Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Jul. 31, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
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 $0.4867 | |
Trading Symbol | CPK | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 17,604,196 | |
Entity Central Index Key | 0000019745 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating Revenues | ||||
Regulated Energy | $ 80,396 | $ 82,762 | $ 282,503 | $ 259,235 |
Unregulated Energy and other | 26,939 | 18,657 | 127,101 | 91,925 |
Total Operating Revenues | 107,335 | 101,419 | 409,604 | 351,160 |
Operating Expenses | ||||
Regulated Energy cost of sales | 15,294 | 16,271 | 72,785 | 67,490 |
Unregulated Energy and other cost of sales | 12,072 | 5,640 | 55,578 | 30,250 |
Operations | 34,075 | 34,959 | 109,886 | 105,516 |
Maintenance | 4,267 | 3,717 | 12,568 | 11,695 |
Settlement Gain | 0 | (130) | ||
Depreciation and amortization | 15,798 | 18,293 | 46,460 | 42,793 |
Other taxes | 5,716 | 5,133 | 18,039 | 16,028 |
Total Operating Expenses | 87,222 | 84,013 | 315,316 | 273,642 |
Total operating income | 20,113 | 17,406 | 94,288 | 77,518 |
Other income (expense), net | 339 | (40) | 2,180 | 2,997 |
Interest charges | 4,975 | 4,584 | 15,134 | 15,452 |
Income from Continuing Operations Before Income Taxes | 15,477 | 12,782 | 81,334 | 65,063 |
Income Taxes on Continuing Operations | 2,993 | 3,502 | 20,563 | 16,082 |
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 12,484 | 9,280 | 60,771 | 48,981 |
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | (9) | (19) | (17) | 165 |
Net Income | $ 12,475 | $ 9,261 | $ 60,754 | $ 49,146 |
Weighted Average Common Shares Outstanding: | ||||
Basic (shares) | 17,582,115 | 16,533,748 | 17,538,461 | 16,466,106 |
Diluted (shares) | 17,659,643 | 16,592,842 | 17,610,158 | 16,523,200 |
Basic Earnings Per Share of Common Stock: | ||||
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.71 | $ 0.56 | $ 3.46 | $ 2.97 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | 0 | 0 | 0 | 0.01 |
Basic (in dollars per share) | 0.71 | 0.56 | 3.46 | 2.98 |
Earnings Per Share, Diluted [Abstract] | ||||
Income (Loss) from Continuing Operations, Per Diluted Share | 0.71 | 0.56 | 3.45 | 2.96 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share | 0 | 0 | 0 | 0.01 |
Diluted (in dollars per share) | $ 0.71 | $ 0.56 | $ 3.45 | $ 2.97 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 12,475 | $ 9,261 | $ 60,754 | $ 49,146 |
Amortization of prior service cost, net of tax of $(5), $(5), $(15) and $(15), respectively | (14) | (14) | (42) | (42) |
Net gain, net of tax of $28, $28, $53 and $55, respectively | (78) | (80) | (234) | (240) |
Unrealized gain on commodity contract cash flow hedges, net of tax of $688, $282, $1,945 and $935, respectively | 1,803 | 740 | 5,094 | 2,450 |
Unrealized gain/(loss) on interest rate swap cash flow hedges, net of tax of $2, $(14), $1 and $(14), respectively | 14 | 27 | 18 | (10) |
Other comprehensive income (loss) | 1,881 | 833 | 5,304 | 2,638 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 14,356 | $ 10,094 | $ 66,058 | $ 51,784 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Other Comprehensive Income [Abstract] | ||||
Amortization of prior service cost, tax | $ (5) | $ (5) | $ (15) | $ (15) |
Net gain, tax | 28 | 28 | 83 | 83 |
Unrealized (loss)/gain on commodity contract cash flow hedges, tax | 688 | 282 | 1,945 | 935 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Interest Rate Swaps During Period, Tax | $ 5 | $ 10 | $ 6 | $ (4) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment | |||
Regulated Energy | $ 1,688,938 | $ 1,577,576 | |
Unregulated Energy | 324,083 | 300,647 | |
Other businesses and eliminations | 35,183 | 30,769 | |
Total property, plant and equipment | 2,048,204 | 1,908,992 | |
Less: Accumulated depreciation and amortization | (405,263) | (368,743) | |
Plus: Construction work in progress | 56,773 | 60,929 | |
Net property, plant and equipment | 1,699,714 | 1,601,178 | |
Current Assets | |||
Cash and cash equivalents | 5,886 | 3,499 | |
Trade and other receivables | 44,590 | 56,890 | |
Accounts Receivable, Allowance for Credit Loss, Current | (2,980) | (4,785) | |
Accounts Receivable, before Allowance for Credit Loss, Current | 47,570 | 61,675 | |
Accrued revenue | 11,318 | 21,527 | |
Propane inventory, at average cost | 6,917 | 5,906 | |
Other inventory, at average cost | 6,716 | 5,539 | |
Regulatory assets | 12,021 | 10,786 | |
Storage gas prepayments | 4,663 | 2,455 | |
Income taxes receivable | 12,702 | 12,885 | |
Prepaid expenses | 15,555 | 13,239 | |
Derivative assets, at fair value | 12,185 | 3,269 | |
Other current assets | 440 | 436 | |
Total current assets | 132,993 | 136,431 | |
Deferred Charges and Other Assets | |||
Goodwill | 38,803 | 38,731 | |
Other intangible assets, net | 7,298 | 8,292 | |
Investments, at fair value | 11,490 | 10,776 | |
Operating Lease, Right-of-Use Asset | 9,602 | 11,194 | |
Regulatory assets | 107,872 | 113,806 | |
Receivables and other deferred charges | 14,056 | 12,079 | |
Total deferred charges and other assets | 189,121 | 194,878 | |
Total Assets | 2,021,828 | 1,932,487 | |
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) | 8,560 | 8,499 | |
Additional paid-in capital | 361,066 | 348,482 | |
Retained earnings | 378,897 | 342,969 | |
Accumulated other comprehensive income (loss) | 2,439 | (2,865) | |
Deferred compensation obligation | 7,186 | 5,679 | |
Treasury stock | (7,186) | (5,679) | |
Total stockholders’ equity | 750,962 | [1] | 697,085 |
Long-term debt, net of current maturities | 505,459 | 508,499 | |
Total capitalization | 1,256,421 | 1,205,584 | |
Current Liabilities | |||
Less: current maturities | 16,206 | 13,600 | |
Short-term borrowing | 192,026 | 175,644 | |
Accounts payable | 53,026 | 60,253 | |
Customer deposits and refunds | 35,782 | 33,302 | |
Accrued interest | 4,783 | 2,905 | |
Dividends payable | 8,442 | 7,683 | |
Accrued compensation | 13,497 | 13,994 | |
Regulatory liabilities | 5,357 | 6,284 | |
Derivative liabilities, at fair value | 1,969 | 127 | |
Other accrued liabilities | 23,454 | 15,240 | |
Total current liabilities | 354,542 | 329,032 | |
Deferred Credits and Other Liabilities | |||
Deferred income taxes | 225,448 | 205,388 | |
Regulatory liabilities | 143,164 | 142,736 | |
Environmental liabilities | 3,709 | 4,299 | |
Other pension and benefit costs | 28,113 | 30,673 | |
Operating Lease, Liability, Noncurrent | 8,380 | 9,872 | |
Deferred investment tax credits and other liabilities | 2,051 | 4,903 | |
Total deferred credits and other liabilities | 410,865 | 397,871 | |
Environmental and other commitments and contingencies (Notes 5 and 6) | |||
Total Capitalization and Liabilities | $ 2,021,828 | $ 1,932,487 | |
[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, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for uncollectible accounts | $ 2,980 | $ 4,785 |
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, 2021 | Sep. 30, 2020 | |
Operating Activities | ||
Net Income | $ 60,754 | $ 49,146 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 46,460 | 42,793 |
Depreciation and accretion included in other costs | 7,668 | 7,062 |
Deferred income taxes | 18,059 | 22,184 |
Gain on sale of discontinued operations | 0 | (200) |
Realized gain on commodity contracts and sale of assets | (6,255) | (4,876) |
Unrealized (gain) loss on investments/commodity contracts | (949) | (432) |
Employee benefits and compensation | (519) | 32 |
Share-based compensation | 4,620 | 3,654 |
Changes in assets and liabilities: | ||
Accounts receivable and accrued revenue | 22,439 | 10,255 |
Propane inventory, storage gas and other inventory | (4,396) | 2,824 |
Regulatory assets/liabilities, net | (6,562) | (2,284) |
Prepaid expenses and other current assets | (6,813) | 1,135 |
Accounts payable and other accrued liabilities | 18,325 | (924) |
Income taxes (payable) receivable | 183 | (6,809) |
Customer deposits and refunds | 2,480 | 1,572 |
Accrued compensation | (740) | (5,506) |
Other assets and liabilities, net | (1,970) | (3,746) |
Net cash provided by operating activities | 152,784 | 115,880 |
Investing Activities | ||
Property, plant and equipment expenditures | (148,213) | (123,421) |
Proceeds from sale of assets | 727 | 4,320 |
Proceeds from the sale of discontinued operations | 0 | 200 |
Environmental expenditures | 590 | 2,021 |
Net cash used in investing activities | (148,076) | (136,551) |
Financing Activities | ||
Common stock dividends | (23,287) | (20,044) |
Issuance of stock under the Dividend Reinvestment Plan, net of offering fees | 7,069 | 19,731 |
Tax withholding payments related to net settled stock compensation | (1,478) | (977) |
Change in cash overdrafts due to outstanding checks | (508) | (2,310) |
Net advances (repayments) under line of credit agreements | 16,392 | (29,385) |
Proceeds from long-term debt, net of offering fees | 9,590 | 89,827 |
Repayment of long-term debt | (10,099) | (40,100) |
Net cash (used in) / provided by financing activities | (2,321) | 16,742 |
Net Increase (Decrease) in Cash and Cash Equivalents | 2,387 | (3,929) |
Cash and Cash Equivalents—Beginning of Period | 3,499 | 6,985 |
Cash and Cash Equivalents—End of Period | 5,886 | 3,056 |
Payments to Acquire Businesses, Gross | $ 0 | $ (15,629) |
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 | 95,329 | ||||||||||
Common Stock, Dividends, Per Share, Declared | $ 1.285 | ||||||||||
Beginning Balances (shares) at Dec. 31, 2019 | [1],[2] | 16,403,776 | |||||||||
Beginning Balances at Dec. 31, 2019 | $ 561,577 | [1],[2] | $ 7,984 | [1],[2] | $ 259,253 | $ 300,607 | $ (6,267) | $ 4,543 | $ (4,543) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net Income | 49,146 | 49,146 | |||||||||
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) | [3],[4] | 34,456 | |||||||||
Share-based compensation and tax benefit | 2,906 | $ 16 | [3],[4] | 2,890 | [3],[4] | ||||||
Treasury stock activities | 0 | 1,091 | (1,091) | ||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, QuantificationPrincipleEffectOfAdoptionQuantification | (30) | (30) | |||||||||
Ending Balances (shares) at Sep. 30, 2020 | [1],[2] | 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],[2] | 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) | [3],[4] | 0 | |||||||||
Share-based compensation and tax benefit | [3],[4] | 1,144 | $ 0 | 1,144 | |||||||
Treasury stock activities | (25) | 25 | |||||||||
Ending Balances (shares) at Sep. 30, 2020 | [1],[2] | 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] | |||||||||||
Shares Held In Trust For Deferred Compensation Plan | 104,119 | ||||||||||
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 | 105,087 | ||||||||||
Common Stock, Dividends, Per Share, Declared | $ 1.400 | ||||||||||
Beginning Balances (shares) at Dec. 31, 2020 | [1],[2] | 17,461,841 | |||||||||
Beginning Balances at Dec. 31, 2020 | $ 697,085 | $ 8,499 | [1],[2] | 348,482 | 342,969 | (2,865) | 5,679 | (5,679) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net Income | 60,754 | 60,754 | |||||||||
Other comprehensive income (loss) | 5,304 | 5,304 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 5,304 | ||||||||||
Dividend declared | (24,826) | (24,826) | |||||||||
Retirement savings plan and dividend reinvestment plan (shares) | 80,022 | ||||||||||
Dividend reinvestment plan | 9,286 | $ 39 | 9,247 | ||||||||
Share-based compensation (shares) | [3],[4] | 45,971 | |||||||||
Share-based compensation and tax benefit | [3],[4] | 3,359 | $ 22 | 3,337 | |||||||
Treasury stock activities | 0 | 1,507 | (1,507) | ||||||||
Ending Balances (shares) at Sep. 30, 2021 | [1],[2] | 17,587,834 | |||||||||
Ending Balances at Sep. 30, 2021 | $ 750,962 | [1] | $ 8,560 | [1] | 361,066 | 378,897 | 2,439 | 7,186 | (7,186) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 14,020 | ||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.4800 | ||||||||||
Beginning Balances (shares) at Jun. 30, 2021 | [1],[2] | 17,567,928 | |||||||||
Beginning Balances at Jun. 30, 2021 | $ 741,564 | [1] | $ 8,550 | [1] | 357,520 | 374,936 | 558 | 7,203 | (7,203) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net Income | 12,475 | 12,475 | |||||||||
Other comprehensive income (loss) | 1,881 | 1,881 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 1,881 | ||||||||||
Dividend declared | (8,514) | (8,514) | |||||||||
Retirement savings plan and dividend reinvestment plan (shares) | 19,906 | ||||||||||
Dividend reinvestment plan | 2,451 | $ 10 | 2,441 | ||||||||
Share-based compensation (shares) | [3],[4] | 0 | |||||||||
Share-based compensation and tax benefit | [3],[4] | 1,105 | $ 0 | 1,105 | |||||||
Treasury stock activities | 0 | (17) | 17 | ||||||||
Ending Balances (shares) at Sep. 30, 2021 | [1],[2] | 17,587,834 | |||||||||
Ending Balances at Sep. 30, 2021 | $ 750,962 | [1] | $ 8,560 | [1] | $ 361,066 | $ 378,897 | $ 2,439 | $ 7,186 | $ (7,186) | ||
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 | 114,016 | ||||||||||
[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 114,016, 105,087, 104,119, and 95,329 shares at September 30, 2021, December 31, 2020, September 30, 2020 and December 31, 2019, 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, 2021 and 2020, we withheld 14,020 and 10,319 shares, respectively, for employee taxes. |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) (Unaudited) - $ / shares | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Dividend declared (in dollars per share) | $ 0.4800 | $ 0.4400 | $ 1.400 | $ 1.285 | ||
Deferred compensation plan held Rabbi Trust (shares) | 114,016 | 104,119 | 114,016 | 104,119 | 105,087 | 95,329 |
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) | 14,020 | 10,319 |
Summary of Accounting Policies
Summary of Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
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, 2020. 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. Effects of COVID-19 In March 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 significantly impacted economic conditions in the United States in 2020 and continued into 2021. Chesapeake Utilities is considered an “essential business,” which has allowed us to continue operational activities and construction projects while adhering to the social distancing restrictions that were in place. At this time, restrictions continue to be lifted as vaccines have become widely available in the United States. For example, the state of emergency in Florida was terminated in May 2021 followed by Delaware and Maryland in July 2021, resulting in reduced restrictions. The expiration of the states of emergency in our service territories has concluded our ability to defer incremental pandemic related costs for consideration through the applicable regulatory process. Despite these positive state orders and in light of the continued emergence and growing prevalence of the new variants of COVID-19, we continue to operate under our pandemic response plan, monitor developments affecting employees, customers, suppliers, and stockholders and take all precautions warranted to operate safely and to comply with the CDC, Occupational Safety and Health Administration, in order to protect our employees, customers and the communities we serve. Refer to Note 5 , Rates and Other Regulatory Activities , for further information on the regulated assets established as a result of the incremental expenses incurred associated with COVID-19. FASB Statements and Other Authoritative Pronouncements There are no new accounting pronouncements issued that are applicable to us. |
Calculation of Earnings Per Sha
Calculation of Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Calculation of Earnings Per Share | Calculation of Earnings Per Share Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in thousands, except shares and per share data) Calculation of Basic Earnings Per Share: Income from Continuing Operations $ 12,484 $ 9,280 $ 60,771 $ 48,981 Income/(Loss) from Discontinued Operations (9) (19) (17) 165 Net Income $ 12,475 $ 9,261 $ 60,754 $ 49,146 Weighted average shares outstanding 17,582,115 16,533,748 17,538,461 16,466,106 Basic Earnings Per Share from Continuing Operations $ 0.71 $ 0.56 $ 3.46 $ 2.97 Basic Earnings Per Share from Discontinued Operations — — — 0.01 Basic Earnings Per Share $ 0.71 $ 0.56 $ 3.46 $ 2.98 Calculation of Diluted Earnings Per Share: Reconciliation of Denominator: Weighted shares outstanding—Basic 17,582,115 16,533,748 17,538,461 16,466,106 Effect of dilutive securities—Share-based compensation 77,528 59,094 71,697 57,094 Adjusted denominator—Diluted 17,659,643 16,592,842 17,610,158 16,523,200 Diluted Earnings Per Share from Continuing Operations $ 0.71 $ 0.56 $ 3.45 $ 2.96 Diluted Earnings Per Share from Discontinued Operations — — — 0.01 Diluted Earnings Per Share $ 0.71 $ 0.56 $ 3.45 $ 2.97 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Business Combination Disclosure [Text Block] | 3. Acquisitions Acquisition of Western Natural Gas In October 2020, Sharp acquired certain propane operating assets of Western Natural Gas, which provides propane distribution service throughout Jacksonville, Florida and the surrounding communities, for approximately $6.7 million, net of cash acquired. Additionally, the purchase price included $0.3 million of working capital. We recorded contingent consideration of $0.3 million related to the seller's adherence to various provisions contained in the purchase agreement through the first anniversary of the transaction closing. We accounted for this acquisition 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: (i) expansion of our propane territory serviced in Florida and (ii) establishment of a customer base with additional opportunities for future growth. In connection with this acquisition, we recorded $3.5 million in property plant and equipment, $1.4 million in intangible assets associated with customer relationships and non-compete agreements and $1.8 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. The purchase price allocation will be finalized in the fourth quarter of 2021. For the three months ended September 30, 2021, Western Natural Gas generated operating revenue and income of $0.5 million and $0.1 million, respectively. For the nine months ended September 30, 2021, Western Natural Gas generated operating revenue and income of $1.9 million and $0.4 million, respectively. 