Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 30, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-11590 | |
Entity Registrant Name | CHESAPEAKE UTILITIES CORP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 51-0064146 | |
Entity Address, Address Line One | 909 Silver Lake Boulevard | |
Entity Address, City or Town | Dover | |
Entity Address, State or Province | DE | |
Entity Address, Postal Zip Code | 19904 | |
City Area Code | 302 | |
Local Phone Number | 734-6799 | |
Title of 12(b) Security | Common Stock - par value per share $0.4867 | |
Trading Symbol | CPK | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 17,460,906 | |
Entity Central Index Key | 0000019745 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Operating Revenues | ||||
Regulated Energy | $ 82,762 | $ 74,580 | $ 259,235 | $ 251,601 |
Unregulated Energy and other | 18,657 | 18,046 | 91,925 | 96,029 |
Total Operating Revenues | 101,419 | 92,626 | 351,160 | 347,630 |
Operating Expenses | ||||
Regulated Energy cost of sales | 16,271 | 19,619 | 67,490 | 74,452 |
Unregulated Energy and other cost of sales | 5,640 | 5,709 | 30,250 | 36,975 |
Operations | 34,959 | 32,614 | 105,516 | 99,558 |
Maintenance | 3,717 | 3,920 | 11,695 | 11,200 |
Gain from a settlement | (130) | (130) | ||
Depreciation and amortization | 42,793 | 34,049 | ||
Depreciation and amortization | 18,293 | 11,220 | 42,793 | 33,612 |
Other taxes | 5,133 | 5,187 | 16,028 | 15,318 |
Total Operating Expenses | 84,013 | 78,269 | 273,642 | 270,985 |
Operating Income | 17,406 | 14,357 | 77,518 | 76,645 |
Other income (expense), net | (40) | (351) | 2,997 | (731) |
Interest charges | 4,584 | 5,403 | 15,452 | 16,583 |
Income from Continuing Operations Before Income Taxes | 12,782 | 8,603 | 65,063 | 59,331 |
Income Taxes on Continuing Operations | 3,502 | 2,352 | 16,082 | 15,354 |
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | (19) | (630) | 165 | (1,388) |
Net Income (Loss) Attributable to Parent | $ 9,261 | $ 5,621 | $ 49,146 | $ 42,589 |
Weighted Average Common Shares Outstanding: | ||||
Basic (shares) | 16,533,748 | 16,403,776 | 16,466,106 | 16,396,646 |
Diluted (shares) | 16,592,842 | 16,453,867 | 16,523,200 | 16,444,231 |
Basic Earnings Per Share of Common Stock: | ||||
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.56 | $ 0.38 | $ 2.97 | $ 2.68 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | 0 | (0.04) | 0.01 | (0.08) |
Basic (in dollars per share) | 0.56 | 0.34 | 2.98 | 2.60 |
Earnings Per Share, Diluted [Abstract] | ||||
Income (Loss) from Continuing Operations, Per Diluted Share | 0.56 | 0.38 | 2.96 | 2.67 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share | 0 | (0.04) | 0.01 | (0.08) |
Diluted (in dollars per share) | $ 0.56 | $ 0.34 | $ 2.97 | $ 2.59 |
Retained Earnings [Member] | ||||
Operating Expenses | ||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | $ 9,280 | $ 6,251 | $ 48,981 | $ 43,977 |
Net Income (Loss) Attributable to Parent | $ 9,261 | $ 5,621 | $ 49,146 | $ 42,589 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net Income | $ 9,261 | $ 5,621 | $ 49,146 | $ 42,589 |
Amortization of prior service cost, net of tax of $(5), $(5), $(15) and $(15), respectively | (14) | (14) | (42) | (43) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | (80) | (34) | (240) | (275) |
Unrealized gain on commodity contract cash flow hedges, net of tax of $282, $152, $935 and $496, respectively | 740 | 324 | 2,450 | 1,193 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent | 27 | (10) | ||
Other comprehensive income (loss) | 833 | 344 | 2,638 | 1,425 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 10,094 | 5,965 | 51,784 | 44,014 |
Net Income | 9,261 | 5,621 | 49,146 | 42,589 |
Other Comprehensive Income (Loss), net of tax: | ||||
Amortization of prior service cost, net of tax of $(5), $(5), $(15) and $(15), respectively | (14) | (14) | (42) | (43) |
Net gain, net of tax of $28, $10, $83 and $95, respectively | 80 | 34 | 240 | 275 |
Cash Flow Hedges, net of tax: | ||||
Unrealized gain on commodity contract cash flow hedges, net of tax of $282, $152, $935 and $496, respectively | 740 | 324 | 2,450 | 1,193 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent | 27 | (10) | ||
Total Other Comprehensive Income, net of tax | 833 | 344 | 2,638 | 1,425 |
Comprehensive Income | 10,094 | 5,965 | 51,784 | 44,014 |
Retained Earnings [Member] | ||||
Net Income | 9,261 | 5,621 | 49,146 | 42,589 |
Net Income | $ 9,261 | $ 5,621 | $ 49,146 | $ 42,589 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Amortization of prior service cost, tax | $ (5) | $ (5) | $ (15) | $ (15) |
Net gain, tax | 28 | 10 | 83 | 95 |
Unrealized (loss)/gain on commodity contract cash flow hedges, tax | 282 | 152 | 935 | 496 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Interest Rate Swaps During Period, Tax | $ 10 | $ 0 | $ (4) | $ 0 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment | |||
Regulated Energy | $ 1,564,420 | $ 1,441,473 | |
Unregulated Energy | 278,897 | 265,209 | |
Other businesses and eliminations | 30,365 | 39,850 | |
Total property, plant and equipment | 1,873,682 | 1,746,532 | |
Less: Accumulated depreciation and amortization | (358,851) | (336,876) | |
Plus: Construction work in progress | 52,519 | 54,141 | |
Net property, plant and equipment | 1,567,350 | 1,463,797 | |
Current Assets | |||
Cash and cash equivalents | 3,056 | 6,985 | |
Trade and other receivables | 49,002 | 49,562 | |
Accounts Receivable, Allowance for Credit Loss, Current | (4,130) | (1,337) | |
Accounts Receivable, before Allowance for Credit Loss, Current | 53,132 | 50,899 | |
Accrued revenue | 11,545 | 20,846 | |
Propane inventory, at average cost | 4,099 | 5,824 | |
Other inventory, at average cost | 5,583 | 6,067 | |
Regulatory assets | 10,372 | 5,144 | |
Storage gas prepayments | 2,971 | 3,541 | |
Income taxes receivable | 15,156 | 20,050 | |
Prepaid expenses | 14,817 | 13,928 | |
Derivative assets, at fair value | 1,967 | 0 | |
Other current assets | 753 | 2,879 | |
Total current assets | 119,321 | 134,826 | |
Deferred Charges and Other Assets | |||
Goodwill | 36,930 | 32,668 | |
Other intangible assets, net | 7,215 | 8,129 | |
Investments, at fair value | 9,680 | 9,229 | |
Operating Lease, Right-of-Use Asset | 11,077 | 11,563 | |
Regulatory assets | 112,650 | 73,407 | |
Receivables and other deferred charges | 23,865 | 49,579 | |
Total deferred charges and other assets | 201,417 | 184,575 | |
Total Assets | 1,888,088 | 1,783,198 | |
Stockholders’ equity | |||
Preferred stock, par value $0.01 per share (authorized 2,000,000 shares), no shares issued and outstanding | 0 | 0 | |
Common stock, par value $0.4867 per share (authorized 50,000,000 shares) | 8,126 | 7,984 | |
Additional paid-in capital | 283,836 | 259,253 | |
Retained earnings | 328,357 | 300,607 | |
Accumulated other comprehensive loss | (3,629) | (6,267) | |
Deferred compensation obligation | 5,634 | 4,543 | |
Treasury stock | (5,634) | (4,543) | |
Total stockholders’ equity | [1] | 616,690 | 561,577 |
Long-term debt, net of current maturities | 519,971 | 440,168 | |
Total capitalization | 1,136,661 | 1,001,745 | |
Current Liabilities | |||
Less: current maturities | 15,600 | 45,600 | |
Short-term borrowing | 216,388 | 247,371 | |
Accounts payable | 46,492 | 54,068 | |
Customer deposits and refunds | 32,635 | 30,939 | |
Accrued interest | 5,231 | 2,554 | |
Dividends payable | 7,293 | 6,644 | |
Accrued compensation | 10,903 | 16,236 | |
Regulatory liabilities | 6,460 | 5,991 | |
Derivative liabilities, at fair value | 439 | 1,844 | |
Other accrued liabilities | 18,531 | 12,077 | |
Total current liabilities | 359,972 | 423,324 | |
Deferred Credits and Other Liabilities | |||
Deferred income taxes | 202,649 | 180,656 | |
Regulatory liabilities | 142,280 | 127,744 | |
Environmental liabilities | 4,447 | 6,468 | |
Other pension and benefit costs | 27,462 | 30,569 | |
Operating Lease, Liability, Noncurrent | 9,681 | 9,896 | |
Deferred investment tax credits and other liabilities | 4,936 | 2,796 | |
Total deferred credits and other liabilities | 391,455 | 358,129 | |
Environmental and other commitments and contingencies (Notes 5 and 6) | |||
Total Capitalization and Liabilities | $ 1,888,088 | $ 1,783,198 | |
[1] | 2,000,000 shares of preferred stock at $0.01 par value have been authorized. No shares have been issued or are outstanding; accordingly, no information has been included in the statements of stockholders’ equity. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Allowance for uncollectible accounts | $ 4,130 | $ 1,337 |
Common stock, par value (in dollars per share) | $ 0.4867 | $ 0.4867 |
Common stock, shares authorized (shares) | 50,000,000 | 50,000,000 |
Preferred Stock, Shares Authorized | 2,000,000 | 2,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Issued | 0 | 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Operating Activities | ||
Net Income | $ 49,146 | $ 42,589 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 42,793 | 34,049 |
Depreciation and accretion included in other costs | 7,062 | 6,380 |
Deferred income taxes | 22,184 | 8,789 |
Gain on sale of discontinued operations | (200) | 0 |
Realized gain on commodity contracts and sale of assets | (4,876) | (1,087) |
Unrealized gain on investments/commodity contracts | (432) | (1,025) |
Employee benefits and compensation | 32 | 1,163 |
Share-based compensation | 3,654 | 2,305 |
Changes in assets and liabilities: | ||
Accounts receivable and accrued revenue | 10,255 | 51,997 |
Propane inventory, storage gas and other inventory | 2,824 | 7,996 |
Regulatory assets/liabilities, net | (2,284) | (7,160) |
Prepaid expenses and other current assets | 1,135 | 13,959 |
Accounts payable and other accrued liabilities | (924) | (51,550) |
Income taxes (payable) receivable | (6,809) | 4,200 |
Customer deposits and refunds | 1,572 | (2,992) |
Accrued compensation | (5,506) | (3,747) |
Other assets and liabilities, net | (3,746) | (1,927) |
Net cash provided by operating activities | 115,880 | 103,939 |
Investing Activities | ||
Property, plant and equipment expenditures | (123,421) | (139,315) |
Proceeds from sale of assets | 4,320 | 327 |
Acquisitions, net of cash acquired | (15,629) | 0 |
Proceeds from the sale of discontinued operations | 200 | 0 |
Environmental expenditures | 2,021 | 925 |
Net cash used in investing activities | (136,551) | (139,913) |
Financing Activities | ||
Common stock dividends | (20,044) | (18,235) |
Issuance (repurchase) of stock under equity issuance plans, net of offering fees | 19,731 | (536) |
Tax withholding payments related to net settled stock compensation | (977) | (692) |
Change in cash overdrafts due to outstanding checks | (2,310) | (2,406) |
Net repayments under line of credit agreements | (29,385) | (67,308) |
Proceeds from issuance of long-term debt, net of offering fees | 89,827 | 129,817 |
Repayment of long-term debt and capital lease obligation | (40,100) | (6,435) |
Net cash provided by financing activities | 16,742 | 34,205 |
Net Decrease in Cash and Cash Equivalents | (3,929) | (1,769) |
Cash and Cash Equivalents—Beginning of Period | 6,985 | 6,089 |
Cash and Cash Equivalents—End of Period | $ 3,056 | $ 4,320 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Deferred Compensation [Member] | Treasury Stock [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Shares Held In Trust For Deferred Compensation Plan | 97,053 | ||||||||||
Common Stock, Dividends, Per Share, Declared | $ 1.18 | ||||||||||
Beginning Balances (shares) at Dec. 31, 2018 | [1],[2] | 16,378,545 | |||||||||
Beginning Balances at Dec. 31, 2018 | $ 518,439 | $ 7,971 | [1] | $ 255,651 | $ 261,530 | $ (6,713) | $ 3,854 | $ (3,854) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net Income | 42,589 | 42,589 | |||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 0 | 115 | (115) | ||||||||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | (115) | ||||||||||
Other comprehensive income (loss) | 1,425 | 1,425 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 1,425 | ||||||||||
Dividend declared | (19,540) | (19,540) | |||||||||
Retirement savings plan and dividend reinvestment plan (shares) | 0 | ||||||||||
Dividend reinvestment plan | (3) | $ 0 | (3) | ||||||||
Share-based compensation (shares) | 25,231 | ||||||||||
Share-based compensation and tax benefit | 1,801 | [3],[4] | $ 13 | 1,788 | [3],[4] | ||||||
Treasury stock activities | 0 | 651 | (651) | ||||||||
Ending Balances (shares) at Sep. 30, 2019 | [1],[2] | 16,403,776 | |||||||||
Ending Balances at Sep. 30, 2019 | $ 544,711 | [1] | $ 7,984 | [1] | 257,436 | 284,694 | (5,403) | 4,505 | (4,505) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 7,635 | ||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.4050 | ||||||||||
Beginning Balances (shares) at Jun. 30, 2019 | [1],[2] | 16,403,776 | |||||||||
Beginning Balances at Jun. 30, 2019 | $ 544,384 | [1] | $ 7,984 | [1] | 256,385 | 285,762 | (5,747) | 4,694 | (4,694) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net Income | 5,621 | 5,621 | |||||||||
Other comprehensive income (loss) | 344 | 344 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 344 | ||||||||||
Dividend declared | (6,689) | (6,689) | |||||||||
Dividend reinvestment plan | (1) | (1) | |||||||||
Share-based compensation (shares) | [3],[4] | 0 | |||||||||
Share-based compensation and tax benefit | 1,052 | [3],[4] | $ 0 | [3],[4] | 1,052 | ||||||
Treasury stock activities | (189) | 189 | |||||||||
Ending Balances (shares) at Sep. 30, 2019 | [1],[2] | 16,403,776 | |||||||||
Ending Balances at Sep. 30, 2019 | $ 544,711 | [1] | $ 7,984 | [1] | 257,436 | 284,694 | (5,403) | 4,505 | (4,505) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Shares Held In Trust For Deferred Compensation Plan | 94,923 | ||||||||||
Preferred Stock, Shares Authorized | 2,000,000 | ||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | ||||||||||
Shares Held In Trust For Deferred Compensation Plan | 95,329 | ||||||||||
Common Stock, Dividends, Per Share, Declared | $ 1.285 | ||||||||||
Beginning Balances (shares) at Dec. 31, 2019 | [1] | 16,403,776 | |||||||||
Beginning Balances at Dec. 31, 2019 | $ 561,577 | [1] | $ 7,984 | [1] | 259,253 | 300,607 | (6,267) | 4,543 | (4,543) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net Income | 49,146 | 49,146 | |||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (30) | ||||||||||
Other comprehensive income (loss) | 2,638 | 2,638 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 2,638 | ||||||||||
Dividend declared | (21,366) | (21,366) | |||||||||
Retirement savings plan and dividend reinvestment plan (shares) | 258,260 | ||||||||||
Dividend reinvestment plan | 21,819 | $ 126 | 21,693 | ||||||||
Share-based compensation (shares) | 34,456 | ||||||||||
Share-based compensation and tax benefit | [3],[4] | 2,906 | $ 16 | 2,890 | |||||||
Treasury stock activities | 0 | 1,091 | (1,091) | ||||||||
Ending Balances (shares) at Sep. 30, 2020 | [1] | 16,696,492 | |||||||||
Ending Balances at Sep. 30, 2020 | $ 616,690 | [1] | $ 8,126 | [1] | 283,836 | 328,357 | (3,629) | 5,634 | (5,634) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 10,319 | ||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.4400 | ||||||||||
Beginning Balances (shares) at Jun. 30, 2020 | [1] | 16,463,808 | |||||||||
Beginning Balances at Jun. 30, 2020 | $ 593,277 | [1] | $ 8,013 | [1] | 263,272 | 326,454 | (4,462) | 5,659 | (5,659) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net Income | 9,261 | 9,261 | |||||||||
Other comprehensive income (loss) | 833 | 833 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 833 | ||||||||||
Dividend declared | (7,358) | (7,358) | |||||||||
Retirement savings plan and dividend reinvestment plan (shares) | 232,684 | ||||||||||
Dividend reinvestment plan | 19,533 | $ 113 | 19,420 | ||||||||
Share-based compensation (shares) | |||||||||||
Share-based compensation and tax benefit | 1,144 | [3],[4] | 1,144 | [3],[4] | |||||||
Treasury stock activities | 0 | (25) | 25 | ||||||||
Ending Balances (shares) at Sep. 30, 2020 | [1] | 16,696,492 | |||||||||
Ending Balances at Sep. 30, 2020 | $ 616,690 | [1] | $ 8,126 | [1] | $ 283,836 | $ 328,357 | $ (3,629) | $ 5,634 | $ (5,634) | ||
Preferred Stock, Shares Authorized | 2,000,000 | ||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Shares Held In Trust For Deferred Compensation Plan | 104,119 | ||||||||||
[1] | 2,000,000 shares of preferred stock at $0.01 par value have been authorized. No shares have been issued or are outstanding; accordingly, no information has been included in the statements of stockholders’ equity. | ||||||||||
[2] | Includes 104,119 shares at September 30, 2020, 95,329 shares at December 31, 2019, 94,923 shares at September 30, 2019 and 97,053 shares at December 31, 2018, respectively, held in a Rabbi Trust related to our Non-Qualified Deferred Compensation Plan. | ||||||||||
[3] | Includes amounts for shares issued for directors’ compensation. | ||||||||||
[4] | The shares issued under the SICP are net of shares withheld for employee taxes. For the nine months ended September 30, 2020 and 2019, we withheld 10,319 and 7,635 shares, respectively, for employee taxes. (5) Includes the Retirement Savings Plan, DRIP and ATM equity issuances. |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) (Unaudited) - $ / shares | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||||||||
Dividend declared (in dollars per share) | $ 0.4400 | $ 0.4400 | $ 0.4050 | $ 0.4050 | $ 0.4050 | $ 0.3700 | $ 1.285 | $ 1.18 | ||
Deferred compensation plan held Rabbi Trust (shares) | 104,119 | 94,923 | 104,119 | 94,923 | 95,329 | 97,053 | ||||
Preferred Stock, Shares Authorized | 2,000,000 | 2,000,000 | 2,000,000 | |||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | |||||||
Shares issued under the performance incentive plan withheld for employee taxes (shares) | 10,319 | 7,635 |
Summary of Accounting Policies
Summary of Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Accounting Policies | Summary of Accounting Policies Basis of Presentation References in this document to the “Company,” “Chesapeake Utilities,” “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, 2019. In the opinion of management, these financial statements reflect all adjustments that are necessary for a fair presentation of our results of operations, financial position and cash flows for the interim periods presented. Where necessary to improve comparability, prior period amounts have been changed to conform to current period presentation. 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. Beginning in the third quarter of 2019, our management began executing a strategy to sell the operating assets of PESCO. In the fourth quarter of 2019, we closed on four separate transactions to sell PESCO's assets and contracts. As a result of these sales, we have fully exited the natural gas marketing business, which provided natural gas management and supply services to commercial and industrial customers in Florida, Delaware, Maryland, Pennsylvania, Ohio and other states. Accordingly, PESCO’s historical financial results are reflected in our condensed consolidated financial statements as discontinued operations, which required retrospective application to financial information for all periods presented. Refer to Note 3, Acquisitions and Divestitures, for further information Effects of COVID-19 On March 13, 2020, the CDC declared a national emergency due to the rapidly growing outbreak of COVID-19. In response to this declaration and the rapid spread of COVID-19 within the United States, federal, state and local governments throughout the country imposed varying degrees of restrictions on social and commercial activity to promote social distancing in an effort to slow the spread of the illness. These restrictions have continued to significantly impact economic conditions in the United States. We are considered an “essential business,” which allows us to continue our operational activities and construction projects while the social distancing restrictions remain in place. In response to the COVID-19 pandemic and related restrictions, we implemented our pandemic response plan, which includes having all employees who can work remotely do so in order to promote social distancing and providing personal protective equipment to field employees to reduce the spread of COVID-19. Impacts from the restrictions imposed in our service territories and the implementation of our pandemic response plan, included reduced consumption of energy largely in the commercial and industrial sectors, higher bad debt expenses and incremental expenses associated with COVID-19, including personal protective equipment and premium pay for field personnel. The additional operating expenses we incurred support the ongoing delivery of our essential services during these unprecedented times. As the COVID-19 pandemic is still ongoing, we are continuing to assess recoverability and to date, have not established regulatory assets associated with the incremental net expense impacts, as currently authorized by the Delaware, Maryland and Florida PSCs. We are committed to communicating timely updates and will continue to monitor developments affecting our employees, customers, suppliers, and stockholders and take additional precautions as warranted to operate safely and to comply with the CDC, Occupational Safety and Health Administration, state and local requirements in order to protect our employees, customers and the communities we serve, and update and communicate the ongoing financial impact on our results once determined. Refer to Note 5, Rates and Other Regulatory Activities, for further information on the potential deferral of incremental expenses associated with COVID-19. FASB Statements and Other Authoritative Pronouncements Recently Adopted Accounting Standards Financial Instruments - Credit Losses (ASC 326) - In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments , which changes how entities account for credit losses for most financial assets and certain other instruments, and subsequent guidance which served to clarify or amend the original standard. ASU 2016-13 and the related amendments require entities to estimate lifetime expected credit losses for trade receivables and to provide additional disclosure related to credit losses. We adopted ASU 2016-13 on January 1, 2020 and recorded an immaterial cumulative effect in retained earnings as of that date. As a result, prior period financial information has not been recast and continues to be reported under the accounting guidance that was effective during those periods. Our estimate for expected credit losses has been developed by analyzing our portfolio of financial assets that present potential credit exposure risk. These assets consist solely of our trade receivables from customers and contract assets. The estimate is based on five years of historical collections experience, a review of current economic and operating conditions in our service territories, and an examination of economic indicators which provide a reasonable and supportable basis of potential future activity. Those indicators include metrics which we believe provide insight into the future collectability of our trade receivables such as unemployment rates and economic growth statistics in our service territories. When determining estimated credit losses, we analyzed the balance of our trade receivables based on the underlying service line they pertain to. This resulted in an examination of trade receivables from our energy distribution, energy transmission, energy delivery services and propane operations service lines. Our energy distribution service line consists of all our regulated distribution utility operations on the Delmarva Peninsula and throughout Florida. These business units have the ability to recover their costs through the rate making process, which can include consideration for amounts historically written off as a component of their rate base. Therefore, they possess a mechanism to recover credit losses which we believe reduces their exposure to credit risk. Our energy transmission and energy delivery services business units consist of our natural gas pipelines and our mobile compressed natural gas ("CNG") delivery operations. The majority of the customer base these business units serve are regulated distribution utilities who also have the ability to recover their costs. We believe this cost recovery mechanism significantly reduces the amount of credit risk they present. Our propane operations are unregulated and do not have the same ability to recover their costs as our regulated operations. However, historically our propane operations have not had material write offs relative to the amounts of revenues earned. Our estimate of expected credit losses reflects our anticipated losses associated with our trade receivables as a result of non-payment from our customers beginning the day the trade receivable is established. We believe the risk of loss associated with trade receivables classified as current presents the least amount of credit exposure risk and therefore, we assign a lower estimate to our current trade receivables. As our trade receivables age outside of their expected due date, our estimate increases. Our allowance for credit losses relative to the balance of our trade receivables has historically been immaterial as a result of on time payment activity from our customers. During the first quarter of 2020, COVID-19 began to rapidly spread within the United States. Federal, state and local governments throughout the country imposed restrictions to promote social distancing to slow the spread of the virus, which has also had the effect of limiting commercial activity. These measures have resulted in significant job losses and a slowing of economic activity across the United States and in the areas that we serve. We have been identified as an “essential business,” which allowed us to continue operational activity and construction projects with social distancing restrictions in place. We have considered the impact of COVID-19 for the nine months ended September 30, 2020, monitored developments that impact our customers’ ability to pay and have revised our estimates of expected credit losses. Our prior estimates for expected credit losses had not included an evaluation of current conditions or forward-looking economic indicators as we were not required to consider those factors under the previous incurred loss accounting guidance. The below table provides a reconciliation of our allowance for credit losses at September 30, 2020: (in thousands) Balance at December 31, 2019 $ 1,337 Additions: Provision for credit losses 2,810 Recoveries 577 Deductions: Write offs (594) Balance at September 30, 2020 $ 4,130 Fair Value Measurement (ASC 820) - In August 2018, the FASB issued ASU 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement , which removes, modifies and adds certain disclosure requirements on fair value measurements in ASC 820. We adopted ASU 2018-13 beginning January 1, 2020 and, since the changes only impacted disclosures, its adoption did not have a material impact on our financial position or results of operations. Intangibles - Goodwill (ASC 350) - In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment |
