||||||||||||||||||||
Recognized from regulatory asset | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Total | $ | 112 | $ | — | $ | 50 | $ | (8 | ) | $ | — | $ | 154 | ||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | Chesapeake | FPU | Chesapeake SERP | Chesapeake | FPU | Total | |||||||||||||||||||||||||||||||||||
Pension | Pension | Postretirement | Medical | ||||||||||||||||||||||||||||||||||||||
Plan | Plan | Plan | Plan | ||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Prior service cost (credit) | $ | — | $ | — | $ | 5 | $ | (19 | ) | $ | — | (14 | ) | ||||||||||||||||||||||||||||
Net loss | 57 | 81 | 16 | 18 | — | 172 | |||||||||||||||||||||||||||||||||||
Total recognized in net periodic benefit cost | $ | 57 | $ | 81 | $ | 21 | $ | (1 | ) | $ | — | $ | 158 | ||||||||||||||||||||||||||||
Recognized from accumulated other comprehensive loss (1) | $ | 57 | $ | 15 | $ | 21 | $ | (1 | ) | $ | — | $ | 92 | ||||||||||||||||||||||||||||
Recognized from regulatory asset | — | 66 | — | — | — | 66 | |||||||||||||||||||||||||||||||||||
Total | $ | 57 | $ | 81 | $ | 21 | $ | (1 | ) | $ | — | $ | 158 | ||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | Chesapeake | FPU | Chesapeake SERP | Chesapeake | FPU | Total | |||||||||||||||||||||||||||||||||||
Pension | Pension | Postretirement | Medical | ||||||||||||||||||||||||||||||||||||||
Plan | Plan | Plan | Plan | ||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Prior service cost (credit) | $ | (1 | ) | $ | — | $ | 14 | $ | (58 | ) | $ | — | (45 | ) | |||||||||||||||||||||||||||
Net loss | 171 | 243 | 48 | 55 | — | 517 | |||||||||||||||||||||||||||||||||||
Total recognized in net periodic benefit cost | $ | 170 | $ | 243 | $ | 62 | $ | (3 | ) | $ | — | $ | 472 | ||||||||||||||||||||||||||||
Recognized from accumulated other comprehensive loss (1) | $ | 170 | $ | 46 | $ | 62 | $ | (3 | ) | $ | — | $ | 275 | ||||||||||||||||||||||||||||
Recognized from regulatory asset | — | 197 | — | — | — | 197 | |||||||||||||||||||||||||||||||||||
Total | $ | 170 | $ | 243 | $ | 62 | $ | (3 | ) | $ | — | $ | 472 | ||||||||||||||||||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Shares awarded to non-employee directors [Line Items] | ' | ||||||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | ' | ||||||||||||||||
The table below presents the amounts included in net income related to share-based compensation expense for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | |||||||||||||||||
Awards to non-employee directors | $ | 137 | $ | 124 | $ | 394 | $ | 354 | |||||||||
Awards to key employees | 317 | 261 | 1,125 | 892 | |||||||||||||
Total compensation expense | 454 | 385 | 1,519 | 1,246 | |||||||||||||
Less: tax benefit | 183 | 155 | 612 | 502 | |||||||||||||
Share-Based Compensation amounts included in net income | $ | 271 | $ | 230 | $ | 907 | $ | 744 | |||||||||
Awards to non-employee directors [Member] | ' | ||||||||||||||||
Shares awarded to non-employee directors [Line Items] | ' | ||||||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | ' | ||||||||||||||||
Number of Shares | Weighted Average Grant date Fair Value | ||||||||||||||||
Outstanding - December 31, 2013 | — | $ | — | ||||||||||||||
Granted | 13,299 | $ | 41.33 | ||||||||||||||
Vested | 13,299 | $ | 41.33 | ||||||||||||||
Outstanding - September 30, 2014 | — | $ | — | ||||||||||||||
Award to key employees [Member] | ' | ||||||||||||||||
Shares awarded to non-employee directors [Line Items] | ' | ||||||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | ' | ||||||||||||||||
The table below presents the summary of the stock activity for awards to key employees for the nine months ended September 30, 2014: | |||||||||||||||||
Number of Shares | Weighted Average | ||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding—December 31, 2013 | 121,142 | $ | 28.2 | ||||||||||||||
Granted | 41,442 | $ | 39.99 | ||||||||||||||
Vested | 39,546 | $ | 26.87 | ||||||||||||||
Outstanding—September 30, 2014 | 123,038 | $ | 32.6 | ||||||||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
Outstanding Trading Contracts | ' | ||||||||||||||||||
Quantity in | Estimated Market | Weighted Average | |||||||||||||||||
At September 30, 2014 | Gallons | Prices | Contract Prices | ||||||||||||||||
Forward Contracts | |||||||||||||||||||
Sale | 1,260,000 | $1.0838 - $1.1400 | $ | 1.1118 | |||||||||||||||
Purchase | 1,261,000 | $1.0913 - $1.3176 | $ | 1.1107 | |||||||||||||||
Estimated market prices and weighted average contract prices are in dollars per gallon. All contracts expire by the end of the fourth quarter of 2014. | |||||||||||||||||||
Fair Values of Derivative Contracts Recorded in Condensed Consolidated Balance Sheet | ' | ||||||||||||||||||
Fair values of the derivative contracts recorded in the condensed consolidated balance sheets as of September 30, 2014 and December 31, 2013, are as follows: | |||||||||||||||||||
Asset Derivatives | |||||||||||||||||||
Fair Value As Of | |||||||||||||||||||
(in thousands) | Balance Sheet Location | 30-Sep-14 | 31-Dec-13 | ||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||
Forward contracts | Mark-to-market energy assets | $ | 83 | $ | 196 | ||||||||||||||
Call Option (1) | Mark-to-market energy assets | — | 169 | ||||||||||||||||
Derivatives designated as fair value hedges | |||||||||||||||||||
Put Options | Mark-to-market energy assets | 56 | 20 | ||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||
Propane swap agreements | Mark-to-market energy assets | 13 | — | ||||||||||||||||
Call Option | Mark-to-market energy assets | 35 | — | ||||||||||||||||