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. |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue Recognition We 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 following table displays our revenue from continuing operations by major source based on product and service type for the three months ended September 30, 2021 and 2020: Three months ended September 30, 2021 Three months ended September 30, 2020 (in thousands) Regulated Energy Unregulated Energy Other and Eliminations Total Regulated Energy Unregulated Energy Other and Eliminations Total Energy distribution Delaware natural gas division $ 7,849 $ — $ — $ 7,849 $ 7,243 $ — $ — $ 7,243 Florida natural gas division 8,015 — — 8,015 7,309 — — 7,309 FPU electric distribution 23,121 — — 23,121 29,051 — — 29,051 FPU natural gas distribution 22,012 — — 22,012 19,935 — — 19,935 Maryland natural gas division 2,432 — — 2,432 2,824 — — 2,824 Sandpiper natural gas/propane operations 3,553 — — 3,553 3,290 — — 3,290 Elkton Gas 915 — — 915 623 — — 623 Total energy distribution 67,897 — — 67,897 70,275 — — 70,275 Energy transmission Aspire Energy — 5,255 — 5,255 — 3,449 — 3,449 Aspire Energy Express 47 — — 47 — — — — Eastern Shore 18,558 — — 18,558 18,389 — — 18,389 Peninsula Pipeline 6,776 — — 6,776 6,433 — — 6,433 Total energy transmission 25,381 5,255 — 30,636 24,822 3,449 — 28,271 Energy generation Eight Flags — 4,583 — 4,583 — 3,882 — 3,882 Propane operations Propane delivery operations — 20,680 — 20,680 — 13,710 — 13,710 Energy delivery services Marlin Gas Services — 1,678 — 1,678 — 1,708 — 1,708 Other and eliminations Eliminations (12,882) (87) (5,302) (18,271) (12,335) (35) (4,188) (16,558) Other — — 132 132 — — 131 131 Total other and eliminations (12,882) (87) (5,170) (18,139) (12,335) (35) (4,057) (16,427) Total operating revenues (1) $ 80,396 $ 32,109 $ (5,170) $ 107,335 $ 82,762 $ 22,714 $ (4,057) $ 101,419 (1) Total operating revenues for the three months ended September 30, 2021, include other revenue (revenues from sources other than contracts with customers) of $0.1 million for both Regulated and Unregulated Energy segments, respectively, and $0.2 million and $0.05 million for our Regulated and Unregulated Energy segments, respectively, for the three months ended September 30, 2020. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for the Maryland division and Sandpiper Energy 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, 2021 and 2020: Nine months ended September 30, 2021 Nine months ended September 30, 2020 (in thousands) Regulated Energy Unregulated Energy Other and Eliminations Total Regulated Energy Unregulated Energy Other and Eliminations Total Energy distribution Delaware natural gas division $ 51,188 $ — $ — $ 51,188 $ 45,568 $ — $ — $ 45,568 Florida natural gas division 25,417 — — 25,417 23,018 — — 23,018 FPU electric distribution 60,569 — — 60,569 58,972 — — 58,972 FPU natural gas distribution 72,032 — — 72,032 64,877 — — 64,877 Maryland natural gas division 16,122 — — 16,122 15,941 — — 15,941 Sandpiper natural gas/propane operations 15,438 — — 15,438 12,440 — — 12,440 Elkton Gas 4,745 — — 4,745 623 — — 623 Total energy distribution 245,511 — — 245,511 221,439 — — 221,439 Energy transmission Aspire Energy — 23,738 — 23,738 — 17,784 — 17,784 Aspire Energy Express 140 — — 140 — — — — Eastern Shore 57,147 — — 57,147 55,944 — — 55,944 Peninsula Pipeline 19,853 — — 19,853 16,618 — — 16,618 Total energy transmission 77,140 23,738 — 100,878 72,562 17,784 — 90,346 Energy generation Eight Flags — 13,086 — 13,086 — 11,898 — 11,898 Propane operations Propane delivery operations — 99,041 — 99,041 — 69,593 — 69,593 Energy delivery services Marlin Gas Services — 6,019 — 6,019 — 5,266 — 5,266 Other and eliminations Eliminations (40,148) (242) (14,937) (55,327) (34,766) (75) (12,937) (47,778) Other — 396 396 — — 396 396 Total other and eliminations (40,148) (242) (14,541) (54,931) (34,766) (75) (12,541) (47,382) Total operating revenues (1) $ 282,503 $ 141,642 $ (14,541) $ 409,604 $ 259,235 $ 104,466 $ (12,541) $ 351,160 (1) Total operating revenues for the nine months ended September 30, 2021, include other revenue (revenues from sources other than contracts with customers) of $(0.1) million and $0.3 million for our Regulated and Unregulated Energy segments, respectively, and $1.0 million and $0.2 million for our Regulated and Unregulated Energy segments, respectively, for the nine months ended September 30, 2020. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for the Maryland division and Sandpiper Energy 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, 2021 and December 31, 2020 were as follows: Trade Receivables Contract Assets (Current) Contract Assets (Non-current) Contract Liabilities (Current) (in thousands) Balance at 12/31/2020 $ 55,600 $ 18 $ 4,816 $ 644 Balance at 9/30/2021 40,683 18 5,011 874 Increase (decrease) $ (14,917) $ — $ 195 $ 230 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 the three months ended September 30, 2021 and 2020, we recognized revenue of $0.2 million. For each of the nine months ended September 30, 2021 and 2020, we recognized revenue of $0.8 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, 2021, are expected to be recognized as follows: (in thousands) 2021 2022 2023 2024 2025 2026 2027 and thereafter Eastern Shore and Peninsula Pipeline $ 9,471 $ 32,796 $ 25,205 $ 22,975 $ 22,102 $ 21,023 $ 179,728 Natural gas distribution operations 1,752 6,620 6,044 5,811 5,271 5,064 33,448 FPU electric distribution 163 652 652 652 275 275 550 Total revenue contracts with remaining performance obligations $ 11,386 $ 40,068 $ 31,901 $ 29,438 $ 27,648 $ 26,362 $ 213,726 |
Rates and Other Regulatory Acti
Rates and Other Regulatory Activities | 9 Months Ended |
Sep. 30, 2021 | |
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 and Aspire Energy Express, our intrastate pipeline subsidiaries, are subject to regulation (excluding cost of service) by the Florida PSC and Public Utilities Commission of Ohio, respectively. Delaware See the discussion below under COVID-19 impact . Maryland Strategic Infrastructure Development and Enhancement (“STRIDE”) plan: In March 2021, Elkton Gas filed a strategic infrastructure development and enhancement plan with the Maryland PSC. The STRIDE plan accelerates Elkton Gas' Aldyl-A pipeline replacement program as costs of the plan are recovered through a fixed charge rider which is effective for five years. Under Elkton Gas’ STRIDE plan, the Aldyl-A pipelines will be fully replaced by 2023. In July 2021, Elkton Gas reached a settlement with the Maryland PSC Staff and the Maryland Office of Public Counsel that approved Elkton Gas’ STRIDE plan. The STRIDE plan allows for recovery of the associated revenue requirement through a monthly surcharge, which was implemented effective September 4, 2021. Florida Hurricane Michael: In late 2019, the Florida PSC approved an interim rate increase for FPU electric division's limited proceeding, 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. In September 2020, the Florida PSC approved a settlement agreement between FPU and the Florida OPC regarding final cost recovery and rates associated with Hurricane Michael. The settlement agreement allowed us to: (a) refund the over-collection of interim rates through the fuel clause; (b) record regulatory assets for storm costs in the amount of $45.8 million including interest which will be amortized over six years; (c) recover these storm costs through a surcharge for a total of $7.7 million annually; and (d) 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 August 2019, the Florida PSC approved Peninsula Pipeline’s Transportation Service Agreement with FPU. Peninsula Pipeline is constructing 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 and system pressure as well as introducing diversity in the fuel source for natural gas to serve the increased demand in these areas. Interim services began in the fourth quarter of 2019 and we expect to complete the remainder of the project in phases through the fourth quarter of 2021. Winter Haven Expansion Project: In May 2021, Peninsula Pipeline filed a petition with the Florida PSC for approval of its Transportation Service Agreement with CFG for an incremental 6,800 Dts/d of firm service in the Winter Haven, Florida area. As part of this agreement, Peninsula Pipeline will construct a new interconnect with FGT and a new regulator station for CFG. CFG will use the additional firm service to support new incremental load due to growth, including providing service to a new can manufacturing facility, as well as provide reliability and operational benefits to CFG’s existing distribution system in the area. In connection with Peninsula Pipeline’s new regulator station, CFG is also extending its distribution system to connect to the new station. The Transportation Service Agreement was approved by the Florida PSC in September 2021. Escambia Meter Station: In June 2021, Peninsula Pipeline purchased the Escambia Meter Station from Florida Power & Light Company and entered into a Transportation Service Agreement with Gulf Power Company for up to 530,000 Dts/d of firm service from an interconnect with FGT to Florida Power & Light Company’s Crist Lateral pipeline, which provides gas supply to their natural gas fired power plant in Pensacola, Florida. Beachside Pipeline Extension: In June 2021, Peninsula Pipeline and Florida City Gas entered into a Transportation Service Agreement for an incremental 10,176 Dts/d of firm service in Indian River County, Florida, to support Florida City Gas’ growth along the Indian River's barrier island. As part of this agreement, Peninsula Pipeline will construct 11.3 miles of pipeline from its existing pipeline in the Sebastian, Florida area, which will travel east under the Intercoastal Waterway ("ICW") and southward on the barrier island. As required by Peninsula Pipeline’s tariff and Florida Statutes, Peninsula Pipeline filed the required company and customer affidavits with the Florida PSC in June 2021. Construction commenced in June 2021 and the expected in-service date is December 2022. 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 approved the construction and operation of new facilities that will provide an additional 14,300 Dts/d of firm service to four customers. This includes 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. The project is now fully in service as the construction of the Somerset County, Maryland expansion was completed in the third quarter of 2021. Capital Cost Surcharge: In June 2021, Eastern Shore submitted a filing with the FERC regarding a capital cost surcharge to recover capital costs associated with two mandated highway relocate projects that required the replacement of existing Eastern Shore facilities. The capital cost surcharge is an approved item in the settlement of Eastern Shore’s last rate case. In conjunction with the filing of this surcharge, pursuant to the settlement agreement, a cumulative adjustment to the existing surcharge to reflect additional depreciation was included in this filing. The FERC issued an order approving the surcharge as filed on July 7, 2021. The combined revised surcharge became effective July 15, 2021. COVID-19 Impact In March 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 significantly impacted economic conditions in the United States in 2020 and have continued through the third quarter of 2021. Chesapeake Utilities is considered an “essential business,” which has allowed us to continue operational activities and construction projects with appropriate safety precautions and personal protective equipment, while being mindful of the social distancing restrictions that were in place. In response to the COVID-19 pandemic and related restrictions, we experienced reduced consumption of energy largely in the commercial and industrial sectors, higher bad debt expenses and incremental expenses associated with COVID-19, including expenditures associated with 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. At this time, restrictions are gradually being lifted as vaccines are widely available in the United States. The state of emergency in Florida was terminated in May followed by Delaware and Maryland in July. Despite these positive state orders and in light of the prevalence of new variants of COVID-19, we continue to operate under our pandemic response plan, monitor developments affecting employees, customers, suppliers, stockholders and take all precautions warranted to operate safely and to comply with the CDC and the Occupational Safety and Health Administration, with a goal of minimizing further exposure for our employees, customers and the communities. 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 the COVID-19 pandemic, 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. The Maryland PSC has reviewed and issued guidance regarding the distribution of funds and the manner in which the utilities will allocate the funds to customers with eligible arrearages. Chesapeake Utilities – Maryland Division, Sandpiper Energy, and Elkton Gas received $0.3 million in the third quarter of 2021 to credit the accounts of those customers experiencing financial hardship in becoming current on their past due balances. 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 state of emergency was lifted July 12, 2021. The creation of the regulatory asset for COVID-19 related costs offers utilities the ability to seek recovery of those costs. Funds to assist with individual customer arrearages have become available through the Delaware State Housing Authority. We are working to ensure that customers know how to seek this support and then apply it to their overdue utility bills. In October 2020, the Florida PSC approved a joint petition of our natural gas and electric distribution utilities in Florida to establish a regulatory asset to record incremental expenses incurred due to COVID-19. The regulatory asset will allow us to seek recovery of these costs in the next base rate proceedings. In November 2020, the Florida OPC filed a protest to the order approving the establishment of this regulatory asset treatment, contending that the order should be reversed or modified and to request a hearing on the protest. The Company’s Florida regulated business units reached a settlement with the Florida OPC in June 2021. The settlement allows the units to establish a regulatory asset in a total amount of $2.1 million as of June 30, 2021. This amount includes COVID-19 related incremental expenses for bad debt write-offs, personnel protective equipment, cleaning and business information services for remote work. Our Florida regulated business units will amortize the regulatory asset over two years and recover it through the Purchased Gas Adjustment and Swing Service mechanisms for the natural gas business units and through the Fuel Purchased Power Cost Recovery clause for the electric division. This settlement agreement was approved by the Florida PSC on July 8, 2021 and the final order was issued on July 22, 2021. In the fourth quarter of 2020, we began recording regulatory assets based on the net incremental expense resulting from the COVID-19 pandemic for our natural gas distribution and electric business units as authorized by the Delaware, Maryland and Florida PSCs. As of September 30, 2021 and December 31, 2020, our total COVID-19 regulatory asset balance was $2.3 million and $1.9 million, respectively. Summary TCJA Table Customer rates for our regulated businesses were adjusted as approved by the regulators, prior to 2020 with the exception of Elkton Gas, which implemented a one-time bill credit in May 2020. The following table summarizes the regulatory liabilities related to accumulated deferred taxes ("ADIT") associated with TCJA for our regulated businesses as of September 30, 2021 and December 31, 2020: Amount (in thousands) Operation and Regulatory Jurisdiction September 30, 2021 December 31, 2020 Status Eastern Shore (FERC) $34,190 $34,190 Will be addressed in Eastern Shore's next rate case filing. Delaware Division (Delaware PSC) $12,626 $12,728 PSC approved amortization of ADIT in January 2019. Maryland Division (Maryland PSC) $3,873 $3,970 PSC approved amortization of ADIT in May 2018. Sandpiper Energy (Maryland PSC) $3,670 $3,713 PSC approved amortization of ADIT in May 2018. Chesapeake Florida Gas Division/Central Florida Gas (Florida PSC) $8,070 $8,184 PSC issued order authorizing amortization and retention of net ADIT liability by the Company in February 2019. FPU Natural Gas (excludes Fort Meade and Indiantown) (Florida PSC) $19,132 $19,257 Same treatment on a net basis as Chesapeake Florida Gas Division (above). FPU Fort Meade and Indiantown Divisions $274 $309 Same treatment on a net basis as Chesapeake Florida Gas Division (above). FPU Electric (Florida PSC) $5,299 $6,694 In January 2019, PSC issued order approving amortization of ADIT through purchased power cost recovery, storm reserve and rates. Elkton Gas (Maryland PSC) $1,124 $1,124 PSC approved amortization of ADIT in March 2018. |
Environmental Commitments and C
Environmental Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 and December 31, 2020, we had approximately $5.4 million and $5.9 million, respectively, in environmental liabilities related to FPU’s four 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, 2021 and December 31, 2020, we had recovered approximately $12.7 million and $12.4 million, respectively, leaving approximately $1.3 million and $1.6 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. Remediation is ongoing for the MGPs in Winter Haven and Key West in Florida and in Seaford, Delaware and the remaining clean-up costs are estimated to be between $0.3 million to $0.9 million for these three sites. The Environmental Protection Agency has approved a "site-wide ready for anticipated use" status for the Sanford, Florida MGP site, which is the final step before delisting a site. The remaining remediation expenses for the Sanford MGP site are immaterial. The following is a summary of our remediation status and estimated costs to implement clean-up of our West Palm Beach Florida site: Status Estimated Clean-Up Costs 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 2022. 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. |
Other Commitments and Contingen
Other Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
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 in March 2023. FPU natural gas distribution operations and Eight Flags have separate asset management agreements with Emera Energy Services, Inc. to manage their natural gas transportation capacity. These agreements are for a 10-year term that commenced in November 2020 and expire in October 2030. Chesapeake Utilities' Florida Division has firm transportation service contracts with FGT and Gulfstream. Pursuant to a capacity release program approved by the Florida PSC, all of the capacity under these agreements has been released to various third parties. 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, 2021, 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, 2021 was $20.0 million. The aggregate amount guaranteed at September 30, 2021 was approximately $8.0 million with the guarantees expiring on various dates through September 24, 2022. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2021 | |