Calculation of Earnings Per Sha
Calculation of Earnings Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Calculation of Earnings Per Share | Calculation of Earnings Per Share Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (in thousands, except shares and per share data) Calculation of Basic Earnings Per Share: Income from Continuing Operations $ 9,280 $ 6,251 $ 48,981 $ 43,977 Income (Loss) from Discontinued Operations (19) (630) 165 (1,388) Net Income $ 9,261 $ 5,621 $ 49,146 $ 42,589 Weighted average shares outstanding 16,533,748 16,403,776 16,466,106 16,396,646 Basic Earnings Per Share from Continuing Operations $ 0.56 $ 0.38 $ 2.97 $ 2.68 Basic Earnings (Loss) Per Share from Discontinued Operations — (0.04) 0.01 (0.08) Basic Earnings Per Share $ 0.56 $ 0.34 $ 2.98 $ 2.60 Calculation of Diluted Earnings Per Share: Reconciliation of Denominator: Weighted shares outstanding—Basic 16,533,748 16,403,776 16,466,106 16,396,646 Effect of dilutive securities—Share-based compensation 59,094 50,091 57,094 47,585 Adjusted denominator—Diluted 16,592,842 16,453,867 16,523,200 16,444,231 Diluted Earnings Per Share from Continuing Operations $ 0.56 $ 0.38 $ 2.96 $ 2.67 Diluted Earnings (Loss) Per Share from Discontinued Operations — (0.04) 0.01 (0.08) Diluted Earnings Per Share $ 0.56 $ 0.34 $ 2.97 $ 2.59 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Notes) | 9 Months Ended |
Sep. 30, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Business Combination Disclosure [Text Block] | 3. Acquisitions and Divestitures Acquisition of Western Natural Gas Company In October 2020, Sharp acquired certain propane operating assets of Western Natural Gas Company, which provides propane distribution service throughout Jacksonville, Florida and the surrounding communities, for approximately $6.7 million, net of cash acquired. The acquisition will be accounted for as a business combination within our Unregulated Energy Segment beginning in the fourth quarter of 2020. There are multiple strategic benefits to this acquisition including it: (i) expands our propane territory serviced in Florida; (ii) includes an established customer base with opportunities for future growth; and (iii) provides opportunities to market additional services and pricing programs to these customers. Acquisition of Elkton Gas In July 2020, we closed on the acquisition of Elkton Gas, which provides natural gas distribution service to approximately 7,000 residential and commercial customers within a franchised area of Cecil County, Maryland for approximately, $15.6 million, net of cash acquired. Additionally, the purchase price included $0.6 million of working capital. Elkton Gas’ territory is contiguous to our franchised service territory in Cecil County, Maryland. Elkton Gas continues to operate out of its existing office with the same local personnel who are now also serving our existing franchised service territory in Cecil County. In connection with this acquisition, we recorded $15.9 million in property, plant and equipment, $0.6 million in accounts receivable, $2.6 million in other liabilities, $2.6 million in regulatory liabilities and $4.3 million in goodwill, all of which is deductible for income tax purposes. All of the assets and liabilities are recorded in the Regulated Energy segment. The amounts recorded in conjunction with the acquisition are preliminary, and subject to adjustment based on contractual provisions. The purchase price allocation will be finalized in the third quarter of 2021. For the three and nine months ended September 30, 2020, Elkton Gas generated operating revenue of $0.6 million and an operating loss of less than $0.1 million, respectively. The immaterial operating loss is reflective of less than a full quarter of results; in addition, the third quarter is typically the warmest quarter of the year. Acquisition of Boulden In December 2019, Sharp acquired certain propane operating assets of Boulden, which provides propane distribution service to approximately 5,200 customers in Delaware, Maryland and Pennsylvania, for approximately $24.6 million, net of cash acquired. Additionally, the purchase price included $0.2 million of working capital. We recorded contingent consideration of $0.6 million related to the seller's adherence to various provisions contained in the contract through the first anniversary of the transaction closing. We accounted for the purchase of the operating assets of Boulden as a business combination and integrated the business into our Sharp operation. There are multiple strategic benefits to this acquisition including it: (i) overlays with the Elkton Gas acquisition to establish an integrated energy delivery platform in Cecil County, Maryland; (ii) includes an established customer base with opportunities for future growth; (iii) enables operational synergies, including supply, for the northern Delmarva Peninsula; and (iv) provides opportunities to market additional services and pricing programs to these customers. In connection with this acquisition, we recorded $8.3 million in property, plant and equipment, $5.1 million in intangible assets associated with customer relationships and non-compete agreements and $11.2 million in goodwill, all of which is deductible for income tax purposes. The amounts recorded in conjunction with the acquisition are preliminary, and subject to adjustment based on contractual provisions and will be finalized in the fourth quarter of 2020. For the three months ended September 30, 2020, Boulden generated operating revenue of $0.4 million and an operating loss of $0.2 million, respectively. For the nine months ended September 30, 2020, Boulden generated operating revenue and income of $4.1 million and $1.2 million, respectively. The third quarter is typically the warmest quarter of the year, with the smallest amount of gallons being delivered during that quarter. Divestiture of PESCO During the fourth quarter of 2019, we sold PESCO's assets and contracts in four separate transactions and exited the natural gas marketing business. As a result of the sales agreements, we began to report PESCO as discontinued operations during the third quarter of 2019, excluded PESCO's performance from continuing operations for all periods presented and classified its assets and liabilities as held for sale where applicable. We received a total of $23.1 million in cash consideration from the buyers, inclusive of working capital of $8.0 million and recognized total pre-tax gain of $7.5 million ($5.4 million after tax) in connection with these transactions of which, $7.3 million of this gain was recognized in the fourth quarter of 2019. Operating revenues and costs of sales from the previous reporting periods, which were previously eliminated in consolidation, have been grossed up and are now reflected as a component of operating revenues and costs of sales for the three and nine months ended September 30, 2019. We recast these amounts because, upon completion of the sales transactions, we continued to provide and receive services from the buyers through the remainder of the contractual terms. |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Divestiture of PESCO During the fourth quarter of 2019, we sold PESCO's assets and contracts in four separate transactions and exited the natural gas marketing business. As a result of the sales agreements, we began to report PESCO as discontinued operations during the third quarter of 2019, excluded PESCO's performance from continuing operations for all periods presented and classified its assets and liabilities as held for sale where applicable. We received a total of $23.1 million in cash consideration from the buyers, inclusive of working capital of $8.0 million and recognized total pre-tax gain of $7.5 million ($5.4 million after tax) in connection with these transactions of which, $7.3 million of this gain was recognized in the fourth quarter of 2019. Operating revenues and costs of sales from the previous reporting periods, which were previously eliminated in consolidation, have been grossed up and are now reflected as a component of operating revenues and costs of sales for the three and nine months ended September 30, 2019. We recast these amounts because, upon completion of the sales transactions, we continued to provide and receive services from the buyers through the remainder of the contractual terms. A summary of discontinued operations presented in the condensed consolidated statements of income includes the following: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2020 2019 (1) 2020 2019 (1) Operating revenues (1) $ 3 $ 34,271 $ 26 $ 152,573 Cost of sales (1) (40) 33,763 (39) 149,464 Other operating expenses 75 1,360 272 4,819 Operating loss (32) (852) (207) (1,710) Interest and other expense 6 (74) (23) (242) Loss from Discontinued Operations before income taxes (26) (926) (230) (1,952) Gain on sale of Discontinued Operations — — 200 — Income tax benefit (7) (296) (195) (564) Gain (Loss) from Discontinued Operations, Net of Tax $ (19) $ (630) $ 165 $ (1,388) (1) Included in operating revenues and cost of sales for the three and nine months ended September 30, 2019, is $4.3 million and $19.1 million, respectively, representing amounts which had been previously eliminated in consolidation related to intercompany activity that continued with the buyers after the disposition of the assets of PESCO. Since the disposition of the assets and contracts of PESCO was completed in the fourth quarter of 2019, there were no assets or liabilities classified as held for sale at September 30, 2020 and December 31, 2019. We have elected not to separately disclose discontinued operations on the condensed consolidated statements of cash flows. The following table summarizes significant statements of cash flows data related to the discontinued operations of PESCO: Nine Months Ended September 30, 2019 In thousands Depreciation and amortization $ 437 Deferred income taxes $ 513 Realized gain on commodity contracts $ (623) |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue RecognitionWe recognize revenue when our performance obligations under contracts with customers have been satisfied, which generally occurs when our businesses have delivered or transported natural gas, electricity or propane to customers. We exclude sales taxes and other similar taxes from the transaction price. Typically, our customers pay for the goods and/or services we provide in the month following the satisfaction of our performance obligation. The revenues in the following tables exclude operating revenues from PESCO that are reflected as discontinued operations. The following table displays our revenue from continuing operations by major source based on product and service type for the three months ended September 30, 2020 and 2019: Three months ended September 30, 2020 Three Months Ended September 30, 2019 (in thousands) Regulated Energy Unregulated Energy Other and Eliminations Total Regulated Energy Unregulated Energy Other and Eliminations Total Energy distribution Delaware natural gas division $ 7,243 $ — $ — $ 7,243 $ 6,953 $ — $ — $ 6,953 Florida natural gas division 7,309 — — 7,309 6,710 — — 6,710 FPU electric distribution 29,051 — — 29,051 24,174 — — 24,174 FPU natural gas distribution 19,935 — — 19,935 17,908 — — 17,908 Maryland natural gas division 2,824 — — 2,824 2,634 — — 2,634 Sandpiper natural gas/propane operations 3,290 — — 3,290 3,673 — — 3,673 Elkton Gas 623 — — 623 — — — — Total energy distribution 70,275 — — 70,275 62,052 — — 62,052 Energy transmission Aspire Energy — 3,449 — 3,449 — 4,247 — 4,247 Eastern Shore 18,389 — — 18,389 17,573 — — 17,573 Peninsula Pipeline 6,433 — — 6,433 4,442 — — 4,442 Total energy transmission 24,822 3,449 — 28,271 22,015 4,247 — 26,262 Energy generation Eight Flags — 3,882 — 3,882 — 4,027 — 4,027 Propane operations Propane delivery operations — 13,710 — 13,710 — 14,200 — 14,200 Energy delivery services Marlin Gas Services — 1,708 — 1,708 — 1,059 — 1,059 Other and eliminations Eliminations (12,335) (35) (4,188) (16,558) (9,487) (1,253) (4,367) (15,107) Other — — 131 131 — — 133 133 Total other and eliminations (12,335) (35) (4,057) (16,427) (9,487) (1,253) (4,234) (14,974) Total operating revenues (1) $ 82,762 $ 22,714 $ (4,057) $ 101,419 $ 74,580 $ 22,280 $ (4,234) $ 92,626 (1) Total operating revenues for the three months ended September 30, 2020, include other revenue (revenues from sources other than contracts with customers) of $0.2 million and $0.05 million for our Regulated and Unregulated Energy segments, respectively, and $0.1 million and $0.1 million for our Regulated and Unregulated Energy segments, respectively, for the three months ended September 30, 2019. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for the Maryland division and Sandpiper and late fees. The following table displays our revenue from continuing operations by major source based on product and service type for the nine months ended September 30, 2020 and 2019: Nine months ended September 30, 2020 Nine months ended September 30, 2019 (in thousands) Regulated Energy Unregulated Energy Other and Eliminations Total Regulated Energy Unregulated Energy Other and Eliminations Total Energy distribution Delaware natural gas division $ 45,568 $ — $ — $ 45,568 $ 42,758 $ — $ — $ 42,758 Florida natural gas division 23,018 — — 23,018 21,625 — — 21,625 FPU electric distribution 58,972 — — 58,972 59,016 — — 59,016 FPU natural gas distribution 64,877 — — 64,877 60,357 — — 60,357 Maryland natural gas division 15,941 — — 15,941 15,867 — — 15,867 Sandpiper natural gas/propane operations 12,440 — — 12,440 14,237 — — 14,237 Elkton Gas 623 — — 623 — — — — Total energy distribution 221,439 — — 221,439 213,860 — — 213,860 Energy transmission Aspire Energy — 17,784 — 17,784 — 23,139 — 23,139 Eastern Shore 55,944 — — 55,944 54,368 — — 54,368 Peninsula Pipeline 16,618 — — 16,618 11,573 — — 11,573 Total energy transmission 72,562 17,784 — 90,346 65,941 23,139 — 89,080 Energy generation Eight Flags — 11,898 — 11,898 — 12,405 — 12,405 Propane operations Propane delivery operations — 69,593 — 69,593 — 78,217 — 78,217 Energy delivery services Marlin Gas Services — 5,266 — 5,266 — 4,601 — 4,601 Other and eliminations Eliminations (34,766) (75) (12,937) (47,778) (28,200) (9,377) (13,351) (50,928) Other — — 396 396 — — 395 395 Total other and eliminations (34,766) (75) (12,541) (47,382) (28,200) (9,377) (12,956) (50,533) Total operating revenues (1) $ 259,235 $ 104,466 $ (12,541) $ 351,160 $ 251,601 $ 108,985 $ (12,956) $ 347,630 (1) Total operating revenues for the nine months ended September 30, 2020, include other revenue (revenues from sources other than contracts with customers) of $1.0 million and $0.2 million for our Regulated and Unregulated Energy segments, respectively, and $(0.1) million and $0.3 million for our Regulated and Unregulated Energy segments, respectively, for the nine months ended September 30, 2019. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for the Maryland division and Sandpiper and late fees. Contract balances The timing of revenue recognition, customer billings and cash collections results in trade receivables, unbilled receivables (contract assets), and customer advances (contract liabilities) in our condensed consolidated balance sheets. The balances of our trade receivables, contract assets, and contract liabilities as of September 30, 2020 and December 31, 2019 were as follows: Trade Receivables Contract Assets (Current) Contract Assets (Non-current) Contract Liabilities (Current) (in thousands) Balance at 12/31/2019 $ 47,430 $ 18 $ 3,465 $ 589 Balance at 9/30/2020 37,190 18 4,537 971 Increase (decrease) $ (10,240) $ — $ 1,072 $ 382 Our trade receivables are included in trade and other receivables in the condensed consolidated balance sheets. Our current contract assets are included in other current assets in the condensed consolidated balance sheet. Our non-current contract assets are included in other assets in the condensed consolidated balance sheet and primarily relate to operations and maintenance costs incurred by Eight Flags that have not yet been recovered through rates for the sale of electricity to our electric distribution operation pursuant to a long-term service agreement. At times, we receive advances or deposits from our customers before we satisfy our performance obligation, resulting in contract liabilities. Contract liabilities are included in other accrued liabilities in the condensed consolidated balance sheets and relate to non-refundable prepaid fixed fees for our Mid-Atlantic propane delivery operation's retail offerings. Our performance obligation is satisfied over the term of the respective retail offering plan on a ratable basis. For each of the three months ended September 30, 2020 and 2019, we recognized revenue of $0.2 million. For the nine months ended September 30, 2020 and 2019, we recognized revenue of $0.8 million and $0.7 million, respectively. Remaining performance obligations Our businesses have long-term fixed fee contracts with customers in which revenues are recognized when performance obligations are satisfied over the contract term. Revenue for these businesses for the remaining performance obligations, at September 30, 2020, are expected to be recognized as follows: (in thousands) 2020 2021 2022 2023 2024 2025 2026 and thereafter Eastern Shore and Peninsula Pipeline $ 9,115 $ 34,541 $ 27,047 $ 21,664 $ 19,587 $ 18,736 $ 174,774 Natural gas distribution operations 970 4,351 5,394 4,937 4,705 4,172 32,996 FPU electric distribution 141 566 566 566 566 275 825 Total revenue contracts with remaining performance obligations $ 10,226 $ 39,458 $ 33,007 $ 27,167 $ 24,858 $ 23,183 $ 208,595 |
Rates and Other Regulatory Acti
Rates and Other Regulatory Activities | 9 Months Ended |
Sep. 30, 2020 | |
Regulated Operations [Abstract] | |
Public Utilities Disclosure [Text Block] | 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 (excluding cost of service) by the Florida PSC. Delaware CGS: In August 2019, we filed with the Delaware PSC an application seeking an order that will establish the regulatory accounting treatment and valuation methodology for the acquisition of propane CGS owned by our affiliate, Sharp and the conversion of the CGS to natural gas service. We proposed to acquire each CGS one at a time and to pay replacement cost for each CGS system. In addition, we requested authorization to pay for and capitalize the CGS residents’ behind-the-meter conversion costs. Our existing natural gas customers will be protected against subsidizing the acquisitions and conversions of the CGS systems because we will complete only those systems that meet our economic test. The application was reviewed by the Delaware PSC, who approved and issued a final order in June 2020. Maryland Approval of the Elkton Gas Acquisition: In December 2019, we entered into an agreement with SJI to acquire its subsidiary, Elkton Gas, which provides natural gas distribution service to approximately 7,000 residential and commercial customers within a franchised area of Cecil County, Maryland. Elkton Gas territory is contiguous to our franchised service territory in Cecil County, Maryland. On June 29, 2020, the Maryland PSC issued a final order approving the settlement agreement, therefore, enabling the transaction to move forward. In July 2020, the transaction closed and we acquired Elkton Gas as our wholly-owned subsidiary. Application for Authority to Exercise a Franchise: In March 2020, we filed with the Maryland PSC an application seeking approval to exercise a franchise granted to us by the Board of County Commissioners of Somerset County, Maryland in December 2019. The application was approved in June 2020. Florida Hurricane Michael: In October 2018, Hurricane Michael passed through FPU's electric distribution operation's service territory in Northwest Florida and caused widespread and severe damage to FPU's infrastructure resulting in the loss of electric service to 100 percent of its customers in the Northwest Florida service territory. FPU, after exerting extraordinary hurricane restoration efforts, restored service to those customers who were able to accept it. FPU expended more than $65.0 million to restore service, which was recorded as new plant and equipment, charged against FPU’s accumulated depreciation or charged against FPU’s storm reserve. Additionally, amounts undergoing review by the Florida PSC for regulatory asset treatment were recorded as receivables and other deferred charges. In August 2019, FPU filed a limited proceeding requesting recovery of storm-related costs associated with Hurricane Michael (capital and expenses) through a change in base rates. FPU also requested treatment and recovery of certain storm-related costs as regulatory assets for items currently not allowed to be recovered through the storm reserve as well as the recovery of capital replaced as a result of the storm. Recovery of these costs includes a component of an overall return on capital additions and regulatory assets. In March 2020, we filed an update to our original filing to account for actual charges incurred through December 2019, revised the amortization period of the storm-related costs from 30 years as originally requested to 10 years, and included costs related to Hurricane Dorian of approximately $1.2 million in this filing. In late 2019, the Florida PSC approved an interim rate increase, subject to refund, effective January 1, 2020, associated with the restoration effort following Hurricane Michael. We fully reserved these interim rates, pending a final resolution and settlement of the limited proceeding. In September 2020, the Florida PSC approved a settlement agreement between FPU and the Office of the Public Counsel regarding final cost recovery and rates associated with Hurricane Michael. The settlement agreement allowed us to: (a) record regulatory assets for storm costs in the amount of $45.8 million including interest which will be amortized over six years; (b) recover these storm costs through a surcharge for a total of $7.7 million annually; and (c) collect an annual increase in revenue of $3.3 million to recover capital costs associated with new plant and a regulatory asset for cost of removal and undepreciated plant. The new base rates and storm surcharge were effective on November 1, 2020. Electric Depreciation Study: In September 2019, FPU filed a petition, with the Florida PSC, for approval of its consolidated electric depreciation rates. The petition was joined to the Hurricane Michael docket, and was approved at the Florida PSC Agenda in September 2020. The approved rates were retroactively applied effective January 1, 2020. West Palm Beach Expansion Project: In June 2019, Peninsula Pipeline filed with the Florida PSC for approval of its Transportation Service Agreement with FPU. Peninsula Pipeline will construct several new interconnection points and pipeline expansions in Palm Beach County, Florida, which will enable FPU to serve an industrial research park and several new residential developments. Peninsula Pipeline will provide transportation service to FPU, increasing reliability, system pressure as well as introducing diversity in fuel source for natural gas to serve the increased demand in these areas. The petition was approved by the Florida PSC at the August 6, 2019 Agenda. Interim services began in the fourth quarter of 2019. We expect to complete the remainder of the project in phases through the second quarter of 2021. Callahan Pipeline, Nassau County: In the second quarter of 2020, Peninsula Pipeline and Seacoast Gas Transmission completed construction of a jointly owned 26-mile, 16-inch steel pipeline that interconnects to the Cypress Pipeline interstate system in western Nassau County in order to serve growing demand in both Nassau and Duval counties, Florida. The Callahan pipeline terminates into the existing Peninsula Pipeline-Peoples Gas jointly owned pipeline, which serves Amelia Island and the Peoples Gas distribution system. The Callahan Pipeline has enhanced FPU’s ability to expand service into Nassau County and has enabled Peoples Gas to enhance its system pressure and the reliability of its service in Duval County. Eastern Shore Del-Mar Energy Pathway Project: In December 2019, the FERC issued an order approving the construction of the Del-Mar Energy Pathway project. The order, which was applied for in September 2018 by Eastern Shore, approved the construction and operation of new facilities that will provide an additional 14,300 Dts/d of firm service to four customers. Facilities to be constructed include six miles of pipeline looping in Delaware; 13 miles of new mainline extension in Sussex County, Delaware and Wicomico and Somerset Counties in Maryland; and new pressure control and delivery stations in these counties. The benefits of this project include: (i) additional natural gas transmission pipeline infrastructure in eastern Sussex County, Delaware, and (ii) extension of Eastern Shore’s pipeline system, for the first time, into Somerset County, Maryland. Construction on the project began in January 2020, and Eastern Shore anticipates that this project will be fully in-service by the beginning of the fourth quarter of 2021. Capital Cost Surcharge: In December 2019, the FERC approved Eastern Shore’s proposed capital cost surcharge to become effective January 1, 2020. The surcharge, an approved item in the settlement of Eastern Shore’s last general rate case, allows Eastern Shore to recover capital costs associated with mandated highway or railroad relocation projects that required the replacement of existing Eastern Shore facilities. Eastern Shore expects to recover $0.5 million in capital cost surcharges on an annual basis. As Eastern Shore continues to relocate its pipeline and incur capital expenditures, we will continue to utilize the surcharge to seek recovery of its costs. Renewable Natural Gas Tariff: In October 2019, Eastern Shore filed an application with the FERC to include renewable natural gas (biogas) utilization and standards in its tariff. Eastern Shore had proposed changes to its gas quality specifications that would enable it to accommodate renewable natural gas at various receipt points on its system. Changes to the gas quality specifications would ensure interchangeability of renewable natural gas with the natural gas currently delivered to Eastern Shore. The tariffs became effective in November 2019. Ohio Aspire Energy Express: In October 