Total asset derivatives | $ | 187 | $ | 385 | |||||||||||||||
(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 September 30, 2014. | ||||||||||||||||||
Liability Derivatives | |||||||||||||||||||
Fair Value As Of | |||||||||||||||||||
(in thousands) | Balance Sheet Location | 30-Sep-14 | 31-Dec-13 | ||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||
Forward contracts | Mark-to-market energy liabilities | $ | 81 | $ | 127 | ||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||
Propane swap agreements | Mark-to-market energy liabilities | 60 | — | ||||||||||||||||
Total liability derivatives | $ | 141 | $ | 127 | |||||||||||||||
Effects of Gains and Losses from Derivative Instruments on Condensed Consolidated Financial Statements | ' | ||||||||||||||||||
The effects of gains and losses from derivative instruments on the condensed consolidated financial statements are as follows: | |||||||||||||||||||
Amount of Gain (Loss) on Derivatives: | |||||||||||||||||||
Location of Gain | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||
(in thousands) | (Loss) on Derivatives | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||
Unrealized gain (loss) on forward contracts | Revenue | $ | (5 | ) | $ | 86 | $ | (67 | ) | $ | 239 | ||||||||
Call Option | Cost of sales | — | 38 | 137 | 29 | ||||||||||||||
Derivatives designated as fair value hedges | |||||||||||||||||||
Put/Call Options | Cost of sales | (43 | ) | — | (92 | ) | (28 | ) | |||||||||||
Put/Call Options (1) | Propane Inventory | — | (43 | ) | — | (57 | ) | ||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||
Propane swap agreements | Other Comprehensive loss | (45 | ) | — | (46 | ) | — | ||||||||||||
Total | $ | (93 | ) | $ | 81 | $ | (68 | ) | $ | 183 | |||||||||
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 September 30, | For the Nine Months Ended September 30, | |||||||||||||||||
(in thousands) | Statements of Income | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
Realized gain on forward contracts | Revenue | $ | 54 | $ | 321 | $ | 1,384 | $ | 506 | ||||||||||
Unrealized gain (loss) on forward contracts | Revenue | (5 | ) | 86 | (67 | ) | 239 | ||||||||||||
Total | $ | 49 | $ | 407 | $ | 1,317 | $ | 745 | |||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 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 September 30, 2014 and December 31, 2013: | |||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||
30-Sep-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 | $ | 315 | $ | — | $ | — | $ | 315 | |||||||||
Investments—other | $ | 3,166 | $ | 3,166 | $ | — | $ | — | |||||||||
Mark-to-market energy assets, incl. put/call options | $ | 187 | $ | — | $ | 187 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Mark-to-market energy liabilities incl. swap agreements | $ | 141 | $ | — | $ | 141 | $ | — | |||||||||
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 nine months ended September 30, 2014 and 2013: | |||||||||||||||||
Nine Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Beginning Balance | $ | 458 | $ | — | |||||||||||||
Transfers in due to change in trustee | — | 425 | |||||||||||||||
Purchases and adjustments | (89 | ) | 98 | ||||||||||||||
Transfers | (58 | ) | (16 | ) | |||||||||||||
Investment income | 4 | 5 | |||||||||||||||
Ending Balance | $ | 315 | $ | 512 | |||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Outstanding Long-Term Debt | ' | ||||||||
Our outstanding long-term debt is shown below: | |||||||||
September 30, | December 31, | ||||||||
(in thousands) | 2014 | 2013 | |||||||
FPU secured first mortgage bonds (A) : | |||||||||
9.08% bond, due June 1, 2022 | $ | 7,969 | $ | 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 | 28,500 | 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 | |||||||
3.88% note, due May 15, 2029 | 50,000 | — | |||||||
Convertible debentures: | |||||||||
8.25% due March 1, 2014 | — | 646 | |||||||
Promissory notes | 329 | 445 | |||||||
Capital lease obligation | 6,450 | 6,978 | |||||||
Total long-term debt | 176,157 | 128,945 | |||||||
Less: current maturities | (11,113 | ) | (11,353 | ) | |||||
Total long-term debt, net of current maturities | $ | 165,044 | $ | 117,592 | |||||
(A) | FPU secured first mortgage bonds are guaranteed by Chesapeake. |
Summary_of_Accounting_Policies2
Summary of Accounting Policies Summary of accounting policies (Details) (USD $) | Sep. 30, 2014 |
BravePoint Group [Member] | ' |
Long Lived Assets Held-for-sale [Line Items] | ' |
Disposal Group, Including Discontinued Operation, Long Lived Assets, Current | $1,800,000 |
Disposal Group, Including Discontinued Operation, Assets, Current | 4,800,000 |
Disposal Group, Including Discontinued Operation, Other Assets | 16,000 |
Disposal Group, Including Discontinued Operation, Accounts Payable and Accrued Liabilities, Current | 2,600,000 |
Disposal Group, Including Discontinued Operation, Deferred Tax Liabilities, Noncurrent | 313,000 |
CFG Asset held for Sale Group [Member] | ' |
Long Lived Assets Held-for-sale [Line Items] | ' |
Disposal Group, Including Discontinued Operation, Long Lived Assets, Current | $497,000 |
Summary_of_Accounting_Policies3
Summary of Accounting Policies Stock Dividend (Details) (USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Accounting Policies [Abstract] | ' | ' |
Stock Split in Form of Stock Dividend Adjustment to Retained Earnings | $2,365 | ' |
Common Stock, Par or Stated Value Per Share | $0.49 | $0.49 |
Calculation_of_Earnings_Per_Sh2
Calculation of Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Calculation of Basic Earnings Per Share: | ' | ' | ' | ' | ' |