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 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. The remainder of our operations is 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, 2021 2020 2021 2020 (in thousands) Operating Revenues, Unaffiliated Customers Regulated Energy $ 79,892 $ 82,297 $ 280,987 $ 257,810 Unregulated Energy 27,443 19,122 128,617 93,350 Total operating revenues, unaffiliated customers $ 107,335 $ 101,419 $ 409,604 $ 351,160 Intersegment Revenues (1) Regulated Energy $ 504 $ 465 $ 1,516 $ 1,425 Unregulated Energy 4,666 3,592 13,024 11,116 Other businesses 132 131 397 396 Total intersegment revenues $ 5,302 $ 4,188 $ 14,937 $ 12,937 Operating Income Regulated Energy $ 23,538 $ 20,482 $ 79,210 $ 66,376 Unregulated Energy (2,883) (3,092) 15,777 11,050 Other businesses and eliminations (542) 16 (699) 92 Operating income 20,113 17,406 94,288 77,518 Other income (expense), net 339 (40) 2,180 2,997 Interest charges 4,975 4,584 15,134 15,452 Income from Continuing Operations before Income Taxes 15,477 12,782 81,334 65,063 Income Taxes on Continuing Operations 2,993 3,502 20,563 16,082 Income from Continuing Operations 12,484 9,280 60,771 48,981 Income (Loss) from Discontinued Operations, Net of Tax (9) (19) (17) 165 Net Income $ 12,475 $ 9,261 $ 60,754 $ 49,146 (1) All significant intersegment revenues are billed at market rates and have been eliminated from consolidated operating revenues. (in thousands) September 30, 2021 December 31, 2020 Identifiable Assets Regulated Energy segment $ 1,592,950 $ 1,547,619 Unregulated Energy segment 381,642 347,665 Other businesses and eliminations 47,236 37,203 Total identifiable assets $ 2,021,828 $ 1,932,487 |
Stockholder's Equity - Accumula
Stockholder's Equity - Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Stockholders' Equity Common Stock Issuances In June 2020, we filed a shelf registration statement with the SEC to facilitate the issuance of our common stock from time to time. In August 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 the third and fourth quarters of 2020, we issued 0.7 million shares of common stock at an average price per share of $82.93 and received net proceeds of approximately $61.0 million, after deducting commissions and other fees of $1.5 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 issue additional shares under the direct stock purchase component of the DRIP. In the third and fourth quarters of 2020, we issued 0.3 million shares at an average price per share of $86.12 and received net proceeds of $22.0 million under the DRIP. In the first nine months of 2021, we issued less than 0.1 million shares at an average price per share of $116.63 and received net proceeds of $6.6 million under the DRIP. In October 2021, we issued less than 0.1 million shares at an average price per share of $127.40 and received net proceeds of $1.8 million under the DRIP. We used 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 Gain (Loss) Defined benefit pension and postretirement plan items, unrealized gains (losses) of our propane swap agreements 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 income (loss). The following tables present the changes in the balance of accumulated other comprehensive gain (loss) as of September 30, 2021 and 2020. All amounts in the following tables 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, 2020 $ (5,146) $ 2,309 $ (28) $ (2,865) Other comprehensive income before reclassifications — 8,121 55 8,176 Amounts reclassified from accumulated other comprehensive income (loss) 192 (3,027) (37) (2,872) Net current-period other comprehensive income 192 5,094 18 5,304 As of September 30, 2021 $ (4,954) $ 7,403 $ (10) $ 2,439 (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 prior-period other comprehensive income/(loss) 198 2,450 (10) 2,638 As of September 30, 2020 $ (4,735) $ 1,116 $ (10) $ (3,629) The following table presents amounts reclassified out of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2021 and 2020. 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, 2021 2020 2021 2020 (in thousands) Amortization of defined benefit pension and postretirement plan items: Prior service credit (1) $ 19 $ 19 $ 57 $ 57 Net loss (1) (106) (108) (317) (323) Total before income taxes (87) (89) (260) (266) Income tax benefit 23 23 68 68 Net of tax $ (64) $ (66) $ (192) $ (198) Gains on commodity contracts cash flow hedges: Propane swap agreements (2) $ 681 $ 116 $ 4,183 $ 1,581 Income tax expense (188) (32) (1,156) (437) Net of tax $ 493 $ 84 $ 3,027 $ 1,144 Gains on interest rate swap cash flow hedges: Interest rate swap agreements $ 24 $ 34 $ 50 $ 45 Income tax expense (6) (9) (13) (12) Net of tax $ 18 $ 25 $ 37 $ 33 Total reclassifications for the period $ 447 $ 43 $ 2,872 $ 979 (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. Amortization of defined benefit pension and postretirement plan items are included in other expense, net gains and losses on propane swap agreements 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, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit PlansNet periodic benefit costs for our pension and post-retirement benefits plans for the three and nine months ended September 30, 2021 and 2020 are set forth in the following tables: Chesapeake FPU Chesapeake SERP Chesapeake FPU For the Three Months Ended September 30, 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 (in thousands) Interest cost $ 34 $ 46 $ 429 $ 518 $ 12 $ 16 $ 6 $ 8 $ 6 $ 10 Expected return on plan assets (40) (42) (830) (745) — — — — — — Amortization of prior service credit — — — — — — (19) (19) — — Amortization of net (gain) loss 60 65 155 135 7 5 10 12 (2) — Net periodic cost (benefit) 54 69 (246) (92) 19 21 (3) 1 4 10 Amortization of pre-merger regulatory asset — — — — — — — — — 2 Total periodic cost (benefit) $ 54 $ 69 $ (246) $ (92) $ 19 $ 21 $ (3) $ 1 $ 4 $ 12 Chesapeake FPU Chesapeake SERP Chesapeake FPU For the Nine Months Ended September 30, 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 (in thousands) Interest cost $ 102 $ 138 $ 1,287 $ 1,554 $ 36 $ 48 $ 18 $ 24 $ 18 $ 30 Expected return on plan assets (120) (126) (2,490) (2,235) — — — — — — Amortization of prior service credit — — — — — — (57) (57) — — Amortization of net (gain) loss 180 195 465 405 21 15 30 36 (6) — Net periodic cost (benefit) 162 207 (738) (276) 57 63 (9) 3 12 30 Amortization of pre-merger regulatory asset — — — — — — — — — 6 Total periodic cost (benefit) $ 162 $ 207 $ (738) $ (276) $ 57 $ 63 $ (9) $ 3 $ 12 $ 36 In 2019, we began executing a de-risking strategy for the Chesapeake Pension Plan. In line with this strategy, we have decided to fully terminate the Chesapeake Pension Plan, which we expect to be complete in the fourth quarter of 2021 and will recognize the necessary expense associated with the termination of the Chesapeake Pension Plan at that time. 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 their respective regulatory orders, FPU and Chesapeake Utilities continue to record, as a regulatory asset, a portion of their unrecognized postretirement benefit costs related to their regulated operations. 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 income. The following tables present the amounts included in the regulatory asset and accumulated other comprehensive income that were recognized as components of net periodic benefit cost during the three and nine months ended September 30, 2021 and 2020: For the Three Months Ended September 30, 2021 Chesapeake FPU Chesapeake SERP Chesapeake FPU Total (in thousands) Prior service credit $ — $ — $ — $ (19) $ — $ (19) Net loss 60 155 7 10 (2) 230 Total recognized in net periodic benefit cost 60 155 7 (9) (2) 211 Recognized from accumulated other comprehensive (income)/loss (1) 60 29 7 (9) — 87 Recognized from regulatory asset — 126 — — (2) 124 Total $ 60 $ 155 $ 7 $ (9) $ (2) $ 211 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 (income)/loss (1) 65 26 5 (7) — 89 Recognized from regulatory asset — 109 — — — 109 Total $ 65 $ 135 $ 5 $ (7) $ — $ 198 For the Nine Months Ended September 30, 2021 Chesapeake FPU Chesapeake SERP Chesapeake FPU Total (in thousands) Prior service credit $ — $ — $ — $ (57) $ — $ (57) Net loss 180 465 21 30 (6) 690 Total recognized in net periodic benefit cost 180 465 21 (27) (6) 633 Recognized from accumulated other comprehensive (income)/loss (1) 180 87 21 (27) (1) 260 Recognized from regulatory asset — 378 — — (5) 373 Total $ 180 $ 465 $ 21 $ (27) $ (6) $ 633 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 (income)/loss (1) 195 78 15 (21) — 267 Recognized from regulatory asset — 327 — — — 327 Total $ 195 $ 405 $ 15 $ (21) $ — $ 594 (1) See Note 9 , Stockholders' Equity . During the three and nine months ended September 30, 2021, we contributed approximately $0.2 million and $0.3 million, respectively to the Chesapeake Pension Plan and approximately $0.5 million and $1.3 million, respectively, to the FPU Pension Plan. We expect to contribute approximately $2.1 million to the FPU Pension Plan during 2021, which represents the minimum annual contribution payments required. We will make all required contributions to the Chesapeake Pension Plan so that it can be terminated before the end of the year. The Chesapeake SERP, the Chesapeake Postretirement Plan and the FPU Medical Plan are unfunded and are expected to be paid out of our general funds. Cash benefits paid under the Chesapeake SERP for the three and nine months ended September 30, 2021 were immaterial and $0.1 million, respectively. We expect to pay total cash benefits of approximately $0.2 million under the Chesapeake SERP in 2021. Cash benefits paid under the Chesapeake Postretirement Plan, primarily for medical claims for the three and nine ended September 30, 2021 were immaterial and $0.2 million, respectively. We estimate that approximately $0.2 million will be paid for such benefits under the Chesapeake Postretirement Plan in 2021. Cash benefits paid under the FPU Medical Plan, primarily for medical claims for the three and nine months ended September 30, 2021, were $0.1 million. We estimate that approximately $0.1 million will be paid for such benefits under the FPU Medical Plan in 2021. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments The investment balances at September 30, 2021 and December 31, 2020, consisted of the following: (in thousands) September 30, December 31, Rabbi trust (associated with the Non-Qualified Deferred Compensation Plan) $ 11,467 $ 10,755 Investments in equity securities 23 21 Total $ 11,490 $ 10,776 We classify these investments as trading securities and report them at their fair value. For the three months ended September 30, 2021 and 2020, we recorded an immaterial net unrealized loss and a net unrealized gain of $0.6 million, respectively, in other income, net in the condensed consolidated statements of income related to these investments. For the nine months ended September 30, 2021 and 2020, we recorded net unrealized gains of approximately $1.0 million and $0.4 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 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, 2021 | |
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, 2021 and 2020: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in thousands) Awards to non-employee directors $ 201 $ 188 $ 581 $ 545 Awards to key employees 1,105 1,144 4,039 3,109 Total compensation expense 1,306 1,332 4,620 3,654 Less: tax benefit (339) (348) (1,200) (955) Share-based compensation amounts included in net income $ 967 $ 984 $ 3,420 $ 2,699 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 grant date. 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 2021, after the most recent election of directors, each of our non-employee directors received an annual retainer of 683 shares of common stock under the SICP for service as a director through the 2022 Annual Meeting of Stockholders; accordingly, 6,830 shares, with a weighted average fair value of $117.11 per share, were issued and vested in 2021. At September 30, 2021, there was approximately $0.5 million of unrecognized compensation expense related to shares granted to non-employee directors. This expense will be recognized over the remaining service period ending in May of 2022. On October 15, 2021, a newly appointed member of the Board of Directors received a pro-rated retainer of 342 shares of common stock under the SICP to serve as a non-employee director through the 2022 Annual Meeting of Stockholders. The shares awarded to the non-employee director immediately vested upon issuance in October 2021, had a weighted average fair value of $129.09 per share, and will be expensed over the remaining service period ending on the date of the 2022 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, 2021: Number of Shares Weighted Average Outstanding—December 31, 2020 186,878 $ 87.06 Granted 68,562 $ 102.73 Vested (53,147) $ 76.31 Expired (852) $ 74.85 Forfeited (5,384) $ 93.39 Outstanding—September 30, 2021 196,057 $ 94.15 During the nine months ended September 30, 2021, we granted awards of 68,562 shares of common stock to key employees under the SICP, including awards granted in February 2021 and to key employees appointed in officer positions. The shares granted are multi-year awards that will vest no later than the three-year service period ending December 31, 2023. All of these stock awards are earned based upon the successful achievement of long-term financial results, which are comprised of 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 2021, upon the election 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 vested and were paid in February 2021 for the performance period ended December 31, 2020, remitted the cash to the appropriate taxing authorities, and paid the balance of such awarded shares to each such executive officer. We withheld 14,020 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 $1.5 million. At September 30, 2021, the aggregate intrinsic value of the SICP awards granted to key employees was approximately $23.5 million. At September 30, 2021, there was approximately $5.6 million of unrecognized compensation cost related to these awards, which will be recognized through 2023. Stock Options There were no stock options outstanding or issued during the nine months ended September 30, 2021 and 2020. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2021 | |
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. We have also entered into interest rate swap agreements to mitigate risk associated with changes in short-term borrowing rates. As of September 30, 2021, our natural gas and electric distribution operations did not have any outstanding derivative contracts. Volume of Derivative Activity As of September 30, 2021, the volume of our commodity derivative contracts were as follows: Business unit Commodity Contract Type Quantity hedged (in millions) Designation Longest Expiration date of hedge Sharp Propane (gallons) Purchases 23.4 Cash flows hedges June 2024 Sharp Propane (gallons) Sales 5.0 Cash flows hedges March 2022 Sharp entered into futures and swap agreements to mitigate the risk of fluctuations in wholesale propane index prices associated with the propane volumes that are expected to be purchased and/or sold during the heating season. Under the futures and swap agreements, Sharp will receive the difference between (i) the index prices (Mont Belvieu prices in September 2021 through June 2024) 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 the 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 $6.2 million from accumulated other comprehensive income to earnings during the next 12-month period ended September 30, 2022. 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 fourth quarter of 2020, we entered into two $30.0 million interest rate swaps with a total notional amount of $60.0 million through September and December 2021 with pricing of 0.205 and 0.20 percent, respectively, for the period associated with our outstanding borrowing under the Revolver. In February 2021, we entered into an additional interest rate swap with a notional amount of $40.0 million through December 2021 with pricing of 0.17 percent. 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 (loss) to earnings during the next 12-month period ended September 30, 2022. 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 as follows: (in thousands) Balance Sheet Location September 30, 2021 December 31, 2020 Sharp Other Accrued Liabilities $ 6,094 $ 1,505 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. The fair values of the derivative contracts recorded in the condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020, are as follows: Derivative Assets Fair Value As Of (in thousands) Balance Sheet Location September 30, 2021 December 31, 2020 Derivatives designated as fair value hedges Propane put options Derivative assets, at fair value $ — $ 14 Derivatives designated as cash flow hedges Propane swap agreements Derivative assets, at fair value 12,185 3,255 Total asset derivatives $ 12,185 $ 3,269 Derivative Liabilities Fair Value As Of (in thousands) Balance Sheet Location September 30, 2021 December 31, 2020 Derivatives designated as fair value hedges Propane put options Derivative liabilities, at fair value $ — $ 23 Derivatives designated as cash flow hedges Propane swap agreements Derivative liabilities, at fair value 1,954 64 Interest rate swap agreements Derivative liabilities, at fair value 15 40 Total liability derivatives $ 1,969 $ 127 The effects of gains and losses from derivative instruments on the condensed consolidated financial statements are as follows: Amount of Gain (Loss) on Derivatives: Location of Gain For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) (Loss) on Derivatives 2021 2020 2021 2020 Derivatives designated as fair value hedges Propane put options Cost of sales $ — $ — $ (24) $ — Derivatives designated as cash flow hedges Propane swap agreements Cost of sales 681 116 4,183 1,581 Propane swap agreements Other comprehensive income 2,491 1,022 7,039 3,385 Interest rate swap agreements Interest expense 24 34 50 45 Interest rate swap agreements Other comprehensive income (loss) 19 37 24 (14) Total $ 3,215 $ 1,209 $ 11,272 $ 4,997 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