2020, the Public Utilities Commission of Ohio approved the request by Aspire Energy Express for authority to operate as an intrastate pipeline company in Ohio and also approved the submitted tariff. Aspire Energy Express will utilize the pipeline to provide natural gas transportation service in Ohio, including delivery to the Guernsey Power Station and other potential customers elsewhere in Ohio. Aspire Energy Express has entered into agreements with the Guernsey Power Station to construct the pipeline and provide natural gas transportation service to the facility pending approval of the application. Aspire Energy Express intends to own and operate the proposed intrastate pipeline facilities that will interconnect with the Rockies Express Pipeline and other potential points of receipt. The pipeline facilities that will be initially constructed are near the Guernsey Power Station. Aspire Energy Express will be subject to ongoing jurisdiction and supervision of the Public Utilities Commission of Ohio with respect to the gas pipeline safety standards and requirements. COVID-19 Impact We are monitoring the global outbreak of COVID-19 and taking steps to mitigate the potential risks posed by its spread. We provide an “essential service” to our customers, which means that it is paramount that we keep our employees who operate our business safe and informed. We have taken and are continuously monitoring and updating precautions and protocols to ensure the safety of our employees and customers. As an “essential business” we are allowed to continue operational activity and construction projects with appropriate safety precautions, personal protective equipment and social distancing restrictions in place. We have taken steps to assure our customers that disconnections for non-payment will be temporarily suspended. We are also working with our suppliers to understand the potential impacts to our supply chain; if material negative impacts are identified, we will work to mitigate them. This is a rapidly evolving situation, and could lead to extended disruption of economic activity in our markets. We will continue to monitor developments affecting our employees, customers, suppliers and shareholders, and will take additional precautions as warranted to comply with the CDC, state and local requirements and recommendations to protect our employees, customers and the communities we serve. As a result of these measures, we are incurring costs associated with crisis management and the pandemic response including restrictions put in place by the state PSCs on utility disconnects for non-payment, technology costs incurred to expand work from home capabilities, additional sanitation and cleaning costs and costs of acquiring personal protective equipment as well as other expenses. We are tracking and analyzing whether these costs qualify for cost recovery and could be classified as regulatory assets. In April 2020, the Maryland PSC issued an order that authorized utilities to establish a regulatory asset to record prudently incurred incremental costs related to COVID-19, beginning on March 16, 2020. The Maryland PSC found that the creation of a regulatory asset for COVID-19 related expenses will facilitate the recovery of those costs prudently incurred to serve customers during this period, and that the deferral of such costs is appropriate because the current catastrophic health emergency is outside the control of the utility and is a non-recurring event. In May 2020, the Delaware PSC issued an order that authorized Delaware utilities to establish a regulatory asset to record COVID-19 related incremental costs incurred to ensure customers have essential utility services, for the period beginning on March 24, 2020 and ending 30 days after the state of emergency ends. The creation of the regulatory asset for COVID-19 related costs offers utilities the ability to seek recovery of those costs. In October 2020, the Florida PSC approved a joint petition of our natural gas and electric distribution utilities in Florida to establish regulatory asset to record incremental expenses incurred due to COVID-19. This regulatory asset will allow us to seek recovery of these costs in our next base rate proceeding. As the COVID-19 pandemic is still ongoing, to date we have not established regulatory assets associated with the incremental expense impacts, as currently authorized by the Delaware, Maryland and Florida PSCs. Summary TCJA Table The following table summarizes the TCJA impact on our regulated businesses: Regulatory Liabilities related to Accumulated Deferred Income Taxes ("ADIT") Operation and Regulatory Jurisdiction Amount (in thousands) Status Status of Customer Rate impact related to lower federal corporate income tax rate Eastern Shore (FERC) $34,190 Will be addressed in Eastern Shore's next rate case filing. Implemented one-time bill credit (totaling $0.9 million) in April 2018. Customer rates were adjusted in April 2018. Delaware Division (Delaware PSC) $12,758 PSC approved amortization of ADIT in January 2019. Implemented one-time bill credit (totaling $1.5 million) in April 2019. Customer rates were adjusted in March 2019. Maryland Division (Maryland PSC) $4,000 PSC approved amortization of ADIT in May 2018. Implemented one-time bill credit (totaling $0.4 million) in July 2018. Customer rates were adjusted in May 2018. Sandpiper Energy (Maryland PSC) $3,726 PSC approved amortization of ADIT in May 2018. Implemented one-time bill credit (totaling $0.6 million) in July 2018. Customer rates were adjusted in May 2018. Chesapeake Florida Gas Division/Central Florida Gas (Florida PSC) $8,214 PSC issued order authorizing amortization and retention of net ADIT liability by the Company in February 2019. Florida PSC's final order was issued in February 2019. Excluding GRIP, tax savings arising from the TCJA rate reduction will be retained by the Company. FPU Natural Gas (excludes Fort Meade and Indiantown) (Florida PSC) $19,192 Same treatment on a net basis as Chesapeake Florida Gas Division (above). Same treatment on a net basis as Chesapeake Florida Gas Division (above). FPU Fort Meade and Indiantown Divisions $309 Same treatment on a net basis as Chesapeake Florida Gas Division (above). Tax rate reduction: The impact was immaterial for the divisions. FPU Electric (Florida PSC) $6,758 In January 2019, PSC issued order approving amortization of ADIT through purchased power cost recovery, storm reserve and rates. TCJA benefit is provided to customers through a combination of reductions to the fuel cost recovery rate, base rates, as well as application to the storm reserve over the next several years. Elkton Gas (Maryland PSC) $1,124 PSC approved amortization of ADIT in March 2018. Implemented one-time bill credit (totaling less than $0.1 million) in May 2020. Customer rates were adjusted in April 2020. |
Environmental Commitments and C
Environmental Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
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. MGP Sites We have participated in the investigation, assessment or remediation of, and have exposures at, seven former MGP sites. We have received approval for recovery of clean-up costs in rates for sites located in Salisbury, Maryland; Seaford, Delaware; and Winter Haven, Key West, Pensacola, Sanford and West Palm Beach, Florida. As of September 30, 2020 and December 31, 2019, we had approximately $6.2 million and $8.0 million, respectively, in environmental liabilities related to FPU’s MGP sites in Key West, Pensacola, Sanford and West Palm Beach. FPU has approval to recover, from insurance and through customer rates, up to $14.0 million of its environmental costs related to its MGP sites. As of September 30, 2020 and December 31, 2019, we had recovered approximately $12.3 million and $11.9 million, respectively, leaving approximately $1.7 million and $2.1 million, respectively, in regulatory assets for future recovery of environmental costs from FPU’s customers. Environmental liabilities for 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, including any potential future remediation costs for which we do not currently have approval for regulatory recovery, will be recoverable from customers through rates. The following is a summary of our remediation status and estimated costs to implement clean-up of our key MGP sites: MGP Site (Jurisdiction) Status Estimated Clean Up Costs West Palm Beach (Florida) Remedial actions approved by the Florida Department of Environmental Protection have been implemented on the east parcel of the site. Similar remedial actions have been initiated on the site's west parcel, and construction of active remedial systems are expected be completed in 2021. Between $3.3 million to $14.2 million, including costs associated with the relocation of FPU’s operations at this site, and any potential costs associated with future redevelopment of the properties. Sanford (Florida) In March 2018, the United States Environmental Protection Agency ("EPA") approved a "site-wide ready for anticipated use" status, which is the final step before delisting a site. Construction has been completed and restrictive covenants are in place to ensure protection of human health. The only remaining activity is long-term groundwater monitoring. FPU's remaining remediation expenses, including attorneys' fees and costs, are anticipated to be immaterial. Winter Haven (Florida) Remediation is ongoing. Not expected to exceed $0.4 million. Seaford (Delaware) Conducted investigations of on-site and off-site impacts in the vicinity of the site, from 2014 through 2018, and submitted the findings to Delaware Department of Natural Resources and Environmental Control ("DNREC") in a March 2019 report. An interim action involving air-sparging/vapor extraction is being implemented, in accordance with the DNREC-approved Work Plan. Between $0.2 million and $0.5 million. |
Other Commitments and Contingen
Other Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments and Contingencies | Other Commitments and Contingencies Natural Gas and Electric In March 2020, our Delmarva Peninsula natural gas distribution operations entered into asset management agreements with a third party to manage their natural gas transportation and storage capacity. The agreements were effective as of April 1, 2020 and expire on March 31, 2023. Previously, our Delmarva Peninsula natural gas distribution operations had asset management agreements with PESCO to manage their natural gas transportation and storage capacity. See Note 3, Acquisitions and Divestitures, for additional details regarding the sale of PESCO's assets and contracts. In May 2019, FPU natural gas distribution operations and Eight Flags entered into separate asset management agreements with Emera Energy Services, Inc. to manage their natural gas transportation capacity. The parties also entered into long-term agreements for a 10-year term that commenced in July 2020. Chesapeake Utilities' Florida Division has firm transportation service contracts with Florida Gas Transmission Company ("FGT") and Gulfstream Natural Gas System, LLC ("Gulfstream"). Pursuant to a capacity release program approved by the Florida PSC, all of the capacity under these agreements has been released to various third parties. Under the terms of these capacity release agreements, Chesapeake Utilities is contingently liable to FGT and Gulfstream should any party, that acquired the capacity through release, fail to pay the capacity charge. To date, Chesapeake Utilities has not been required to make a payment resulting from this contingency. FPU’s electric supply contracts require FPU to maintain an acceptable standard of creditworthiness based on specific financial ratios. FPU’s agreement with Florida Power & Light Company requires FPU to meet or exceed a debt service coverage ratio of 1.25 times based on the results of the prior 12 months. If FPU fails to meet this ratio, it must provide an irrevocable letter of credit or pay all amounts outstanding under the agreement within five business days. FPU’s electric 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 two 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 also result in FPU having to provide an irrevocable letter of credit. As of September 30, 2020, FPU was in compliance with all of the requirements of its fuel supply contracts. Eight Flags provides electricity and steam generation services through its CHP plant located on Amelia Island, Florida. In June 2016, Eight Flags began selling power generated from the CHP plant to FPU pursuant to a 20-year power purchase agreement for distribution to our electric customers. In July 2016, Eight Flags also started selling steam, pursuant to a separate 20-year contract, to the landowner on which the CHP plant is located. The CHP plant is powered by natural gas transported by FPU through its distribution system and Peninsula Pipeline through its intrastate pipeline. 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 subsidiaries' obligations. The maximum authorized liability under such guarantees and letters of credit as of September 30, 2020 was $20.0 million. The aggregate amount guaranteed at September 30, 2020 was approximately $7.9 million with the guarantees expiring on various dates through September 24, 2021. The amounts related to PESCO were immaterial and were fully terminated in October 2020. See Note 3, Acquisitions and Divestitures , for additional details on the sale of assets and contracts for PESCO. Chesapeake Utilities also guarantees the payment of FPU’s first mortgage bonds. The maximum exposure under this 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 15 , Long-Term Debt , for further details. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2020 | |
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 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. Our operations are entirely domestic and are comprised of two reportable segments: • Regulated Energy . Includes energy distribution and transmission services (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. Includes energy transmission, energy generation (the operations of our Eight Flags' CHP plant), propane operations, and the new mobile compressed natural gas distribution and pipeline solutions subsidiary. 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. These operations are unregulated as to their rates and services. Effective in the third quarter of 2019, the natural gas marketing and related services subsidiary (PESCO), previously reported in the Unregulated Energy segment, was reflected in discontinued operations. See Note 3, Acquisitions and Divestitures for additional details of the sale of PESCO. The remainder of our operations are presented as “Other businesses and eliminations,” which consists of unregulated subsidiaries that own real estate leased to Chesapeake Utilities, as well as certain corporate costs not allocated to other operations. The following table presents financial information about our reportable segments: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (in thousands) Operating Revenues, Unaffiliated Customers Regulated Energy $ 82,297 $ 74,027 $ 257,810 $ 249,978 Unregulated Energy 19,122 18,599 93,350 97,652 Total operating revenues, unaffiliated customers $ 101,419 $ 92,626 $ 351,160 $ 347,630 Intersegment Revenues (1) Regulated Energy $ 465 $ 553 $ 1,425 $ 1,623 Unregulated Energy 3,592 3,681 11,116 11,333 Other businesses 131 133 396 395 Total intersegment revenues $ 4,188 $ 4,367 $ 12,937 $ 13,351 Operating Income Regulated Energy $ 20,482 $ 17,540 $ 66,376 $ 65,310 Unregulated Energy (3,092) (3,169) 11,050 11,317 Other businesses and eliminations 16 (14) 92 18 Operating income 17,406 14,357 77,518 76,645 Other income (expense), net (40) (351) 2,997 (731) Interest charges 4,584 5,403 15,452 16,583 Income from Continuing Operations before Income Taxes 12,782 8,603 65,063 59,331 Income Taxes on Continuing Operations 3,502 2,352 16,082 15,354 Income from Continuing Operations 9,280 6,251 48,981 43,977 Income (loss) from Discontinued Operations, Net of Tax (19) (630) 165 (1,388) Net Income $ 9,261 $ 5,621 $ 49,146 $ 42,589 (1) All significant intersegment revenues are billed at market rates and have been eliminated from consolidated operating revenues. (in thousands) September 30, 2020 December 31, 2019 Identifiable Assets Regulated Energy segment $ 1,530,689 $ 1,434,066 Unregulated Energy segment 305,536 296,810 Other businesses and eliminations 51,863 52,322 Total identifiable assets $ 1,888,088 $ 1,783,198 |
Stockholder's Equity - Accumula
Stockholder's Equity - Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Stockholders' Equity Common Stock Issuances On June 30, 2020, we filed a shelf registration statement with the SEC to facilitate the issuance of our common stock from time to time. On August 17, 2020, we filed a prospectus supplement under the shelf registration statement for an ATM equity program under which we may issue and sell shares of our common stock up to an aggregate offering price of $75.0 million. In September 2020, we issued 0.1 million shares of common stock at price per share of $83.21 and received net proceeds of approximately $10.2 million, after deducting commissions and other fees of $0.4 million. In October 2020, we issued an additional 0.6 million shares at price per share of $82.88 and received approximately $50.8 million in net proceeds, after deducting commissions and other fees of $1.1 million. We maintain an effective shelf registration statement with the SEC for the issuance of shares under our DRIP. Depending on our capital needs and subject to market conditions, in addition to other possible debt and equity offerings, we may consider issuing additional shares under the direct stock purchase component of the DRIP. In the third quarter of 2020, we issued 0.1 million shares at price per share of $84.90 and received net proceeds of $9.0 million under the DRIP. In October 2020, we issued an additional 0.1 million shares at price per share of $86.99 and received approximately $13.0 million in net proceeds. We intend to use the net proceeds from the ATM equity program and the DRIP, after deducting the commissions or other fees and related offering expenses payable by us, for general corporate purposes, including, but not limited to, financing of capital expenditures, repayment of short-term debt, financing acquisitions, investing in subsidiaries, and general working capital purposes. Accumulated Other Comprehensive Loss Defined benefit pension and postretirement plan items, unrealized gains (losses) of our propane swap agreements and natural gas swaps and futures contracts, designated as commodity contracts cash flow hedges, and the unrealized gains (losses) of our interest rate swap agreements designated as cash flow hedges are the components of our accumulated other comprehensive loss. The following tables present the changes in the balance of accumulated other comprehensive (loss)/income as of September 30, 2020 and 2019. All amounts except the stranded tax reclassification are presented net of tax. Defined Benefit Commodity Interest Rate Pension and Contracts Swap Postretirement Cash Flow Cash Flow Plan Items Hedges Hedges Total (in thousands) As of December 31, 2019 $ (4,933) $ (1,334) $ — $ (6,267) Other comprehensive income before reclassifications — 3,594 23 3,617 Amounts reclassified from accumulated other comprehensive income (loss) 198 (1,144) (33) (979) Net current-period other comprehensive income 198 2,450 (10) 2,638 As of September 30, 2020 $ (4,735) $ 1,116 $ (10) $ (3,629) (in thousands) As of December 31, 2018 $ (5,928) $ (785) $ — $ (6,713) Other comprehensive income (loss) before reclassifications (80) 1,780 — 1,700 Amounts reclassified from accumulated other comprehensive income/(loss) 312 (587) — (275) Net prior-period other comprehensive income 232 1,193 — 1,425 Prior-year reclassification — (115) — (115) As of September 30, 2019 $ (5,696) $ 293 $ — $ (5,403) The following table presents amounts reclassified out of accumulated other comprehensive loss for the three and nine months ended September 30, 2020 and 2019. Deferred gains or losses for our commodity contracts and interest rate swap cash flow hedges are recognized in earnings upon settlement. Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (in thousands) Amortization of defined benefit pension and postretirement plan items: Prior service credit (1) $ 19 $ 19 $ 57 $ 58 Net loss (1) (108) (44) (323) (370) Total before income taxes (89) (25) (266) (312) Income tax benefit 23 5 68 80 Net of tax (66) (20) (198) (232) Gains and losses on commodity contracts cash flow hedges: Propane swap agreements (2) 116 290 1,581 1,148 Natural gas swaps (2)(3) — (4) — 7 Natural gas futures (2)(3) — 348 — (350) Total before income taxes 116 634 1,581 805 Income tax expense (32) (179) (437) (218) Net of tax 84 455 1,144 587 Gains on interest rate swap cash flow hedges: Interest rate swap agreements 34 — 45 — Total before income taxes 34 — 45 — Income tax expense (9) — (12) — Net of tax 25 — 33 — Total reclassifications for the period $ 43 $ 435 $ 979 $ 355 (1) These amounts are included in the computation of net periodic costs (benefits). See Note 10 , Employee Benefit Plans , for additional details. (2) These amounts are included in the effects of gains and losses from derivative instruments. See Note 13, Derivative Instruments , for additional details. (3) PESCO's results are reflected as discontinued operations in our condensed consolidated statements of income. Amortization of defined benefit pension and postretirement plan items is included in other expense, net gains and losses on propane swap agreements, natural gas swaps, and natural gas futures contracts are included in cost of sales, the realized gain or loss on interest rate swap agreements is recognized as a component of interest charges 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, 2020 | |
Retirement Benefits [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, 2020 and 2019 are set forth in the following tables: Chesapeake FPU Chesapeake SERP Chesapeake FPU For the Three Months Ended September 30, 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 (in thousands) Interest cost $ 46 $ 104 $ 518 $ 614 $ 16 $ 16 $ 8 $ 10 $ 10 $ 12 Expected return on plan assets (42) (127) (745) (693) — — — — — — Amortization of prior service credit — — — — — — (19) (19) — — Amortization of net loss 65 101 135 128 5 17 12 11 — — Net periodic cost (benefit) 69 78 (92) 49 21 33 1 2 10 12 Settlement expense — — — — — 58 — — — — Amortization of pre-merger regulatory asset — — — 162 — — — — 2 2 Total periodic cost $ 69 $ 78 $ (92) $ 211 $ 21 $ 91 $ 1 $ 2 $ 12 $ 14 Chesapeake FPU Chesapeake SERP Chesapeake FPU For the Nine Months Ended September 30, 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 (in thousands) Interest cost $ 138 $ 314 $ 1,554 $ 1,844 $ 48 $ 58 $ 24 $ 29 $ 30 $ 36 Expected return on plan assets (126) (381) (2,235) (2,079) — — — — — — Amortization of prior service credit — — — — — — (57) (58) — — Amortization of net loss 195 304 405 386 15 68 36 35 — — Net periodic cost (benefit) 207 237 (276) 151 63 126 3 6 30 36 Settlement expense — — — — — 58 — — — — Amortization of pre-merger regulatory asset — — — 543 — — — — 6 6 Total periodic cost $ 207 $ 237 $ (276) $ 694 $ 63 $ 184 $ 3 $ 6 $ 36 $ 42 We expect to record immaterial pension and post-retirement benefit costs for 2020. The components of our net periodic costs have been recorded or reclassified to other expense, net in the condensed consolidated statements of income. Pursuant to a Florida PSC order, FPU continues to record, as a regulatory asset, a portion of the unrecognized postretirement benefit costs related to its regulated operations after the FPU merger. The portion of the unrecognized pension and postretirement benefit costs related to FPU’s unregulated operations and Chesapeake Utilities' operations is recorded to accumulated other comprehensive loss. The following tables present the amounts included in the regulatory asset and accumulated other comprehensive loss that were recognized as components of net periodic benefit cost during the three and nine months ended September 30, 2020 and 2019: For the Three Months Ended September 30, 2020 Chesapeake FPU Chesapeake SERP Chesapeake FPU Total (in thousands) Prior service credit $ — $ — $ — $ (19) $ — $ (19) Net loss 65 135 5 12 — 217 Total recognized in net periodic benefit cost 65 135 5 (7) — 198 Recognized from accumulated other comprehensive loss/(gain) (1) 65 26 5 (7) — 89 Recognized from regulatory asset — 109 — — — 109 Total $ 65 $ 135 $ 5 $ (7) $ — $ 198 For the Three Months Ended September 30, 2019 Chesapeake FPU Chesapeake SERP Chesapeake FPU Total (in thousands) Prior service credit $ — $ — $ — $ (19) $ — $ (19) Net loss 101 128 17 11 — 257 Total recognized in net periodic benefit cost 101 128 17 (8) — 238 Recognized from accumulated other comprehensive loss/(gain) (1) 101 24 (93) (8) — 24 Recognized from regulatory asset — 104 — — — 104 Total $ 101 $ 128 $ (93) $ (8) $ — $ 128 For the Nine Months Ended September 30, 2020 Chesapeake FPU Chesapeake SERP Chesapeake FPU Total (in thousands) Prior service credit $ — $ — $ — $ (57) $ — $ (57) Net loss 195 405 15 36 — 651 Total recognized in net periodic benefit cost 195 405 15 (21) — 594 Recognized from accumulated other comprehensive loss/(gain) (1) 195 78 15 (21) — 267 Recognized from regulatory asset — 327 — — — 327 Total $ 195 $ 405 $ 15 $ (21) $ — $ 594 For the Nine Months Ended September 30, 2019 Chesapeake FPU Chesapeake SERP Chesapeake FPU Total (in thousands) Prior service credit $ — $ — $ — $ (58) $ — $ (58) Net loss 304 386 (42) 35 — 683 Total recognized in net periodic benefit cost 304 386 (42) (23) — 625 Recognized from accumulated other comprehensive loss/(gain) (1) 304 73 (42) (23) — 312 Recognized from regulatory asset — 313 — — — 313 Total $ 304 $ 386 $ (42) $ (23) $ — $ 625 (1) See Note 9 , Stockholders' Equity . During the three and nine months ended September 30, 2020, we contributed approximately $0.1 million and $0.3 million, respectively, to the Chesapeake Pension Plan and approximately $0.5 million and $2.6 million, respectively, to the FPU Pension Plan. We expect to contribute approximately $0.3 million and $3.2 million, respectively, to the Chesapeake Pension Plan and FPU Pension Plans during 2020, which represents the minimum annual contribution payments required. A provision in the CARES Act, which was passed by Congress and signed into law by President Trump in March 2020, authorized the deferral of 2020 pension contributions to January 1, 2021. Despite this authorization, we have not deferred, and do not expect to defer, any of our 2020 pension plan contributions to 2021. 