Net Income | $3,180 | $3,879 | $25,995 | $23,104 | $32,787 |
Weighted shares outstanding - Basic (in shares) | 14,574,678 | 14,438,152 | 14,539,841 | 14,424,404 | ' |
Basic Earnings Per Share (in usd per share) | $0.22 | $0.27 | $1.79 | $1.60 | ' |
Reconciliation of Numerator: | ' | ' | ' | ' | ' |
Net Income | 3,180 | 3,879 | 25,995 | 23,104 | 32,787 |
Effect of 8.25% Convertible debentures | 0 | 11 | 0 | 33 | ' |
Adjusted numerator-Diluted | $3,180 | $3,890 | $25,995 | $23,137 | ' |
Reconciliation of Denominator: | ' | ' | ' | ' | ' |
Weighted shares outstanding - Basic (in shares) | 14,574,678 | 14,438,152 | 14,539,841 | 14,424,404 | ' |
Effect of dilutive securities: | ' | ' | ' | ' | ' |
Share-based Compensation (in shares) | 41,987 | 39,185 | 48,289 | 35,832 | ' |
8.25% Convertible debentures (in shares) | 0 | 76,164 | 0 | 78,231 | ' |
Adjusted denominator-Diluted (in shares) | 14,616,665 | 14,553,501 | 14,588,130 | 14,538,467 | ' |
Diluted Earnings Per Share (in usd per share) | $0.22 | $0.27 | $1.78 | $1.59 | ' |
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 | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 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% | 0.00% | 8.25% |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | 31-May-13 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 02, 2013 | Feb. 05, 2013 | Sep. 30, 2014 | |
Eastern Shore Gas Company [Member] | Eastern Shore Gas Company [Member] | 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $271,000 |
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 | ' | ' | ' | ' | ' | 384,000 | ' | ' | ' | ' | 14,000 | 231,000 | ' |
Receivables | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | ' | ' | ' | ' | 227,000 | ' | ' | ' | ' | ' | ' | ' |
Revenues | 91,619,000 | 86,545,000 | 378,454,000 | 321,419,000 | ' | ' | 4,400,000 | 3,600,000 | 18,800,000 | 4,600,000 | ' | ' | ' |
Net Income (Loss) Attributable to Parent | 3,180,000 | 3,879,000 | 25,995,000 | 23,104,000 | 32,787,000 | ' | 300,000 | 200,000 | 2,100,000 | -200,000 | ' | ' | ' |
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 | 19,367,000 | ' | 16,500,000 | ' | ' | ' | ' | 792,000 | 2,900,000 | ' |
Sales Tax | ' | ' | ' | ' | ' | ' | ' | 726,000 | ' | ' | ' | ' | ' |
Goodwill | 4,625,000 | ' | 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 |
Acquisitions_and_disposition_D
Acquisitions and disposition Disposition - additional information (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Revenues | $91,619,000 | $86,545,000 | $378,454,000 | $321,419,000 | ' |
Net Income (Loss) Attributable to Parent | 3,180,000 | 3,879,000 | 25,995,000 | 23,104,000 | 32,787,000 |
BravePoint Group [Member] | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
DisposalGroupNotDiscontinuedOperationNetProceedsFromSale | ' | ' | 12,000,000 | ' | ' |
DisposalGroupNotDiscontinuedOperationInvestmentIn | 3,600,000 | ' | 3,600,000 | ' | ' |
Revenues | 5,500,000 | ' | 15,100,000 | ' | ' |
Net Income (Loss) Attributable to Parent | 268,000 | ' | -232,000 | ' | ' |
Minimum [Member] | BravePoint Group [Member] | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | ' | ' | 6,500,000 | ' | ' |
Maximum [Member] | BravePoint Group [Member] | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | ' | ' | 7,000,000 | ' | ' |
DisposalGroupNotDiscontinuedOperationGainLossOnDisposalNetOfTax | ' | ' | $4,000,000 | ' | ' |
Rates_and_Other_Regulatory_Act1
Rates and Other Regulatory Activities - Additional Information (Detail) (USD $) | 0 Months Ended | 9 Months Ended |
Jun. 13, 2013 | Sep. 30, 2014 | |
in | ||
mi | ||
Rates and Other Regulatory Activities [Line Items] | ' | ' |
PeriodWithinWhichToPerformDepreciationStudy | ' | '5 years |
MARYLAND | ' | ' |
Rates and Other Regulatory Activities [Line Items] | ' | ' |
Reduction in accumulated depreciation | ' | $3,000,000 |
Florida [Member] | ' | ' |
Rates and Other Regulatory Activities [Line Items] | ' | ' |
Public Utilities Interim Rate Increase Decrease Request Amount | ' | 2,400,000 |
Public Utilities, Interim Rate Increase (Decrease), Amount | ' | 2,200,000 |
Public Utilities, Approved Rate Increase (Decrease), Amount | ' | 3,800,000 |
Public Utilities, Approved Return on Equity, Percentage | ' | 10.25% |
TotalNumberOfElectricitUnitsProposedToBePurchasedUnderContract | ' | 20 |
TermOfThePowerPurchaseAgreement | ' | '20 years |
Public Utilities, Requested Rate Increase (Decrease), Amount | ' | 5,900,000 |
Estimated Environmental Cleanup Costs To Be Recovered | ' | 381,000 |
Eastern Shore [Member] | ' | ' |
Rates and Other Regulatory Activities [Line Items] | ' | ' |
NumberOfDaysDuringPeakPeriodSubjectToRightNotToScheduleService | ' | '90 days |
Proposed Fuel Retention Percentage Rate | ' | 0.62% |
Deferred Gas Required For Operations Underrecovery Regulatory Balance | ' | 494,000 |
Deferred Cash Out Costs Overrecovery Regulatory Balance | ' | 160,000 |
TETLP Expansion Project [Member] | Eastern Shore [Member] | ' | ' |
Rates and Other Regulatory Activities [Line Items] | ' | ' |
Increase in Pipeline Capacity | ' | 57,000 |
New plant capacity volume | ' | 107,000 |
White Oak Lateral Project Filing [Member] | Eastern Shore [Member] | ' | ' |
Rates and Other Regulatory Activities [Line Items] | ' | ' |
Estimated capital cost | ' | $11,500,000 |
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 | ' | 55,200 |
Environmental_Commitments_and_1
Environmental Commitments and Contingencies - Additional Information (Detail) (USD $) | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 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 | $9,022,000 | ' | $9,155,000 |