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, propane and interest rate 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, 2021 and December 31, 2020: Fair Value Measurements Using: As of September 30, 2021 Fair Value Quoted Prices in Significant Other Significant (in thousands) Assets: Investments—equity securities $ 23 $ 23 $ — $ — Investments—guaranteed income fund 2,016 — — 2,016 Investments—mutual funds and other 9,451 9,451 — — Total investments 11,490 9,474 — 2,016 Derivative assets 12,185 — 12,185 — Total assets $ 23,675 $ 9,474 $ 12,185 $ 2,016 Liabilities: Derivative liabilities $ 1,969 $ — $ 1,969 $ — Fair Value Measurements Using: As of December 31, 2020 Fair Value Quoted Prices in Significant Other Significant (in thousands) Assets: Investments—equity securities $ 21 $ 21 $ — $ — Investments—guaranteed income fund 2,156 — — 2,156 Investments—mutual funds and other 8,599 8,599 — — Total investments 10,776 8,620 — 2,156 Derivative assets 3,269 — 3,269 — Total assets $ 14,045 $ 8,620 $ 3,269 $ 2,156 Liabilities: Derivative liabilities $ 127 $ — $ 127 $ — The following table sets forth the summary of the changes in the fair value of Level 3 investments for the nine months ended September 30, 2021 and 2020: Nine months ended September 30, 2021 2020 (in thousands) Beginning Balance $ 2,156 $ 803 Purchases and adjustments 77 243 Transfers — 1,579 Distribution (241) (514) Investment income 24 18 Ending Balance $ 2,016 $ 2,129 Investment income from the Level 3 investments is reflected in other expense, (net) in the condensed consolidated statements of income. At September 30, 2021, 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, 2021, long-term debt, which includes current maturities but excludes debt issuance costs, had a carrying value of approximately $522.5 million, compared to the estimated fair value of $561.9 million. At December 31, 2020, long-term debt, which includes the current maturities but excludes debt issuance costs, had a carrying value of approximately $523.0 million, compared to a fair value of approximately $548.5 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, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Our outstanding long-term debt is shown below: September 30, December 31, (in thousands) 2021 2020 Uncollateralized senior notes: 5.93% note, due October 31, 2023 $ 7,500 $ 9,000 5.68% note, due June 30, 2026 14,500 17,400 6.43% note, due May 2, 2028 4,900 5,600 3.73% note, due December 16, 2028 16,000 16,000 3.88% note, due May 15, 2029 40,000 45,000 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 50,000 2.96% note, due August 15, 2035 40,000 40,000 Equipment security note 2.46% note, due September 29, 2031 9,590 — Less: debt issuance costs (825) (901) Total long-term debt 521,665 522,099 Less: current maturities (16,206) (13,600) Total long-term debt, net of current maturities $ 505,459 $ 508,499 Notes Purchase Agreement On August 25, 2021, we entered into a Note Purchase Agreement (“Note Agreement”) with multiple lenders to issue $50.0 million in uncollateralized senior notes. Under the Note Agreement, we will issue the senior notes on January 25, 2022 at a rate of 2.49 percent for a 15-year term. These senior notes, when issued, will have similar covenants and default provisions as the existing senior notes, and will have an annual principal payment beginning in the sixth year after the issuance. The proceeds received from the issuances of the senior notes will be used to reduce our short-term borrowings under our lines of credit and to fund capital expenditures. Equipment Security Note On September 24, 2021, we entered into an Equipment Financing Agreement with Banc of America Leasing & Capital, LLC to issue $9.6 million in sustainable financing to finance the purchase of equipment by our subsidiary, Marlin Gas Services. The equipment security note bears a 2.46 percent interest rate and has a term of ten years. Under the terms of the agreement, we granted a security interest in the equipment to the lender, to serve as collateral. 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, 2021: (in thousands) Total Borrowing Capacity Less: Amount of Debt Issued Less: Unfunded Commitments Remaining Borrowing Capacity Shelf Agreement Prudential Shelf Agreement (1) $ 370,000 $ (220,000) $ — $ 150,000 MetLife Shelf Agreement (1) 150,000 — — 150,000 NYL Shelf Agreement (1) 150,000 (140,000) — 10,000 Total Shelf Agreements as of September 30, 2021 $ 670,000 $ (360,000) $ — $ 310,000 (1) The Prudential, MetLife and NYL Shelf Agreements expire in April 2023, May 2023 and November 2021, respectively. 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, 2021 | |
Short-Term Borrowing [Abstract] | |
Short-term Debt [Text Block] | 16. Short-Term Borrowings We are authorized by our Board of Directors to borrow up to $400.0 million of short-term debt, as required. At September 30, 2021 and December 31, 2020, we had $192.0 million and $175.6 million, respectively, of short-term borrowings outstanding at a weighted average interest rate of 0.82 percent and 1.28 percent. Included in the September 30, 2021 balance, is $70.0 million in short-term debt for which we have entered into interest rate swap agreements. In August 2021, we amended and restated our Revolver into a multi-tranche facility totaling $400.0 million with multiple participating lenders. The two tranches of the facility consist of a $200.0 million 364-day short-term debt tranche and a $200.0 million five-year tranche, both of which have three (3) one-year extension options, which can be authorized by our Chief Financial Officer. We are eligible to establish the repayment term for individual borrowings under the five year tranche of the facility and to the extent that an individual loan under the revolver exceeded 12 months, the outstanding balance would be classified as a component of long-term debt. 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 these agreements. We are required by the financial covenants in the Revolver to maintain, at the end of each fiscal year, a funded indebtedness ratio of no greater than 65 percent. As of September 30, 2021, we are in compliance with this covenant. The 364-day tranche of the Revolver expires in August 2022 and the five-year tranche expires in August 2026 both are available to provide funds for our short-term cash needs to meet seasonal working capital requirements and to temporarily fund portions of our capital expenditures. Borrowings under both tranches of the Revolver are subject to a pricing grid, including the commitment fee and the interest rate charged. Our pricing is adjusted each quarter based upon a total indebtedness to total capitalization ratio. As of September 30, 2021, the pricing under the 364-day tranche of the Revolver does not include an unused commitment fee and maintains an interest rate of 0.70 percent over LIBOR. As of September 30, 2021, the pricing under the five-year tranche of the Revolver included an unused commitment fee of 0.09 percent and an interest rate of 0.95 percent over LIBOR. Our total available credit under the Revolver at September 30, 2021 was $203.4 million. As of September 30, 2021, we had issued $4.6 million in letters of credit to various counterparties under the syndicated Revolvers. These letters of credit are not included in the outstanding short-term borrowings and we do not anticipate that they will be drawn upon by the counterparties. The letters of credit reduce the available borrowings under our syndicated Revolver. |
Leases Leases
Leases Leases | 9 Months Ended |
Sep. 30, 2021 | |
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 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 not have resulted in material 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 consolidated balance sheet at September 30, 2021, 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 that would preclude our ability to pay dividends, obtain financing or enter into additional leases. As of September 30, 2021, 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 consolidated statements of income: Three Months Ended Nine Months Ended September 30, September 30, ( in thousands) Classification 2021 2020 2021 2020 Operating lease cost (1) Operations expense $ 515 $ 627 $ 1,553 $ 1,882 (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, 2021 and December 31, 2020: (in thousands) Balance sheet classification September 30, 2021 December 31, 2020 Assets Operating lease assets Operating lease right-of-use assets $ 9,602 $ 11,194 Liabilities Current Operating lease liabilities Other accrued liabilities $ 1,725 $ 1,747 Noncurrent Operating lease liabilities Operating lease - liabilities 8,380 9,872 Total lease liabilities $ 10,105 $ 11,619 The following table presents our weighted-average remaining lease terms and weighted-average discount rates for our operating and financing leases at September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Weighted-average remaining lease term ( in years ) Operating leases 8.54 8.70 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, 2021 and 2020: Nine Months Ended September 30, (in thousands) 2021 2020 Operating cash flows from operating leases $ 1,399 $ 1,435 The following table presents the future undiscounted maturities of our operating and financing leases at September 30, 2021 and for each of the next five years and thereafter: (in thousands) Operating Leases (1) Remainder of 2021 $ 597 2022 1,845 2023 1,762 2024 1,607 2025 1,387 2026 951 Thereafter 3,596 Total lease payments $ 11,745 Less: Interest (1,640) Present value of lease liabilities $ 10,105 (1) Operating lease payments include $2.1 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, 2021 | |
Accounting Policies [Abstract] | |
COVID-19 Effect [Policy Text Block] | Effects of COVID-19 In March 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 significantly impacted economic conditions in the United States in 2020 and continued into 2021. Chesapeake Utilities is considered an “essential business,” which has allowed us to continue operational activities and construction projects while adhering to the social distancing restrictions that were in place. At this time, restrictions continue to be lifted as vaccines have become widely available in the United States. For example, the state of emergency in Florida was terminated in May 2021 followed by Delaware and Maryland in July 2021, resulting in reduced restrictions. The expiration of the states of emergency in our service territories has concluded our ability to defer incremental pandemic related costs for consideration through the applicable regulatory process. Despite these positive state orders and in light of the continued emergence and growing prevalence of the new variants of COVID-19, we continue to operate under our pandemic response plan, monitor developments affecting employees, customers, suppliers, and stockholders and take all precautions warranted to operate safely and to comply with the CDC, Occupational Safety and Health Administration, in order to protect our employees, customers and the communities we serve. Refer to Note 5 , Rates and Other Regulatory Activities , for further information on the regulated assets established as a result of the incremental expenses incurred 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, 2020. 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. |
FASB Statements and Other Authoritative Pronouncements | FASB Statements and Other Authoritative Pronouncements There are no new accounting pronouncements issued that are applicable to us. |
Calculation of Earnings Per S_2
Calculation of Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Earnings Per Share | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in thousands, except shares and per share data) Calculation of Basic Earnings Per Share: Income from Continuing Operations $ 12,484 $ 9,280 $ 60,771 $ 48,981 Income/(Loss) from Discontinued Operations (9) (19) (17) 165 Net Income $ 12,475 $ 9,261 $ 60,754 $ 49,146 Weighted average shares outstanding 17,582,115 16,533,748 17,538,461 16,466,106 Basic Earnings Per Share from Continuing Operations $ 0.71 $ 0.56 $ 3.46 $ 2.97 Basic Earnings Per Share from Discontinued Operations — — — 0.01 Basic Earnings Per Share $ 0.71 $ 0.56 $ 3.46 $ 2.98 Calculation of Diluted Earnings Per Share: Reconciliation of Denominator: Weighted shares outstanding—Basic 17,582,115 16,533,748 17,538,461 16,466,106 Effect of dilutive securities—Share-based compensation 77,528 59,094 71,697 57,094 Adjusted denominator—Diluted 17,659,643 16,592,842 17,610,158 16,523,200 Diluted Earnings Per Share from Continuing Operations $ 0.71 $ 0.56 $ 3.45 $ 2.96 Diluted Earnings Per Share from Discontinued Operations — — — 0.01 Diluted Earnings Per Share $ 0.71 $ 0.56 $ 3.45 $ 2.97 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 and 2020: Three months ended September 30, 2021 Three months ended September 30, 2020 (in thousands) Regulated Energy Unregulated Energy Other and Eliminations Total Regulated Energy Unregulated Energy Other and Eliminations Total Energy distribution Delaware natural gas division $ 7,849 $ — $ — $ 7,849 $ 7,243 $ — $ — $ 7,243 Florida natural gas division 8,015 — — 8,015 7,309 — — 7,309 FPU electric distribution 23,121 — — 23,121 29,051 — — 29,051 FPU natural gas distribution 22,012 — — 22,012 19,935 — — 19,935 Maryland natural gas division 2,432 — — 2,432 2,824 — — 2,824 Sandpiper natural gas/propane operations 3,553 — — 3,553 3,290 — — 3,290 Elkton Gas 915 — — 915 623 — — 623 Total energy distribution 67,897 — — 67,897 70,275 — — 70,275 Energy transmission Aspire Energy — 5,255 — 5,255 — 3,449 — 3,449 Aspire Energy Express 47 — — 47 — — — — Eastern Shore 18,558 — — 18,558 18,389 — — 18,389 Peninsula Pipeline 6,776 — — 6,776 6,433 — — 6,433 Total energy transmission 25,381 5,255 — 30,636 24,822 3,449 — 28,271 Energy generation Eight Flags — 4,583 — 4,583 — 3,882 — 3,882 Propane operations Propane delivery operations — 20,680 — 20,680 — 13,710 — 13,710 Energy delivery services Marlin Gas Services — 1,678 — 1,678 — 1,708 — 1,708 Other and eliminations Eliminations (12,882) (87) (5,302) (18,271) (12,335) (35) (4,188) (16,558) Other — — 132 132 — — 131 131 Total other and eliminations (12,882) (87) (5,170) (18,139) (12,335) (35) (4,057) (16,427) Total operating revenues (1) $ 80,396 $ 32,109 $ (5,170) $ 107,335 $ 82,762 $ 22,714 $ (4,057) $ 101,419 (1) Total operating revenues for the three months ended September 30, 2021, include other revenue (revenues from sources other than contracts with customers) of $0.1 million for both Regulated and Unregulated Energy segments, respectively, and $0.2 million and $0.05 million for our Regulated and Unregulated Energy segments, respectively, for the three months ended September 30, 2020. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for the Maryland division and Sandpiper Energy 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, 2021 and 2020: Nine months ended September 30, 2021 Nine months ended September 30, 2020 (in thousands) Regulated Energy Unregulated Energy Other and Eliminations Total Regulated Energy Unregulated Energy Other and Eliminations Total Energy distribution Delaware natural gas division $ 51,188 $ — $ — $ 51,188 $ 45,568 $ — $ — $ 45,568 Florida natural gas division 25,417 — — 25,417 23,018 — — 23,018 FPU electric distribution 60,569 — — 60,569 58,972 — — 58,972 FPU natural gas distribution 72,032 — — 72,032 64,877 — — 64,877 Maryland natural gas division 16,122 — — 16,122 15,941 — — 15,941 Sandpiper natural gas/propane operations 15,438 — — 15,438 12,440 — — 12,440 Elkton Gas 4,745 — — 4,745 623 — — 623 Total energy distribution 245,511 — — 245,511 221,439 — — 221,439 Energy transmission Aspire Energy — 23,738 — 23,738 — 17,784 — 17,784 Aspire Energy Express 140 — — 140 — — — — Eastern Shore 57,147 — — 57,147 55,944 — — 55,944 Peninsula Pipeline 19,853 — — 19,853 16,618 — — 16,618 Total energy transmission 77,140 23,738 — 100,878 72,562 17,784 — 90,346 Energy generation Eight Flags — 13,086 — 13,086 — 11,898 — 11,898 Propane operations Propane delivery operations — 99,041 — 99,041 — 69,593 — 69,593 Energy delivery services Marlin Gas Services — 6,019 — 6,019 — 5,266 — 5,266 Other and eliminations Eliminations (40,148) (242) (14,937) (55,327) (34,766) (75) (12,937) (47,778) Other — 396 396 — — 396 396 Total other and eliminations (40,148) (242) (14,541) (54,931) (34,766) (75) (12,541) (47,382) Total operating revenues (1) $ 282,503 $ 141,642 $ (14,541) $ 409,604 $ 259,235 $ 104,466 $ (12,541) $ 351,160 (1) Total operating revenues for the nine months ended September 30, 2021, include other revenue (revenues from sources other than contracts with customers) of $(0.1) million and $0.3 million for our Regulated and Unregulated Energy segments, respectively, and $1.0 million and $0.2 million for our Regulated and Unregulated Energy segments, respectively, for the nine months ended September 30, 2020. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for the Maryland division and Sandpiper Energy 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, 2021 and December 31, 2020 were as follows: Trade Receivables Contract Assets (Current) Contract Assets (Non-current) Contract Liabilities (Current) (in thousands) Balance at 12/31/2020 $ 55,600 $ 18 $ 4,816 $ 644 Balance at 9/30/2021 40,683 18 5,011 874 Increase (decrease) $ (14,917) $ — $ 195 $ 230 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | Revenue for these businesses for the remaining performance obligations, at September 30, 2021, are expected to be recognized as follows: (in thousands) 2021 2022 2023 2024 2025 2026 2027 and thereafter Eastern Shore and Peninsula Pipeline $ 9,471 $ 32,796 $ 25,205 $ 22,975 $ 22,102 $ 21,023 $ 179,728 Natural gas distribution operations 1,752 6,620 6,044 5,811 5,271 5,064 33,448 FPU electric distribution 163 652 652 652 275 275 550 Total revenue contracts with remaining performance obligations $ 11,386 $ 40,068 $ 31,901 $ 29,438 $ 27,648 $ 26,362 $ 213,726 |
Rates and Other Regulatory Ac_2
Rates and Other Regulatory Activities Rates and Regulatory Activities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Rates and Regulatory Activities [Abstract] | |