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, 2020 were immaterial and $0.1 million, respectively. We expect to pay total cash benefits of approximately $0.2 million under the Chesapeake SERP in 2020. Cash benefits paid under the Chesapeake Postretirement Plan, primarily for medical claims for the three and nine months ended September 30, 2020 were immaterial. We estimate that approximately $0.1 million will be paid for such benefits under the Chesapeake Postretirement Plan in 2020. Cash benefits paid under the FPU Medical Plan, primarily for medical claims for the three and nine months ended September 30, 2020, were immaterial. We estimate that approximately $0.1 million will be paid for such benefits under the FPU Medical Plan in 2020. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments The investment balances at September 30, 2020 and December 31, 2019, consisted of the following: (in thousands) September 30, December 31, Rabbi trust (associated with the Non-Qualified Deferred Compensation Plan) $ 9,663 $ 9,202 Investments in equity securities 17 27 Total $ 9,680 $ 9,229 We classify these investments as trading securities and report them at their fair value. For the three months ended September 30, 2020 and 2019, we recorded a net unrealized gain of approximately $0.6 million and a net unrealized loss of approximately $0.1 million, respectively, in other expense, net in the condensed consolidated statements of income related to these investments. For the nine months ended September 30, 2020 and 2019, we recorded a net unrealized gain of approximately $0.4 million and $1.0 million, respectively, in other expense, net in the condensed consolidated statements of income related to these investments. For the investment in the Rabbi Trust, we also have recorded an associated liability, which is included in other pension and benefit costs in the condensed consolidated balance sheets and is adjusted each period for the gains and losses incurred by the investments in the Rabbi Trust. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation Our non-employee directors and key employees are 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, 2020 and 2019: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (in thousands) Awards to non-employee directors $ 188 $ 158 $ 545 $ 463 Awards to key employees 1,144 1,052 3,109 1,842 Total compensation expense 1,332 1,210 3,654 2,305 Less: tax benefit (348) (315) (955) (600) Share-based compensation amounts included in net income $ 984 $ 895 $ 2,699 $ 1,705 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 deferred expense equal to the fair value of the shares issued and amortize the expense equally over a service period of one year. In May 2020, after the most recent election of directors, each of our non-employee directors received an annual retainer of 887 shares of common stock under the SICP for service as a director through the 2021 Annual Meeting of Stockholders; accordingly, 8,870 shares, with a weighted average fair value of $84.47 per share, were issued and vested in 2020. At September 30, 2020, there was approximately $0.4 million of unrecognized compensation expense related to shares granted to non-employee directors. This expense will be recognized over the remaining service period ending on the date of the 2021 Annual Meeting of Stockholders. In January 2020, a newly appointed member of the Board of Directors received a pro-rated retainer of 254 shares of common stock under the SICP to serve as a non-employee director through the 2020 Annual Meeting of Stockholders. The shares awarded to the non-employee director immediately vested upon issuance in January 2020, had a weighted average fair value of $95.83 per share, and the expense was recognized over the remaining service period ending on the date of the 2020 Annual Meeting of Stockholders. Key Employees The table below presents the summary of the stock activity for awards to key employees for the nine months ended September 30, 2020: Number of Shares Weighted Average Outstanding—December 31, 2019 157,817 $ 80.28 Granted 69,345 $ 92.78 Vested (35,651) $ 66.48 Expired (5,302) $ 65.32 Outstanding—September 30, 2020 186,209 $ 86.98 In February 2020, our Board of Directors granted awards of 69,345 shares of common stock to key employees under the SICP. The shares granted are multi-year awards that will vest at the end of the three-year service period ending December 31, 2022. All of these stock awards are earned based upon the successful achievement of long-term financial results, which comprise 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 grant date of each award. For the market-based conditions, we used the Monte Carlo valuation to estimate the fair value of each market-based award granted. In March 2020, upon the appointment of certain of our executive officers, we withheld shares with a value at least equivalent to each such executive officer’s minimum statutory obligation for applicable income and other employment taxes related to shares that we awarded in February 2020 for the performance period ended December 31, 2019, remitted the cash to the appropriate taxing authorities, and paid the balance of such awarded shares to each such executive officer. We withheld 10,319 shares, based on the value of the shares on their award date. Total combined payments for the employees’ tax obligations to the taxing authorities were approximately $1.0 million. At September 30, 2020, the aggregate intrinsic value of the SICP awards granted to key employees was approximately $15.7 million. At September 30, 2020, there was approximately $4.9 million of unrecognized compensation cost related to these awards, which is expected to be recognized as expense for the remainder of 2020 through 2022. Stock Options There were no stock options outstanding or issued during the nine months ended September 30, 2020 and 2019. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments We use derivative and non-derivative contracts to manage risks related to obtaining adequate supplies and the price fluctuations of natural gas, electricity and propane and to mitigate interest rate risk. Our natural gas, electric and propane distribution operations have entered into agreements with suppliers to purchase natural gas, electricity and propane for resale to our customers. Our natural gas gathering and transmission company has entered into contracts with producers to secure natural gas to meet its obligations. Purchases under these contracts typically either do not meet the definition of derivatives or are considered “normal purchases and normal sales” and are accounted for on an accrual basis. Our propane distribution operations may also enter into fair value hedges of their inventory or cash flow hedges of their future purchase commitments in order to mitigate the impact of wholesale price fluctuations. Occasionally, we may enter into interest rate swap agreements to mitigate risk associated with changes in short-term borrowing rates. As of September 30, 2020, our natural gas and electric distribution operations did not have any outstanding derivative contracts. PESCO's Derivative Instruments As discussed in Note 3, Acquisitions and Divestitures , during the fourth quarter of 2019, we sold PESCO's assets and contracts and, therefore, no longer have natural gas futures and contracts recorded in our condensed consolidated financial statements. Commodity Derivative Activities As of September 30, 2020, the volume of our commodity derivative contracts were as follows: Business unit Commodity Quantity hedged (in millions) Designation Longest Expiration date of hedge Sharp Propane (gallons) 21.7 Cash flows hedges May 2023 Sharp entered into futures and swap agreements to mitigate the risk of fluctuations in wholesale propane index prices associated with the propane volumes expected to be purchased during the heating season. Under the futures and swap agreements, Sharp will receive the difference between: (i) the index prices (Mont Belvieu prices for September 2020 through May 2023), and (ii) the per gallon propane swap prices, to the extent the index prices exceed the contracted prices. If the index prices are lower than the swap prices, Sharp will pay the difference. We designated and accounted for propane swaps as cash flows hedges. The change in the fair value of the swap agreements is recorded as unrealized gain (loss) in other comprehensive income (loss) and later recognized in the statement of income in the same period and in the same line item as the hedged transaction. We expect to reclassify approximately $1.0 million from accumulated other comprehensive income (loss) to earnings during the next 12-month period ended September 30, 2021. Interest Rate Swap Activities We manage interest rate risk by entering into derivative contracts to hedge the variability in cash flows attributable to changes in the short-term borrowing rates. In the second quarter of 2020, we entered into interest rate swaps with notional amounts totaling $100.0 million associated with three of our short-term lines of credit through October 2020. The interest rate swaps were entered to hedge the variability in cash flows attributable to changes in the short-term borrowing rates during this period. Pricing on the interest rate swaps range between 0.2615 and 0.3875 percent for the period. Our short-term borrowing is based on the 30-day LIBOR rate. The interest rate swaps are cash settled monthly as the counter-party pays us the 30-day LIBOR rate less the fixed rate. We designated and accounted for interest rate swaps as cash flows hedges. Accordingly, unrealized gains and losses associated with the interest rate swaps are recorded as a component of accumulated other comprehensive income (loss). When the interest rate swaps settle, the realized gain or loss will be recorded in the income statement and recognized as a component of interest charges. We expect to reclassify less than $0.1 million from accumulated other comprehensive income (loss) to earnings during the next 12-month period ended September 30, 2021. Broker Margin Futures exchanges have contract specific margin requirements that require the posting of cash or cash equivalents relating to traded contracts. Margin requirements consist of initial margin that is posted upon the initiation of a position, maintenance margin that is usually expressed as a percent of initial margin, and variation margin that fluctuates based on the daily mark-to-market relative to maintenance margin requirements. We currently maintain a broker margin account for Sharp, with the balance related to the account is as follows: (in thousands) Balance Sheet Location September 30, 2020 December 31, 2019 Sharp Other Current Assets $ 177 $ 2,317 Financial Statements Presentation 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. As of September 30, 2020 and December 31, 2019, we did not have material fair value hedges. The fair values of the derivative contracts recorded in the condensed consolidated balance sheets as of September 30, 2020 and December 31, 2019, are as follows: Derivative Assets Fair Value As Of (in thousands) Balance Sheet Location September 30, 2020 December 31, 2019 Derivatives designated as cash flow hedges Propane swap agreements Derivative assets, at fair value $ 1,967 $ — Total asset derivatives $ 1,967 $ — Derivative Liabilities Fair Value As Of (in thousands) Balance Sheet Location September 30, 2020 December 31, 2019 Derivatives designated as cash flow hedges Propane swap agreements Derivative liabilities, at fair value $ 426 $ 1,844 Interest rate swap agreements Derivative liabilities, at fair value 13 — Total liability derivatives $ 439 $ 1,844 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 2020 2019 2020 2019 Derivatives designated as cash flow hedges Propane swap agreements Cost of sales $ 116 $ 290 $ 1,581 $ 1,148 Propane swap agreements Other comprehensive income (loss) 1,022 (1,139) 3,385 (624) Interest rate swap agreements Interest expense 34 — 45 — Interest rate swap agreements Other comprehensive income (loss) 37 — (14) — Natural gas swap contracts Other comprehensive income (loss) — 4 — (63) Natural gas futures contracts Other comprehensive income (loss) — 1,612 — 2,376 Total $ 1,209 $ 767 $ 4,997 $ 2,837 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2020 | |
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 three levels of the fair value hierarchy are the following: Fair Value Hierarchy Description of Fair Value Level Fair Value Technique Utilized Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities 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 - mutual funds and 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 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 Derivative assets and liabilities - The fair value of the propane put/call options and swap agreements are measured using market transactions for similar assets and liabilities in either the listed or over-the-counter markets. 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) Investments - guaranteed income fund - The fair values of these investments are recorded at the contract value, which approximates their fair value. Financial Assets and Liabilities Measured at Fair Value The following tables summarize 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 as of September 30, 2020 and December 31, 2019: Fair Value Measurements Using: As of September 30, 2020 Fair Value Quoted Prices in Significant Other Significant (in thousands) Assets: Investments—equity securities $ 17 $ 17 $ — $ — Investments—guaranteed income fund 2,129 — — 2,129 Investments—mutual funds and other 7,534 7,534 — — Total investments 9,680 7,551 — 2,129 Derivative assets 1,967 — 1,967 — Total assets $ 11,647 $ 7,551 $ 1,967 $ 2,129 Liabilities: Derivative liabilities $ 439 $ — $ 439 $ — Fair Value Measurements Using: As of December 31, 2019 Fair Value Quoted Prices in Significant Other Significant (in thousands) Assets: Investments—equity securities $ 27 $ 27 $ — $ — Investments—guaranteed income fund 803 — — 803 Investments—mutual funds and other 8,399 8,399 — — Total investments 9,229 8,426 — 803 Derivative assets — — — — Total assets $ 9,229 $ 8,426 $ — $ 803 Liabilities: Derivative liabilities $ 1,844 $ — $ 1,844 $ — 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, 2020 and 2019: Nine months ended September 30, 2020 2019 (in thousands) Beginning Balance $ 803 $ 686 Purchases and adjustments 243 123 Transfers 1,579 — Distribution (514) (14) Investment income 18 11 Ending Balance $ 2,129 $ 806 Investment income from the Level 3 investments is reflected in other expense, (net) in the condensed consolidated statements of income. At September 30, 2020, 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 near-term maturities and because interest rates approximate current market rates (Level 3 measurement). At September 30, 2020, long-term debt, which includes current maturities but excludes debt issuance costs, had a carrying value of approximately $536.5 million, compared to the estimated fair value of $567.0 million. At December 31, 2019, long-term debt, which includes the current maturities but excludes debt issuance costs, had a carrying value of approximately $486.6 million, compared to a fair value of approximately $505.0 million. The fair value was calculated 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. The valuation technique used to estimate the fair value of long-term debt would be considered a Level 3 measurement. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Our outstanding long-term debt is shown below: September 30, December 31, (in thousands) 2020 2019 FPU secured first mortgage bonds (1) : 9.08% bond, due June 1, 2022 $ 7,993 $ 7,990 Uncollateralized senior notes: 5.50% note, due October 12, 2020 2,000 2,000 5.93% note, due October 31, 2023 10,500 12,000 5.68% note, due June 30, 2026 17,400 20,300 6.43% note, due May 2, 2028 5,600 6,300 3.73% note, due December 16, 2028 18,000 18,000 3.88% note, due May 15, 2029 45,000 50,000 3.25% note, due April 30, 2032 70,000 70,000 3.48% note, due May 31, 2038 50,000 50,000 3.58% note, due November 30, 2038 50,000 50,000 3.98% note, due August 20, 2039 100,000 100,000 2.98% note, due December 20, 2034 70,000 70,000 3.00% note, due July 15, 2035 50,000 — 2.96% note, due August 15, 2035 40,000 — Term Note due February 28, 2020 — 30,000 Less: debt issuance costs (922) (822) Total long-term debt 535,571 485,768 Less: current maturities (15,600) (45,600) Total long-term debt, net of current maturities $ 519,971 $ 440,168 (1) FPU secured first mortgage bonds are guaranteed by Chesapeake Utilities. Term Notes In January 2019, we issued a $30 million unsecured term note through Branch Banking and Trust Company, with a maturity date of February 28, 2020. This note was paid in full in February 2020 utilizing our short-term borrowing facilities. Shelf Agreements We have entered into Shelf Agreements with Prudential, MetLife and NYL, whom are under no obligation to purchase any unsecured debt. The following table summarizes our Shelf Agreements at September 30, 2020: (in thousands) Total Borrowing Capacity Less: Amount of Debt Issued Less: Unfunded Commitments Remaining Borrowing Capacity Shelf Agreement Prudential Shelf Agreement (1) (2) $ 370,000 $ (220,000) $ — $ 150,000 MetLife Shelf Agreement (3) 150,000 — — 150,000 NYL Shelf Agreement (4) 150,000 (140,000) — 10,000 Total Shelf Agreements as of September 30, 2020 $ 670,000 $ (360,000) $ — $ 310,000 (1) In January 2020, we requested and Prudential accepted our request to purchase $50.0 million of our unsecured debt. We issued the Shelf Notes in July 2020 at the rate of 3.00 percent per annum. (2) In April 2020, the Prudential Shelf Agreement was amended to increase the available borrowing capacity to $150.0 million. The Shelf Agreement expires in April 2023. (3) In May 2020, we reached into an agreement with MetLife to provide a new $150.0 million MetLife Shelf Agreement for a three-year term ending May 2023. (4) In February 2020, we requested and NYL accepted our request to purchase $40.0 million of our unsecured debt. The Shelf Notes were issued in August 2020 at the rate of 2.96 percent per annum. The Shelf Agreement expires in November 2021. The Uncollateralized Senior Notes, Shelf Agreements or Shelf Notes set forth certain business covenants to which we are subject when any note is outstanding, including covenants that limit or restrict our ability, and the ability of our subsidiaries, to incur indebtedness, or place or permit liens and encumbrances on any of our property or the property of our subsidiaries. |
Short-Term Borrowings (Notes)
Short-Term Borrowings (Notes) | 9 Months Ended |
Sep. 30, 2020 | |
Short-Term Borrowing [Abstract] | |
Short-term Debt [Text Block] | 16. Short-Term Borrowings At September 30, 2020 and December 31, 2019, we had $216.4 million and $247.4 million, respectively, of short-term borrowings outstanding at weighted average interest rates of 1.28 percent and 2.62 percent, respectively. Our short-term borrowings balance at September 30, 2020 and December 31, 2019, included book overdrafts of $0.9 million and $3.2 million, respectively. Included in the September 30, 2020 balance, is $100.0 million in short-term debt for which we have entered into interest rate swap agreements. In the second quarter of 2020, we entered into interest rate swaps with notional amounts totaling $100.0 million associated with three of our short-term lines of credit through October 2020. The interest rate swaps were entered to hedge the variability in cash flows attributable to changes in the short-term borrowing rates during this period. The fixed swap rates will range between 0.2615 and 0.3875 percent for the period. Our short-term borrowing is based on the 30-day LIBOR rate. The interest swap is cash settled monthly as the counter-party pays us the 30-day LIBOR rate less the fixed rate. In September 2020, we entered into a new $375.0 million syndicated Revolver with six participating lenders. The Revolver expires on September 29, 2021 and has a commitment fee of 0.175 percent and an interest rate of 1.125 percent over LIBOR. As a result of entering into the Revolver, in September 2020, we terminated and paid outstanding balances for all of our previously existing bilateral lines of credit and the previous revolving credit facility. Our available credit under the new Revolver at September 30, 2020 was $154.7 million. The availability of funds under the Revolver is subject to conditions specified in the credit agreement, all of which we currently satisfy. These conditions include our compliance with financial covenants and the continued accuracy of representations and warranties contained in the agreement. We are required by the financial covenants our Revolver to maintain, at the end of each fiscal year, a funded indebtedness ratio of no greater than 65 percent. As of September 30, 2020, we are in compliance with all of our debt covenants. |
Leases Leases
Leases Leases | 9 Months Ended |
Sep. 30, 2020 | |
Lease Disclosure [Abstract] | |
Lessee, Operating Leases [Text Block] | Leases We have entered into lease arrangements for office space, land, equipment, pipeline facilities and warehouses. These lease arrangements enable us to better conduct business operations in the regions in which we operate. Office space is leased to provide adequate workspace for all our employees in several locations throughout the Mid-Atlantic, Mid-West and in Florida. We lease land at various locations throughout our service territories to enable us to inject natural gas into underground storage and distribution systems, for bulk storage capacity, for our propane operations and for storage of equipment used in repairs and maintenance of our infrastructure. We lease natural gas compressors to ensure timely and reliable transportation of natural gas to our customers. Additionally, we lease a pipeline to deliver natural gas to an industrial customer in Polk County, Florida. We also lease warehouses to store equipment and materials used in repairs and maintenance for our businesses. Some of our leases are subject to annual changes in the Consumer Price Index (“CPI”). While lease liabilities are not re-measured as a result of changes to the CPI, changes to the CPI are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred. A 100-basis-point increase in CPI would have resulted in immaterial additional annual lease costs. Most of our leases include options to renew, with renewal terms that can extend the lease term from one to 25 years or more. The exercise of lease renewal options is at our sole discretion. The amounts disclosed in our condensed consolidated balance sheet at September 30, 2020 pertaining to the right-of-use assets and lease liabilities, are measured based on our current expectations of exercising our available renewal options. Our existing leases are not subject to any restrictions or covenants which would preclude our ability to pay dividends, obtain financing or enter into additional leases. As of September 30, 2020, we have not entered into any leases, which have not yet commenced, that would entitle us to significant rights or create additional obligations. The following table presents information related to our total lease cost included in our condensed consolidated statements of income: Three Months Ended Nine Months Ended September 30, September 30, ( in thousands) Classification 2020 2019 2020 2019 Operating lease cost (1) Operations expense $ 627 $ 638 $ 1,882 $ 1,926 Finance lease cost: Amortization of lease assets Depreciation and amortization — — — 650 Interest on lease liabilities Interest expense — — — 5 Net lease cost $ 627 $ 638 $ 1,882 $ 2,581 (1) Includes short-term leases and variable lease costs, which are immaterial. The following table presents the balance and classifications of our right of use assets and lease liabilities included in our condensed consolidated balance sheet at September 30, 2020 and December 31, 2019: (in thousands) Balance sheet classification September 30, 2020 December 31, 2019 Assets Operating lease assets Operating lease right-of-use assets $ 11,077 $ 11,563 Total lease assets $ 11,077 $ 11,563 Liabilities Current Operating lease liabilities Other accrued liabilities $ 1,733 $ 1,705 Noncurrent Operating lease liabilities Operating lease - liabilities 9,681 9,896 Total lease liabilities $ 11,414 $ 11,601 The following table presents our weighted-average remaining lease terms and weighted-average discount rates for our operating and financing leases at September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Weighted-average remaining lease term ( in years ) Operating leases 8.5 8.88 Weighted-average discount rate Operating leases 3.8 % 3.8 % The following table presents additional information related to cash paid for amounts included in the measurement of lease liabilities included in our condensed consolidated statements of cash flows as of September 30, 2020 and 2019: Nine Months Ended September 30, (in thousands) 2020 2019 Operating cash flows from operating leases $ 1,435 $ 1,580 Operating cash flows from finance leases $ — $ 5 Financing cash flows from finance leases $ — $ 650 The following table presents the future undiscounted maturities of our operating and financing leases at September 30, 2020 and for each of the next five years and thereafter: (in thousands) Operating Leases (1) Remainder of 2020 $ 602 2021 1,984 2022 1,939 2023 1,874 2024 1,619 2025 1,383 Thereafter 3,876 Total lease payments $ 13,277 Less: Interest 1,863 Present value of lease liabilities $ 11,414 (1) Operating lease payments include $3.9 million related to options to extend lease terms that are reasonably certain of being exercised. |
Summary of Accounting Policies
Summary of Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