Amount paid for funding requirements | 134,000 | 276,000 | ' |
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 | 9,500,000 | ' | ' |
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 | 4,500,000 | ' | ' |
Chesapeake [Member] | ' | ' | ' |
Environmental Commitments And Contingencies [Line Items] | ' | ' | ' |
Environmental liabilities | 434,000 | ' | ' |
Regulatory assets for future recovery of environmental costs | $408,000 | ' | ' |
Environmental_Commitments_and_2
Environmental Commitments and Contingencies - Additional Information 1 (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
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 |
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 $) | 9 Months Ended | |
Sep. 30, 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 | 6,500,000 | ' |
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 | 30-Sep-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 | 848,000 | 1,000,000 |
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 | 1,100,000 | ' |
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 | 9 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | ||||
Operating Revenues, Unaffiliated Customers | ' | ' | ' | ' | ' | ||||
Total operating revenues, unaffiliated customers | $91,619 | $86,545 | $378,454 | $321,419 | ' | ||||
Intersegment Revenues | ' | ' | ' | ' | ' | ||||
Total operating revenues, unaffiliated customers | 91,619 | 86,545 | 378,454 | 321,419 | ' | ||||
Operating Income | ' | ' | ' | ' | ' | ||||
Total operating income | 7,792 | 8,720 | 49,872 | 44,422 | ' | ||||
Other income, net of other expenses | -32 | 101 | 380 | 413 | ' | ||||
Interest | 2,495 | 2,026 | 6,954 | 6,114 | ' | ||||
Income Before Income Taxes | 5,265 | 6,795 | 43,298 | 38,721 | ' | ||||
Income taxes | 2,085 | 2,916 | 17,303 | 15,617 | ' | ||||
Net Income | 3,180 | 3,879 | 25,995 | 23,104 | 32,787 | ||||
Identifiable Assets | ' | ' | ' | ' | ' | ||||
Total identifiable assets | 847,550 | ' | 847,550 | ' | 837,522 | ||||
Regulated Energy [Member] | ' | ' | ' | ' | ' | ||||
Operating Income | ' | ' | ' | ' | ' | ||||
Total operating income | 9,202 | 10,243 | 41,004 | 36,169 | ' | ||||
Identifiable Assets | ' | ' | ' | ' | ' | ||||
Total identifiable assets | 744,142 | ' | 744,142 | ' | 708,950 | ||||
Unregulated Energy [Member] | ' | ' | ' | ' | ' | ||||
Operating Income | ' | ' | ' | ' | ' | ||||
Total operating income | -1,972 | -1,803 | 8,843 | 8,013 | ' | ||||
Identifiable Assets | ' | ' | ' | ' | ' | ||||
Total identifiable assets | 75,973 | ' | 75,973 | ' | 100,585 | ||||
Other [Member] | ' | ' | ' | ' | ' | ||||
Identifiable Assets | ' | ' | ' | ' | ' | ||||
Total identifiable assets | 27,435 | ' | 27,435 | ' | 27,987 | ||||
Other and eliminations [Member] | ' | ' | ' | ' | ' | ||||
Operating Income | ' | ' | ' | ' | ' | ||||
Total operating income | 562 | 280 | 25 | 240 | ' | ||||
Operating Revenues, Unaffiliated Customers [Member] | ' | ' | ' | ' | ' | ||||
Operating Revenues, Unaffiliated Customers | ' | ' | ' | ' | ' | ||||
Total operating revenues, unaffiliated customers | 91,619 | 86,545 | 378,454 | 321,419 | ' | ||||
Intersegment Revenues | ' | ' | ' | ' | ' | ||||
Total operating revenues, unaffiliated customers | 91,619 | 86,545 | 378,454 | 321,419 | ' | ||||
Operating Revenues, Unaffiliated Customers [Member] | Regulated Energy [Member] | ' | ' | ' | ' | ' | ||||
Operating Revenues, Unaffiliated Customers | ' | ' | ' | ' | ' | ||||
Total operating revenues, unaffiliated customers | 59,086 | 55,387 | 222,308 | 191,666 | ' | ||||
Intersegment Revenues | ' | ' | ' | ' | ' | ||||
Total operating revenues, unaffiliated customers | 59,086 | 55,387 | 222,308 | 191,666 | ' | ||||
Operating Revenues, Unaffiliated Customers [Member] | Unregulated Energy [Member] | ' | ' | ' | ' | ' | ||||
Operating Revenues, Unaffiliated Customers | ' | ' | ' | ' | ' | ||||
Total operating revenues, unaffiliated customers | 27,041 | 26,103 | 141,215 | 115,367 | ' | ||||
Intersegment Revenues | ' | ' | ' | ' | ' | ||||
Total operating revenues, unaffiliated customers | 27,041 | 26,103 | 141,215 | 115,367 | ' | ||||
Operating Revenues, Unaffiliated Customers [Member] | Other [Member] | ' | ' | ' | ' | ' | ||||
Operating Revenues, Unaffiliated Customers | ' | ' | ' | ' | ' | ||||
Total operating revenues, unaffiliated customers | 5,492 | 5,055 | 14,931 | 14,386 | ' | ||||
Intersegment Revenues | ' | ' | ' | ' | ' | ||||
Total operating revenues, unaffiliated customers | 5,492 | 5,055 | 14,931 | 14,386 | ' | ||||
Intersegment Revenues [Member] | ' | ' | ' | ' | ' | ||||
Operating Revenues, Unaffiliated Customers | ' | ' | ' | ' | ' | ||||
Total operating revenues, unaffiliated customers | 558 | [1] | 2,726 | [1] | 1,770 | 5,451 | ' | ||
Intersegment Revenues | ' | ' | ' | ' | ' | ||||
Total operating revenues, unaffiliated customers | 558 | [1] | 2,726 | [1] | 1,770 | 5,451 | ' | ||
Intersegment Revenues [Member] | Regulated Energy [Member] | ' | ' | ' | ' | ' | ||||
Operating Revenues, Unaffiliated Customers | ' | ' | ' | ' | ' | ||||
Total operating revenues, unaffiliated customers | 270 | [1] | 293 | [1] | 860 | [1] | 797 | [1] | ' |
Intersegment Revenues | ' | ' | ' | ' | ' | ||||
Total operating revenues, unaffiliated customers | 270 | [1] | 293 | [1] | 860 | [1] | 797 | [1] | ' |
Intersegment Revenues [Member] | Unregulated Energy [Member] | ' | ' | ' | ' | ' | ||||
Operating Revenues, Unaffiliated Customers | ' | ' | ' | ' | ' | ||||
Total operating revenues, unaffiliated customers | 30 | [1] | 2,159 | [1] | 150 | [1] | 3,911 | [1] | ' |
Intersegment Revenues | ' | ' | ' | ' | ' | ||||