Summary of Effects of Federal Tax Reform on Regulated Businesses [Table Text Block] | The following table summarizes the regulatory liabilities related to accumulated deferred taxes ("ADIT") associated with TCJA for our regulated businesses as of September 30, 2021 and December 31, 2020: Amount (in thousands) Operation and Regulatory Jurisdiction September 30, 2021 December 31, 2020 Status Eastern Shore (FERC) $34,190 $34,190 Will be addressed in Eastern Shore's next rate case filing. Delaware Division (Delaware PSC) $12,626 $12,728 PSC approved amortization of ADIT in January 2019. Maryland Division (Maryland PSC) $3,873 $3,970 PSC approved amortization of ADIT in May 2018. Sandpiper Energy (Maryland PSC) $3,670 $3,713 PSC approved amortization of ADIT in May 2018. Chesapeake Florida Gas Division/Central Florida Gas (Florida PSC) $8,070 $8,184 PSC issued order authorizing amortization and retention of net ADIT liability by the Company in February 2019. FPU Natural Gas (excludes Fort Meade and Indiantown) (Florida PSC) $19,132 $19,257 Same treatment on a net basis as Chesapeake Florida Gas Division (above). FPU Fort Meade and Indiantown Divisions $274 $309 Same treatment on a net basis as Chesapeake Florida Gas Division (above). FPU Electric (Florida PSC) $5,299 $6,694 In January 2019, PSC issued order approving amortization of ADIT through purchased power cost recovery, storm reserve and rates. Elkton Gas (Maryland PSC) $1,124 $1,124 PSC approved amortization of ADIT in March 2018. |
Environmental Commitments and_2
Environmental Commitments and Contingencies Summary of Environmental Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Environmental Commitments and Contingencies [Abstract] | |
Environmental Remedies [Table Text Block] | Status Estimated Clean-Up Costs 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 2022. 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. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 2020 2021 2020 (in thousands) Operating Revenues, Unaffiliated Customers Regulated Energy $ 79,892 $ 82,297 $ 280,987 $ 257,810 Unregulated Energy 27,443 19,122 128,617 93,350 Total operating revenues, unaffiliated customers $ 107,335 $ 101,419 $ 409,604 $ 351,160 Intersegment Revenues (1) Regulated Energy $ 504 $ 465 $ 1,516 $ 1,425 Unregulated Energy 4,666 3,592 13,024 11,116 Other businesses 132 131 397 396 Total intersegment revenues $ 5,302 $ 4,188 $ 14,937 $ 12,937 Operating Income Regulated Energy $ 23,538 $ 20,482 $ 79,210 $ 66,376 Unregulated Energy (2,883) (3,092) 15,777 11,050 Other businesses and eliminations (542) 16 (699) 92 Operating income 20,113 17,406 94,288 77,518 Other income (expense), net 339 (40) 2,180 2,997 Interest charges 4,975 4,584 15,134 15,452 Income from Continuing Operations before Income Taxes 15,477 12,782 81,334 65,063 Income Taxes on Continuing Operations 2,993 3,502 20,563 16,082 Income from Continuing Operations 12,484 9,280 60,771 48,981 Income (Loss) from Discontinued Operations, Net of Tax (9) (19) (17) 165 Net Income $ 12,475 $ 9,261 $ 60,754 $ 49,146 (1) All significant intersegment revenues are billed at market rates and have been eliminated from consolidated operating revenues. (in thousands) September 30, 2021 December 31, 2020 Identifiable Assets Regulated Energy segment $ 1,592,950 $ 1,547,619 Unregulated Energy segment 381,642 347,665 Other businesses and eliminations 47,236 37,203 Total identifiable assets $ 2,021,828 $ 1,932,487 |
Stockholder's Equity - Accumu_2
Stockholder's Equity - Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2020 $ (5,146) $ 2,309 $ (28) $ (2,865) Other comprehensive income before reclassifications — 8,121 55 8,176 Amounts reclassified from accumulated other comprehensive income (loss) 192 (3,027) (37) (2,872) Net current-period other comprehensive income 192 5,094 18 5,304 As of September 30, 2021 $ (4,954) $ 7,403 $ (10) $ 2,439 (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 prior-period other comprehensive income/(loss) 198 2,450 (10) 2,638 As of September 30, 2020 $ (4,735) $ 1,116 $ (10) $ (3,629) |
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | The following table presents amounts reclassified out of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2021 and 2020. 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, 2021 2020 2021 2020 (in thousands) Amortization of defined benefit pension and postretirement plan items: Prior service credit (1) $ 19 $ 19 $ 57 $ 57 Net loss (1) (106) (108) (317) (323) Total before income taxes (87) (89) (260) (266) Income tax benefit 23 23 68 68 Net of tax $ (64) $ (66) $ (192) $ (198) Gains on commodity contracts cash flow hedges: Propane swap agreements (2) $ 681 $ 116 $ 4,183 $ 1,581 Income tax expense (188) (32) (1,156) (437) Net of tax $ 493 $ 84 $ 3,027 $ 1,144 Gains on interest rate swap cash flow hedges: Interest rate swap agreements $ 24 $ 34 $ 50 $ 45 Income tax expense (6) (9) (13) (12) Net of tax $ 18 $ 25 $ 37 $ 33 Total reclassifications for the period $ 447 $ 43 $ 2,872 $ 979 (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. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 and 2020 are set forth in the following tables: Chesapeake FPU Chesapeake SERP Chesapeake FPU For the Three Months Ended September 30, 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 (in thousands) Interest cost $ 34 $ 46 $ 429 $ 518 $ 12 $ 16 $ 6 $ 8 $ 6 $ 10 Expected return on plan assets (40) (42) (830) (745) — — — — — — Amortization of prior service credit — — — — — — (19) (19) — — Amortization of net (gain) loss 60 65 155 135 7 5 10 12 (2) — Net periodic cost (benefit) 54 69 (246) (92) 19 21 (3) 1 4 10 Amortization of pre-merger regulatory asset — — — — — — — — — 2 Total periodic cost (benefit) $ 54 $ 69 $ (246) $ (92) $ 19 $ 21 $ (3) $ 1 $ 4 $ 12 Chesapeake FPU Chesapeake SERP Chesapeake FPU For the Nine Months Ended September 30, 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 (in thousands) Interest cost $ 102 $ 138 $ 1,287 $ 1,554 $ 36 $ 48 $ 18 $ 24 $ 18 $ 30 Expected return on plan assets (120) (126) (2,490) (2,235) — — — — — — Amortization of prior service credit — — — — — — (57) (57) — — Amortization of net (gain) loss 180 195 465 405 21 15 30 36 (6) — Net periodic cost (benefit) 162 207 (738) (276) 57 63 (9) 3 12 30 Amortization of pre-merger regulatory asset — — — — — — — — — 6 Total periodic cost (benefit) $ 162 $ 207 $ (738) $ (276) $ 57 $ 63 $ (9) $ 3 $ 12 $ 36 |
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 income that were recognized as components of net periodic benefit cost during the three and nine months ended September 30, 2021 and 2020: For the Three Months Ended September 30, 2021 Chesapeake FPU Chesapeake SERP Chesapeake FPU Total (in thousands) Prior service credit $ — $ — $ — $ (19) $ — $ (19) Net loss 60 155 7 10 (2) 230 Total recognized in net periodic benefit cost 60 155 7 (9) (2) 211 Recognized from accumulated other comprehensive (income)/loss (1) 60 29 7 (9) — 87 Recognized from regulatory asset — 126 — — (2) 124 Total $ 60 $ 155 $ 7 $ (9) $ (2) $ 211 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 (income)/loss (1) 65 26 5 (7) — 89 Recognized from regulatory asset — 109 — — — 109 Total $ 65 $ 135 $ 5 $ (7) $ — $ 198 For the Nine Months Ended September 30, 2021 Chesapeake FPU Chesapeake SERP Chesapeake FPU Total (in thousands) Prior service credit $ — $ — $ — $ (57) $ — $ (57) Net loss 180 465 21 30 (6) 690 Total recognized in net periodic benefit cost 180 465 21 (27) (6) 633 Recognized from accumulated other comprehensive (income)/loss (1) 180 87 21 (27) (1) 260 Recognized from regulatory asset — 378 — — (5) 373 Total $ 180 $ 465 $ 21 $ (27) $ (6) $ 633 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 (income)/loss (1) 195 78 15 (21) — 267 Recognized from regulatory asset — 327 — — — 327 Total $ 195 $ 405 $ 15 $ (21) $ — $ 594 (1) See Note 9 , Stockholders' Equity |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments schedule [Table Text Block] | The investment balances at September 30, 2021 and December 31, 2020, consisted of the following: (in thousands) September 30, December 31, Rabbi trust (associated with the Non-Qualified Deferred Compensation Plan) $ 11,467 $ 10,755 Investments in equity securities 23 21 Total $ 11,490 $ 10,776 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 and 2020: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in thousands) Awards to non-employee directors $ 201 $ 188 $ 581 $ 545 Awards to key employees 1,105 1,144 4,039 3,109 Total compensation expense 1,306 1,332 4,620 3,654 Less: tax benefit (339) (348) (1,200) (955) Share-based compensation amounts included in net income $ 967 $ 984 $ 3,420 $ 2,699 |
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, 2021: Number of Shares Weighted Average Outstanding—December 31, 2020 186,878 $ 87.06 Granted 68,562 $ 102.73 Vested (53,147) $ 76.31 Expired (852) $ 74.85 Forfeited (5,384) $ 93.39 Outstanding—September 30, 2021 196,057 $ 94.15 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | As of September 30, 2021, the volume of our commodity derivative contracts were as follows: Business unit Commodity Contract Type Quantity hedged (in millions) Designation Longest Expiration date of hedge Sharp Propane (gallons) Purchases 23.4 Cash flows hedges June 2024 Sharp Propane (gallons) Sales 5.0 Cash flows hedges March 2022 |
Schedule of Due to (from) Broker-Dealers and Clearing Organizations [Table Text Block] | (in thousands) Balance Sheet Location September 30, 2021 December 31, 2020 Sharp Other Accrued Liabilities $ 6,094 $ 1,505 |
Fair Values of Derivative Contracts Recorded in Condensed Consolidated Balance Sheet | September 30, 2021 and December 31, 2020, are as follows: Derivative Assets Fair Value As Of (in thousands) Balance Sheet Location September 30, 2021 December 31, 2020 Derivatives designated as fair value hedges Propane put options Derivative assets, at fair value $ — $ 14 Derivatives designated as cash flow hedges Propane swap agreements Derivative assets, at fair value 12,185 3,255 Total asset derivatives $ 12,185 $ 3,269 Derivative Liabilities Fair Value As Of (in thousands) Balance Sheet Location September 30, 2021 December 31, 2020 Derivatives designated as fair value hedges Propane put options Derivative liabilities, at fair value $ — $ 23 Derivatives designated as cash flow hedges Propane swap agreements Derivative liabilities, at fair value 1,954 64 Interest rate swap agreements Derivative liabilities, at fair value 15 40 Total liability derivatives $ 1,969 $ 127 |
Effects of Gains and Losses from Derivative Instruments on Condensed Consolidated Financial Statements | The effects of gains and losses from derivative instruments on the condensed consolidated financial statements are as follows: Amount of Gain (Loss) on Derivatives: Location of Gain For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) (Loss) on Derivatives 2021 2020 2021 2020 Derivatives designated as fair value hedges Propane put options Cost of sales $ — $ — $ (24) $ — Derivatives designated as cash flow hedges Propane swap agreements Cost of sales 681 116 4,183 1,581 Propane swap agreements Other comprehensive income 2,491 1,022 7,039 3,385 Interest rate swap agreements Interest expense 24 34 50 45 Interest rate swap agreements Other comprehensive income (loss) 19 37 24 (14) Total $ 3,215 $ 1,209 $ 11,272 $ 4,997 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 and December 31, 2020: Fair Value Measurements Using: As of September 30, 2021 Fair Value Quoted Prices in Significant Other Significant (in thousands) Assets: Investments—equity securities $ 23 $ 23 $ — $ — Investments—guaranteed income fund 2,016 — — 2,016 Investments—mutual funds and other 9,451 9,451 — — Total investments 11,490 9,474 — 2,016 Derivative assets 12,185 — 12,185 — Total assets $ 23,675 $ 9,474 $ 12,185 $ 2,016 Liabilities: Derivative liabilities $ 1,969 $ — $ 1,969 $ — Fair Value Measurements Using: As of December 31, 2020 Fair Value Quoted Prices in Significant Other Significant (in thousands) Assets: Investments—equity securities $ 21 $ 21 $ — $ — Investments—guaranteed income fund 2,156 — — 2,156 Investments—mutual funds and other 8,599 8,599 — — Total investments 10,776 8,620 — 2,156 Derivative assets 3,269 — 3,269 — Total assets $ 14,045 $ 8,620 $ 3,269 $ 2,156 Liabilities: Derivative liabilities $ 127 $ — $ 127 $ — |
Summary of Changes in Fair Value of Investments | The following table sets forth the summary of the changes in the fair value of Level 3 investments for the nine months ended September 30, 2021 and 2020: Nine months ended September 30, 2021 2020 (in thousands) Beginning Balance $ 2,156 $ 803 Purchases and adjustments 77 243 Transfers — 1,579 Distribution (241) (514) Investment income 24 18 Ending Balance $ 2,016 $ 2,129 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Outstanding Long-Term Debt | Our outstanding long-term debt is shown below: September 30, December 31, (in thousands) 2021 2020 Uncollateralized senior notes: 5.93% note, due October 31, 2023 $ 7,500 $ 9,000 5.68% note, due June 30, 2026 14,500 17,400 6.43% note, due May 2, 2028 4,900 5,600 3.73% note, due December 16, 2028 16,000 16,000 3.88% note, due May 15, 2029 40,000 45,000 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 50,000 2.96% note, due August 15, 2035 40,000 40,000 Equipment security note 2.46% note, due September 29, 2031 9,590 — Less: debt issuance costs (825) (901) Total long-term debt 521,665 522,099 Less: current maturities (16,206) (13,600) Total long-term debt, net of current maturities $ 505,459 $ 508,499 |
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) $ 370,000 $ (220,000) $ — $ 150,000 MetLife Shelf Agreement (1) 150,000 — — 150,000 NYL Shelf Agreement (1) 150,000 (140,000) — 10,000 Total Shelf Agreements as of September 30, 2021 $ 670,000 $ (360,000) $ — $ 310,000 |
Leases Leases (Tables)
Leases Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Lease Disclosure [Abstract] | |
Lease, Cost [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, ( in thousands) Classification 2021 2020 2021 2020 Operating lease cost (1) Operations expense $ 515 $ 627 $ 1,553 $ 1,882 |
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, 2021 and December 31, 2020: (in thousands) Balance sheet classification September 30, 2021 December 31, 2020 Assets Operating lease assets Operating lease right-of-use assets $ 9,602 $ 11,194 Liabilities Current Operating lease liabilities Other accrued liabilities $ 1,725 $ 1,747 Noncurrent Operating lease liabilities Operating lease - liabilities 8,380 9,872 Total lease liabilities $ 10,105 $ 11,619 |
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, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Weighted-average remaining lease term ( in years ) Operating leases 8.54 8.70 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, 2021 and 2020: Nine Months Ended September 30, (in thousands) 2021 2020 Operating cash flows from operating leases $ 1,399 $ 1,435 |
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, 2021 and for each of the next five years and thereafter: (in thousands) Operating Leases (1) Remainder of 2021 $ 597 2022 1,845 2023 1,762 2024 1,607 2025 1,387 2026 951 Thereafter 3,596 Total lease payments $ 11,745 Less: Interest (1,640) Present value of lease liabilities $ 10,105 (1) Operating lease payments include $2.1 million related to options to extend lease terms that are reasonably certain of being exercised. |
Calculation of Earnings Per S_3
Calculation of Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.71 | $ 0.56 | $ 3.46 | $ 2.97 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | $ 0 | $ 0 | $ 0 | $ 0.01 |
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | $ 12,484 | $ 9,280 | $ 60,771 | $ 48,981 |
Calculation of Basic Earnings Per Share: | ||||
Net Income | $ 12,475 | $ 9,261 | $ 60,754 | $ 49,146 |
Weighted shares outstanding (shares) | 17,582,115 | 16,533,748 | 17,538,461 | 16,466,106 |
Basic Earnings Per Share (in dollars per share) | $ 0.71 | $ 0.56 | $ 3.46 | $ 2.98 |
Reconciliation of Numerator: | ||||
Net Income | $ 12,475 | $ 9,261 | $ 60,754 | $ 49,146 |
Reconciliation of Denominator: | ||||
Weighted shares outstanding - Basic (shares) | 17,582,115 | 16,533,748 | 17,538,461 | 16,466,106 |
Effect of dilutive securities: | ||||
Share-based compensation (shares) | 77,528 | 59,094 | 71,697 | 57,094 |
Adjusted denominator-Diluted (shares) | 17,659,643 | 16,592,842 | 17,610,158 | 16,523,200 |
Income (Loss) from Continuing Operations, Per Diluted Share | $ 0.71 | $ 0.56 | $ 3.45 | $ 2.96 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share | 0 | 0 | 0 | 0.01 |
Diluted Earnings Per Share (in dollars per share) | $ 0.71 | $ 0.56 | $ 3.45 | $ 2.97 |
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | $ (9) | $ (19) | $ (17) | $ 165 |
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 12,484 | 9,280 | 60,771 | 48,981 |
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | (9) | (19) | (17) | 165 |
Net Income | $ 12,475 | $ 9,261 | $ 60,754 | $ 49,146 |
Basic (shares) | 17,582,115 | 16,533,748 | 17,538,461 | 16,466,106 |
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.71 | $ 0.56 | $ 3.46 | $ 2.97 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | 0 | 0 | 0 | 0.01 |
Basic (in dollars per share) | $ 0.71 | $ 0.56 | $ 3.46 | $ 2.98 |
Share-based compensation (shares) | 77,528 | 59,094 | 71,697 | 57,094 |
Diluted (shares) | 17,659,643 | 16,592,842 | 17,610,158 | 16,523,200 |
Income (Loss) from Continuing Operations, Per Diluted Share | $ 0.71 | $ 0.56 | $ 3.45 | $ 2.96 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share | 0 | 0 | 0 | 0.01 |
Diluted (in dollars per share) | $ 0.71 | $ 0.56 | $ 3.45 | $ 2.97 |
Retained Earnings [Member] | ||||
Earnings Per Share [Abstract] | ||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | $ 12,484 | $ 9,280 | $ 60,771 | $ 48,981 |
Calculation of Basic Earnings Per Share: | ||||
Net Income | 12,475 | 9,261 | 60,754 | 49,146 |
Reconciliation of Numerator: | ||||
Net Income | 12,475 | 9,261 | 60,754 | 49,146 |
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 12,484 | 9,280 | 60,771 | 48,981 |
Net Income | $ 12,475 | $ 9,261 | $ 60,754 | $ 49,146 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)Dekatherm | Sep. 30, 2020USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenues | $ 107,335 | $ 101,419 | $ 409,604 | $ 351,160 |
Operating Income (Loss) | 20,113 | 17,406 | 94,288 | 77,518 |
Unregulated Energy [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Operating Income (Loss) | (2,883) | (3,092) | 15,777 | 11,050 |
Regulated Energy [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Operating Income (Loss) | 23,538 | $ 20,482 | 79,210 | $ 66,376 |
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 | 900 | 4,700 | ||
Operating Income (Loss) | (100) | $ 700 | ||
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 | |||