COVID-19 Effect [Policy Text Block] | Effects of COVID-19 On March 13, 2020, the CDC declared a national emergency due to the rapidly growing outbreak of COVID-19. In response to this declaration and the rapid spread of COVID-19 within the United States, federal, state and local governments throughout the country imposed varying degrees of restrictions on social and commercial activity to promote social distancing in an effort to slow the spread of the illness. These restrictions have continued to significantly impact economic conditions in the United States. We are considered an “essential business,” which allows us to continue our operational activities and construction projects while the social distancing restrictions remain in place. In response to the COVID-19 pandemic and related restrictions, we implemented our pandemic response plan, which includes having all employees who can work remotely do so in order to promote social distancing and providing personal protective equipment to field employees to reduce the spread of COVID-19. Impacts from the restrictions imposed in our service territories and the implementation of our pandemic response plan, included reduced consumption of energy largely in the commercial and industrial sectors, higher bad debt expenses and incremental expenses associated with COVID-19, including personal protective equipment and premium pay for field personnel. The additional operating expenses we incurred support the ongoing delivery of our essential services during these unprecedented times. As the COVID-19 pandemic is still ongoing, we are continuing to assess recoverability and to date, have not established regulatory assets associated with the incremental net expense impacts, as currently authorized by the Delaware, Maryland and Florida PSCs. We are committed to communicating timely updates and will continue to monitor developments affecting our employees, customers, suppliers, and stockholders and take additional precautions as warranted to operate safely and to comply with the CDC, Occupational Safety and Health Administration, state and local requirements in order to protect our employees, customers and the communities we serve, and update and communicate the ongoing financial impact on our results once determined. Refer to Note 5, Rates and Other Regulatory Activities, for further information on the potential deferral of incremental expenses associated with COVID-19. |
Basis of Presentation | Basis of Presentation References in this document to the “Company,” “Chesapeake Utilities,” “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, 2019. In the opinion of management, these financial statements reflect all adjustments that are necessary for a fair presentation of our results of operations, financial position and cash flows for the interim periods presented. Where necessary to improve comparability, prior period amounts have been changed to conform to current period presentation. 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. Beginning in the third quarter of 2019, our management began executing a strategy to sell the operating assets of PESCO. In the fourth quarter of 2019, we closed on four separate transactions to sell PESCO's assets and contracts. As a result of these sales, we have fully exited the natural gas marketing business, which provided natural gas management and supply services to commercial and industrial customers in Florida, Delaware, Maryland, Pennsylvania, Ohio and other states. Accordingly, PESCO’s historical financial results are reflected in our condensed consolidated financial statements as discontinued operations, which required retrospective application to financial information for all periods presented. Refer to Note 3, Acquisitions and Divestitures, for further information |
FASB Statements and Other Authoritative Pronouncements | FASB Statements and Other Authoritative Pronouncements Recently Adopted Accounting Standards Financial Instruments - Credit Losses (ASC 326) - In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments , which changes how entities account for credit losses for most financial assets and certain other instruments, and subsequent guidance which served to clarify or amend the original standard. ASU 2016-13 and the related amendments require entities to estimate lifetime expected credit losses for trade receivables and to provide additional disclosure related to credit losses. We adopted ASU 2016-13 on January 1, 2020 and recorded an immaterial cumulative effect in retained earnings as of that date. As a result, prior period financial information has not been recast and continues to be reported under the accounting guidance that was effective during those periods. Our estimate for expected credit losses has been developed by analyzing our portfolio of financial assets that present potential credit exposure risk. These assets consist solely of our trade receivables from customers and contract assets. The estimate is based on five years of historical collections experience, a review of current economic and operating conditions in our service territories, and an examination of economic indicators which provide a reasonable and supportable basis of potential future activity. Those indicators include metrics which we believe provide insight into the future collectability of our trade receivables such as unemployment rates and economic growth statistics in our service territories. When determining estimated credit losses, we analyzed the balance of our trade receivables based on the underlying service line they pertain to. This resulted in an examination of trade receivables from our energy distribution, energy transmission, energy delivery services and propane operations service lines. Our energy distribution service line consists of all our regulated distribution utility operations on the Delmarva Peninsula and throughout Florida. These business units have the ability to recover their costs through the rate making process, which can include consideration for amounts historically written off as a component of their rate base. Therefore, they possess a mechanism to recover credit losses which we believe reduces their exposure to credit risk. Our energy transmission and energy delivery services business units consist of our natural gas pipelines and our mobile compressed natural gas ("CNG") delivery operations. The majority of the customer base these business units serve are regulated distribution utilities who also have the ability to recover their costs. We believe this cost recovery mechanism significantly reduces the amount of credit risk they present. Our propane operations are unregulated and do not have the same ability to recover their costs as our regulated operations. However, historically our propane operations have not had material write offs relative to the amounts of revenues earned. Our estimate of expected credit losses reflects our anticipated losses associated with our trade receivables as a result of non-payment from our customers beginning the day the trade receivable is established. We believe the risk of loss associated with trade receivables classified as current presents the least amount of credit exposure risk and therefore, we assign a lower estimate to our current trade receivables. As our trade receivables age outside of their expected due date, our estimate increases. Our allowance for credit losses relative to the balance of our trade receivables has historically been immaterial as a result of on time payment activity from our customers. During the first quarter of 2020, COVID-19 began to rapidly spread within the United States. Federal, state and local governments throughout the country imposed restrictions to promote social distancing to slow the spread of the virus, which has also had the effect of limiting commercial activity. These measures have resulted in significant job losses and a slowing of economic activity across the United States and in the areas that we serve. We have been identified as an “essential business,” which allowed us to continue operational activity and construction projects with social distancing restrictions in place. We have considered the impact of COVID-19 for the nine months ended September 30, 2020, monitored developments that impact our customers’ ability to pay and have revised our estimates of expected credit losses. Our prior estimates for expected credit losses had not included an evaluation of current conditions or forward-looking economic indicators as we were not required to consider those factors under the previous incurred loss accounting guidance. The below table provides a reconciliation of our allowance for credit losses at September 30, 2020: (in thousands) Balance at December 31, 2019 $ 1,337 Additions: Provision for credit losses 2,810 Recoveries 577 Deductions: Write offs (594) Balance at September 30, 2020 $ 4,130 Fair Value Measurement (ASC 820) - In August 2018, the FASB issued ASU 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement , which removes, modifies and adds certain disclosure requirements on fair value measurements in ASC 820. We adopted ASU 2018-13 beginning January 1, 2020 and, since the changes only impacted disclosures, its adoption did not have a material impact on our financial position or results of operations. Intangibles - Goodwill (ASC 350) - In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment |
Summary of Accounting Policie_2
Summary of Accounting Policies Summary of Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | The below table provides a reconciliation of our allowance for credit losses at September 30, 2020: (in thousands) Balance at December 31, 2019 $ 1,337 Additions: Provision for credit losses 2,810 Recoveries 577 Deductions: Write offs (594) Balance at September 30, 2020 $ 4,130 |
Calculation of Earnings Per S_2
Calculation of Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Earnings Per Share | Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (in thousands, except shares and per share data) Calculation of Basic Earnings Per Share: Income from Continuing Operations $ 9,280 $ 6,251 $ 48,981 $ 43,977 Income (Loss) from Discontinued Operations (19) (630) 165 (1,388) Net Income $ 9,261 $ 5,621 $ 49,146 $ 42,589 Weighted average shares outstanding 16,533,748 16,403,776 16,466,106 16,396,646 Basic Earnings Per Share from Continuing Operations $ 0.56 $ 0.38 $ 2.97 $ 2.68 Basic Earnings (Loss) Per Share from Discontinued Operations — (0.04) 0.01 (0.08) Basic Earnings Per Share $ 0.56 $ 0.34 $ 2.98 $ 2.60 Calculation of Diluted Earnings Per Share: Reconciliation of Denominator: Weighted shares outstanding—Basic 16,533,748 16,403,776 16,466,106 16,396,646 Effect of dilutive securities—Share-based compensation 59,094 50,091 57,094 47,585 Adjusted denominator—Diluted 16,592,842 16,453,867 16,523,200 16,444,231 Diluted Earnings Per Share from Continuing Operations $ 0.56 $ 0.38 $ 2.96 $ 2.67 Diluted Earnings (Loss) Per Share from Discontinued Operations — (0.04) 0.01 (0.08) Diluted Earnings Per Share $ 0.56 $ 0.34 $ 2.97 $ 2.59 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | A summary of discontinued operations presented in the condensed consolidated statements of income includes the following: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2020 2019 (1) 2020 2019 (1) Operating revenues (1) $ 3 $ 34,271 $ 26 $ 152,573 Cost of sales (1) (40) 33,763 (39) 149,464 Other operating expenses 75 1,360 272 4,819 Operating loss (32) (852) (207) (1,710) Interest and other expense 6 (74) (23) (242) Loss from Discontinued Operations before income taxes (26) (926) (230) (1,952) Gain on sale of Discontinued Operations — — 200 — Income tax benefit (7) (296) (195) (564) Gain (Loss) from Discontinued Operations, Net of Tax $ (19) $ (630) $ 165 $ (1,388) |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | The following table summarizes significant statements of cash flows data related to the discontinued operations of PESCO: Nine Months Ended September 30, 2019 In thousands Depreciation and amortization $ 437 Deferred income taxes $ 513 Realized gain on commodity contracts $ (623) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table displays our revenue from continuing operations by major source based on product and service type for the three months ended September 30, 2020 and 2019: Three months ended September 30, 2020 Three Months Ended September 30, 2019 (in thousands) Regulated Energy Unregulated Energy Other and Eliminations Total Regulated Energy Unregulated Energy Other and Eliminations Total Energy distribution Delaware natural gas division $ 7,243 $ — $ — $ 7,243 $ 6,953 $ — $ — $ 6,953 Florida natural gas division 7,309 — — 7,309 6,710 — — 6,710 FPU electric distribution 29,051 — — 29,051 24,174 — — 24,174 FPU natural gas distribution 19,935 — — 19,935 17,908 — — 17,908 Maryland natural gas division 2,824 — — 2,824 2,634 — — 2,634 Sandpiper natural gas/propane operations 3,290 — — 3,290 3,673 — — 3,673 Elkton Gas 623 — — 623 — — — — Total energy distribution 70,275 — — 70,275 62,052 — — 62,052 Energy transmission Aspire Energy — 3,449 — 3,449 — 4,247 — 4,247 Eastern Shore 18,389 — — 18,389 17,573 — — 17,573 Peninsula Pipeline 6,433 — — 6,433 4,442 — — 4,442 Total energy transmission 24,822 3,449 — 28,271 22,015 4,247 — 26,262 Energy generation Eight Flags — 3,882 — 3,882 — 4,027 — 4,027 Propane operations Propane delivery operations — 13,710 — 13,710 — 14,200 — 14,200 Energy delivery services Marlin Gas Services — 1,708 — 1,708 — 1,059 — 1,059 Other and eliminations Eliminations (12,335) (35) (4,188) (16,558) (9,487) (1,253) (4,367) (15,107) Other — — 131 131 — — 133 133 Total other and eliminations (12,335) (35) (4,057) (16,427) (9,487) (1,253) (4,234) (14,974) Total operating revenues (1) $ 82,762 $ 22,714 $ (4,057) $ 101,419 $ 74,580 $ 22,280 $ (4,234) $ 92,626 (1) Total operating revenues for the three months ended September 30, 2020, include other revenue (revenues from sources other than contracts with customers) of $0.2 million and $0.05 million for our Regulated and Unregulated Energy segments, respectively, and $0.1 million and $0.1 million for our Regulated and Unregulated Energy segments, respectively, for the three months ended September 30, 2019. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for the Maryland division and Sandpiper and late fees. The following table displays our revenue from continuing operations by major source based on product and service type for the nine months ended September 30, 2020 and 2019: Nine months ended September 30, 2020 Nine months ended September 30, 2019 (in thousands) Regulated Energy Unregulated Energy Other and Eliminations Total Regulated Energy Unregulated Energy Other and Eliminations Total Energy distribution Delaware natural gas division $ 45,568 $ — $ — $ 45,568 $ 42,758 $ — $ — $ 42,758 Florida natural gas division 23,018 — — 23,018 21,625 — — 21,625 FPU electric distribution 58,972 — — 58,972 59,016 — — 59,016 FPU natural gas distribution 64,877 — — 64,877 60,357 — — 60,357 Maryland natural gas division 15,941 — — 15,941 15,867 — — 15,867 Sandpiper natural gas/propane operations 12,440 — — 12,440 14,237 — — 14,237 Elkton Gas 623 — — 623 — — — — Total energy distribution 221,439 — — 221,439 213,860 — — 213,860 Energy transmission Aspire Energy — 17,784 — 17,784 — 23,139 — 23,139 Eastern Shore 55,944 — — 55,944 54,368 — — 54,368 Peninsula Pipeline 16,618 — — 16,618 11,573 — — 11,573 Total energy transmission 72,562 17,784 — 90,346 65,941 23,139 — 89,080 Energy generation Eight Flags — 11,898 — 11,898 — 12,405 — 12,405 Propane operations Propane delivery operations — 69,593 — 69,593 — 78,217 — 78,217 Energy delivery services Marlin Gas Services — 5,266 — 5,266 — 4,601 — 4,601 Other and eliminations Eliminations (34,766) (75) (12,937) (47,778) (28,200) (9,377) (13,351) (50,928) Other — — 396 396 — — 395 395 Total other and eliminations (34,766) (75) (12,541) (47,382) (28,200) (9,377) (12,956) (50,533) Total operating revenues (1) $ 259,235 $ 104,466 $ (12,541) $ 351,160 $ 251,601 $ 108,985 $ (12,956) $ 347,630 (1) Total operating revenues for the nine months ended September 30, 2020, include other revenue (revenues from sources other than contracts with customers) of $1.0 million and $0.2 million for our Regulated and Unregulated Energy segments, respectively, and $(0.1) million and $0.3 million for our Regulated and Unregulated Energy segments, respectively, for the nine months ended September 30, 2019. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for the Maryland division and Sandpiper and late fees. |
Contract with Customer, Asset and Liability [Table Text Block] | The balances of our trade receivables, contract assets, and contract liabilities as of September 30, 2020 and December 31, 2019 were as follows: Trade Receivables Contract Assets (Current) Contract Assets (Non-current) Contract Liabilities (Current) (in thousands) Balance at 12/31/2019 $ 47,430 $ 18 $ 3,465 $ 589 Balance at 9/30/2020 37,190 18 4,537 971 Increase (decrease) $ (10,240) $ — $ 1,072 $ 382 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | Revenue for these businesses for the remaining performance obligations, at September 30, 2020, are expected to be recognized as follows: (in thousands) 2020 2021 2022 2023 2024 2025 2026 and thereafter Eastern Shore and Peninsula Pipeline $ 9,115 $ 34,541 $ 27,047 $ 21,664 $ 19,587 $ 18,736 $ 174,774 Natural gas distribution operations 970 4,351 5,394 4,937 4,705 4,172 32,996 FPU electric distribution 141 566 566 566 566 275 825 Total revenue contracts with remaining performance obligations $ 10,226 $ 39,458 $ 33,007 $ 27,167 $ 24,858 $ 23,183 $ 208,595 |
Rates and Other Regulatory Ac_2
Rates and Other Regulatory Activities Rates and Regulatory Activities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Rates and Regulatory Activities [Abstract] | |
Summary of Effects of Federal Tax Reform on Regulated Businesses [Table Text Block] | The following table summarizes the TCJA impact on our regulated businesses: Regulatory Liabilities related to Accumulated Deferred Income Taxes ("ADIT") Operation and Regulatory Jurisdiction Amount (in thousands) Status Status of Customer Rate impact related to lower federal corporate income tax rate Eastern Shore (FERC) $34,190 Will be addressed in Eastern Shore's next rate case filing. Implemented one-time bill credit (totaling $0.9 million) in April 2018. Customer rates were adjusted in April 2018. Delaware Division (Delaware PSC) $12,758 PSC approved amortization of ADIT in January 2019. Implemented one-time bill credit (totaling $1.5 million) in April 2019. Customer rates were adjusted in March 2019. Maryland Division (Maryland PSC) $4,000 PSC approved amortization of ADIT in May 2018. Implemented one-time bill credit (totaling $0.4 million) in July 2018. Customer rates were adjusted in May 2018. Sandpiper Energy (Maryland PSC) $3,726 PSC approved amortization of ADIT in May 2018. Implemented one-time bill credit (totaling $0.6 million) in July 2018. Customer rates were adjusted in May 2018. Chesapeake Florida Gas Division/Central Florida Gas (Florida PSC) $8,214 PSC issued order authorizing amortization and retention of net ADIT liability by the Company in February 2019. Florida PSC's final order was issued in February 2019. Excluding GRIP, tax savings arising from the TCJA rate reduction will be retained by the Company. FPU Natural Gas (excludes Fort Meade and Indiantown) (Florida PSC) $19,192 Same treatment on a net basis as Chesapeake Florida Gas Division (above). Same treatment on a net basis as Chesapeake Florida Gas Division (above). FPU Fort Meade and Indiantown Divisions $309 Same treatment on a net basis as Chesapeake Florida Gas Division (above). Tax rate reduction: The impact was immaterial for the divisions. FPU Electric (Florida PSC) $6,758 In January 2019, PSC issued order approving amortization of ADIT through purchased power cost recovery, storm reserve and rates. TCJA benefit is provided to customers through a combination of reductions to the fuel cost recovery rate, base rates, as well as application to the storm reserve over the next several years. Elkton Gas (Maryland PSC) $1,124 PSC approved amortization of ADIT in March 2018. Implemented one-time bill credit (totaling less than $0.1 million) in May 2020. Customer rates were adjusted in April 2020. |
Environmental Commitments and_2
Environmental Commitments and Contingencies Summary of Environmental Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Environmental Commitments and Contingencies [Abstract] | |
Environmental Remedies [Table Text Block] | MGP Site (Jurisdiction) Status Estimated Clean Up Costs West Palm Beach (Florida) Remedial actions approved by the Florida Department of Environmental Protection have been implemented on the east parcel of the site. Similar remedial actions have been initiated on the site's west parcel, and construction of active remedial systems are expected be completed in 2021. Between $3.3 million to $14.2 million, including costs associated with the relocation of FPU’s operations at this site, and any potential costs associated with future redevelopment of the properties. Sanford (Florida) In March 2018, the United States Environmental Protection Agency ("EPA") approved a "site-wide ready for anticipated use" status, which is the final step before delisting a site. Construction has been completed and restrictive covenants are in place to ensure protection of human health. The only remaining activity is long-term groundwater monitoring. FPU's remaining remediation expenses, including attorneys' fees and costs, are anticipated to be immaterial. Winter Haven (Florida) Remediation is ongoing. Not expected to exceed $0.4 million. Seaford (Delaware) Conducted investigations of on-site and off-site impacts in the vicinity of the site, from 2014 through 2018, and submitted the findings to Delaware Department of Natural Resources and Environmental Control ("DNREC") in a March 2019 report. An interim action involving air-sparging/vapor extraction is being implemented, in accordance with the DNREC-approved Work Plan. Between $0.2 million and $0.5 million. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 2019 2020 2019 (in thousands) Operating Revenues, Unaffiliated Customers Regulated Energy $ 82,297 $ 74,027 $ 257,810 $ 249,978 Unregulated Energy 19,122 18,599 93,350 97,652 Total operating revenues, unaffiliated customers $ 101,419 $ 92,626 $ 351,160 $ 347,630 Intersegment Revenues (1) Regulated Energy $ 465 $ 553 $ 1,425 $ 1,623 Unregulated Energy 3,592 3,681 11,116 11,333 Other businesses 131 133 396 395 Total intersegment revenues $ 4,188 $ 4,367 $ 12,937 $ 13,351 Operating Income Regulated Energy $ 20,482 $ 17,540 $ 66,376 $ 65,310 Unregulated Energy (3,092) (3,169) 11,050 11,317 Other businesses and eliminations 16 (14) 92 18 Operating income 17,406 14,357 77,518 76,645 Other income (expense), net (40) (351) 2,997 (731) Interest charges 4,584 5,403 15,452 16,583 Income from Continuing Operations before Income Taxes 12,782 8,603 65,063 59,331 Income Taxes on Continuing Operations 3,502 2,352 16,082 15,354 Income from Continuing Operations 9,280 6,251 48,981 43,977 Income (loss) from Discontinued Operations, Net of Tax (19) (630) 165 (1,388) Net Income $ 9,261 $ 5,621 $ 49,146 $ 42,589 (1) All significant intersegment revenues are billed at market rates and have been eliminated from consolidated operating revenues. (in thousands) September 30, 2020 December 31, 2019 Identifiable Assets Regulated Energy segment $ 1,530,689 $ 1,434,066 Unregulated Energy segment 305,536 296,810 Other businesses and eliminations 51,863 52,322 Total identifiable assets $ 1,888,088 $ 1,783,198 |
Stockholder's Equity - Accumu_2
Stockholder's Equity - Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | Defined Benefit Commodity Interest Rate Pension and Contracts Swap Postretirement Cash Flow Cash Flow Plan Items Hedges Hedges Total (in thousands) As of December 31, 2019 $ (4,933) $ (1,334) $ — $ (6,267) Other comprehensive income before reclassifications — 3,594 23 3,617 Amounts reclassified from accumulated other comprehensive income (loss) 198 (1,144) (33) (979) Net current-period other comprehensive income 198 2,450 (10) 2,638 As of September 30, 2020 $ (4,735) $ 1,116 $ (10) $ (3,629) (in thousands) As of December 31, 2018 $ (5,928) $ (785) $ — $ (6,713) Other comprehensive income (loss) before reclassifications (80) 1,780 — 1,700 Amounts reclassified from accumulated other comprehensive income/(loss) 312 (587) — (275) Net prior-period other comprehensive income 232 1,193 — 1,425 Prior-year reclassification — (115) — (115) As of September 30, 2019 $ (5,696) $ 293 $ — $ (5,403) |
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | The following table presents amounts reclassified out of accumulated other comprehensive loss for the three and nine months ended September 30, 2020 and 2019. Deferred gains or losses for our commodity contracts and interest rate swap cash flow hedges are recognized in earnings upon settlement. Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (in thousands) Amortization of defined benefit pension and postretirement plan items: Prior service credit (1) $ 19 $ 19 $ 57 $ 58 Net loss (1) (108) (44) (323) (370) Total before income taxes (89) (25) (266) (312) Income tax benefit 23 5 68 80 Net of tax (66) (20) (198) (232) Gains and losses on commodity contracts cash flow hedges: Propane swap agreements (2) 116 290 1,581 1,148 Natural gas swaps (2)(3) — (4) — 7 Natural gas futures (2)(3) — 348 — (350) Total before income taxes 116 634 1,581 805 Income tax expense (32) (179) (437) (218) Net of tax 84 455 1,144 587 Gains on interest rate swap cash flow hedges: Interest rate swap agreements 34 — 45 — Total before income taxes 34 — 45 — Income tax expense (9) — (12) — Net of tax 25 — 33 — Total reclassifications for the period $ 43 $ 435 $ 979 $ 355 (1) These amounts are included in the computation of net periodic costs (benefits). See Note 10 , Employee Benefit Plans , for additional details. (2) These amounts are included in the effects of gains and losses from derivative instruments. See Note 13, Derivative Instruments , for additional details. (3) PESCO's results are reflected as discontinued operations in our condensed consolidated statements of income. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | Net periodic benefit costs for our pension and post-retirement benefits plans for the three and nine months ended September 30, 2020 and 2019 are set forth in the following tables: Chesapeake FPU Chesapeake SERP Chesapeake FPU For the Three Months Ended September 30, 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 (in thousands) Interest cost $ 46 $ 104 $ 518 $ 614 $ 16 $ 16 $ 8 $ 10 $ 10 $ 12 Expected return on plan assets (42) (127) (745) (693) — — — — — — Amortization of prior service credit — — — — — — (19) (19) — — Amortization of net loss 65 101 135 128 5 17 12 11 — — Net periodic cost (benefit) 69 78 (92) 49 21 33 1 2 10 12 Settlement expense — — — — — 58 — — — — Amortization of pre-merger regulatory asset — — — 162 — — — — 2 2 Total periodic cost $ 69 $ 78 $ (92) $ 211 $ 21 $ 91 $ 1 $ 2 $ 12 $ 14 Chesapeake FPU Chesapeake SERP Chesapeake FPU For the Nine Months Ended September 30, 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 (in thousands) Interest cost $ 138 $ 314 $ 1,554 $ 1,844 $ 48 $ 58 $ 24 $ 29 $ 30 $ 36 Expected return on plan assets (126) (381) (2,235) (2,079) — — — — — — Amortization of prior service credit — — — — — — (57) (58) — — Amortization of net loss 195 304 405 386 15 68 36 35 — — Net periodic cost (benefit) 207 237 (276) 151 63 126 3 6 30 36 Settlement expense — — — — — 58 — — — — Amortization of pre-merger regulatory asset — — — 543 — — — — 6 6 Total periodic cost $ 207 $ 237 $ (276) $ 694 $ 63 $ 184 $ 3 $ 6 $ 36 $ 42 |