Total operating revenues, unaffiliated customers | 30 | [1] | 2,159 | [1] | 150 | [1] | 3,911 | [1] | ' |
Intersegment Revenues [Member] | Other [Member] | ' | ' | ' | ' | ' | ||||
Operating Revenues, Unaffiliated Customers | ' | ' | ' | ' | ' | ||||
Total operating revenues, unaffiliated customers | 258 | [1] | 274 | [1] | 760 | [1] | 743 | [1] | ' |
Intersegment Revenues | ' | ' | ' | ' | ' | ||||
Total operating revenues, unaffiliated customers | $258 | [1] | $274 | [1] | $760 | [1] | $743 | [1] | ' |
[1] | (1)B 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 $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Roll Forward] | ' | ' |
Beginning balance | ($2,533,000) | ($5,062,000) |
Other comprehensive loss before reclassifications | -28,000 | -6,000 |
Amounts reclassified from accumulated other comprehensive loss | -92,000 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 92,000 | 165,000 |
Net current-period other comprehensive income (loss) | 64,000 | 159,000 |
Ending balance | -2,469,000 | -4,903,000 |
UnrealizedGainsLossesFromDefinedBenefitPensionAndPostretirementPlanItems [Member] | ' | ' |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Roll Forward] | ' | ' |
Beginning balance | -2,533,000 | -5,062,000 |
Amounts reclassified from accumulated other comprehensive loss | ' | -165,000 |
Net current-period other comprehensive income (loss) | 92,000 | 159,000 |
Ending balance | -2,441,000 | -4,903,000 |
Accumulated (Gain) Loss from Commodity Contracts Cash Flows Hedges [Member] | ' | ' |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Roll Forward] | ' | ' |
Other comprehensive loss before reclassifications | -28,000 | ' |
Net current-period other comprehensive income (loss) | -28,000 | ' |
Ending balance | ($28,000) | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) - Reclassifications of Accumulated Other Comprehensive Loss (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Amortization of pension and postretirement items: | ' | ' | ' | ' | ||||
Tax benefit | ($2,085) | ($2,916) | ($17,303) | ($15,617) | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ' | ||||
Amortization of pension and postretirement items: | ' | ' | ' | ' | ||||
Prior service cost | 15 | [1] | 15 | [1] | 44 | [1] | 45 | [1] |
Net loss | 66 | [1] | 107 | [1] | 198 | [1] | 320 | [1] |
Total before tax | -51 | -92 | -154 | -275 | ||||
Tax benefit | 21 | 37 | 62 | 110 | ||||
Net of tax | ($30) | ($55) | ($92) | ($165) | ||||
[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 | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Document Period End Date | ' | ' | 30-Sep-14 | ' |
Amortization of prior service cost | ($14) | ($14) | ($44) | ($45) |
Amortization of net loss | 65 | 172 | 198 | 517 |
Chesapeake Pension Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Interest cost | 107 | 102 | 320 | 307 |
Expected return on plan assets | -133 | -126 | -398 | -378 |
Amortization of prior service cost | 0 | 0 | 0 | -1 |
Amortization of net loss | 37 | 57 | 112 | 171 |
Net periodic cost (benefit) | 11 | 33 | 34 | 99 |
Total periodic cost | 11 | 33 | 34 | 99 |
FPU Pension Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Interest cost | 647 | 594 | 1,941 | 1,782 |
Expected return on plan assets | -773 | -719 | -2,318 | -2,156 |
Amortization of net loss | 0 | 81 | 0 | 243 |
Net periodic cost (benefit) | -126 | -44 | -377 | -131 |
Amortization of pre-merger regulatory asset | 191 | 191 | 571 | 571 |
Total periodic cost | 65 | 147 | 194 | 440 |
Chesapeake Pension SERP [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Interest cost | 23 | 21 | 69 | 62 |
Amortization of prior service cost | 5 | 5 | 14 | 14 |
Amortization of net loss | 12 | 16 | 36 | 48 |
Net periodic cost (benefit) | 40 | 42 | 119 | 124 |
Total periodic cost | 40 | 42 | 119 | 124 |
Chesapeake Postretirement Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Interest cost | 13 | 12 | 39 | 36 |
Amortization of prior service cost | -19 | -19 | -58 | -58 |
Amortization of net loss | 16 | 18 | 50 | 55 |
Net periodic cost (benefit) | 10 | 11 | 31 | 33 |
Total periodic cost | 10 | 11 | 31 | 33 |
FPU Medical Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Interest cost | 17 | 16 | 50 | 47 |
Amortization of net loss | 0 | 0 | 0 | 0 |
Net periodic cost (benefit) | 17 | 16 | 50 | 47 |
Amortization of pre-merger regulatory asset | 2 | 2 | 6 | 6 |
Total periodic cost | $19 | $18 | $56 | $53 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Document Period End Date | ' | ' | 30-Sep-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 | 3,800,000 | ' | 3,800,000 | ' | 4,400,000 |
Defined Benefit Plan, Net Periodic Benefit Cost | 11,000 | 33,000 | 34,000 | 99,000 | ' |
Contribution to pension plan | 308,000 | ' | 529,000 | ' | ' |
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | ' | ' | 709,000 | ' | ' |
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 | -377,000 | -131,000 | ' |
Contribution to pension plan | 1,383,000 | ' | 2,013,000 | ' | ' |
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | ' | ' | 2,641,000 | ' | ' |
Chesapeake Pension SERP [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost | 40,000 | 42,000 | 119,000 | 124,000 | ' |
Contribution to pension plan | 22,000 | ' | 67,000 | ' | ' |
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 | 10,000 | 11,000 | 31,000 | 33,000 | ' |
Contribution to pension plan | 12,000 | ' | 57,000 | ' | ' |
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 | 50,000 | 47,000 | ' |
Contribution to pension plan | 43,000 | ' | 187,000 | ' | ' |