Western Natural Gas [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 | 3,500 | 3,500 | ||
Revenues | 500 | 1,900 | ||
Operating Income (Loss) | 100 | 400 | ||
Business Combination, Consideration Transferred | 6,700 | |||
Business Combination, Working Capital | 300 | 300 | ||
Business Combination, Contingent Consideration, Liability | 300 | 300 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 1,800 | 1,800 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 1,400 | $ 1,400 | ||
Escambia Meter | Regulated Energy [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Additional Firm Natural Gas Transportation Deliverability | Dekatherm | 530,000 |
Revenue Recognition Additional
Revenue Recognition Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Contract with Customer, Liability, Revenue Recognized | $ 200 | $ 800 |
Revenue Recognition Disegragati
Revenue Recognition Disegragation of Revenue (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues | $ 107,335,000 | $ 101,419,000 | $ 409,604,000 | $ 351,160,000 | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 107,335,000 | [1] | 101,419,000 | [1] | 409,604,000 | [2] | 351,160,000 | [2] |
Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 80,396,000 | [1] | 82,762,000 | [1] | 282,503,000 | [2] | 259,235,000 | [2] |
Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 32,109,000 | [1] | 22,714,000 | [1] | 141,642,000 | [2] | 104,466,000 | [2] |
Other Segments And Intersegments Eliminations [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (5,170,000) | (4,057,000) | (14,541,000) | (12,541,000) | ||||
Other [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (5,170,000) | [1] | (4,057,000) | [1] | (14,541,000) | [2] | (12,541,000) | [2] |
Eliminations [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (18,139,000) | (16,427,000) | (54,931,000) | (47,382,000) | ||||
Eliminations [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (12,882,000) | (12,335,000) | (40,148,000) | (34,766,000) | ||||
Other [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues | 100,000 | 200,000 | (100,000) | 1,000,000 | ||||
Other [Member] | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenues | 50,000 | 300,000 | 200,000 | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | (87,000) | (35,000) | (242,000) | (75,000) | ||||
Energy Distribution [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 67,897,000 | 70,275,000 | 245,511,000 | 221,439,000 | ||||
Energy Distribution [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 67,897,000 | 70,275,000 | 245,511,000 | 221,439,000 | ||||
Energy Distribution [Member] | Delaware natural gas division [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,849,000 | 7,243,000 | 51,188,000 | 45,568,000 | ||||
Energy Distribution [Member] | Delaware natural gas division [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,849,000 | 7,243,000 | 51,188,000 | 45,568,000 | ||||
Energy Distribution [Member] | Central Florida Gas Division [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 8,015,000 | 7,309,000 | 25,417,000 | 23,018,000 | ||||
Energy Distribution [Member] | Central Florida Gas Division [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 8,015,000 | 7,309,000 | 25,417,000 | 23,018,000 | ||||
Energy Distribution [Member] | FPU Electric Distribution [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 23,121,000 | 29,051,000 | 60,569,000 | 58,972,000 | ||||
Energy Distribution [Member] | FPU Electric Distribution [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 23,121,000 | 29,051,000 | 60,569,000 | 58,972,000 | ||||
Energy Distribution [Member] | Florida Public Utilities Company [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 22,012,000 | 19,935,000 | 72,032,000 | 64,877,000 | ||||
Energy Distribution [Member] | Florida Public Utilities Company [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 22,012,000 | 19,935,000 | 72,032,000 | 64,877,000 | ||||
Energy Distribution [Member] | Maryland Natural Gas [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,432,000 | 2,824,000 | 16,122,000 | 15,941,000 | ||||
Energy Distribution [Member] | Maryland Natural Gas [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,432,000 | 2,824,000 | 16,122,000 | 15,941,000 | ||||
Energy Distribution [Member] | Sandpiper [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,553,000 | 3,290,000 | 15,438,000 | 12,440,000 | ||||
Energy Distribution [Member] | Sandpiper [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,553,000 | 3,290,000 | 15,438,000 | 12,440,000 | ||||
Energy Distribution [Member] | Elkton Gas [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 915,000 | 4,745,000 | ||||||
Energy Distribution [Member] | Elkton Gas [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 915,000 | 4,745,000 | ||||||
Energy Transmission [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 30,636,000 | 28,271,000 | 100,878,000 | 90,346,000 | ||||
Energy Transmission [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 25,381,000 | 24,822,000 | 77,140,000 | 72,562,000 | ||||
Energy Transmission [Member] | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,255,000 | 3,449,000 | 23,738,000 | 17,784,000 | ||||
Energy Transmission [Member] | Aspire [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,255,000 | 3,449,000 | 23,738,000 | 17,784,000 | ||||
Energy Transmission [Member] | Aspire [Member] | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,255,000 | 3,449,000 | 23,738,000 | 17,784,000 | ||||
Energy Transmission [Member] | Eastern Shore Gas Company [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 18,558,000 | 18,389,000 | 57,147,000 | 55,944,000 | ||||
Energy Transmission [Member] | Eastern Shore Gas Company [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 18,558,000 | 18,389,000 | 57,147,000 | 55,944,000 | ||||
Energy Transmission [Member] | Peninsula Pipeline [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,776,000 | 6,433,000 | 19,853,000 | 16,618,000 | ||||
Energy Transmission [Member] | Peninsula Pipeline [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,776,000 | 6,433,000 | 19,853,000 | 16,618,000 | ||||
Energy Transmission [Member] | Aspire Energy Express | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 47,000 | 140,000 | ||||||
Energy Generation [Member] | Eight Flags [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,583,000 | 3,882,000 | 13,086,000 | 11,898,000 | ||||
Energy Generation [Member] | Eight Flags [Member] | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,583,000 | 3,882,000 | 13,086,000 | 11,898,000 | ||||
Propane Delivery [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 20,680,000 | 13,710,000 | 99,041,000 | 69,593,000 | ||||
Propane Delivery [Member] | Florida Propane | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 20,680,000 | 13,710,000 | 99,041,000 | 69,593,000 | ||||
Energy Services [Member] | Marlin Gas Services [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,678,000 | 6,019,000 | ||||||
Energy Services [Member] | Marlin Gas Services [Member] | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,678,000 | 1,708,000 | 6,019,000 | 5,266,000 | ||||
Eliminations [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (18,271,000) | (16,558,000) | (55,327,000) | (47,778,000) | ||||
Eliminations [Member] | Regulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (12,882,000) | (12,335,000) | (40,148,000) | (34,766,000) | ||||
Eliminations [Member] | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (87,000) | (35,000) | (242,000) | (75,000) | ||||
Eliminations [Member] | Eliminations [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (5,302,000) | (4,188,000) | (14,937,000) | (12,937,000) | ||||
Other [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 132,000 | 131,000 | 396,000 | 396,000 | ||||
Other [Member] | Unregulated Energy [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |||||
Other [Member] | Other [Member] | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 132,000 | $ 131,000 | $ 396,000 | $ 396,000 | ||||
[1] | (1) Total operating revenues for the three months ended September 30, 2021, include other revenue (revenues from sources other than contracts with customers) of $0.1 million for both Regulated and Unregulated Energy segments, respectively, and $0.2 million and $0.05 million for our Regulated and Unregulated Energy segments, respectively, for the three months ended September 30, 2020. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for the Maryland division and Sandpiper Energy and late fees. | |||||||
[2] | (1) Total operating revenues for the nine months ended September 30, 2021, include other revenue (revenues from sources other than contracts with customers) of $(0.1) million and $0.3 million for our Regulated and Unregulated Energy segments, respectively, and $1.0 million and $0.2 million for our Regulated and Unregulated Energy segments, respectively, for the nine months ended September 30, 2020. The sources of other revenues include revenue from alternative revenue programs related to revenue normalization for the Maryland division and Sandpiper Energy and late fees. |
Revenue Recognition Contract Ba
Revenue Recognition Contract Balances with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |||
Receivables from Customers | $ 40,683 | $ 40,683 | $ 55,600 |
Contract with Customer, Asset, Net, Current | 18 | 18 | 18 |
Contract with Customer, Asset, Net, Noncurrent | 5,011 | 5,011 | 4,816 |
Customer deposits and refunds | 874 | 874 | $ 644 |
Increase (Decrease) in Receivables | (14,917) | ||
Increase (Decrease) in Other Current Assets | 0 | ||
Increase (Decrease) in Other Noncurrent Assets | 195 | ||
Increase (Decrease) in Other Current Liabilities | 230 | ||
Contract with Customer, Liability, Revenue Recognized | $ 200 | $ 800 |
Revenue Recognition Remaining P
Revenue Recognition Remaining Performance Obligations (Details) $ in Thousands | Sep. 30, 2021USD ($) |
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 | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
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]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 163 |
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 | 652 |
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 | 652 |
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 | 652 |
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 | 275 |
FPU Electric Distribution [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 550 |
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 | 1,752 |
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 | 6,620 |
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 | 6,044 |
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 | 5,811 |
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 | 5,271 |
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 | 5,064 |
Natural gas distribution operations [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 33,448 |
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 | 9,471 |
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 | 32,796 |
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 | 25,205 |
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 | 22,975 |
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 | 22,102 |
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 | 21,023 |
Eastern Shore and Peninsula Pipeline [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 179,728 |
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 | 11,386 |
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 | 40,068 |
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 | 31,901 |
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 | 29,438 |
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 | 27,648 |
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 | 26,362 |
Total for Segments [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 213,726 |
Rates and Other Regulatory Ac_3
Rates and Other Regulatory Activities - Additional Information (Detail) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021USD ($)Dekathermcustomermi | Dec. 31, 2020USD ($) | |
Rates and Other Regulatory Activities [Line Items] | ||
Regulatory Asset - Storm Cost Recovery | $ 45,800 | |
Surcharge - Storm Cost Recovery | 7,700 | |
Incremental Revenue - Storm Cost Recovery | 3,300 | |
COVID-19 Regulatory Asset | 2,300 | $ 1,900 |
Florida Public Utilities Company [Member] | ||
Rates and Other Regulatory Activities [Line Items] | ||
COVID-19 Settlement Amount | 2,100 | |
Delmarva [Member] | ||
Rates and Other Regulatory Activities [Line Items] | ||
COVID-19 Settlement Amount | 300 | |
Delaware natural gas division [Member] | ||
Rates and Other Regulatory Activities [Line Items] | ||
Regulatory Liabilities | 12,626 | 12,728 |
Maryland Division [Member] | ||
Rates and Other Regulatory Activities [Line Items] | ||
Regulatory Liabilities | 3,873 | 3,970 |
Sandpiper [Member] | ||
Rates and Other Regulatory Activities [Line Items] | ||
Regulatory Liabilities | 3,670 | 3,713 |
Central Florida Gas Division [Member] | ||
Rates and Other Regulatory Activities [Line Items] | ||
Regulatory Liabilities | 8,070 | 8,184 |
Florida Public Utilities Company [Member] | ||
Rates and Other Regulatory Activities [Line Items] | ||
Regulatory Liabilities | 19,132 | 19,257 |
Fort Meade and Indiantown Divisions [Member] | ||
Rates and Other Regulatory Activities [Line Items] | ||
Regulatory Liabilities | 274 | 309 |
FPU electric division [Member] | ||
Rates and Other Regulatory Activities [Line Items] | ||
Regulatory Liabilities | 5,299 | 6,694 |
Eastern Shore Gas Company [Member] | ||
Rates and Other Regulatory Activities [Line Items] | ||
Regulatory Liabilities | 34,190 | 34,190 |
Elkton Gas [Member] | ||
Rates and Other Regulatory Activities [Line Items] | ||
Regulatory Liabilities | $ 1,124 | $ 1,124 |
Del-Mar Pathway Project [Member] | Eastern Shore Gas Company [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 | |
Beachside Expansion | Peninsula Pipeline Company [Member] | ||
Rates and Other Regulatory Activities [Line Items] | ||
Number of Mainline Pipeline Miles | mi | 11.3 | |
Additional Firm Natural Gas Transportation Deliverability | Dekatherm | 10,176 | |
Winter Haven Expansion | Peninsula Pipeline Company [Member] | ||
Rates and Other Regulatory Activities [Line Items] | ||
Additional Firm Natural Gas Transportation Deliverability | Dekatherm | 6,800 | |
Regulated Energy [Member] | Escambia Meter | ||
Rates and Other Regulatory Activities [Line Items] | ||
Additional Firm Natural Gas Transportation Deliverability | Dekatherm | 530,000 |
Environmental Commitments and_3
Environmental Commitments and Contingencies - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2021USD ($) | Sep. 30, 2021USD ($)site | Dec. 31, 2020USD ($) | |
Environmental Commitments And Contingencies [Line Items] | |||
Company's exposure in number of former Manufactured Gas Plant Sites | site | 7 | ||
Environmental liabilities | $ 3,709,000 | $ 4,299,000 | |
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 | 300,000 | ||
Seaford [Member] | Maximum [Member] | |||
Environmental Commitments And Contingencies [Line Items] | |||
Estimated costs of remediation range, minimum | 900,000 | ||
FPU [Member] | |||
Environmental Commitments And Contingencies [Line Items] | |||
Environmental liabilities | 5,400,000 | 5,900,000 | |
Approval of recovery of environmental costs | 14,000,000 | ||
Environmental costs recovered | $ 12,400,000 | 12,700,000 | |
FPU [Member] | Manufactured Gas Plant [Member] | |||
Environmental Commitments And Contingencies [Line Items] | |||
Regulatory Assets for future recovery of environmental costs | $ 1,300,000 | $ 1,600,000 |
Other Commitments and Conting_2
Other Commitments and Contingencies - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
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 | 8 |
Draws on letters of credit | $ 4.6 |
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, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | ||
Segment Reporting Information [Line Items] | ||||||
Number of Reportable Segments | 2 | |||||
Operating Revenues, Unaffiliated Customers | ||||||
Total operating revenues, unaffiliated customers | $ 107,335 | $ 101,419 | $ 409,604 | $ 351,160 | ||
Operating Income | ||||||
Total operating income | 20,113 | 17,406 | 94,288 | 77,518 | ||
Other expense, net | 339 | (40) | 2,180 | 2,997 | ||
Interest | 4,975 | 4,584 | 15,134 | 15,452 | ||
Income Before Income Taxes | 15,477 | 12,782 | 81,334 | 65,063 | ||
Income Taxes on Continuing Operations | 2,993 | 3,502 | 20,563 | 16,082 | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 12,484 | 9,280 | 60,771 | 48,981 | ||
Net Income | 12,475 | 9,261 | 60,754 | 49,146 | ||
Identifiable Assets | ||||||
Total identifiable assets | 2,021,828 | 2,021,828 | $ 1,932,487 | |||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | (9) | (19) | (17) | 165 | ||
Regulated Energy [Member] | ||||||
Operating Income | ||||||
Total operating income | 23,538 | 20,482 | 79,210 | 66,376 | ||
Identifiable Assets | ||||||
Total identifiable assets | 1,592,950 | 1,592,950 | 1,547,619 | |||
Unregulated Energy [Member] | ||||||
Operating Income | ||||||
Total operating income | (2,883) | (3,092) | 15,777 | 11,050 | ||
Identifiable Assets | ||||||
Total identifiable assets | 381,642 | 381,642 | 347,665 | |||
Other [Member] | ||||||
Identifiable Assets | ||||||
Total identifiable assets | 47,236 | 47,236 | $ 37,203 | |||
Other and eliminations [Member] | ||||||
Operating Income | ||||||
Total operating income | (542) | 16 | (699) | 92 | ||
Operating Revenues, Unaffiliated Customers [Member] | ||||||
Operating Revenues, Unaffiliated Customers | ||||||
Total operating revenues, unaffiliated customers | 107,335 | 101,419 | 409,604 | 351,160 | ||
Operating Revenues, Unaffiliated Customers [Member] | Regulated Energy [Member] | ||||||
Operating Revenues, Unaffiliated Customers | ||||||
Total operating revenues, unaffiliated customers | 79,892 | 82,297 | 280,987 | 257,810 | ||
Operating Revenues, Unaffiliated Customers [Member] | Unregulated Energy [Member] | ||||||
Operating Revenues, Unaffiliated Customers | ||||||
Total operating revenues, unaffiliated customers | 27,443 | 19,122 | 128,617 | 93,350 | ||
Intersegment Revenues [Member] | ||||||
Operating Revenues, Unaffiliated Customers | ||||||
Total operating revenues, unaffiliated customers | [1] | 5,302 | 4,188 | 14,937 | 12,937 | |
Intersegment Revenues [Member] | Regulated Energy [Member] | ||||||
Operating Revenues, Unaffiliated Customers | ||||||
Total operating revenues, unaffiliated customers | [1] | 504 | 465 | 1,516 | 1,425 | |