Amounts Included in Regulatory asset and AOCI [Table Text Block] | The following tables present the amounts included in the regulatory asset and accumulated other comprehensive loss that were recognized as components of net periodic benefit cost during the three and nine months ended September 30, 2020 and 2019: For the Three Months Ended September 30, 2020 Chesapeake FPU Chesapeake SERP Chesapeake FPU Total (in thousands) Prior service credit $ — $ — $ — $ (19) $ — $ (19) Net loss 65 135 5 12 — 217 Total recognized in net periodic benefit cost 65 135 5 (7) — 198 Recognized from accumulated other comprehensive loss/(gain) (1) 65 26 5 (7) — 89 Recognized from regulatory asset — 109 — — — 109 Total $ 65 $ 135 $ 5 $ (7) $ — $ 198 For the Three Months Ended September 30, 2019 Chesapeake FPU Chesapeake SERP Chesapeake FPU Total (in thousands) Prior service credit $ — $ — $ — $ (19) $ — $ (19) Net loss 101 128 17 11 — 257 Total recognized in net periodic benefit cost 101 128 17 (8) — 238 Recognized from accumulated other comprehensive loss/(gain) (1) 101 24 (93) (8) — 24 Recognized from regulatory asset — 104 — — — 104 Total $ 101 $ 128 $ (93) $ (8) $ — $ 128 For the Nine Months Ended September 30, 2020 Chesapeake FPU Chesapeake SERP Chesapeake FPU Total (in thousands) Prior service credit $ — $ — $ — $ (57) $ — $ (57) Net loss 195 405 15 36 — 651 Total recognized in net periodic benefit cost 195 405 15 (21) — 594 Recognized from accumulated other comprehensive loss/(gain) (1) 195 78 15 (21) — 267 Recognized from regulatory asset — 327 — — — 327 Total $ 195 $ 405 $ 15 $ (21) $ — $ 594 For the Nine Months Ended September 30, 2019 Chesapeake FPU Chesapeake SERP Chesapeake FPU Total (in thousands) Prior service credit $ — $ — $ — $ (58) $ — $ (58) Net loss 304 386 (42) 35 — 683 Total recognized in net periodic benefit cost 304 386 (42) (23) — 625 Recognized from accumulated other comprehensive loss/(gain) (1) 304 73 (42) (23) — 312 Recognized from regulatory asset — 313 — — — 313 Total $ 304 $ 386 $ (42) $ (23) $ — $ 625 (1) See Note 9 , Stockholders' Equity |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments schedule [Table Text Block] | The investment balances at September 30, 2020 and December 31, 2019, consisted of the following: (in thousands) September 30, December 31, Rabbi trust (associated with the Non-Qualified Deferred Compensation Plan) $ 9,663 $ 9,202 Investments in equity securities 17 27 Total $ 9,680 $ 9,229 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 | 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, 2020 and 2019: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (in thousands) Awards to non-employee directors $ 188 $ 158 $ 545 $ 463 Awards to key employees 1,144 1,052 3,109 1,842 Total compensation expense 1,332 1,210 3,654 2,305 Less: tax benefit (348) (315) (955) (600) Share-based compensation amounts included in net income $ 984 $ 895 $ 2,699 $ 1,705 |
Award to key employees [Member] | |
Shares awarded to non-employee directors [Line Items] | |
Schedule of Share-based Compensation, Activity | The table below presents the summary of the stock activity for awards to key employees for the nine months ended September 30, 2020: Number of Shares Weighted Average Outstanding—December 31, 2019 157,817 $ 80.28 Granted 69,345 $ 92.78 Vested (35,651) $ 66.48 Expired (5,302) $ 65.32 Outstanding—September 30, 2020 186,209 $ 86.98 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | As of September 30, 2020, the volume of our commodity derivative contracts were as follows: Business unit Commodity Quantity hedged (in millions) Designation Longest Expiration date of hedge Sharp Propane (gallons) 21.7 Cash flows hedges May 2023 |
Schedule of Due to (from) Broker-Dealers and Clearing Organizations [Table Text Block] | (in thousands) Balance Sheet Location September 30, 2020 December 31, 2019 Sharp Other Current Assets $ 177 $ 2,317 |
Fair Values of Derivative Contracts Recorded in Condensed Consolidated Balance Sheet | September 30, 2020 and December 31, 2019, are as follows: Derivative Assets Fair Value As Of (in thousands) Balance Sheet Location September 30, 2020 December 31, 2019 Derivatives designated as cash flow hedges Propane swap agreements Derivative assets, at fair value $ 1,967 $ — Total asset derivatives $ 1,967 $ — Derivative Liabilities Fair Value As Of (in thousands) Balance Sheet Location September 30, 2020 December 31, 2019 Derivatives designated as cash flow hedges Propane swap agreements Derivative liabilities, at fair value $ 426 $ 1,844 Interest rate swap agreements Derivative liabilities, at fair value 13 — Total liability derivatives $ 439 $ 1,844 |
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 2020 2019 2020 2019 Derivatives designated as cash flow hedges Propane swap agreements Cost of sales $ 116 $ 290 $ 1,581 $ 1,148 Propane swap agreements Other comprehensive income (loss) 1,022 (1,139) 3,385 (624) Interest rate swap agreements Interest expense 34 — 45 — Interest rate swap agreements Other comprehensive income (loss) 37 — (14) — Natural gas swap contracts Other comprehensive income (loss) — 4 — (63) Natural gas futures contracts Other comprehensive income (loss) — 1,612 — 2,376 Total $ 1,209 $ 767 $ 4,997 $ 2,837 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables summarize 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 as of September 30, 2020 and December 31, 2019: Fair Value Measurements Using: As of September 30, 2020 Fair Value Quoted Prices in Significant Other Significant (in thousands) Assets: Investments—equity securities $ 17 $ 17 $ — $ — Investments—guaranteed income fund 2,129 — — 2,129 Investments—mutual funds and other 7,534 7,534 — — Total investments 9,680 7,551 — 2,129 Derivative assets 1,967 — 1,967 — Total assets $ 11,647 $ 7,551 $ 1,967 $ 2,129 Liabilities: Derivative liabilities $ 439 $ — $ 439 $ — Fair Value Measurements Using: As of December 31, 2019 Fair Value Quoted Prices in Significant Other Significant (in thousands) Assets: Investments—equity securities $ 27 $ 27 $ — $ — Investments—guaranteed income fund 803 — — 803 Investments—mutual funds and other 8,399 8,399 — — Total investments 9,229 8,426 — 803 Derivative assets — — — — Total assets $ 9,229 $ 8,426 $ — $ 803 Liabilities: Derivative liabilities $ 1,844 $ — $ 1,844 $ — |
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, 2020 and 2019: Nine months ended September 30, 2020 2019 (in thousands) Beginning Balance $ 803 $ 686 Purchases and adjustments 243 123 Transfers 1,579 — Distribution (514) (14) Investment income 18 11 Ending Balance $ 2,129 $ 806 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Outstanding Long-Term Debt | Our outstanding long-term debt is shown below: September 30, December 31, (in thousands) 2020 2019 FPU secured first mortgage bonds (1) : 9.08% bond, due June 1, 2022 $ 7,993 $ 7,990 Uncollateralized senior notes: 5.50% note, due October 12, 2020 2,000 2,000 5.93% note, due October 31, 2023 10,500 12,000 5.68% note, due June 30, 2026 17,400 20,300 6.43% note, due May 2, 2028 5,600 6,300 3.73% note, due December 16, 2028 18,000 18,000 3.88% note, due May 15, 2029 45,000 50,000 3.25% note, due April 30, 2032 70,000 70,000 3.48% note, due May 31, 2038 50,000 50,000 3.58% note, due November 30, 2038 50,000 50,000 3.98% note, due August 20, 2039 100,000 100,000 2.98% note, due December 20, 2034 70,000 70,000 3.00% note, due July 15, 2035 50,000 — 2.96% note, due August 15, 2035 40,000 — Term Note due February 28, 2020 — 30,000 Less: debt issuance costs (922) (822) Total long-term debt 535,571 485,768 Less: current maturities (15,600) (45,600) Total long-term debt, net of current maturities $ 519,971 $ 440,168 (1) FPU secured first mortgage bonds are guaranteed by Chesapeake Utilities. |
Schedule of Line of Credit Facilities [Line Items] | |
Schedule of Line of Credit Facilities [Table Text Block] | (in thousands) Total Borrowing Capacity Less: Amount of Debt Issued Less: Unfunded Commitments Remaining Borrowing Capacity Shelf Agreement Prudential Shelf Agreement (1) (2) $ 370,000 $ (220,000) $ — $ 150,000 MetLife Shelf Agreement (3) 150,000 — — 150,000 NYL Shelf Agreement (4) 150,000 (140,000) — 10,000 Total Shelf Agreements as of September 30, 2020 $ 670,000 $ (360,000) $ — $ 310,000 |
Leases Leases (Tables)
Leases Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Lease Disclosure [Abstract] | |
Lease, Cost [Table Text Block] | The following table presents information related to our total lease cost included in our condensed consolidated statements of income: Three Months Ended Nine Months Ended September 30, September 30, ( in thousands) Classification 2020 2019 2020 2019 Operating lease cost (1) Operations expense $ 627 $ 638 $ 1,882 $ 1,926 Finance lease cost: Amortization of lease assets Depreciation and amortization — — — 650 Interest on lease liabilities Interest expense — — — 5 Net lease cost $ 627 $ 638 $ 1,882 $ 2,581 (1) |
Schedule of Leases Reported on Consolidated Statement of Financial Position [Table Text Block] | The following table presents the balance and classifications of our right of use assets and lease liabilities included in our condensed consolidated balance sheet at September 30, 2020 and December 31, 2019: (in thousands) Balance sheet classification September 30, 2020 December 31, 2019 Assets Operating lease assets Operating lease right-of-use assets $ 11,077 $ 11,563 Total lease assets $ 11,077 $ 11,563 Liabilities Current Operating lease liabilities Other accrued liabilities $ 1,733 $ 1,705 Noncurrent Operating lease liabilities Operating lease - liabilities 9,681 9,896 Total lease liabilities $ 11,414 $ 11,601 |
Leases, Weighted Average Remaining Lease Term [Table Text Block] | The following table presents our weighted-average remaining lease terms and weighted-average discount rates for our operating and financing leases at September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Weighted-average remaining lease term ( in years ) Operating leases 8.5 8.88 Weighted-average discount rate Operating leases 3.8 % 3.8 % |
Lease, Cash Flow [Table Text Block] | The following table presents additional information related to cash paid for amounts included in the measurement of lease liabilities included in our condensed consolidated statements of cash flows as of September 30, 2020 and 2019: Nine Months Ended September 30, (in thousands) 2020 2019 Operating cash flows from operating leases $ 1,435 $ 1,580 Operating cash flows from finance leases $ — $ 5 Financing cash flows from finance leases $ — $ 650 |
Schedule of Maturities of Leases [Table Text Block] | The following table presents the future undiscounted maturities of our operating and financing leases at September 30, 2020 and for each of the next five years and thereafter: (in thousands) Operating Leases (1) Remainder of 2020 $ 602 2021 1,984 2022 1,939 2023 1,874 2024 1,619 2025 1,383 Thereafter 3,876 Total lease payments $ 13,277 Less: Interest 1,863 Present value of lease liabilities $ 11,414 (1) Operating lease payments include $3.9 million related to options to extend lease terms that are reasonably certain of being exercised. |
Summary of Accounting policie_3
Summary of Accounting policies - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |
Disposal Transactions Closing in October 2019 [Abstract] | |||
Number of Disposal Transactions | 4 | 4 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Accounts Receivable, Allowance for Credit Losses, Current, Disclosure | $ 4,130 | $ 4,130 | $ 1,337 |
Provision for Other Credit Losses | 2,810 | ||
Accounts Receivable, Allowance for Credit Loss, Recovery | 577 | ||
Allowance for Loan and Lease Losses, Write-offs | $ (594) |
Summary of Accounting Policie_4
Summary of Accounting Policies Acquisitions Additional information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Business Acquisition [Line Items] | ||||
Revenues | $ 101,419 | $ 92,626 | $ 351,160 | $ 347,630 |
Operating Income (Loss) | 17,406 | 14,357 | 77,518 | 76,645 |
Unregulated Energy [Member] | ||||
Business Acquisition [Line Items] | ||||
Operating Income (Loss) | $ (3,092) | $ (3,169) | $ 11,050 | $ 11,317 |
Calculation of Earnings Per S_3
Calculation of Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.56 | $ 0.38 | $ 2.97 | $ 2.68 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | $ 0 | $ (0.04) | $ 0.01 | $ (0.08) |
Calculation of Basic Earnings Per Share: | ||||
Net Income | $ 9,261 | $ 5,621 | $ 49,146 | $ 42,589 |
Weighted shares outstanding (shares) | 16,533,748 | 16,403,776 | 16,466,106 | 16,396,646 |
Basic Earnings Per Share (in dollars per share) | $ 0.56 | $ 0.34 | $ 2.98 | $ 2.60 |
Reconciliation of Numerator: | ||||
Net Income | $ 9,261 | $ 5,621 | $ 49,146 | $ 42,589 |
Reconciliation of Denominator: | ||||
Weighted shares outstanding - Basic (shares) | 16,533,748 | 16,403,776 | 16,466,106 | 16,396,646 |
Effect of dilutive securities: | ||||
Share-based compensation (shares) | 59,094 | 50,091 | 57,094 | 47,585 |
Adjusted denominator-Diluted (shares) | 16,592,842 | 16,453,867 | 16,523,200 | 16,444,231 |
Income (Loss) from Continuing Operations, Per Diluted Share | $ 0.56 | $ 0.38 | $ 2.96 | $ 2.67 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share | 0 | (0.04) | 0.01 | (0.08) |
Diluted Earnings Per Share (in dollars per share) | $ 0.56 | $ 0.34 | $ 2.97 | $ 2.59 |
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | $ (19) | $ (630) | $ 165 | $ (1,388) |
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | (19) | (630) | 165 | (1,388) |
Net Income | $ 9,261 | $ 5,621 | $ 49,146 | $ 42,589 |
Basic (shares) | 16,533,748 | 16,403,776 | 16,466,106 | 16,396,646 |
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.56 | $ 0.38 | $ 2.97 | $ 2.68 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | 0 | (0.04) | 0.01 | (0.08) |
Basic (in dollars per share) | $ 0.56 | $ 0.34 | $ 2.98 | $ 2.60 |
Share-based compensation (shares) | 59,094 | 50,091 | 57,094 | 47,585 |
Diluted (shares) | 16,592,842 | 16,453,867 | 16,523,200 | 16,444,231 |
Income (Loss) from Continuing Operations, Per Diluted Share | $ 0.56 | $ 0.38 | $ 2.96 | $ 2.67 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share | $ 0 | $ (0.04) | $ 0.01 | $ (0.08) |
Retained Earnings [Member] | ||||
Earnings Per Share [Abstract] | ||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | $ 9,280 | $ 6,251 | $ 48,981 | $ 43,977 |
Calculation of Basic Earnings Per Share: | ||||
Net Income | 9,261 | 5,621 | 49,146 | 42,589 |
Reconciliation of Numerator: | ||||
Net Income | 9,261 | 5,621 | 49,146 | 42,589 |
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 9,280 | 6,251 | 48,981 | 43,977 |
Net Income | $ 9,261 | $ 5,621 | $ 49,146 | $ 42,589 |
Acquisitions and Divestitures_3
Acquisitions and Divestitures (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)Customer | Sep. 30, 2019USD ($) | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | $ 437 | |||||
Deferred Income Tax Expense (Benefit) | $ 22,184 | 8,789 | ||||
Number of Disposal Transactions | 4 | 4 | ||||
Proceeds from Divestiture of Businesses | $ 23,100 | |||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 5,400 | |||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax, Incremental | 200 | 0 | ||||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | $ (19) | $ (630) | 165 | (1,388) | ||
Gain from a settlement | (130) | (130) | ||||
Revenues | 101,419 | 92,626 | 351,160 | 347,630 | ||
Operating Income (Loss) | 17,406 | 14,357 | 77,518 | 76,645 | ||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 7,300 | 7,500 | ||||
Discontinued Operations, Held-for-sale or Disposed of by Sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Disposal Group, Including Discontinued Operation, Revenue | 3 | [1] | 34,271 | 26 | [1] | 152,573 |
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | (40) | [1] | 33,763 | (39) | [1] | 149,464 |
Disposal Group, Including Discontinued Operation, Operating Expense | 75 | 1,360 | 272 | 4,819 | ||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | (32) | (852) | (207) | (1,710) | ||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | (26) | (926) | (230) | (1,952) | ||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax, Incremental | 200 | 0 | ||||
Disposal Group, Including Discontinued Operation, Interest Expense | 6 | (74) | (23) | (242) | ||
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | (7) | (296) | (195) | (564) | ||
Regulated Energy [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Operating Income (Loss) | 20,482 | 17,540 | 66,376 | 65,310 | ||
PESCO [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Discontinued Operation, Intra-Entity Amounts, Discontinued Operation after Disposal, Revenue | 4,300 | 19,100 | ||||
Discontinued Operations, Disposed of by Sale [Member] | Discontinued Operations, Held-for-sale or Disposed of by Sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain Loss From Discontinued Operations | (19) | (630) | 165 | (1,388) | ||
Discontinued Operations [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Deferred Income Tax Expense (Benefit) | 513 | |||||
Gain from a settlement | (623) | |||||
Business Combination, Working Capital | 8,000 | 8,000 | ||||
Unregulated Energy [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Operating Income (Loss) | (3,092) | $ (3,169) | 11,050 | $ 11,317 | ||
Elkton Gas [Member] | Regulated Energy [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 15,900 | 15,900 | ||||
Revenues | 600 | |||||
Operating Income (Loss) | $ 100 | |||||
Number of customers acquired through acquisition | 7,000 | |||||
Business Combination, Consideration Transferred | $ 15,600 | |||||
Business Combination, Working Capital | 600 | 600 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 600 | 600 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 2,600 | 2,600 | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 4,300 | 4,300 | ||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Regulatory Liabilities | 2,600 | |||||
Boulden [Member] | Unregulated Energy [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 8,300 | 8,300 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 5,100 | 5,100 | ||||
Goodwill, Acquired During Period | 11,200 | |||||
Revenues | 400 | 4,100 | ||||
Operating Income (Loss) | (200) | $ 1,200 | ||||
Number of customers acquired through acquisition | Customer | 5,200 | |||||
Business Combination, Consideration Transferred | $ 24,600 | |||||
Business Combination, Working Capital | 200 | 200 | ||||
Business Combination, Contingent Consideration, Liability | $ 600 | 600 | ||||
Western Natural Gas [Member] | Unregulated Energy [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Business Combination, Consideration Transferred | $ 6,700 | |||||
[1] | (1) Included in operating revenues and cost of sales for the three and nine months ended September 30, 2019, is $4.3 million and $19.1 million, respectively, representing amounts which had been previously eliminated in consolidation related to intercompany activity that continued with the buyers after the disposition of the assets of PESCO. |
Revenue Recognition Disegragati
Revenue Recognition Disegragation of Revenue (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues | $ 101,419,000 | $ 92,626,000 | $ 351,160,000 | $ 347,630,000 | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 101,419,000 | [1] | 92,626,000 | [1] | 351,160,000 | [2] | 347,630,000 | [2] |
Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 82,762,000 | [1] | 74,580,000 | [1] | 259,235,000 | [2] | 251,601,000 | [2] |
Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 22,714,000 | [1] | 22,280,000 | [1] | 104,466,000 | [2] | 108,985,000 | [2] |
Other Segments And Intersegments Eliminations [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (4,057,000) | (4,234,000) | (12,541,000) | (12,956,000) | ||||
Other [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (4,057,000) | [1] | (4,234,000) | [1] | (12,541,000) | [2] | (12,956,000) | [2] |
Consolidation, Eliminations [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (16,427,000) | (14,974,000) | (47,382,000) | (50,533,000) | ||||
Eliminations [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (12,335,000) | (9,487,000) | (34,766,000) | (28,200,000) | ||||
Other [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues | 200,000 | 100,000 | 1,000,000 | (100,000) | ||||
Other [Member] | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues | 50,000 | 100,000 | 200,000 | 300,000 | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (35,000) | (1,253,000) | (75,000) | (9,377,000) | ||||
Energy Distribution [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 70,275,000 | 62,052,000 | 221,439,000 | 213,860,000 | ||||
Energy Distribution [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 70,275,000 | 62,052,000 | 221,439,000 | 213,860,000 | ||||
Energy Distribution [Member] | Delaware natural gas division [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,243,000 | 6,953,000 | 45,568,000 | 42,758,000 | ||||
Energy Distribution [Member] | Delaware natural gas division [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,243,000 | 6,953,000 | 45,568,000 | 42,758,000 | ||||
Energy Distribution [Member] | Central Florida Gas Division [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,309,000 | 6,710,000 | 23,018,000 | 21,625,000 | ||||
Energy Distribution [Member] | Central Florida Gas Division [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,309,000 | 6,710,000 | 23,018,000 | 21,625,000 | ||||
Energy Distribution [Member] | FPU Electric Distribution [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 29,051,000 | 24,174,000 | 58,972,000 | 59,016,000 | ||||
Energy Distribution [Member] | FPU Electric Distribution [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 29,051,000 | 24,174,000 | 58,972,000 | 59,016,000 | ||||
Energy Distribution [Member] | Florida Public Utilities Company [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 19,935,000 | 17,908,000 | 64,877,000 | 60,357,000 | ||||
Energy Distribution [Member] | Florida Public Utilities Company [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 19,935,000 | 17,908,000 | 64,877,000 | 60,357,000 | ||||
Energy Distribution [Member] | Maryland Natural Gas [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,824,000 | 2,634,000 | 15,941,000 | 15,867,000 | ||||
Energy Distribution [Member] | Maryland Natural Gas [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,824,000 | 2,634,000 | 15,941,000 | 15,867,000 | ||||
Energy Distribution [Member] | Sandpiper [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,290,000 | 3,673,000 | 12,440,000 | 14,237,000 | ||||
Energy Distribution [Member] | Sandpiper [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,290,000 | 3,673,000 | 12,440,000 | 14,237,000 | ||||
Energy Distribution [Member] | Elkton Gas [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 623,000 | 623,000 | ||||||
Energy Distribution [Member] | Elkton Gas [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 623,000 | 623,000 | ||||||
Energy Transmission [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 28,271,000 | 26,262,000 | 90,346,000 | 89,080,000 | ||||
Energy Transmission [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 24,822,000 | 22,015,000 | 72,562,000 | 65,941,000 | ||||
Energy Transmission [Member] | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,449,000 | 4,247,000 | 17,784,000 | 23,139,000 | ||||
Energy Transmission [Member] | Aspire [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,449,000 | 4,247,000 | 17,784,000 | 23,139,000 | ||||
Energy Transmission [Member] | Aspire [Member] | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,449,000 | 4,247,000 | 17,784,000 | 23,139,000 | ||||
Energy Transmission [Member] | Eastern Shore Gas Company [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 18,389,000 | 17,573,000 | 55,944,000 | 54,368,000 | ||||
Energy Transmission [Member] | Eastern Shore Gas Company [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 18,389,000 | 17,573,000 | 55,944,000 | 54,368,000 | ||||
Energy Transmission [Member] | Peninsula Pipeline [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,433,000 | 4,442,000 | 16,618,000 | 11,573,000 | ||||
Energy Transmission [Member] | Peninsula Pipeline [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,433,000 | 4,442,000 | 16,618,000 | 11,573,000 | ||||
Energy Generation [Member] | Eight Flags [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,882,000 | 4,027,000 | 11,898,000 | 12,405,000 | ||||
Energy Generation [Member] | Eight Flags [Member] | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,882,000 | 4,027,000 | 11,898,000 | 12,405,000 | ||||
Propane Delivery [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 13,710,000 | 14,200,000 | 69,593,000 | 78,217,000 | ||||
Propane Delivery [Member] | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 13,710,000 | 14,200,000 | 69,593,000 | 78,217,000 | ||||
Energy Services [Member] | Marlin Gas Services [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,708,000 | 5,266,000 | 4,601,000 | |||||
Energy Services [Member] | Marlin Gas Services [Member] | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,708,000 | 1,059,000 | 5,266,000 | 4,601,000 | ||||
Eliminations [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (16,558,000) | (15,107,000) | (47,778,000) | (50,928,000) | ||||
Eliminations [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (12,335,000) | (9,487,000) | (34,766,000) | (28,200,000) | ||||
Eliminations [Member] | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (35,000) | (1,253,000) | (75,000) | (9,377,000) | ||||
Eliminations [Member] | Eliminations [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (4,188,000) | (4,367,000) | (12,937,000) | (13,351,000) | ||||
Other [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 131,000 | 133,000 | 396,000 | 395,000 | ||||
Other [Member] | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 | ||||
Other [Member] | Other [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 131,000 | $ 133,000 | $ 396,000 | $ 395,000 | ||||
[1] | (1) Total operating revenues for the three months ended September 30, 2020, include other revenue (revenues from sources other than contracts with customers) of $0.2 million and $0.05 million for our Regulated and Unregulated Energy segments, respectively, and $0.1 million and $0.1 million for our Regulated and Unregulated Energy segments, respectively, for the three months ended September 30, 2019. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for the Maryland division and Sandpiper and late fees. | |||||||
[2] | (1) Total operating revenues for the nine months ended September 30, 2020, include other revenue (revenues from sources other than contracts with customers) of $1.0 million and $0.2 million for our Regulated and Unregulated Energy segments, respectively, and $(0.1) million and $0.3 million for our Regulated and Unregulated Energy segments, respectively, for the nine months ended September 30, 2019. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for the Maryland division and Sandpiper and late fees. |