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 | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' | ' |
Prior service cost (credit) | ($14) | ($14) | ($44) | ($45) |
Net loss | 65 | 172 | 198 | 517 |
Recognized from accumulated other comprehensive loss | 51 | 92 | 154 | 275 |
Recognized from regulatory asset | 0 | 66 | 0 | 197 |
Total recognized in net periodic benefit cost | 51 | 158 | 154 | 472 |
Chesapeake Pension Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' | ' |
Prior service cost (credit) | 0 | 0 | 0 | -1 |
Net loss | 37 | 57 | 112 | 171 |
Recognized from accumulated other comprehensive loss | 37 | 57 | 112 | 170 |
Total recognized in net periodic benefit cost | 37 | 57 | 112 | 170 |
FPU Pension Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' | ' |
Net loss | 0 | 81 | 0 | 243 |
Recognized from accumulated other comprehensive loss | 0 | 15 | 0 | 46 |
Recognized from regulatory asset | 0 | 66 | 0 | 197 |
Total recognized in net periodic benefit cost | 0 | 81 | 0 | 243 |
Chesapeake Pension SERP [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' | ' |
Prior service cost (credit) | 5 | 5 | 14 | 14 |
Net loss | 12 | 16 | 36 | 48 |
Recognized from accumulated other comprehensive loss | 17 | 21 | 50 | 62 |
Total recognized in net periodic benefit cost | 17 | 21 | 50 | 62 |
Chesapeake Postretirement Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' | ' |
Prior service cost (credit) | -19 | -19 | -58 | -58 |
Net loss | 16 | 18 | 50 | 55 |
Recognized from accumulated other comprehensive loss | -3 | -1 | -8 | -3 |
Total recognized in net periodic benefit cost | ($3) | ($1) | ($8) | ($3) |
Investments_Schedule_of_Invest
Investments - Schedule of Investment (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment [Line Items] | ' | ' |
Investments, at fair value | $3,481 | $3,098 |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' | ' |
Unrealized gain, net of other expenses | ($41,000) | $259,000 | $111,000 | $217,000 |
ShareBased_Compensation_ShareB
Share-Based Compensation - Share-Based Compensation Amounts Included in Net Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Total compensation expense | $454 | $385 | $1,519 | $1,246 |
Less: tax benefit | -183 | -155 | -612 | -502 |
Share-Based Compensation amounts included in net income | 271 | 230 | 907 | 744 |
Awards to non-employee directors [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Total compensation expense | 137 | 124 | 394 | 354 |
Award to key employees [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Total compensation expense | $317 | $261 | $1,125 | $892 |
ShareBased_Compensation_Summar
Share-Based Compensation - Summary of Stock Activity under the SICP (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Number of Shares, Granted | 1,209 |
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 | 121,141.50 |
Number of Shares, Granted | 41,442 |
Number of Shares, Vested | 39,546 |
Number of Shares, Outstanding - September 30, 2014 | 123,038 |
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 | 28.2 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 39.99 |
Weighted Average Fair Value, Vested | 26.87 |
Weighted Average Fair Value, Outstanding - September 30, 2014 | 32.6 |
Awards to non-employee directors [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Number of Shares, Granted | 13,299 |
Number of Shares, Vested | 13,299 |
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, Vested | 41.33 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Granted awards, shares | 1,209 |
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 |
Unrecognized compensation expense related to the awards to non-employee directors | 321,000 |
Granted awards, shares | 13,299 |
Award to key employees [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Granted awards, shares | 41,442 |
Intrinsic value of the SICP awards | 5,100,000 |
2014-2016 service period [Member] | Award to key employees [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Granted awards, shares | 34,800 |
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 | 6,642 |
Derivative_Instruments_Additio
Derivative Instruments - Additional Information (Detail) (USD $) | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | 31-May-13 | Sep. 30, 2014 | Jun. 30, 2013 | 31-May-13 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Counterparty | Counterparty | Propane Swap Agreement [Member] | Call options [Member] | Call options [Member] | Call options [Member] | Put Option [Member] | Put Option [Member] | Put Option [Member] | Put Option [Member] | Mark To Market Energy Assets [Member] | Mark To Market Energy Assets [Member] | Mark To Market Energy Assets [Member] | Mark To Market Energy Liabilities [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Strike Price 1 [Member] | Strike Price 2 [Member] | Strike Price 3 [Member] | Put Option Strike Price 1 [Member] | Put Option Strike Price 2 [Member] | Put Option Strike Price 3 [Member] | ||
gal | gal | gal | gal | gal | Minimum [Member] | Maximum [Member] | Propane Swap Agreement [Member] | Call options [Member] | Call options [Member] | Propane Swap Agreement [Member] | Mark To Market Energy Assets [Member] | Mark To Market Energy Assets [Member] | Propane Swap Agreement [Member] | Propane Swap Agreement [Member] | Propane Swap Agreement [Member] | Put Option [Member] | Put Option [Member] | Put Option [Member] | |||||