Intersegment Revenues [Member] | Unregulated Energy [Member] | ||||||
Operating Revenues, Unaffiliated Customers | ||||||
Total operating revenues, unaffiliated customers | [1] | 4,666 | 3,592 | 13,024 | 11,116 | |
Intersegment Revenues [Member] | Other [Member] | ||||||
Operating Revenues, Unaffiliated Customers | ||||||
Total operating revenues, unaffiliated customers | [1] | 132 | 131 | 397 | 396 | |
Retained Earnings [Member] | ||||||
Operating Income | ||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 12,484 | 9,280 | 60,771 | 48,981 | ||
Net Income | $ 12,475 | $ 9,261 | $ 60,754 | $ 49,146 | ||
[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 Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Oct. 31, 2021 | Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | $ 2,439,000 | $ (2,865,000) | $ (2,865,000) | $ (2,865,000) | $ (6,267,000) | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 8,176,000 | 3,617,000 | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (2,872,000) | (979,000) | ||||||
Net current-period other comprehensive income (loss) | $ 1,881,000 | $ 833,000 | 5,304,000 | 2,638,000 | ||||
Ending balance | 2,439,000 | (3,629,000) | $ 2,439,000 | (3,629,000) | ||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 0.1 | 0.3 | 0.1 | |||||
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 127.40 | $ 86.12 | $ 116.63 | |||||
Proceeds from Issuance of Common Stock, Dividend Reinvestment Plan | $ 1,800,000 | $ 22,000,000 | $ 6,600,000 | |||||
Common Stock Shares Issued At The Market | 0.7 | |||||||
Shares Issued Price Per Share - At The Market | $ 82.93 | |||||||
Proceeds From Issuance Of Common Stock - At The Market | 61,000,000 | |||||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 0.1 | 0.3 | 0.1 | |||||
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 127.40 | $ 86.12 | $ 116.63 | |||||
Proceeds from Issuance of Common Stock, Dividend Reinvestment Plan | 1,800,000 | 22,000,000 | 6,600,000 | |||||
Fees on Equity Issuance - At The Market | 1,500,000 | |||||||
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 | (4,954,000) | (5,146,000) | (5,146,000) | (5,146,000) | (4,933,000) | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | |||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 192,000 | 198,000 | ||||||
Net current-period other comprehensive income (loss) | 192,000 | 198,000 | ||||||
Ending balance | (4,954,000) | (4,735,000) | (4,954,000) | (4,735,000) | ||||
Accumulated (Gain) Loss from Commodity Contracts Cash Flows Hedges [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | 7,403,000 | 2,309,000 | 2,309,000 | 2,309,000 | (1,334,000) | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 8,121,000 | 3,594,000 | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (3,027,000) | (1,144,000) | ||||||
Net current-period other comprehensive income (loss) | 5,094,000 | 2,450,000 | ||||||
Ending balance | 7,403,000 | 1,116,000 | 7,403,000 | 1,116,000 | ||||
Accumulated (Gain) Loss from Interest Rate Swap Cash Flows Hedges [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | $ (10,000) | $ (28,000) | $ (28,000) | (28,000) | 0 | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 55,000 | 23,000 | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (37,000) | (33,000) | ||||||
Net current-period other comprehensive income (loss) | 18,000 | (10,000) | ||||||
Ending balance | $ (10,000) | $ (10,000) | $ (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 ($) shares in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Oct. 31, 2021 | Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Amortization of pension and postretirement items: | |||||||
Tax benefit | $ (2,993,000) | $ (3,502,000) | $ (20,563,000) | $ (16,082,000) | |||
Derivative, Gain (Loss) on Derivative, Net | 3,215,000 | 1,209,000 | $ 11,272,000 | 4,997,000 | |||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 0.1 | 0.3 | 0.1 | ||||
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 127.40 | $ 86.12 | $ 116.63 | ||||
Proceeds from Issuance of Common Stock, Dividend Reinvestment Plan | $ 1,800,000 | $ 22,000,000 | 6,600,000 | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||
Amortization of pension and postretirement items: | |||||||
Net of tax | 447,000 | 43,000 | 2,872,000 | 979,000 | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | |||||||
Amortization of pension and postretirement items: | |||||||
Prior service cost | [1] | 19,000 | 19,000 | 57,000 | 57,000 | ||
Net loss | [1] | (106,000) | (108,000) | (317,000) | (323,000) | ||
Total before tax | (87,000) | (89,000) | (260,000) | (266,000) | |||
Tax benefit | 23,000 | 23,000 | 68,000 | 68,000 | |||
Net of tax | (64,000) | (66,000) | (192,000) | (198,000) | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated (Gain) Loss from Commodity Contracts Cash Flows Hedges [Member] | |||||||
Amortization of pension and postretirement items: | |||||||
Tax benefit | (188,000) | (32,000) | (1,156,000) | (437,000) | |||
Net of tax | 493,000 | 84,000 | 3,027,000 | 1,144,000 | |||
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 | 34,000 | 45,000 | |||||
Tax benefit | (6,000) | (9,000) | (13,000) | (12,000) | |||
Net of tax | 18,000 | 25,000 | 37,000 | 33,000 | |||
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] | 681,000 | 116,000 | 4,183,000 | 1,581,000 | ||
Interest Rate Swap [Member] | Derivatives designated as hedging instrument [Member] | Interest Expense [Member] | |||||||
Amortization of pension and postretirement items: | |||||||
Derivative, Gain (Loss) on Derivative, Net | $ 24,000 | $ 34,000 | $ 50,000 | $ 45,000 | |||
[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. |
Employee Benefit Plans (Detail)
Employee Benefit Plans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Amortization of prior service cost | $ (19) | $ (19) | $ (57) | $ (57) | |||
Defined Benefit Plan Actuarial Gain Loss, Net Settlement | 198 | 594 | |||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 230 | 217 | 690 | 651 | |||
Defined Benefit Plan Amounts Recognized Gain (Loss) | 211 | 198 | 633 | 594 | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | [1] | 87 | 89 | 260 | 267 | ||
Defined Benefit Plan Amounts Recognized From Regulatory Asset | 124 | 109 | 373 | 327 | |||
Chesapeake Pension Plan [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 200 | 300 | |||||
Interest cost | 34 | 46 | 102 | 138 | |||
Expected return on plan assets | (40) | (42) | (120) | (126) | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 60 | 65 | 180 | 195 | |||
Net periodic cost (benefit) | 54 | [1] | 69 | [1] | 162 | 207 | |
Total periodic cost | 54 | 69 | 162 | 207 | |||
Defined Benefit Plan Amounts Recognized Gain (Loss) | 60 | 65 | 180 | 195 | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | [1] | 60 | 65 | 180 | 195 | ||
Florida Public Utilities Company Pension Plan [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 500 | 1,300 | |||||
Interest cost | 429 | 518 | 1,287 | 1,554 | |||
Expected return on plan assets | (830) | (745) | (2,490) | (2,235) | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 155 | 135 | 465 | 405 | |||
Net periodic cost (benefit) | (246) | [1] | (92) | [1] | (738) | (276) | |
Amortization of pre-merger regulatory asset | 0 | 0 | 0 | 0 | |||
Total periodic cost | (246) | (92) | (738) | (276) | |||
Defined Benefit Plan Amounts Recognized Gain (Loss) | 155 | 135 | 465 | 405 | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | [1] | 29 | 26 | 87 | 78 | ||
Defined Benefit Plan Amounts Recognized From Regulatory Asset | 126 | 109 | 378 | 327 | |||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 2,100 | 2,100 | |||||
Chesapeake Pension SERP [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 100 | ||||||
Interest cost | 12 | 16 | 36 | 48 | |||
Defined Benefit Plan Actuarial Gain Loss, Net Settlement | 5 | 15 | |||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 7 | 5 | 21 | 15 | |||
Net periodic cost (benefit) | 19 | [1] | 21 | [1] | 57 | 63 | |
Total periodic cost | 19 | 21 | 57 | 63 | |||
Defined Benefit Plan Amounts Recognized Gain (Loss) | 7 | 5 | 21 | 15 | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | [1] | 7 | 5 | 21 | 15 | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 200 | 200 | |||||
Chesapeake Postretirement Plan [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 200 | ||||||
Interest cost | 6 | 8 | 18 | 24 | |||
Amortization of prior service cost | (19) | (19) | (57) | (57) | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 10 | 12 | 30 | 36 | |||
Net periodic cost (benefit) | (3) | [1] | 1 | [1] | (9) | 3 | |
Total periodic cost | (3) | 1 | (9) | 3 | |||
Defined Benefit Plan Amounts Recognized Gain (Loss) | (9) | (7) | (27) | (21) | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | [1] | (9) | (7) | (27) | (21) | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 200 | 200 | |||||
Florida Public Utilities Company Medical Plan [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 100 | ||||||
Interest cost | 6 | 10 | 18 | 30 | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (2) | (6) | |||||
Net periodic cost (benefit) | 4 | [1] | 10 | [1] | 12 | 30 | |
Amortization of pre-merger regulatory asset | 0 | 2 | 0 | 6 | |||
Total periodic cost | 4 | $ 12 | 12 | $ 36 | |||
Defined Benefit Plan Amounts Recognized Gain (Loss) | (2) | (6) | |||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | [1] | (1) | |||||
Defined Benefit Plan Amounts Recognized From Regulatory Asset | (2) | (5) | |||||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 100 | $ 100 | |||||
[1] | See Note 9 , Stockholders' Equity |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Defined Benefit Plan Disclosure [Line Items] | |||||
Amortization of prior service cost | $ (19) | $ (19) | $ (57) | $ (57) | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 230 | 217 | 690 | 651 | |
Defined Benefit Plan Amounts Recognized Gain (Loss) | 211 | 198 | 633 | 594 | |
Recognized from accumulated other comprehensive loss | [1] | 87 | 89 | 260 | 267 |
Recognized from regulatory asset | 124 | 109 | 373 | 327 | |
Defined Benefit Plan Actuarial Gain Loss, Net Settlement | 198 | 594 | |||
Florida Public Utilities Company Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Contribution to pension plan | 500 | 1,300 | |||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 2,100 | 2,100 | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 155 | 135 | 465 | 405 | |
Defined Benefit Plan Amounts Recognized Gain (Loss) | 155 | 135 | 465 | 405 | |
Recognized from accumulated other comprehensive loss | [1] | 29 | 26 | 87 | 78 |
Recognized from regulatory asset | 126 | 109 | 378 | 327 | |
Chesapeake Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Contribution to pension plan | 200 | 300 | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 60 | 65 | 180 | 195 | |
Defined Benefit Plan Amounts Recognized Gain (Loss) | 60 | 65 | 180 | 195 | |
Recognized from accumulated other comprehensive loss | [1] | 60 | 65 | 180 | 195 |
Chesapeake Pension SERP [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Contribution to pension plan | 100 | ||||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 200 | 200 | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 7 | 5 | 21 | 15 | |
Defined Benefit Plan Amounts Recognized Gain (Loss) | 7 | 5 | 21 | 15 | |
Recognized from accumulated other comprehensive loss | [1] | 7 | 5 | 21 | 15 |
Defined Benefit Plan Actuarial Gain Loss, Net Settlement | 5 | 15 | |||
Chesapeake Postretirement Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Contribution to pension plan | 200 | ||||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 200 | 200 | |||
Amortization of prior service cost | (19) | (19) | (57) | (57) | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 10 | 12 | 30 | 36 | |
Defined Benefit Plan Amounts Recognized Gain (Loss) | (9) | (7) | (27) | (21) | |
Recognized from accumulated other comprehensive loss | [1] | (9) | $ (7) | (27) | $ (21) |
Florida Public Utilities Company Medical Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Contribution to pension plan | 100 | ||||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 100 | 100 | |||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (2) | (6) | |||
Defined Benefit Plan Amounts Recognized Gain (Loss) | (2) | (6) | |||
Recognized from accumulated other comprehensive loss | [1] | (1) | |||
Recognized from regulatory asset | $ (2) | $ (5) | |||
[1] | See Note 9 , Stockholders' Equity |
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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||||
Prior service cost (credit) | $ (19) | $ (19) | $ (57) | $ (57) | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 230 | 217 | 690 | 651 | |
Recognized from accumulated other comprehensive loss | [1] | 87 | 89 | 260 | 267 |
Recognized from regulatory asset | 124 | 109 | 373 | 327 | |
Defined Benefit Plan Actuarial Gain Loss, Net Settlement | 198 | 594 | |||
Total recognized in net periodic benefit cost | 211 | 198 | 633 | 594 | |
Chesapeake Pension Plan [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 60 | 65 | 180 | 195 | |
Recognized from accumulated other comprehensive loss | [1] | 60 | 65 | 180 | 195 |
Total recognized in net periodic benefit cost | 60 | 65 | 180 | 195 | |
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) | 155 | 135 | 465 | 405 | |
Recognized from accumulated other comprehensive loss | [1] | 29 | 26 | 87 | 78 |
Recognized from regulatory asset | 126 | 109 | 378 | 327 | |
Total recognized in net periodic benefit cost | 155 | 135 | 465 | 405 | |
Chesapeake Pension SERP [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 7 | 5 | 21 | 15 | |
Recognized from accumulated other comprehensive loss | [1] | 7 | 5 | 21 | 15 |
Defined Benefit Plan Actuarial Gain Loss, Net Settlement | 5 | 15 | |||
Total recognized in net periodic benefit cost | 7 | 5 | 21 | 15 | |
Chesapeake Postretirement Plan [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||||
Prior service cost (credit) | (19) | (19) | (57) | (57) | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 10 | 12 | 30 | 36 | |
Recognized from accumulated other comprehensive loss | [1] | (9) | (7) | (27) | (21) |
Total recognized in net periodic benefit cost | (9) | $ (7) | (27) | $ (21) | |
Florida Public Utilities Company Medical Plan [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (2) | (6) | |||
Recognized from accumulated other comprehensive loss | [1] | (1) | |||
Recognized from regulatory asset | (2) | (5) | |||
Total recognized in net periodic benefit cost | $ (2) | $ (6) | |||
[1] | See Note 9 , Stockholders' Equity |
Investments - Schedule of Inves
Investments - Schedule of Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Investments schedule [Line Items] | ||
Investments, at fair value | $ 11,490 | $ 10,776 |
Rabbi Trust Associated With Deferred Compensation Plan [Member] | ||
Investments schedule [Line Items] | ||
Investments, at fair value | 11,467 | 10,755 |
Equity Securities [Member] | ||
Investments schedule [Line Items] | ||
Investments, at fair value | $ 23 | $ 21 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |||
Unrealized gain (loss), net of other expenses | $ 600,000 | $ 1,000,000 | $ 400,000 |
Share-Based Compensation - Shar
Share-Based Compensation - Share-Based Compensation Amounts Included in Net Income (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total compensation expense | $ 1,306 | $ 1,332 | $ 4,620 | $ 3,654 | ||
Less: tax benefit | (339) | (348) | (1,200) | (955) | ||
Share-Based Compensation amounts included in net income | 967 | 984 | $ 3,420 | 2,699 | ||
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 | 342 | 683 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 129.09 | $ 117.11 | ||||
Total compensation expense | $ 201 | 188 | $ 581 | 545 | ||
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 | 196,057 | 196,057 | 186,878 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 68,562 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 53,147 | |||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expired In Period | (852) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 94.15 | $ 94.15 | $ 87.06 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 102.73 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 76.31 | |||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expirations Weighted Average Grant Date Fair Value | $ 74.85 | |||||
Total compensation expense | $ 1,105 | $ 1,144 | $ 4,039 | $ 3,109 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Stock Activity under the SICP (Detail) - $ / shares | 1 Months Ended | 3 Months Ended | 9 Months Ended |
Oct. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | |
Award to key employees [Member] | |||
Number of Shares | |||
Outstanding - December 31, 2020 (shares) | 196,057 | 186,878 | |
Granted awards (shares) | 68,562 | ||
Vested (shares) | (53,147) | ||
Expired (shares) | 852 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (5,384) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 93.39 | ||
Outstanding - June 30, 2021 (shares) | 196,057 | 196,057 | |
Weighted Average Fair Value | |||
Outstanding - December 31, 2020 (in dollars per share) | $ 94.15 | $ 87.06 | |
Granted (in dollars per share) | 102.73 | ||
Vested (in dollars per share) | 76.31 | ||
Expired (in dollars per share) | 74.85 | ||
Outstanding - June 30, 2021 (in dollars per share) | $ 94.15 | $ 94.15 | |
Awards to non-employee directors [Member] | |||
Number of Shares | |||
Granted awards (shares) | 342 | 683 | |
Weighted Average Fair Value | |||
Granted (in dollars per share) | $ 129.09 | $ 117.11 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Oct. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 14,020 | 10,319 | ||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 1,478 | $ 977 | ||
Unrecognized compensation cost | $ 5,600 | $ 5,600 | ||
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 | $ 129.09 | $ 117.11 | ||
Granted awards (shares) | 342 | 683 | ||
Unrecognized compensation expense related to the awards to non-employee directors | 500 | $ 500 | ||
Shares awarded to non-employee directors [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 | $ 129.09 | $ 117.11 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 342 | 683 | ||
Total [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted awards (shares) | 6,830 | |||
Shares awarded to non-employee directors [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 6,830 | |||
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 | (852) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 102.73 | |||
Granted awards (shares) | 68,562 | |||