Revenue Recognition Contract Ba
Revenue Recognition Contract Balances with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | ||||
Receivables from Customers | $ 37,190 | $ 37,190 | $ 47,430 | |
Contract with Customer, Asset, Net, Current | 18 | 18 | 18 | |
Contract with Customer, Asset, Net, Noncurrent | 4,537 | 4,537 | 3,465 | |
Customer deposits and refunds | 971 | 971 | $ 589 | |
Increase (Decrease) in Receivables | (10,240) | |||
Increase (Decrease) in Other Current Assets | 0 | |||
Increase (Decrease) in Other Noncurrent Assets | 1,072 | |||
Increase (Decrease) in Other Current Liabilities | 382 | |||
Contract with Customer, Liability, Revenue Recognized | $ 200 | $ 800 | $ 700 |
Revenue Recognition Remaining P
Revenue Recognition Remaining Performance Obligations (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | |
FPU Electric Distribution [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 141 |
FPU Electric Distribution [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 566 |
FPU Electric Distribution [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 566 |
FPU Electric Distribution [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 566 |
FPU Electric Distribution [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 566 |
FPU Electric Distribution [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 275 |
FPU Electric Distribution [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 825 |
Natural gas distribution operations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 970 |
Natural gas distribution operations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 4,351 |
Natural gas distribution operations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 5,394 |
Natural gas distribution operations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 4,937 |
Natural gas distribution operations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 4,705 |
Natural gas distribution operations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 4,172 |
Natural gas distribution operations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 32,996 |
Eastern Shore and Peninsula Pipeline [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 9,115 |
Eastern Shore and Peninsula Pipeline [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 34,541 |
Eastern Shore and Peninsula Pipeline [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 27,047 |
Eastern Shore and Peninsula Pipeline [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 21,664 |
Eastern Shore and Peninsula Pipeline [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 19,587 |
Eastern Shore and Peninsula Pipeline [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 18,736 |
Eastern Shore and Peninsula Pipeline [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 174,774 |
Total for Segments [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 10,226 |
Total for Segments [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 39,458 |
Total for Segments [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 33,007 |
Total for Segments [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 27,167 |
Total for Segments [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 24,858 |
Total for Segments [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 23,183 |
Total for Segments [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 208,595 |
Rates and Other Regulatory Ac_3
Rates and Other Regulatory Activities - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2020USD ($)customerDekathermmi | |
Rates and Other Regulatory Activities [Line Items] | |
Regulatory Asset - Storm Cost Recovery | $ 45,800,000 |
Surcharge - Storm Cost Recovery | 7,700,000 |
Incremental Revenue - Storm Cost Recovery | $ 3,300,000 |
Electric Limited Proceedings [Member] | |
Rates and Other Regulatory Activities [Line Items] | |
Extent of Customers Losing Service | 100.00% |
Asset Recovery Damaged Property Costs, Noncurrent | $ 1,500,000 |
Deferred Storm and Property Reserve Deficiency, Noncurrent | 800,000 |
Amounts Spent to Restore Service | 65,000,000 |
Hurricane Dorrian [Member] | |
Rates and Other Regulatory Activities [Line Items] | |
Asset Recovery Damaged Property Costs, Noncurrent | $ 1,200,000 |
Regulatory Liability, Amortization Period | 30 years |
Regulatory Liability, Amortization Period, Revised | 10 years |
Eastern Shore [Member] | |
Rates and Other Regulatory Activities [Line Items] | |
Cost Recovery, Capital | $ 500,000 |
Callahan Pipeline [Domain] | Peninsula Pipeline Company [Member] | |
Rates and Other Regulatory Activities [Line Items] | |
Number of Pipeline Miles | mi | 26 |
Callahan Project [Member] | Peninsula Pipeline [Member] | |
Rates and Other Regulatory Activities [Line Items] | |
Diameter of Pipe | mi | 16 |
Del-Mar Pathway Project [Member] | Eastern Shore [Member] | |
Rates and Other Regulatory Activities [Line Items] | |
Number of Mainline Pipeline Miles | mi | 13 |
Additional Firm Natural Gas Transportation Deliverability | Dekatherm | 14,300 |
number of customers | customer | 4 |
Number of Pipeline Miles | mi | 6 |
Fort Meade and Indiantown Divisions [Member] | |
Rates and Other Regulatory Activities [Line Items] | |
Regulatory Liabilities | $ 309,000 |
Delaware natural gas division [Member] | |
Rates and Other Regulatory Activities [Line Items] | |
One time bill credit related to TCJA | 1,500,000 |
Regulatory Liabilities | 12,758,000 |
Eastern Shore [Member] | |
Rates and Other Regulatory Activities [Line Items] | |
One time bill credit related to TCJA | 900,000 |
Regulatory Liabilities | 34,190,000 |
Florida Public Utilities Company [Member] | |
Rates and Other Regulatory Activities [Line Items] | |
Regulatory Liabilities | 19,192,000 |
Central Florida Gas Division [Member] | |
Rates and Other Regulatory Activities [Line Items] | |
Regulatory Liabilities | 8,214,000 |
Maryland Division [Member] | |
Rates and Other Regulatory Activities [Line Items] | |
One time bill credit related to TCJA | 365,000 |
Regulatory Liabilities | 4,000,000 |
Sandpiper [Member] | |
Rates and Other Regulatory Activities [Line Items] | |
One time bill credit related to TCJA | 608,000 |
Regulatory Liabilities | 3,726,000 |
FPU electric division [Member] | |
Rates and Other Regulatory Activities [Line Items] | |
Regulatory Liabilities | 6,758,000 |
Elkton Gas [Member] | |
Rates and Other Regulatory Activities [Line Items] | |
One time bill credit related to TCJA | 47,000 |
Regulatory Liabilities | $ 1,124,000 |
Regulated Energy [Member] | Elkton Gas [Member] | |
Rates and Other Regulatory Activities [Line Items] | |
Number of customers acquired through acquisition | 7,000 |
Environmental Commitments and_3
Environmental Commitments and Contingencies - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2020USD ($) | Sep. 30, 2020USD ($)site | Dec. 31, 2019USD ($) | |
Environmental Commitments And Contingencies [Line Items] | |||
Company's exposure in number of former Manufactured Gas Plant Sites | site | 7 | ||
Environmental liabilities | $ 4,447,000 | $ 6,468,000 | |
West Palm Beach Florida [Member] | Minimum [Member] | |||
Environmental Commitments And Contingencies [Line Items] | |||
Estimated costs of remediation range, minimum | 3,300,000 | ||
West Palm Beach Florida [Member] | Maximum [Member] | |||
Environmental Commitments And Contingencies [Line Items] | |||
Estimated costs of remediation range, minimum | 14,200,000 | ||
Winter Haven Florida [Member] | Maximum [Member] | |||
Environmental Commitments And Contingencies [Line Items] | |||
Environmental remediation expense | 400,000 | ||
Seaford [Member] | Minimum [Member] | |||
Environmental Commitments And Contingencies [Line Items] | |||
Estimated costs of remediation range, minimum | 200,000 | ||
Seaford [Member] | Maximum [Member] | |||
Environmental Commitments And Contingencies [Line Items] | |||
Estimated costs of remediation range, minimum | 500,000 | ||
FPU [Member] | |||
Environmental Commitments And Contingencies [Line Items] | |||
Environmental liabilities | 6,200,000 | 8,000,000 | |
Approval of recovery of environmental costs | 14,000,000 | ||
Environmental costs recovered | $ 11,900,000 | 12,300,000 | |
FPU [Member] | Manufactured Gas Plant [Member] | |||
Environmental Commitments And Contingencies [Line Items] | |||
Regulatory Assets for future recovery of environmental costs | $ 1,700,000 | $ 2,100,000 |
Other Commitments and Conting_2
Other Commitments and Contingencies - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Other Commitments [Line Items] | |
Debt Service Coverage Ratio | 1.25 |
Debt Service Coverage Ratio Measurement Period | 12 |
Maximum Days To Make Default Good | 5 days |
Ratio based on average number of prior quarters | 6 |
Ratios based on average of the prior quarters | 1 year 6 months |
Funds from operations interest coverage ratio minimum times | 2 |
Total debt to capital maximum | 0.65 |
Number Of Years For Power Purchase Agreement | 20 years |
Contract Duration | 20 years |
Aggregate guaranteed amount | $ 20 |
Guarantor Obligations, Current Carrying Value | 7.9 |
Draws on letters of credit | $ 4.8 |
Florida Natural Gas Distribution and Eight Flags [Member] | |
Other Commitments [Line Items] | |
Number of Years for Asset Management Agreement | 10 years |
Delmarva [Member] | |
Other Commitments [Line Items] | |
Number of Years for Asset Management Agreement | 3 years |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information by Segment (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | ||
Segment Reporting Information [Line Items] | ||||||
Number of Reportable Segments | 2 | |||||
Operating Revenues, Unaffiliated Customers | ||||||
Total operating revenues, unaffiliated customers | $ 101,419 | $ 92,626 | $ 351,160 | $ 347,630 | ||
Operating Income | ||||||
Total operating income | 17,406 | 14,357 | 77,518 | 76,645 | ||
Other expense, net | (40) | (351) | 2,997 | (731) | ||
Interest | 4,584 | 5,403 | 15,452 | 16,583 | ||
Income Before Income Taxes | 12,782 | 8,603 | 65,063 | 59,331 | ||
Income Taxes on Continuing Operations | 3,502 | 2,352 | 16,082 | 15,354 | ||
Net Income | 9,261 | 5,621 | 49,146 | 42,589 | ||
Identifiable Assets | ||||||
Total identifiable assets | 1,888,088 | 1,888,088 | $ 1,783,198 | |||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | (19) | (630) | 165 | (1,388) | ||
Regulated Energy [Member] | ||||||
Operating Income | ||||||
Total operating income | 20,482 | 17,540 | 66,376 | 65,310 | ||
Identifiable Assets | ||||||
Total identifiable assets | 1,530,689 | 1,530,689 | 1,434,066 | |||
Unregulated Energy [Member] | ||||||
Operating Income | ||||||
Total operating income | (3,092) | (3,169) | 11,050 | 11,317 | ||
Identifiable Assets | ||||||
Total identifiable assets | 305,536 | 305,536 | 296,810 | |||
Other [Member] | ||||||
Identifiable Assets | ||||||
Total identifiable assets | 51,863 | 51,863 | 52,322 | |||
Other and eliminations [Member] | ||||||
Operating Income | ||||||
Total operating income | 16 | (14) | 92 | 18 | ||
Continuing Operations [Member] | ||||||
Identifiable Assets | ||||||
Total identifiable assets | 1,888,088 | 1,888,088 | $ 1,783,198 | |||
Operating Revenues, Unaffiliated Customers [Member] | ||||||
Operating Revenues, Unaffiliated Customers | ||||||
Total operating revenues, unaffiliated customers | 101,419 | 92,626 | 351,160 | 347,630 | ||
Operating Revenues, Unaffiliated Customers [Member] | Regulated Energy [Member] | ||||||
Operating Revenues, Unaffiliated Customers | ||||||
Total operating revenues, unaffiliated customers | 82,297 | 74,027 | 257,810 | 249,978 | ||
Operating Revenues, Unaffiliated Customers [Member] | Unregulated Energy [Member] | ||||||
Operating Revenues, Unaffiliated Customers | ||||||
Total operating revenues, unaffiliated customers | 19,122 | 18,599 | 93,350 | 97,652 | ||
Intersegment Revenues [Member] | ||||||
Operating Revenues, Unaffiliated Customers | ||||||
Total operating revenues, unaffiliated customers | [1] | 4,188 | 4,367 | 12,937 | 13,351 | |
Intersegment Revenues [Member] | Regulated Energy [Member] | ||||||
Operating Revenues, Unaffiliated Customers | ||||||
Total operating revenues, unaffiliated customers | [1] | 465 | 553 | 1,425 | 1,623 | |
Intersegment Revenues [Member] | Unregulated Energy [Member] | ||||||
Operating Revenues, Unaffiliated Customers | ||||||
Total operating revenues, unaffiliated customers | [1] | 3,592 | 3,681 | 11,116 | 11,333 | |
Intersegment Revenues [Member] | Other [Member] | ||||||
Operating Revenues, Unaffiliated Customers | ||||||
Total operating revenues, unaffiliated customers | [1] | 131 | 133 | 396 | 395 | |
Retained Earnings [Member] | ||||||
Operating Income | ||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 9,280 | 6,251 | 48,981 | 43,977 | ||
Net Income | $ 9,261 | $ 5,621 | $ 49,146 | $ 42,589 | ||
[1] | All significant intersegment revenues are billed at market rates and have been eliminated from consolidated operating revenues. |
Stockholder's Equity - Accumu_3
Stockholder's Equity - Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ / shares in Units, shares in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | $ (3,629,000) | $ (6,267,000) | $ (6,713,000) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 3,617,000 | 1,700,000 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (979,000) | (275,000) | |||
Net current-period other comprehensive income (loss) | $ 833,000 | $ 344,000 | 2,638,000 | 1,425,000 | |
Ending balance | $ (3,629,000) | (5,403,000) | $ (3,629,000) | (5,403,000) | |
Common Stock Shares Issued At The Market | 100 | 100 | |||
Shares Issued Price Per Share - At The Market | $ 83.21 | $ 83.21 | |||
Proceeds From Issuance Of Common Stock - At The Market | $ 10,200,000 | ||||
Fees on Equity Issuance - At The Market | $ 400,000 | ||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 100 | ||||
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 84.90 | ||||
Proceeds from Issuance of Common Stock, Dividend Reinvestment Plan | $ 9,000,000 | ||||
Common Stock Shares Issued At The Market | 100 | 100 | |||
Shares Issued Price Per Share - At The Market | $ 83.21 | $ 83.21 | |||
Proceeds From Issuance Of Common Stock - At The Market | $ 10,200,000 | ||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 100 | ||||
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 84.90 | ||||
Proceeds from Issuance of Common Stock, Dividend Reinvestment Plan | 9,000,000 | ||||
Fees on Equity Issuance - At The Market | 400,000 | ||||
Subsequent Event [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Common Stock Shares Issued At The Market | 600 | ||||
Shares Issued Price Per Share - At The Market | $ 82.88 | ||||
Proceeds From Issuance Of Common Stock - At The Market | $ 50,800,000 | ||||
Fees on Equity Issuance - At The Market | $ 1,100,000 | ||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 100 | ||||
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 86.99 | ||||
Proceeds from Issuance of Common Stock, Dividend Reinvestment Plan | $ 13,000,000 | ||||
Common Stock Shares Issued At The Market | 600 | ||||
Shares Issued Price Per Share - At The Market | $ 82.88 | ||||
Proceeds From Issuance Of Common Stock - At The Market | $ 50,800,000 | ||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 100 | ||||
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 86.99 | ||||
Proceeds from Issuance of Common Stock, Dividend Reinvestment Plan | 13,000,000 | ||||
Fees on Equity Issuance - At The Market | 1,100,000 | ||||
Maximum [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Proceeds from Stock Plans | 75,000,000 | ||||
Proceeds from Stock Plans | 75,000,000 | ||||
UnrealizedGainsLossesFromDefinedBenefitPensionAndPostretirementPlanItems [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (4,735,000) | $ (4,933,000) | (5,928,000) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | (80,000) | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 198,000 | 312,000 | |||
Net current-period other comprehensive income (loss) | 198,000 | 232,000 | |||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | 0 | ||||
Ending balance | (4,735,000) | (5,696,000) | (4,735,000) | (5,696,000) | |
Accumulated (Gain) Loss from Commodity Contracts Cash Flows Hedges [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | 1,116,000 | (1,334,000) | (785,000) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 3,594,000 | 1,780,000 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1,144,000) | (587,000) | |||
Net current-period other comprehensive income (loss) | 2,450,000 | 1,193,000 | |||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | (115,000) | ||||
Ending balance | 1,116,000 | $ 293,000 | 1,116,000 | 293,000 | |
AOCI Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | $ (115,000) | ||||
Accumulated (Gain) Loss from Interest Rate Swap Cash Flows Hedges [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | $ (10,000) | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 23,000 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (33,000) | ||||
Net current-period other comprehensive income (loss) | (10,000) | ||||
Ending balance | $ (10,000) | $ (10,000) |
Stockholder's Equity - Accumu_4
Stockholder's Equity - Accumulated Other Comprehensive Income (Loss) - Reclassifications of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |||||
Amortization of pension and postretirement items: | ||||||||
Tax benefit | $ (3,502) | $ (2,352) | $ (16,082) | $ (15,354) | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Amortization of pension and postretirement items: | ||||||||
Net of tax | 43 | 435 | 979 | 355 | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ||||||||
Amortization of pension and postretirement items: | ||||||||
Prior service cost | [1] | 19 | 19 | 57 | 58 | |||
Net loss | (108) | (44) | [1] | (323) | [1] | (370) | [1] | |
Total before tax | (89) | (25) | (266) | (312) | ||||
Tax benefit | 23 | 5 | 68 | 80 | ||||
Net of tax | (66) | (20) | (198) | (232) | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated (Gain) Loss from Commodity Contracts Cash Flows Hedges [Member] | ||||||||
Amortization of pension and postretirement items: | ||||||||
Total before tax | 116 | 634 | 1,581 | 805 | ||||
Tax benefit | (32) | (179) | (437) | (218) | ||||
Net of tax | 84 | 455 | 1,144 | 587 | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated (Gain) Loss from Interest Rate Swap Cash Flows Hedges [Member] | ||||||||
Amortization of pension and postretirement items: | ||||||||
Other Comprehensive Income Loss Adjustments AOCI Swap Agreements | 45 | |||||||
Total before tax | 34 | 0 | 45 | 0 | ||||
Tax benefit | (9) | 0 | (12) | 0 | ||||
Net of tax | 25 | 0 | 33 | 0 | ||||
Propane Swap Agreement [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated (Gain) Loss from Commodity Contracts Cash Flows Hedges [Member] | ||||||||
Amortization of pension and postretirement items: | ||||||||
Other Comprehensive Income Loss Adjustments AOCI Swap Agreements | [2] | 116 | 290 | 1,581 | 1,148 | |||
Natural Gas Swaps [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated (Gain) Loss from Commodity Contracts Cash Flows Hedges [Member] | ||||||||
Amortization of pension and postretirement items: | ||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | [2],[3] | (4) | 7 | |||||
Natural Gas Futures [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated (Gain) Loss from Commodity Contracts Cash Flows Hedges [Member] | ||||||||
Amortization of pension and postretirement items: | ||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | [2],[3] | $ 0 | $ 348 | $ 0 | $ (350) | |||
[1] | These amounts are included in the computation of net periodic costs (benefits). See Note 10 , Employee Benefit Plans , for additional details. | |||||||
[2] | These amounts are included in the effects of gains and losses from derivative instruments. See Note 13, Derivative Instruments , for additional details. | |||||||
[3] | PESCO's results are reflected as discontinued operations in our condensed consolidated statements of income. |
Employee Benefit Plans (Detail)
Employee Benefit Plans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Defined Benefit Plan Disclosure [Line Items] | |||||
Amortization of prior service cost | $ (19) | $ (19) | $ (57) | $ (58) | |
Defined Benefit Plan Actuarial Gain Loss, Net Settlement | 128 | ||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 217 | 257 | 651 | 683 | |
Defined Benefit Plan, Benefit Obligation, Payment for Settlement | (58) | (58) | |||
Defined Benefit Plan Amounts Recognized Gain (Loss) | 198 | 238 | 594 | 625 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | [1] | 89 | 24 | 267 | 312 |
Defined Benefit Plan Amounts Recognized From Regulatory Asset | 109 | 104 | 327 | 313 | |
Chesapeake Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 100 | 300 | |||
Interest cost | 46 | 104 | 138 | 314 | |
Expected return on plan assets | (42) | (127) | (126) | (381) | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 65 | 101 | 195 | 304 | |
Net periodic cost (benefit) | [1] | 69 | 78 | 207 | 237 |
Total periodic cost | 69 | 78 | 207 | 237 | |
Defined Benefit Plan Amounts Recognized Gain (Loss) | 65 | 101 | 195 | 304 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | [1] | 65 | 101 | 195 | 304 |
Florida Public Utilities Company Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 500 | 2,600 | |||
Interest cost | 518 | 614 | 1,554 | 1,844 | |
Expected return on plan assets | (745) | (693) | (2,235) | (2,079) | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 135 | 128 | 405 | 386 | |
Net periodic cost (benefit) | [1] | (92) | 49 | (276) | 151 |
Amortization of pre-merger regulatory asset | 0 | 162 | 0 | 543 | |
Total periodic cost | (92) | 211 | (276) | 694 | |
Defined Benefit Plan Amounts Recognized Gain (Loss) | 135 | 128 | 405 | 386 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | [1] | 26 | 24 | 78 | 73 |
Defined Benefit Plan Amounts Recognized From Regulatory Asset | 109 | 104 | 327 | 313 | |
Chesapeake Pension SERP [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Interest cost | 16 | 16 | 48 | 58 | |
Defined Benefit Plan Actuarial Gain Loss, Net Settlement | (93) | (68) | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 5 | 17 | 15 | (42) | |
Net periodic cost (benefit) | [1] | 21 | 33 | 63 | 126 |
Total periodic cost | 21 | 91 | 63 | 184 | |
Defined Benefit Plan Amounts Recognized Gain (Loss) | 5 | 17 | 15 | (42) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | [1] | 5 | (93) | 15 | (42) |
Chesapeake Postretirement Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Interest cost | 8 | 10 | 24 | 29 | |
Amortization of prior service cost | (19) | (19) | (57) | (58) | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 12 | 11 | 36 | 35 | |
Net periodic cost (benefit) | [1] | 1 | 2 | 3 | 6 |
Total periodic cost | 1 | 2 | 3 | 6 | |
Defined Benefit Plan Amounts Recognized Gain (Loss) | (7) | (8) | (21) | (23) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | [1] | (7) | (8) | (21) | (23) |
Florida Public Utilities Company Medical Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Interest cost | 10 | 12 | 30 | 36 | |
Net periodic cost (benefit) | [1] | 10 | 12 | 30 | 36 |
Amortization of pre-merger regulatory asset | 2 | 2 | 6 | 6 | |
Total periodic cost | $ 12 | $ 14 | $ 36 | $ 42 | |
[1] | See Note 9 , Stockholders' Equity |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($) | |
Florida Public Utilities Company Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Contribution to pension plan | $ 500 | $ 2,600 |
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 3,200 | 3,200 |
Chesapeake Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Contribution to pension plan | 100 | 300 |
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 300 | 300 |
Chesapeake Pension SERP [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 200 | 200 |
Payment for Pension and Other Postretirement Benefits | 100 | |
Chesapeake Postretirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 100 | 100 |
Florida Public Utilities Company Medical Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 100 | $ 100 |
Employee Benefit Plans - Amount
Employee Benefit Plans - Amounts Included in Regulatory Asset and Accumulated Other Comprehensive Income/Loss Recognized as Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||||
Prior service cost (credit) | $ (19) | $ (19) | $ (57) | $ (58) | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 217 | 257 | 651 | 683 | |
Recognized from accumulated other comprehensive loss | [1] | 89 | 24 | 267 | 312 |
Recognized from regulatory asset | 109 | 104 | 327 | 313 | |
Defined Benefit Plan Actuarial Gain Loss, Net Settlement | 128 | ||||
Total recognized in net periodic benefit cost | 198 | 238 | 594 | 625 | |
Chesapeake Pension Plan [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 65 | 101 | 195 | 304 | |
Recognized from accumulated other comprehensive loss | [1] | 65 | 101 | 195 | 304 |
Total recognized in net periodic benefit cost | 65 | 101 | 195 | 304 | |
Florida Public Utilities Company Pension Plan [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 135 | 128 | 405 | 386 | |
Recognized from accumulated other comprehensive loss | [1] | 26 | 24 | 78 | 73 |
Recognized from regulatory asset | 109 | 104 | 327 | 313 | |
Total recognized in net periodic benefit cost | 135 | 128 | 405 | 386 | |
Chesapeake Pension SERP [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 5 | 17 | 15 | (42) | |
Recognized from accumulated other comprehensive loss | [1] | 5 | (93) | 15 | (42) |
Defined Benefit Plan Actuarial Gain Loss, Net Settlement | (93) | (68) | |||
Total recognized in net periodic benefit cost | 5 | 17 | 15 | (42) | |
Chesapeake Postretirement Plan [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||||
Prior service cost (credit) | (19) | (19) | (57) | (58) | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 12 | 11 | 36 | 35 | |
Recognized from accumulated other comprehensive loss | [1] | (7) | (8) | (21) | (23) |
Total recognized in net periodic benefit cost | $ (7) | $ (8) | $ (21) | $ (23) | |
[1] | See Note 9 , Stockholders' Equity |
Investments - Schedule of Inves
Investments - Schedule of Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Investments schedule [Line Items] | ||
Investments, at fair value | $ 9,680 | $ 9,229 |
Rabbi Trust Associated With Deferred Compensation Plan [Member] | ||
Investments schedule [Line Items] | ||
Investments, at fair value | 9,663 | 9,202 |
Equity Securities [Member] | ||
Investments schedule [Line Items] | ||
Investments, at fair value | $ 17 | $ 27 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Unrealized gain (loss), net of other expenses | $ 600,000 | $ (100,000) | $ 400,000 | $ 1,000,000 |
Share-Based Compensation - Shar
Share-Based Compensation - Share-Based Compensation Amounts Included in Net Income (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total compensation expense | $ 1,332 | $ 1,210 | $ 3,654 | $ 2,305 | |