Put Option [Member] | Put Option [Member] | ||||||||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Nonmonetary Notional Amount, Volume | ' | ' | ' | ' | 1,300,000 | 630,000 | 630,000 | 630,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gallons Of Propane Associated With The Swap Agreement | ' | ' | ' | 630,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Flow Hedge Derivative Instrument Assets at Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13,000 | $35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Strike Price Per Gallon For The Propane Swap Agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.135 | 1.0975 | 1.0475 | ' | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Strike price of put option | ' | ' | 0.975 | ' | ' | ' | 1.0875 | ' | ' | 0.83 | 0.86 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.9475 | 0.9975 | 1.035 |
Payment to purchase put option | ' | ' | ' | ' | ' | ' | ' | 128,000 | 120,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative asset, fair value, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,000 | 20,000 | ' | ' | ' | ' | ' | ' |
Payment to purchase call options | ' | ' | ' | ' | ' | 72,000 | 52,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of call options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 169,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of counterparties under master netting agreements | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rights to offset accounts receivable | 2,200,000 | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rights to offset accounts payable | 1,600,000 | 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 $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Derivatives, Fair Value [Line Items] | ' | ' |
Document Period End Date | 30-Sep-14 | ' |
Energy Marketing Contract Liabilities, Current | $141 | $127 |
Energy Marketing Contracts Assets, Current | 187 | 385 |
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 | 83 | 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 | 0 | 169 |
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 35 | ' |
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 | 56 | 20 |
Mark To Market Energy Assets [Member] | Propane Swap Agreement [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 13 | ' |
Mark-to-market energy liabilities [Member] | Forward Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives not designated as hedging instruments, Liability derivatives | 81 | 127 |
Mark-to-market energy liabilities [Member] | Propane Swap Agreement [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value | $60 | ' |
Derivative_Instruments_Effects
Derivative Instruments - Effects of Gains and Losses from Derivative Instruments on Condensed Consolidated Financial Statements (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (Loss) on derivatives | ($93) | $81 | ($68) | $183 |
Call Option [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (Loss) on Sale of Derivatives | ' | ' | 209 | ' |
Revenue [Member] | Forward Contracts [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (Loss) on derivatives | -5 | 86 | ' | 239 |
Revenue [Member] | Derivatives not designated as hedging instruments [Member] | Forward Contracts [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (Loss) on derivatives | -5 | 86 | -67 | 239 |
Cost of Sales [Member] | Derivatives not designated as hedging instruments [Member] | Call Option [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (Loss) on derivatives | ' | 38 | ' | ' |
Gain (Loss) on Sale of Derivatives | 0 | ' | 137 | 29 |
Cost of Sales [Member] | Derivatives designated as fair value hedges [Member] | Put/Call Option [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (Loss) on derivatives | -43 | 0 | -92 | -28 |
Inventories [Member] | Derivatives designated as fair value hedges [Member] | Put/Call Option [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (Loss) on derivatives | ' | ($43) | ' | ($57) |
Derivative_Instruments_Effects1
Derivative Instruments - Effects of Trading Activities on Condensed Consolidated Statements of Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' | ' |
Unrealized gain (loss) on forward contracts Revenue | ($93) | $81 | ($68) | $183 |
Total | 49 | 407 | 1,317 | 745 |
Revenue [Member] | Forward Contracts [Member] | ' | ' | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' | ' |
Unrealized gain (loss) on forward contracts Revenue | -5 | 86 | ' | 239 |
Revenue [Member] | Forward Contracts [Member] | Options [Member] | ' | ' | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' | ' |
Gain (Loss) on Sale of Derivatives | 54 | 321 | ' | 506 |
Realized Gain On Derivatives | ' | ' | $1,384 | ' |
Derivative_Instruments_Outstan
Derivative Instruments Outstanding Trading Contracts (Details) (Forward Contracts [Member]) | Sep. 30, 2014 |
gal | |
Sales [Member] | ' |
Derivative [Line Items] | ' |
Quantity In Gallons | 1,260,000 |
Weighted Average Contract Prices | 1.1118 |
Sales [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Estimated Market Prices | 1.14 |
Sales [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Estimated Market Prices | 1.0838 |
Purchase [Member] | ' |
Derivative [Line Items] | ' |
Quantity In Gallons | 1,261,000 |
Weighted Average Contract Prices | 1.1107 |
Purchase [Member] | Maximum [Member] | ' |
Derivative [Line Items] | ' |
Estimated Market Prices | 1.3176 |
Purchase [Member] | Minimum [Member] | ' |
Derivative [Line Items] | ' |
Estimated Market Prices | 1.0913 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Investments | $3,481 | $3,098 |
Quoted Prices in Active Markets (Level 1) [Member] | Mark-to-market energy liabilities [Member] | ' | ' |
Liabilities: | ' | ' |
Mark-to-market energy liabilities | 0 | 0 |
Quoted Prices in Active Markets (Level 1) [Member] | Investments in equity securities [Member] | ' | ' |