Vesting period | 3 years | |||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 1,500 | |||
Intrinsic value of the SICP awards | $ 23,500 | $ 23,500 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (5,384) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 93.39 | |||
Shares awarded to non-employee directors [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 | $ 102.73 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 68,562 | |||
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 | 14,020 |
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, 2021USD ($)gal | |
Derivative [Line Items] | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ | $ 6.2 |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer | 12 months |
Swap Purchases | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount, Volume | 23.4 |
Swap Sales | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount, Volume | 5 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Feb. 28, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | ||||
Energy Marketing Contracts Assets, Current | $ 12,185 | $ 12,185 | $ 3,269 | |
Energy Marketing Contract Liabilities, Current | (1,969) | (1,969) | (127) | |
Notional Amount of Nonderivative Instruments | $ 40,000 | 70,000 | 30,000 | |
Notional Amount Nonderivative Instruments, Total | 60,000 | |||
Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 100 | |||
Designated as Hedging Instrument [Member] | Mark To Market Energy Assets [Member] | Propane Swap Agreement [Member] | ||||
Derivative [Line Items] | ||||
Energy Marketing Contracts Assets, Current | 12,185 | 12,185 | 3,255 | |
Designated as Hedging Instrument [Member] | Mark-to-market energy liabilities [Member] | Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Energy Marketing Contract Liabilities, Current | (15) | (15) | (40) | |
Designated as Hedging Instrument [Member] | Mark-to-market energy liabilities [Member] | Propane Swap Agreement [Member] | ||||
Derivative [Line Items] | ||||
Energy Marketing Contract Liabilities, Current | (1,954) | (1,954) | (64) | |
Sharp Energy Inc [Member] | ||||
Derivative [Line Items] | ||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 6,200 | |||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer | 12 months | |||
Other Payables to Broker-Dealers and Clearing Organizations | $ 6,094 | $ 6,094 | $ 1,505 | |
Interest Rate Swap Rate, High Range [Member] | ||||
Derivative [Line Items] | ||||
Fixed Swap Rate | 0.17% | 0.17% | 0.205% | |
Interest Rate Swap Rate, Low Range [Member] | ||||
Derivative [Line Items] | ||||
Fixed Swap Rate | 0.20% |
Derivative Instruments - Fair V
Derivative Instruments - Fair Values of Derivative Contracts Recorded in Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Energy Marketing Contracts Assets, Current | $ 12,185 | $ 3,269 |
Energy Marketing Contract Liabilities, Current | 1,969 | 127 |
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 | 12,185 | 3,255 |
Mark To Market Energy Assets [Member] | Put Option [Member] | Derivatives designated as hedging instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Energy Marketing Contracts Assets, Current | 14 | |
Energy Marketing Contract Liabilities, Current | 23 | |
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 | 1,954 | 64 |
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 | $ 15 | $ 40 |
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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 3,215 | $ 1,209 | $ 11,272 | $ 4,997 |
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 | 681 | 116 | 4,183 | 1,581 |
Cost of Sales [Member] | Derivatives designated as hedging instrument [Member] | Put Or Call Option | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | (24) | ||
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 | 2,491 | 1,022 | 7,039 | 3,385 |
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 | 19 | 37 | 24 | (14) |
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 | $ 24 | $ 34 | $ 50 | $ 45 |
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, 2021 | Dec. 31, 2020 |
Assets: | ||
Investments | $ 11,490 | $ 10,776 |
Energy Marketing Contracts Assets, Current | 12,185 | 3,269 |
Liabilities: | ||
Energy Marketing Contract Liabilities, Current | 1,969 | 127 |
Equity Securities [Member] | ||
Assets: | ||
Investments | 23 | 21 |
Quoted Prices in Active Markets (Level 1) [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | 9,474 | 8,620 |
Quoted Prices in Active Markets (Level 1) [Member] | Equity Securities [Member] | ||
Assets: | ||
Investments | 23 | 21 |
Quoted Prices in Active Markets (Level 1) [Member] | Investments - Mutual funds and other [Member] | ||
Assets: | ||
Investments | 9,451 | 8,599 |
Quoted Prices in Active Markets (Level 1) [Member] | Total Investments [Member] | ||
Assets: | ||
Investments | 9,474 | 8,620 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | 12,185 | 3,269 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | 2,016 | 2,156 |
Significant Unobservable Inputs (Level 3) [Member] | Investments in guaranteed income fund [Member] | ||
Assets: | ||
Investments | 2,016 | 2,156 |
Significant Unobservable Inputs (Level 3) [Member] | Total Investments [Member] | ||
Assets: | ||
Investments | 2,016 | 2,156 |
Recurring [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | 23,675 | 14,045 |
Liabilities: | ||
Energy Marketing Contract Liabilities, Current | 127 | |
Recurring [Member] | Equity Securities [Member] | ||
Assets: | ||
Investments | 23 | 21 |
Recurring [Member] | Investments in guaranteed income fund [Member] | ||
Assets: | ||
Investments | 2,016 | 2,156 |
Recurring [Member] | Investments - Mutual funds and other [Member] | ||
Assets: | ||
Investments | 8,599 | |
Recurring [Member] | Total Investments [Member] | ||
Assets: | ||
Investments | $ 11,490 | 10,776 |
Recurring [Member] | Mark To Market Energy Assets incl. natural gas and swap agreements[Member] | ||
Assets: | ||
Derivative assets | $ 3,269 |
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, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investments, at fair value | $ 11,490 | $ 10,776 | |
Derivative assets, at fair value | 12,185 | 3,269 | |
Energy Marketing Contract Liabilities, Current | 1,969 | 127 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (241) | $ (514) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning Balance | 2,156 | 803 | |
Purchases and adjustments | 77 | 243 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 1,579 | |
Investment Income | 24 | 18 | |
Ending Balance | 2,016 | $ 2,129 | |
Quoted Prices in Active Markets (Level 1) [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets, Fair Value Disclosure | 9,474 | 8,620 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets, Fair Value Disclosure | 12,185 | 3,269 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets, Fair Value Disclosure | 2,016 | 2,156 | |
Recurring [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets, Fair Value Disclosure | 23,675 | 14,045 | |
Energy Marketing Contract Liabilities, Current | 127 | ||
Equity Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investments, at fair value | 23 | 21 | |
Equity Securities [Member] | Quoted Prices in Active Markets (Level 1) [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investments, at fair value | 23 | 21 | |
Equity Securities [Member] | Recurring [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investments, at fair value | 23 | 21 | |
Investments in guaranteed income fund [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investments, at fair value | 2,016 | 2,156 | |
Investments in guaranteed income fund [Member] | Recurring [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investments, at fair value | 2,016 | 2,156 | |
Investments - Mutual funds and other [Member] | Quoted Prices in Active Markets (Level 1) [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investments, at fair value | 9,451 | 8,599 | |
Investments - Mutual funds and other [Member] | Recurring [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investments, at fair value | 8,599 | ||
Total Investments [Member] | Quoted Prices in Active Markets (Level 1) [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investments, at fair value | 9,474 | 8,620 | |
Total Investments [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investments, at fair value | 2,016 | 2,156 | |
Total Investments [Member] | Recurring [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Investments, at fair value | $ 11,490 | 10,776 | |
Mark To Market Energy Assets Including Put Option [Member] | Recurring [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Derivative Asset | $ 3,269 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Long-term debt including current maturities | $ 522.5 | $ 523 |
Fair value of long-term debt | $ 561.9 | $ 548.5 |
Long-Term Debt - Outstanding Lo
Long-Term Debt - Outstanding Long-Term Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Total long-term debt | $ (522,500) | $ (523,000) | |
Debt Instrument, Unused Borrowing Capacity, Amount | 310,000 | ||
Total Long-term debt | 521,665 | 522,099 | |
Less: current maturities | (16,206) | (13,600) | |
Less: debt issuance costs | 825 | 901 | |
Total long-term debt, net of current maturities | 505,459 | 508,499 | |
Aggregated Unfunded Commitments [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | 0 | ||
New York Life [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | [1] | $ (140,000) | |
9.08% bond, due June 1, 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 9.08% | ||
5.50% note, due October 12, 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | ||
5.93% note, due October 31, 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ (7,500) | (9,000) | |
Debt Instrument, Interest Rate, Stated Percentage | 5.93% | ||
5.68% note, due June 30, 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ (14,500) | (17,400) | |
Debt Instrument, Interest Rate, Stated Percentage | 5.68% | ||
6.43% note, due May 2, 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ (4,900) | (5,600) | |
Debt Instrument, Interest Rate, Stated Percentage | 6.43% | ||
3.73% note, due December 16, 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ (16,000) | (16,000) | |
Debt Instrument, Interest Rate, Stated Percentage | 3.73% | ||
3.88% note, due May 15, 2029 [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ (40,000) | (45,000) | |
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) | (70,000) | |
3.48% note, due May 31, 2038 [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | (50,000) | (50,000) | |
Uncollateralized Senior Note Due November Two Thousand Thirty Eight [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ (50,000) | (50,000) | |
Debt Instrument, Interest Rate, Stated Percentage | 3.58% | ||
Uncollateralized Senior Note Due July Two Thousand Thirty Five | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ (50,000) | (50,000) | |
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) | (40,000) | |
Debt Instrument, Interest Rate, Stated Percentage | 2.96% | ||
Uncollateralized Senior Note Due November Two Thousand Thirty Nine | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ (100,000) | $ (100,000) | |
Equipment Security Note | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ (9,590) | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.46% | ||
Equipment Security Note | Marlin Gas Services [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ (9,600) | ||
Note Purchase Agreement | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ (50,000) | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.49% | ||
Aggregate Shelf Agreements [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ (360,000) | ||
Aggregate Shelf Agreements [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 670,000 | ||
Prudential [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | [1] | (220,000) | |
Debt Instrument, Unused Borrowing Capacity, Amount | [1] | 150,000 | |
Prudential [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | [1] | 370,000 | |
MetLife [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | [1] | 150,000 | |
Debt Instrument, Unused Borrowing Capacity, Amount | [1] | $ 150,000 | |
[1] | (1) The Prudential, MetLife and NYL Shelf Agreements expire in April 2023, May 2023 and November 2021, respectively. |
Long-Term Debt - Outstanding _2
Long-Term Debt - Outstanding Long-Term Debt- Supplemental Information (Detail) | 9 Months Ended |
Sep. 30, 2021 | |
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% |
Equipment Security Note | |
Debt Instrument [Line Items] | |
Debt instrument, maturity date | Sep. 29, 2031 |
Debt Instrument, Interest Rate, Stated Percentage | 2.46% |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | ||
Debt Instrument [Line Items] | |||
Document Period End Date | Sep. 30, 2021 | ||
Long-term debt including current maturities | $ 522,500 | $ 523,000 | |
Debt Instrument, Unused Borrowing Capacity, Amount | $ 310,000 | ||
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 | 70,000 | |
3.48% note, due May 31, 2038 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt including current maturities | 50,000 | 50,000 | |
3.25% note, due April 30, 2032 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt including current maturities | 70,000 | $ 70,000 | |
New York Life [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt including current maturities | [1] | 140,000 | |
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 | ||
MetLife [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | [1] | 150,000 | |
Debt Instrument, Unused Borrowing Capacity, Amount | [1] | 150,000 | |
Prudential [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt including current maturities | [1] | 220,000 | |
Debt Instrument, Unused Borrowing Capacity, Amount | [1] | 150,000 | |
New York Life [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unused Borrowing Capacity, Amount | [1] | 10,000 | |
Maximum [Member] | Aggregate Shelf Agreements [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | 670,000 | ||
Maximum [Member] | Prudential [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | [1] | 370,000 | |
Maximum [Member] | New York Life [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | [1] | $ 150,000 | |
[1] | (1) The Prudential, MetLife and NYL Shelf Agreements expire in April 2023, May 2023 and November 2021, respectively. |
Short-Term Borrowings (Details)
Short-Term Borrowings (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Feb. 28, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Short-term Debt [Line Items] | ||||
Ratio of Indebtedness to Net Capital | 0.65 | 0.65 | ||
Notional Amount of Nonderivative Instruments | $ 40,000,000 | $ 70,000,000 | $ 30,000,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | 203,400,000 | 203,400,000 | ||
Short-term borrowing | $ 192,026,000 | $ 192,026,000 | $ 175,644,000 | |
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 0.82% | 0.82% | 1.28% | |
Draws on letters of credit | $ 4,600,000 | |||
Financing Receivable, Revolving | $ 400,000,000 | 400,000,000 | ||
Revolving Line of Credit, Short-term | ||||
Short-term Debt [Line Items] | ||||
Financing Receivable, Revolving | $ 200,000,000 | $ 200,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 70.00% | 70.00% | ||
Revolving Line of Credit, Long-term | ||||
Short-term Debt [Line Items] | ||||
Financing Receivable, Revolving | $ 200,000,000 | $ 200,000,000 | ||
Debt Instrument, Fee | 0.09 | |||
Debt Instrument, Interest Rate, Stated Percentage | 95.00% | 95.00% | ||
3.48% note, due May 31, 2038 [Member] | ||||
Short-term Debt [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.48% | 3.48% | ||
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 | |||
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 | |||
Revolving Credit Facility | ||||
Short-term Debt [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000,000 | $ 400,000,000 | ||
Interest Rate Swap Rate, Low Range [Member] | ||||
Short-term Debt [Line Items] | ||||
Fixed Swap Rate | 0.20% | |||
Interest Rate Swap Rate, High Range [Member] | ||||
Short-term Debt [Line Items] | ||||
Fixed Swap Rate | 0.17% | 0.17% | 0.205% |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Lease Disclosure [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 9,602 | $ 11,194 |
Operating Lease, Liability, Current | 1,725 | 1,747 |
Operating Lease, Liability, Noncurrent | 8,380 | 9,872 |
Total Operating and Finance Lease Liabilities | $ 10,105 | $ 11,619 |
Leases Leases - Lease Cost Addi
Leases Leases - Lease Cost Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Lease, Cost [Abstract] | |||||
Operating Lease, Cost | [1] | $ 515 | $ 627 | $ 1,553 | $ 1,882 |
[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, 2021 | Dec. 31, 2020 |
Leases - Right of Use Asset and Lease Liability Balance Sheet Classification [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 9,602 | $ 11,194 |
Operating Lease, Liability, Current | 1,725 | 1,747 |
Operating Lease, Liability, Noncurrent | 8,380 | 9,872 |
Total Operating and Finance Lease Liabilities | $ 10,105 | $ 11,619 |
Leases Leases - Weighted Averag
Leases Leases - Weighted Average Remaining Lease Term Additional Information (Details) | Sep. 30, 2021 | Dec. 31, 2020 |
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 14 days | 8 years 8 months 12 days |
Leases Leases - Cash Flow Addit
Leases Leases - Cash Flow Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Leases - Cash Flow Additional Information [Abstract] | ||
Operating Cash Flow from Operating Leases | $ 1,399 | $ 1,435 |
Leases Leases - Schedule of Fut
Leases Leases - Schedule of Future Maturities Additional Information (Details) $ in Thousands | Sep. 30, 2021USD ($) | |
Leases - Schedule of Future Maturities Additional Information [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 597 | [1] |
Lessee, Operating Lease, Liability, to be Paid, Year One | 1,845 | [1] |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 1,762 | [1] |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 1,607 | [1] |
Lessee, Operating Lease, Liability, Payments, Due | 11,745 | [1] |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (1,640) | |
Operating Lease, Liability | 10,105 | [1] |
Lessee Future Operating Lease Option Payments | 2,100 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 1,387 | [1] |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 951 | [1] |
Lessee, Operating Lease, Liability, to be Paid, after Year Five | $ 3,596 | [1] |
[1] | Operating lease payments include $2.1 million related to options to extend lease terms that are reasonably certain of being exercised. |