Less: tax benefit | (348) | (315) | (955) | (600) | |
Share-Based Compensation amounts included in net income | 984 | 895 | $ 2,699 | 1,705 | |
Awards to non-employee directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 887 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 84.47 | ||||
Total compensation expense | $ 188 | 158 | $ 545 | 463 | |
Award to key employees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 186,209 | 186,209 | 157,817 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 69,345 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 35,651 | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expired In Period | (5,302) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 86.98 | $ 86.98 | $ 80.28 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 92.78 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 66.48 | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expirations Weighted Average Grant Date Fair Value | $ 65.32 | ||||
Total compensation expense | $ 1,144 | $ 1,052 | $ 3,109 | $ 1,842 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Stock Activity under the SICP (Detail) | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Award to key employees [Member] | |
Number of Shares | |
Outstanding - December 31, 2019 (shares) | shares | 157,817 |
Granted awards (shares) | shares | 69,345 |
Vested (shares) | shares | (35,651) |
Expired (shares) | shares | 5,302 |
Outstanding - September 30, 2020 (shares) | shares | 186,209 |
Weighted Average Fair Value | |
Outstanding - December 31, 2019 (in dollars per share) | $ / shares | $ 80.28 |
Granted (in dollars per share) | $ / shares | 92.78 |
Vested (in dollars per share) | $ / shares | 66.48 |
Expired (in dollars per share) | $ / shares | 65.32 |
Outstanding - September 30, 2020 (in dollars per share) | $ / shares | $ 86.98 |
Awards to non-employee directors [Member] | |
Number of Shares | |
Granted awards (shares) | shares | 887 |
Weighted Average Fair Value | |
Granted (in dollars per share) | $ / shares | $ 84.47 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 10,319 | 7,635 |
Payment, Tax Withholding, Share-based Payment Arrangement | $ 977 | $ 692 |
Unrecognized compensation cost | $ 4,900 | |
Awards to non-employee directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 84.47 | |
Granted awards (shares) | 887 | |
Unrecognized compensation expense related to the awards to non-employee directors | $ 400 | |
Total [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted awards (shares) | 8,870 | |
Awards to non-employee director [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 95.83 | |
Granted awards (shares) | 254 | |
Award to key employees [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expired In Period | (5,302) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 92.78 | |
Granted awards (shares) | 69,345 | |
Vesting period | 3 years | |
Payment, Tax Withholding, Share-based Payment Arrangement | $ 1,000 | |
Intrinsic value of the SICP awards | $ 15,700 | |
Accelerated Vested Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 10,319 |
Derivative Instruments Volume o
Derivative Instruments Volume of Derivative Activity (Details) - Sharp Energy Inc [Member] gal in Millions, $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($)gal | |
Derivative [Line Items] | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ | $ 1 |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer | 12 months |
Swap [Member] | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount, Volume | gal | 21.7 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||
Energy Marketing Contracts Assets, Current | $ 1,967,000 | $ 0 |
Energy Marketing Contract Liabilities, Current | (439,000) | (1,844,000) |
Notional Amount of Nonderivative Instruments | $ 100,000,000 | |
Number of short-term lines of Credit, rate swap | 3 | |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 100,000 | |
Designated as Hedging Instrument [Member] | Mark To Market Energy Assets [Member] | Propane Swap Agreement [Member] | ||
Derivative [Line Items] | ||
Energy Marketing Contracts Assets, Current | 1,967,000 | 0 |
Designated as Hedging Instrument [Member] | Mark-to-market energy liabilities [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Energy Marketing Contract Liabilities, Current | (13,000) | 0 |
Designated as Hedging Instrument [Member] | Mark-to-market energy liabilities [Member] | Propane Swap Agreement [Member] | ||
Derivative [Line Items] | ||
Energy Marketing Contract Liabilities, Current | (426,000) | (1,844,000) |
Sharp Energy Inc [Member] | ||
Derivative [Line Items] | ||
Receivables from Brokers-Dealers and Clearing Organizations | (177,000) | $ (2,317,000) |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 1,000,000 | |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer | 12 months | |
Interest Rate Swap Rate, High Range [Member] | ||
Derivative [Line Items] | ||
Fixed Swap Rate | 38.75% | |
Interest Rate Swap Rate, Low Range [Member] | ||
Derivative [Line Items] | ||
Fixed Swap Rate | 26.15% |
Derivative Instruments - Fair V
Derivative Instruments - Fair Values of Derivative Contracts Recorded in Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Energy Marketing Contracts Assets, Current | $ 1,967 | $ 0 |
Energy Marketing Contract Liabilities, Current | 439 | 1,844 |
Mark To Market Energy Assets [Member] | Propane Swap Agreement [Member] | Derivatives designated as hedging instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Energy Marketing Contracts Assets, Current | 1,967 | 0 |
Mark-to-market energy liabilities [Member] | Propane Swap Agreement [Member] | Derivatives designated as hedging instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Energy Marketing Contract Liabilities, Current | 426 | 1,844 |
Mark-to-market energy liabilities [Member] | Interest Rate Swap [Member] | Derivatives designated as hedging instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Energy Marketing Contract Liabilities, Current | $ 13 | $ 0 |
Derivative Instruments - Effect
Derivative Instruments - Effects of Gains and Losses from Derivative Instruments on Condensed Consolidated Financial Statements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 1,209 | $ 767 | $ 4,997 | $ 2,837 |
Cost of Sales [Member] | Derivatives designated as hedging instrument [Member] | Propane Swap Agreement [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 116 | 290 | 1,581 | 1,148 |
Other Comprehensive Income (Loss) [Member] | Derivatives designated as hedging instrument [Member] | Natural Gas Swaps [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | 0 | 1,612 | 0 | 2,376 |
Other Comprehensive Income (Loss) [Member] | Derivatives designated as hedging instrument [Member] | Propane Swap Agreement [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | 1,022 | (1,139) | 3,385 | (624) |
Other Comprehensive Income (Loss) [Member] | Derivatives designated as hedging instrument [Member] | Interest Rate Swap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | 37 | 0 | (14) | 0 |
Other Comprehensive Income (Loss) [Member] | Derivatives designated as hedging instrument [Member] | Natural Gas Futures [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | 0 | 4 | 0 | (63) |
Interest Expense [Member] | Derivatives designated as hedging instrument [Member] | Interest Rate Swap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 34 | $ 0 | $ 45 | $ 0 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Assets: | ||
Investments | $ 9,680 | $ 9,229 |
Energy Marketing Contracts Assets, Current | 1,967 | 0 |
Liabilities: | ||
Energy Marketing Contract Liabilities, Current | 439 | 1,844 |
Equity Securities [Member] | ||
Assets: | ||
Investments | 17 | 27 |
Quoted Prices in Active Markets (Level 1) [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | 7,551 | 8,426 |
Quoted Prices in Active Markets (Level 1) [Member] | Equity Securities [Member] | ||
Assets: | ||
Investments | 17 | 27 |
Quoted Prices in Active Markets (Level 1) [Member] | Investments - Mutual funds and other [Member] | ||
Assets: | ||
Investments | 7,534 | 8,399 |
Quoted Prices in Active Markets (Level 1) [Member] | Total Investments [Member] | ||
Assets: | ||
Investments | 7,551 | 8,426 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | 1,967 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | 2,129 | 803 |
Significant Unobservable Inputs (Level 3) [Member] | Investments in guaranteed income fund [Member] | ||
Assets: | ||
Investments | 2,129 | 803 |
Significant Unobservable Inputs (Level 3) [Member] | Total Investments [Member] | ||
Assets: | ||
Investments | 2,129 | 803 |
Recurring [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | 11,647 | 9,229 |
Liabilities: | ||
Energy Marketing Contract Liabilities, Current | 1,844 | |
Recurring [Member] | Equity Securities [Member] | ||
Assets: | ||
Investments | 17 | 27 |
Recurring [Member] | Investments in guaranteed income fund [Member] | ||
Assets: | ||
Investments | 2,129 | 803 |
Recurring [Member] | Investments - Mutual funds and other [Member] | ||
Assets: | ||
Investments | 8,399 | |
Recurring [Member] | Total Investments [Member] | ||
Assets: | ||
Investments | $ 9,680 | 9,229 |
Recurring [Member] | Mark To Market Energy Assets incl. natural gas and swap agreements[Member] | ||
Assets: | ||
Derivative assets | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Summary of Changes in Fair Value of Investments (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | $ (514) | $ (14) |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 803 | 686 |
Purchases and adjustments | 243 | 123 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (1,579) | 0 |
Investment Income | 18 | 11 |
Ending Balance | $ 2,129 | $ 806 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Long-term debt including current maturities | $ 536.5 | $ 486.6 |
Fair value of long-term debt | $ 567 | $ 505 |
Long-Term Debt - Outstanding Lo
Long-Term Debt - Outstanding Long-Term Debt (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | ||
Debt Instrument [Line Items] | ||||
Total long-term debt | $ (536,500,000) | $ (486,600,000) | ||
Debt Instrument, Unused Borrowing Capacity, Amount | 310,000,000 | |||
Total Long-term debt | 535,571,000 | 485,768,000 | ||
Less: current maturities | (15,600,000) | (45,600,000) | ||
Less: debt issuance costs | 922,000 | 822,000 | ||
Total long-term debt, net of current maturities | 519,971,000 | 440,168,000 | ||
NYL Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Total long-term debt | $ (40,000,000) | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.96% | |||
Aggregated Unfunded Commitments [Member] | ||||
Debt Instrument [Line Items] | ||||
Total long-term debt | $ 0 | |||
Prudential Unfunded Commitments [Member] | ||||
Debt Instrument [Line Items] | ||||
Total long-term debt | $ (50,000,000) | |||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 3.00% | ||
New York Life [Member] | ||||
Debt Instrument [Line Items] | ||||
Total long-term debt | $ (140,000,000) | |||
9.08% bond, due June 1, 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total long-term debt | $ (7,993,000) | [3] | (7,990,000) | |
Debt Instrument, Interest Rate, Stated Percentage | 9.08% | |||
5.50% note, due October 12, 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total long-term debt | $ (2,000,000) | (2,000,000) | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |||
5.93% note, due October 31, 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total long-term debt | $ (10,500,000) | (12,000,000) | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.93% | |||
5.68% note, due June 30, 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total long-term debt | $ (17,400,000) | (20,300,000) | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.68% | |||
6.43% note, due May 2, 2028 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total long-term debt | $ (5,600,000) | (6,300,000) | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.43% | |||
3.73% note, due December 16, 2028 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total long-term debt | $ (18,000,000) | (18,000,000) | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.73% | |||
3.88% note, due May 15, 2029 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total long-term debt | $ (45,000,000) | (50,000,000) | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.88% | |||
3.25% note, due April 30, 2032 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total long-term debt | $ (70,000,000) | (70,000,000) | ||
3.48% note, due May 31, 2038 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total long-term debt | (50,000,000) | (50,000,000) | ||
Uncollateralized Senior Note Due November Two Thousand Thirty Eight [Member] | ||||
Debt Instrument [Line Items] | ||||
Total long-term debt | $ (50,000,000) | (50,000,000) | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.58% | |||
Uncollateralized Senior Note Due August Two Thousand Thirty Nine [Member] | ||||
Debt Instrument [Line Items] | ||||
Total long-term debt | $ (100,000,000) | (100,000,000) | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.98% | |||
Term Note Due January Two Thousand Twenty [Member] | ||||
Debt Instrument [Line Items] | ||||
Total long-term debt | $ (70,000,000) | (70,000,000) | ||
Term Note Due February Two Thousand Twenty [Member] | ||||
Debt Instrument [Line Items] | ||||
Total long-term debt | 0 | $ (30,000,000) | ||
Uncollateralized Senior Note Due July Two Thousand Thirty Five | ||||
Debt Instrument [Line Items] | ||||
Total long-term debt | $ (50,000,000) | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | |||
Uncollateralized Senior Note Due August Two Thousand Thirty Five | ||||
Debt Instrument [Line Items] | ||||
Total long-term debt | $ (40,000,000) | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.96% | |||
Aggregate Shelf Agreements [Member] | ||||
Debt Instrument [Line Items] | ||||
Total long-term debt | $ (360,000,000) | |||
Aggregate Shelf Agreements [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 670,000,000 | |||
Prudential [Member] | ||||
Debt Instrument [Line Items] | ||||
Total long-term debt | (220,000,000) | |||
Debt Instrument, Unused Borrowing Capacity, Amount | [1],[2] | 150,000,000 | ||
Prudential [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | [1],[2] | 370,000,000 | ||
MetLife [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | [4] | 150,000,000 | ||
Debt Instrument, Unused Borrowing Capacity, Amount | [4] | $ 150,000,000 | ||
[1] | 2) In April 2020, the Prudential Shelf Agreement was amended to increase the available borrowing capacity to $150.0 million. The Shelf Agreement expires in April 2023. | |||
[2] | (1) In January 2020, we requested and Prudential accepted our request to purchase $50.0 million of our unsecured debt. We issued the Shelf Notes in July 2020 at the rate of 3.00 percent per annum. | |||
[3] | FPU secured first mortgage bonds are guaranteed by Chesapeake Utilities. | |||
[4] | (3) In May 2020, we reached into an agreement with MetLife to provide a new $150.0 million MetLife Shelf Agreement for a three-year term ending May 2023. |
Long-Term Debt - Outstanding _2
Long-Term Debt - Outstanding Long-Term Debt- Supplemental Information (Detail) | 9 Months Ended |
Sep. 30, 2020 | |
9.08% bond, due June 1, 2022 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Jun. 1, 2022 |
Debt Instrument, Interest Rate, Stated Percentage | 9.08% |
5.50% note, due October 12, 2020 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Oct. 12, 2020 |
Debt Instrument, Interest Rate, Stated Percentage | 5.50% |
5.93% note, due October 31, 2023 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Oct. 31, 2023 |
Debt Instrument, Interest Rate, Stated Percentage | 5.93% |
5.68% note, due June 30, 2026 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Jun. 30, 2026 |
Debt Instrument, Interest Rate, Stated Percentage | 5.68% |
6.43% note, due May 2, 2028 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | May 2, 2028 |
Debt Instrument, Interest Rate, Stated Percentage | 6.43% |
3.73% note, due December 16, 2028 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Dec. 16, 2028 |
Debt Instrument, Interest Rate, Stated Percentage | 3.73% |
3.88% note, due May 15, 2029 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | May 15, 2029 |
Debt Instrument, Interest Rate, Stated Percentage | 3.88% |
3.25% due April 30, 2032 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Apr. 30, 2032 |
Debt Instrument, Interest Rate, Stated Percentage | 3.25% |
3.48% note, due May 31, 2038 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | May 31, 2038 |
Debt Instrument, Interest Rate, Stated Percentage | 3.48% |
Uncollateralized Senior Note Due November Two Thousand Thirty Eight [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Nov. 30, 2038 |
Debt Instrument, Interest Rate, Stated Percentage | 3.58% |
Uncollateralized Senior Note Due August Two Thousand Thirty Nine [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Aug. 20, 2039 |
Debt Instrument, Interest Rate, Stated Percentage | 3.98% |
Uncollateralized Senior Note Due December Two Thousand Thirty Four [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Dec. 20, 2034 |
Debt Instrument, Interest Rate, Stated Percentage | 2.98% |
Uncollateralized Senior Note Due July Two Thousand Thirty Five | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Jul. 15, 2035 |
Debt Instrument, Interest Rate, Stated Percentage | 3.00% |
Uncollateralized Senior Note Due August Two Thousand Thirty Five | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Aug. 15, 2035 |
Debt Instrument, Interest Rate, Stated Percentage | 2.96% |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | 9 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2019 | ||
Debt Instrument [Line Items] | |||
Document Period End Date | Sep. 30, 2020 | ||
Long-term debt including current maturities | $ 536,500,000 | $ 486,600,000 | |
Debt Instrument, Unused Borrowing Capacity, Amount | 310,000,000 | ||
NYL Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt including current maturities | $ 40,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.96% | ||
Prudential Unfunded Commitments [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt including current maturities | $ 50,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | [1],[2] | 3.00% | |
Uncollateralized Senior Note Due December Two Thousand Thirty Four [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.98% | ||
Term Note Due January Two Thousand Twenty [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt including current maturities | $ 70,000,000 | 70,000,000 | |
Term Note Due February Two Thousand Twenty [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt including current maturities | 0 | 30,000,000 | |
3.48% note, due May 31, 2038 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt including current maturities | 50,000,000 | 50,000,000 | |
3.25% note, due April 30, 2032 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt including current maturities | 70,000,000 | $ 70,000,000 | |
New York Life [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt including current maturities | 140,000,000 | ||
Aggregated Unfunded Commitments [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt including current maturities | 0 | ||
Aggregate Shelf Agreements [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt including current maturities | 360,000,000 | ||
MetLife [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | [3] | 150,000,000 | |
Debt Instrument, Unused Borrowing Capacity, Amount | [3] | 150,000,000 | |
Prudential [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt including current maturities | 220,000,000 | ||
Debt Instrument, Unused Borrowing Capacity, Amount | [1],[2] | 150,000,000 | |
New York Life [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unused Borrowing Capacity, Amount | [4] | 10,000,000 | |
Maximum [Member] | Aggregate Shelf Agreements [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | 670,000,000 | ||
Maximum [Member] | Prudential [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | [1],[2] | 370,000,000 | |
Maximum [Member] | New York Life [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | [4] | $ 150,000,000 | |
[1] | 2) In April 2020, the Prudential Shelf Agreement was amended to increase the available borrowing capacity to $150.0 million. The Shelf Agreement expires in April 2023. | ||
[2] | (1) In January 2020, we requested and Prudential accepted our request to purchase $50.0 million of our unsecured debt. We issued the Shelf Notes in July 2020 at the rate of 3.00 percent per annum. | ||
[3] | (3) In May 2020, we reached into an agreement with MetLife to provide a new $150.0 million MetLife Shelf Agreement for a three-year term ending May 2023. | ||
[4] | (4) In February 2020, we requested and NYL accepted our request to purchase $40.0 million of our unsecured debt. The Shelf Notes were issued in August 2020 at the rate of 2.96 percent per annum. The Shelf Agreement expires in November 2021. |
Short-Term Borrowings (Details)
Short-Term Borrowings (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Short-term Debt [Line Items] | ||
Line of Credit Facility, Commitment Fee Percentage | 17.50% | |
Ratio of Indebtedness to Net Capital | 0.65 | |
Notional Amount of Nonderivative Instruments | $ 100,000,000 | |
Number of short-term lines of Credit, rate swap | 3 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 375,000,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | 154,700,000 | |
Bank Overdrafts | 900,000 | $ 3,200,000 |
Short-term borrowing | $ 216,388,000 | $ 247,371,000 |
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 1.28% | 2.62% |
Committed Line of Credit Facility Two [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR rate, plus 0.75 percent | |
Committed Line of Credit Facility Three [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Description of Variable Rate Basis | Lender's base rate, plus 0.75 percent | |
Committed Line of Credit Facility Five [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Description of Variable Rate Basis | Lender's base rate, plus 0.85 percent | |
Committed Line of Credit Facility Four [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR rate, plus 1.125 percent | |
Committed Line of Credit Facility Six [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR rate, plus 1.75 percent | |
Committed Line of Credit Facility Seven [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR rate, plus 1.75 percent | |
Committed Line of Credit Facility Eight [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR rate, plus 1.75 percent | |
Committed Line of Credit Facility Nine [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR rate, plus 1.75 percent | |
Debt Instrument, Description of Variable Rate Basis | 112.50% | |
Interest Rate Swap Rate, Low Range [Member] | ||
Short-term Debt [Line Items] | ||
Fixed Swap Rate | 26.15% | |
Interest Rate Swap Rate, High Range [Member] | ||
Short-term Debt [Line Items] | ||
Fixed Swap Rate | 38.75% | |
Committed Line of Credit Facility One [Member] | ||
Short-term Debt [Line Items] | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR rate, plus 0.75 percent |
Leases (Details)
Leases (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020USD ($)yr | Dec. 31, 2019USD ($) | |
Lease Disclosure [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 11,077 | $ 11,563 |
Effect of CPI Basis Point Change | 100 | |
Minimum Renewal Term Length in Years - Lessee | yr | 1 | |
Maximum Renewal Term Length in Years - Lessee | yr | 25 | |
Total Finance and Operating Lease Right-of-Use Asset | $ 11,077 | 11,563 |
Operating Lease, Liability, Current | 1,733 | 1,705 |
Operating Lease, Liability, Noncurrent | 9,681 | 9,896 |
Total Operating and Finance Lease Liabilities | $ 11,414 | $ 11,601 |
Leases Leases - Lease Cost Addi
Leases Leases - Lease Cost Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||||
Lease, Cost [Abstract] | |||||||
Operating Lease, Cost | $ 627 | [1] | $ 638 | [1] | $ 1,882 | $ 1,926 | [1] |
Finance Lease, Right-of-Use Asset, Amortization | 0 | 0 | |||||
Finance Lease, Principal Payments | 0 | 650 | |||||
Finance Lease, Interest Expense | 0 | 0 | 5 | ||||
Lease, Cost | $ 627 | $ 638 | $ 1,882 | $ 2,581 | |||
[1] | (1) Includes short-term leases and variable lease costs, which are immaterial |
Leases Leases - Right of Use As
Leases Leases - Right of Use Asset and Lease Liability Balance Sheet Classification Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Leases - Right of Use Asset and Lease Liability Balance Sheet Classification [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 11,077 | $ 11,563 |
Total Finance and Operating Lease Right-of-Use Asset | 11,077 | 11,563 |
Operating Lease, Liability, Current | 1,733 | 1,705 |
Operating Lease, Liability, Noncurrent | 9,681 | 9,896 |
Total Operating and Finance Lease Liabilities | $ 11,414 | $ 11,601 |
Leases Leases - Weighted Averag
Leases Leases - Weighted Average Remaining Lease Term Additional Information (Details) | Sep. 30, 2020 | Dec. 31, 2019 |
Leases - Weighted Average Remaining Lease term Additional Information [Abstract] | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3.80% | 3.80% |
Operating Lease, Weighted Average Remaining Lease Term | 8 years 6 months | 8 years 10 months 17 days |
Leases Leases - Cash Flow Addit
Leases Leases - Cash Flow Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | |
Leases - Cash Flow Additional Information [Abstract] | |||
Operating Cash Flow from Operating Leases | $ 1,435 | $ 1,580 | |
Finance Lease, Interest Payment on Liability | 0 | ||
Finance Lease, Interest Expense | $ 0 | 0 | 5 |
Finance Lease, Principal Payments | $ 0 | $ 650 |
Leases Leases - Schedule of Fut
Leases Leases - Schedule of Future Maturities Additional Information (Details) $ in Thousands | Sep. 30, 2020USD ($) | |
Leases - Schedule of Future Maturities Additional Information [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 602 | [1] |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 1,984 | [1] |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 1,939 | [1] |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 1,874 | [1] |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 1,619 | [1] |
Lessee, Operating Lease Liability, Payments, Due Year Six | 1,383 | [1] |
Lessee, Operating Lease Liability, Payments, Due After Year Six | 3,876 | [1] |
Lessee, Operating Lease, Liability, Payments, Due | 13,277 | [1] |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 1,863 | [1] |
Operating Lease, Liability | 11,414 | [1] |
Lessee Future Operating Lease Option Payments | $ 3,900 | |
[1] | Operating lease payments include $3.9 million related to options to extend lease terms that are reasonably certain of being exercised. |