Assets: | ' | ' |
Investments | ' | 0 |
Quoted Prices in Active Markets (Level 1) [Member] | Investments - other [Member] | ' | ' |
Assets: | ' | ' |
Investments | ' | 2,640 |
Quoted Prices in Active Markets (Level 1) [Member] | Mark To Market Energy Assets Including Put Option [Member] | ' | ' |
Assets: | ' | ' |
Mark-to-market energy assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Mark-to-market energy liabilities [Member] | ' | ' |
Liabilities: | ' | ' |
Mark-to-market energy liabilities | 141 | 127 |
Significant Other Observable Inputs (Level 2) [Member] | Investments in equity securities [Member] | ' | ' |
Assets: | ' | ' |
Investments | ' | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Investments - other [Member] | ' | ' |
Assets: | ' | ' |
Investments | ' | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Mark To Market Energy Assets Including Put Option [Member] | ' | ' |
Assets: | ' | ' |
Mark-to-market energy assets | 187 | 385 |
Significant Unobservable Inputs (Level 3) [Member] | Mark-to-market energy liabilities [Member] | ' | ' |
Assets: | ' | ' |
Mark-to-market energy assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Investments in equity securities [Member] | ' | ' |
Assets: | ' | ' |
Investments | ' | 458 |
Significant Unobservable Inputs (Level 3) [Member] | Investments - other [Member] | ' | ' |
Assets: | ' | ' |
Investments | ' | 0 |
Recurring [Member] | Mark-to-market energy liabilities [Member] | ' | ' |
Liabilities: | ' | ' |
Mark-to-market energy liabilities | 141 | 127 |
Recurring [Member] | Investments in equity securities [Member] | ' | ' |
Assets: | ' | ' |
Investments | ' | 458 |
Recurring [Member] | Investments - other [Member] | ' | ' |
Assets: | ' | ' |
Investments | ' | 2,640 |
Recurring [Member] | Mark To Market Energy Assets Including Put Option [Member] | ' | ' |
Assets: | ' | ' |
Mark-to-market energy assets | 187 | 385 |
Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Investments in guaranteed income fund [Member] | ' | ' |
Assets: | ' | ' |
Investments | 315 | ' |
Recurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Investments - other [Member] | ' | ' |
Assets: | ' | ' |
Investments | 3,166 | ' |
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Investments in guaranteed income fund [Member] | ' | ' |
Assets: | ' | ' |
Investments | 0 | ' |
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Investments - other [Member] | ' | ' |
Assets: | ' | ' |
Investments | 3,166 | ' |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Investments in guaranteed income fund [Member] | ' | ' |
Assets: | ' | ' |
Investments | 0 | ' |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Investments - other [Member] | ' | ' |
Assets: | ' | ' |
Investments | 0 | ' |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Investments in guaranteed income fund [Member] | ' | ' |
Assets: | ' | ' |
Investments | 315 | ' |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Investments - other [Member] | ' | ' |
Assets: | ' | ' |
Investments | $0 | ' |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Summary of Changes in Fair Value of Investments (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 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 | -89 | 98 |
Transfers | -58 | -16 |
Investment Income | 4 | 5 |
Ending Balance | $315 | $512 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ' | ' |
Long-term debt including current maturities | $169,700,000 | $122,000,000 |
Fair value of long-term debt | 186,600,000 | 136,800,000 |
Total Long-term debt | $176,157,000 | $128,945,000 |
LongTerm_Debt_Outstanding_Long
Long-Term Debt - Outstanding Long-Term Debt (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Total long-term debt | $169,700 | $122,000 | ||
Capital Lease Obligations | 6,450 | 6,978 | ||
Total Long-term debt | 176,157 | 128,945 | ||
Less: current maturities | -11,113 | -11,353 | ||
Total long-term debt, net of current maturities | 165,044 | 117,592 | ||
9.08% bond, due June 1, 2022 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total long-term debt | 7,969 | [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 | 28,500 | 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 | ||
Uncollateralized Senior Notes Due On Two Thousand Twenty Nine [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total long-term debt | 50,000 | ' | ||
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 | $329 | $445 | ||
[1] | FPU secured first mortgage bonds are guaranteed by Chesapeake. |
LongTerm_Debt_Outstanding_Long1
Long-Term Debt - Outstanding Long-Term Debt (Parenthetical) (Detail) | 9 Months Ended | |
Sep. 30, 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 | ' |
Uncollateralized Senior Notes Due On Two Thousand Twenty Nine [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, interest percentage | 3.88% | ' |
Debt instrument, maturity date | 15-May-29 | ' |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 9 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 05, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 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 | ' | ' | ' | ' | ' | ' | $70,000,000 | ' | ' | ' |
Total long-term debt | 169,700,000 | ' | 122,000,000 | 29,000,000 | 29,000,000 | 50,000,000 | ' | 20,000,000 | 20,000,000 | ' |
Long-term debt, interest percentage | ' | ' | ' | 5.68% | ' | 3.88% | ' | 3.73% | 3.73% | ' |
Repayments of Long-term Debt | 1,720,000 | 8,594,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 537,000 |
Repayments of Convertible Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | $109,000 |